Document:

EX-10.1

 Exhibit 10.1 

Paycheck Protection Program Term Note 
  

 
 May 12, 2020 

$4,415,500.00 
 FOR VALUE RECEIVED, RECRO PHARMA INC (the
“Borrower”), with an address at 490 LAPP ROAD, MALVERN, PENNSYLVANIA 19355-1212, promises to pay to the order of PNC BANK, NATIONAL ASSOCIATION (the “Bank”), in lawful money of the United States of
America in immediately available funds at its offices located at 222 Delaware Avenue, Wilmington, Delaware 19801, Attn: Business Banking, or at such other location as the Bank may designate from time to time, the principal sum of $4,415,500.00
(the “Facility”), together with interest accruing on the outstanding principal balance from the date hereof, all as provided below. This Note is being issued pursuant to the Coronavirus Aid, Relief, and Economic Security
Act’s (the “CARES Act”) (P.L. 116-136) Paycheck Protection Program (the “Program”). 

1.    Rate of Interest. Amounts outstanding under this Note will bear interest at a rate per annum
(“Fixed Rate”) which is at all times equal to 1.00%. Interest will be calculated based on the actual number of days that principal is outstanding over a year of 360 days. In no event will the rate of interest hereunder exceed
the maximum rate allowed by law. 
 2.    Structure; Payment Terms. During the period (the “Deferral
Period”) beginning on the date of this Note and ending on the 6 month anniversary of the date of this Note (the “Deferral Expiration Date”), interest on the outstanding principal balance will accrue at the Fixed
Rate, but neither principal nor interest shall be due and payable during the Deferral Period. On the Deferral Expiration Date, the outstanding principal of the Facility that is not forgiven under the Program (the “Conversion
Balance”) shall convert to an amortizing term loan payable as set forth below. 
 On the
15th day of the 7th month following the date of this Note (the “First Payment Date”), all accrued interest that is not
forgiven under the Program shall be due and payable. Additionally, on the First Payment Date, and continuing on the 15th day of each month thereafter until the 2nd anniversary of the date of this
Note (the “Maturity Date”), equal installments of principal shall be due and payable, each in an amount determined by dividing the Conversion Balance by 18 (the “Monthly Principal Amount”). Interest
shall be payable at the same times as the Monthly Principal Amount. Any outstanding principal and accrued interest shall be due and payable in full on the Maturity Date. 

If any payment under this Note shall become due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day and such
extension of time shall be included in computing interest in connection with such payment. “Business Day” shall mean any day other than a Saturday or Sunday or a legal holiday on which commercial banks are authorized or required by
law to be closed for business in the State of Delaware. The Borrower hereby authorizes the Bank to charge the Borrower’s deposit account at the Bank for any payment when due. Payments received will be applied to charges, fees and expenses
(including attorneys’ fees), accrued interest and principal in any order the Bank may choose, in its sole discretion. 

3.    Forgiveness of the Facility. All or a portion of this Facility may be forgiven in accordance with the Program
requirements. The amount of forgiveness shall be calculated (and may be reduced) in accordance with the requirements of the Program, including the provisions of Section 1106 of the CARES Act. Not more than 25% of the amount forgiven can be
attributable to non-payroll costs. 
 4.    Late Payments; Default Rate. If
the Borrower fails to make any payment of principal, interest or other amount coming due pursuant to the provisions of this Note within fifteen (15) calendar days of the date due and payable, the Borrower also shall pay to the Bank a late
charge equal to the lesser of five percent (5%) of the amount of such payment or $100.00 (the “Late Charge”). Such fifteen (15) day period shall not be construed in 

 any way to extend the due date of any such payment. Upon maturity, whether by acceleration, demand or
otherwise, and at the Bank’s option upon the occurrence of any Event of Default (as hereinafter defined) and during the continuance thereof, each advance outstanding under this Note shall bear interest at a rate per annum (based on the actual
number of days that principal is outstanding over a year of 360 days) which shall be five percentage points (5.00%) in excess of the interest rate in effect from time to time under this Note but not more than the maximum rate allowed by law (the
“Default Rate”). The Default Rate shall continue to apply whether or not judgment shall be entered on this Note. Both the Late Charge and the Default Rate are imposed as liquidated damages for the purpose of defraying the
Bank’s expenses incident to the handling of delinquent payments, but are in addition to, and not in lieu of, the Bank’s exercise of any rights and remedies hereunder, under the other Loan Documents (as defined below) or under applicable
law, and any fees and expenses of any agents or attorneys which the Bank may employ. In addition, the Default Rate reflects the increased credit risk to the Bank of carrying a loan that is in default. The Borrower agrees that the Late Charge and
Default Rate are reasonable forecasts of just compensation for anticipated and actual harm incurred by the Bank, and that the actual harm incurred by the Bank cannot be estimated with certainty and without difficulty. As used in this Note,
“Loan Documents” means, individually and collectively, this Note, together with all other agreements and documents executed and/or delivered in connection with this Note or referred to in this Note, as amended, modified or renewed
from time to time. 
 5.    Prepayment. The Borrower shall have the right to prepay any amounts outstanding under
this Note at any time and from time to time, in whole or in part, without penalty. 
 6.    Increased Costs; Yield
Protection. On written demand, together with written evidence of the justification therefor, the Borrower agrees to pay the Bank all direct costs incurred, any losses suffered or payments made by the Bank as a result of any Change in
Law (hereinafter defined), imposing any reserve, deposit, allocation of capital or similar requirement (including without limitation, Regulation D of the Board of Governors of the Federal Reserve System) on the Bank, its holding company or any of
their respective assets relative to the Facility. “Change in Law” means the occurrence, after the date of this Note, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty,
(b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any governmental authority or (c) the making or issuance of any request, rule, guideline or directive
(whether or not having the force of law) by any governmental authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or
directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar
authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 

7.    Representations, Warranties and Covenants. 

(a)    The Borrower hereby represents and warrants that, if not a natural person, the Borrower is duly organized, validly
existing and in good standing under the laws of the state of its incorporation or organization and has the power and authority to own and operate its assets and to conduct its business as now or proposed to be carried on, and is duly qualified,
licensed and in good standing to do business in all jurisdictions where its ownership of property or the nature of its business requires such qualification or licensing. 

(b)    The Borrower certifies, acknowledges and agrees that the certifications contained in the Paycheck Protection
Program Certification and the Program application delivered to the Bank are true and correct, which certifications are hereby incorporated herein by this reference as if set forth herein. 

(c)    The Borrower covenants and agrees that the Borrower will do all things necessary to (i) if not a natural
person, (A) maintain, renew and keep in full force and effect its organizational existence and all rights, permits and franchises necessary to enable it to continue its business as currently conducted; and (B) continue in operation in
substantially the same manner as at present, to the extent permitted by applicable law (including 

  
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 without limitation any statute, ordinance, rule or regulation relating to employment practices, pension
benefits or environmental, occupational and health standards and controls); and (ii) comply with all laws applicable to the Borrower and to the operation of its business (including without limitation any statute, ordinance, rule or regulation
relating to employment practices, pension benefits or environmental, occupational and health standards and controls). 

(d)    The Borrower represents and warrants that (i) the Borrower has full power, authority and capacity to enter
into the transactions provided for in this Note and the other Loan Documents; (ii) if not a natural person, all necessary action to authorize the execution and delivery of this Note and the other Loan Documents has been properly taken;
(iii) this Note and the other Loan Documents, when executed and delivered by the Borrower, will constitute the legal, valid and binding obligations of the Borrower enforceable in accordance with their terms; (iv) if not a natural person,
the Borrower is and will continue to be duly authorized to perform all of the terms and provisions of this Note and the other Loan Documents; (v) there does not exist, either before or after giving effect to the terms of this Note, any default
or violation by the Borrower of or under any of the terms, conditions or obligations of any of its governing documents; and (vi) the Borrower does not require the consent of any party with respect to this Note, the other Loan Documents or the
Facility except for such consents that have been obtained. 
 (e)    The Borrower covenants and agrees to take all such
additional actions and promptly provide to the Bank all additional documents, statements and information as the Bank may require from time to time, in its discretion, in connection with the SBA’s requirements or requests under or in respect of
the Program or the general standard operating procedures of the SBA. 
 (f)    The Borrower authorizes and directs the
Bank to disburse the proceeds of the Facility and to direct payments due under the Facility in accordance with the Disbursement and Payment Authorization Instructions attached to this Note as Exhibit A. 

8.    Other Loan Documents. Notwithstanding any provision to the contrary in any Loan Document or any other
collateral security documents that may have been or may in the future be executed and delivered to the Bank, or an agent acting on behalf of the Bank, to secure any obligations of the Borrower to the Bank, this Note is not intended to be secured by
real property, and the applicability of any lien on such real property to secure this Note is expressly disclaimed by the Bank. 

9.    Events of Default. The occurrence of any of the following events will be deemed to be an “Event of
Default” under this Note: (i) the nonpayment of any principal, interest or other indebtedness under this Note when due; (ii) the occurrence of any event of default or any default and the lapse of any notice or cure period, or the
Borrower’s failure to observe or perform any covenant or other agreement, under or contained in any Loan Document; (iii) the filing by or against the Borrower of any proceeding in bankruptcy, receivership, insolvency, reorganization,
liquidation, conservatorship or similar proceeding (and, in the case of any such proceeding instituted against the Borrower, such proceeding is not dismissed or stayed within 30 days of the commencement thereof, provided that the Bank shall not be
obligated to advance additional funds hereunder during such period); (iv) any assignment by the Borrower for the benefit of creditors, or any levy, garnishment, attachment or similar proceeding is instituted against any property of the Borrower held
by or deposited with the Bank; (v) the commencement of any foreclosure or forfeiture proceeding, execution or attachment against any collateral securing the obligations of the Borrower to the Bank; (vi) the entry of a final judgment
against the Borrower and the failure of the Borrower to discharge the judgment within ten (10) days of the entry thereof; (vii) any change in the Borrower’s equity ownership (if not a public company), or any merger, consolidation,
division or other reorganization of, with or by the Borrower, or the sale or other transfer of all or any substantial part of the Borrower’s property or assets, except as otherwise permitted by the Bank; (viii) any change in the
Borrower’s business, assets, operations, financial condition or results of operations that has or could reasonably be expected to have any material adverse effect on the Borrower; (ix) the Borrower ceases doing business as a going concern;
(x) any representation or warranty made by the Borrower to the Bank in any Loan Document or any other documents now or in the future evidencing or securing the obligations of the Borrower to the Bank, is false, 

  
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 erroneous or misleading in any material respect; (xi) the death, incarceration, indictment or legal
incompetency of any individual Borrower or, if the Borrower is a partnership or limited liability company, the death, incarceration, indictment or legal incompetency of any individual general partner or member; or (xii) failure of the Borrower
to notify the Bank within ten (10) days of any change of the Borrower’s address. 
 Upon the occurrence of an Event of Default: (a) the Bank
shall be under no further obligation to make advances hereunder; (b) if an Event of Default specified in clause (iii) or (iv) above shall occur, the outstanding principal balance and accrued interest hereunder together with any additional
amounts payable hereunder shall be immediately due and payable without demand or notice of any kind; (c) if any other Event of Default shall occur, the outstanding principal balance and accrued interest hereunder together with any additional
amounts payable hereunder, at the Bank’s option and without demand or notice of any kind, may be accelerated and become immediately due and payable; (d) at the Bank’s option, this Note will bear interest at the Default Rate from the
date of the occurrence of the Event of Default; and (e) the Bank may exercise from time to time any of the rights and remedies available under the Loan Documents or under applicable law. The Borrower acknowledges that upon the occurrence of an
Event of Default, SBA, as defined below, may be required to pay the Lender under the SBA guarantee, and SBA may then seek recovery on the Facility (to the extent any balance remains after loan forgiveness). 

10.    Right of Setoff. In addition to all rights of setoff against the Borrower’s money, securities or other property
given to the Bank by law, the Bank shall have, with respect to the Borrower’s obligations to the Bank under this Note and to the extent permitted by law, a contractual right of setoff against all of the Borrower’s deposits, moneys,
securities and other property now or hereafter in the possession of or on deposit with, or in transit to the Bank or any other direct or indirect subsidiary of The PNC Financial Services Group, Inc., whether held in a general or special account or
deposit, whether held jointly with someone else, or whether held for safekeeping or otherwise, excluding, however, all IRA, Keogh, and trust accounts. Every such right of setoff may be exercised without demand upon or notice to the Borrower upon the
occurrence of an Event of Default. Every such right of setoff shall be deemed to have been exercised immediately upon the occurrence of an Event of Default hereunder without any action of the Bank, although the Bank may enter such setoff on its
books and records at a later time. 
 11.    Financial and Other Information. Within forty five (45) days
after the Bank’s request, the Borrower agrees to deliver any financial and other business and ownership information concerning the Borrower that the Bank may request from time to time, such as annual and interim financial statements (all of
which shall be prepared in accordance with generally accepted accounting principles), federal income tax returns. The Borrower also agrees to deliver to the Bank, promptly upon the Bank’s request, certification(s) of beneficial owners in the
form requested by the Bank (as executed and delivered to the Bank on or prior to the date of this Note and updated from time to time, the “Certification of Beneficial Owners”). If the Borrower was required to execute and
deliver to the Bank a Certification of Beneficial Owners, (a) the Borrower represents and warrants, as of the date of this Note and as of the date each updated Certification of Beneficial Owners is provided to the Bank, that the information in
the Certification of Beneficial Owners is true, complete and correct, and (b) the Borrower agrees to provide confirmation of the accuracy of the information set forth in the Certification of Beneficial Owners, or deliver a new Certification of
Beneficial Owners in form and substance acceptable to the Bank, as and when requested by the Bank and/or when any individual identified on the most recent Certification of Beneficial Owners provided to the Bank as a controlling party and/or a direct
or indirect individual owner has changed. The Borrower further agrees to provide such other information and documentation as may reasonably be requested by the Bank from time to time for purposes of compliance by the Bank with applicable laws
(including without limitation the USA PATRIOT Act and other “know your customer” and anti-money laundering rules and regulations), and any policy or procedure implemented by the Bank to comply therewith. Additionally, the Borrower will
keep books and records in a manner satisfactory to the Bank and allow the Bank and SBA to inspect and audit books, records and papers relating to the Borrower’s financial or business condition. 

12.    Anti-Money Laundering/International Trade Law Compliance. The Borrower represents and warrants to the Bank, as
of the date of this Note, the date of each advance of proceeds under the Facility, the date 

  
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 of any renewal, extension or modification of the Facility, and at all times until the Facility has been
terminated and all amounts thereunder have been indefeasibly paid in full, that: (a) no Covered Entity (i) is a Sanctioned Person; (ii) has any of its assets in a Sanctioned Country or in the possession, custody or control of a
Sanctioned Person; or (iii) does business in or with, or derives any of its operating income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any law, regulation, order or directive enforced
by any Compliance Authority; (b) the proceeds of the Facility will not be used to fund any operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Country or Sanctioned Person in violation of any law,
regulation, order or directive enforced by any Compliance Authority; (c) the funds used to repay the Facility are not derived from any unlawful activity; and (d) each Covered Entity is in compliance with, and no Covered Entity engages in
any dealings or transactions prohibited by, any laws of the United States, including but not limited to any Anti-Terrorism Laws. Borrower covenants and agrees that it shall immediately notify the Bank in writing upon the occurrence of a Reportable
Compliance Event. 
 As used herein: “Anti-Terrorism Laws” means any laws relating to terrorism, trade sanctions programs and embargoes,
import/export licensing, money laundering, or bribery, all as amended, supplemented or replaced from time to time; “Compliance Authority” means each and all of the (a) U.S. Treasury Department/Office of Foreign Assets Control,
(b) U.S. Treasury Department/Financial Crimes Enforcement Network, (c) U.S. State Department/Directorate of Defense Trade Controls, (d) U.S. Commerce Department/Bureau of Industry and Security, (e) U.S. Internal Revenue Service,
(f) U.S. Justice Department, and (g) U.S. Securities and Exchange Commission; “Covered Entity” means the Borrower, its affiliates and subsidiaries, all guarantors, pledgors of collateral, all owners of the foregoing, and
all brokers or other agents of the Borrower acting in any capacity in connection with the Facility; “Reportable Compliance Event” means that any Covered Entity becomes a Sanctioned Person, or is indicted, arraigned, investigated or
custodially detained, or receives an inquiry from regulatory or law enforcement officials, in connection with any Anti-Terrorism Law or any predicate crime to any Anti-Terrorism Law, or self-discovers facts or circumstances implicating any aspect of
its operations with the actual or possible violation of any Anti-Terrorism Law; “Sanctioned Country” means a country subject to a sanctions program maintained by any Compliance Authority; and “Sanctioned Person”
means any individual person, group, regime, entity or thing listed or otherwise recognized as a specially designated, prohibited, sanctioned or debarred person or entity, or subject to any limitations or prohibitions (including but not limited to
the blocking of property or rejection of transactions), under any order or directive of any Compliance Authority or otherwise subject to, or specially designated under, any sanctions program maintained by any Compliance Authority. 

13.    Release and Indemnity. The Borrower agrees to indemnify each of the Bank, each legal entity, if any, who
controls, is controlled by or is under common control with the Bank, and each of their respective directors, officers and employees (the “Indemnified Parties”), and to defend and hold each Indemnified Party harmless from and
against any and all claims, damages, losses, liabilities and expenses (including all fees and charges of internal or external counsel with whom any Indemnified Party may consult and all expenses of litigation and preparation therefor) which any
Indemnified Party may incur or which may be asserted against any Indemnified Party by any person, entity or governmental authority (including the Borrower or any person or entity claiming derivatively on behalf of the Borrower), in connection with
or arising out of the Program or relating to the matters referred to in this Note or in the other Loan Documents or the use of any advance hereunder, whether (a) arising from or incurred in connection with any breach of a representation,
warranty or covenant by the Borrower, or (b) arising out of or resulting from any suit, action, claim, proceeding or governmental investigation, pending or threatened, whether based on statute, regulation or order, or tort, or contract or
otherwise, before any court or governmental authority; provided, however, that the foregoing indemnity shall not apply to any claims, damages, losses, liabilities and expenses solely attributable to an Indemnified Party’s gross
negligence or willful misconduct. The release and indemnity agreements contained in this paragraph shall survive the termination of this Note, payment of any advance hereunder and the assignment of any rights hereunder. The Borrower may participate
at its expense in the defense of any such action or claim. 
 14.    Miscellaneous. All notices, demands, requests,
consents, approvals and other communications required or permitted hereunder (“Notices”) must be in writing (except as may be agreed otherwise above with respect to 

  
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 borrowing requests or as otherwise provided in this Note) and will be effective upon receipt. Notices may be
given in any manner to which the parties may agree. Without limiting the foregoing, first-class mail, postage prepaid, facsimile transmission and commercial courier service are hereby agreed to as acceptable methods for giving Notices. In addition,
the parties agree that Notices may be sent electronically to any electronic address provided by a party from time to time. Notices may be sent to a party’s address as set forth above or to such other address as any party may give to the other
for such purpose in accordance with this paragraph. No delay or omission on the Bank’s part to exercise any right or power arising hereunder will impair any such right or power or be considered a waiver of any such right or power, nor will the
Bank’s action or inaction impair any such right or power. The Bank’s rights and remedies hereunder are cumulative and not exclusive of any other rights or remedies which the Bank may have under other agreements, at law or in equity. No
modification, amendment or waiver of, or consent to any departure by the Borrower from, any provision of this Note will be effective unless made in a writing signed by the Bank, and then such waiver or consent shall be effective only in the specific
instance and for the purpose for which given. Notwithstanding the foregoing, the Bank may modify this Note for the purposes of completing missing content or correcting erroneous content, without the need for a written amendment, provided that the
Bank shall send a copy of any such modification to the Borrower (which notice may be given by electronic mail). The Borrower agrees to pay on demand, to the extent permitted by law, all costs and expenses incurred by the Bank in the enforcement of
its rights in this Note and in any security therefor, including without limitation reasonable fees and expenses of the Bank’s counsel. If any provision of this Note is found to be invalid, illegal or unenforceable in any respect by a court, all
the other provisions of this Note will remain in full force and effect. The Borrower and all other makers and indorsers of this Note hereby forever waive presentment, protest, notice of dishonor and notice of
non-payment. The Borrower also waives all defenses based on suretyship or impairment of collateral. If this Note is executed by more than one Borrower, the obligations of such persons or entities hereunder
will be joint and several. This Note shall bind the Borrower and its heirs, executors, administrators, successors and assigns, and the benefits hereof shall inure to the benefit of the Bank and its successors and assigns; provided, however,
that the Borrower may not assign this Note in whole or in part without the Bank’s written consent and the Bank at any time may assign this Note in whole or in part. 

This Note has been delivered to and accepted by the Bank and will be deemed to be made in the State of Delaware. THIS NOTE WILL BE INTERPRETED AND THE RIGHTS
AND LIABILITIES OF THE BANK AND THE BORROWER DETERMINED IN ACCORDANCE WITH (I) FEDERAL REGULATIONS, AND (II) TO THE EXTENT NOT PREEMPTED BY FEDERAL LAWS OR REGULATIONS, THE LAWS OF THE STATE OF DELAWARE, EXCLUDING ITS CONFLICT OF LAWS
RULES, INCLUDING WITHOUT LIMITATION THE ELECTRONIC TRANSACTIONS ACT (OR EQUIVALENT) IN EFFECT IN THE STATE OF DELAWARE (OR, TO THE EXTENT CONTROLLING, THE LAWS OF THE UNITED STATES OF AMERICA, INCLUDING WITHOUT LIMITATION THE ELECTRONIC SIGNATURES
IN GLOBAL AND NATIONAL COMMERCE ACT). The Borrower hereby irrevocably consents to the exclusive jurisdiction of any state or federal court in the State of Delaware; provided that nothing contained in this Note will prevent the Bank from bringing any
action, enforcing any award or judgment or exercising any rights against the Borrower individually, against any security or against any property of the Borrower within any other county, state or other foreign or domestic jurisdiction. The Borrower
acknowledges and agrees that the venue provided above is the most convenient forum for both the Bank and the Borrower. The Borrower waives any objection to venue and any objection based on a more convenient forum in any action instituted under this
Note. 
 15.    Commercial Purpose. The Borrower represents that the indebtedness evidenced by this Note is being
incurred by the Borrower solely for the purpose of acquiring or carrying on a business, professional or commercial activity, and not for personal, family or household purposes. 

16.    USA PATRIOT Act Notice. To help the government fight the funding of terrorism and money laundering activities,
Federal law requires all financial institutions to obtain, verify and record information that identifies each Borrower that opens an account. What this means: when the Borrower opens an account, the Bank will ask for the business name, business
address, taxpayer identifying number and other information that will allow the Bank to identify the Borrower, such as organizational documents. For some businesses and organizations, the Bank may also need to ask for identifying information and
documentation relating to certain individuals associated with the business or organization. 

  
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 17.    Authorization to Obtain Credit Reports. By signing below,
each person, who is signing in his or her individual capacity, requests and provides written authorization to the Bank or its designee (and any assignee or potential assignee hereof) to obtain such individual’s personal credit profile from one
or more national credit bureaus. This authorization extends to obtaining a credit profile in (i) considering an application for credit that is evidenced, guaranteed or secured by this document, (ii) assessing creditworthiness and
(iii) considering extensions of credit, including on an ongoing basis, as necessary for the purposes of (a) update, renewal or extension of such credit or additional credit, (b) reviewing, administering or collecting the resulting
account and (c) reporting on the repayment and satisfaction of such credit obligations. By signing below, such individual further ratifies and confirms his or her prior requests and authorizations with respect to the matters set forth herein.
For the avoidance of doubt, this provision does not apply to persons signing below in their capacities as officers or other authorized representatives of entities, organizations or governmental bodies. 

18.    Electronic Signatures and Records. Notwithstanding any other provision herein, the Borrower agrees that this
Note, the Loan Documents, any amendments thereto, and any other information, notice, signature card, agreement or authorization related thereto (each, a “Communication”) may, at the Bank’s option, be in the form of an
electronic record. Any Communication may, at the Bank’s option, be signed or executed using electronic signatures. For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Bank
of a manually signed paper Communication which has been converted into electronic form (such as scanned into PDF format) for transmission, delivery and/or retention. 

19.    Depository. Unless the Bank otherwise agrees, the Borrower will establish and maintain with the Bank the
Borrower’s primary depository accounts. 
 20.    Federal Law. When the U.S. Small Business Administration
(“SBA”) is the holder, this Note will be interpreted and enforced under federal law, including SBA regulations. The Bank or SBA may use state or local procedures for filing papers, recording documents, giving notice,
foreclosing liens, and other purposes. By using such procedures, SBA does not waive any federal immunity from state or local control, penalty, tax, or liability. As to this Note, the Borrower may not claim or assert against SBA any local or state
law to deny any obligation, defeat any claim of SBA, or preempt federal law. 
 21.    DISPUTE RESOLUTION. 

(a)    WAIVER OF JURY TRIAL. FOR ANY DISPUTE THAT IS NOT ARBITRATED, .AND TO THE EXTENT PERMITTED BY
APPLICABLE LAW, THE BORROWER AND THE BANK IRREVOCABLY WAIVES ANY AND ALL RIGHTS THE BORROWER OR THE BANK MAY HAVE TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR CLAIM OF ANY NATURE RELATING TO THIS NOTE, ANY DOCUMENTS EXECUTED IN CONNECTION WITH
THIS NOTE OR ANY TRANSACTION CONTEMPLATED IN ANY OF SUCH DOCUMENTS. THE BORROWER ACKNOWLEDGES THAT THE FOREGOING WAIVER IS KNOWING AND VOLUNTARY. 

(b)    ARBITRATION OF DISPUTES. The Borrower or the Bank may elect to submit any and all disputes
arising out of or relating to the Loan Documents or any breach thereof (a “Dispute”) to binding arbitration 

(i)    Arbitration. Any arbitration shall be conducted pursuant to and in accordance with the AAA Commercial
Arbitration Rules and, where applicable, the Supplementary Rules for Large, Complex Commercial Disputes, and judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. Such arbitration shall be
conducted in a mutually acceptable location. Except as expressly set forth below, the procedures specified herein shall be the sole and exclusive procedures for the resolution of Disputes; provided, however, that the Borrower or the Bank may seek
provisional or ancillary remedies, such as preliminary injunctive relief, from a court having jurisdiction, before, during or after the pendency of any arbitration proceeding. The institution and maintenance of any action for such judicial relief,
or pursuit of provisional or ancillary remedies, shall not constitute a 

  
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 waiver of the right or obligation of any party to submit any claim or dispute to arbitration. Nothing herein
shall in any way limit or modify any remedies available to the Bank under the Loan Documents or otherwise at law or in equity. 

(ii)    Motion Practice. In any arbitration hereunder, the arbitrator(s) shall decide any pre-hearing motions which are substantially similar to pre-hearing motions to dismiss for failure to state a claim or motions for summary adjudication. 

(iii)    Discovery. Discovery shall be limited to the pre-hearing exchange
of all documents which the Borrower and the Bank intend to introduce at the hearing and any expert reports prepared by any expert who will testify at the hearing. 

(iv)    Sequential Hearing Days. At the administrative conference conducted by the AAA, the Borrower and the Bank
and the AAA shall determine how to ensure that the hearing is started and completed on sequential hearing days. Potential arbitrators shall be informed of the anticipated length of the hearing and they shall not be subject to appointment unless they
agree to abide by the parties’ intent that, absent exigent circumstances, the hearing shall be conducted on sequential days. 

(v)    Award. The award of the arbitrator(s) shall be accompanied by a statement of the reasons upon which such
award is based. 
 (vi)    Fees and Expenses. The Borrower and the Bank shall each bear equally all fees and
costs and expenses of the arbitration, and each shall bear its own legal fees and expenses and the costs of its experts and witnesses; provided, however, that if the arbitration panel shall award to a party substantially all relief sought by such
party, then, notwithstanding any applicable governing law provisions, the other party shall pay all costs, fees and expenses incurred by the prevailing party and such costs, fees and expenses shall be included in such award. 

(vii)    Confidentiality of Disputes. The entire procedure shall be confidential and none of the parties nor
arbitrator(s) may disclose the existence, content, or results of any arbitration hereunder without the written consent of all parties to the Dispute, except (i) to the extent disclosure is required to enforce any applicable arbitration award or
may otherwise be required by law and (ii) that either party may make such disclosures to its regulators, auditors, accountants, attorneys and insurance representatives. No conduct, statements, promises, offers, views, or opinions of any party
involved in an arbitration hereunder shall be discoverable or admissible for any purposes in litigation or other proceedings involving the parties to the Dispute and shall not be disclosed to anyone not an agent, employee, expert, witness, or
representative for any of such parties. 
 (viii)    CLASS ACTION WAIVER. THE BORROWER HEREBY WAIVES,
WITH RESPECT TO ANY DISPUTE: (I) THE RIGHT TO PARTICIPATE IN A CLASS ACTION, PRIVATE ATTORNEY GENERAL ACTION OR OTHER REPRESENTATIVE ACTION IN COURT OR IN ARBITRATION, EITHER AS A CLASS REPRESENTATIVE OR CLASS MEMBER; AND
(II) THE RIGHT TO JOIN OR CONSOLIDATE CLAIMS WITH CLAIMS OF ANY OTHER PERSON. The foregoing waiver is referred to herein as the “class action waiver”. The Bank and the Borrower agree that no arbitrator shall have
authority to conduct any arbitration in violation of the class action waiver or to issue any relief that applies to any person or entity other than the Borrower and/or the Bank individually. The parties acknowledge that this class action waiver is
material and essential to the arbitration of any claims and is non-severable from this Dispute Resolution section. If the class action waiver is voided found unenforceable, or limited with respect to any claim
for which the Borrower seeks class-wide relief, then this Dispute Resolution section (except for this sentence) shall be null and void with respect to such claim, subject to the right to appeal the limitation or invalidation of the class action
waiver. However, this Dispute Resolution section shall remain valid with respect to all other claims and Disputes. The parties acknowledge and agree that under no circumstances will a class action be arbitrated. 

  
 -8- 

 (ix)    Applicability of Federal Arbitration Act. This
Note evidences transaction(s) in interstate commerce, and thus the Federal Arbitration Act governs the interpretation and enforcement of this Dispute Resolution section. 

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 

  
 -9- 

 If the Borrower is a legal entity, the undersigned certifies to the Bank that the undersigned
(individually and collectively if more than one, the “Authorized Representative”) is and was authorized and directed to (i) execute and deliver, including to electronically execute and deliver, in the name of and
on behalf of the Borrower, this Note and any other documents executed in connection with this Note or the Facility, all in such form as may be requested by the Bank or required under the Program and any of which may contain a provision waiving the
right to trial by jury; (ii) execute and deliver to or in favor of, including to electronically execute and deliver to or in favor of, the Bank any amendments, modifications, renewals or supplements of or to any of the foregoing
agreements, documents or instruments; (iii) take any other action requested, required or deemed advisable by the Bank in order to effectuate the foregoing; and (iv) delegate the foregoing duties to other representatives of
the Borrower. The undersigned further certifies that the Authorized Representative holds the office, title or status with the Borrower specified below the Authorized Representative’s signature. 

The Borrower acknowledges that it has read and understands all the provisions of this Note, including the waiver of jury trial, arbitration and class
action waiver, and has been advised by counsel as necessary or appropriate, or has elected not to seek the advice of counsel. 
 WITNESS the due
execution hereof as a document under seal, as of the date first written above, with the intent to be legally bound hereby. 
  

			
	RECRO PHARMA INC
		
	By:	 	/s/ Ryan Lake
	
	Ryan Lake, Secretary

 (SEAL) 

  
 -10- 

 EXHIBIT A 

TO PAYCHECK PROTECTION PROGRAM TERM NOTE 

DISBURSEMENT AND PAYMENT AUTHORIZATION INSTRUCTIONS 

Loan Disbursement Authorization: 
 Borrower authorizes and
directs the Bank to disburse the proceeds of the Facility as directed below. Each authorized representative of the Borrower is authorized to make this request, the Bank is entitled to rely conclusively on the below instructions to make disbursements
in the amount and manner specified. 
 Disbursements 

Disburse the proceeds of the Facility into the Borrower’s demand deposit account with PNC Bank, Account No. 

Automatic Payment Authorization Under Facility: 
 The
Borrower irrevocably authorizes and directs the Bank to charge any deposit account identified above and maintained at the Bank (or such other account at the Bank as the undersigned may designate to the Bank in writing from time to time) for all
payments of principal and interest due or fees on the Facility, and to debit such account for the amount of such payments on the date each payment is due. The Borrower acknowledges and agrees that, to the extent there are insufficient funds in any
such account to pay the required amounts when due, the Borrower shall immediately pay to the Bank all sums remaining unpaid. This authorization supplements, and does not limit, the Bank’s rights under the promissory note(s) and other documents
evidencing or securing the Facility. The Bank is entitled to rely conclusively on this authorization until this authorization is terminated by the Bank or the Borrower, and the Bank has had a reasonable time to act thereon. 

  
 -11- 

 

 
 Paycheck Protection Program Certification 

May 12, 2020 
 RECRO PHARMA INC (the
“Borrower”) has applied to PNC Bank, National Association (the “Bank”) for a Small Business Association (“SBA”) 7(a) Paycheck Protection Program loan (the “PPP Loan”). 

The below signer understands that the statements made in this certification are part of the agreement with the Bank and that the Bank will rely on these
statements when deciding whether or not to make the PPP Loan. 
 I certify, acknowledge and agree that (a) if the Borrower is not a natural person, I
am an authorized officer of the Borrower and am authorized on behalf of the Borrower to certify to the statements provided below, and (b) if the Borrower is a natural person, the undersigned certifies to the statements below, and (c) in
either case, the following are true and correct statements: 
  

	 	1.	 The Borrower was in operation on February 15, 2020 and, if Borrower is not a self-employed worker or
independent contractor, had employees for whom it paid salaries and payroll taxes. 

	 	2.	 The uncertainty of current economic conditions makes necessary the PPP Loan request to support the ongoing
operations of the Borrower. 

	 	3.	 The proceeds of the PPP Loan will be used to retain workers and maintain payroll or make mortgage interest
payments, lease payments, and utility payments; and at least 75 percent of the proceeds of the PPP Loan will be used for payroll expenses. If the funds are knowingly used for unauthorized purposes, the federal government may hold the
undersigned and the Borrower legally liable such as for charges of fraud. 

	 	4.	 Documentation verifying the number of full-time equivalent employees on the Borrower’s payroll as well as
the dollar amounts of payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities for the eight week period following the disbursement of the PPP Loan will be provided to the Bank. 

	 	5.	 The Borrower understands and agrees that loan forgiveness may be provided if the Borrower uses all of the loan
proceeds for documented payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities. The actual amount forgiven will be determined in accordance with the requirements of the Program, including the provisions of
Section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (P.L. 116-136), and in no event may more than 25 percent of the forgiven amount be attributable to non-payroll costs. 

	 	6.	 The Borrower does not have any other PPP Loan applications pending and will not apply for another PPP Loan.
During the period beginning on February 15, 2020 and ending on December 31, 2020 Borrower has not received and will not receive another PPP Loan. 

	 	7.	 The Borrower shall notify the Bank if the Borrower received an SBA Economic Injury Disaster Loan
(“EIDL”) between January 31, 2020 and April 3, 2020 and the proceeds of such EIDL were or are used to retain workers and maintain payroll; in such circumstances the proceeds of the PPP Loan must be used to refinance
any such EIDL. 

	 	8.	 The information provided in the PPP Loan application and the information provided in all supporting documents
and forms is true and accurate in all material respects. Each of the undersigned understands that knowingly making a false statement to obtain a guaranteed loan from SBA is punishable under the law, including under 18 USC 1001 and 3571 by
imprisonment of not more than five years and/or a fine of up to $250,000; under 15 USC 645 by imprisonment of not more than two years and/or a fine of not more than $5,000; and if submitted to a federally insured institution, under 18 USC 1014 by
imprisonment of not more than thirty years and/or a fine of not more than $1,000,000. 

  
 -1- 

	 	9.	 The Borrower acknowledges that the Bank will confirm the eligible PPP Loan amount using the Borrower’s
information that it has submitted, including without limitation, tax returns and tax transcripts (collectively, the “Tax Information”). The Borrower affirms that the Tax Information is identical to that submitted to the
Internal Revenue Service. The Borrower also understands, acknowledges, and agrees that the Bank can share the Borrower’s Tax Information with (i) the SBA’s authorized representatives, including authorized representatives of the SBA
Office of Inspector General, (ii) the Bank’s affiliates, and its and their respective directors, officers, employees, agents and advisors (the “Representatives”), and (iii) any actual or potential owners of a
credit facility extended by the Bank or its Representatives to the Borrower, any acquirers of any beneficial or other interest in such credit facility, guarantor, servicers or service providers for such parties, and their successors and/or assigns
(the “Other Loan Participants”) for the purpose of (w) compliance with SBA loan program requirements and all SBA reviews, (x) originating, maintaining, managing, monitoring, servicing, selling, insuring, and securitizing a
credit facility; (y) enforcing any of its rights or remedies under the loan documents applicable to such credit facility (including, without limitation, in connection with any collection action related thereto) or (z) as otherwise
permitted by applicable laws, including state and federal privacy and data security laws, or if required to do so by legal process, regulation or law, or in defense of any claims or causes of action against the Bank or any of its Representatives.

  

			
	RECRO PHARMA INC
		
	By:	 	/s/ Ryan Lake
	
	Ryan Lake, Secretary

 (SEAL) 

  
 -2-EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
  

MARRIOTT OWNERSHIP RESORTS, INC., 

as Issuer, 
 The GUARANTORS party
hereto 
 and 
 THE BANK OF NEW
YORK MELLON TRUST COMPANY, N.A., 
 as Trustee and Notes Collateral Agent 

INDENTURE 
 Dated as of
May 13, 2020 
 6.125% Senior Secured Notes due 2025 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE 1	  			
		
	DEFINITIONS AND INCORPORATION BY REFERENCE	  			
			
	 Section 1.01
	  	 Definitions
	  	 	1	
	 Section 1.02
	  	 Other Definitions
	  	 	47	
	 Section 1.03
	  	 Inapplicability of Trust Indenture Act
	  	 	47	
	 Section 1.04
	  	 Rules of Construction
	  	 	48	
	 Section 1.05
	  	 Limited Condition Transactions; Measuring Compliance
	  	 	48	
		
	ARTICLE 2	  			
		
	THE NOTES	  			
			
	 Section 2.01
	  	 Amount of Notes
	  	 	50	
	 Section 2.02
	  	 Form and Dating
	  	 	50	
	 Section 2.03
	  	 Execution and Authentication
	  	 	50	
	 Section 2.04
	  	 Registrar and Paying Agent
	  	 	51	
	 Section 2.05
	  	 Paying Agent to Hold Money in Trust
	  	 	51	
	 Section 2.06
	  	 Noteholder Lists
	  	 	52	
	 Section 2.07
	  	 Replacement Notes
	  	 	52	
	 Section 2.08
	  	 Outstanding Notes
	  	 	52	
	 Section 2.09
	  	 Treasury Notes
	  	 	52	
	 Section 2.10
	  	 Temporary Notes
	  	 	53	
	 Section 2.11
	  	 Cancellation
	  	 	53	
	 Section 2.12
	  	 Defaulted Interest
	  	 	53	
	 Section 2.13
	  	 CUSIP or ISIN Numbers
	  	 	53	
	 Section 2.14
	  	 Authentication Agent
	  	 	53	
		
	ARTICLE 3	  			
		
	REDEMPTION	  			
			
	 Section 3.01
	  	 Notices to Trustee
	  	 	54	
	 Section 3.02
	  	 Selection of Notes to be Redeemed
	  	 	54	
	 Section 3.03
	  	 Notice of Redemption
	  	 	55	
	 Section 3.04
	  	 Effect of Notice of Redemption
	  	 	55	
	 Section 3.05
	  	 Deposit of Redemption Price
	  	 	56	
	 Section 3.06
	  	 Notes Redeemed in Part
	  	 	56	
	 Section 3.07
	  	 [Reserved]
	  	 	56	
	 Section 3.08
	  	 Optional Redemption
	  	 	56	
	 Section 3.09
	  	 Mandatory Redemption; Sinking Fund; Open Market Purchases
	  	 	57	

  
 i 

							
		  	 ARTICLE 4
	  			
			
		  	 COVENANTS
	  			
			
	 Section 4.01
	  	 Covenant Suspension
	  	 	58	
	 Section 4.02
	  	 Payment of Notes
	  	 	59	
	 Section 4.03
	  	 Reports
	  	 	59	
	 Section 4.04
	  	 Limitation on Debt
	  	 	61	
	 Section 4.05
	  	 Limitation on Restricted Payments
	  	 	66	
	 Section 4.06
	  	 Limitation on Liens
	  	 	70	
	 Section 4.07
	  	 Limitation on Asset Sales
	  	 	71	
	 Section 4.08
	  	 Limitation on Restrictions on Distributions from Restricted Subsidiaries
	  	 	74	
	 Section 4.09
	  	 Limitation on Transactions with Affiliates
	  	 	76	
	 Section 4.10
	  	 Designation of Restricted and Unrestricted Subsidiaries
	  	 	78	
	 Section 4.11
	  	 Change of Control
	  	 	79	
	 Section 4.12
	  	 Additional Note Guarantees
	  	 	80	
	 Section 4.13
	  	 Maintenance of Office or Agency
	  	 	81	
	 Section 4.14
	  	 Existence
	  	 	81	
	 Section 4.15
	  	 Annual Officers’ Certificate as to Compliance
	  	 	82	
	 Section 4.16
	  	 After-Acquired Collateral
	  	 	82	
			
		  	 ARTICLE 5
	  			
			
		  	 SUCCESSORS
	  			
			
	 Section 5.01
	  	 When Issuer May Merge or Transfer Assets
	  	 	82	
	 Section 5.02
	  	 When Parent Guarantor May Merge or Transfer Assets
	  	 	83	
	 Section 5.03
	  	 When Subsidiary Guarantors May Merge or Transfer Assets
	  	 	84	
			
		  	 ARTICLE 6
	  			
			
		  	 DEFAULTS AND REMEDIES
	  			
			
	 Section 6.01
	  	 Events of Default
	  	 	84	
	 Section 6.02
	  	 Acceleration
	  	 	87	
	 Section 6.03
	  	 Other Remedies
	  	 	88	
	 Section 6.04
	  	 Waiver of Past Defaults
	  	 	88	
	 Section 6.05
	  	 Control by Majority
	  	 	88	
	 Section 6.06
	  	 Limitation on Suits
	  	 	89	
	 Section 6.07
	  	 Rights of Holders to Receive Payment
	  	 	89	
	 Section 6.08
	  	 Collection Suit by Trustee
	  	 	89	
	 Section 6.09
	  	 Trustee May File Proofs of Claim
	  	 	89	
	 Section 6.10
	  	 Priorities
	  	 	90	
	 Section 6.11
	  	 Undertaking for Costs
	  	 	90	
	 Section 6.12
	  	 Restoration of Rights and Remedies
	  	 	90	
	 Section 6.13
	  	 Rights and Remedies Cumulative
	  	 	90	
	 Section 6.14
	  	 Delay or Omission Not Waiver
	  	 	90	

  
 ii 

							
		  	 ARTICLE 7
	  			
			
		  	 TRUSTEE
	  			
			
	 Section 7.01
	  	 Duties of Trustee
	  	 	91	
	 Section 7.02
	  	 Rights of Trustee
	  	 	92	
	 Section 7.03
	  	 Individual Rights of Trustee
	  	 	93	
	 Section 7.04
	  	 Trustee’s Disclaimer
	  	 	93	
	 Section 7.05
	  	 Notice of Defaults
	  	 	93	
	 Section 7.06
	  	 [Reserved]
	  	 	93	
	 Section 7.07
	  	 Compensation and Indemnity
	  	 	93	
	 Section 7.08
	  	 Replacement of Trustee
	  	 	94	
	 Section 7.09
	  	 Successor Trustee by Merger
	  	 	95	
	 Section 7.10
	  	 Eligibility; Disqualification
	  	 	95	
	 Section 7.11
	  	 Preferential Collection of Claims Against Issuer
	  	 	95	
	 Section 7.12
	  	 Security Documents; Intercreditor Agreements
	  	 	95	
	 Section 7.13
	  	 Limitation of Duty of Trustee and Notes Collateral Agent in Respect of Collateral;
Indemnification
	  	 	96	
			
		  	 ARTICLE 8
	  			
			
		  	 DISCHARGE OF INDENTURE; DEFEASANCE
	  			
			
	 Section 8.01
	  	 Discharge of Liability on Notes; Defeasance
	  	 	96	
	 Section 8.02
	  	 Conditions to Defeasance
	  	 	97	
	 Section 8.03
	  	 Application of Trust Money
	  	 	98	
	 Section 8.04
	  	 Repayment to Issuer
	  	 	98	
	 Section 8.05
	  	 Indemnity for Government Obligations
	  	 	99	
	 Section 8.06
	  	 Reinstatement
	  	 	99	
			
		  	 ARTICLE 9
	  			
			
		  	 AMENDMENTS
	  			
			
	 Section 9.01
	  	 Without Consent of Holders
	  	 	99	
	 Section 9.02
	  	 With Consent of Holders
	  	 	100	
	 Section 9.03
	  	 [Reserved]
	  	 	102	
	 Section 9.04
	  	 Revocation and Effect of Consents and Waivers
	  	 	102	
	 Section 9.05
	  	 Notation on or Exchange of Notes
	  	 	102	
	 Section 9.06
	  	 Trustee and Notes Collateral Agent to Sign Amendments
	  	 	102	
			
		  	ARTICLE 10	  			
			
		  	GUARANTEES	  			
			
	 Section 10.01
	  	 The Guarantees
	  	 	103	
	 Section 10.02
	  	 Guarantee Unconditional
	  	 	103	
	 Section 10.03
	  	 Discharge; Reinstatement
	  	 	103	
	 Section 10.04
	  	 Waiver by the Guarantors
	  	 	104	
	 Section 10.05
	  	 Subrogation and Contribution
	  	 	104	
	 Section 10.06
	  	 Stay of Acceleration
	  	 	104	

  
 iii 

							
	 Section 10.07
	  	 Limitation on Amount of Guarantee
	  	 	104	
	 Section 10.08
	  	 Execution and Delivery of Guarantee
	  	 	104	
	 Section 10.09
	  	 Benefits Acknowledged
	  	 	104	
	 Section 10.10
	  	 Release of Guarantee
	  	 	104	
			
		  	 ARTICLE 11
	  			
			
		  	 COLLATERAL
	  			
			
	 Section 11.01
	  	 Security Documents
	  	 	105	
	 Section 11.02
	  	 Release of Collateral
	  	 	106	
	 Section 11.03
	  	 Suits to Protect the Collateral
	  	 	107	
	 Section 11.04
	  	 Authorization of Receipt of Funds by the Trustee Under the Security Documents
	  	 	108	
	 Section 11.05
	  	 Purchaser Protected
	  	 	108	
	 Section 11.06
	  	 Powers Exercisable by Receiver or Trustee
	  	 	108	
	 Section 11.07
	  	 Notes Collateral Agent
	  	 	108	
	 Section 11.08
	  	 Further Assurances
	  	 	113	
			
		  	 ARTICLE 12
	  			
			
		  	 MISCELLANEOUS
	  			
			
	 Section 12.01
	  	 Notices
	  	 	114	
	 Section 12.02
	  	 Communication by Holders with Other Holders
	  	 	115	
	 Section 12.03
	  	 Certificate and Opinion as to Conditions Precedent
	  	 	115	
	 Section 12.04
	  	 Statements Required in Certificate or Opinion
	  	 	115	
	 Section 12.05
	  	 Rules by Trustee, Paying Agents and Registrar
	  	 	116	
	 Section 12.06
	  	 Business Days
	  	 	116	
	 Section 12.07
	  	 Governing Law/Waiver of Trial by Jury; Submission to Jurisdiction
	  	 	116	
	 Section 12.08
	  	 No Recourse Against Others
	  	 	116	
	 Section 12.09
	  	 Successors
	  	 	116	
	 Section 12.10
	  	 Severability
	  	 	116	
	 Section 12.11
	  	 Multiple Originals
	  	 	117	
	 Section 12.12
	  	 Table of Contents; Headings
	  	 	117	
	 Section 12.13
	  	 Force Majeure
	  	 	117	
	 Section 12.14
	  	 U.S.A. Patriot Act
	  	 	117	
	 Section 12.15
	  	 FATCA
	  	 	117	
	 Section 12.16
	  	 Intercreditor Agreements Govern
	  	 	117	

  

					
	 Appendix A – Provisions Relating to Notes

	
	 EXHIBIT INDEX

			
	 Exhibit A
	 	-	    	 Form of Initial Note

	 Exhibit B
	 	-	    	 Form of Supplemental Indenture

	 Exhibit C
	 	-	    	 Form of Transferee Letter of Representation

	 Exhibit D
	 	-	    	 Form of Junior Lien Intercreditor Agreement

  
 iv 

 INDENTURE, dated as of May 13, 2020, among MARRIOTT OWNERSHIP RESORTS, INC., a Delaware
corporation (the “Issuer”), MARRIOTT VACATIONS WORLDWIDE CORPORATION, a Delaware corporation (the “Parent Guarantor”), the other GUARANTORS party hereto from time to time and THE BANK OF NEW YORK MELLON TRUST
COMPANY, N.A., as trustee (in such capacity, the “Trustee”), and as collateral agent (in such capacity, the “Notes Collateral Agent”). 

RECITALS 
 The Issuer has duly
authorized the execution and delivery of this Indenture to provide for the issuance on the date hereof of $500,000,000 aggregate principal amount of the Issuer’s 6.125% Senior Secured Notes due 2025 (the “Initial Notes” and,
together with any Additional Notes (as defined below), the “Notes”). All things necessary to make this Indenture a valid agreement of the Issuer, in accordance with its terms, have been done, and the Issuer has done all things
necessary to make the Notes, when executed by the Issuer and authenticated and delivered by the Trustee and the Notes Collateral Agent and duly issued by the Issuer, the valid obligations of the Issuer as hereinafter provided. 

In addition, the Guarantors party hereto have duly authorized the execution and delivery of this Indenture as guarantors of the Notes. All
things necessary to make this Indenture a valid agreement of each Guarantor, in accordance with its terms, have been done, and each Guarantor has done all things necessary to make the Guarantees, when the Notes are executed by the Issuer and
authenticated and delivered by the Trustee and duly issued by the Issuer, the valid obligations of such Guarantor as hereinafter provided. 

This Indenture is not subject to the provisions of the TIA (as defined below) and is not qualified under the TIA. 

THIS INDENTURE WITNESSETH 
 For
and in consideration of the premises and the purchase of the Notes by the Holders thereof, the parties hereto covenant and agree, for the equal and proportionate benefit of all Holders, as follows: 

ARTICLE 1 
 DEFINITIONS AND
INCORPORATION BY REFERENCE 
 Section 1.01    Definitions. 

“Acquired Debt” means Debt (1) of a Person or any of its Subsidiaries existing at the time such Person becomes a
Restricted Subsidiary, (2) assumed in connection with the acquisition of assets from such Person or (3) of a Person at the time such Person merges or amalgamates with or into or consolidates or otherwise combines with the Parent Guarantor
or any Restricted Subsidiary, in each case whether or not Incurred by such Person in connection with such Person becoming a Restricted Subsidiary of the Parent Guarantor or such acquisition. Acquired Debt shall be deemed to have been Incurred, with
respect to clause (1) of the preceding sentence, on the date such Person becomes a Restricted Subsidiary and, with respect to clause (2) of the preceding sentence, on the date of consummation of such acquisition of assets and, with respect
to clause (3) of the preceding sentence, on the date of the relevant merger, amalgamation, consolidation or other combination. 

“Acquired EBITDA” means, with respect to any Acquired Entity or Business or any Converted Restricted Subsidiary (each as
defined in the definition of Consolidated EBITDA) for any period, the amount for such period of Consolidated EBITDA of such Acquired Entity or Business or Converted Restricted Subsidiary, as applicable, all as determined on a consolidated basis for
such Acquired Entity or Business or Converted Restricted Subsidiary, as applicable. 

 “Acquired Entity or Business” shall have the meaning assigned to such term
in the definition of “Consolidated EBITDA” in this Section 1.01. 
 “Additional Assets” means: 

(a)    any property or asset (other than cash, Cash Equivalents and securities), including any improvements
thereto through capital expenditures or otherwise, to be used, or that is useful, in a Permitted Business; 

(b)    Capital Stock of (i) a Person that becomes a Restricted Subsidiary as a result of the
acquisition of such Capital Stock by the Parent Guarantor or another Restricted Subsidiary or (ii) any Person that at such time is a Restricted Subsidiary; provided, however, that, in the case of this clause (b), the Restricted
Subsidiary is primarily engaged in a Permitted Business; or 
 (c)    all or substantially all of the
assets of a Permitted Business. 
 “Additional First Lien Obligations” means any Debt having Pari Passu Lien Priority
relative to the Notes with respect to the Collateral and which is not secured by any other assets; provided that an authorized representative of the holders of such Debt shall have executed a joinder to the First Lien Intercreditor Agreement.

 “Additional First Lien Secured Parties” means the holders of any Additional First Lien Obligations and any trustee,
authorized representative or agent of such Additional First Lien Obligations. 
 “Additional Notes” means any Notes issued
under this Indenture in addition to the Initial Notes which have identical terms and conditions as the Initial Notes (except that any Additional Notes will have a different issue price, issue date and, if applicable, first Interest Payment Date and
first date from which interest will accrue), but excluding any Notes issued pursuant to Section 2.07, 2.10 or 3.06 or Appendix A in respect of the Initial Notes. 

“Affiliate” of any specified Person means any other Person, directly or indirectly, controlling or controlled by or under
direct or indirect common control with that specified Person. 
 For the purposes of this definition, “control” when used
with respect to any Person means the power to direct the management and policies of that Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing. 
 “Applicable Premium” means, with respect to
any Note on any redemption date, as determined by the Issuer, the greater of: 
 (a)    1.0% of the
principal amount of such Note; and 
 (b)    the excess, if any, of (i) the present value on such
redemption date of (A) the redemption price of such Note on May 15, 2022 (such redemption price being that set forth in Section 3.08(b)), plus (B) all required remaining scheduled interest payments due on such Note through
May 15, 2022 computed using a discount rate equal to the Treasury Rate plus 50 basis points over (ii) the principal amount of such Note. 

  
 2 

 “Asset Sale” means any direct or indirect sale, lease, transfer, issuance
or other disposition (or series of related sales, leases, transfers, issuances or dispositions that are part of a common plan) by the Parent Guarantor or any Restricted Subsidiary, including any disposition by means of a merger, consolidation or
similar transaction (each referred to for the purposes of this definition as a “disposition”), of: 

(a)    any shares of Capital Stock of a Restricted Subsidiary (other than directors’ qualifying
shares), 
 (b)    all or substantially all the assets of any division or line of business of the Parent
Guarantor or any Restricted Subsidiary, or 
 (c)    any other property or asset of the Parent Guarantor
or any Restricted Subsidiary, other than, in the case of clause (a), (b) or (c) above, 
 (i)    any
disposition by a Restricted Subsidiary to the Parent Guarantor or by the Parent Guarantor or a Restricted Subsidiary to a Restricted Subsidiary; 

(ii)    any disposition that constitutes a Permitted Investment or Restricted Payment permitted by
Section 4.05; 
 (iii)    any disposition effected in compliance with Section 5.01 or 5.02 or
any disposition that constitutes a Change of Control; 
 (iv)    any disposition that does not (together
with all related dispositions) involve assets having a Fair Market Value or consideration in excess of the greater of (i) $45.0 million and (ii) 5.0% of Consolidated EBITDA for the most recent four consecutive fiscal quarters ending prior to
the date of such disposition for which financial statements are required to be filed pursuant to Section 4.03; 

(v)    any disposition of Cash Equivalents; 

(vi)    the creation or Incurrence of a Permitted Lien or any other Lien created or Incurred in compliance
with Section 4.06 and dispositions in connection therewith; 
 (vii)    the issuance by a Restricted
Subsidiary of Preferred Stock or Disqualified Stock that is permitted by Section 4.04; 

(viii)    a surrender or waiver of contractual rights and leases or a settlement, waiver, release or
surrender of contractual or litigation claims in the ordinary course of business; 
 (ix)    dispositions
of obsolete, worn out or surplus property, whether now owned or hereafter acquired, in the ordinary course of business and dispositions of property no longer used or useful in the conduct of the business of the Parent Guarantor and its Restricted
Subsidiaries; 
 (x)    dispositions of inventory (including Time Share Inventory) and immaterial assets
in the ordinary course of business (including allowing any registrations or any applications for registration of any immaterial IP rights to lapse or be abandoned in the ordinary course of business); 

  
 3 

 (xi)    dispositions of property to the extent that
(i) such property is exchanged for credit against the purchase price of similar replacement property that is promptly purchased or (ii) the proceeds of such disposition are promptly applied to the purchase price of such replacement
property (which replacement property is actually promptly purchased); 
 (xii)    leases (including any
Capitalized Lease or operating lease), subleases, licenses or sublicenses, in each case in the ordinary course of business; 

(xiii)    transfers of property subject to Casualty Events or via eminent domain; 

(xiv)    dispositions of Investments in JV Entities or non-Wholly
Owned Restricted Subsidiaries to the extent required by, or made pursuant to, customary buy/sell arrangements between the parties to such JV Entity or shareholders of such non-Wholly Owned Restricted
Subsidiaries set forth in the shareholder agreements, joint venture agreements, organizational documents or similar binding agreements relating to such JV Entity or non-Wholly Owned Restricted Subsidiary; 

(xv)    dispositions of accounts receivable in the ordinary course of business in connection with the
collection or compromise thereof; 
 (xvi)    the unwinding of any Swap Contract pursuant to its terms;

 (xvii)    Permitted Sale and Leaseback Transactions; 

(xviii)    dispositions of assets (including Capital Stock) acquired in connection with Investments
permitted by Section 4.05 or Permitted Investments, which assets are obsolete or not used or useful to the core or principal business of the Parent Guarantor and the Restricted Subsidiaries or which dispositions are made to obtain the approval
of any applicable antitrust authority in connection with such Investment or Permitted Investment; 

(xix)    any swap of assets in exchange for services or other assets of comparable or greater Fair Market
Value useful to the business of the Parent Guarantor and its Restricted Subsidiaries, taken as a whole, as determined in good faith by the Parent Guarantor; 

(xx)    any disposition of Capital Stock in, or Debt or other securities of, an Unrestricted Subsidiary;

 (xxi)    (i) dispositions of Securitization Assets (including the disposition of disputed or written
down Time Share Receivables in a manner determined to be prudent by the Parent Guarantor), or participations therein, in connection with any Qualified Securitization Transaction and (ii) the disposition of Time Share Receivables by Foreign
Subsidiaries for Fair Market Value; 
 (xxii)    any “fee in lieu” or other disposition of
assets to any Governmental Authority that continue in use by the Parent Guarantor or any Restricted Subsidiary, so long as the Parent Guarantor or any Restricted Subsidiary may obtain title to such assets upon reasonable notice by paying a nominal
fee; 

  
 4 

 (xxiii)    dispositions made in connection with the
Transactions; 
 (xxiv)    dispositions of Deferred Compensation Plan Assets, the proceeds of which are
used (i) to acquire other Deferred Compensation Plan Assets, (ii) to make payments to current and former employees and non-employee directors of the Parent Guarantor and its Subsidiaries pursuant to
any deferred compensation plan or (iii) as otherwise permitted by the Deferred Compensation Plan Trust in which such Deferred Compensation Plan Assets are held; 

(xxv)    the disposition in the ordinary course of business of interests in any resort operating as part of
the European business of the Parent Guarantor or its Restricted Subsidiaries to an independent trustee after all or substantially all of the Time Share Inventory attributable to such resort have been sold to third parties; and 

(xxvi)    the disposition in the ordinary course of business of interests in the entities which hold the
interests in inventory used in the operation of the Marriott Vacation Club, Asia Pacific business to an independent trustee or administrative third parties subject to regulatory provisions of the laws of the jurisdictions governing such entities.

 “Attributable Debt” in respect of a Sale and Leaseback Transaction means, at any date of determination, 

(a)    if the Sale and Leaseback Transaction is a Capital Lease Obligation, the amount of Debt represented
thereby according to the definition of “Capital Lease Obligation” and 
 (b)    in all other
instances, the greater of: 
 (1)    the Fair Market Value of the property or asset subject to the Sale
and Leaseback Transaction, and 
 (2)    the present value (discounted at the interest rate implicit in
the transaction, as reasonably determined by the Parent Guarantor) of the total obligations of the lessee for rental payments during the remaining term of the lease included in the Sale and Leaseback Transaction (including any period for which the
lease has been extended). 
 “Bank Collateral Agent” means JPMorgan Chase Bank, N.A., in its capacity as collateral agent
for the lenders and other secured parties under the Credit Agreement, together with its successors and permitted assigns under the Credit Agreement. 

“Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors. 

“Beneficial Owner” means a beneficial owner as defined in Rule 13d-3 under the
Exchange Act, except that: 
 (a)    a Person shall be deemed to be the Beneficial Owner of all shares
that the Person has the right to acquire, whether that right is exercisable immediately or only after the passage of time, and 

  
 5 

 (b)    for purposes of clause (a) of the definition
of “Change of Control,” any “person” or “group” (as those terms are defined in Sections 13(d) and 14(d) of the Exchange Act or any successor provisions to either of the foregoing), including any group acting for the
purpose of acquiring, holding, voting or disposing of securities within the meaning of Rule 13d-5(b)(1) under the Exchange Act, shall be deemed to be the Beneficial Owners of any Voting Stock of a corporation
or other legal entity held by any other corporation or legal entity (the “parent corporation”), so long as that person or group Beneficially Owns, directly or indirectly, in the aggregate a majority of the total voting power of the
Voting Stock of that parent corporation. 
 The term “Beneficially Own” shall have a corresponding meaning. 

“Board of Directors” means: (1) with respect to a corporation, the board of directors of the corporation or a duly
authorized committee of the board of directors; (2) with respect to a partnership, the board of directors of the general partner of the partnership; (3) with respect to a limited liability company, the managing member or members or any
controlling committee or board of managers of such company or the Board of Directors of the sole member or the managing member thereof; and (4) with respect to any other Person, the board or committee of such Person serving a similar function.

 “Business Day” means each day that is not a Saturday, Sunday or other day on which banking institutions in New York, New
York or the city in which the Corporate Trust Office of the Trustee is located are authorized or required by law to close. 

“Capital Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect
of a Capitalized Lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in accordance with GAAP. 

“Capital Stock” means, with respect to any Person, any shares or other equivalents (however designated) of any class of
corporate stock or partnership interests or any other participation, rights, warrants, options or other interests in the nature of an equity interest in that Person, including Preferred Stock, but excluding any debt security convertible or
exchangeable into that equity interest. 
 “Capital Stock Sale Proceeds” means the aggregate proceeds (including the Fair
Market Value of property other than cash) received by the Parent Guarantor from the issuance or sale (other than to a Restricted Subsidiary of the Parent Guarantor or an employee stock ownership plan or trust established by the Parent Guarantor or
any of its Subsidiaries for the benefit of their employees to the extent such sale to such employee stock ownership plan or trust is financed by loans from or Guaranteed by the Parent Guarantor or any Restricted Subsidiary unless such loans have
been repaid with cash on or prior to the date of determination) by the Parent Guarantor of its Capital Stock (other than Disqualified Stock) or contributions to the equity capital of the Parent Guarantor (other than contributions utilized to make
Investments pursuant to clause (z) of the definition of “Permitted Investment”) after the Issue Date, net of attorneys’ fees, accountants’ fees, underwriters’, initial purchasers’ or placement agents’ fees,
discounts or commissions and brokerage, consultant and other fees actually incurred in connection with the issuance, sale or contribution and net of taxes paid or payable as a result thereof (after taking into account any available tax credit or
deductions and any tax sharing arrangements). 
 “Capitalized Leases” means all leases that are required to be, in
accordance with GAAP, recorded as capitalized or financing leases; provided that for all purposes hereunder the amount of obligations under any Capitalized Lease shall be the amount thereof accounted for as a liability in accordance with
GAAP; provided that all obligations of the Parent Guarantor and its Restricted Subsidiaries that are or would be characterized as an operating lease as determined in accordance with 

  
 6 

 
GAAP (whether or not such operating lease was in effect on August 23, 2018) shall continue to be accounted for as an operating lease (and not as a Capitalized Lease) for purposes of this
Indenture regardless of any change in GAAP following August 23, 2018 (or any change in the implementation in GAAP for future periods that are contemplated as of August 23, 2018) that would otherwise require such obligation to be
recharacterized as a Capitalized Lease. 
 “Cash Equivalents” means any of the following: 

(a)    (i) U.S. Dollars, Canadian dollars, euro or any national currency of any member state of the
European Union or (ii) any other foreign currency held by the Parent Guarantor or any of its Restricted Subsidiaries from time to time in the ordinary course of business; 

(b)    securities issued or directly and fully guaranteed or insured by the United States or Canadian
governments, a member state of the European Union or, in each case, any agency or instrumentality thereof (provided that the full faith and credit of such country or member state is pledged in support thereof) having maturities of not more
than 24 months from the date of acquisition; 
 (c)    certificates of deposit, time deposits, eurodollar
time deposits, overnight bank deposits or bankers’ acceptances with maturities of one year or less from the date of acquisition, with any domestic or foreign commercial bank having capital and surplus of not less than $500.0 million in the
case of U.S. banks and $100.0 million (or the Dollar Equivalent as of the date of determination) in the case of non-U.S. banks; 

(d)    repurchase obligations for underlying securities of the types described in clauses (b), (c) and
(g) of this definition entered into with any financial institution meeting the qualifications specified in clause (c) above; 

(e)    commercial paper rated at least “P-2” by
Moody’s or at least “A-2” by S&P, and in each case maturing within 24 months after the date of creation thereof and Debt or Preferred Stock issued by Persons with an Investment Grade Rating
from S&P or Moody’s, with maturities of 24 months or less from the date of acquisition; 

(f)    marketable short-term money market and similar securities having a rating of at least “P-2” or “A-2” from either Moody’s or S&P, respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an
equivalent rating from another nationally recognized statistical rating agency), and in each case maturing within 24 months after the date of creation or acquisition thereof; 

(g)    readily marketable direct obligations issued by any state, commonwealth or territory of the United
States or any political subdivision or taxing authority thereof having an Investment Grade Rating from Moody’s or S&P with maturities of 24 months or less from the date of acquisition; 

(h)    readily marketable direct obligations issued by any foreign government or any political subdivision
or public instrumentality thereof, in each case having an Investment Grade Rating from Moody’s or S&P with maturities of 24 months or less from the date of acquisition; 

(i)    Investments with average maturities of 12 months or less from the date of acquisition in money
market funds rated within the top three ratings category by S&P or Moody’s; 

  
 7 

 (j)    with respect to any Foreign Subsidiary:
(i) obligations of the national government of the country in which such Foreign Subsidiary maintains its chief executive office and principal place of business provided such country is a member of the Organization for Economic Cooperation and
Development, in each case maturing within one year after the date of investment therein, (ii) certificates of deposit of, bankers acceptances of, or time deposits with, any commercial bank which is organized and existing under the laws of the
country in which such Foreign Subsidiary maintains its chief executive office and principal place of business, provided such country is a member of the Organization for Economic Cooperation and Development, and whose short-term commercial
paper rating from S&P is at least “A-1” or the equivalent thereof or from Moody’s is at least “P-1” or the equivalent thereof (any such bank
being an “Approved Foreign Bank”), and in each case with maturities of not more than 270 days from the date of acquisition and (iii) the equivalent of demand deposit accounts which are maintained with an Approved Foreign Bank;

 (k)    bills of exchange issued in the United States, Canada, a member state of the European Union or
Japan eligible for rediscount at the relevant central bank and accepted by a bank (or any dematerialized equivalent); 

(l)    Cash Equivalents of the types described in clauses (a) through (k) above denominated in U.S.
Dollars; and 
 (m)    investment funds investing at least 90% of their assets in Cash Equivalents of the
types described in clauses (a) through (l) above. 
 “Cash Management Agreement” means any agreement to provide cash
management services, including treasury, depository, overdraft, netting services, cash pooling arrangements, credit or debit card, purchasing card, electronic funds transfer, foreign exchange facilities and other cash management arrangements. 

“Cash Management Obligations” means the obligations owed by the Parent Guarantor or any of its Restricted Subsidiaries under
any Cash Management Agreement. 
 “Casualty Event” means any event that gives rise to the receipt by the Parent Guarantor
or any Restricted Subsidiary of any insurance proceeds or condemnation awards in respect of any equipment, fixed assets or real property (including any improvements thereon) to replace or repair such equipment, fixed assets or real property. 

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

(a)    the Issuer becomes aware of (by way of a report or any other filing pursuant to Section 13(d)
of the Exchange Act, proxy, vote, written notice or otherwise) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act or any successor provisions to either of the foregoing), including any
group acting for the purpose of acquiring, holding, voting or disposing of securities within the meaning of Rule 13d-5(b)(1) under the Exchange Act, becomes the Beneficial Owner, directly or indirectly, of 50%
or more of the total voting power of the Voting Stock of the Parent Guarantor (or any of its direct or indirect parent entities or their successors by merger, consolidation or purchase of all or substantially all of their assets); 

(b)    the sale, transfer, assignment, lease, conveyance or other disposition, directly or indirectly, of
all or substantially all the properties and assets of the Parent Guarantor (or any of its 

  
 8 

 
direct or indirect parent entities or their successors by merger, consolidation or purchase of all or substantially all of their assets), the Issuer and the Restricted Subsidiaries, considered as
a whole (other than a disposition of assets as an entirety or virtually as an entirety to a Wholly Owned Restricted Subsidiary), shall have occurred; 

(c)    except where the Parent Guarantor has become the Surviving Issuer or the Issuer has become the
Surviving Parent, in each case in compliance with Article 5, the Parent Guarantor ceases to own, directly or indirectly, 100% of the voting power of the Voting Stock of the Issuer; or 

(d)    the shareholders of the Parent Guarantor shall have approved any plan of liquidation or dissolution
of the Parent Guarantor (except in a transaction that complies with Article 5). 
 Notwithstanding the foregoing, a transaction shall not be deemed to
involve a Change of Control solely as a result of the Parent Guarantor becoming a direct or indirect Wholly Owned Subsidiary of a holding company if (A) the direct or indirect holders of the Voting Stock of such holding company immediately
following that transaction are substantially the same as the holders of the Voting Stock of the Parent Guarantor immediately prior to that transaction or (B) immediately following that transaction no Person (other than a holding company
satisfying the requirements of this sentence) is the Beneficial Owner, directly or indirectly, of 50% or more of the total voting power of the Voting Stock of such holding company. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Collateral” means all of the assets and property of the Issuer or any Guarantor securing or purported to secure any First
Lien Notes Obligations, other than Excluded Property. 
 “Consolidated Depreciation and Amortization Expense” means, with
respect to any Person for any period, the total amount of depreciation and amortization expense, including the amortization of deferred financing fees or costs, capitalized expenditures, customer acquisition costs and incentive payments, conversion
costs and contract acquisition costs, the amortization of original issue discount resulting from the issuance of Debt at less than par and amortization of favorable or unfavorable lease assets or liabilities, of such Person, its Restricted
Subsidiaries and Consolidated Joint Ventures for such period on a consolidated basis and otherwise determined in accordance with GAAP. 

“Consolidated EBITDA” means, with respect to any Person for any period, the Consolidated Net Income of such Person for such
period: 
 (a)    increased (without duplication) by the following: 

(i)     provision for taxes based on income or profits or capital, including state franchise, excise and
similar taxes, property taxes and foreign withholding taxes of such Person paid or accrued during such period, including any penalties and interest relating to any tax examinations, deducted (and not added back) in computing Consolidated Net Income;
plus 
 (ii)     (w) Consolidated Interest Expense of such Person for such period, (x) net
losses or any obligations under any Swap Contracts or other derivative instruments entered into for the purpose of hedging interest rate, currency or commodities risk, (y) bank fees and (z) costs of surety bonds in connection with
financing activities, to the extent the same were deducted (and not added back) in calculating such Consolidated Net Income; plus 

  
 9 

 (iii)    Consolidated Depreciation and Amortization
Expense of such Person for such period to the extent the same were deducted (and not added back) in computing Consolidated Net Income; plus 

(iv)    any expenses or charges (other than depreciation or amortization expense) related to any equity
offering, Investment, acquisition, disposition or recapitalization or the Incurrence of Debt (including a refinancing thereof) (in each case, whether or not successful), including (A) such fees, expenses or charges (including rating agency fees
and related expenses) related to the offering or Incurrence of the loans under the Credit Agreement and any other credit facilities or the Incurrence of the Notes and any other debt securities and any Securitization Fees and (B) any amendment
or other modification of the Credit Agreement, this Indenture, any Securitization Facility and any other credit facilities or any other debt securities, in each case, deducted (and not added back) in computing Consolidated Net Income; plus

 (v)     (i) the amount of any restructuring charge, accrual or reserve (and adjustments to existing
reserves), integration cost or other business optimization expense or cost (including charges directly related to the implementation of cost-savings initiatives) that is deducted (and not added back) in such period in computing Consolidated Net
Income, including any one-time costs incurred in connection with acquisitions or divestitures after the Issue Date, including those related to any severance, retention, signing bonuses, relocation, recruiting
and other employee-related costs, internal costs in respect of strategic initiatives and curtailments or modifications to pension and post-retirement employment benefit plans (including any settlement of pension liabilities), systems development and
establishment costs, future lease commitments and costs related to the opening and closure and/or consolidation of facilities and to exiting lines of business and consulting fees incurred with any of the foregoing and (ii) fees, costs and
expenses associated with acquisition-related litigation and settlements thereof; plus 

(vi)    any other non-cash charges, write-downs, expenses, losses
or items reducing Consolidated Net Income for such period, including any impairment charges or the impact of purchase accounting (provided that if any such non-cash charges represent an accrual or
reserve for potential cash items in any future period, (A) the Parent Guarantor may elect not to add back such non-cash charge in the current period and (B) to the extent the Parent Guarantor elects
to add back such non-cash charge, the cash payment in respect thereof in such future period shall be deducted from Consolidated EBITDA to such extent) or other items classified by the Parent Guarantor as
special items less other non-cash items increasing Consolidated Net Income (excluding any such non-cash item to the extent it represents a receipt of cash in any
future period); plus 
 (vii)    without duplication of any amounts added back pursuant to clause
(xiii) below, the amount of any minority interest expense consisting of Subsidiary income attributable to minority Capital Stock of third parties in any non-Wholly Owned Subsidiary; plus 

(viii)    the amount of (A) pro forma “run rate” cost savings, operating expense reductions
and other synergies (in each case, net of amounts actually realized) related to 

  
 10 

 
the Transactions that are reasonably identifiable, factually supportable and projected by the Parent Guarantor in good faith to result from actions (x) that have been taken, (y) with
respect to which substantial steps have been taken or that are expected to be taken (in the good faith determination of the Parent Guarantor) within 24 months after the Issue Date or (B) pro forma adjustments, including pro forma “run
rate” cost savings, operating expense reductions, and other synergies (in each case net of amounts actually realized) related to acquisitions, dispositions and other Specified Transactions, or related to restructuring initiatives, cost savings
initiatives and other initiatives that are reasonably identifiable, factually supportable and projected by the Parent Guarantor in good faith to result from actions that have either been taken, with respect to which substantial steps have been taken
or are that are expected to be taken (in the good faith determination of the Parent Guarantor) within 24 months after the date of consummation of such acquisition, disposition or other Specified Transaction or the initiation of such restructuring
initiative, cost savings initiative or other initiatives; provided that the aggregate amount added back in the calculation of Consolidated EBITDA for any such period pursuant to this clause (viii)(B) shall not exceed 15% of Consolidated
EBITDA (calculated prior to giving effect to any add-backs pursuant to this clause (viii)(B)); plus 

(ix)    (x) any costs or expense incurred by the Parent Guarantor or any Restricted Subsidiary pursuant to
any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are
non-cash costs or expenses and/or otherwise funded with cash proceeds contributed to the capital of the Parent Guarantor or Capital Stock Sale Proceeds of an issuance of Capital Stock (other than Disqualified
Stock) of the Parent Guarantor and (y) the amount of expenses relating to payments made to option holders of the Parent Guarantor in connection with, or as a result of, any distribution being made to equityholders of the Parent Guarantor, which
payments are being made to compensate such option holders as though they were equityholders at the time of, and entitled to share in, such distribution, to the extent permitted under this Indenture; plus 

(x)     with respect to any JV Entity, an amount equal to the proportion of those items described in
clauses (i) and (iii) above relating to such JV Entity corresponding to the Parent Guarantor’s and its Restricted Subsidiaries’ proportionate share of such JV Entity’s Consolidated Net Income (determined as if such JV Entity were
a Restricted Subsidiary) to the extent the same was deducted (and not added back) in calculating Consolidated Net Income; plus 

(xi)    earnout and contingent consideration obligations (including to the extent accounted for as bonuses
or otherwise) and adjustments thereof and purchase price adjustments; plus 
 (xii)    cash
receipts (or any netting arrangements resulting in reduced cash expenditures) not representing Consolidated EBITDA or Consolidated Net Income in any period to the extent non-cash gains relating to such income
were deducted in the calculation of Consolidated EBITDA pursuant to paragraph (b) below for any previous period and not added back; plus 

(xiii)    any net loss included in Consolidated Net Income attributable to
non-controlling interests pursuant to the application of FASB Accounting Standards Codification (“ASC”) Topic
810-10-45; plus 

  
 11 

 (xiv)    realized foreign exchange losses resulting from
the impact of foreign currency changes on the valuation of assets or liabilities on the balance sheets of the Parent Guarantor and its Restricted Subsidiaries; plus 

(xv)    net realized losses from Swap Contracts or embedded derivatives that require similar accounting
treatment and the application of Accounting Standard Codification Topic 815 and related pronouncements; plus 

(xvi)    the amount of loss or discount on sales of Securitization Assets and related assets in connection
with a Qualified Securitization Transaction; plus 
 (xvii)    the amount of any charges,
expenses, costs or other payments in respect of (x) facilities no longer used or useful in the conduct of the business of the Parent Guarantor and its Restricted Subsidiaries, (y) abandoned, closed, disposed or discontinued operations and
(z) any losses on disposal of abandoned, closed or discontinued operations; plus 

(xviii)    any non-cash losses realized in such period in
connection with adjustments to any employee benefit plan due to changes in actuarial assumptions, valuation or studies; plus 

(xix)    any net pension or other post-employment benefit costs representing amortization of unrecognized
prior service costs, actuarial losses, including amortization of such amounts arising in prior periods, amortization of the unrecognized net obligation (and loss or cost) existing at the date of the initial application of ASC 715, and any other
items of a similar nature; plus 
 (xx)    adjustments and addbacks set forth in any quality of
earnings analysis prepared by independent registered public accountants of recognized national standing in connection with any Permitted Acquisition or Investment that is permitted under this Indenture; plus 

(xxi)    (A) any costs or expenses associated with the Transactions or (B) any costs or expenses
associated with any equity offering, Investment or Incurrence of Debt permitted hereunder (whether or not consummated or incurred, as applicable); plus 

(xxii)    losses from dispositions of real estate that are not to traditional consumer purchasers; and 

(b)    decreased (without duplication) by the following: 

(i)    non-cash gains increasing Consolidated Net Income of such
Person for such period, excluding any non-cash gains to the extent they represent the reversal of an accrual or cash reserve for a potential cash item that reduced Consolidated EBITDA in any prior period and
any non-cash gains with respect to cash actually received in a prior period so long as such cash did not increase Consolidated EBITDA in such prior period; plus 

(ii)    realized foreign exchange income or gains resulting from the impact of foreign currency changes on
the valuation of assets or liabilities on the balance sheet of the Parent Guarantor and its Restricted Subsidiaries; plus 

  
 12 

 (iii)    any net realized income or gains from any
obligations under any Swap Contracts or embedded derivatives that require similar accounting treatment and the application of ASC Topic 815 and related pronouncements; plus 

(iv)    any net gain included in Consolidated Net Income of such Person for such period attributable to non-controlling interests (other than a Consolidated Joint Venture) pursuant to the application of ASC Topic 810-10-45; plus

 (v)    gains from dispositions of real estate that are not to traditional consumer purchasers;
plus 
 (vi)    any gains on disposal of abandoned, closed or discontinued operations; plus

 (vii)    any gains with respect to any JV Entity, in an amount equal to the proportion of those items
described in clauses (a)(i) and (a)(iii) above relating to such JV Entity corresponding to the Parent Guarantor’s and its Restricted Subsidiaries’ proportionate share of such JV Entity’s Consolidated Net Income (determined as if such
JV Entity were a Restricted Subsidiary) to the extent the same was added (and not deducted) in calculating Consolidated Net Income; plus 

(viii)    the amount of gains on sales of Securitization Assets and related assets in connection with a
Qualified Securitization Transaction; 
 (c)    increased or decreased (without duplication) by, as
applicable, any adjustments resulting from the application of ASC Topic 460 or any comparable regulation; and 

(d)    increased or decreased (to the extent not already included in determining Consolidated EBITDA) by
any Pro Forma Adjustment. 
 There shall be included in determining Consolidated EBITDA for any period, without duplication, (A) the
Acquired EBITDA of any Person, property, business or asset acquired by the Parent Guarantor or any Restricted Subsidiary during such period (but not the Acquired EBITDA of any related Person, property, business or assets to the extent not so
acquired), to the extent not subsequently sold, transferred or otherwise disposed of by the Parent Guarantor or such Restricted Subsidiary during such period (each such Person, property, business or asset acquired and not subsequently so disposed
of, an “Acquired Entity or Business”), and the Acquired EBITDA of any Unrestricted Subsidiary that is converted into a Restricted Subsidiary during such period (each, a “Converted Restricted Subsidiary”),
based on the actual Acquired EBITDA of such Acquired Entity or Business or Converted Restricted Subsidiary for such period (including the portion thereof occurring prior to such acquisition) and (B) an adjustment in respect of each Acquired
Entity or Business equal to the amount of the Pro Forma Adjustment with respect to such Acquired Entity or Business for such period (including the portion thereof occurring prior to such acquisition) as specified in a certificate executed by an
Officer of the Parent Guarantor and delivered to the Trustee (upon which the Trustee may conclusively rely). For purposes of determining Consolidated EBITDA for any period, there shall be excluded the Disposed EBITDA of any Person, property,
business or asset (other than an Unrestricted Subsidiary) sold, transferred or otherwise disposed of, closed or classified as discontinued operations by the Parent Guarantor or any Restricted Subsidiary during such period (each such Person,
property, business or asset so sold or disposed of, a “Sold Entity or Business”) and the Disposed EBITDA of any Restricted Subsidiary that is converted into an Unrestricted Subsidiary during such period (each a “Converted
Unrestricted Subsidiary”), based on the actual Disposed EBITDA of such Sold Entity or Business or 

  
 13 

 
Converted Unrestricted Subsidiary for such period (including the portion thereof occurring prior to such sale, transfer or disposition). Any adjustments in the calculation of Consolidated Net
Income shall be without duplication of any adjustment to Consolidated EBITDA, and any adjustments to Consolidated EBITDA shall be without duplication of any adjustments to Consolidated Net Income. 

Unless otherwise specified, all references herein to “Consolidated EBITDA” shall refer to the Consolidated EBITDA of the Parent
Guarantor, its Restricted Subsidiaries and Consolidated Joint Ventures on a consolidated basis. 
 “Consolidated Fixed
Charges” means, for any period, with respect to any Person and its Restricted Subsidiaries on a consolidated basis, the sum, without duplication, of: 

(a)    Consolidated Interest Expense for such period; plus 

(b)    Disqualified Stock Dividends paid, accrued or scheduled to be paid or accrued during such period,
excluding dividends paid in Qualified Capital Stock; plus 
 (c)    Preferred Stock Dividends
paid, accrued or scheduled to be paid or accrued during such period, excluding dividends paid in Qualified Capital Stock. 

“Consolidated Fixed Charges Coverage Ratio” means, with respect to any Test Period, the ratio of (a) Consolidated EBITDA
for such Test Period to (b) Consolidated Fixed Charges for such Test Period; provided, however, that if: 

(1)    since the beginning of that period the Parent Guarantor or any Restricted Subsidiary has Incurred
any Debt that remains outstanding or repaid any Debt, or 
 (2)    the transaction giving rise to the
need to calculate the Consolidated Fixed Charges Coverage Ratio involves an Incurrence or repayment of Debt, 
 Consolidated Fixed Charges for that period
shall be calculated after giving effect on a Pro Forma Basis to that Incurrence or repayment as if the Debt was Incurred or repaid on the first day of that period; provided that, in the event of any repayment of Debt, Consolidated EBITDA for
that period shall be calculated as if the Parent Guarantor or such Restricted Subsidiary had not earned any interest income actually earned during such period in respect of the funds used to repay such Debt. 

If any Debt bears a floating rate of interest and is being given Pro Forma Effect, the interest expense on that Debt shall be calculated as if
the base interest rate in effect for the floating rate of interest on the date of determination had been the applicable base interest rate for the entire period (taking into account any Swap Contract applicable to that Debt if the applicable Swap
Contract has a remaining term in excess of 12 months). In the event the Capital Stock of any Restricted Subsidiary is sold during the period, the Parent Guarantor shall be deemed, for purposes of the provisos in the first paragraph of this
definition, to have repaid during such period the Debt of that Restricted Subsidiary to the extent the Parent Guarantor and its continuing Restricted Subsidiaries are no longer liable for that Debt after the sale. 

“Consolidated Interest Expense” means, for any period, with respect to any Person and its Restricted Subsidiaries on a
consolidated basis, the amount of interest expense (including that attributable to capital leases, but excluding that attributable to indebtedness in respect of any Qualified Securitization Transaction), net of cash interest income of such Person
and its Restricted Subsidiaries, with respect to all outstanding Debt of such Person and its Restricted Subsidiaries, including all commissions, discounts and 

  
 14 

 
other cash fees and charges owed with respect to letter of credit and bankers’ acceptance financing and net cash costs (less net cash payments) under Swap Contracts, but excluding
(a) the amortization of original issue discount resulting from the issuance of indebtedness at less than par, (b) amortization of deferred financing costs, debt issuance costs, commissions, fees and expenses, (c) any expenses
resulting from discounting of indebtedness in connection with the application of recapitalization accounting or purchase accounting, (d) penalties or interest related to taxes and any other amounts of
non-cash interest resulting from the effects of acquisition method accounting or pushdown accounting, (e) the accretion or accrual of, or accrued interest on, discounted liabilities (other than Debt)
during such period, (f) non-cash interest expense attributable to the movement of the mark-to-market valuation of
obligations under Swap Contracts or other derivative instruments pursuant to ASC Topic 815, Derivatives and Hedging, (g) any one-time cash costs associated with breakage in respect of hedging
agreements for interest rates, (h) any payments with respect to make whole premiums or other breakage costs of any Debt, (i) all non-recurring interest expense consisting of liquidated damages for
failure to timely comply with registration rights obligations, and (j) expensing of bridge, arrangement, structuring, commitment, consent or other financing fees, all as calculated on a consolidated basis in accordance with GAAP. 

For purposes of this definition, interest on a Capital Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by
such Person to be the rate of interest implicit in such Capital Lease Obligation in accordance with GAAP. Unless otherwise specified, all references herein to a “Consolidated Interest Expense” shall refer to the Consolidated Interest
Expense of the Parent Guarantor, its Restricted Subsidiaries and Consolidated Joint Ventures on a consolidated basis. 

“Consolidated Joint Venture” means a corporation, partnership, limited liability company or other business entity selected by
the Parent Guarantor in its discretion (x) of which 50% or less of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such
power only by reason of the happening of a contingency) are at the time beneficially owned, directly, or indirectly through one or more intermediaries, or both, by the Parent Guarantor and (y) that is consolidated with the Parent Guarantor and
its Subsidiaries in accordance with GAAP in an amount not to exceed the greater of (x) $45.0 million and (y) 5.0% of Consolidated EBITDA. 

“Consolidated Net Income” means, with respect to any Person for any period, the net income (loss) of such Person and its
Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP and including the net income (loss) of Consolidated Joint Ventures; provided, however, that there shall not be included in such
Consolidated Net Income: 
 (1)    any net income (loss) of any Person if such Person is not a Restricted Subsidiary
other than the net income (loss) of Consolidated Joint Ventures, except that the Parent Guarantor’s equity in the net income of any such Person for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash
or Cash Equivalents actually distributed (or, so long as such Person is not (x) a joint venture with outstanding third-party Debt for borrowed money or (y) an Unrestricted Subsidiary, that (as reasonably determined by the Parent Guarantor)
could have been distributed by such Person during such period to the Parent Guarantor a Restricted Subsidiary) as a dividend or other distribution or return on investment, subject, in the case of a dividend or other distribution or return on
investment to a Restricted Subsidiary, to the limitations contained in clause (2) below; 
 (2)    solely for the
purpose of determining the amount available for Restricted Payments under clause (c)(i) of the first paragraph of Section 4.05, any net income (loss) of any Restricted Subsidiary (other than any Guarantor) if such Subsidiary is subject to
restrictions, directly or indirectly, on the payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly, to the Issuer or a Guarantor by operation of the terms of such Restricted Subsidiary’s
charter or any 

  
 15 

 
agreement, instrument, judgment, decree, order, statute or governmental rule or regulation applicable to such Restricted Subsidiary or its shareholders (other than (a) restrictions that have
been waived or otherwise released and (b) restrictions pursuant to the Credit Agreement or this Indenture), except that the Parent Guarantor’s equity in the net income of any such Restricted Subsidiary for such period shall be included in
such Consolidated Net Income up to the aggregate amount of cash or Cash Equivalents actually distributed or that could have been distributed by such Restricted Subsidiary during such period to the Parent Guarantor or another Restricted Subsidiary as
a dividend or other distribution (subject, in the case of a dividend to another Restricted Subsidiary, to the limitations contained in this clause (2)); 

(3)    any net gain (or loss) from disposed, abandoned or discontinued operations and any net gain (or loss) on disposal
of disposed, discontinued or abandoned operations; 
 (4)    any net gain (or loss) realized upon the sale or other
disposition of any asset or disposed operations of the Parent Guarantor or any Restricted Subsidiary (including pursuant to any sale/ leaseback transaction) which is not sold or otherwise disposed of in the ordinary course of business (as determined
in good faith by an Officer or the Board of Directors of the Parent Guarantor); 
 (5)    any extraordinary,
exceptional, unusual or nonrecurring gain, loss, charge or expense (including relating to the Transaction Expenses), or any charges, expenses or reserves in respect of any restructuring, relocation, redundancy or severance expense, new product
introductions or one-time compensation charges; 
 (6)    the cumulative effect
of a change in accounting principles; 
 (7)    any (i) non-cash
compensation charge or expense arising from any grant of stock, stock options or other equity based awards and any non-cash deemed finance charges in respect of any pension liabilities or other provisions and
(ii) income (loss) attributable to deferred compensation plans or trusts; 
 (8)    all deferred financing costs
written off and premiums paid or other expenses incurred directly in connection with any early extinguishment of Debt and any net gain (loss) from any write-off or forgiveness of Debt; 

(9)    any unrealized gains or losses in respect of any obligations under any Swap Contracts or any ineffectiveness
recognized in earnings related to hedge transactions or the fair value of changes therein recognized in earnings for derivatives that do not qualify for hedge accounting, in each case, in respect of any obligations under any Swap Contracts; 

(10)    any unrealized foreign currency translation gains or losses in respect of Debt of any Person denominated in a
currency other than the functional currency of such Person and any unrealized foreign exchange gains or losses relating to translation of assets and liabilities denominated in foreign currencies; 

(11)    any unrealized foreign currency translation or transaction gains or losses in respect of Debt or other obligations
of the Parent Guarantor or any Restricted Subsidiary owing to the Parent Guarantor or any Restricted Subsidiary; 

(12)    any recapitalization accounting or purchase accounting effects, including adjustments to inventory, property and
equipment, software and other intangible assets and deferred revenue in component amounts required or permitted by GAAP and related authoritative pronouncements (including the effects of such adjustments pushed down to the Parent Guarantor and the
Restricted Subsidiaries), as a result of any consummated acquisition, or the amortization or write-off of any amounts thereof (including any write-off of in process
research and development); 

  
 16 

 (13)    any impairment charge, write-down or write-off, including impairment charges, writedowns or write-offs relating to goodwill, intangible assets, long-lived assets, investments in debt and equity securities or as a result of a change in law or
regulation; 
 (14)    any effect of income (loss) from the early extinguishment or cancellation of Debt or any
obligations under any Swap Contracts or other derivative instruments; 
 (15)    accruals and reserves that are
established within twelve months after the Issue Date that are so required to be established as a result of the Transactions in accordance with GAAP; 

(16)    any net unrealized gains and losses resulting from Swap Contracts or embedded derivatives that require similar
accounting treatment and the application of ASC Topic 815 and related pronouncements; 
 (17)    any non-cash expenses, accruals or reserves related to adjustments to historical tax exposures and any deferred tax expense associated with tax deductions or net operating losses arising as a result of the Transactions,
or the release of any valuation allowances related to such item; 
 (18)    any unrealized or realized gain or loss due
solely to fluctuations in currency values and the related tax effects, determined in accordance with GAAP; 

(19)    the net interest income, if any, generated during any Specified Turbo Period by the Time Share Receivables subject
to any Qualified Securitization Transaction, as the case may be, giving rise to such Specified Turbo Period; and 

(20)    effects of adjustments to accruals and reserves during a period relating to any change in the methodology of
calculating reserves for returns, rebates and other chargebacks. 
 In addition, to the extent not already excluded (or included, as
applicable) from the Consolidated Net Income of such Person and its Restricted Subsidiaries, notwithstanding anything to the contrary in the foregoing, and without duplication, Consolidated Net Income shall (1) be increased by business
interruption insurance in an amount representing the earnings for the applicable period that such proceeds are intended to replace (whether or not received so long as such Person in good faith expects to receive the same within the next four fiscal
quarters (it being understood that to the extent not actually received within such fiscal quarters, such proceeds shall be deducted in calculating Consolidated Net Income for such fiscal quarters)) and (2) not include (i) any expenses and
charges that are reimbursed by indemnification or other reimbursement provisions in connection with any investment or any sale, conveyance, transfer or other disposition of assets permitted under this Indenture or other contractual reimbursement
obligations of a third party, (ii) to the extent covered by insurance (including business interruption insurance) and actually reimbursed, or, so long as the Parent Guarantor has made a determination that there exists reasonable evidence that
such amount shall in fact be reimbursed by the insurer and only to the extent that such amount is (A) not denied by the applicable carrier in writing within 180 days and (B) in fact reimbursed within 365 days of the date of such evidence
(with a deduction for any amount so added back to the extent not so reimbursed within such 365 days), expenses with respect to liability or Casualty Events or business interruption, (iii) any net
after-tax income or loss (less all fees and expenses or charges relating thereto) attributable to the early extinguishment of Debt, (iv) any non-cash charges
resulting from mark-to-market accounting relating to Capital Stock, (v) any unrealized net gain or loss resulting from currency translation or unrealized
transaction gains or losses impacting net 

  
 17 

 
income (including currency re-measurements of Debt) and any unrealized foreign currency translation or transaction gains or losses shall be excluded,
including those resulting from intercompany Debt and any unrealized net gains and losses resulting from obligations in respect of any Swap Contracts in accordance with GAAP or any other derivative instrument pursuant the application of ASC Topic
815, Derivatives and Hedging and (vi) any non-cash impairment charges resulting from the application of ASC Topic 350, Intangibles—Goodwill and Other and the amortization of
intangibles including those arising pursuant to ASC Topic 805, Business Combinations, and, provided, further, that solely for purposes of determining the amount available for Restricted Payments under clause (c)(i) of the first
paragraph of Section 4.05, the income or loss of any Person accrued prior to the date on which such Person becomes a Restricted Subsidiary of such Person or is merged into or consolidated with such Person or any Restricted Subsidiary of such
Person or the date that such other Person’s assets are acquired by such Person or any Restricted Subsidiary of such Person, in each case, shall be excluded in calculating Consolidated Net Income. 

Unless otherwise specified, all references herein to a “Consolidated Net Income” shall refer to the Consolidated Net Income of the
Parent Guarantor and its Restricted Subsidiaries and Consolidated Joint Ventures on a consolidated basis. 
 “Consolidated Secured
Debt” means, as to the Parent Guarantor and its Restricted Subsidiaries on a consolidated basis at any date of determination, the aggregate principal amount of Consolidated Total Debt outstanding on such date that is secured by a Lien on
property or assets of the Parent Guarantor or any Restricted Subsidiary minus Debt in respect of any Qualified Securitization Transaction. 

“Consolidated Total Assets” means, as to the Parent Guarantor and its Restricted Subsidiaries on a consolidated basis at any
date of determination, all amounts that would, in conformity with GAAP, be set forth opposite the caption “total assets” (or any like caption) on a consolidated balance sheet of the applicable Person as of the last day of the most recently
ended Test Period. 
 “Consolidated Total Debt” means, as to the Parent Guarantor and its Restricted Subsidiaries on a
consolidated basis at any date of determination, the aggregate principal amount of all third-party Debt for borrowed money, Capitalized Leases and purchase money Debt (but excluding, for the avoidance of doubt, undrawn letters of credit,
banker’s acceptances, surety bonds and/or bank guarantees); provided that “Consolidated Total Debt” shall be calculated (i) net of the Unrestricted Cash Amount, (ii) excluding any obligation, liability or indebtedness
of any such Person if, upon or prior to the maturity thereof, such Person has irrevocably deposited with the proper Person in trust or escrow the necessary funds (or evidences of indebtedness) for the payment, redemption or satisfaction of such
obligation, liability or indebtedness, and thereafter such funds and evidences of such obligation, liability or indebtedness or other security so deposited are not included in the calculation of Unrestricted Cash Amount and (iii) based on the
initial stated principal amount of any Debt that is issued at a discount to its initial stated principal amount without giving effect to any such discounts; provided, further, that “Consolidated Total Debt” shall not
include (x) letters of credit, bankers’ acceptances, surety bonds and bank guarantees, except to the extent of unreimbursed amounts thereunder, (y) obligations under Swap Contracts entered into and (z) Debt in respect of any
Qualified Securitization Transaction. 
 “Converted Restricted Subsidiary” shall have the meaning assigned to such term in
the definition of “Consolidated EBITDA” in this Section 1.01. 
 “Converted Unrestricted Subsidiary” shall
have the meaning assigned to such term in the definition of “Consolidated EBITDA” in this Section 1.01. 

  
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 “Corporate Trust Office” means the designated office of the Trustee at
which its corporate trust business shall be administered at any time, and such office at the date hereof is located at 10161 Centurion Parkway North, 2nd Floor, Jacksonville, Florida 32256, Attention: Corporate Trust. The Trustee may designate a
different office address from time to time by notice to the Holders and the Issuer. Upon any succession by a successor Trustee, the address shall be the designated corporate trust office of any successor Trustee (or such other address as such
successor Trustee may designate from time to time by notice to the Holders and the Issuer). 
 “Credit Agreement” means
that certain Credit Agreement, dated as of August 31, 2018, by and among the Issuer, as the borrower, the Parent Guarantor, certain subsidiaries of the Parent Guarantor party thereto, the lenders and agents party thereto and JPMorgan Chase
Bank, N.A., as administrative agent and collateral agent, as amended, restated, supplemented, modified, renewed, refunded, replaced (whether at maturity or thereafter) or refinanced in whole or in part from time to time in one or more agreements (in
each case, with the same or new agents, lenders or institutional investors). 
 “Credit Agreement Obligations” means
“Obligations” (as defined in the Credit Agreement). 
 “Credit Facilities” means, with respect to the Parent
Guarantor or any Restricted Subsidiary, one or more debt facilities (including the Credit Agreement) or commercial paper facilities with banks or other lenders 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 bankers’ acceptances or issuances of debt securities evidenced by notes,
debentures, bonds or similar instruments, in each case, as amended, restated, supplemented, modified, renewed, refunded, replaced or refinanced (including by means of sales of debt securities to institutional investors) in whole or in part from time
to time (and whether or not with the original trustee, administrative agent, holders and lenders or another trustee, administrative agent or agents or other holders or lenders and whether provided under the Credit Agreement or any other credit
agreement or other agreement or indenture). 
 “Custodian” means the Trustee, as custodian with respect to the Notes in
global form, or any successor entity thereto. 
 “Debt” means, with respect to any Person on any date of determination
(without duplication), whether or not included as indebtedness or liabilities in accordance with GAAP: 

(a)    all obligations of such Person for borrowed money and all obligations of such Person evidenced by
bonds, debentures, notes, loan agreements or other similar instruments to the extent the same would appear as a liability on a balance sheet (excluding footnotes thereto) of such Person in accordance with GAAP; 

(b)    the maximum amount (after giving effect to any prior drawings or reductions which may have been
reimbursed) of all letters of credit (including standby and commercial), banker’s acceptances, bank guaranties, surety bonds, performance bonds and similar instruments issued or created by or for the account of such Person; 

(c)    net obligations of such Person under any Swap Contracts (with the amount of such net obligations
being deemed to be the aggregate Swap Termination Value thereof as of such date); 
 (d)    all
obligations of such Person to pay the deferred purchase price of property or services (other than (i) trade accounts payable in the ordinary course of business, (ii) any earn-out 

  
 19 

 
obligation until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP and if not paid within thirty (30) days after becoming due and payable,
(iii) any other obligation that appears in the liabilities section of the balance sheet of such Person, to the extent (A) such Person is indemnified for the payment thereof by a solvent Person (as reasonably determined by the Parent
Guarantor) or (B) amounts to be applied to the payment therefor are in escrow and (iv) liabilities associated with customer prepayments and deposits); 

(e)    indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being
purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements and mortgage, industrial revenue bond, industrial development bond and similar financings), whether or not such indebtedness shall
have been assumed by such Person or is limited in recourse; 
 (f)    all Capital Lease Obligations of
the Person and all Attributable Debt in respect of Sale and Leaseback Transactions entered into by the Person; 

(g)    all obligations of such Person in respect of Disqualified Stock; and 

(h)     all obligations of the type referred to in clauses (a) through (g) of other Persons and all
dividends of other Persons for the payment of which, in either case, the Person is responsible or liable, directly or indirectly, as obligor, guarantor or otherwise, including by means of any Guarantee; 

provided that (i) in no event shall any obligations under any Swap Contracts be deemed “Debt” for any calculation of any financial ratio
under this Indenture, (ii) the amount of Debt of any Person for purposes of clause (e) above shall be deemed to be equal to the lesser of (A) the aggregate unpaid amount of such Debt and (B) the Fair Market Value of the property
or asset encumbered thereby as determined by such Person in good faith and (iii) the Debt of any Person shall, except for purposes of calculating the Consolidated Fixed Charges Coverage Ratio to the extent the interest expense in respect
thereof is not covered by proceeds held in escrow or in connection with any test date of any Limited Condition Transaction or any test related to a subsequent transaction, exclude Debt incurred in advance of, and the proceeds of which are to be
applied in connection with, the consummation of a transaction solely to the extent the proceeds thereof are and continue to be held in an escrow and are not otherwise made available to such person. 

For all purposes hereof, the Debt of any Person shall (A) include the Debt of any partnership or joint venture (other than a joint venture that is itself
a corporation or limited liability company) in which such Person is a general partner or a joint venturer, except to the extent such Person’s liability for such Debt is otherwise limited and only to the extent such Debt would be included in the
calculation of Consolidated Total Debt, (B) in the case of the Parent Guarantor and its Restricted Subsidiaries, exclude intercompany liabilities arising from their cash management, tax, and accounting operations and intercompany loans,
advances or Debt having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business consistent with past practice, (C) exclude (i) deferred or prepaid revenue, (ii) purchase
price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the seller and (iii) Debt of any direct or indirect parent company appearing on the balance sheet of the Parent
Guarantor and/or the Issuer solely by reason of push down accounting under GAAP and (D) exclude obligations under or in respect of a Qualified Securitization Transaction. Notwithstanding anything herein to the contrary, Debt shall not include
any payment obligation or other liability of such Person under any deferred compensation plan. 

  
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 “Default” means any event which is, or after notice or passage of time or
both would be, an Event of Default. 
 “Deferred Compensation Plan Assets” means assets acquired by the Parent Guarantor or
its Subsidiaries specifically for the purpose of satisfying the obligations of the Parent Guarantor and its Subsidiaries under any deferred compensation plan, together with earnings or gains on such assets, all of which shall be held in a Deferred
Compensation Plan Trust. 
 “Deferred Compensation Plan Trust” means any trust established by the Parent Guarantor, as
grantor, to support the Parent Guarantor’s ability to make payments to participants in accordance with the terms of a deferred compensation plan. 

“Definitive Notes” means certificated Notes. 

“Derivative Instrument” with respect to a Person, means any contract, instrument or other right to receive payment or
delivery of cash or other assets to which such Person or any Affiliate of such Person that is acting in concert with such Person in connection with such Person’s investment in the Notes (other than a Screened Affiliate) is a party (whether or
not requiring further performance by such Person), the value and/or cash flows of which (or any material portion thereof) are materially affected by the value and/or performance of the Notes and/or the creditworthiness of the Issuer and/or any one
or more of the Guarantors (the “Performance References”). 
 “Designated
Non-Cash Consideration” means the Fair Market Value of non-cash consideration received by the Parent Guarantor or one of its Restricted Subsidiaries in
connection with an Asset Sale that is so designated as Designated Non-Cash Consideration pursuant to an Officers’ Certificate, setting forth the basis of such valuation, less the amount of cash and Cash
Equivalents received in connection with a subsequent sale of such Designated Non-Cash Consideration. 

“Disposed EBITDA” means, with respect to any Sold Entity or Business or any Converted Unrestricted Subsidiary for any period,
the amount for such period of Consolidated EBITDA of such Sold Entity or Business or such Converted Unrestricted Subsidiary, all as determined on a consolidated basis for such Sold Entity or Business or such Converted Unrestricted Subsidiary. 

“Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security or other Capital Stock into
which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily redeemable (other than solely for Qualified Capital Stock), pursuant to a sinking fund obligation or
otherwise, (b) is redeemable at the option of the holder thereof (other than solely for Qualified Capital Stock and/or cash in lieu of fractional shares of such Capital Stock), in whole or in part, (c) provides for the scheduled payments
of dividends in cash, or (d) is or becomes convertible into or exchangeable for Debt or any other Capital Stock that would constitute Disqualified Stock, in each case, prior to the date that is 91 days after the maturity date of the Notes;
provided that (x) Capital Stock of any Person that would constitute Disqualified Stock but for terms thereof giving holders thereof the right to require such Person to redeem or purchase such Capital Stock upon the occurrence of an
“asset sale,” a “change of control” or similar event shall not constitute Disqualified Stock if any such requirement becomes operative only after compliance by the Issuer with Section 4.07 and Section 4.11 of this
Indenture and (y) if Capital Stock of any Person is issued pursuant to any plan for the benefit of employees of the Parent Guarantor (or any direct or indirect parent thereof) or any of its Subsidiaries or by any such plan to such employees,
such Capital Stock shall not constitute a Disqualified Stock solely because it may be required to be repurchased by the Parent Guarantor (or any direct or indirect parent company thereof) or any of its Subsidiaries in order to satisfy applicable
statutory or regulatory obligations of such Person. 

  
 21 

 “Disqualified Stock Dividends” means all dividends with respect to
Disqualified Stock of the Parent Guarantor or any Restricted Subsidiary held by Persons other than the Parent Guarantor or a Wholly Owned Restricted Subsidiary. The amount of any dividend of this kind shall be equal to the quotient of the dividend
divided by the difference between one and the maximum statutory consolidated federal, state and local income tax rate (expressed as a decimal number between 1 and 0) then applicable to the issuer of the Disqualified Stock. 

“Dollar Equivalent” means, with respect to any monetary amount in a currency other than U.S. Dollars, at any time for the
determination thereof, the amount of U.S. Dollars obtained by converting such foreign currency involved in such computation into U.S. Dollars at the spot rate for the purchase of U.S. Dollars with the applicable foreign currency as published by the
Federal Reserve Board on the date of such determination. 
 “Domestic Subsidiary” means any Restricted Subsidiary that is
organized under the laws of the United States, any State thereof or the District of Columbia. 
 “Equity Offering” means
any offering for cash of Qualified Capital Stock of the Parent Guarantor or any direct or indirect parent company of the Parent Guarantor (but only to the extent such cash proceeds are contributed to the Parent Guarantor), other than (i) any
public offering registered on Form S-4 or S-8, (ii) any issuance to any Subsidiary of the Parent Guarantor or (iii) any offering of Capital Stock issued in
connection with a transaction that constitutes a Change of Control. 
 “Event of Default” has the meaning set forth in
Section 6.01. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, or any successor statute,
and the rules and regulations promulgated by the SEC thereunder. 
 “Excluded Property” has the meaning given to such term
in the Security Agreement; provided, however, that Excluded Property shall not include any assets that are pledged to secure obligations arising in respect of the Credit Agreement (whether pursuant to the terms of the credit agreement
governing the Credit Agreement (and any related documents) or any amendment or otherwise). 
 “Existing Notes” means the
Issuer’s 6.500% Senior Notes due 2026 and 4.750% Notes due 2028. 
 “Fair Market Value” means, with respect to any
asset or liability, the fair market value of such asset or liability, as determined by the Issuer in good faith. 
 “First Lien
Intercreditor Agreement” means that certain First Lien Intercreditor Agreement, dated as of the Issue Date, between the Notes Collateral Agent and the Bank Collateral Agent (as it may be amended from time to time). 

“First Lien Notes Obligations” means Obligations in respect of the Notes, this Indenture, the Guarantees and the Security
Documents relating to the Notes. 
 “First Lien Obligations” means, collectively, (1) the Credit Agreement
Obligations, (2) the First Lien Notes Obligations and (3) each Series of Additional First Lien Obligations. 
 “First Lien
Secured Parties” means (1) the Credit Facility Secured Parties, (2) the Notes Secured Parties and (3) any Additional First Lien Secured Parties. 

  
 22 

 “Foreign Subsidiary” means any Restricted Subsidiary of the Parent
Guarantor that is not a Domestic Subsidiary. 
 “Foreign Time Share Receivable” means a note receivable held by a Foreign
Subsidiary arising from the financing of the sale of timeshare intervals and fractional products to a retail customer outside of the United States. 

“GAAP” means generally accepted accounting principles in the United States as in effect on August 23, 2018, except with
respect to any reports or financial information required to be delivered pursuant to Section 4.03, which shall be prepared in accordance with GAAP as in effect from time to time. At any time after the Issue Date, the Parent Guarantor may elect,
upon notice to the Trustee, to apply International Financial Reporting Standards, as adopted in the European Union (“IFRS”), accounting principles in lieu of GAAP and, upon any such election, references in this Indenture to GAAP
shall thereafter be construed to mean IFRS (except as otherwise provided in this Indenture); provided that (i) any such election, once made, shall be irrevocable, (ii) any calculation or determination under this Indenture that
requires the application of GAAP for periods that include fiscal quarters ended prior to such election to apply IFRS shall remain as previously calculated or determined in accordance with GAAP and (iii) the Parent Guarantor shall only make such
an election if it also reports any subsequent financial reports required to be made pursuant to Section 4.03 in accordance with IFRS. 

“Global Note” means a Note in registered global form without interest coupons. 

“Governmental Authority” means any nation or government, any state, provincial, country, territorial or other political
subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Government Obligations” means securities that are (1) direct obligations of the United States for the timely payment of
which its full faith and credit is pledged or (2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States the timely payment of which is unconditionally Guaranteed as a full faith and
credit obligation of the United States, which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities
Act), as custodian with respect to any such Government Obligations or a specific payment of principal of or interest on any such Government Obligations held by such custodian for the account of the holder of such depositary receipt; provided
that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the Government Obligations or the
specific payment of principal of or interest on the Government Obligations evidenced by such depositary receipt. 

“Grantor” means the Parent Guarantor, the Issuer and any Subsidiary Guarantor. 

“Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Debt of any
other Person and any obligation, direct or indirect, contingent or otherwise, of that Person: 

(a)    to purchase or pay (or advance or supply funds for the purchase or payment of) the Debt of such
other Person (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take-or-pay or
to maintain financial statement conditions or otherwise), or 

  
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 (b)    entered into for the purpose of assuring in any
other manner the obligee of the payment thereof or to protect such obligee against loss in respect of such Debt (in whole or in part); 

provided, however, that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of
business. The term “Guarantee” used as a verb has a corresponding meaning. 
 “Guarantors” means the Parent
Guarantor and the Subsidiary Guarantors. 
 “Holder” or “Noteholder” means the Person in whose name the
Note is registered on the Note register described in Section 2.04. 
 “Hyatt Comfort Letters” means the letter
agreements, to be dated on or about the Issue Date, executed and delivered by Hyatt Franchising, L.L.C., as licensor, S.O.I. Acquisition Corp, as licensee, and The Bank of New York Mellon Trust Company, N.A., as trustee and Notes Collateral Agent.

 “ILG” means ILG, LLC, a Delaware limited liability company, and any of its successors. 

“ILG Acquisition” means the acquisition by the Parent Guarantor of all of the Capital Stock of ILG pursuant to the Merger
Agreement. 
 “Incur” means, with respect to any Debt or other obligation of any Person, to create, issue, incur (by
merger, conversion, exchange or otherwise), extend, assume, Guarantee or become liable in respect of that Debt or other obligation or the recording, as required pursuant to GAAP or otherwise, of any Debt or obligation on the balance sheet of that
Person (and “Incurrence” and “Incurred” shall have meanings correlative to the foregoing). 

“Indenture” means this Indenture as amended or supplemented from time to time. 

“Independent Financial Advisor” means an accounting or investment banking firm of national standing or any third-party
appraiser of national standing; provided that the firm or appraiser is not an Affiliate of the Issuer. 
 “Initial
Notes” has the meaning assigned to such term in the recitals to this Indenture. 
 “Intercompany Agreements” means
collectively, the Marriott License Agreement, the Ritz-Carlton License Agreement, the Marriott Rewards Affiliation Agreement, the Marriott Comfort Letter, the Ritz-Carlton Comfort Letter, the Hyatt Comfort Letters and the Starwood Comfort Letters.

 “Intercreditor Agreements” means the First Lien Intercreditor Agreement and the Junior Lien Intercreditor Agreement.

 “interest” with respect to the Notes means interest with respect thereto. 

“Interest Payment Date” means May 15 and November 15 of each year to the Stated Maturity of the Notes. 

“Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of
(a) the purchase or other acquisition of Capital Stock or debt or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee with respect to any obligation of, or purchase or other acquisition of any
other debt or equity participation or interest in, 

  
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another Person, including any partnership or joint venture interest in such other Person (excluding, in the case of the Parent Guarantor and its Restricted Subsidiaries, intercompany loans,
advances, or Debt having a term not exceeding 364 days (inclusive of any rollover or extensions of terms) and made in the ordinary course of business) or (c) the purchase or other acquisition (in one transaction or a series of transactions) of
all or substantially all of the property and assets or business of another Person or assets constituting a business unit, line of business or division of such Person. For purposes of covenant compliance, the amount of any Investment shall be the
amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment, but in each case, without duplication of any adjustments to the amount of such Investment permitted under Section 4.05,
including the definition of “Permitted Investment” (other than clause (m) of the second paragraph of Section 4.05 or clause (w) of the definition of “Permitted Investment”), net of any return in respect thereof,
including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts. 

“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. 
 “Issue Date” means May 13, 2020. 

“Issuer” shall have the meaning assigned to such term in the preamble hereto until a successor Person or successor Persons
shall have become such in compliance with the applicable provisions of this Indenture, and thereafter “Issuer” shall mean such successor Person or successor Persons. 

“Junior Lien Intercreditor Agreement” means an intercreditor agreement substantially in the form of Exhibit D hereto (which
agreement in such form or with changes thereto permitted by Section 9.01 hereof the Notes Collateral Agent is authorized to enter into) entered into among the Notes Collateral Agent, the Bank Collateral Agent and the applicable Junior Lien
Representative in connection with the incurrence of any Junior Lien Obligations, as it may be amended from time to time. 
 “Junior
Lien Obligations” means the Obligations with respect to any Debt that by its terms is secured by the Collateral with a Junior Lien Priority relative to the Notes; provided such Lien is permitted to be incurred under this Indenture;
provided, further, that the holders of such Debt or their Junior Lien Representative shall become party to the Junior Lien Intercreditor Agreement and any other applicable intercreditor agreements. 

“Junior Lien Priority” means Debt that is secured by a Lien on the Collateral that is junior in priority to the Liens on the
Collateral securing the First Lien Note Obligations and is subject to a Junior Lien Intercreditor Agreement (it being understood that junior Liens are not required to rank equally and ratably with other junior Liens, and that Debt secured by junior
Liens may be secured by Liens that are senior in priority to, or rank equally and ratably with, or junior in priority to, other Liens constituting junior Liens). 

“Junior Lien Representative” means any duly authorized representative of any holders of Junior Lien Obligations, which
representative is named as such in the Junior Lien Intercreditor Agreement or any joinder thereto. 
 “JV Entity” means any
joint venture of the Parent Guarantor or any of its Restricted Subsidiaries that is not a Subsidiary. 
 “Lien” means any
mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, assignment (by way of security or otherwise), deemed trust, or preference, priority or other security interest or preferential
arrangement of any kind or nature 

  
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whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property, and any Capital Lease Obligation or Sale
and Leaseback Transaction having substantially the same economic effect as any of the foregoing). 
 “Limited Condition
Acquisition” means any acquisition, including by way of merger, amalgamation or consolidation, by one or more of the Parent Guarantor and its Restricted Subsidiaries of any assets, business or Person, the consummation of which is not
conditioned on the availability of, or on obtaining, third-party acquisition financing. 
 “Limited Condition Transaction”
means (i) a Limited Condition Acquisition, (ii) any redemption, repurchase, defeasance, satisfaction and discharge or repayment of indebtedness requiring irrevocable notice in advance of such redemption, repurchase, defeasance,
satisfaction and discharge or repayment and/or (iii) any dividends or distributions on, or redemptions of the Parent Guarantor’s Capital Stock requiring irrevocable notice in advance thereof. 

“Long Derivative Instrument” means a Derivative Instrument (i) the value of which generally increases, and/or the
payment or delivery obligations under which generally decrease, with positive changes to the Performance References and/or (ii) the value of which generally decreases, and/or the payment or delivery obligations under which generally increase,
with negative changes to the Performance References. 
 “Market Capitalization” means an amount equal to (i) the total
number of issued and outstanding shares of common stock or common equity interests of the Parent Guarantor or its direct or indirect parent on the date of the declaration of a Restricted Payment multiplied by (ii) the arithmetic mean of the
closing prices per share of such common stock or common equity interests on the principal securities exchange on which such common stock or common equity interests are traded for the 30 consecutive trading days immediately preceding the date of
declaration of such Restricted Payment. 
 “Marriott Comfort Letter” means the letter agreement, dated on or about the
Issue Date, executed and delivered by Marriott International, Inc. and Marriott Worldwide Corporation, as licensors, the Parent Guarantor, as licensee, and The Bank of New York Mellon Trust Company, N.A., as Trustee and Notes Collateral Agent. 

“Marriott License Agreement” means the License, Services and Development Agreement by Marriott International Inc. and
Marriott Worldwide Corporation, as licensors, and the Parent Guarantor, as licensee, effective as of November 19, 2011. 

“Marriott Rewards Affiliation Agreement” means the Marriott Rewards Affiliation Agreement, effective as of November 21,
2011, as amended as of February 26, 2018, by and among Marriott International Inc., Marriott Rewards, LLC, the Parent Guarantor and the Issuer. 

“Material Adverse Effect” means a material adverse effect on the (a) business, results of operations or financial
condition of the Parent Guarantor and its Restricted Subsidiaries, taken as a whole, (b) ability of the Issuer and the Guarantors to perform their payment obligations under this Indenture, the Notes or the Note Guarantees or (c) rights and
remedies of the Trustee or the Holders under this Indenture, the Notes or the Note Guarantees. 
 “Merger Agreement” means
the Agreement and Plan of Merger, dated as of April 30, 2018, among the Parent Guarantor, ILG, Ignite Holdco, Inc., Ignite Holdco Subsidiary, Inc., Volt Merger Sub, Inc. and Volt Merger Sub, LLC. 

  
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 “Moody’s” means Moody’s Investors Service, Inc. or any successor
to the rating agency business thereof. 
 “Net Available Cash” from any Asset Sale means cash payments received therefrom
(including any cash payments received upon the sale or other disposition of any Designated Non-Cash Consideration received in any Asset Sale, any cash payments received by way of deferred payment of principal
pursuant to a note or installment receivable or otherwise, but only as and when received, but excluding any other consideration received in the form of assumption by the acquiring Person of Debt or other obligations relating to the properties or
assets that are the subject of that Asset Sale or received in any other non-cash form), in each case net of: 

(a)    all legal, title and recording tax expenses, commissions and other fees (including, without
limitation, brokers’ or investment bankers’ commissions or fees) and expenses incurred, and all federal, state, provincial, foreign and local taxes required to be accrued as a liability under GAAP, as a consequence of the Asset Sale, 

(b)    all payments made on any Debt that is secured by any property or asset subject to the Asset Sale, in
accordance with the terms of any Lien upon or other security agreement of any kind with respect to that property or asset, or which must by its terms, or in order to obtain a necessary consent to the Asset Sale, or by applicable law, be repaid out
of the proceeds from the Asset Sale, 
 (c)    all distributions and other payments required to be made
to noncontrolling interest holders in Subsidiaries or joint ventures as a result of the Asset Sale, and 

(d)    the deduction of appropriate amounts provided by the seller as a reserve, in accordance with GAAP,
against any liabilities associated with the properties or assets disposed in the Asset Sale and retained by the Issuer or any Restricted Subsidiary after the Asset Sale; 

provided that, to the extent that any portion of the consideration for an Asset Sale is required by contract to be held in a separate escrow or deposit
account to support indemnification, adjustment of purchase price or similar obligations, such portion of the consideration shall become Net Available Cash only at such time as it is released to the Parent Guarantor or a Restricted Subsidiary from
the escrow or deposit account. 
 “Net Cash Proceeds” means the aggregate proceeds (including the Fair Market Value of
property other than cash) received by the Parent Guarantor or any Restricted Subsidiary in connection with such issuance or sale (other than to a Restricted Subsidiary of the Parent Guarantor or an employee stock ownership plan or trust established
by the Parent Guarantor or any of its Subsidiaries for the benefit of their employees to the extent such sale to such employee stock ownership plan or trust is financed by loans from or Guaranteed by the Parent Guarantor or any Restricted Subsidiary
unless such loans have been repaid with cash on or prior to the date of determination) by the Parent Guarantor or any Restricted Subsidiary after the Issue Date, net of attorneys’ fees, accountants’ fees, underwriters’, initial
purchasers’ or placement agents’ fees, discounts or commissions and brokerage, consultant and other fees actually incurred in connection with the issuance or sale and net of taxes paid or payable as a result thereof (after taking into
account any available tax credit or deductions and any tax sharing arrangements). 
 “Net Short” means, with respect to a
Holder or beneficial owner, as of a date of determination, either (i) the value of its Short Derivative Instruments exceeds the sum of the (x) the value of its Notes plus (y) the value of its Long Derivative Instruments as of such
date of determination or (ii) it is reasonably expected that such would have been the case were a Failure to Pay or Bankruptcy Credit Event (each as defined in the 2014 ISDA Credit Derivatives Definitions) to have occurred with respect to the
Issuer or any Guarantor immediately prior to such date of determination. 

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

“Notes Collateral Agent” means The Bank of New York Mellon Trust Company, N.A., as collateral agent for the holders of the
First Lien Notes Obligations under the Security Documents and any successor pursuant to the provisions of this Indenture and the Security Documents. 

“Note Guarantee” means, individually, any Guarantee of payment of the Notes and the Issuer’s other obligations under
this Indenture by a Guarantor pursuant to the terms of this Indenture and any supplemental indenture thereto, and, collectively, all such Guarantees. 

“Notes Secured Parties” means the trustee, the Notes Collateral Agent and the holders of the Notes. 

“Obligations” means any principal, interest, fee, expenses (including any interest, fees and expenses accruing on or
subsequent to the filing of a petition in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest, fees or expenses is an allowed claim under applicable state,
federal or foreign law), premium, penalties, indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and banker’s acceptances), damages and other liabilities, and guarantees of payment of such
principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Debt; provided that any of the foregoing (other than principal and interest) shall no longer
constitute “Obligations” after payment in full of such principal, interest, premiums and other amounts in respect of such Obligations to the extent such obligations have been fully liquidated and are
non-contingent on or prior to such payment in full. 
 “Offering Memorandum” means
the offering memorandum, dated May 6, 2020, related to the offer and sale of the Notes. 
 “Officer” means, with
respect to any Person, (1) the Chief Executive Officer, the Chief Financial Officer, Vice Chairman, any President, the Chief Accounting Officer, any Executive Vice President, any Senior Vice President or Vice President, the Treasurer or the
Secretary of (a) such Person or (b) if such Person is owned or managed by a single entity, of such entity, or (2) any other individual designated as an “officer” by the Board of Directors of such Person or any other body or
Person authorized by the organizational documents or by the members of such Person to act for it. 
 “Officers’
Certificate” means a certificate signed by two Officers of the Issuer, at least one of whom shall be the principal executive officer, principal financial officer or the principal accounting officer of the Issuer, and delivered to the
Trustee. 

  
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 “Old Exchange Notes” means the 5.625% Senior Notes due 2023 issued by the
Issuer and ILG, LLC. 
 “Opinion of Counsel” means a written opinion from legal counsel which is acceptable to the Trustee.
The counsel may be an employee of or counsel to the Issuer. 
 “Parent Guarantor” shall have the meaning assigned to such
term in the preamble hereto until a successor Person shall have become such in compliance with the applicable provisions of this Indenture, and thereafter “Parent Guarantor” shall mean such successor Person. 

“Pari Passu Lien Priority” means, relative to specified Debt, having equal Lien priority on specified Collateral and subject
to the First Lien Intercreditor Agreement. 
 “Performance References” has the meaning set forth in the definition of
“Derivative Instrument.” 
 “Permitted Acquisition” means the purchase or other acquisition of property and
assets or businesses of any Person or of assets by the Parent Guarantor or any Restricted Subsidiary, or Capital Stock in a Person that, upon the consummation thereof, shall be a Restricted Subsidiary of the Parent Guarantor (including as a result
of a merger or consolidation); provided that such purchase or acquisition is permitted under this Indenture. 
 “Permitted
Bond Hedge Transaction” means any call or capped call option (or substantively equivalent derivative transaction) relating to the Parent Guarantor’s common stock (or other securities or property following a merger event or other change
of the common stock of the Parent Guarantor) purchased by the Parent Guarantor in connection with the issuance of any convertible Debt; provided that the purchase price for such Permitted Bond Hedge Transaction, less the proceeds received by
the Parent Guarantor from the sale of any related Permitted Warrant Transaction, does not exceed the net proceeds received by the Parent Guarantor from the sale of such convertible Debt issued in connection with such Permitted Bond Hedge
Transaction. 
 “Permitted Business” means (a) any businesses, services or activities engaged in by the Parent
Guarantor or its Subsidiaries on the Issue Date and (b) any businesses, services and activities engaged in by the Parent Guarantor or any of its Subsidiaries that are related, complementary, incidental, ancillary or similar to any of the
foregoing or are extensions or developments of any thereof. 
 “Permitted Investment” means any Investment by the Parent
Guarantor or a Restricted Subsidiary in: 
 (a)    any Restricted Subsidiary or any Person that will, upon the making of
such Investment, become a Restricted Subsidiary; provided that the primary business of the Restricted Subsidiary is a Permitted Business; 

(b)    any Person if as a result of the Investment that Person is merged or consolidated with or into, or transfers or
conveys all or substantially all its properties and assets to, the Parent Guarantor or a Restricted Subsidiary; provided that such Person’s primary business is a Permitted Business; 

(c)    cash and Cash Equivalents; 

(d)    loans or advances to officers, directors, managers, partners and employees of the Parent Guarantor (or any direct
or indirect parent thereof) and its Restricted Subsidiaries (i) for reasonable and 

  
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customary business-related travel, entertainment, relocation and analogous ordinary business purposes, (ii) in connection with such Person’s purchase of Capital Stock of the Parent
Guarantor (provided that the proceeds of any such loans and advances shall be contributed to the Parent Guarantor in cash as common equity and provided, further, that such contribution shall not constitute an equity contribution
that may be utilized for other baskets (including for the purpose of determining the amount available for Restricted Payments under clause (c)(ii) of the first paragraph of Section 4.05)) and (iii) for purposes not described in the
foregoing clauses (i) and (ii), in an aggregate principal amount outstanding not to exceed $45.0 million; 

(e)    asset purchases, acquisitions, licenses or leases (in each case including inventory (including Time Share
Inventory), supplies, materials and equipment) and the licensing or contribution of intellectual property or other rights, in each case in the ordinary course of business; 

(f)    Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising
from the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors and other credits to suppliers in the ordinary course of business;

 (g)    Investments consisting of Liens permitted under Section 4.06 and Debt (including Guarantees) permitted
under Section 4.04; 
 (h)    Investments consisting of any modification, replacement, renewal, reinvestment or
extension of any Investment existing on the Issue Date hereof; provided that the amount of any Investment permitted pursuant to this clause (h) is not increased from the amount of such Investment on the Issue Date except pursuant to the
terms of such Investment as of the Issue Date or as otherwise permitted by Section 4.05 or under any clause of this definition of “Permitted Investment”; 

(i)    Investments in Swap Contracts permitted under clause (xvi) of paragraph (b) of Section 4.04; 

(j)    promissory notes and other non-cash consideration received in connection
with dispositions permitted under Section 4.07; 
 (k)    the Transactions; 

(l)    Investments in the ordinary course of business consisting of prepayment of expenses, endorsements for collection or
deposit and customary trade arrangements with customers consistent with past practice; 
 (m)    Investments (including
debt obligations and Capital Stock) received in connection with the bankruptcy or reorganization of suppliers and customers or in settlement of delinquent obligations of, or other disputes with, customers and suppliers from financially troubled
account debtors or upon the foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment; 

(n)    advances of payroll payments to employees in the ordinary course of business; 

(o)    Investments held by the Parent Guarantor or a Restricted Subsidiary acquired after the Issue Date or of a
corporation or company merged into the Parent Guarantor or merged or consolidated with a Restricted Subsidiary in accordance with Article 5 after the Issue Date to 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; 

  
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 (p)    Guarantees by the Parent Guarantor or any of its Restricted
Subsidiaries in respect of leases (other than Capital Lease Obligations) or of other obligations that do not constitute Debt, in each case entered into in the ordinary course of business; 

(q)    Investments to the extent that payment for such Investments is made with Qualified Capital Stock of the Parent
Guarantor; provided that, any amounts used for such an Investment or other acquisition that are not Qualified Capital Stock shall otherwise be permitted under Section 4.05 or pursuant to any clause of this definition of “Permitted
Investment”; 
 (r)    other Investments in an aggregate amount, as valued at cost at the time each such Investment
is made and including all related commitments for future Investments, not exceeding the greater of (x) $350.0 million and (y) 45.0% of Consolidated EBITDA for the Test Period; 

(s)    Investments (i) in connection with a Qualified Securitization Transaction (including Investments in
(x) Time Share SPVs and (y) Time Share Receivables in the ordinary course of business) and (ii) distributions or payments of Securitization Fees and purchases of Securitization Assets in connection with a Qualified Securitization
Transaction; 
 (t)    Investments in JV Entities and Unrestricted Subsidiaries in an aggregate amount, as valued at
cost at the time each such Investment is made and including all related commitments for future Investments, not exceeding (i) the greater of (x) $175.0 million and (y) 25.0% of Consolidated EBITDA for the Test Period; 

(u)    Investments made by the Parent Guarantor and its Subsidiaries in Deferred Compensation Plan Assets (including
contributions to a “rabbi” trust for the benefit of employees or non-employee directors or other grantor trust subject to claims of creditors in the case of a bankruptcy of the Parent Guarantor);

 (v)    Investments by an Unrestricted Subsidiary entered into prior to the day such Unrestricted Subsidiary is
redesignated as a Restricted Subsidiary pursuant to Section 4.10; provided that such Investments were not entered into in contemplation of such redesignation; 

(w)    other Investments; provided that, at the time of such Investment, the Total Leverage Ratio as of the end of
the most recently ended Test Period, on a Pro Forma Basis, would be no greater than 3.25 to 1.00; 
 (x)    Investments
existing or contemplated on the Issue Date and any modification, replacement, renewal, reinvestment or extension thereof; provided that the amount of any Investment permitted by Section 4.05 or pursuant to any clause of this definition
of “Permitted Investment” is not increased from the amount of such Investment on the Issue Date except pursuant to the terms of such Investment as of the Issue Date or as otherwise permitted by any clause of this definition of
“Permitted Investment”; 
 (y)    Investments in connection with tax planning and reorganization activities;
provided that, after giving effect to, any such activities, the value of the Note Guarantees in favor of the Holders, taken as a whole, would not (and shall not) be materially impaired; 

  
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 (z)    Investments in a Permitted Business in an aggregate amount for
all such Investments not to exceed, at the time such Investment is made and after giving effect to such Investment, the sum of (i) an amount equal to the greater of (x) $175.0 million and (y) 25.0% of Consolidated EBITDA for the Test
Period plus (ii) the aggregate amount of any cash repayment of or return on such Investments theretofore received by the Parent Guarantor or any Restricted Subsidiary after the Issue Date; 

(aa)    the forgiveness or conversion to equity of any intercompany Debt owed to the Parent Guarantor or any of its
Restricted Subsidiaries or the cancellation or forgiveness of any Debt owed to the Parent Guarantor (or any direct or indirect parent of the Parent Guarantor) or a Subsidiary from any members of management of the Parent Guarantor (or any direct or
indirect parent of the Parent Guarantor) or any Subsidiary, in each case permitted by Section 4.04; 

(bb)    loans or advances or other similar transactions with customers, distributors, clients, developers, suppliers or
purchasers or sellers of goods or services, in each case, in the ordinary course of business; 
 (cc)    advances in the
ordinary course of business to secure developer contracts of the Parent Guarantor and its Restricted Subsidiaries; 

(dd)    Investments in any captive insurance companies that are Restricted Subsidiaries in an aggregate amount not to
exceed 150% of the minimum amount of capital required under the laws of the jurisdiction in which such captive insurance companies is formed (plus any excess capital generated as a result of any such prior investment that would result in a
materially unfavorable tax or reimbursement impact if distributed), and other Investments in any captive insurance companies that are Restricted Subsidiaries to cover reasonable general corporate and overhead expenses of such captive insurance
companies; 
 (ee)    Investments by any captive insurance companies that are Restricted Subsidiaries; 

(ff)    Investments in any captive insurance companies that are Restricted Subsidiaries in connection with a push down by
the Parent Guarantor or the Issuer of insurance reserves; 
 (gg)    Investments in Time Share Development Property in
the ordinary course of business; provided that at the time of making such Investment, no Default or Event of Default shall have occurred and be continuing; and 

(hh)    Investments by any Foreign Subsidiary in debt securities issued by any nation in which such Foreign Subsidiary has
cash which is the subject of restrictions on export, or any agency or instrumentality of such nation or any bank or other organization organized in such nation, in an aggregate amount not to exceed $75.0 million at any time outstanding. 

For purposes of determining compliance with this definition of “Permitted Investment,” in the event that a Permitted Investment
meets the criteria of more than one of the categories described above in clauses (a) through (hh) of “Permitted Investments,” the Parent Guarantor shall be permitted, in its sole discretion, (x) to classify such Permitted
Investment on the date of such Permitted Investment and may later reclassify such Permitted Investment in any manner (based on the circumstances existing at the time of any such reclassification), (y) may divide and later redivide the amount of such
Permitted Investment among more than one of such clauses and (z) shall only be required to include such Permitted Investment in one of any such clauses. 

  
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 “Permitted Liens” means: 

(a)    Liens to secure Debt in an aggregate principal amount not to exceed the amount permitted to be Incurred under
clause (ii) of paragraph (b) of Section 4.04, regardless of whether the Parent Guarantor and the Restricted Subsidiaries are actually subject to Section 4.04 at the time the Lien is Incurred; 

(b)    Liens existing on the Issue Date and any modifications, replacements, refinancings, renewals or extensions thereof;
provided that (i) the Lien does not extend to any additional property other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien and (B) proceeds and products thereof and
(ii) the modification, replacement, renewal, extension or refinancing of the obligations secured or benefited by such Liens (if such obligations constitute Debt) is permitted by Section 4.04; 

(c)    Liens for taxes, assessments or governmental charges (i) which are not overdue for a period of more than 30
days, (ii) which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person to the extent required in accordance with
GAAP or (iii) with respect to which the failure to make payment could not reasonably be expected to have a Material Adverse Effect; 

(d)    statutory or common law Liens of landlords, carriers, warehousemen, mechanics, materialmen, repairmen, construction
contractors or other like Liens arising in the ordinary course of business (i) which secure amounts not overdue for a period of more than 60 days or if more than 60 days overdue, are unfiled (or if filed have been discharged or stayed) and no
other action has been taken to enforce such Lien, (ii) which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person
to the extent required in accordance with GAAP or (iii) with respect to which the failure to make payment could not reasonably be expected to have a Material Adverse Effect; 

(e)(i)    pledges, deposits or Liens arising as a matter of law in the ordinary course of business in connection with
workers’ compensation, payroll taxes, unemployment insurance, general liability or property insurance and/or other social security legislation; (ii) pledges and deposits in the ordinary course of business securing liability for
reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to the Parent Guarantor or any of
its Restricted Subsidiaries; and (iii) over bank accounts pursuant to the general terms and conditions of banks; 

(f)    Liens to secure the performance of bids, trade contracts, governmental contracts and leases (other than Debt for
borrowed money), statutory obligations, surety, stay, customs and appeal bonds, performance bonds and other obligations of a like nature (including those to secure health, safety and environmental obligations), in each case incurred in the ordinary
course of business, and obligations in respect of letters of credit, bank guarantee or similar instruments that have been posted to support the same; 

(g)    easements, rights-of-way,
restrictions, covenants, conditions, encroachments, protrusions and other similar encumbrances and minor title defects affecting real property which, in the aggregate, do not in any case materially interfere with the ordinary conduct of the business
of the Parent Guarantor and its Restricted Subsidiaries, taken as a whole; 
 (h)    Liens securing judgments or awards
for the payment of money not constituting an Event of Default; 

  
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 (i)    Liens securing Debt Incurred permitted under clause
(xiii) of paragraph (b) of Section 4.04; provided that (i) such Liens attach within 270 days after the acquisition, construction, repair, replacement or improvement (as applicable) of the property subject to such Liens,
(ii) such Liens do not at any time encumber any property other than the property financed by such Debt, replacements thereof and additions and accessions to such property and the proceeds and the products thereof and customary security
deposits, and (iii) with respect to Capital Lease Obligations, such Liens do not at any time extend to or cover any assets (except for additions and accessions to such assets, replacements and products thereof and customary security deposits)
other than the assets subject to such Capitalized Leases; provided that individual financings of equipment provided by one lender may be cross-collateralized to other financings of equipment provided by such lender; 

(j)    leases, licenses, subleases or sublicenses and Liens on the property covered thereby which do not
(i) interfere in any material respect with the business of the Parent Guarantor and its Restricted Subsidiaries, taken as a whole, or (ii) secure any Debt; 

(k)    Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in
connection with the importation of goods in the ordinary course of business; 
 (l)    Liens (i) of a collection
bank (including those arising under Section 4-210 of the Uniform Commercial Code) on the items in the course of collection, (ii) in favor of a banking or other financial institution or entities
and/or credit card processors or other electronic payment service providers arising as a matter of law encumbering deposits or other funds maintained with a financial institution (including the right of
set-off) and which are within the general parameters customary in the banking industry and (iii) arising by the terms of documents of banks or other financial institutions in relation to the maintenance
or administration of deposit accounts, securities accounts, commodity accounts or cash management arrangements; 

(m)    Liens (i) on cash advances or escrow deposits in favor of the seller of any property to be acquired in an
Investment permitted by Section 4.05 to be applied against the purchase price for such Investment or otherwise in connection with any letter of intent, purchase agreement or escrow arrangements with respect to any such Investment or an Asset
Sale permitted by Section 4.07 and (ii) consisting of an agreement to dispose of any property in an Asset Sale permitted under Section 4.07, in each case, solely to the extent such Investment or Asset Sale, as the case may be, would
have been permitted on the date of the creation of such Lien; 
 (n)    Liens with respect to property or assets of the
Parent Guarantor and its Restricted Subsidiaries (including accounts receivable or other revenue streams and other rights to payment and any other assets related thereto) in connection with a property manager’s obligations in respect of
timeshare collection accounts, operating accounts and reserve accounts; 
 (o)    Liens existing on property at the time
of its acquisition or existing on the property of any Person at the time such Person becomes a Restricted Subsidiary (other than by designation as a Restricted Subsidiary pursuant to Section 4.10), in each case after the Issue Date; provided
that (i) such Lien was not created in contemplation of such acquisition or such Person becoming a Restricted Subsidiary and (ii) such Lien does not extend to or cover any other assets or property (other than the proceeds or products
thereof and other than after-acquired property subjected to a Lien securing Debt and other obligations incurred prior to such time and which Debt and other obligations are permitted under this Indenture that require, pursuant to their terms at such
time, a pledge of after-acquired property, it being understood that such requirement shall not be permitted to apply to any property to which such requirement would not have applied but for such acquisition); 

  
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 (p)    any interest or title of a lessor or sublessor under leases or
subleases entered into by the Parent Guarantor or any of its Restricted Subsidiaries in the ordinary course of business; 

(q)    Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods
entered into by the Parent Guarantor or any of its Restricted Subsidiaries in the ordinary course of business; 

(r)    Liens that are contractual rights of set-off (i) relating to the
establishment of depository relations with banks or other financial institutions not given in connection with the Incurrence of Debt, (ii) relating to pooled deposit or sweep accounts of the Parent Guarantor or any of its Restricted
Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Parent Guarantor or its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into
with customers of the Parent Guarantor or any of its Restricted Subsidiaries in the ordinary course of business; 

(s)    Liens arising from precautionary Uniform Commercial Code financing statement filings or any equivalent filings in
respect of any leases; 
 (t)    Liens securing insurance policies and the proceeds thereof securing financing of the
premiums with respect thereto; 
 (u)    (i)zoning, building, entitlement and other land use regulations by Governmental
Authorities with which the normal operation of the business complies and (ii) any zoning or similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of any real property; 

(v)    Liens on specific items of inventory or other goods and the proceeds thereof securing such Person’s
obligations in respect of documentary letters of credit issued for the account of such Person to facilitate the purchase, shipment or storage of such inventory or goods; 

(w)    the modification, replacement, renewal or extension of any Lien permitted by clauses (b), (i), (o) and (ss) of this
definition; provided that (i) the Lien does not extend to any additional property other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien and (B) proceeds and products
thereof and (ii) the renewal, extension or refinancing of the obligations secured or benefited by such Liens is permitted by Section 4.04; 

(x)    ground leases in respect of real property on which facilities owned or leased by the Parent Guarantor or any of its
Restricted Subsidiaries are located; 
 (y)    Liens on property of a
non-Guarantor Restricted Subsidiary securing Debt that is permitted by Section 4.04 or other obligations of such non-Guarantor Restricted Subsidiary; 

(z)    Liens solely on any cash earnest money deposits made by the Parent Guarantor or any Restricted Subsidiary in
connection with any letter of intent or purchase agreement in respect of any Investment permitted under this Indenture; 

(aa)    Liens granted in the ordinary course of business securing obligations that do not constitute Debt; 

(bb)    Liens securing Debt permitted under clause (vi) of paragraph (b) of Section 4.04; 

  
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 (cc)    other Liens; provided that at the time of Incurrence of
the obligations secured thereby, the aggregate outstanding principal amount of obligations secured by Liens existing in reliance on this clause shall not exceed the greater of (x) $275.0 million and (y) 35.0% of Consolidated EBITDA for the Test
Period; 
 (dd)    Liens to secure Debt or other obligations, so long as, on a Pro Forma Basis, after giving effect to
such Liens, the Secured Leverage Ratio does not exceed 3.00 to 1.00; 
 (ee)    Liens on property of a non-Guarantor Restricted Subsidiary securing Debt permitted under clause (viii) of paragraph (b) of Section 4.04; 

(ff)    with respect to property of any Foreign Subsidiary, other Liens and privileges arising mandatorily by law; 

(gg)    Liens on receivables (including Time Share Receivables) and related assets arising in connection with a Qualified
Securitization Transaction; 
 (hh)    Liens on (i) Foreign Time Share Receivables securing Debt permitted under
clause (xxii) of paragraph (b) of Section 4.04 and (ii) the monetized notes underlying hypothecations of, or Qualified Securitization Transactions with respect to, Time Share Receivables permitted under clause (xxii) of
paragraph (b) of Section 4.04; 
 (ii)    Liens created or deemed to exist by the establishment of trusts for
the purpose of satisfying government reimbursement program costs and other actions or claims pertaining to the same or related matters or other medical reimbursement programs; 

(jj)    Liens on cash and Cash Equivalents (or specific property securing such Debt) used to satisfy or discharge Debt;
provided that such satisfaction or discharge is permitted under this Indenture; 
 (kk)    receipt of progress
payments and advances from customers in the ordinary course of business to the extent the same creates a Lien on the related inventory and proceeds thereof; 

(ll)    Liens on cash or Investments permitted by Section 4.05 securing Swap Contracts in the ordinary course of
business submitted for clearing in accordance with requirements of law; 
 (mm)    the prior rights of consignees and
their lenders under consignment arrangements entered into in the ordinary course of business; 
 (nn)    Liens on
Capital Stock of Unrestricted Subsidiaries; 
 (oo)    Liens arising as a result of a Permitted Sale and Leaseback
Transaction or any other Sale and Leaseback Transaction permitted by Section 4.04; 
 (pp)    Liens deposits of
cash with the owner or lessor of premises leased and operated by the Parent Guarantor or any of its Restricted Subsidiaries to secure the performance of the Parent Guarantor’s or such Restricted Subsidiary’s obligations under the terms of
the lease for such premises; 
 (qq)    Liens with respect to property or assets of the Parent Guarantor and its
Restricted Subsidiaries (including accounts receivable or other revenue streams and other rights to payment and any other assets related thereto) in connection with a property manager’s obligations in respect of timeshare collection accounts,
operating accounts and reserve accounts; 

  
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 (rr)    Liens in favor of the Parent Guarantor, the Issuer or any
Restricted Subsidiary; and 
 (ss)    Liens securing the Notes and the Note Guarantees (other than any Additional Notes
and the related Note Guarantees). 
 For purposes of determining compliance with Section 4.06 and this definition of “Permitted
Liens,” in the event that a Lien meets the criteria of more than one of the categories described above in clauses (a) through (ss) of “Permitted Liens,” the Parent Guarantor shall be permitted, in its sole discretion, (x) to
classify such Lien on the date of Incurrence and may later reclassify such Lien in any manner (based on the circumstances existing at the time of any such reclassification), (y) may divide and later redivide the amount of such Lien among more than
one of such clauses and (z) shall only be required to include such Lien in one of any such clauses; provided that all Liens of the category described above in clause (a) of Permitted Liens shall be deemed to be Incurred pursuant to
clause (a) of Permitted Liens and shall not later be reclassified, and the amount of such Liens shall not be divided or later redivided among any other clause of Permitted Liens. 

“Permitted Refinancing Debt” means any Debt that Refinances any other Debt, including any successive Refinancings, so long
as: 
 (a)    the new Debt is in an aggregate principal amount not in excess of the sum of: 

(1)    the aggregate principal amount (or if Incurred with original issue discount, the aggregate accreted
value) then outstanding of the Debt being Refinanced, and 
 (2)    an amount necessary to pay any fees
and expenses, premiums (including tender premiums) and defeasance costs, underwriting discounts, accrued and unpaid interest, upfront fees and original issue discount related to the Refinancing, 

(b)    the Weighted Average Life to Maturity of the new Debt is equal to or greater than the Weighted
Average Life to Maturity of the Debt being Refinanced, 
 (c)    the Stated Maturity of the new Debt is
no earlier than the Stated Maturity of the Debt being Refinanced, and 
 (d)    the new Debt shall not be
senior in right of payment to the Debt that is being Refinanced; 
 provided, however, that Permitted Refinancing Debt shall not include
(x) Debt of a Restricted Subsidiary that is not a Subsidiary Guarantor that Refinances Debt of the Parent Guarantor, the Issuer or any Subsidiary Guarantor, or (y) Debt of the Parent Guarantor or a Restricted Subsidiary that Refinances
Debt of an Unrestricted Subsidiary. 
 “Permitted Sale and Leaseback Transaction” means any Sale and Leaseback Transaction
consummated by the Parent Guarantor or any of its Restricted Subsidiaries after the Issue Date for Fair Market Value as determined at the time of consummation in good faith by (i) the Parent Guarantor or a Restricted Subsidiary and (ii) in
the case of any Sale and Leaseback Transaction (or series of related Sale and Leaseback Transactions) the aggregate proceeds of which exceed the greater of (x) $90.0 million and (y) 12.5% of Consolidated EBITDA for the Test Period, the Board of
Directors of the Parent Guarantor or such Restricted Subsidiary. 

  
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 “Permitted Warrant Transaction” means any call option, warrant or right to
purchase (or substantively equivalent derivative transaction) relating to the Parent Guarantor’s common stock (or other securities or property following a merger event or other change of the common stock of the Parent Guarantor) and/or cash (in
an amount determined by reference to the price of such common stock) sold by the Parent Guarantor substantially concurrently with any purchase by the Parent Guarantor of a Permitted Bond Hedge Transaction. 

“Person” means any individual, corporation, company (including any limited liability company), association, partnership,
joint venture, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

“Post-Acquisition Period” means, with respect to any Permitted Acquisition or the conversion of any Unrestricted Subsidiary
into a Restricted Subsidiary, the period beginning on the date such Permitted Acquisition or conversion is consummated and ending on the last day of the fourth full consecutive fiscal quarter immediately following the date on which such Permitted
Acquisition or conversion is consummated. 
 “Preferred Stock” means any Capital Stock of a Person, however designated,
which entitles the holder thereof to a preference with respect to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of that Person, over shares of any other class of Capital
Stock issued by that Person. 
 “Preferred Stock Dividends” means all dividends with respect to Preferred Stock of the
Parent Guarantor or any Restricted Subsidiary held by Persons other than the Parent Guarantor or a Wholly Owned Restricted Subsidiary. The amount of any dividend of this kind shall be equal to the quotient of the dividend divided by the difference
between one and the maximum statutory consolidated federal, state and local income rate (expressed as a decimal number between 1 and 0) then applicable to the issuer of the Preferred Stock. 

“Productive Assets” means assets (other than cash, Cash Equivalents, securities and inventory) that are used or usable by the
Parent Guarantor and its Restricted Subsidiaries in Permitted Businesses. 
 “Pro Forma Adjustment” means, for any Test
Period that includes all or any part of a fiscal quarter included in any Post-Acquisition Period, with respect to the Acquired EBITDA of the applicable Acquired Entity or Business or Converted Restricted Subsidiary or the Consolidated EBITDA,
(a) the pro forma increase or decrease in such Acquired EBITDA or such Consolidated EBITDA, as the case may be, that is expected to have a continuing impact and (b) additional good faith pro forma adjustments arising out of cost savings
initiatives attributable to such transaction and additional costs associated with the combination of the operations of such Acquired Entity or Business or Converted Restricted Subsidiary with the operations of the Parent Guarantor and its Restricted
Subsidiaries, in each case being given pro forma effect, which actions (i) have been taken or (ii) shall be taken or implemented within the succeeding 24 months following such transaction and, in each case, including, but not limited to,
(w) reduction in personnel expenses, (x) reduction of costs related to administrative functions, (y) reductions of costs related to leased or owned properties and (z) reductions from the consolidation of operations and
streamlining of corporate overhead, taking into account, for purposes of determining such compliance, the historical financial statements of the Acquired Entity or Business or Converted Restricted Subsidiary and the consolidated financial statements
of the Parent Guarantor and its Restricted Subsidiaries, assuming such Permitted Acquisition or conversion, and all other Permitted Acquisitions or conversions that have been consummated during the period, and any Debt or other liabilities repaid in
connection therewith had been consummated and Incurred or repaid at the beginning of such period (and assuming that such Debt to be Incurred bears interest during any portion of the applicable measurement period prior to the relevant

  
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acquisition or conversion at the interest rate which is or would be in effect with respect to such Debt as at the relevant date of determination); provided that, so long as such actions
are initiated during such Post-Acquisition Period or such costs are incurred during such Post-Acquisition Period, as applicable, for purposes of projecting such pro forma increase or decrease to such Acquired EBITDA or such Consolidated EBITDA, as
the case may be, it may be assumed that such cost savings shall be realizable during the entirety of such Test Period, or such additional costs, as applicable, shall be incurred during the entirety of such Test Period; provided,
further, that at the election of the Parent Guarantor, such Pro Forma Adjustment shall not be required to be determined for any Acquired Entity or Business or Converted Restricted Subsidiary to the extent the aggregate consideration paid in
connection with such acquisition was less than $25.0 million. 
 “Pro Forma Basis” and “Pro Forma
Effect” mean, with respect to compliance with any covenant under this Indenture as of an applicable date or period of measurement, that (A) to the extent applicable, the Pro Forma Adjustment shall have been made and (B) all
Specified Transactions and the following transactions in connection therewith that have been made during the applicable period of measurement or subsequent to such period and prior to or simultaneously with the event for which the calculation is
made shall be deemed to have occurred as of the first day of the applicable period of measurement (or as of the last date of such period in the case of a balance sheet item): (a) income statement items (whether positive or negative) attributable to
the property or Person subject to such Specified Transaction, (i) in the case of a disposition of all or substantially all Capital Stock in any Restricted Subsidiary of the Parent Guarantor or any division, product line or facility used for the
operations of the Parent Guarantor or any of its Restricted Subsidiaries, shall be excluded, and (ii) in the case of a Permitted Acquisition or other Investment described in the definition of “Specified Transaction,” shall be
included, (b) any retirement of Debt and (c) any Debt Incurred by the Parent Guarantor or any of its Restricted Subsidiaries in connection therewith and, if such Debt has a floating or formula rate, such Debt shall have an implied rate of
interest for the applicable period for purposes of this definition determined by utilizing the rate which is or would be in effect with respect to such Debt as at the relevant date of determination; provided that, (1) without limiting
the application of the Pro Forma Adjustment pursuant to clause (A) above, the foregoing pro forma adjustments may be applied to any such test solely to the extent that such adjustments are consistent with the definition of “Consolidated
EBITDA” and give effect to events (including cost savings, synergies and operating expense reductions) that are (as determined by the Parent Guarantor in good faith) (i) (x) directly attributable to such transaction, (y) expected to
have a continuing impact on the Parent Guarantor and its Restricted Subsidiaries and (z) factually supportable or (ii) otherwise consistent with the definition of “Pro Forma Adjustment” and (2) in connection with any
Specified Transaction that is the Incurrence of Debt in respect of which compliance with any specified leverage ratio test is by the terms of this Indenture to be calculated on a Pro Forma Basis, the proceeds of such Debt shall not be netted from
Debt in the calculation of the applicable leverage ratio test. 
 “Qualified Capital Stock” means any Capital Stock that is
not Disqualified Stock. 
 “Qualified Securitization Transaction” means any Securitization Facility that meets the
following conditions: (i) the Parent Guarantor shall have determined in good faith that such Securitization Facility is in the aggregate economically fair and reasonable to the Parent Guarantor and its Restricted Subsidiaries, (ii) all
sales of Securitization Assets and related assets by the Parent Guarantor or any of its Restricted Subsidiaries to the Securitization Subsidiary or any other Person are made for fair consideration (as determined in good faith by the Parent
Guarantor) and (iii) the financing terms, covenants, termination events and other provisions thereof shall be fair and reasonable terms (as determined in good faith by the Parent Guarantor) and may include Standard Securitization Undertakings,
it being understood that the revolving warehouse credit facility evidenced by that certain Indenture and Servicing Agreement, dated as of December 20, 2019, by and among VW Warehouse I LLC, as issuer,

  
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the Issuer, as servicer, and Wells Fargo Bank, National Association, as indenture trustee and as back-up servicer, and the other Facility Documents (as
defined therein) shall constitute a Qualified Securitization Transaction for all purposes hereunder. 
 “Rating Agencies”
means Moody’s and S&P. 
 “Record Date” for the interest payable on any applicable Interest Payment Date means the
May 1 or November 1 (whether or not a Business Day) immediately preceding such Interest Payment Date. 

“Refinance” means, in respect of any Debt, to refinance, extend, renew, refund, repay, prepay, repurchase, redeem, defease or
retire, or to issue other Debt, in exchange or replacement for, that Debt. “Refinanced” and “Refinancing” shall have correlative meanings. 

“Reorganization” means any reorganization of any of the Parent Guarantor, the Issuer and/or their respective Subsidiaries
implemented in order to optimize the tax position of such entities or any parent thereof (as reasonably determined by the Issuer in good faith) so long as such reorganization does not materially impair any Note Guarantee and is otherwise not
materially adverse to the Holders in their capacity as such, taken as a whole. 
 “Restricted Investment” means an
Investment other than a Permitted Investment. 
 “Restricted Payment” means: 

(a)    any dividend or distribution (whether made in cash, securities or other property or assets)
declared or paid on or with respect to any shares of Capital Stock of the Parent Guarantor or any Restricted Subsidiary (including any payment in connection with any merger or consolidation with or into the Parent Guarantor or any Restricted
Subsidiary), except for (i) any dividend or distribution that is made by a Restricted Subsidiary, so long as, in the case of any dividend or distribution payable on or in respect of any Capital Stock issued by a Restricted Subsidiary that is
not a Wholly Owned Restricted Subsidiary, the Parent Guarantor or the Restricted Subsidiary holding such Capital Stock received at least its pro rata share of such dividend or distribution or (ii) any dividend or distribution payable solely in
shares of Capital Stock (other than Disqualified Stock) of the Parent Guarantor; 
 (b)    the purchase,
repurchase, redemption, acquisition or retirement for value, including in connection with any merger or consolidation, of any Capital Stock of the Parent Guarantor or any direct or indirect parent of the Parent Guarantor (other than from the Parent
Guarantor or a Restricted Subsidiary); 
 (c)    any principal payment on, or the purchase, repurchase,
redemption, acquisition or retirement for value, prior to the date for any scheduled maturity, sinking fund or amortization or other installment payment, of any Subordinated Obligation (other than (i) any Subordinated Obligation Incurred under
clause (iii) of paragraph (b) of Section 4.04 and (ii) the purchase, repurchase, redemption, acquisition or retirement for value of any Subordinated Obligation purchased in anticipation of satisfying a scheduled maturity, sinking
fund or amortization or other installment obligation, in each case under this clause (ii) due within one year of the date of purchase, repurchase, redemption, acquisition or retirement); or 

(d)    any Investment (other than Permitted Investments) in any Person. 

  
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 “Restricted Subsidiary” means any Subsidiary of the Parent Guarantor
(including the Issuer) other than an Unrestricted Subsidiary. 
 “Ritz-Carlton Comfort Letter” means the letter agreement,
dated on or about the Issue Date, executed and delivered by Marriott International, Inc., Marriott Worldwide Corporation and The Ritz-Carlton Hotel Company, L.L.C., as applicable, as licensors, the Parent Guarantor, as licensee, and The Bank of New
York Mellon Trust Company, N.A., as Trustee and Notes Collateral Agent. 
 “Ritz-Carlton License Agreement” means the
License, Services and Development Agreement by The Ritz-Carlton Hotel Company, L.L.C., as licensor and the Parent Guarantor, as licensee, effective as of November 19, 2011. 

“S&P” means S&P Global Ratings, a division of S&P Global Inc., or any successor to the rating agency business
thereof. 
 “Sale and Leaseback Transaction” means any direct or indirect arrangement relating to property or an asset now
owned or hereafter acquired whereby the Parent Guarantor or a Restricted Subsidiary transfers that property or asset to another Person and the Parent Guarantor or a Restricted Subsidiary leases it from that other Person, together with any
Refinancings thereof. 
 “Screened Affiliate” means any Affiliate of a Holder (i) that makes investment decisions
independently from such Holder and any other Affiliate of such Holder that is not a Screened Affiliate, (ii) that has in place customary information screens between it and such Holder and any other Affiliate of such Holder that is not a
Screened Affiliate and such screens prohibit the sharing of information with respect to the Parent Guarantor or its Subsidiaries, (iii) whose investment policies are not directed by such Holder or any other Affiliate of such Holder that is
acting in concert with such Holder in connection with its investment in the Notes, and (iv) whose investment decisions are not influenced by the investment decisions of such Holder or any other Affiliate of such Holder that is acting in concert
with such Holders in connection with its investment in the Notes. 
 “SEC” means the U.S. Securities and Exchange
Commission. 
 “Secured Leverage Ratio” means, with respect to any Test Period, the ratio of (a) Consolidated Secured
Debt as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period. 
 “Securities Act” means
the U.S. Securities Act of 1933, as amended, or any successor statute, and the rules and regulations promulgated by the SEC thereunder. 

“Securitization Asset” means (a) any Time Share Receivables, (b) any accounts receivable, mortgage receivables,
loan receivables, receivables or loans relating to the financing of insurance premiums, royalty, patent or other revenue streams and other rights to payment or related assets and the proceeds thereof and (c) all collateral securing such
receivable or asset (including Time Share Receivables), all contracts and contract rights, purchase orders, guarantees or other obligations in respect of such receivable or asset, lockbox accounts and records with respect to such account or asset
and any other assets customarily transferred (or in respect of which security interests are customarily granted) together with accounts or assets in connection with a securitization, factoring or receivable sale transaction. 

“Securitization Facility” means any of one or more securitization, bank conduit receivables or warehouse financing, factoring
or sales transactions, hypothecation facility and/or receivables purchase agreements, pursuant to which the Parent Guarantor or any of its Restricted Subsidiaries sells, assigns, 

  
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transfers, pledges, participates, contributes to capital or otherwise conveys any Securitization Assets (including Time Share Receivables) (whether now existing or arising in the future) to a
Securitization Subsidiary or any other Person. 
 “Securitization Fees” means distributions or payments made directly or by
means of discounts with respect to any Securitization Asset or participation interest therein issued or sold in connection with, and other fees and expenses (including reasonable fees and expenses of legal counsel) paid in connection with, any
Qualified Securitization Transaction. 
 “Securitization Repurchase Obligation” means any obligation of a seller of
Securitization Assets in a Qualified Securitization Transaction to repurchase or otherwise make payments with respect to Securitization Assets arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a
result of a receivable or portion thereof becoming subject to any asserted defense, dispute, offset or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller. 

“Securitization Subsidiary” means any Time Share SPV and any other Subsidiary of the Parent Guarantor formed for the purpose
of and that solely engages in one or more Qualified Securitization Transactions and other activities reasonably related thereto or another Person formed for such purpose. 

“Security Agreement” means that certain Security Agreement, dated as of the Issue Date, among the Issuer, the Guarantors and
the Notes Collateral Agent, as amended, amended and restated, modified, renewed or replaced from time to time. 
 “Security
Documents” means, collectively, the First Lien Intercreditor Agreement, the Security Agreement, intellectual property security agreements and other security or intercreditor agreements relating to the Collateral, including all filings and
recordations made in any appropriate jurisdiction to create, preserve and protect the Liens on the Collateral (including, without limitation, financing statements under the Uniform Commercial Code of the relevant states applicable to the
Collateral), each for the benefit of the Notes Secured Parties, as amended, amended and restated, modified, renewed or replaced from time to time. 

“Separation and Distribution Agreement” means the Separation and Distribution Agreement, effective as of November 21,
2011, between Marriott International, Inc., the Parent Guarantor, the Issuer, Marriott Resorts Hospitality Corporation, MVCI Asia Pacific Pte. Ltd. and MVCO Series LLC. 

“Series” means (a) with respect to the First Lien Secured Parties, each of (i) the Credit Facility Secured Parties
(in their capacities as such), (ii) the Notes Secured Parties (in their capacity as such) and (iii) the Additional First Lien Secured Parties that become subject to the First Lien Intercreditor Agreement after the Issue Date that are
represented by a common representative (in its capacity as such for such Additional First Lien Secured Parties) and (b) with respect to any First Lien Obligations, each of (i) the Credit Agreement Obligations, (ii) the First Lien
Notes Obligations and (iii) the Additional First Lien Obligations incurred pursuant to any applicable agreement, which, pursuant to any joinder agreement, are to be represented under the First Lien Intercreditor Agreement by a common
representative (in its capacity as such for such Additional First Lien Obligations). 
 “Short Derivative Instrument” means
a Derivative Instrument (i) the value of which generally decreases, and/or the payment or delivery obligations under which generally increase, with positive changes to the Performance References and/or (ii) the value of which generally
increases, and/or the payment or delivery obligations under which generally decrease, with negative changes to the Performance References. 

  
 42 

 “Significant Subsidiary” means any Subsidiary (other than any
Securitization Subsidiary) that would be a “Significant Subsidiary” of the Parent Guarantor within the meaning of Rule 1-02(w) under Regulation S-X promulgated
by the SEC. 
 “Sold Entity or Business” shall have the meaning assigned to such term in the definition of
“Consolidated EBITDA” in this Section 1.01. 
 “Specified Transaction” means any Investment, disposition
(including any disposition that results in a Restricted Subsidiary ceasing to be a Subsidiary of the Parent Guarantor or any asset sale of a business unit, line of business or division), Incurrence or repayment of Debt, Restricted Payment or
Restricted Subsidiary redesignation that by the terms of this Indenture requires any test to be calculated on a “Pro Forma Basis” or after giving “Pro Forma Effect.” 

“Specified Turbo Period” means, with respect to any Debt Incurred in respect of any Qualified Securitization Transaction,
such period of time (as determined in accordance with the definitive documentation governing such Debt (the “Debt Documentation”)) for which the collected receivables and other payments generated by the Time Share Receivables
subject to such Qualified Securitization Transaction are not available for distribution to the obligor of such Debt (or to an affiliate of such obligor to which such distributions are to be made) pursuant to the terms of the relevant Debt
Documentation, including as the result of (i) the occurrence of an event analogous to a “Trigger Event,” as defined in the Indenture and Servicing Agreement, dated as of July 27, 2016, by and among MVW Owner Trust 2016-1, as issuer, the Issuer, as servicer, Wells Fargo Bank, National Association, as trustee and back-up servicer (as in effect on the Issue Date), or (ii) an Event of
Default (under and as defined in the relevant Debt Documentation); provided that with respect to such an Event of Default, a Specified Turbo Period shall not commence until such time as payment of such Debt has been accelerated. 

“Standard Securitization Undertakings” means representations, warranties, covenants, guarantees and indemnities entered into
by the Parent Guarantor or any Subsidiary of the Parent Guarantor which the Parent Guarantor has determined in good faith to be customary in a Securitization Facility, including those relating to the servicing of the assets of a Securitization
Subsidiary and the provision of cash or Cash Equivalents to pay fees and expenses reasonably related thereto, it being understood that any Securitization Repurchase Obligation shall be deemed to be a Standard Securitization Undertaking or, in the
case of a factoring facility, a non-credit related recourse account receivable factoring arrangement. 

“Starwood Comfort Letters” means the letter agreements, dated on or about the Issue Date, executed and delivered by Starwood
Hotels & Resorts Worldwide, Inc., as licensor, Vistana Signature Experiences, Inc., as licensee, and The Bank of New York Mellon Trust Company, N.A., as Trustee and Notes Collateral Agent. 

“Stated Maturity” means, with respect to any security, the date specified in the security as the fixed date on which the
payment of principal of the security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the redemption or repurchase of the security at the option of the holder thereof upon the
happening of any contingency beyond the control of the issuer unless that contingency has occurred). 
 “Subordinated
Obligation” means any Debt of the Issuer or the Guarantors (whether outstanding on the Issue Date or thereafter Incurred) that is subordinate or junior in right of payment to the Notes or the Note Guarantees pursuant to a written agreement
to that effect. 

  
 43 

 “Subsidiary” of a Person means a corporation, partnership, joint venture,
limited liability company or other business entity of which a majority of the Capital Stock or other interests (including partnership interests) having ordinary voting power for the election of directors, managers or other governing body (other than
securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both,
by such Person. 
 “Subsidiary Guarantor” means all existing Subsidiaries of the Parent Guarantor that Guarantee the Notes
and any future Subsidiaries that Guarantee the Notes, until such Note Guarantees are released in accordance with the terms of this Indenture. 

“Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate
transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions,
interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts or any other similar
transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, (b) any and all transactions of any kind,
and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement
or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement, (c) any Permitted Bond Hedge
Transaction and (d) any Permitted Warrant Transaction. 
 “Swap Termination Value” means, in respect of any one or
more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s)
determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the
mark-to-market value(s) for such Swap Contracts, as determined by the Parent Guarantor, in accordance with the terms thereof and in accordance with customary methods for
calculating mark-to-market values under similar arrangements. 

“Test Period” means, at any date of determination, the most recently completed four consecutive fiscal quarters of the Parent
Guarantor ending on or prior to such date for which financial statements have been or are required to be delivered pursuant to Section 4.03. 

“TIA” or “Trust Indenture Act” means the U.S. Trust Indenture Act of 1939, as amended, or any successor
statute, and the rules and regulations promulgated by the SEC thereunder. 
 “Time Share Development Property” means any
portion of any existing hotel or resort property acquired by the Parent Guarantor or any of its Restricted Subsidiaries, which has not been dedicated to any time share arrangement, plan, scheme or similar device and which the Parent Guarantor or
such Restricted Subsidiary intends primarily to convert into Time Share Inventory. For the avoidance of doubt, any real property interest that qualifies as Time Share Development Property shall be deemed not to qualify as Time Share Inventory. 

“Time Share Inventory” means (i) inventory available to occupy as a dwelling or accommodation and which may be coupled
with an estate in real estate or limited to a right to use real estate without an estate or ownership interest, pursuant to any time share arrangement, plan, scheme or 

  
 44 

 
similar device, in any legal form or structure (including trusts or associations) (including units physically located within a project that are currently used for sales and/or administrative
purposes and that have received certificates of occupancy for such use) or (ii) any real property interest completed and available to occupy as a dwelling or accommodation and intended by the Parent Guarantor or a Restricted Subsidiary to be
dedicated to any such time share arrangement (including units physically located within a project that are currently used for sales and/or administrative purposes and that have received certificates of occupancy for such use). 

“Time Share Receivables” means notes receivable arising from the financing of the sale of timeshare intervals and fractional
products to a retail customer, together with any assets related thereto, including, without limitation, all contracts and contract rights, purchase orders, security interests, financing statements or other documentation in respect of such notes
receivable. 
 “Time Share SPV” means an entity intended to be bankruptcy-remote and which is formed for the purpose of
engaging in the financing transactions under a Securitization Facility with respect to Time Share Receivables and the Debt of which is Non-Recourse Debt. 

“Total Leverage Ratio” means, with respect to any Test Period, the ratio of (a) Consolidated Total Debt as of the last
day of such Test Period to (b) Consolidated EBITDA for such Test Period. 
 “Transaction Expenses” means any fees and
expenses incurred or paid by the Parent Guarantor or any Restricted Subsidiary in connection with the Transactions. 

“Transactions” means, collectively, (a) the borrowing of funds under the Credit Agreement on the closing date of the ILG
Acquisition, (b) the issuance of the Existing Notes, (c) the issuance of the Old Exchange Notes, (d) the issuance of the Notes on the Issue Date, (e) the refinancing of Debt of the Parent Guarantor and its subsidiaries and ILG,
LLC and its subsidiaries, respectively, under existing credit facilities on the closing date of the ILG Acquisition, (f) the ILG Acquisition, (g) the consummation of any other transaction in connection with the foregoing and (h) the
payment of Transaction Expenses. 
 “Treasury Rate” means, as obtained by the Issuer, 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 that 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 such Redemption Date to May 15,
2022; provided, however, that if the period from such Redemption Date to May 15, 2022 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. 
 “Trust Officer” means, when used with respect to the Trustee or the Notes Collateral Agent, any officer
within the corporate trust department of the Trustee or the Notes Collateral Agent, as the case may be, including any vice president, senior associate, assistant treasurer, trust officer or any other officer of the Trustee or the Notes Collateral
Agent, as the case may be, who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge
of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 

“Trustee” means the party named as such in this Indenture until a successor replaces it and, thereafter, means the successor.

  
 45 

 “UCC” or “Uniform Commercial Code” shall mean the Uniform
Commercial Code as in effect from time to time in the State of New York; provided, however, that, at any time, if by reason of mandatory provisions of law, any or all of the perfection or priority of the Notes Collateral Agent’s
and the Notes Secured Parties’ security interest in any item or portion of the Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the
Uniform Commercial Code as in effect, at such time, in such other jurisdiction for purposes of the provisions hereof relating to such perfection or priority and for purposes of definitions relating to such provisions. 

“United States” means the United States of America (including the states and the District of Columbia) and its territories,
possessions and other areas subject to its jurisdiction. 
 “Unrestricted Cash Amount” means, as to any Person on any date
of determination, the amount of (a) unrestricted cash and Cash Equivalents of such Person in excess of $50.0 million and (b) cash and Cash Equivalents of such Person restricted in favor of the Credit Agreement (which may also include
cash and Cash Equivalents securing other Debt secured by a Lien on any collateral along with the Credit Agreement), in each case as determined in accordance with GAAP, it being understood and agreed that proceeds subject to an escrow, trust,
collateral or similar account or arrangement holding proceeds of Debt solely for the benefit of an unaffiliated third party shall be deemed to constitute “restricted cash” for purposes of the Unrestricted Cash Amount. 

“Unrestricted Subsidiary” means: 

(a)    any Subsidiary of the Parent Guarantor (other than the Issuer) that is designated after the Issue
Date as an Unrestricted Subsidiary pursuant to Section 4.10 and is not thereafter redesignated as a Restricted Subsidiary pursuant to Section 4.10; and 

(b)    any Subsidiary of an Unrestricted Subsidiary. 

“U.S. Dollar” or “$” means the lawful currency of the United States. 

“Voting Stock” of any Person means all classes of Capital Stock or other interests (including partnership interests) of that
Person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or other governing body thereof. 

“Weighted Average Life to Maturity” means, when applied to any Debt 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, in respect thereof, by (b) the number of years (calculated to the nearest one-twelfth) that
shall elapse between such date and the making of such payment, by 
 (2)    the then outstanding principal amount of
such Debt. 
 “Wholly Owned” means a Subsidiary all the Voting Stock of which (except directors’ qualifying shares) is
at that time owned, directly or indirectly, by the Parent Guarantor and its other Wholly Owned Restricted Subsidiaries. 

  
 46 

 Section 1.02    Other Definitions. 

 

			
	Term	  	Defined in Section
	“Affiliate Transaction”	  	4.09
	“Agent”	  	2.04
	“Allocable Excess Proceeds”	  	4.07
	“Applicable Law”	  	12.15
	“Applicable Premium Deficit”	  	8.02(a)
	“Authentication Agent”	  	2.14
	“CERCLA”	  	11.07
	“Change of Control Offer”	  	4.11(a)
	“Change of Control Purchase Date”	  	4.11(b)
	“Change of Control Purchase Price”	  	4.11(a)
	“covenant defeasance option”	  	8.01
	“Directing Holder”	  	6.02
	“DTC”	  	2.04
	“Event of Default”	  	6.01
	“Excess Proceeds”	  	4.07
	“Increased Amount”	  	4.06
	“Initial Default”	  	6.04
	“Initial Notes”	  	Recitals hereto
	“LCT Election”	  	1.05
	“LCT Test Date”	  	1.05
	“legal defeasance option”	  	8.01
	“Noteholder Direction”	  	6.02
	“Notice of Default”	  	6.01
	“Offer Amount”	  	4.07(d)(2)
	“Offer Period”	  	4.07(d)(2)
	“Paying Agent”	  	2.04
	“Permitted Debt”	  	4.04
	“Position Representation”	  	6.02
	“Prepayment Offer”	  	4.07
	“Public Offer”	  	1.05(a)
	“Redemption Date”	  	3.03
	“Related Person”	  	11.07(b)
	“Registrar”	  	2.04
	“Reversion Date”	  	4.01
	“Surviving Issuer”	  	5.01(a)
	“Surviving Parent”	  	5.02(a)
	“Suspended Covenants”	  	4.01
	“Suspension Date”	  	4.01
	“Suspension Period”	  	4.01
	“Verification Covenant”	  	6.02

 Section 1.03    Inapplicability of Trust Indenture Act. No provisions of the
TIA are incorporated by reference in or made a part of this Indenture unless explicitly incorporated herein by reference. Unless specifically provided in this Indenture, no terms that are defined in the TIA have meanings specified therein for
purposes of this Indenture. The following TIA terms have the following meanings: 
 “indenture securities” means the Notes
and the Guarantees. 

  
 47 

 “obligor” on the indenture securities means the Issuer and
any other obligor on the indenture securities. 
 Section 1.04    Rules of Construction. Unless the context
otherwise requires: 
 (a)    a term has the meaning assigned to it; 

(b)    an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 (c)    “or” is not exclusive; 

(d)    “including” means “including, without limitation”; 

(e)    words in the singular include the plural, and words in the plural include the singular; 

(f)    unsecured Debt shall not be deemed to be subordinate or junior to secured Debt merely by virtue of
its nature as unsecured Debt; 
 (g)    the principal amount of any
non-interest bearing or other discount security at any date shall be the principal amount thereof that would be shown on a balance sheet of the Parent Guarantor dated such date prepared in accordance with
GAAP; 
 (h)    the principal amount of any Preferred Stock shall be the greater of (i) the maximum
liquidation value of such Preferred Stock or (ii) the maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock; 

(i)    references to any contract, agreement or instrument shall mean the same as amended, modified,
supplemented or amended and restated from time to time, in each case, in accordance with any applicable restrictions contained in this Indenture; 

(j)    the terms “property,” “properties,” “asset” and “assets”
shall have the same meaning; and 
 (k)    for the avoidance of doubt, the terms “dissolution”
and “liquidation” do not include a merger, amalgamation or similar transaction. 
 Section 1.05    Limited
Condition Transactions; Measuring Compliance.  
 (a)    In connection with any action being taken in connection with
a Limited Condition Transaction, for purposes of (i) determining compliance with any provision of this Indenture that requires the calculation of any other financial ratio or (ii) testing availability under baskets set forth in this
Indenture (including baskets measured as a percentage of Consolidated Total Assets or Consolidated EBITDA), in each case, at the option of the Issuer (the Issuer’s election to exercise such option in connection with any Limited Condition
Transaction, an “LCT Election”), the date of determination of whether any such transaction is permitted hereunder shall be deemed to be the date (the “LCT Test Date”) (x) the definitive agreement for such Limited
Condition Transaction is entered into (or, in respect of any transaction described in clauses (ii) and (iii) of the definition of “Limited Condition Transaction,” delivery of irrevocable notice, declaration of dividend or similar
event), and not at the time of 

  
 48 

 
consummation of such Limited Condition Transaction or (y) solely in connection with an acquisition to which the United Kingdom City Code on Takeovers and Mergers applies (or similar law in
another jurisdiction), the date on which a “Rule 2.7 announcement” of a firm intention to make an offer (or equivalent announcement in another jurisdiction) (a “Public Offer”) is issued in respect of a target of such
acquisition, and if, after giving pro forma effect to the Limited Condition Transaction and the other transactions to be entered into in connection therewith (including any Incurrence of Debt and the use of proceeds thereof) as if they had occurred
at the beginning of the most recent Test Period ending prior to the LCT Test Date, the Parent Guarantor and the Restricted Subsidiaries could have taken such action on the relevant LCT Test Date in compliance with such ratio or basket, such ratio or
basket shall be deemed to have been complied with. 
 (b)    For the avoidance of doubt, if the Issuer has made an LCT
Election and any of the ratios or baskets for which compliance was determined or tested as of the LCT Test Date are exceeded as a result of fluctuations in any such ratio or basket, including due to fluctuations in Consolidated Total Assets or
Consolidated EBITDA on a consolidated basis or the Person subject to such Limited Condition Transaction, at or prior to the consummation of the relevant transaction or action, such baskets or ratios shall not be deemed to have been exceeded as a
result of such fluctuations solely for purposes of determining whether the relevant transaction or action is permitted to be consummated or taken; provided that if such ratios or baskets improve as a result of such fluctuations, such improved
ratios and/or baskets may be utilized. If the Issuer has made an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any ratio or basket availability with respect to the Incurrence of Debt or
Liens, or the making of Restricted Payments or Permitted Investments, mergers, the conveyance, lease or other transfer of all or substantially all of the assets of a Person, the prepayment, redemption, purchase, defeasance or other satisfaction of
Debt, or the designation of an Unrestricted Subsidiary on or following the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the definitive agreement for such Limited Condition
Transaction is terminated or expires (or, if applicable, the irrevocable notice, declaration of dividend or similar event is terminated or expires or, as applicable, the offer in respect of a Public Offer for, such acquisition is terminated) without
consummation of such Limited Condition Transaction, any such ratio or basket shall be tested by calculating the availability under such ratio or basket on a Pro Forma Basis assuming such Limited Condition Transaction and other transactions in
connection therewith have been consummated (including any Incurrence of Debt and any associated Lien and the use of proceeds thereof; provided that Consolidated Interest Expense for purposes of the Consolidated Fixed Charges Coverage Ratio
shall be calculated using an assumed interest rate based on the indicative interest margin contained in any financing commitment documentation with respect to such Debt or, if no such indicative interest margin exists, as reasonably determined by
the Issuer in good faith). 
 (c)    In connection with any action being taken in connection with a Limited Condition
Transaction, for purposes of determining compliance with any provision of this Indenture which requires that no Default or Event of Default has occurred, is continuing or would result from any such action, as applicable, such condition shall, at the
option of the Issuer, be deemed satisfied, so long as no Default or Event of Default exists on the date the definitive agreements for such Limited Condition Transaction are entered into. For the avoidance of doubt, if the Issuer has exercised its
option to make an LCT Election and any Default or Event of Default occurs following the date the definitive agreements for the applicable Limited Condition Transaction were entered into and prior to the consummation of such Limited Condition
Transaction, any such Default or Event of Default shall be deemed to not have occurred or be continuing for purposes of determining whether any action being taken in connection with such Limited Condition Transaction is permitted under this
Indenture. 

  
 49 

 ARTICLE 2 

THE NOTES 

Section 2.01    Amount of Notes. The aggregate principal amount of Notes which may be authenticated and
delivered under this Indenture is unlimited, subject to compliance with Sections 2.03 and 4.04. All Notes shall be identical in all respects other than issue prices, issuance dates, first Interest Payment Dates and first dates from which interest
shall accrue. 
 Subject to Section 2.03, the Trustee shall authenticate the Initial Notes for original issue on the Issue Date. With
respect to any Notes issued after the Issue Date (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, Initial Notes pursuant to Sections 2.07, 2.10 or 3.06 or Appendix A), the Issuer may
issue such Notes but only in compliance with Section 2.03. 
 Section 2.02    Form and Dating.
Provisions relating to the Notes are set forth in Appendix A, which is hereby incorporated in, and expressly made part of, this Indenture. The Notes and the certificate of authentication included therein shall be substantially in the form of
Exhibit A, which is hereby incorporated in and expressly made a part of this Indenture. The Notes may have notations, legends or endorsements required by law, stock exchange rule, agreements to which the Issuer is subject, if any, or usage,
provided that any such notation, legend or endorsement is in a form reasonably acceptable to the Issuer. Each Note shall be dated the date of its authentication. The terms of the Notes set forth in Exhibit A are part of the terms of this Indenture.
The Notes shall be issuable in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

Section 2.03    Execution and Authentication. One Officer shall sign the Notes for the Issuer by manual,
electronic or facsimile signature. 
 If an Officer whose signature is on a Note no longer holds that office at the time the Trustee
authenticates the Note, the Note shall be valid nevertheless. 
 At any time and from time to time after the execution and delivery of this
Indenture, the Issuer may deliver Notes executed by the Issuer to the Trustee for authentication. The Trustee shall authenticate and deliver: 

(i)    Initial Notes for original issue in the aggregate principal amount not to exceed
$500.0 million; and 
 (ii)    Additional Notes from time to time for original issue in aggregate
principal amounts specified by the Issuer, the terms of which Additional Notes shall be set forth in either (1) a resolution of the Board of Directors of the Issuer, (2) an Officers’ Certificate or (3) one or more indentures
supplemental hereto; provided that the Issuer’s ability to issue Additional Notes shall be subject to the Company’s compliance with Section 4.04. 

in each case, after the following conditions have been met: 

(1)    Receipt by the Trustee of an Officers’ Certificate specifying: 

(A)    the amount of Notes to be authenticated pursuant to this Indenture and the date on which the Notes
are to be authenticated, 

  
 50 

 (B)    whether the Notes are to be Initial Notes or
Additional Notes, and 
 (C)    whether the Notes are to be issued as one or more Global Notes or
Definitive Notes. 
 (2)    In the case of Additional Notes that are not fungible with the Initial Notes
for federal income tax purposes, such Additional Notes shall bear a different CUSIP number and ISIN. 
 A Note shall not be valid until an
authorized signatory of the Trustee authenticates the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. The Trustee may authenticate the Note by manual, electronic or facsimile signature.
Electronically imaged signatures such as .pdf files, faxed signatures or other electronic signatures to the Note and the authentication pages to the Note shall have the same effect as original signatures. A Note shall be dated the date of its
authentication. 
 The Initial Notes and the Additional Notes shall be considered collectively as a single class for all purposes of this
Indenture. Holders of the Initial Notes and the Additional Notes shall vote and consent together on all matters to which such Holders are entitled to vote or consent as one class, and none of the Holders of the Initial Notes or the Additional Notes
shall have the right to vote or consent as a separate class on any matter to which such Holders are entitled to vote or consent. 
 Section
2.04    Registrar and Paying Agent. The Issuer shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange (the “Registrar”) and an office or agency where
Notes may be presented for payment (the “Paying Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange. The Issuer may have one or more co-registrars and
one or more additional paying agents. The term “Paying Agent” includes any additional paying agent. 
 The Issuer initially
appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. The Issuer has entered into a letter of representations with DTC in the form provided by DTC and the Trustee and each Registrar, co-registrar, Paying Agent, additional paying agent or custodian (“Agent”) is hereby authorized to act in accordance with such letter and applicable procedures of DTC. Neither the Trustee nor any
Agent shall have responsibility for any actions taken or not taken by the Depositary. 
 The Issuer shall enter into an appropriate agency
agreement with any Registrar, Paying Agent or co-registrar not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such agent. The Issuer shall notify the
Trustee of the name and address of any such agent. If the Issuer fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The Issuer, the
Parent Guarantor or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent, Registrar, co-registrar or transfer agent. 

Initially, the Trustee shall act as Registrar and Paying Agent with regard to the Notes. 

Section 2.05    Paying Agent to Hold Money in Trust. No later than 11:00 a.m. (Eastern time) on each due date
of the principal and interest on any Note, the Issuer shall deposit with the Paying Agent a sum sufficient to pay such principal and interest when so becoming due. The Issuer shall require each Paying Agent (other than the Trustee) to agree in
writing that the Paying Agent shall hold in trust for the 

  
 51 

 
benefit of Noteholders or the Trustee all money held by the Paying Agent for the payment of principal of or interest on the Notes and shall notify the Trustee in writing of any default by the
Issuer in making any such payment. If the Issuer, the Parent Guarantor or a Wholly Owned Subsidiary acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate trust fund. Upon any bankruptcy or
reorganization proceedings relating to the Parent Guarantor or any of its Subsidiaries, the Trustee shall serve as the Paying Agent. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any
funds disbursed by the Paying Agent. Upon complying with this Section 2.05, the Paying Agent shall have no further liability for the money delivered to the Trustee. 

Section 2.06    Noteholder Lists. The Registrar shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of Noteholders. If the Trustee is not the Registrar, the Issuer shall furnish to the Trustee, in writing at least five Business Days before each Interest Payment Date and at
such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Noteholders. 

Section 2.07    Replacement Notes. If a mutilated Note is surrendered to the Registrar or if the Holder of a
Note claims that such Note has been lost, destroyed or wrongfully taken, the Issuer shall issue and the Trustee shall authenticate a replacement Note; provided the Holder satisfies the reasonable requirements of the Trustee and/or the
Authentication Agent, as applicable. If required by the Trustee or the Issuer, such Holder shall furnish an indemnity bond sufficient in the judgment of the Issuer and the Trustee (and the Paying Agent, Registrar and Authentication Agent, if not the
Trustee) to protect the Issuer, the Trustee, the Paying Agent, the Registrar and any co-registrar from any loss which any of them may suffer if a Note is replaced. The Issuer and the Trustee may charge the
Holder for their expenses in replacing a Note. 
 Every replacement Note is an additional obligation of the Issuer. The provisions of this
Section 2.07 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, lost, destroyed or wrongfully taken Notes. 

Section 2.08    Outstanding Notes. Notes outstanding at any time are all Notes authenticated by the Trustee
(or an Authentication Agent), except for those canceled by it, those delivered to it for cancellation and those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09, a Note does not cease to be outstanding
because the Issuer or an Affiliate of the Issuer holds the Note. 
 If a Note is replaced pursuant to Section 2.07, it ceases to be
outstanding unless the Trustee and the Issuer receive proof satisfactory to them that the replaced Note is held by a protected purchaser. 

If the Paying Agent segregates and holds in trust, in accordance with this Indenture, on a redemption date or maturity date money sufficient
to pay all principal and interest payable on that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as the case may be, then on and after that date, such Notes (or portions thereof) cease to be outstanding and interest
on them ceases to accrue. 
 Section 2.09    Treasury Notes. In determining whether the Holders of the
requisite principal amount of Notes have concurred in any direction, waiver or consent, Notes beneficially owned by the Issuer, or by any Affiliate of the Issuer, shall be considered as though not outstanding, except that for the purposes of
determining whether the Trustee shall be protected in actually relying on any such direction, waiver or consent, only Notes that a Trust Officer of the Trustee knows are so owned shall be so 

  
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disregarded. Notes so owned that have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to deliver any
such direction, waiver or consent with respect to the Notes and that the pledgee is not the Issuer or any obligor upon the Notes or any Affiliate of the Issuer or of such other obligor. 

Section 2.10    Temporary Notes. Until definitive Notes are ready for delivery, the Issuer may prepare and the
Trustee shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of Definitive Notes but may have variations that the Issuer considers appropriate for temporary Notes. Without unreasonable delay, the Issuer shall
prepare and the Trustee shall authenticate Definitive Notes and deliver them in exchange for temporary Notes. 
 Section
2.11    Cancellation. The Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer,
exchange or payment. The Trustee and no one else shall cancel and dispose of all Notes surrendered for registration of transfer, exchange, payment or cancellation in its customary manner. The Issuer may not issue new Notes to replace Notes that have
been redeemed, paid or delivered to the Trustee for cancellation, except pursuant to the terms of this Indenture. 
 Section
2.12    Defaulted Interest. If the Issuer defaults in a payment of interest on the Notes, the Issuer shall pay the defaulted interest (plus interest on such defaulted interest to the extent lawful) at the rate borne by the
Notes in any lawful manner. The Issuer may pay the defaulted interest to the persons who are Noteholders on a subsequent special record date. The Issuer shall fix or cause to be fixed any such special record date and payment date to the reasonable
satisfaction of the Trustee and shall promptly deliver to each Noteholder a notice that states the special record date, the payment date and the amount of defaulted interest to be paid. 

Section 2.13    CUSIP or ISIN Numbers. The Issuer in issuing the Notes may use “CUSIP” or
“ISIN” numbers (if then generally in use) and, if so, the Trustee shall use “CUSIP” or “ISIN” numbers in notices of redemption as a convenience to Holders; provided, however, that neither the Issuer nor
the Trustee shall have any responsibility for any defect in the “CUSIP” or “ISIN” number that appears on any Note, check, advice of payment or redemption notice, and any such notice may state that no representation is made as to
the correctness of such numbers either as printed on the Notes or as contained in any notice of redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected
by any defect in or omission of such numbers. The Issuer shall promptly notify the Trustee in writing of any change in such numbers. 

Section 2.14    Authentication Agent. The Trustee may appoint an authentication agent (the
“Authentication Agent”) reasonably acceptable to the Issuer that shall be authorized to act on its behalf and subject to its direction in the authentication and delivery of Notes in connection with the original issuance thereof and
transfers and exchanges of Notes hereunder, including under Sections 2.03, 2.07 and 2.10 and Appendix A as fully to all intents and purposes as though the Authentication Agent had been expressly authorized by this Indenture and those Sections to
authenticate and deliver Notes. Any such appointment shall be evidenced by an instrument signed by a Trust Officer, a copy of which shall be furnished to the Issuer. For all purposes of this Indenture, the authentication and delivery of Notes by the
Authentication Agent shall be deemed to be authentication and delivery of such Notes “by the Trustee,” and a certificate of authentication executed on behalf of the Trustee by an Authentication Agent shall be deemed to satisfy any
requirement hereunder or in the Notes for the Trustee’s certificate of authentication. Such Authentication Agent shall at all times be a Person eligible to serve as trustee hereunder pursuant to Section 7.10. 

  
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 Any corporation or other entity into which any Authentication Agent may be merged or
converted or with which it may be consolidated, or any corporation or other entity resulting from any merger, consolidation or conversion to which any Authentication Agent shall be a party, or any corporation or other entity succeeding to the
corporate trust business of any Authentication Agent, shall be the successor of the Authentication Agent hereunder, if such successor corporation or other entity is otherwise eligible under this Section 2.14, without the execution or filing of
any paper or any further act on the part of the parties hereto or the Authentication Agent or such successor corporation or other entity. 

Any Authentication Agent may at any time resign by giving written notice of resignation to the Trustee and to the Issuer. The Trustee may at
any time terminate the agency of any Authentication Agent by giving written notice of termination to such Authentication Agent and to the Issuer. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any
Authentication Agent shall cease to be eligible under this Section, the Trustee may appoint a successor Authentication Agent (which may be the Trustee), shall give written notice of such appointment to the Issuer and shall deliver notice of such
appointment to all Holders. 
 The Issuer agrees to pay to the Authentication Agent from time to time reasonable compensation for its
services as agreed upon in writing. 
 The provisions of Sections 7.02, 7.03, 7.04 and this Section 2.14 shall be applicable to any
Authentication Agent. 
 If an Authentication Agent is appointed pursuant to this Section 2.14, the Notes may have endorsed thereon, in
addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 

                    , 

as Authentication Agent, certifies that this is one of the Notes described 

in the within-named Indenture. 
  

					
	                    	 	 By: 
	 	  

		 		 	Authorized Officer

 ARTICLE 3 

REDEMPTION 
 Section
3.01    Notices to Trustee. If the Issuer elects to redeem Notes pursuant to Section 3.08, the Issuer shall furnish to the Trustee, at least 30 days but not more than 60 days before a redemption date, an
Officers’ Certificate setting forth: (1) the redemption date, (2) the principal amount of Notes to be redeemed, (3) the redemption price, if then ascertainable, and (4) that such redemption is being made pursuant to
Section 3.08. 
 Any optional redemption referenced in such Officers’ Certificate may be cancelled by the Issuer at any time prior
to notice of redemption being sent to any Holder and thereafter shall be null and void. 
 Section 3.02    Selection
of Notes to be Redeemed. In the case of any partial redemption, the Notes shall be selected for redemption, with respect to Global Notes, in accordance with the applicable procedures of DTC and, with respect to certificated Notes, by lot;
provided that no Note of $2,000 in principal amount or less shall be redeemed in part. If any Note is to be redeemed in part only, the notice of redemption relating to such Note shall state the portion of the principal amount thereof to be
redeemed. 

  
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Upon the request of the Issuer, a new Note in principal amount equal to the unredeemed portion thereof shall be issued in the name of the Holder thereof upon cancellation of the original Note.
Provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. The Trustee shall notify the Issuer in writing promptly of the Notes or portions of Notes to be redeemed. 

Section 3.03    Notice of Redemption. At least 30 days but not more than 60 days before a date for redemption
of Notes (such date, a “Redemption Date”), the Issuer shall mail, or cause to be mailed, a notice of redemption by first-class mail, and in the case of Notes held in book-entry form, by electronic transmission or otherwise in
accordance with the applicable procedures of DTC, to each Holder of Notes to be redeemed. 
 The notice shall identify the Notes to be
redeemed (including any CUSIP or ISIN numbers) and shall state: 
 (a)    the redemption date; 

(b)    the redemption price or the information specified in Section 3.08(d); 

(c)    the name and address of the applicable Paying Agent; 

(d)    that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption
price; 
 (e)    if fewer than all the outstanding Notes are to be redeemed, the portion of the principal
amounts of the particular Notes to be redeemed; 
 (f)    that, unless the Issuer defaults in making such
redemption payment, interest on Notes (or portion thereof) called for redemption ceases to accrue on and after the redemption date; 

(g)    if such redemption or notice is subject to satisfaction of one or more conditions precedent, such
notice shall state that, in the Issuer’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied (or waived by the Issuer in its sole discretion), or such redemption may not occur and such
notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Issuer in its sole discretion) by the redemption date, or by the redemption date so delayed; and 

(h)    that no representation is made as to the correctness or accuracy of the CUSIP or ISIN number, if
any, listed in such notice or printed on the Notes. 
 At the Issuer’s written request, the Trustee shall give the notice of redemption
in the Issuer’s name and at the Issuer’s expense. In such event, the Issuer shall provide the Trustee with the information required by this Section 3.03 at least two Business Days before notice of redemption is required to be sent or
caused to be sent to Holders pursuant to this Section 3.03, unless the Trustee consents to a shorter period. 
 Any notice to Holders
of such a redemption pursuant to Section 3.08(d) shall include the appropriate calculation of the redemption price, but does not need to include the redemption price itself. 

Section 3.04    Effect of Notice of Redemption. Once notice of redemption is sent, Notes called for redemption
become due and payable on the redemption date and at the redemption price stated in the 

  
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notice (except as provided for pursuant to Section 3.08(f)). Upon surrender to the applicable Paying Agent, such Notes shall be paid at the redemption price stated in the notice, plus
accrued and unpaid interest to, but excluding, the redemption date (subject to the right of Holders of record on the relevant Record Date to receive interest due on the related Interest Payment Date that is on or prior to the date of redemption).
Failure to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder. 
 Section
3.05    Deposit of Redemption Price. At or prior to 11:00 a.m. New York City time on the redemption date, the Issuer shall deposit with the applicable Paying Agent (or, if the Issuer, the Parent Guarantor or any of its
Wholly Owned Subsidiaries is acting as the Paying Agent, shall segregate and hold in trust) money in U.S. Dollars sufficient to pay the redemption price of and accrued interest (subject to the right of Holders of record on the relevant Record Date
to receive interest due on the related Interest Payment Date that is on or prior to the date of redemption) on all Notes to be redeemed on that date other than Notes or portions of Notes called for redemption that have been delivered by the Issuer
to the Trustee for cancellation. The Paying Agent shall promptly distribute to each Holder whose Notes are to be redeemed the applicable redemption price thereof and accrued and unpaid interest thereon. The Trustee or the Paying Agent shall promptly
return to the Issuer any money deposited with the Trustee or the Paying Agent by the Issuer in excess of the amounts necessary to pay the redemption price of, and accrued and unpaid interest on, all Notes to be redeemed. 

If the Issuer complies with the provisions of this Section 3.05, on and after the redemption date, interest shall cease to accrue on the
Notes or the portions of Notes called for redemption whether or not such Notes are presented for payment, and the Holders of such Notes shall have no further rights with respect to such Notes except the right to receive such payment of the
redemption price and accrued and unpaid interest, if any, on such Notes upon surrender of such Notes. If a Note is redeemed on or after a Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest to the
redemption date in respect of such Note shall be paid on such redemption date to the Person in whose name such Note is registered at the close of business on such Record Date, and no additional interest shall be payable to Holders whose Notes shall
be subject to redemption by the Issuer. 
 Section 3.06    Notes Redeemed in Part. Upon surrender of
a Note that is redeemed in part, the Issuer shall execute and the Trustee shall authenticate for the Holder (at the Issuer’s expense) a new Note equal in principal amount to the unredeemed portion of the Note surrendered; provided that
each new Note shall be in a principal amount $2,000 or an integral multiple of $1,000 in excess thereof. Notwithstanding the foregoing, in the case of a Global Note, upon surrender of a Note that is redeemed in part, an appropriate notation shall be
made on such Note to decrease the principal amount thereof to an amount equal to the unredeemed portion thereof. 

Section 3.07    [Reserved] 

Section 3.08    Optional Redemption. 

(a)    Except as set forth in clauses (c) and (d) of this Section 3.08 and Section 4.11(g), the Notes shall
not be redeemable at the option of the Issuer prior to May 15, 2022. 
 (b)    On or after May 15, 2022, the
Issuer may, at its option, redeem all or any portion of the Notes, on any one or more occasions, upon not less than 30 days’ nor more than 60 days’ prior notice. The Notes may be redeemed at the redemption prices set forth below, plus
accrued and unpaid interest, if any, to, but not including, the redemption date (subject to the right of Holders on the relevant Record Date to receive interest due on the relevant Interest Payment Date). The following prices are for Notes

  
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redeemed during the 12-month period commencing on May 15 of the years set forth below, and are expressed as percentages of principal amount: 

 

					
	 Redemption Year
	  	Price	 
	 2022
	  	 	103.063	% 
	 2023
	  	 	101.531	% 
	 2024 and thereafter
	  	 	100.000	% 

 (c)    At any time and from time to time, prior to May 15, 2022, the Issuer may, on
any one or more occasions, redeem up to a maximum of 40% of the original aggregate principal amount of the Notes (including Additional Notes, if any) with the Net Cash Proceeds of one or more Equity Offerings, at a redemption price equal to 106.125%
of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to, but not including, the redemption date (subject to the right of Holders on the relevant Record Date to receive interest due on the relevant Interest
Payment Date); provided, however, that immediately after giving effect to any such redemption, at least 50% of the original aggregate principal amount of Notes (including Additional Notes, if any) remains outstanding. Any such
redemption shall be made within 90 days of such Equity Offering upon not less than 30 and no more than 60 days’ prior notice. 

(d)    In addition, the Issuer may choose to redeem all or any portion of the Notes, on any one or more occasions, prior
to May 15, 2022, upon not less than 30 days’ nor more than 60 days’ prior notice, at a redemption price equal to the sum of: 

(i)    100% of the principal amount of the Notes to be redeemed, plus 

(ii)    the Applicable Premium, 

plus accrued and unpaid interest, if any, to, but not including, the redemption date (subject to the right of Holders on the relevant Record Date to
receive interest due on the relevant Interest Payment Date). Any notice to Holders of such a redemption shall set forth the manner of the calculation of the redemption price, but need not set forth the redemption price itself. The actual redemption
price, calculated as described above, must be set forth in an Officers’ Certificate delivered to the Trustee no later than two Business Days prior to the redemption date. 

(e)    If the optional redemption date is on or after a Record Date and on or before the related Interest Payment Date,
the accrued and unpaid interest, if any, shall be paid to the Person in whose name the Note is registered at the close of business on such Record Date; provided that if the Notes are in global form, such accrued and unpaid interest shall be
paid in accordance with the applicable procedures of DTC. 
 (f)    Any redemption notice may, at the Issuer’s
discretion, be subject to one or more conditions precedent, including the completion of an Equity Offering, an Incurrence of Debt or other corporate transaction. 

Section 3.09    Mandatory Redemption; Sinking Fund; Open Market Purchases. The Issuer shall not be
required to make any mandatory redemption or sinking fund payments with respect to the Notes. However, under certain circumstances, the Issuer may be required to offer to purchase the Notes pursuant to Section 4.07 and Section 4.11 of this
Indenture. The Issuer and its Affiliates may acquire Notes by means other than a redemption, whether by tender offer, open market purchases, negotiated transactions or otherwise, in accordance with applicable securities laws, so long as such
acquisition does not otherwise violate the terms of this Indenture. 

  
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 ARTICLE 4 

COVENANTS 

Section 4.01    Covenant Suspension. On and after the first day (such date, the “Suspension
Date”) that: 
 (a)    the Notes have Investment Grade Ratings from both Rating Agencies, and 

(b)    no Default or Event of Default has occurred and is continuing under this Indenture, 

the Parent Guarantor and the Restricted Subsidiaries shall not be subject to the following Sections of this Indenture: Section 4.04, Section 4.05,
Section 4.07, Section 4.08, Section 4.09, Section 4.12 (but only with respect to any Person that would be required to become a Guarantor after the date of the commencement of the applicable Suspension Period) and clause
(d) of Section 5.02 (collectively, the “Suspended Covenants”). In the event that the Parent Guarantor and the Restricted Subsidiaries are not subject to the Suspended Covenants for any period of time as a result of the
preceding sentence and, subsequently, one or both of the Rating Agencies withdraws its ratings or downgrades the ratings assigned to the Notes below the required Investment Grade Ratings or a Default or Event of Default occurs and is continuing (the
date of such ratings withdrawal or downgrade or the occurrence of such Default or Event of Default, the “Reversion Date”), then the Parent Guarantor and the Restricted Subsidiaries shall thereafter again be subject to the Suspended
Covenants for all periods after that withdrawal, downgrade, Default or Event of Default; provided, however, that no Default, Event of Default or breach of any kind shall be deemed to exist under this Indenture, the Notes or the Note
Guarantees with respect to the Suspended Covenants based on, and none of the Parent Guarantor or any of its Subsidiaries shall bear any liability for, any actions taken or events occurring during the Suspension Period (as defined below), regardless
of whether such actions or events would have been permitted if the applicable Suspended Covenants remained in effect during such period. The period of time between the Suspension Date and the Reversion Date is referred to as the “Suspension
Period.” 
 The Issuer shall give the Trustee written notice of any such suspension of covenants and in any event not later than
five Business Days after such suspension has occurred. In the absence of such notice, the Trustee shall assume that the Suspended Covenants are in full force and effect. 

Compliance with the provisions of Section 4.05 with respect to Restricted Payments made after the Reversion Date shall be calculated in
accordance with the terms of Section 4.05 as though such section had been in effect during the entire Suspension Period. Accordingly, Restricted Payments made during the Suspension Period shall reduce the amount available to be made as
Restricted Payments under the first paragraph of Section 4.05. 
 Solely for the purpose of determining the amount of Permitted Liens
under Section 4.06 during any Suspension Period and without limiting the Parent Guarantor’s or any Restricted Subsidiary’s ability to Incur Debt during any Suspension Period, to the extent that calculations in Section 4.06 refer
to Section 4.04, such calculations shall be made as though Section 4.04 remains in effect during the Suspension Period. On the Reversion Date, all Debt Incurred during the Suspension Period shall be classified to have been Incurred
pursuant to paragraph (a) of Section 4.04 or one of the clauses of paragraph (b) of Section 4.04 (to the extent such Debt would be permitted to be Incurred thereunder as of the Reversion Date and after giving effect to Debt
Incurred prior to the Suspension Period and outstanding on the 

  
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Reversion Date). To the extent such Debt would not be permitted to be Incurred pursuant to paragraph (a) of Section 4.04 or one of the clauses of paragraph (b) of
Section 4.04, such Debt shall be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under clause (x) of paragraph (b) of Section 4.04. For purposes of determining compliance with
Section 4.07, on the Reversion Date, the Net Available Cash from all Asset Sales not applied in accordance with Section 4.07 shall be deemed to be reset to zero. No Subsidiaries may be designated as Unrestricted Subsidiaries during any
Suspension Period. 
 The Issuer shall give the Trustee written notice of any occurrence of a Reversion Date not later than five Business
Days after such Reversion Date. After any such notice of the occurrence of a Reversion Date, the Trustee shall assume that the Suspended Covenants apply and are in full force and effect. 

Section 4.02    Payment of Notes. The Issuer shall promptly pay, or cause to be paid, the principal of,
premium, if any, and interest on the Notes on the dates and in the manner provided in the Notes and in this Indenture. Principal, premium, if any, and interest shall be considered paid on the date due if, as of 11:00 a.m. New York City time on such
date, the Trustee or the applicable Paying Agent holds in accordance with this Indenture money sufficient to pay all principal, premium, if any, and interest then due. 

The Issuer shall pay interest on overdue principal at the rate specified therefor in the Notes, and they shall pay interest on overdue
installments of interest at the rate borne by the Notes to the extent lawful. 

Section 4.03    Reports. Whether or not required by the rules and regulations of the SEC, so long as
any Notes are outstanding, the Issuer shall furnish to the Holders or cause the Trustee to furnish to the Holders, within the time periods specified in the SEC’s rules and regulations that are then applicable to the Parent Guarantor (or, if the
Parent Guarantor is then not subject to the reporting requirements of the Exchange Act, within the time periods specified in the SEC’s rules and regulations for non-accelerated filers): 

(1)    all quarterly and annual reports that would be required to be filed by the Parent Guarantor with the
SEC on Forms 10-Q and 10-K if the Parent Guarantor were required to file such reports; and 

(2)    all current reports required to be filed by the Parent Guarantor with the SEC on Form 8-K if the Parent Guarantor were required to file such reports; 
 provided that the electronic filing of the
foregoing reports by the Parent Guarantor on the SEC’s EDGAR system (or any successor system) shall be deemed to satisfy the Issuer’s delivery obligations to the Trustee and any Holder, it being understood that the Trustee shall have no
responsibility to determine whether any reports have been filed on the SEC’s EDGAR system (or any successor system). 
 All such
reports shall be prepared in all material respects in accordance with all of the rules and regulations applicable to such reports. Each annual report on Form 10-K shall include a report on the Parent
Guarantor’s consolidated financial statements by the Parent Guarantor’s certified independent accountants. In addition, unless the SEC shall not accept such a filing, the Parent Guarantor shall file a copy of each of the reports referred
to in clauses (1) and (2) of this Section 4.03 on the SEC’s EDGAR system (or any successor system) within the time periods specified above, and the Issuer or the Parent Guarantor shall post the reports on its website within those time
periods. 

  
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 If, at any time, the Parent Guarantor is no longer subject to the periodic reporting
requirements of the Exchange Act for any reason, the Parent Guarantor shall nevertheless continue filing the reports specified in the preceding paragraphs of this Section 4.03 with the SEC within the time periods specified above, unless the SEC
shall not accept such a filing. Neither the Issuer nor the Parent Guarantor shall take any action reasonably expected to cause the SEC not to accept any such filings. If, notwithstanding the foregoing, the SEC shall not accept the Parent
Guarantor’s filings for any reason, the Issuer or the Parent Guarantor shall post the reports referred to in the preceding paragraphs on a website within the time periods specified above (which may be nonpublic and may be maintained by the
Issuer, the Parent Guarantor or a third party) to which access shall be given to Holders, prospective purchasers of the Notes (which prospective purchasers shall be limited to “qualified institutional buyers” within the meaning of Rule
144A of the Securities Act) or non-U.S. persons (as defined in Regulation S under the Securities Act), securities analysts and market making institutions that certify their status as such to the reasonable
satisfaction of the Issuer or the Parent Guarantor. 
 If the Parent Guarantor has designated any of its Subsidiaries as Unrestricted
Subsidiaries and such Unrestricted Subsidiaries, either individually or collectively, would otherwise have been a Significant Subsidiary, then the quarterly and annual financial information required by the preceding paragraphs shall include a
presentation, either on the face of the financial statements or in the footnotes thereto, and in “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of the financial condition and results of
operations of the Parent Guarantor and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Parent Guarantor. In addition, the Issuer agrees that, if at any time it is
not required to file with the SEC the reports required by the preceding paragraphs, it shall furnish to the Holders and to securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule
144A(d)(4) under the Securities Act. 
 To the extent any information is not provided within the time periods specified in this
Section 4.03 and such information is subsequently provided, the Issuer shall be deemed to have satisfied its obligations with respect thereto at such time and any Default with respect thereto shall be deemed to have been cured. 

The Issuer shall be deemed to have furnished such reports to the Trustee and the Holders of the Notes if any direct or indirect parent of the
Parent Guarantor has filed such reports (including, in the case of any annual report on Form 10-K, reports by the certified independent accountants of such direct or indirect parent on such direct or indirect
parent’s consolidated financial statements) with the SEC using the EDGAR filing system (or any successor thereto) within the time periods specified above; provided that (i) such direct or indirect parent has become a Guarantor and
(ii) such reports provide selected financial information that show any material differences between the financial condition and results of operations of the Parent Guarantor and its consolidated subsidiaries, on the one hand, and such direct or
indirect parent and its consolidated subsidiaries, on the other hand. 
 Delivery of such reports, information and documents to the Trustee
is for informational purposes only and the Trustee’s receipt of such shall not constitute actual or constructive notice or knowledge of any information contained therein or determinable from information contained therein, including the
Issuer’s, any Guarantor’s or any other Person’s compliance with any of its covenants under this Indenture or the Security Documents (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). The Trustee
shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Issuer’s, any Guarantor’s or any other Person’s compliance with the covenants described herein or with respect to any reports or other documents
filed under this Indenture. 

  
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 Section 4.04    Limitation on Debt. The Parent
Guarantor shall not, and shall not permit any Restricted Subsidiary to, Incur, directly or indirectly, any Debt (including Acquired Debt) unless, after giving effect to the application of the proceeds thereof and either: 

(a)    the Debt is Debt (in each case, including Acquired Debt) of the Parent Guarantor or a Restricted Subsidiary and
after giving Pro Forma Effect to the Incurrence of the Debt and the application of the proceeds thereof, the Consolidated Fixed Charges Coverage Ratio would be at least 2.00 to 1.00; provided that the aggregate principal amount of Debt
permitted to be Incurred pursuant to this paragraph (a) by non-Guarantor Restricted Subsidiaries may not exceed, at the time of the Incurrence thereof, the greater of (i) $75.0 million and (ii) 10%
of Consolidated EBITDA for the Test Period, or 
 (b)    the Debt is Permitted Debt. 

“Permitted Debt” means: 

(i)    Debt of the Issuer or any Guarantor evidenced by the Notes and the Note Guarantees (but excluding
any Additional Notes); 
 (ii)    Debt of the Parent Guarantor or a Restricted Subsidiary Incurred under
Credit Facilities up to an aggregate principal amount (with letters of credit and bankers’ acceptances being deemed to have a principal amount equal to the face amount thereof) outstanding at any one time not to exceed (1) $1,500.0 million
plus (2) the greater of (x) $750.0 million and (y) 100.0% of Consolidated EBITDA for the Test Period plus (3) an additional amount of Debt such that, on a Pro Forma Basis, after giving effect to such Debt the Secured Leverage Ratio
does not exceed 3.00 to 1.00 (and for purposes of this clause (3), any amount Incurred pursuant to this clause (3) shall be treated as if such amount is Consolidated Secured Debt, regardless of whether such amount is actually secured); 

(iii)    Debt of the Parent Guarantor owing to and held by any Restricted Subsidiary and Debt of a
Restricted Subsidiary owing to and held by the Parent Guarantor or any Restricted Subsidiary; provided, however, that (1) any subsequent issue or transfer of Capital Stock or other event that results in any Restricted Subsidiary
ceasing to be a Restricted Subsidiary or any subsequent transfer of that Debt (except to the Parent Guarantor or a Restricted Subsidiary) shall be deemed, in each case, to constitute the Incurrence of that Debt by the issuer thereof, and (2) if
the Issuer or a Guarantor is the obligor on that Debt and the Debt is owed to a Restricted Subsidiary that is not the Issuer or a Subsidiary Guarantor, the Debt is expressly subordinated to the prior payment in full in cash of all obligations with
respect to the Notes or the applicable Note Guarantee; 
 (iv)    Debt Incurred by the Parent Guarantor
or any of its Restricted Subsidiaries in a Permitted Acquisition, any other Investment permitted under this Indenture or any disposition, in each case to the extent constituting indemnification obligations or obligations in respect of purchase price
(including earn-outs) or other similar adjustments; 
 (v)    Debt consisting of obligations of the
Parent Guarantor (or any direct or indirect parent of the Parent Guarantor) or any of its Restricted Subsidiaries under deferred compensation or other similar arrangements incurred by such Person in connection with the Transactions and Permitted
Acquisitions or any other Investment permitted under this Indenture; 

  
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 (vi)    Cash Management Obligations and other Debt in
respect of netting services, automatic clearinghouse arrangements, overdraft protections, cash pooling arrangements, purchase card and similar arrangements in each case incurred in the ordinary course; 

(vii)    Debt supported by a letter of credit under the Credit Agreement in a principal amount not to
exceed the face amount of such letter of credit; 
 (viii)    Debt Incurred by a non-Guarantor Restricted Subsidiary, and Guarantees thereof by any non-Guarantor Restricted Subsidiary, (x) in an aggregate principal amount not to exceed, at the time of
the Incurrence thereof, the greater of (i) $175.0 million and (ii) 22.5% of Consolidated EBITDA for the Test Period and (y) under working capital lines, lines of credit or overdraft facilities (to the extent such Debt is non-recourse to the Issuer and the Guarantors); 
 (ix)    obligations
in respect of performance, bid, appeal and surety bonds and performance and completion guarantees and similar obligations provided by the Parent Guarantor or any of its Restricted Subsidiaries or obligations in respect of letters of credit, bank
guarantees or similar instruments related thereto, in each case in the ordinary course of business or consistent with past practice; 

(x)    Debt of the Parent Guarantor and its Restricted Subsidiaries outstanding on the Issue Date (other
than Debt described in clauses (i) and (ii) above); 
 (xi)    Debt of the Parent Guarantor or any
Restricted Subsidiary (a) Incurred and outstanding on the date of any acquisition of any assets (including through the acquisition of a Person that becomes or is merged with and into the Parent Guarantor or a Restricted Subsidiary) or secured
by a Lien on any assets (including the assets of the Parent Guarantor or any such Restricted Subsidiary) on or prior to the acquisition thereof and (b) Incurred to provide all or any portion of the funds utilized to consummate the transaction
or series of related transactions in connection with, or in contemplation of, any acquisition of any assets (including through the acquisition of a Person that becomes or is merged with and into the Parent Guarantor or a Restricted Subsidiary) or
secured by a Lien on any assets (including the assets of the Parent Guarantor or any such Restricted Subsidiary) prior to the acquisition thereof; provided, however, that at the time of any such transaction in clauses (a) and (b) above,
either (A) the Parent Guarantor would have been able to Incur $1.00 of additional Debt pursuant to paragraph (a) of this Section 4.04 after giving Pro Forma Effect to the Incurrence of such Debt pursuant to this clause (xi) or
(B) on a Pro Forma Basis, either (x) the Consolidated Fixed Charges Coverage Ratio for the Parent Guarantor and its Restricted Subsidiaries would be greater than or equal to such ratio for the Parent Guarantor and its Restricted Subsidiaries or
(y) the Total Leverage Ratio for the Parent Guarantor and its Restricted Subsidiaries would be less than or equal to such ratio for the Parent Guarantor and its Restricted Subsidiaries, in each case, immediately prior to such transaction; 

(xii)    (A) additional Debt in an aggregate principal amount not to exceed, at the time of the Incurrence
thereof, the greater of (x) $275.0 million and (y) 35.0% of Consolidated EBITDA for the Test Period or (B) after giving Pro Forma Effect to the Incurrence of the Debt and the application of the proceeds thereof, the Total Leverage Ratio
would not exceed 4.25 to 1.00; 
 (xiii)    (1) Attributable Debt and other Debt (including Capital Lease
Obligations) financing the acquisition, construction, repair, replacement or improvement of fixed or capital assets (provided that such Debt is Incurred within 270 days after the applicable acquisition, construction, repair, replacement or
improvement), (2) Attributable Debt arising out of Permitted 

  
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Sale and Leaseback Transactions and (3) any Permitted Refinancing Debt with respect to any Debt set forth in clauses (1) and (2); provided that the aggregate principal amount of
Debt (including Attributable Debt, but excluding Attributable Debt Incurred pursuant to clause (2)) does not exceed, at the time of the Incurrence thereof, the greater of (x) $175.0 million and (y) 3.0% of Consolidated Total Assets as of the
last day of the most recently ended Test Period; 
 (xiv)    Debt of the Parent Guarantor or any
Restricted Subsidiary consisting of Guarantees of Debt of the Parent Guarantor or any Restricted Subsidiary permitted to be Incurred under any other clause of this Section 4.04; provided that in the event such Debt being Guaranteed is a
Subordinated Obligation, then the related Guarantee shall be subordinated in right of payment to the Notes or the Note Guarantee, as the case may be, to the same extent as the Debt being Guaranteed; 

(xv)    obligations of non-Wholly Owned Foreign Subsidiaries in
respect of Disqualified Stock in an aggregate principal amount outstanding at any one time not to exceed $12.5 million; 

(xvi)    Debt (i) in respect of Swap Contracts that are Incurred in the ordinary course of business
(and not for speculative purposes) or (ii) consisting of any Permitted Bond Hedge Transaction or any Permitted Warrant Transaction; 

(xvii)    Non-Recourse Debt with respect to any Qualified
Securitization Transaction and Guarantees constituting Standard Securitization Undertakings in respect of Qualified Securitization Transactions; 

(xviii)    Debt Incurred by the Parent Guarantor or any of its Restricted Subsidiaries in respect of
letters of credit, bank guarantees, bankers’ acceptances, warehouse receipts or similar instruments issued or created in the ordinary course of business, including in respect of workers compensation claims, health, disability or other employee
benefits or property, casualty or liability insurance or self-insurance or other Debt with respect to reimbursement-type obligations regarding workers compensation claims; 

(xix)    Debt consisting of (i) the financing of insurance premiums or (ii) take or pay
obligations contained in supply arrangements, in each case, in the ordinary course of business; 

(xx)    Debt representing deferred compensation to employees of the Parent Guarantor (or any direct or
indirect parent of the Parent Guarantor) and its Restricted Subsidiaries incurred in the ordinary course of business; 

(xxi)    Debt to future, present or former directors, officers, members of management, employees or
consultants of the Parent Guarantor or any of its Subsidiaries or their respective estates, heirs, family members, spouses or former spouses to finance the purchase or redemption of Capital Stock of the Parent Guarantor (or any direct or indirect
parent of the Parent Guarantor) permitted by clause (h) of the second paragraph of Section 4.05; 

(xxii)    Debt of the Parent Guarantor and its Restricted Subsidiaries relating to the Parent
Guarantor’s European or Asia Pacific businesses Incurred under, and Guarantees of the Parent Guarantor or a Restricted Subsidiary Incurred in connection with, hypothecations of or Qualified Securitization Transactions with respect to Time Share
Receivables relating to resorts within the Parent Guarantor’s European or Asia Pacific businesses; 

  
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 (xxiii)    Guarantees under the Separation and
Distribution Agreement or the Intercompany Agreements; 
 (xxiv)    Permitted Refinancing Debt of Debt
Incurred pursuant to paragraph (a) of this Section 4.04 or clauses (i), (x), (xi) or this clause (xxiv) of this paragraph (b) of Section 4.04; and 

(xxv)    all premiums (if any), interest (including post-petition interest, capitalized interest or
interest otherwise payable in kind), fees, expenses, charges and additional or contingent interest on obligations described in the foregoing clauses of this paragraph (b) of Section 4.04. 

For purposes of determining compliance with any restriction on the Incurrence of Debt in U.S. Dollars where Debt is denominated in a different
currency, the amount of such Debt shall be the Dollar Equivalent determined on the date of such determination. 
 For
purposes of determining compliance with this Section 4.04: 
 (A)    in the event that an item of
Debt meets the criteria of more than one of the types of Debt described in the first and second paragraphs of this Section 4.04, the Parent Guarantor, in its sole discretion, shall classify such item of Debt at the time of Incurrence and only
be required to include the amount and type of such Debt in one of the above clauses of the paragraph (a) or (b) of this Section 4.04; 

(B)    the Parent Guarantor shall be entitled to divide and classify and reclassify an item of Debt in more
than one of the types of Debt described in this Section 4.04; provided that Debt outstanding under the Credit Agreement on the Issue Date shall at all times be treated as Incurred under clause (ii) of paragraph (b) of this
Section 4.04 and may not be reclassified; 
 (C)    Guarantees of, or obligations in respect of
letters of credit, bankers’ acceptances or other similar instruments relating to, or Liens securing, Debt that is otherwise included in the determination of a particular amount of Debt shall not be included; 

(D)    if obligations in respect of letters of credit, bankers’ acceptances or other similar
instruments are Incurred pursuant to any Credit Facility and are being treated as Incurred pursuant to any clause of paragraph (b) of this Section 4.04 or paragraph (a) of this Section 4.04 and the letters of credit,
bankers’ acceptances or other similar instruments relate to other Debt, then such other Debt shall not be included; 

(E)    the principal amount of any Disqualified Stock of the Company or a Restricted Subsidiary, or
Preferred Stock of a Restricted Subsidiary, shall be equal to the greater of the maximum mandatory redemption or repurchase price (not including, in either case, any redemption or repurchase premium) or the liquidation preference thereof; 

(F)    in the event that the Parent Guarantor or a Restricted Subsidiary enters into or increases
commitments under a revolving credit facility, the Consolidated Fixed Charges Coverage Ratio or the Total Leverage Ratio, as applicable, for borrowings and reborrowings thereunder (and including issuance and creation of letters of credit and
bankers’ acceptances thereunder) will, at the Issuer’s option as elected on the date the Parent Guarantor or a Restricted Subsidiary, as the case may be, enters into or increases such commitments, either (a) be determined on the date
of such revolving credit facility or such increase in commitments (assuming that the full amount thereof has been borrowed as of such date), and, if such 

  
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Consolidated Fixed Charges Coverage Ratio or Total Leverage Ratio, as applicable, test is satisfied with respect thereto at such time, any borrowing or reborrowing thereunder (and the issuance
and creation of letters of credit and bankers’ acceptances thereunder) shall be permitted under this covenant irrespective of the Consolidated Fixed Charges Coverage Ratio or the Total Leverage Ratio, as applicable, at the time of any borrowing
or reborrowing (or issuance or creation of letters of credit or bankers’ acceptances thereunder) or (b) be determined on the date such amount is borrowed pursuant to any such facility or increased commitment; and 

(G)    the amount of Debt issued at a price that is less than the principal amount thereof shall be equal
to the amount of the liability in respect thereof determined on the basis of GAAP. 
 Accrual of interest, accrual of dividends, the
accretion of accreted value, the accretion or amortization of original issue discount, the payment of interest in the form of additional Debt, the payment of dividends in the form of additional shares of Preferred Stock or Disqualified Stock or the
reclassification of commitments or obligations not treated as Debt due to a change in GAAP shall not be deemed to be an Incurrence of Debt for purposes of this Section 4.04. 

If at any time an Unrestricted Subsidiary becomes a Restricted Subsidiary, any Debt of such Subsidiary shall be deemed to be Incurred by such
Subsidiary as of such date (and, if such Debt is not permitted to be Incurred as of such date under this Section 4.04, the Issuer shall be in default of this Section 4.04). 

For purposes of determining compliance with any U.S. Dollar-denominated restriction on the Incurrence of Debt, the Dollar Equivalent principal
amount of Debt denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Debt was Incurred, in the case of term debt, or first committed, in the case of revolving credit debt;
provided that if such Debt is Incurred to refinance other Debt denominated in a foreign currency, and such refinancing would cause the applicable U.S. Dollar-denominated restriction to be exceeded if calculated at the relevant currency
exchange rate in effect on the date of such refinancing, such U.S. Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Debt does not exceed (a) the principal amount of
such Debt being refinanced plus (b) the aggregate amount of fees, underwriting discounts, accrued and unpaid interest, premiums (including, without limitation, tender premiums) and other costs and expenses (including, without limitation,
original issue discount, upfront fees or similar fees) Incurred in connection with such refinancing. 
 Notwithstanding any other provision
of this Section 4.04, the maximum amount of Debt that the Parent Guarantor or a Restricted Subsidiary may Incur pursuant to this Section 4.04 shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of
currencies. The principal amount of any Debt Incurred to refinance other Debt, if Incurred in a different currency from the Debt being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such
Refinancing Debt is denominated that is in effect on the date of such refinancing. 
 The Parent Guarantor shall not, and shall not permit
the Issuer or any Subsidiary Guarantor to, directly or indirectly, Incur any Debt that is subordinated or junior in right of payment to any Debt of the Parent Guarantor, the Issuer or such Subsidiary Guarantor, as the case may be, unless such Debt
is expressly subordinated in right of payment to the Notes or such Guarantor’s Guarantee to the extent and in the same manner as such Debt is subordinated to other Debt of the Issuer or such Guarantor, as the case may be. 

  
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 This Indenture shall not treat (1) unsecured Debt as subordinated or junior to secured
Debt merely because it is unsecured or (2) senior Debt as subordinated or junior to any other senior Debt merely because it has a junior priority with respect to the same collateral or is secured by different collateral or because it is
guaranteed by different obligors. 
 Section 4.05    Limitation on Restricted Payments. The Parent
Guarantor shall not make, and shall not permit any Restricted Subsidiary to make, directly or indirectly, any Restricted Payment unless at the time of, and after giving effect to, the proposed Restricted Payment, 

(a)    no Default or Event of Default shall have occurred and be continuing (or would result therefrom),

 (b)    the Parent Guarantor could Incur at least $1.00 of additional Debt pursuant to paragraph
(a) of Section 4.04, or 
 (c)    the aggregate amount of such Restricted Payment and all other
Restricted Payments (including Restricted Payments made pursuant to clause (d) (without duplication) and clause (l) of the next succeeding paragraph of this Section 4.05, but excluding all other Restricted Payments made pursuant to other
clauses of the next succeeding paragraph of this Section 4.05) declared or made after the Issue Date (the amount of any Restricted Payment, if made other than in cash, to be based upon Fair Market Value) would not exceed an amount equal to the
sum of (without duplication): 
 (i)    50% of the aggregate amount of Consolidated Net Income accrued
during the period (treated as one accounting period) from July 1, 2018 to the end of the most recent fiscal quarter of the Parent Guarantor ending prior to the date of such Restricted Payment (or if the aggregate amount of Consolidated Net
Income for such period shall be a deficit, minus 100% of such deficit); provided that such amount shall not be less than zero, plus 

(ii)    100% of the aggregate Capital Stock Sale Proceeds received after August 23, 2018, plus

 (iii)    the sum of: 

(A)    the aggregate Net Cash Proceeds received by the Parent Guarantor or any Restricted Subsidiary from
the issuance or sale after August 23, 2018 of convertible or exchangeable Debt that has been converted into or exchanged for Capital Stock (other than Disqualified Stock) of the Parent Guarantor, and 

(B)    the aggregate amount by which Debt of the Parent Guarantor or any Restricted Subsidiary is reduced
on the Parent Guarantor’s consolidated balance sheet on or after August 23, 2018 upon the conversion or exchange of any Debt issued or sold on or prior to August 23, 2018 that is convertible or exchangeable for Capital Stock (other
than Disqualified Stock) of the Parent Guarantor, excluding, in the case of clause (A) or (B): 

(x)    any Debt issued or sold to the Parent Guarantor or a Subsidiary of the Parent Guarantor or an
employee stock ownership plan or trust established by the Parent Guarantor or any such Subsidiary for the benefit of their employees, and 

  
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 (y)    the aggregate amount of any cash or other
property distributed by the Parent Guarantor or any Restricted Subsidiary upon any such conversion or exchange, plus 

(iv)    100% of the aggregate amount (including the Fair Market Value of property other than cash) received
by the Parent Guarantor or any Restricted Subsidiary by means of: 
 (A)    the sale or other
disposition (other than to the Parent Guarantor or a Restricted Subsidiary) of, or other returns on Investments from, Restricted Investments made by the Parent Guarantor or its Restricted Subsidiaries and repurchases and redemptions of such
Restricted Investments from the Parent Guarantor or its Restricted Subsidiaries and repayments of loans or advances, and releases of guarantees, which constitute Restricted Investments made by the Parent Guarantor or its Restricted Subsidiaries, in
each case, after August 23, 2018, less the cost associated with any such sale, disposition or other return, and 

(B)    the sale or other disposition (other than to the Parent Guarantor or a Restricted Subsidiary) of
the Capital Stock of an Unrestricted Subsidiary or a dividend or distribution from an Unrestricted Subsidiary (other than, in each case, to the extent the Investment in such Unrestricted Subsidiary constituted a Permitted Investment), in each case,
after August 23, 2018, less the cost associated with any such sale or disposition, plus 

(v)    in the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary or the
merger, amalgamation or consolidation of an Unrestricted Subsidiary into the Parent Guarantor or a Restricted Subsidiary or the transfer of all or substantially all of the assets of an Unrestricted Subsidiary to the Parent Guarantor or a Restricted
Subsidiary after August 23, 2018, the Fair Market Value of the Investment in such Unrestricted Subsidiary (or the assets transferred) at the time of the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary or at the time of
such merger, amalgamation, consolidation or transfer of assets, other than to the extent the Investment constituted a Permitted Investment, plus 

(vi)    the greater of (x) $350.0 million and (y) 45.0% of Consolidated EBITDA for the Test Period.

 Notwithstanding the foregoing, the limitations in the preceding paragraph shall not prohibit: 

(a)    any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Capital
Stock, Disqualified Stock or Subordinated Obligations of the Parent Guarantor, the Issuer or any Subsidiary Guarantor made by exchange for, or out of the proceeds of the substantially concurrent contribution to the Capital Stock of the Parent
Guarantor or the substantially concurrent sale of, Capital Stock of the Parent Guarantor (other than Disqualified Stock and other than Capital Stock issued or sold to a Restricted Subsidiary of the Parent Guarantor or an employee stock ownership
plan or trust established by the Parent Guarantor or any of its Subsidiaries for the benefit of their employees to the extent such sale to such employee stock ownership plan or trust is financed by loans from or Guaranteed by the Parent Guarantor or

  
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any Restricted Subsidiary unless such loans have been repaid with cash on or prior to the date of determination); provided, however, that the Capital Stock Sale Proceeds from such
sale of Capital Stock shall be excluded from clause (c)(ii) of the preceding paragraph; 
 (b)    any
purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Obligations of the Issuer or a Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, Subordinated Obligations
of the Parent Guarantor or any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Obligations of the Issuer of any Subsidiary Guarantor made by exchange for or out of the proceeds of the substantially
concurrent sale of Subordinated Obligations of the Issuer or a Subsidiary Guarantor, so long as such refinancing Subordinated Obligations are permitted to be Incurred pursuant to Section 4.04 and constitute Permitted Refinancing Debt; 

(c)    any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Disqualified
Stock of the Parent Guarantor or a Restricted Subsidiary made by exchange for or out of the proceeds of the substantially concurrent sale of Disqualified Stock of the Parent Guarantor or such Restricted Subsidiary, as the case may be, so long as
such refinancing Disqualified Stock is permitted to be Incurred pursuant to Section 4.04 and constitutes Permitted Refinancing Debt; 

(d)    the payment of any dividend or distribution on its Capital Stock or the consummation of any
irrevocable redemption, repurchase or defeasance payment within 60 days after the date of declaration of such dividend, distribution or payment or the giving of irrevocable notice if, on the date of declaration or the giving of the irrevocable
notice, such dividend, distribution, payment or redemption could have been made in compliance with this Indenture; 

(e)    the payment of any dividend or distribution on Disqualified Stock issued pursuant to and in
compliance with clause (xv) of paragraph (b) of Section 4.04; 
 (f)    (i) the payment of
cash in lieu of fractional shares of Capital Stock in connection with any dividend, split or combination thereof or any Permitted Acquisition and (ii) the honoring of any conversion request by a holder of convertible Debt and any cash payments
in lieu of fractional shares in connection with any such conversion and any payments on convertible Debt in accordance with its terms; 

(g)    repurchases of Capital Stock in the ordinary course of business of the Parent Guarantor or any
Restricted Subsidiary deemed to occur upon exercise of stock options or warrants if such Capital Stock represents a portion of the exercise price of such options or warrants; 

(h)    the repurchase, retirement or other acquisition or retirement for value, in good faith, of Capital
Stock of the Parent Guarantor held by any future, present or former employee, director, manager, officer or consultant (or any Affiliates, spouses, former spouses, other immediate family members, successors, executors, administrators, heirs,
legatees or distributees of any of the foregoing) of the Parent Guarantor or any of its Subsidiaries or holding companies pursuant to any employee, management, director or manager equity plan, employee, management, director or manager stock option
plan or any other employee, management, director or manager benefit plan or any agreement (including any stock subscription or shareholder agreement) with any employee, director, manager, officer or consultant of the Parent Guarantor or any
Subsidiary or holding company; provided that such payments do not exceed the greater of (x) $37.5 million and (y) 5.0% of Consolidated EBITDA for the Test Period in any calendar year; provided that

  
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any unused amounts for any calendar year may be carried forward to the next succeeding calendar year, so long as the aggregate amount of all Restricted Payments made pursuant to this clause
(h) in any calendar year (after giving effect to such carry-forwards) shall not exceed the greater of (x) $75.0 million and (y) 10.0% of Consolidated EBITDA for the Test Period; provided, further, that cancellation of Debt
owing to the Parent Guarantor or any of its Subsidiaries from members of management of the Parent Guarantor or any of its Restricted Subsidiaries or holding companies in connection with a repurchase of Capital Stock of the Parent Guarantor shall not
be deemed to constitute a Restricted Payment for purposes of this Section 4.05 or any other provision of this Indenture; 

(i)    payments made or expected to be made in respect of withholding or similar taxes payable by any
future, present or former employee, director, manager or consultant and any repurchases of Capital Stock in consideration of such payments, including deemed repurchases in connection with the exercise of stock options or warrants and the vesting of
restricted stock and restricted stock units; 
 (j)    purchase, defease or otherwise acquire or retire
for value any Subordinated Obligations upon a Change of Control or following an Asset Sale, to the extent required by any agreement pursuant to which such Subordinated Obligations were issued, but only if the Issuer has previously made the offer to
purchase Notes required under Section 4.07 or Section 4.11, as applicable, and has repurchased all Notes validly tendered and not withdrawn in connection with such offer to purchase Notes pursuant to the applicable provisions of
Section 4.07 or Section 4.11; 
 (k)    the Parent Guarantor or any of its Restricted
Subsidiaries may make additional Restricted Payments in an amount not to exceed an amount equal to the greater of (x) $300.0 million and (y) 40.0% of Consolidated EBITDA for the Test Period; provided that no Default or Event of Default
has occurred and is continuing or would result therefrom; 
 (l)    Restricted Payments not to exceed
6.0% per annum of the Market Capitalization of the Parent Guarantor; 
 (m)    additional Restricted
Payments; provided that, at the time of such Restricted Payment, the Total Leverage Ratio as of the end of the most recently ended Test Period, on a Pro Forma Basis, would be no greater than 3.25 to 1.00 and no Default or Event of Default
shall have occurred and be continuing or would result therefrom; 
 (n)    the distribution, by dividend
or otherwise, of Capital Stock of an Unrestricted Subsidiary or Debt owed to the Parent Guarantor or a Restricted Subsidiary by an Unrestricted Subsidiary (or a Restricted Subsidiary that owns an Unrestricted Subsidiary; provided that such
Restricted Subsidiary has no independent operations or business and owns no assets other than Capital Stock of such Unrestricted Subsidiary); 

(o)    Restricted Payments made in connection with Transactions; 

(p)    distributions or payments of Securitization Fees, sales contributions and other transfers of
Securitization Assets and purchases of Securitization Assets pursuant to a Securitization Repurchase Obligation, in each case in connection with a Qualified Securitization Transaction; 

  
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 (q)    payments of the premium in respect of, and other
performance by the Parent Guarantor of its obligations under, any Permitted Bond Hedge Transaction; 

(r)    any Restricted Payments and/or payments or deliveries required by the terms of, and other
performance by the Parent Guarantor of its obligations under, any Permitted Warrant Transaction (including making payments and/or deliveries due upon exercise and settlement or termination thereof); 

(s)    distributions or payments by dividend or otherwise, among the Parent Guarantor and its Restricted
Subsidiaries in connection with a Reorganization; and 
 (t)    any Restricted Payments and/or payments
or deliveries in shares of common stock (or other securities or property following a merger event or other change of the common stock of the Parent Guarantor) (and cash in lieu of fractional shares) and/or cash required by the terms of, and other
performance by the Parent Guarantor of its obligations under, any convertible Debt (including payments of interest and principal thereon, payments due upon required repurchase thereof and/or payments and deliveries due upon conversion thereof). 

For purposes of determining compliance with this Section 4.05, in the event that a Restricted Payment meets the criteria of more than one
of the exceptions described in clauses (a) through (t) of the preceding paragraph, meets any of the criteria of any of the clauses of the definition of “Permitted Investment,” or is permitted pursuant to the first paragraph of this
Section 4.05, the Parent Guarantor, in its sole discretion, (x) shall classify such Restricted Payment on the date of such Restricted Payment and may later reclassify such Restricted Payment in any manner that complies with this
Section 4.05 (based on circumstances existing at the time of reclassification), (y) may divide and later redivide the amount of a Restricted Payment among more than one of such clauses or the first paragraph of this Section 4.05 and
(z) shall only be required to include such Restricted Payment or any portion thereof in one of such clauses or the first paragraph of this Section 4.05. 

The amount of all Restricted Payments (other than cash) shall be the Fair Market Value on the date of such Restricted Payment of the asset(s)
or securities proposed to be paid, transferred or issued by the Parent Guarantor or such Restricted Subsidiary, as the case may be, pursuant to such Restricted Payment. The Fair Market Value of any cash Restricted Payment shall be its face amount,
and the Fair Market Value of any non-cash Restricted Payment, property or assets other than cash shall be determined conclusively by the Issuer acting in good faith. 

Section 4.06    Limitation on Liens. The Parent Guarantor shall not, and shall not permit the Issuer or
any Subsidiary Guarantor to, directly or indirectly, Incur or permit to exist, any Lien (other than Permitted Liens), upon any of its properties or assets (including Capital Stock of a Restricted Subsidiary), whether owned on the Issue Date or
thereafter acquired, or any interest therein or any income or profits therefrom. 
 With respect to any Lien securing Debt that was
permitted to secure such Debt at the time of the Incurrence of such Debt, such Lien shall also be permitted to secure any Increased Amount of such Debt. The “Increased Amount” of any Debt shall mean any increase in the amount of
such Debt due to any accrual of interest, the accretion of accreted value, the accretion of original issue discount or liquidation preference, the payment of interest in the form of additional Debt with the same terms and increases in the amount of
Debt outstanding solely as a result of fluctuations in the exchange rate of currencies or increases in the value of property securing Debt. 

  
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 Section 4.07    Limitation on Asset Sales. 

(a)    The Parent Guarantor shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly,
consummate any Asset Sale unless: 
 (i)    the Issuer or such Restricted Subsidiary receives
consideration (including by way of relief from, or by any other Person assuming responsibility for, any liabilities, contingent or otherwise) at the time of the Asset Sale at least equal to the Fair Market Value of the properties and assets subject
to that Asset Sale (such Fair Market Value to be determined on the date of contractually agreeing to such Asset Sale); 

(ii)    at least 75% of the consideration paid to the Parent Guarantor or the Restricted Subsidiary in
connection with the Asset Sale is in the form of cash or Cash Equivalents; and 
 (iii)    to the extent
that any consideration received by the Parent Guarantor or any Restricted Subsidiary in such Asset Sale constitutes securities or other assets that are of a type or class that constitutes Collateral, such securities or other assets are added to the
Collateral securing the Notes and the Note Guarantees, as applicable, in the manner and to the extent required by this Indenture or any of the Security Documents with the Lien on such Collateral securing the Notes and the Note Guarantees, as
applicable, being of the same priority with respect to the Notes and the Note Guarantees, as applicable, as the Lien on the assets disposed of in the Asset Sale. 

For the purposes of this Section 4.07, the following shall be considered to be cash: 

(1)    the assumption by the purchaser of Debt or other liabilities of the Parent Guarantor or any
Restricted Subsidiary (other than Debt or other liabilities that are by their terms subordinated in right of payment to the Notes or the Note Guarantees) and from which the Parent Guarantor and the Restricted Subsidiaries have been unconditionally
released; 
 (2)    securities or other assets received by the Issuer or any Restricted Subsidiary from
the transferee that are converted by the Issuer or such Restricted Subsidiary into cash within 180 days after the closing of such Asset Sale shall be considered to be cash to the extent of the cash received in that conversion; 

(3)    the assumption by the purchaser of Debt of any Restricted Subsidiary that is no longer a Restricted
Subsidiary as a result of such Asset Sale, to the extent that the Parent Guarantor and each other Restricted Subsidiary are unconditionally released from any Guarantee of payment of such Debt in connection with such Asset Sale; 

(4)    Productive Assets received by the Parent Guarantor or any Restricted Subsidiary in connection with
such Asset Sale; and 
 (5)    any Designated Non-Cash
Consideration received by the Issuer or any Restricted Subsidiary in connection with the Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Non-Cash Consideration
received in respect of Asset Sales that is at that time outstanding, not to exceed the greater of (i) $75.0 million and (ii) 10.0% of Consolidated EBITDA for the Test Period. 

  
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 (b)    The Net Available Cash (or any portion thereof) from Asset Sales
may be applied by the Parent Guarantor or a Restricted Subsidiary, to the extent the Parent Guarantor or the Restricted Subsidiary elects (or is required by the terms of any Debt): 

(i)    to repay other First Lien Obligations (and if the First Lien Obligations being repaid are revolving
credit First Lien Obligations, to correspondingly permanently reduce commitments with respect thereto) of the Parent Guarantor or a Restricted Subsidiary (excluding First Lien Obligations owed to the Parent Guarantor or any Restricted Subsidiary) so
long as the Issuer shall equally and ratably reduce obligations under the Notes (i) on a pro rata basis as provided under Section 3.08, (ii) through open-market purchases (to the extent such purchases are at or above 100% of the principal
amount thereof) or (iii) by making an offer (in accordance with the procedures set forth below for a Prepayment Offer) to all holders to purchase their Notes at or above 100% of the principal amount thereof, plus accrued and unpaid interest, if
any, to, but not including the date of repurchase; 
 (ii)    if the assets disposed of in the Asset Sale
were not Collateral, to repay other Debt (and if the Debt being repaid is revolving credit Debt, to correspondingly permanently reduce commitments with respect thereto) of the Parent Guarantor or a Restricted Subsidiary (excluding
(A) Subordinated Obligations and (B) Debt owed to the Parent Guarantor or any Restricted Subsidiary) so long as the Issuer shall equally and ratably reduce obligations under the Notes (I) on a pro rata basis as provided under
Section 3.08, (II) through open-market purchases (to the extent such purchases are at or above 100% of the principal amount thereof) or (III) by making an offer (in accordance with the procedures set forth below for a Prepayment Offer) to
all Holders to purchase their Notes at or above 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including the date of repurchase; 

(iii)    to reinvest in Additional Assets (including by means of an Investment in Additional Assets by a
Restricted Subsidiary with Net Available Cash received by the Parent Guarantor or another Restricted Subsidiary); or 

(iv)    any combination of the foregoing; 

provided, however, that pending the final application of any such Net Available Cash in accordance with clauses (i), (ii), (iii) or
(iv) above, the Parent Guarantor and its Restricted Subsidiaries may temporarily reduce Debt or otherwise invest such Net Available Cash in any manner not prohibited by this Indenture. 

(c)    Any Net Available Cash from an Asset Sale not applied in accordance with Section 4.07(b) within 365 days from
the date of the receipt of that Net Available Cash constitutes “Excess Proceeds”; provided, however, that a binding commitment to reinvest in Additional Assets pursuant to Section 4.07(b)(iii) shall be treated as
a permitted application of the Net Available Cash from the date of such commitment; provided that (i) such reinvestment is consummated within 180 days of the end of the 365-day period referred to
in this sentence, and (ii) if such reinvestment is not consummated within the period set forth in subclause (i) of this clause (c) or such binding commitment is terminated, the Net Available Cash not so applied shall be deemed to be
Excess Proceeds. 
 When the aggregate amount of Excess Proceeds not previously subject to a Prepayment Offer (as defined below) exceeds
$50.0 million, the Issuer shall be required to make an offer to purchase the Notes (the “Prepayment Offer”), which offer shall be in the amount of the Allocable Excess Proceeds (as defined below), on a pro rata basis according
to principal amount, at a purchase price of at least 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the purchase date (subject to the right of Holders on the relevant Record Date to receive interest due on
the relevant Interest Payment Date), in accordance with the procedures (including prorating in the event of oversubscription) set forth in this Indenture; provided that if the Notes are in global form, interests in such Global Notes shall be
selected for redemption in accordance with the applicable procedures of DTC, although no Note of $2,000 in principal amount or less shall be purchased in part. To the extent that any portion of the amount

  
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of Net Available Cash remains after compliance with the preceding sentence and provided that all Holders have been given the opportunity to tender their Notes for purchase in accordance
with this Indenture, the Parent Guarantor or such Restricted Subsidiary may use the remaining amount for any purpose permitted by this Indenture and the amount of Excess Proceeds shall be reset to zero. 

The term “Allocable Excess Proceeds” shall mean the product of: 

(1)    the Excess Proceeds, and 

(2)    a fraction, 
  

	 	(i)	 the numerator of which is the aggregate principal amount of the Notes outstanding on the date of the Prepayment
Offer, and 

  

	 	(ii)	 the denominator of which is the sum of the aggregate principal amount of the Notes outstanding on the date of
the Prepayment Offer plus (x) the aggregate principal amount of other First Lien Obligations of the Issuer and the Guarantors outstanding on the date of the Prepayment Offer and subject to terms and conditions in respect of Asset Sales similar
in all material respects to the covenant described hereunder and requiring the Issuer or any Guarantor to repay or make an offer to purchase that Debt at substantially the same time as the Prepayment Offer and (y) in case the assets disposed of
in the Asset Sale were not Collateral, the aggregate principal amount of other Debt of the Issuer and the Guarantors outstanding on the date of the Prepayment Offer that is pari passu in right of payment with the Notes and the Note Guarantees
and subject to terms and conditions in respect of Asset Sales similar in all material respects to the covenant described hereunder and requiring the Issuer or any Guarantor to repay or make an offer to purchase that Debt at substantially the same
time as the Prepayment Offer. 

 (d)    (1)    Not later than ten Business Days
after the Issuer is obligated to make a Prepayment Offer pursuant to Section 4.07(c), the Issuer shall send, or cause to be sent, a written notice, by first-class mail (or electronic transmission in the case of Notes held in book-entry form),
to the Holders (with a copy to the Trustee) with respect to that Prepayment Offer. The notice shall state, among other things, the purchase price and the purchase date, which shall be, subject to any contrary requirements of applicable law, a
Business Day no earlier than 30 days and no later than 60 days from the date the notice is delivered. 

(2)    At or before 11:00 a.m. New York City time on the purchase date with respect to any Prepayment
Offer, the Issuer shall irrevocably deposit with the Trustee or with the Paying Agent (or, if the Parent Guarantor, the Issuer or a Wholly Owned Subsidiary is the Paying Agent, shall segregate and hold in trust) an amount equal to the amount of the
Prepayment Offer (the “Offer Amount”) to be held for payment in accordance with the provisions of this Section 4.07. Upon the expiration of the period for which the Prepayment Offer remains open (the “Offer
Period”), the Issuer shall deliver to the Trustee for cancellation the Notes or portions thereof that have been properly tendered and are to be accepted by the Issuer. The Trustee or the Paying Agent shall, on the purchase date, mail or, in
the case of Global Notes, deliver in accordance with the applicable procedures of DTC payment to each tendering Holder in the amount of its pro rata share of the Offer Amount. In the event that the aggregate purchase price of the Notes delivered

  
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by the Issuer to the Trustee is less than the Offer Amount, the Trustee or the Paying Agent shall deliver the excess to the Issuer immediately after the expiration of the Offer Period for
application in accordance with this Section 4.07. 
 (3)    Unless otherwise provided by the
policies and procedures of DTC, Holders electing to have a Note purchased shall be required to surrender the Note, with an appropriate form duly completed and attached to the Note, or transfer by book-entry transfer, to the Issuer or its agent at
the address specified in the notice at least three Business Days prior to the purchase date. Unless otherwise provided by the policies and procedures of DTC, Holders shall be entitled to withdraw their election if the Trustee or the Issuer receives
not later than two Business Days prior to the purchase date, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note that was delivered for purchase by the Holder and a statement that such Holder is
withdrawing its election to have such Note purchased. If at the expiration of the Offer Period the aggregate principal amount of Notes surrendered by Holders exceeds the Offer Amount, the Issuer shall select the Notes to be purchased on a pro
rata basis for all Notes (with such adjustments as may be deemed appropriate by the Issuer so that only Notes in denominations of $2,000, or integral multiples of $1,000 in excess thereof, shall be purchased). Holders whose Notes are purchased
only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry). 

(4)    A Note shall be deemed to have been accepted for purchase at the time the Trustee or the applicable
Paying Agent mails or, in the case of Global Notes, delivers payment therefor to the surrendering Holder. 

(e)    Subject to Section 9.02(i), the Issuer’s obligation to make a Prepayment Offer may be waived or modified
with the written consent of the Holders of a majority in principal amount of the outstanding Notes. 
 (f)    The Issuer
shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations in connection with the repurchase of Notes pursuant to this Section 4.07. To the extent that
the provisions of any securities laws or regulations conflict with provisions of this Section 4.07, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this
Section 4.07 by virtue thereof. 
 Section 4.08    Limitation on Restrictions on Distributions from
Restricted Subsidiaries. The Parent Guarantor shall not, and shall not permit any Restricted Subsidiary that is not the Issuer or a Subsidiary Guarantor to, directly or indirectly, create or otherwise cause or suffer to exist any consensual
restriction on the right of any Restricted Subsidiary to: 
 (a)    pay dividends, in cash or otherwise, or make any
other distributions on or in respect of its Capital Stock, or pay any Debt or other obligation owed, to the Parent Guarantor or any other Restricted Subsidiary (it being understood that the priority of any Preferred Stock in receiving dividends or
liquidating distributions prior to the dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability to make distributions on Capital Stock), 

(b)    make any loans or advances to the Parent Guarantor or any other Restricted Subsidiary (it being understood that the
subordination of loans or advances made to the Issuer or any Restricted Subsidiary to other Debt Incurred by the Parent Guarantor or any Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances), or 

  
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 (c)    sell, lease or transfer any of its properties or assets to the
Parent Guarantor or any other Restricted Subsidiary (it being understood that such transfers shall not include any type of transfer described in clause (a) or (b) above). 

The foregoing limitations shall not apply to restrictions: 

(A)    in effect on the Issue Date, including pursuant to the Credit Agreement; 

(B)    relating to Debt of a Restricted Subsidiary existing at the time it became a Restricted Subsidiary
if such restriction was not created in connection with or in anticipation of the transaction or series of transactions pursuant to which that Restricted Subsidiary became a Restricted Subsidiary or was acquired by the Parent Guarantor; 

(C)    that result from any amendment, restatement, modification, renewal, supplement, extension or
replacement of an agreement referred to in clauses (A), (B), (F), (G), (J) or this clause (C) in this second paragraph of Section 4.08 (including, in each case, in connection with the Refinancing of Debt Incurred thereunder);
provided that the restriction contained in such amendment, restatement, modification, renewal, supplement, extension, replacement or Refinancing is not materially more restrictive (as determined in good faith by the Parent Guarantor), taken as a
whole, than the restrictions of the same type contained in the agreements or instruments referred to in clauses (A), (B), (F), (G) or (J) or this clause (C) in this second paragraph of Section 4.08, as applicable; 

(D)    resulting from the Incurrence of any Permitted Debt as defined in paragraph (b) of
Section 4.04; provided that if the obligor of such Debt is the Issuer or a Subsidiary Guarantor, the restriction is no less favorable to the Holders in any material respect (as determined in good faith by the Parent Guarantor) than the
restrictions of the same type contained in this Indenture; 
 (E)    existing by reason of applicable
law, rule, regulation or order; 
 (F)    with respect to clause (c) set forth in the first
paragraph of this Section 4.08 only, relating to Debt that is permitted to be Incurred and secured pursuant to Section 4.04 and Section 4.06 that limit the right of the debtor to dispose of the properties or assets securing that Debt;

 (G)    encumbering properties or assets at the time the properties and assets were acquired by the
Parent Guarantor or any Restricted Subsidiary, so long as the restriction relates solely to the properties and assets so acquired and was not created in connection with or in anticipation of the acquisition; 

(H)    resulting from customary provisions restricting subletting or assignment of leases or customary
provisions in other agreements (including, without limitation, intellectual property licenses entered into in the ordinary course of business) that restrict assignment of the agreements or rights thereunder; 

(I)    which are customary restrictions contained in asset sale agreements limiting the transfer of
property or assets pending the closing of the sale; 
 (J)    existing by reason of this Indenture, the
Notes, the Note Guarantees and the Security Documents; 

  
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 (K)    any Debt or contractual requirements Incurred
with respect to a Qualified Securitization Transaction relating exclusively to a Securitization Subsidiary that, as determined in good faith by the Parent Guarantor or the relevant Restricted Subsidiary, as applicable, are necessary to effect such
Qualified Securitization Transaction; and 
 (L)    which are customary provisions limiting the
disposition or distribution of assets or property in joint venture agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements entered into with the approval of the Parent Guarantor’s Board
of Directors and otherwise permitted under this Indenture, which limitation is applicable only to the assets that are the subject of such agreements. 

Section 4.09    Limitation on Transactions with Affiliates. The Parent Guarantor shall
not, and shall not permit any Restricted Subsidiary to, directly or indirectly, conduct any business or enter into or suffer to exist any transaction or series of transactions (including the purchase, sale, transfer, assignment, lease, conveyance or
exchange of any property or asset or the rendering of any service) with, or for the benefit of, any Affiliate of the Parent Guarantor (an “Affiliate Transaction”) involving aggregate consideration in excess of the greater of (i)
$50.0 million and (ii) 7.5% of Consolidated EBITDA for the most recent four consecutive fiscal quarters ending prior to the date of such disposition for which financial statements are required to be filed pursuant to Section 4.03, unless:

 (a)    the terms of such Affiliate Transaction are materially no less favorable to the Parent
Guarantor or that Restricted Subsidiary, as the case may be, taken as a whole, than those that could be obtained in a comparable arm’s-length transaction with a Person that is not an Affiliate of the
Parent Guarantor, and 
 (b)    if the Affiliate Transaction involves aggregate consideration in excess
of the greater of (i) $100.0 million and (ii) 15.0% of Consolidated EBITDA for the Test Period, the Board of Directors (including a majority of the disinterested members of the Board of Directors) approves the Affiliate Transaction and, in its
good faith judgment, determines that the Affiliate Transaction complies with clause (a) of this paragraph as evidenced by a resolution of the Board of Directors promptly delivered to the Trustee. 

Notwithstanding the foregoing limitation, the Parent Guarantor or any Restricted Subsidiary may enter into or suffer to exist the following:

 (a)    any transaction or series of transactions between the Parent Guarantor and one or more
Restricted Subsidiaries or between two or more Restricted Subsidiaries; 
 (b)    any Restricted Payment
permitted to be made pursuant to Section 4.05 or any Permitted Investment; 
 (c)    employment and
severance arrangements between the Parent Guarantor or any of its Subsidiaries and their respective officers and employees in the ordinary course of business and transactions pursuant to stock option plans and employee benefit plans and
arrangements; 
 (d)    any issuance, sale or grant of securities or other payments, awards or grants in
cash, securities or otherwise pursuant to, or the funding of employment arrangements, stock options and stock ownership plans approved by the Board of Directors of the Parent Guarantor or any parent company of the Parent Guarantor or any Restricted
Subsidiary; 

  
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 (e)    the payment of customary fees and reasonable out
of pocket costs to, and indemnities provided on behalf of, directors, managers, officers, employees and consultants of the Parent Guarantor and its Restricted Subsidiaries or any direct or indirect parent of the Parent Guarantor in the ordinary
course of business to the extent attributable to the ownership or operation of the Parent Guarantor and its Restricted Subsidiaries; 

(f)    any issuance, repurchase, redemption, retirement or other acquisition or retirement of shares of
Capital Stock (other than Disqualified Stock) of the Parent Guarantor; 
 (g)    any agreement as in
effect on the Issue Date or any amendment, modification, supplement, extension or renewal thereto (so long as such amendment, modification, supplement, extension or renewal is not materially adverse to the interests of the Holders, as determined in
good faith by the Parent Guarantor) or any transaction contemplated thereby; 
 (h)    any agreement
between any Person and an Affiliate of such Person existing at the time such Person is acquired by or merged or consolidated with or into the Parent Guarantor or a Restricted Subsidiary, as such agreement may be amended, modified, supplemented,
extended or renewed from time to time; provided that such agreement was not entered into contemplation of such acquisition, merger or consolidation, and so long as any such amendment, modification, supplement, extension or renewal, when taken
as a whole, is not materially more disadvantageous to the Holders, as determined in good faith by the Parent Guarantor, than the applicable agreement as in effect on the date of such acquisition, merger or consolidation; 

(i)    transactions with customers, clients, suppliers, joint ventures, purchasers or sellers of goods or
services or providers of employees or other labor entered into in the ordinary course of business, which are fair to the Parent Guarantor and/or the applicable Restricted Subsidiary in the good faith determination of the Board of Directors of the
Parent Guarantor or the senior management of the Parent Guarantor, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party; 

(j)    transactions in which the Parent Guarantor or any Restricted Subsidiary delivers to the Trustee a
letter or opinion from an Independent Financial Advisor stating that such transaction is fair to the Parent Guarantor or such Restricted Subsidiary from a financial point of view or stating that the terms are not materially less favorable, when
taken as a whole, than those that might reasonably have been obtained by the Parent Guarantor or such Restricted Subsidiary in a comparable transaction at such time on an arms-length basis from a Person that is not an Affiliate; 

(k)    the Transactions and the payment of Transaction Expenses; 

(l)    transactions entered into by an Unrestricted Subsidiary with an Affiliate prior to the redesignation
of such Unrestricted Subsidiary as a Restricted Subsidiary pursuant to Section 4.10; provided that such transactions were not entered into in contemplation of such redesignation; 

(m)    the payment of reasonable
out-of-pocket costs and expenses related to registration rights and customary indemnities provided to shareholders under any shareholder agreement; 

(n)    (i) any collective bargaining, employment or severance agreement or compensatory (including profit
sharing) arrangement entered into by the Parent Guarantor or any 

  
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of its Restricted Subsidiaries with their respective current or former officers, directors, members of management, managers, employees, consultants or independent contractors or those of any
parent company of the Parent Guarantor, (ii) any subscription agreement or similar agreement pertaining to the repurchase of Capital Stock pursuant to put/call rights or similar rights with current or former officers, directors, members of
management, managers, employees, consultants or independent contractors and (iii) transactions pursuant to any employee compensation, benefit plan, stock option plan or arrangement, any health, disability or similar insurance plan which covers
current or former officers, directors, members of management, managers, employees, consultants or independent contractors or any employment contract or arrangement; 

(o)    any transaction pursuant to the Separation and Distribution Agreement and the Intercompany
Agreements; 
 (p)    timeshare and fractional sales commissioned services provided through operations in
Mexico, Latin America or the Caribbean; 
 (q)    owner services activities provided through Promociones
Marriott, S.A. de C.V.; and 
 (r)    (i) any transaction with a Securitization Subsidiary effected as
part of a Qualified Securitization Transaction, any disposition or repurchase of Securitization Assets or related assets in connection with any Qualified Securitization Transaction and (ii) any sale or other transfer of Time Share Receivables
and other related assets or other transactions customarily effected as part of a Qualified Securitization Transaction (including servicing agreements and other similar arrangements customary in Qualified Securitization Transactions). 

Section 4.10    Designation of Restricted and Unrestricted Subsidiaries.
The Issuer may designate any Restricted Subsidiary (other than the Issuer) or other Subsidiary (including any newly acquired or newly formed Subsidiary) of the Parent Guarantor to be an Unrestricted Subsidiary if: 

(a)    the Subsidiary to be so designated does not own any Capital Stock or Debt of, or own or hold any
Lien on any property or asset of, the Issuer or any other Restricted Subsidiary; 
 (b)    such
designation would not cause a Default; 
 (c)    all of the Debt of such Subsidiary and its Subsidiaries
shall, at the date of designation and at all times thereafter, consist of Non-Recourse Debt; and 

(d)    either (1) the Subsidiary to be so designated has total assets of $10,000 or less or
(2) if the Subsidiary has consolidated assets greater than $10,000, then the designation would be permitted under Section 4.05. 

The Issuer may redesignate any Unrestricted Subsidiary of the Parent Guarantor to be a Restricted Subsidiary if, immediately after giving pro
forma effect to the designation, 
 (x)    (i) the Parent Guarantor would be able to Incur at least $1.00
of additional Debt under paragraph (a) of Section 4.04 or (ii) the Consolidated Fixed Charges Coverage Ratio of the Parent Guarantor and its Restricted Subsidiaries would be greater than or equal to such ratio immediately prior to
such redesignation; 

  
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 (y)    all Liens of such Unrestricted Subsidiary
outstanding immediately following such redesignation would, if Incurred at such time, have been permitted to be Incurred for all purposes of this Indenture; and 

(z)    no Default or Event of Default shall have occurred and be continuing or would result therefrom. 

Any designation of a Subsidiary of the Parent Guarantor as an Unrestricted Subsidiary or redesignation as a Restricted Subsidiary shall be
evidenced to the Trustee by filing with the Trustee an Officers’ Certificate certifying that such designation or redesignation complies with the foregoing provisions and gives the effective date of the designation or redesignation. 

Section 4.11    Change of Control. 

(a)    Upon the occurrence of a Change of Control, each Holder shall have the right to require the Issuer to repurchase all
or any part of such Holder’s Notes pursuant to the offer described in this Section 4.11 (the “Change of Control Offer”) at a purchase price (the “Change of Control Purchase Price”) equal to 101% of the
principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the purchase date (subject to the right of Holders on the relevant Record Date to receive interest due on the relevant Interest Payment Date). 

(b)    Within 30 days following any Change of Control, the Issuer shall send or cause to be sent by first-class mail (or
electronic transmission in the case of Notes held in book-entry form), with a copy to the Trustee, to each Holder, at such Holder’s address appearing in the Note register, a notice stating (as applicable): (A) that a Change of Control has
occurred and a Change of Control Offer is being made pursuant to this Section 4.11 and that all Notes properly tendered shall be accepted for purchase; (B) the Change of Control Purchase Price and the purchase date, which shall be, subject
to any contrary requirements of applicable law, a Business Day no earlier than 30 days nor later than 60 days from the date such notice is delivered (the “Change of Control Purchase Date”); (C) if such notice is delivered prior to
the occurrence of a Change of Control, that the Change of Control Offer is conditioned upon the occurrence of such Change of Control and setting forth a brief description of the definitive agreement for the Change of Control; and (D) the
procedures that Holders must follow in order to tender their Notes (or portions thereof) for payment and the procedures that Holders must follow in order to withdraw an election to tender Notes (or portions thereof) for payment. 

(c)    Holders electing to have a Note purchased shall be required to surrender the Note, with an appropriate form duly
completed and attached to the Note, or transfer by book-entry transfer, to the Issuer or its agent at the address specified in the notice at least three Business Days prior to the Change of Control Purchase Date. Holders shall be entitled to
withdraw their election if the Trustee or the Issuer receives not later than the second Business Day prior to the Change of Control Purchase Date, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the
Note that was delivered for purchase by the Holder and a statement that such Holder is withdrawing its election to have such Note purchased. 

(d)    Prior to 11:00 a.m. New York City time on the Change of Control Purchase Date, the Issuer shall irrevocably deposit
with either the Trustee or with the Paying Agent (or, if the Issuer, the Parent Guarantor or any of its Wholly Owned Subsidiaries is acting as the Paying Agent, segregate and hold in trust) in cash an amount equal to the Change of Control Purchase
Price payable to the Holders entitled thereto, to be held for payment in accordance with the provisions of this Section 4.11. On the Change of Control Purchase Date, the Issuer shall deliver to the Trustee the Notes or portions thereof that
have been properly tendered to and are to be accepted by the Issuer for payment. The Trustee or the 

  
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Paying Agent shall, on the Change of Control Purchase Date, mail or, in the case of Global Notes, deliver in accordance with the applicable procedures of DTC payment to each tendering Holder of
the Change of Control Purchase Price. In the event that the aggregate Change of Control Purchase Price is less than the amount delivered by the Issuer to the Trustee or the Paying Agent, the Trustee or the Paying Agent, as the case may be, shall
deliver the excess to the Issuer immediately after the Change of Control Purchase Date. 
 (e)    The Issuer shall not
be required to make a Change of Control Offer if (i) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control
Offer made by the Issuer and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer or (ii) notice of redemption has been given pursuant to Section 3.08 to redeem all of the Notes, unless and until there
is a default in payment of the applicable redemption price. Notwithstanding anything to the contrary contained herein, a Change of Control Offer may be made in advance of a Change of Control, conditioned upon the occurrence of such Change of
Control, if a definitive agreement is in place for the Change of Control at the time the Change of Control Offer is made. 

(f)    The Issuer shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act
and any other securities laws or regulations in connection with the purchase of Notes pursuant to this Section 4.11. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.11,
the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.11 by virtue thereof. 

(g)    If Holders of not less than 90% in aggregate principal amount of the then outstanding Notes validly tender and do
not withdraw such Notes in a Change of Control Offer and the Issuer, or any third party making a Change of Control Offer in lieu of the Issuer, purchases all of the Notes validly tendered and not withdrawn by such Holders, the Issuer shall have the
right, upon not less than 30 nor more than 60 days’ prior written notice, given not more than 30 days following the Change of Control Purchase Date, to redeem all Notes that remain outstanding following such purchase at a redemption price equal
to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including 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). 
 (h)    Subject to Section 9.02(g) and (h), the obligation of the Issuer to make a Change of Control Offer
pursuant to this Section 4.11 may be waived or modified at any time prior to the occurrence of a Change of Control with the written consent of the holders of a majority in principal amount of the Notes. 

Section 4.12    Additional Note Guarantees. The Parent Guarantor shall not permit any of
its Restricted Subsidiaries (other than any Securitization Subsidiary or Foreign Subsidiary) that is a Wholly Owned Subsidiary (and any Domestic Subsidiary that is a non-Wholly Owned Subsidiary if such non-Wholly Owned Subsidiary guarantees other capital markets debt securities of the Issuer or a Guarantor), other than the Issuer or the Subsidiary Guarantors, to guarantee the payment of any Debt of the Issuer or
any other Guarantor incurred under any Credit Facility or other capital markets debt securities unless: 

(1)    such Restricted Subsidiary within 30 days executes and delivers a supplemental indenture to this
Indenture providing for a Note Guarantee by such Restricted Subsidiary, except that with respect to a guarantee of Debt of the Issuer or any Guarantor, if such Debt is by its express terms subordinated in right of payment to the Notes or such
Guarantor’s Note Guarantee, any such Note Guarantee by such Restricted Subsidiary with respect to such Debt shall be subordinated in right of payment to such Note Guarantee substantially to the same extent as such Debt is subordinated to the
Notes; and 

  
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 (2)    such Restricted Subsidiary waives and shall not
in any manner whatsoever claim or take the benefit or advantage of, any rights of reimbursement, indemnity or subrogation or any other rights against any other Restricted Subsidiary as a result of any payment by such Restricted Subsidiary under its
Guarantee; 
 provided that this Section 4.12 shall not be applicable to any Note Guarantee of any Restricted Subsidiary that existed at the
time such Person became a Restricted Subsidiary and was not incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary. Each Guarantee shall be released in accordance with the provisions of Section 10.10.

 Each Restricted Subsidiary that becomes a Subsidiary Guarantor on or after the Issue Date will also become a party to the Security
Documents and the Intercreditor Agreement and will within 30 days of guaranteeing the payment of any Debt of the Issuer or any other Guarantor incurred under any Credit Facility or other capital markets debt securities execute and deliver such
security instruments, financing statements and certificates and opinions of counsel as may be necessary to vest in the Notes Collateral Agent a first-priority security interest (subject to Permitted Liens), in each case, in the manner and to the
extent set forth in the Security Documents and this Indenture in properties and assets of the type constituting Collateral as security for the Notes or the Note Guarantees, and thereupon all provisions of this Indenture relating to the Collateral
shall be deemed to relate to such properties and assets to the same extent and with the same force and effect. 

Section 4.13    Maintenance of Office or Agency. The Issuer shall maintain an office or agency (which
may be an office of the Trustee or an Affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon
the Issuer and the Guarantors in respect of the Notes and this Indenture may be served. The Issuer shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuer
shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 

The Issuer may also from time to time designate additional offices or agencies where the Notes may be presented or surrendered for any or all
such purposes and may from time to time rescind such designations. The Issuer shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

The Issuer hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Issuer in accordance with
Section 2.04. 
 Section 4.14    Existence. Except as otherwise provided in this Article 4,
Article 5 and Section 10.10 and subject to the ability of the Parent Guarantor or any Restricted Subsidiary to convert (or similar action) to another form of legal entity under the laws of the jurisdiction under which the Parent Guarantor or
such Restricted Subsidiary then exists, the Parent Guarantor shall do or cause to be done all things necessary to preserve and keep in full force and effect its existence and the existence of each of its Restricted Subsidiaries, and the material
rights, licenses and franchises of the Parent Guarantor and each Restricted Subsidiary; provided that the Parent Guarantor is not required to preserve any such right, license or franchise, or the existence of any Restricted Subsidiary, if the
maintenance or preservation thereof is no longer desirable in the conduct of the business of the Parent Guarantor and its Restricted Subsidiaries, taken as a whole. 

  
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 Section 4.15    Annual Officers’ Certificate as to
Compliance. Not later than one hundred and twenty (120) days after the end of each fiscal year of Parent Guarantor, beginning with respect to the fiscal year ended December 31, 2020, the Issuer shall deliver to the Trustee a
certificate (which need not comply with Section 12.04 of this Indenture) indicating whether the Officers signing such certificate know of any Default that occurred during the previous year. 

Section 4.16    After-Acquired Collateral. From and after the Issue Date, if the Issuer or any
Guarantor acquires any property or rights which are of a type constituting Collateral under any Security Document (excluding, for the avoidance of doubt, any Excluded Property or assets not required to be Collateral pursuant to this Indenture or the
Security Documents), it shall execute and deliver such security instruments, financing statements and such certificates as are required under this Indenture or any Security Document to vest in the Notes Collateral Agent a perfected security interest
(subject to Permitted Liens) in such after-acquired collateral and to take such actions to add such after-acquired collateral to the Collateral, and thereupon all provisions of this Indenture and the Security Documents relating to the Collateral
shall be deemed to relate to such after-acquired collateral to the same extent and with the same force and effect. For the avoidance of doubt, Opinions of Counsel will not be required in connection with the addition of new Subsidiary Guarantors or
in connection with such Subsidiary Guarantors entering into the Security Documents or to vest in the Notes Collateral Agent a perfected security interest in after-acquired collateral owned by such Subsidiary Guarantors unless such Opinions of
Counsel are required to be delivered to the Bank Collateral Agent with respect to the Credit Agreement Obligations, provided that, if any such Security Documents are to be executed by the Notes Collateral Agent, the Notes Collateral Agent
shall be entitled to receive an Opinion of Counsel to the effect that all conditions precedent under this Indenture and the Security Documents to the execution of such Security Document have been complied with and that such Security Document is
authorized or permitted by this Indenture. 
 ARTICLE 5 

SUCCESSORS 

Section 5.01    When Issuer May Merge or Transfer Assets. The Issuer shall not merge, consolidate or
amalgamate with or into any other Person or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all its properties and assets in any one transaction or series of transactions unless: 

(a)    the Issuer shall be the surviving Person (the “Surviving Issuer”) or the Surviving
Issuer (if other than the Issuer) formed by that merger, consolidation or amalgamation or to which that sale, transfer, assignment, lease, conveyance or disposition is made shall be an entity organized and existing under the laws of the United
States of America, any State thereof or the District of Columbia, and if such entity is not a corporation, a co-obligor of the Notes is a corporation organized and existing under such laws; 

(b)    the Surviving Issuer (if other than the Issuer) expressly assumes, by supplemental indenture
executed and delivered to the Trustee by that Surviving Issuer, the due and punctual payment of the principal of, and premium, if any, and interest on, the Notes, and the due and punctual performance and observance of all the covenants and
conditions of this Indenture and the Security Documents to be performed by the Issuer; 

(c)    immediately after giving effect to that transaction or series of transactions on a pro forma basis,
no Default or Event of Default shall have occurred and be continuing; and 

  
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 (d)    the Surviving Issuer shall deliver, or cause to
be delivered, to the Trustee, in form and substance reasonably satisfactory to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each stating that the transaction and the supplemental indenture, if any, in respect thereto comply
with this Section 5.01 and that all conditions precedent herein provided for relating to the transaction have been satisfied. 
 The
Surviving Issuer shall succeed to, and be substituted for, and may exercise every right and power of the Issuer, under this Indenture and the Security Documents, but the predecessor Issuer in the case of: 

(a)    a sale, transfer, assignment, conveyance or other disposition (unless that sale, transfer,
assignment, conveyance or other disposition is of all or substantially all the assets of the Issuer), or 

(b)    a lease, 

shall not be released from any obligation to pay the principal of, premium, if any, and interest on, the Notes. 

Section 5.02    When Parent Guarantor May Merge or Transfer Assets. The Parent Guarantor shall not
merge, consolidate or amalgamate with or into any other Person or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all its properties and assets in any one transaction or series of transactions unless: 

(a)    the surviving Person (the “Surviving Parent”) formed by that merger, consolidation
or amalgamation or to which that sale, transfer, assignment, lease, conveyance or disposition is made shall be an entity organized and existing under the laws of the United States of America, any State thereof or the District of Columbia; 

(b)    the Surviving Parent (if other than Parent Guarantor) expressly assumes, by supplemental indenture
executed and delivered to the Trustee by that Surviving Parent, all of the obligations of the Parent Guarantor under its Note Guarantee and the due and punctual performance and observance of all the covenants and conditions of this Indenture and the
Security Documents to be performed by Parent Guarantor; 
 (c)    immediately after giving effect to that
transaction or series of transactions on a pro forma basis, no Default or Event of Default shall have occurred and be continuing; 

(d)    immediately after giving effect to that transaction or series of transactions on a pro forma basis,
the Surviving Parent (i) would be able to Incur at least $1.00 of additional Debt under paragraph (a) of Section 4.04 or (ii) the Consolidated Fixed Charges Coverage Ratio of the Surviving Parent would be greater than or equal to
such ratio immediately prior to such transaction; provided, however, that this clause (d) shall not be applicable to the Parent Guarantor (or any Surviving Parent) merging, consolidating or amalgamating with or into an Affiliate
incorporated solely for the purpose of reincorporating the Parent Guarantor (or any Surviving Parent) in another State of the United States or the District of Columbia so long as the amount of Debt of the Parent Guarantor and the Restricted
Subsidiaries is not increased thereby; and 
 (e)    the Surviving Parent shall deliver, or cause to be
delivered, to the Trustee, in form and substance reasonably satisfactory to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each stating that the transaction and the supplemental indenture, if any, in respect thereto comply
with this Section 5.02 and that all conditions precedent herein provided for relating to the transaction have been satisfied. 

  
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 The Surviving Parent shall succeed to, and be substituted for, and may exercise every right
and power of the Parent Guarantor under this Indenture and the Security Documents, but the predecessor Parent Guarantor in the case of (i) a sale, transfer, assignment, conveyance or other disposition (unless that sale, transfer, assignment,
conveyance or other disposition is of all or substantially all the assets of the Parent Guarantor), or (ii) a lease, shall not be released from any obligation under its Note Guarantee. 

Section 5.03    When Subsidiary Guarantors May Merge or Transfer Assets. No Subsidiary Guarantor may
merge, consolidate or amalgamate with or into any other Person, or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all its properties and assets in any one transaction or series of transactions unless: 

(a)    (i) either (x) such Subsidiary Guarantor is the continuing Person or (y) the resulting,
surviving or transferee Person expressly assumes by supplemental indenture all of the obligations of such Subsidiary Guarantor under its Note Guarantee and the due and punctual performance and observance of all the covenants and conditions of this
Indenture and the Security Documents to be performed by such Subsidiary Guarantor; (ii) immediately after giving effect to the transaction, no Default has occurred and is continuing; and (iii) the surviving Person shall deliver, or cause
to be delivered, to the Trustee, in form and substance reasonably satisfactory to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each stating that the transaction and the supplemental indenture, if any, in respect thereto
comply with this Section 5.03 and that all conditions precedent herein provided for relating to the transaction have been satisfied; or 

(b)    the transaction constitutes a sale or other disposition (including by way of consolidation or
merger) of the Subsidiary Guarantor or the sale or disposition of all or substantially all the properties and assets of the Subsidiary Guarantor (in each case other than to the Parent Guarantor or a Restricted Subsidiary) in compliance with
Section 4.07 and otherwise permitted by this Indenture. 
 Notwithstanding the foregoing, any Subsidiary Guarantor may merge,
consolidate or amalgamate with or into or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all its properties and assets to the Issuer, the Parent Guarantor or another Subsidiary Guarantor or merge with a Restricted
Subsidiary of the Parent Guarantor, so long as the resulting entity remains or becomes a Subsidiary Guarantor. 
 ARTICLE 6 

DEFAULTS AND REMEDIES 

Section 6.01    Events of Default. Each of the following is an “Event of Default”:

 (a)    failure to make the payment of any interest on the Notes when the same becomes due and payable,
and that failure continues for a period of 30 days; 
 (b)    failure to make the payment of any
principal of, or premium, if any, on, any Note when the same becomes due and payable at its Stated Maturity, upon acceleration, redemption, optional redemption, required repurchase or otherwise; 

(c)    failure to comply with Article 5; 

  
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 (d)    failure to comply with any other covenant or
agreement in the Notes or in this Indenture or the Security Documents (other than a failure that is the subject of the foregoing clauses (a), (b) or (c)) and such failure continues for 60 days after written notice is given to the Issuer as specified
in this Section 6.01; 
 (e)    (i) a default under any Debt by the Parent Guarantor or any
Restricted Subsidiary (other than Debt owed to the Parent Guarantor or a Restricted Subsidiary or Debt in respect of any Qualified Securitization Transaction) that results in the acceleration of the maturity of that Debt, or (ii) failure to pay
principal, premium, if any, or interest on any Debt prior to the expiration of the grace period provided in such Debt and, in each case, the principal amount of such Debt, together with the principal amount of any other such Debt the maturity of
which has been accelerated or under which there has been a payment default, is in an aggregate amount in excess of $75.0 million (or its Dollar Equivalent at the time); provided that clause (e)(i) shall not apply to secured Debt that
becomes due (or requires an offer to purchase) as a result of the voluntary sale or transfer of the property or assets securing such Debt, if such sale or transfer is permitted under this Indenture and under the documents governing such Debt; and
provided, further, that clause (e)(i) shall not apply to any convertible Debt to the extent such default occurs as a result of (x) the satisfaction of a conversion contingency, (y) the exercise by a holder of such convertible
Debt of a conversion right resulting from the satisfaction of a conversion contingency or (z) a required repurchase under such convertible Debt; 

(f)    any judgment or judgments for the payment of money in an aggregate amount in excess of
$75.0 million (or its Dollar Equivalent at the time) (net of amounts covered by insurance or bonded) that shall be rendered against the Parent Guarantor or any Restricted Subsidiary and that shall not be waived, satisfied, annulled, discharged
or rescinded for any period of 60 days or more after such judgment becomes final; 
 (g)    the Issuer,
the Parent Guarantor, any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Law: 

(i)    commences a voluntary case; 

(ii)    consents to the entry of an order for relief against it in an involuntary case; 

(iii)    consents to the appointment of a Custodian of it or for any material part of its property; or 

(iv)    makes a general assignment for the benefit of its creditors; or 

(v)    takes any comparable action under any foreign laws relating to insolvency; 

(h)    a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(i)    is for relief against the Issuer, the Parent Guarantor, any Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, in an involuntary case; 

  
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 (ii)    appoints a Custodian of any of the Issuer, the
Parent Guarantor, any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, or for any material part of its property; 

(iii)    orders the winding up or liquidation of the Issuer, the Parent Guarantor, any Significant
Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; or 

(iv)    grants any similar relief under any foreign laws, 

and in each such case the order or decree remains unstayed and in effect for 60 days; 

(i)    the Note Guarantee of the Parent Guarantor or any Significant Subsidiary or any group of Subsidiary
Guarantors that, taken together, would constitute a Significant Subsidiary ceases to be in full force and effect (other than in accordance with the terms of this Indenture), or the Parent Guarantor or any Significant Subsidiary or any group of
Subsidiary Guarantors that, taken together, would constitute a Significant Subsidiary denies or disaffirms its obligations under this Indenture or its Note Guarantee; and 

(j)    (x) the Liens created by the Security Documents shall at any time not constitute a valid and
perfected Lien on any material portion of the Collateral intended to be covered thereby (unless perfection is not required by this Indenture or the Security Documents) other than (A) in accordance with the terms of the relevant Security
Document and this Indenture, (B) the satisfaction in full of all Obligations under this Indenture or (C) any loss of perfection that results from the failure of the Notes Collateral Agent to maintain possession of certificates delivered to
it representing securities pledged under the Security Documents and (y) such default continues for 30 days after receipt of written notice given by the Trustee or the Holders of not less than 25.0% in aggregate principal amount of the then
outstanding Notes. 
 A Default under clause (d) is not an Event of Default until the Trustee or the Holders of not less than 25% in
aggregate principal amount of the Notes then outstanding notify the Issuer of the Default and the Issuer does not cure that Default within the time specified in clause (d) after receipt of such notice (the “Notice of
Default”); provided that a Notice of Default may not be given with respect to any action taken or omitted to be taken, and reported publicly or to holders, if such action or omission was so reported more than two years prior to such
Notice of Default. The notice must specify the Default, demand that it be remedied and state that the notice is a “Notice of Default.” 

The Issuer shall deliver to the Trustee, within 10 Business Days of the date on which the Issuer has become aware of the occurrence or
received notice thereof, written notice in the form of an Officers’ Certificate of any Default, its status and what action the Issuer is taking or proposes to take with respect thereto. 

The Trustee shall be under no obligation to determine whether any Event of Default or potential Event of Default has occurred. 

Following an Event of Default or potential Event of Default, the Trustee shall have the right to notify the Issuer to make all payments
following an Event of Default or potential Event of Default to or to the order of the Trustee. Any time period in this Indenture to cure any actual or alleged Default or Event of Default may be extended or stayed by a court of competent
jurisdiction. 

  
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 Section 6.02    Acceleration. If an Event of Default with respect
to the Notes (other than an Event of Default specified in Sections 6.01(g) or 6.01(h)) shall have occurred and be continuing, the Trustee (at the written direction of, and as indemnified by, the registered Holders of not less than 25% in aggregate
principal amount of Notes) or the Holders of not less than 25% in aggregate principal amount of the Notes then outstanding may, by notice to the Issuer and the Trustee, declare the principal, premium, if any, and accrued and unpaid interest on all
the Notes to be immediately due and payable. If an Event of Default specified in Sections 6.01(g) or 6.01(h) shall occur, the principal, premium, if any, and accrued and unpaid interest on all the Notes shall be due and payable immediately without
any declaration or other act by the Trustee or the Holder of the Notes. 
 Any Notice of Default, notice of acceleration or instruction to
the Trustee to provide a Notice of Default, notice of acceleration or take any other action (a “Noteholder Direction”) provided by any one or more Holders (each a “Directing Holder”) must be accompanied by a written
representation from each such Holder delivered to the Issuer and the Trustee that such Holder is not (or, in the case such Holder is DTC or its nominee, that, to such Holder’s knowledge, it is being instructed by beneficial owners that are not)
Net Short (a “Position Representation”), which representation, in the case of a Noteholder Direction relating to the delivery of a Notice of Default shall be deemed a continuing representation until the resulting Event of Default is
cured or otherwise ceases to exist or the Notes are accelerated. In addition, each Directing Holder is deemed, at the time of providing a Noteholder Direction, to covenant to provide the Issuer upon written request with such other information as the
Issuer may reasonably request from time to time in order to verify the accuracy of such Noteholder’s Position Representation within five Business Days of the request therefor (a “Verification Covenant”). In any case in which
the Holder is DTC or its nominee, any Position Representation or Verification Covenant required hereunder shall be provided by the beneficial owner of the Notes in lieu of DTC or its nominee and DTC shall be entitled to conclusively rely on such
Position Representation and Verification Covenant in delivering its direction to the Trustee. 
 If, following the delivery of a Noteholder
Direction, but prior to acceleration of the Notes, the Issuer determines in good faith that there is a reasonable basis to believe a Directing Holder was, at any relevant time, in breach of its Position Representation and provides to the Trustee an
Officers’ Certificate stating that the Issuer has initiated litigation in a court of competent jurisdiction seeking a determination that such Directing Holder was, at such time, in breach of its Position Representation, and seeking to
invalidate any Event of Default that resulted from the applicable Noteholder Direction, the cure period with respect to such Default shall be automatically stayed and the cure period with respect to such Event of Default shall be automatically
reinstituted and any remedy stayed pending a final and nonappealable determination of a court of competent jurisdiction on such matter if, without the participation of such Holder, the percentage of Notes held by the remaining Holders that provided
such Noteholder Direction would have been insufficient to validly provide such Noteholder Direction. 
 If, following the delivery of a
Noteholder Direction, but prior to acceleration of the Notes, the Issuer, acting in good faith, provides to the Trustee an Officers’ Certificate stating that in its reasonable determination a Directing Holder failed to satisfy its Verification
Covenant, the cure period with respect to such Default shall be automatically stayed and the cure period with respect to any Event of Default that resulted from the applicable Noteholder Direction shall be automatically reinstituted and any remedy
stayed, until such time as the Issuer provides the Trustee with an Officers’ Certificate that the Verification Covenant has been satisfied, if, without the participation of such Holders, the percentage of Notes held by the remaining Holders
that provided such Noteholder Direction would have been insufficient to validly provide such Noteholder Direction. Any breach of the Position Representation (as evidenced by the delivery to the Trustee of an Officers’ Certificate stating that a
Directing Holder failed to satisfy its Verification Covenant) shall result in such Holder’s participation in such Noteholder Direction being disregarded; and, if, without the participation of such Holders, the percentage of Notes held by the
remaining Holders that provided such Noteholder Direction would have been insufficient to 

  
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validly provide such Noteholder Direction, such Noteholder Direction shall be void ab initio (other than any indemnity such Directing Holder may have offered the Trustee), with the effect
that such Event of Default shall be deemed never to have occurred, acceleration voided and the Trustee shall be deemed not to have received such Noteholder Direction or any notice of such Default or Event of Default. 

Notwithstanding anything in the preceding two paragraphs to the contrary, any Noteholder Direction delivered to the Trustee during the
pendency of an Event of Default under the bankruptcy provisions shall not require compliance with the foregoing paragraphs. 
 For the
avoidance of doubt, the Trustee shall be entitled to conclusively rely on any Noteholder Direction or Officers’ Certificate delivered to it in accordance with this Indenture, shall have no duty to inquire as to or investigate the accuracy of
any Position Representation, enforce compliance with any Verification Covenant, verify any statements in any Officers’ Certificate delivered to it, or otherwise make calculations, investigations or determinations with respect to Derivative
Instruments, Net Shorts, Long Derivative Instruments, Short Derivative Instruments or otherwise. The Trustee shall have no liability to the Issuer, the Parent Guarantor, any other Guarantor, any Holder or any other Person in acting in good faith on
a Noteholder Direction or Officers’ Certificate. 
 In the event of a declaration of acceleration of the Notes because an Event of
Default described in Section 6.01(e) has occurred and is continuing, the declaration of acceleration of the Notes shall be automatically annulled if the default triggering such Event of Default pursuant to Section 6.01(e) shall be remedied
or cured by the Parent Guarantor or a Restricted Subsidiary or waived by the Holders of the relevant Debt within 30 days after the declaration of acceleration with respect to the Notes and its consequences if (1) such annulment would not
conflict with any judgment or decree of a court of competent jurisdiction and (2) all existing Events of Default, other than the nonpayment of the principal, premium, if any, or interest on the Notes that became due solely because of the
acceleration of the Notes, have been cured or waived. 
 Section 6.03    Other Remedies. If an Event of
Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of, or premium, if any, or interest on, the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law. 
 Section 6.04    Waiver of Past Defaults. The Holders of a
majority in principal amount of the outstanding Notes may waive all past defaults (except with respect to nonpayment of principal, premium or interest) and rescind any such acceleration with respect to the Notes and its consequences if (1) such
rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) all existing Events of Default, other than the nonpayment of the principal, premium, if any, and interest on the Notes that became due solely
by such declaration of acceleration, have been cured or waived. When a Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or other Default or impair any consequent right. If a Default is deemed to occur solely
as a consequence of the existence of another Default (the “Initial Default”), then, at the time such Initial Default is cured (including the payment of default interest, if any), the Default that resulted solely because of that
Initial Default shall also be cured without any further action. 
 Section 6.05    Control by Majority.
The Holders of a majority in aggregate principal amount of the Notes then outstanding may direct the time, method and place of conducting any proceeding for any 

  
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remedy available to the Trustee or of exercising any trust or power conferred on the Trustee with respect to the Notes. However, the Trustee may refuse to follow any direction that conflicts with
law or this Indenture or the Security Documents or that the Trustee determines is unduly prejudicial to the rights of other Noteholders or would involve the Trustee in personal liability; provided, however, that the Trustee may take
any other action deemed proper by the Trustee that is not inconsistent with such direction. Subject to Section 7.01, in case an Event of Default shall occur and be continuing, the Trustee shall be under no obligation to exercise any of its
rights or powers hereunder at the request or direction of any of the Holders, unless the Holders shall have offered to the Trustee reasonable security and/or indemnity satisfactory to it. 

Section 6.06    Limitation on Suits. A Noteholder shall not have any right to institute any proceeding
with respect to this Indenture or the Notes, or for the appointment of a receiver or Trustee, or for any remedy thereunder (subject to the Security Documents), unless: 

(a)    such Holder shall have previously given to the Trustee written notice of a continuing Event of
Default; 
 (b)    the Holders of at least 25% in aggregate principal amount of the Notes then
outstanding shall have made a written request and offered indemnity reasonably satisfactory to the Trustee to institute such proceeding as trustee; and 

(c)    the Trustee shall not have received from the Holders of a majority in aggregate principal amount of
the Notes then outstanding a direction inconsistent with such request and shall have failed to institute such proceeding within 60 days after such notice. 

The foregoing limitations shall not apply to a suit instituted by a Holder for the enforcement of payment of the principal of, and premium, if
any, or interest on such Note on or after the applicable due date specified in such Note. A Noteholder may not use this Indenture to prejudice the rights of another Noteholder or to obtain a preference or priority over another Noteholder (it being
understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders). 

Section 6.07    Rights of Holders to Receive Payment. Notwithstanding any other provision of this
Indenture, the right of any Holder to institute suit for the enforcement of payment of principal of, or interest on the Notes held by such Holder, on or after the respective due dates expressed in the Notes, shall not be impaired or affected without
the consent of such Holder; provided that for the avoidance of doubt, the amendment, supplement or modification in accordance with the terms of this Indenture of Articles 4 and 5 and Sections 6.01(c), (d), (e) and (i) and the related
definitions shall be deemed not to impair the right of any Holder to institute suit for the enforcement of payment of principal of or interest on the Notes held by such Holder. 

Section 6.08    Collection Suit by Trustee. If an Event of Default specified in Section 6.01(a) or
6.01(b) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuer for the whole amount then due and owing (together with interest on any unpaid interest to the extent lawful) and
the amounts provided for in this Indenture. 
 Section 6.09    Trustee May File Proofs of Claim. The
Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and the Noteholders allowed in any judicial proceedings relative to the Issuer, its creditors or its
property and, unless prohibited by law or applicable regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such

  
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judicial proceeding is hereby authorized by each Holder to make payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to
pay to the Trustee any amount due it for such compensation as agreed upon in writing by the parties hereto, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under this Indenture,
or in connection with the transactions contemplated hereunder. 
 Section 6.10    Priorities. If the
Trustee collects any money or property pursuant to this Article 6, it shall pay out the money or property in the following order: 

FIRST: to the Trustee and to the Notes Collateral Agent, its agents and counsel for amounts due under this Indenture; 

SECOND: to the other agents as may be appointed under this Indenture; 

THIRD: to Noteholders for amounts due and unpaid on the Notes for principal and interest, ratably, without preference or
priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; and 

FOURTH: to the Issuer. 

The Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this Section 6.10. At least 15 days before
such record date, the Issuer shall send to each Noteholder and the Trustee a notice that states the record date, the payment date and amount to be paid. 

Section 6.11    Undertaking for Costs. In any suit for the enforcement of any right or remedy under
this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in
its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit (other than the Trustee), having due regard to the merits and good faith of the claims or defenses made by the
party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in aggregate principal amount of the Notes. 

Section 6.12    Restoration of Rights and Remedies. If the Trustee or any Holder has instituted a proceeding
to enforce any right or remedy under this Indenture and the proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to the Holder, then, subject to any determination in the proceeding, the
Issuer, the Guarantors, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Issuer, the Guarantors, the Trustee and the Holders shall continue as
though no such proceeding had been instituted. 
 Section 6.13    Rights and Remedies Cumulative.
Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.07, no right or remedy conferred or reserved to the Trustee or to the Holders under this Indenture is intended to
be exclusive of any other right or remedy, and all such rights and remedies are, to the extent permitted by law, cumulative and in addition to every other right and remedy hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion or exercise of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or exercise of any other right or remedy. 

Section 6.14    Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder to
exercise any right or remedy accruing upon any Event of Default shall impair any such right or 

  
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remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article 6 or by law to the Trustee or to the Holders may be exercised
from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 ARTICLE 7 

TRUSTEE 

Section 7.01    Duties of Trustee. 

(a)    If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it
by this Indenture and use the same degree of care and skill in its exercise as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 

(b)    Except during the continuance of an Event of Default: 

(i)    the Trustee undertakes to perform such duties and only such duties as are specifically set forth in
this Indenture, and no implied duties, covenants or obligations shall be read into this Indenture against the Trustee, where duties and obligations shall be determined solely by the express provisions of this Indenture; and 

(ii)    in the absence of willful misconduct on its part, the Trustee may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee shall examine the certificates and
opinions to determine whether or not they conform to the requirements of this Indenture but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein; provided, that the Trustee shall not be
responsible for the content of legal opinion letters, whether delivered to it or on its behalf. 
 (c)    The Trustee
may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 

(i)    this paragraph (c) does not limit the effect of paragraph (b) of this Section 7.01;

 (ii)    the Trustee shall not be liable for any error of judgment made in good faith by a Trust
Officer unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; 

(iii)    the Trustee shall not be liable with respect to any action it takes or omits to take in good faith
in accordance with a direction received by it pursuant to Section 6.05; and 
 (iv)    no provision
of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers. 

(d)    Every provision of this Indenture that in any way relates to the Trustee is subject to clauses (a), (b) and
(c) of this Section 7.01. 

  
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 (e)    The Trustee shall not be liable for interest or payment of
interest on any money received by it except as the Trustee may agree in writing with the Issuer, and the Trustee disclaims any obligation to otherwise manage such money. 

(f)    Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 (g)    The Trustee shall not be deemed to have notice of a Default or an Event of Default unless a Trust Officer of
the Trustee has received written notice thereof (in accordance with the notice provisions of this Indenture) from the Issuer or any Holder and such notice references the Notes and this Indenture. 

(h)    The Trustee shall not be precluded from entering into transactions with any other party hereto that are separate
from those contemplated under this Indenture. 
 Section 7.02    Rights of Trustee. 

(a)    The Trustee may conclusively rely on any document (whether in its original or facsimile form) believed by it to be
genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. The Trustee may, however, in its discretion make such further inquiry or investigation into such facts or
matters as it may see fit and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine, during business hours and upon reasonable notice, the books, records and premises of the Issuer, personally
or by agent or attorney at the expense of the Issuer, and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

(b)    Before the Trustee acts or refrains from acting, it shall be entitled to receive an Officers’ Certificate
and/or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. 

(c)    The Trustee may act through agents and/or attorneys and shall not be responsible for the misconduct or negligence
of any agent or attorney appointed with due care. 
 (d)    The Trustee shall not be liable for any action it takes or
omits to take in good faith that it believes to be authorized or within its rights or powers. 
 (e)    The Trustee may
consult with counsel of its selection, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken,
omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

(f)    The permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as a duty
unless so specified herein. 
 (g)    The Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security and/or indemnity satisfactory to it against the costs, expenses and
liabilities which might be incurred by the Trustee in compliance with such request or direction. 
 (h)    In no event
shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit), irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action. 

  
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 (i)    The rights, privileges, protections, immunities and benefits
given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder,
including the Notes Collateral Agent. 
 (j)    The Trustee shall not be required to give any bond or surety in respect
of the performance of its powers and duties hereunder. 
 (k)    The Trustee may request that the Issuer deliver a
certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 

(l)    Delivery of any reports, information and documents to the Trustee is for informational purposes only and the
Trustee’s receipt of such shall not constitute constructive or actual notice or knowledge of any information contained therein or determinable from information contained therein, including the Issuer’s, any Guarantor’s or any other
Person’s compliance with any of their covenants hereunder or the Security Documents (as to which the Trustee may conclusively rely on an Officers’ Certificate). 

Section 7.03    Individual Rights of Trustee. The Trustee in its individual or any other capacity may
become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates or any other party hereto with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or
co-registrar may do the same with like rights. Notwithstanding the foregoing, the Trustee must comply with Sections 7.10 and 7.11. 

Section 7.04    Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no
representation as to the validity, priority or adequacy of this Indenture, the Notes, the First Lien Intercreditor Agreement, the Junior Lien Intercreditor Agreement, if any, or the Security Documents, it shall not be accountable for the
Issuer’s use of the proceeds from the Notes, and it shall not be responsible for any statement of the Issuer in this Indenture, the First Lien Intercreditor Agreement, the Junior Lien Intercreditor Agreement, if any, or the Security Documents
or in any other document other than the certificate of authentication executed by the Trustee. 

Section 7.05    Notice of Defaults. If a Default or Event of Default occurs and is continuing and if a
written notice of a Default or Event of Default is received by a Trust Officer, the Trustee shall send to each Noteholder notice of the Default or Event of Default within 90 days after written notice of it is received by a Trust Officer of the
Trustee. Except in the case of a Default or Event of Default in payment of principal of or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its Trust Officers in good faith determines that withholding the
notice is in the interests of Noteholders. 
 Section 7.06    [Reserved]. 

Section 7.07    Compensation and Indemnity. The Issuer and the Guarantors shall pay to the Trustee from
time to time such reasonable compensation for its services as agreed upon in writing by the parties hereto. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer and Guarantors,
jointly and severally, shall reimburse the Trustee upon request for all reasonable, documented out-of-pocket expenses incurred or made by it, including costs of
collection, in addition to the compensation for its services. Such expenses shall include the reasonable 

  
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compensation and reasonable, documented out-of-pocket expenses, disbursements and advances of the Trustee’s
agents, counsel, accountants and experts. The Issuer and Guarantors, jointly and severally, shall indemnify the Trustee and every receiver, attorney, manager, agent or other person appointed by the Trustee hereunder against any and all loss,
liability, claim, damage, penalty, action, suit, cost and expense (including reasonable attorneys’ fees and out-of-pocket expenses and taxes (other than taxes based
upon, measured by or determined by the income of any such Person)) incurred by it in connection with the acceptance or administration of the trust hereunder and/or the transactions contemplated under this Indenture, and the Trustee shall have no
liability or responsibility for any action or inaction on the part of any Paying Agent, Registrar, Authentication Agent or any successor trustee. The Trustee shall notify the Issuer and the Guarantors promptly of any claim for which it may seek
indemnity. Failure by the Trustee to so notify the Issuer and the Guarantors shall not relieve the Issuer or any of the Guarantors of their respective obligations hereunder except to the extent that the Issuer or any of the Guarantors shall have
been actually prejudiced as a result of such failure. The Issuer and the Guarantors shall defend the claim and the Trustee may participate in the defense and have separate counsel, and the Issuer and the Guarantors shall pay the fees and expenses of
such counsel. None of the Issuer or any of the Guarantors shall be required to reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful misconduct or negligence. None of
the Issuer or any of the Guarantors shall be required to pay for any settlement made by the Trustee without the Issuer’s consent, such consent not to be unreasonably withheld. All indemnifications and releases from liability granted hereunder
to the Trustee shall extend to its officers, directors, employees, agents, successors and assigns. 
 To secure the Issuer’s and
Guarantors’ payment obligations in this Section 7.07, the Trustee shall have a lien prior to the Notes on all money or property held or collected by the Trustee other than money or property held in trust to pay principal of and interest on
particular Notes. 
 The Issuer’s and Guarantors’ payment obligations pursuant to this Section 7.07 shall survive the
resignation or removal of the Trustee and the discharge of this Indenture. When the Trustee incurs expenses after the occurrence of a Default specified in Sections 6.01(g) or 6.01(h) with respect to the Issuer, the expenses are intended to
constitute expenses of administration under the Bankruptcy Law. 
 The provisions of this Section 7.07 shall survive the satisfaction
and discharge or termination, for any reason, of this Indenture and the resignation or removal of the Trustee. 

Section 7.08    Replacement of Trustee. The Trustee may resign at any time by so notifying the Issuer
in writing not less than 30 days prior to the effective date of such resignation. The Holders of a majority in aggregate principal amount of the Notes then outstanding may remove the Trustee by so notifying the Trustee in writing not less than 30
days prior to the effective date of such removal and may appoint a successor Trustee with the Issuer’s written consent. The Issuer shall remove the Trustee if: 
  

	 	(a)	 the Trustee fails to comply with Section 7.10; 

 

	 	(b)	 the Trustee is adjudged bankrupt or insolvent or an order for relief is entered with respect to the Trustee
under any Bankruptcy Law; 

  

	 	(c)	 a receiver or other public officer takes charge of the Trustee or its property; or 

 

	 	(d)	 the Trustee otherwise becomes incapable of acting. 

If the Trustee resigns, is removed by the Issuer or by the Holders of a majority in aggregate principal amount of the Notes then outstanding
and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Issuer shall promptly appoint a
successor Trustee. 

  
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 A successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Issuer. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The Issuer shall send a
notice of any proposed succession to Noteholders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07. 

If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, at the
reasonable expense of the Issuer, or the Holders of 10% in aggregate principal amount of the Notes then outstanding may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee fails to comply with Section 7.10, unless the Trustee’s duty to resign is stayed as provided in TIA
Section 310(b), any Noteholder who has been a bona fide Holder of a Note for at least six months may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

Notwithstanding the replacement or resignation of the Trustee pursuant to this Section 7.08, the Issuer’s obligations under
Section 7.07 shall continue for the benefit of the Trustee and survive the termination of this Indenture. 

Section 7.09    Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or
transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation or banking association without any further act shall be the successor
Trustee. 
 Section 7.10    Eligibility; Disqualification. The Trustee shall at all times satisfy the
requirements of TIA § 310(a). The Trustee shall have (or, in the case of a corporation included in a bank holding company system, the related bank holding company shall have) a combined capital and surplus of at least $25.0 million as set
forth in its (or its related bank holding company’s) most recent published annual report of condition. The Trustee shall comply with TIA § 310(b), subject to the penultimate paragraph thereof; provided, however, that there
shall be excluded from the operation of TIA § 310(b)(i) any indenture or indentures under which other securities or certificates of interest or participation in other securities of the Issuer are outstanding if the requirements for such
exclusion set forth in TIA § 310(b)(1) are met. 
 Section 7.11    Preferential Collection of Claims
Against Issuer. The Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated. 

Section 7.12    Security Documents; Intercreditor Agreements. By their acceptance of the Notes, the
Holders hereby authorize and direct the Trustee and the Notes Collateral Agent, as the case may be, to execute and deliver the First Lien Intercreditor Agreement, the Junior Lien Intercreditor Agreement, if any, and any other Security Documents in
which the Trustee or the Notes Collateral Agent, as applicable, is named as a party, including the Security Agreement and any Security Documents executed on or after the Issue Date. It is hereby expressly acknowledged and agreed that, in doing so,
the Trustee and the Notes Collateral Agent are not responsible for the terms or contents of such agreements, or for the validity or enforceability thereof, or the sufficiency thereof for any purpose. Whether or not so

  
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expressly stated therein, in entering into, or taking (or forbearing from) any action under, the First Lien Intercreditor Agreement, the Junior Lien Intercreditor Agreement, if any, or any other
Security Documents, the Trustee and the Notes Collateral Agent each shall have all of the rights, privileges, benefits, immunities, indemnities and other protections granted to it under this Indenture (in addition to those that may be granted to it
under the terms of such other agreement or agreements). 
 Section 7.13    Limitation of Duty of Trustee and Notes
Collateral Agent in Respect of Collateral; Indemnification. 
 (a)    Beyond the exercise of reasonable care in the
custody thereof, neither the Trustee nor the Notes Collateral Agent shall have any duty as to any Collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights
against prior parties or any other rights pertaining thereto, and the Trustee and the Notes Collateral Agent shall not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office
at any time or times or otherwise perfecting or maintaining the perfection of any security interest in the Collateral. The Trustee and the Notes Collateral Agent shall be deemed to have exercised reasonable care in the custody of the Collateral in
its possession if the Collateral is accorded treatment substantially equal to that which it accords its own property and shall not be liable or responsible for any loss or diminution in the value of any of the Collateral, by reason of the act or
omission of any carrier, forwarding agency or other agent or bailee selected by the Trustee or the Notes Collateral Agent in good faith. 

(b)    The Trustee and Notes Collateral Agent shall not be responsible for the existence, genuineness or value of any of
the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, except to the extent such
action or omission constitutes gross negligence, bad faith or willful misconduct on the part of the Trustee and Notes Collateral Agent, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the
validity of the title of the Issuer and the Guarantors to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral (except with
respect to certificates delivered to the Notes Collateral Agent representing securities pledged under the Security Documents). The Trustee and Notes Collateral Agent shall have no duty to ascertain or inquire as to the performance or observance of
any of the terms of this Indenture, the First Lien Intercreditor Agreement, the Junior Lien Intercreditor Agreement, if any, or the Security Documents by the Issuer, any Guarantor, the Bank Collateral Agent or any Junior Lien Representative. 

ARTICLE 8 
 DISCHARGE OF
INDENTURE; DEFEASANCE 
 Section 8.01    Discharge of Liability on Notes; Defeasance. 

(a)    When (i) all outstanding Notes (other than Notes replaced pursuant to Section 2.07) have been delivered to
the Trustee for cancellation and the Issuer has paid or caused to be paid all sums payable by them hereunder, or (ii) (A) all outstanding Notes not theretofore delivered to the Trustee for cancellation (1) have become due and payable by
reason of the making of a notice of redemption or otherwise or (2) mature within one year or (3) are to be called for redemption within one year under arrangements satisfactory to the Trustee for giving the notice of redemption,
(B) the Issuer irrevocably deposits with the Trustee cash in U.S. Dollars, Government Obligations or a combination thereof, sufficient, as confirmed, certified or attested by an Independent Financial Advisor, without consideration of any
reinvestment of interest, to pay at maturity or upon redemption principal of, premium, if any, and 

  
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interest on all outstanding Notes, including interest thereon to maturity or such redemption date (other than Notes replaced pursuant to Section 2.07), (C) no Default (other than that
resulting from borrowing funds to be applied to make such deposit and the granting of Liens in connection therewith) with respect to this Indenture or the Notes issued hereunder has occurred and is continuing on the date of the deposit, (D) the
deposit shall not result in a breach or violation of, or constitute default under any other material agreement or instrument (other than this Indenture) to which the Issuer is a party or by which the Issuer is bound, and (E) the Issuer pays or
causes to be paid all other sums payable hereunder by the Issuer, then this Indenture shall, subject to Section 8.01(c), cease to be of further effect. The Trustee shall acknowledge satisfaction and discharge of this Indenture on written demand
of the Issuer accompanied by an Officers’ Certificate and an Opinion of Counsel and at the cost and expense of the Issuer. 

(b)    Subject to Sections 8.01(c) and 8.02, the Issuer at any time may terminate (i) all of their obligations and
the obligations of the Guarantors under the Notes, the Note Guarantees and this Indenture, as applicable, and have the Liens, if any, on the Collateral securing the Notes released (“legal defeasance option”) or (ii) the
obligations under Sections 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12 and 4.16 and the limitations contained in Section 5.02(d) (“covenant defeasance option”). If the Issuer exercises its legal defeasance
option, the Note Guarantees in effect at such time shall be automatically released. If the Issuer exercises its covenant defeasance option, the Note Guarantees (other than the Note Guarantee of the Parent Guarantor) in effect at such time shall be
automatically released. The Issuer may exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option. 

If the Issuer exercises its legal defeasance option, payment of the Notes may not be accelerated because of an Event of Default. If the Issuer
exercises its covenant defeasance option, payment of the Notes may not be accelerated because of an Event of Default specified in Sections 6.01(d) (only with respect to the covenants of Article 4 identified in the immediately preceding
paragraph), 6.01(e), 6.01(f), 6.01(g) (with respect only to Significant Subsidiaries or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary), 6.01(h) (with respect only to Significant Subsidiaries or
any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary) or 6.01(i) (other than with respect to the Note Guarantee of the Parent Guarantor) or 6.01(j) or because of the failure of the Parent Guarantor to
comply with the limitations contained in Section 5.02(d). 
 Upon satisfaction of the conditions set forth herein and upon request of
the Issuer, accompanied by an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent specified herein relating to the defeasance contemplated have been complied with, the Trustee shall acknowledge in writing
the discharge of those obligations that the Issuer terminates. 
 (c)    Notwithstanding clauses (a) and (b) in
this Section 8.01, the Issuer’s obligations in Sections 2.04, 2.05, 2.06, 2.07, 7.07, 7.08, 8.05 and 8.06 shall survive until the Notes have been paid in full. Thereafter, the Issuer’s obligations in Sections 7.07 and 8.05 shall
survive such satisfaction or discharge. 
 Section 8.02    Conditions to Defeasance. The Issuer may
exercise its legal defeasance option or their covenant defeasance option only if: 
 (a)    the Issuer
irrevocably deposits in trust with the Trustee, for the benefit of the Holders, cash in U.S. Dollars, Government Obligations or a combination thereof, sufficient, as confirmed, certified or attested by an Independent Financial Advisor, without
consideration of any reinvestment of interest, for the payment of principal of and premium, if any, and interest on the Notes to maturity or redemption; provided that upon any redemption that requires the payment of the Applicable Premium,
the amount deposited shall be sufficient for purposes of this Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable 

  
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Premium calculated as of the date of the notice of redemption, with any deficit as of the date of redemption (any such amount, the “Applicable Premium Deficit”) only required to
be irrevocably deposited with the Trustee on or prior to the date of redemption. Any Applicable Premium Deficit shall be set forth in an Officers’ Certificate delivered to the Trustee simultaneously with the deposit of such Applicable Premium
Deficit that confirms that such Applicable Premium Deficit shall be applied toward such redemption; 

(b)    no Default or Event of Default has occurred and is continuing on the date of the deposit and after
giving effect thereto (other than a Default or an Event of Default resulting from the borrowing of funds to be applied to make such deposit and any similar and simultaneous deposit relating to other Debt and, in each case, the granting of Liens in
connection therewith), and the deposit shall not result in a breach or violation of, or constitute a default under, the Credit Agreement or any other material agreement or material instrument (other than this Indenture) to which the Issuer or any
Guarantor is a party or by which the Issuer or any Guarantor is bound; 
 (c)    in the case of the legal
defeasance option, the Issuer delivers to the Trustee an Opinion of Counsel stating that (1) the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling, or (2) since the Issue Date there has been a
change in the applicable federal income tax law, to the effect, in either case, that, and based thereon the Opinion of Counsel shall confirm that, the Holders of the Notes shall not recognize income, gain or loss for federal income tax purposes as a
result of such legal defeasance and shall be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if the defeasance had not occurred; 

(d)    in the case of the covenant defeasance option, the Issuer delivers to the Trustee an Opinion of
Counsel to the effect that the Holders of the Notes shall not recognize income, gain or loss for federal income tax purposes as a result of such covenant defeasance and shall be subject to federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if that covenant defeasance had not occurred; 

(e)    the Issuer delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel, each
stating that all conditions precedent to the legal defeasance or covenant defeasance, as applicable, as contemplated by this Article 8, have been complied with; and 

(f)    the Issuer delivers irrevocable instructions to the Trustee to apply the deposited money toward the
payment of the Notes at maturity or the redemption date, as the case may be (which instructions may be contained in the Officers’ Certificate referred to in clause (e) above). 

Simultaneous with a deposit, the Issuer may make arrangements satisfactory to the Trustee for the redemption of Notes at a future date in
accordance with Article 3. 
 Section 8.03    Application of Trust Money. The Trustee shall hold in trust
money or Government Obligations deposited with it pursuant to this Article 8. It shall apply the deposited money and the money from Government Obligations through the Paying Agent and in accordance with this Indenture to the payment of
principal of, premium, if any, and interest on the Notes. 
 Section 8.04    Repayment to Issuer. The Trustee and
the Paying Agent shall promptly turn over to the Issuer upon written request any excess money or securities held by them upon satisfaction of the conditions and occurrence of the events set forth in this Article 8. 

  
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 Subject to any applicable abandoned property law, the Trustee and the Paying Agent shall pay
to the Issuer upon request any money held by them for the payment of principal, premium, if any, or interest that remains unclaimed for two years after such principal, premium, if any, or interest has become due and payable, and, thereafter,
Noteholders entitled to the money must look to the Issuer for payment as general creditors. 

Section 8.05    Indemnity for Government Obligations. The Issuer shall pay and shall indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against Government Obligations deposited pursuant to Section 8.02 or the principal and interest received on such Government Obligations, other than any such tax, fee or other charge which
by law is for the account of the Holders. 
 Section 8.06    Reinstatement. If the Trustee or Paying Agent
is unable to apply any money or Government Obligations in accordance with this Article 8 by reason of any legal proceeding or by reason of any order or judgment of any court or Governmental Authority enjoining, restraining or otherwise
prohibiting such application, the Issuer’s and the Guarantors’ obligations under this Indenture, the Notes and the Note Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to this Article 8 until such
time as the Trustee or Paying Agent is permitted to apply all such money or Government Obligations in accordance with this Article 8; provided, however, that, if the Issuer has made any payment of interest on or principal of any
Notes because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Obligations held by the Trustee or Paying Agent. 

ARTICLE 9 
 AMENDMENTS 

Section 9.01    Without Consent of Holders. Notwithstanding Section 9.02, the Issuer, the Trustee, the Notes
Collateral Agent and (with respect to any amendment or supplement to the Note Guarantees) the Guarantors may amend or supplement this Indenture, the Security Documents, the Notes or the Note Guarantees without notice to or consent of any Noteholder:

 (a)    to cure any ambiguity, omission, defect, mistake, error or inconsistency; 

(b)    to provide for the assumption by a successor of the obligations of the Issuer or any Guarantor under
this Indenture or the Security Documents; 
 (c)    to provide for uncertificated Notes in addition to or
in place of certificated Notes; provided that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code; 

(d)    to comply with the rules of any applicable depositary; 

(e)    to add Guarantors with respect to the Notes or release Guarantors from their Note Guarantees in
accordance with the applicable terms of this Indenture; 
 (f)    to add assets as Collateral or grant
any Lien in favor of the Notes Collateral Agent for the benefit of the Notes Secured Parties, to add to the covenants of the Issuer and the Guarantors for the benefit of the Holders or to surrender any right or power conferred upon the Issuer or the
Guarantors; 

  
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 (g)    to make any change that does not adversely affect
the rights of any Noteholder in any material respect (as determined in good faith by the Issuer); 

(h)    to make such provisions as necessary (as determined in good faith by the Issuer) to provide for the
issuance of Additional Notes in accordance with this Indenture; 
 (i)    to provide for the appointment
of a successor trustee or notes collateral agent (provided that the successor trustee or notes collateral agent, as the case may be, is otherwise qualified and eligible to act as such under the terms of this Indenture); 

(j)    to make any amendment to the provisions of this Indenture relating to the transfer and legending of
Notes as permitted by this Indenture, including, without limitation, to facilitate the issuance and administration of Notes; provided, however, that (i) compliance with this Indenture as so amended would not result in Notes being
transferred in violation of the Securities Act or any other applicable securities laws and (ii) such amendment does not adversely affect the rights of Holders to transfer Notes in any material respect; 

(k)    to conform any provision of this Indenture, the Notes, the Note Guarantees or the Security Documents
to the “Description of Notes” contained in the Offering Memorandum, to the extent that such provision in the “Description of Notes” was intended to be a verbatim recitation of a provision of this Indenture, the Notes, the Note
Guarantees or Security Documents; 
 (l)     mortgage, pledge, hypothecate or grant any other Lien in
favor of the Notes Collateral Agent for the benefit of the Notes Secured Parties, as additional security for the payment and performance of all or any portion of the First Lien Notes Obligation, in any property or assets, including any which are
required to be mortgaged, pledged or hypothecated, or in which a Lien is required to be granted to or for the benefit of the Notes Collateral Agent for the benefit of the Notes Secured Parties pursuant to this Indenture, any of the Security
Documents or otherwise; 
 (m)    with respect to any Additional First Lien Obligations or Junior Lien
Obligations Incurred in compliance with this Indenture, add Additional First Lien Secured Parties or Junior Lien Secured Parties to any Security Documents; 

(n)    enter into any intercreditor agreement having substantially similar terms with respect to the
holders as those set forth in the First Lien Intercreditor Agreement, taken as a whole, or any joinder thereto, or enter into a Junior Lien Intercreditor Agreement; 

(o)    in the case of any Security Document, include therein any legend required to be set forth therein
pursuant to the First Lien Intercreditor Agreement or the Junior Lien Intercreditor Agreement or to modify any such legend as required by the First Lien Intercreditor Agreement or Junior Lien Intercreditor Agreement; or 

(p)    provide for the succession of any parties to the Security Documents (and other amendments that are
administrative or ministerial in nature) in connection with an amendment, renewal, extension, substitution, refinancing, restructuring, replacement, supplementing or other modification from time to time of the Credit Facilities or any other
Additional First Lien Obligations or any Junior Lien Obligations that are Incurred in compliance with this Indenture. 
 Section
9.02    With Consent of Holders. Except as provided in Section 9.01, the Issuer, the Trustee, the Notes Collateral Agent and (with respect to any amendment or supplement to the Note

  
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Guarantees) the Guarantors may amend or supplement this Indenture, the Notes, the Note Guarantees or the Security Documents without notice to any Noteholder but with the written consent of the
Holders of a majority in aggregate principal amount of the Notes then outstanding (including consents obtained in connection with a tender offer or exchange offer for the Notes) and any past Default or compliance with any provisions may also be
waived with the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding (including waivers obtained in connection with a tender offer or exchange offer for the Notes), except a Default in the payment of
principal, premium, if any, or interest and particular covenants and provisions of this Indenture which cannot be amended without the consent of each Holder of an outstanding Note, as specified in this Section 9.02. However, without the consent
of each Noteholder affected thereby, an amendment, supplement or waiver (with respect to any Notes held by a non-consenting Holder) may not: 

(a)    reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or
waiver; 
 (b)    reduce the stated rate of or extend the stated time for payment of interest on any such
Note; 
 (c)    reduce the principal of or extend the Stated Maturity of any Note; 

(d)    make any Note payable in money other than U.S. Dollars; 

(e)    impair the right of any Holder to institute suit for the enforcement of any payment of principal of
and interest on such Holder’s Notes on or after the due dates therefor; 
 (f)    subordinate the
Notes or the Note Guarantees to any other obligation of the Issuer or any Guarantor, as applicable; 

(g)    reduce the premium payable upon the redemption of any Note or change the time at which any Note may
be redeemed, as set forth in Section 3.08 or (at any time after a Change of Control has occurred) under Section 4.11(g); 

(h)    (i) other than as provided in Section 4.11(g), reduce the premium payable upon a Change of
Control or (ii) at any time after a Change of Control has occurred, change the time at which the Change of Control Offer relating thereto must be made or at which the Notes must be repurchased pursuant to that Change of Control Offer; 

(i)    at any time after the Issuer is obligated to make a Prepayment Offer with the Excess Proceeds from
Asset Sales, change the time at which the Prepayment Offer must be made or at which the Notes must be repurchased pursuant thereto; 

(j)    make any change in this Section 9.02; or 

(k)    release any Guarantor from any of its obligations under its Note Guarantee or this Indenture, except
in accordance with the terms of this Indenture. 
 Notwithstanding the foregoing, without the consent of the Holders of at least 662⁄3% in aggregate principal amount of the Notes then outstanding, no amendment or waiver may (A) make any change in any Security Document or the provisions in this
Indenture dealing with Collateral or application of trust proceeds of the Collateral with the effect of releasing the Liens on all or substantially all of the Collateral which secure the Obligations in respect of the Notes or (B) change or
alter the priority of the Liens 

  
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securing the Obligations in respect of the Notes and the Note Guarantees on the Collateral in any way materially adverse, taken as a whole, to the Holders (as determined in good faith by the
Issuer), other than, in each case, as provided under the terms of this Indenture or the Security Documents. 
 The consent of the Holders is
not necessary to approve the particular form of any proposed amendment, supplement or waiver. It is sufficient if such consent approves the substance of the proposed amendment, supplement or waiver. A consent to any amendment, supplement or waiver
under this Indenture by any Holder given in connection with a tender or exchange of such Holder’s Notes shall not be rendered invalid by such tender or exchange. After an amendment, supplement or waiver becomes effective, the Issuer is required
to deliver to each Holder at the Holder’s address appearing in the Note register a notice briefly describing the amendment. However, the failure to give this notice to Holders, or any defect therein, shall not impair or affect the validity of
the amendment. 
 Section 9.03    [Reserved]. 

Section 9.04    Revocation and Effect of Consents and Waivers. A consent to an amendment, supplement or a
waiver by a Holder of a Note shall bind the Holder and every subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent or waiver is not made on the Note.
However, any such Holder or subsequent Holder may revoke the consent or waiver as to such Holder’s Note or portion of the Note if the Trustee receives the notice of revocation before the date the amendment, supplement or waiver becomes
effective. After an amendment or waiver becomes effective, it shall bind every Noteholder. An amendment, supplement or waiver becomes effective upon the execution of such amendment or waiver by the Trustee. 

The Issuer may, but shall not be obligated to, fix a record date for the purpose of determining the Noteholders entitled to give their consent
or take any other action described in this Section 9.04 or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were Noteholders at
such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue to be Holders after such
record date. No such consent shall be valid or effective for more than 120 days after such record date. 

Section 9.05    Notation on or Exchange of Notes. If an amendment or supplement changes the terms of a Note,
the Trustee may require the Holder of the Note to deliver such Note to the Trustee. The Trustee may place an appropriate notation on the Note regarding the changed terms and return such Note to the Holder. Alternatively, if the Issuer or the Trustee
so determines, the Issuer in exchange for the Note shall issue and the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note shall not affect the validity of such
amendment or supplement. 
 Section 9.06    Trustee and Notes Collateral Agent to Sign Amendments. The
Trustee and, as applicable, the Notes Collateral Agent, shall sign any amendment or supplement authorized pursuant to this Article 9 if such amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the
Trustee and, as applicable, the Notes Collateral Agent. If it does, the Trustee and the Notes Collateral Agent, as applicable, may but need not sign it. In signing such amendment or supplement, the Trustee and the Notes Collateral Agent, as
applicable, shall receive and (subject to Section 7.01) shall be fully protected in conclusively relying upon, in addition to the documents required by Section 12.03, an Officers’ Certificate and an Opinion of Counsel each stating
that the execution of such amendment or supplement is authorized or permitted by this Indenture and the Security Documents, as applicable, and an Opinion of Counsel stating that such amendment or supplement is the legal, valid and binding obligation
of the Issuer, enforceable in accordance with its terms. 

  
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 ARTICLE 10 

GUARANTEES 
 Section
10.01    The Guarantees. Subject to the provisions of this Article 10, each Guarantor hereby irrevocably and unconditionally guarantees, jointly and severally, on a senior secured basis, the full and punctual payment
(whether at Stated Maturity, upon redemption, purchase pursuant to an offer to purchase required under Section 4.07 or Section 4.11 or acceleration, or otherwise) of the principal of, premium, if any, and interest on, and all other amounts
payable under, each Note, and the full and punctual payment of all other amounts payable by the Issuer under this Indenture. Each Guarantor agrees that its Note Guarantee will be secured on a first-priority basis by the Collateral owned by such
Guarantor and will rank pari passu in priority as to the Collateral owned by such Guarantor with respect to any other First Lien Obligations of such Guarantor. Upon failure by the Issuer to pay punctually any such amount, each Guarantor shall
forthwith on demand pay the amount not so paid at the place and in the manner specified in this Indenture. 
 Section
10.02    Guarantee Unconditional. The obligations of each Guarantor hereunder are unconditional and absolute and, without limiting the generality of the foregoing, shall not be released, discharged or otherwise affected
by: 
 (1)    any extension, renewal, settlement, compromise, waiver or release in respect of any
obligation of the Issuer under this Indenture or any Note, by operation of law or otherwise; 

(2)    any modification or amendment of or supplement to this Indenture or any Note; 

(3)    any change in the corporate existence, structure or ownership of the Issuer, or any insolvency,
bankruptcy, reorganization or other similar proceeding affecting the Issuer or its assets or any resulting release or discharge of any obligation of the Issuer contained in this Indenture or any Note; 

(4)    the existence of any claim, set-off or other rights which
the Guarantor may have at any time against the Issuer, the Trustee or any other Person, whether in connection with this Indenture or any unrelated transactions; provided that nothing herein prevents the assertion of any such claim by separate
suit or compulsory counterclaim; 
 (5)    any invalidity or unenforceability relating to or against the
Issuer for any reason of this Indenture or any Note, or any provision of applicable law or regulation purporting to prohibit the payment by the Issuer of the principal of or interest on any Note or any other amount payable by the Issuer under this
Indenture; or 
 (6)    any other act or omission to act or delay of any kind by the Issuer, the Trustee
or any other Person or any other circumstance whatsoever which might, but for the provisions of this Section 10.02, constitute a legal or equitable discharge of or defense to such Guarantor’s obligations hereunder. 

Section 10.03    Discharge; Reinstatement. Subject to Section 10.10, each Guarantor’s obligations
hereunder shall remain in full force and effect until the principal of, premium, if any, and interest on the Notes and all other amounts payable by the Issuer under this Indenture have been paid in 

  
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full. If at any time any payment of the principal of, premium, if any, or interest on any Note or any other amount payable by the Issuer under this Indenture is rescinded or must be otherwise
restored or returned upon the insolvency, bankruptcy or reorganization of the Issuer or otherwise, each Guarantor’s obligations hereunder with respect to such payment shall be reinstated as though such payment had been due but not made at such
time. 
 Section 10.04    Waiver by the Guarantors. Each Guarantor irrevocably waives acceptance hereof,
presentment, demand, protest and any notice not provided for herein, as well as any requirement that at any time any action be taken by any Person against the Issuer or any other Person. 

Section 10.05    Subrogation and Contribution. Upon making any payment with respect to any obligation of the
Issuer under this Article 10, the Guarantor making such payment shall be subrogated to the rights of the payee against the Issuer with respect to such obligation; provided that the Guarantor may not enforce either any right of subrogation, or
any right to receive payment in the nature of contribution, or otherwise, from any other Guarantor, with respect to such payment so long as any amount payable by the Issuer hereunder or under the Notes remains unpaid. 

Section 10.06    Stay of Acceleration. If acceleration of the time for payment of any amount payable by the Issuer
under this Indenture or the Notes is stayed upon the insolvency, bankruptcy or reorganization of the Issuer, all such amounts otherwise subject to acceleration under the terms of this Indenture are nonetheless payable by the Guarantors hereunder
forthwith on demand by the Trustee or the Holders. 
 Section 10.07    Limitation on Amount of Guarantee.
Notwithstanding anything to the contrary in this Article 10, each Guarantor and, by its acceptance of Notes, each Holder hereby confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor not constitute a
fraudulent conveyance under applicable fraudulent conveyance provisions of the Bankruptcy Law or any comparable provision of state law. To effectuate that intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the
obligations of each Guarantor under its Note Guarantee are limited to the maximum amount that would not render the Guarantor’s obligations subject to avoidance under applicable fraudulent conveyance provisions of the Bankruptcy Law or any
comparable provision of state law. 
 Section 10.08    Execution and Delivery of Guarantee. The execution by
each Guarantor of this Indenture (or a supplemental indenture in the form of Exhibit B) evidences the Note Guarantee of such Guarantor, whether or not the person signing as an officer of the Guarantor still holds that office at the time of
authentication of any Note. The delivery of any Note by the Trustee after authentication constitutes due delivery of the Note Guarantee set forth in this Indenture on behalf of each Guarantor. 

Section 10.09    Benefits Acknowledged. Each Guarantor acknowledges that it shall receive direct and indirect
benefits from the financing arrangements contemplated by this Indenture and that the guarantee and waivers made by it pursuant to its Note Guarantee are knowingly made in contemplation of such benefits. 

Section 10.10    Release of Guarantee. The Note Guarantee of a Subsidiary Guarantor shall terminate, and the
Note Guarantee shall be automatically and unconditionally released and discharged, upon: 
 (1)    a sale
or other disposition (including by way of consolidation or merger) of Capital Stock of the Subsidiary Guarantor following which such Subsidiary Guarantor ceases to be a Subsidiary or the sale or disposition of all or substantially all the properties
and assets of the Subsidiary Guarantor (other than to the Issuer or a Guarantor) otherwise permitted by this Indenture, 

  
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 (2)    the release or discharge of such Subsidiary
Guarantor’s obligations under the Credit Agreement and any other Credit Facility and such Subsidiary Guarantor’s guarantee in respect of other capital markets debt securities of the Issuer or any Guarantor, as applicable, that resulted in
the creation of such Note Guarantee other than, in each case, a release or discharge through payment thereon, 

(3)    the designation in accordance with this Indenture of the Subsidiary Guarantor as an Unrestricted
Subsidiary, or 
 (4)    defeasance or discharge of the Notes, as provided in Article 8. 

The Note Guarantee of the Parent Guarantor shall terminate, and the Note Guarantee shall be automatically and unconditionally released and
discharged, upon legal defeasance or discharge of the Notes, as provided in Article 8. 
 Upon delivery by the Issuer to the Trustee of
an Officers’ Certificate and an Opinion of Counsel to the foregoing effect, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guarantor from its obligations under its Note Guarantee. 

ARTICLE 11 
 COLLATERAL 

Section 11.01    Security Documents. 

(a)    The due and punctual payment of the principal of, premium and interest on the Notes when and as the same shall be
due and payable, whether on an Interest Payment Date, at maturity, by acceleration, repurchase, redemption or otherwise, and interest on the overdue principal of, premium and interest on the Notes and performance of all other Obligations of the
Issuer and the Guarantors to the Holders, the Trustee or the Notes Collateral Agent under this Indenture, the Notes, the Note Guarantees, the First Lien Intercreditor Agreement, the Junior Lien Intercreditor Agreement, if any, and the Security
Documents, according to the terms hereunder or thereunder, shall be secured as provided in the Security Documents, which define the terms of the Liens that secure First Lien Notes Obligations, subject to the terms of the First Lien Intercreditor
Agreement. The Trustee, the Issuer and the Guarantors hereby acknowledge and agree that the Notes Collateral Agent holds the Collateral in trust for the benefit of the Holders, the Trustee and the Notes Collateral Agent and pursuant to the terms of
the Security Documents and the First Lien Intercreditor Agreement. Each Holder, by accepting a Note, consents and agrees to the terms of the Security Documents (including the provisions providing for the possession, use, release and foreclosure of
Collateral) and the First Lien Intercreditor Agreement and Junior Lien Intercreditor Agreement, if any, each as may be in effect or may be amended from time to time in accordance with their terms and this Indenture, and authorizes and directs the
Notes Collateral Agent to enter into the Security Documents and the First Lien Intercreditor Agreement on the Issue Date, and the Security Documents and the Junior Lien Intercreditor Agreement, if any, at any time after the Issue Date, if
applicable, and to perform its obligations and exercise its rights thereunder in accordance therewith. The Issuer shall deliver to the Notes Collateral Agent copies of all documents required to be filed pursuant to the Security Documents, and will
do or cause to be done all such acts and things as may be reasonably required by the next sentence of this Section 11.01, to assure and confirm to the Notes Collateral Agent the security interest in the Collateral contemplated hereby, by the
Security 

  
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Documents or any part thereof, as from time to time constituted, so as to render the same available for the security and benefit of this Indenture and of the Notes secured hereby, according to
the intent and purposes herein expressed. On or following the Issue Date and subject to the First Lien Intercreditor Agreement, the Issuer and the Grantors shall execute, file or cause the filing of any and all further documents, financing
statements (including continuation statements and amendments to financing statements), agreements and instruments, and take all further action that may be required under applicable law and solely to the extent required under this Indenture or the
Security Documents in order to grant, preserve, maintain, protect and perfect (or continue the perfection of) the validity and priority of the Liens and security interests created or intended to be created by the Security Documents in the Collateral
(excluding, for the avoidance of doubt, any Excluded Property). In addition, from time to time, each of the Issuer and each Guarantor will reasonably promptly, to the extent required under this Indenture or the Security Documents, secure the
obligations under this Indenture and the Security Documents by pledging or creating, or causing to be pledged or created, perfected security interests with respect to the Collateral (excluding, for the avoidance of doubt, any Excluded Property).
Such security interests and Liens will be created under the Security Documents and other security agreements and other instruments and documents. 

(b)    Notwithstanding anything to the contrary herein, the security interests in the Collateral securing the Notes (other
than as set forth in the following proviso) will not be required to be in place on the Issue Date and will not be perfected on such date, but will be required to be put in place no later than 30 days after the Issue Date or as promptly as reasonably
practicable thereafter, but in any event within 60 days following the Issue Date; provided, however, the perfection of the security interests in assets with respect to which a Lien may be perfected by the filing of a UCC financing
statement (or equivalent), which UCC financing statement (or equivalent) will be required to be filed as of the Issue Date. 

Section 11.02    Release of Collateral. 

(a)    The Issuer and the Guarantors will be entitled to the release of property and other assets constituting Collateral
from the Liens securing the Notes and the other First Lien Notes Obligations under any one or more of the following circumstances: 

(1)    to enable the Issuer and/or one or more Guarantors to consummate the sale, transfer or other
disposition (including by the termination of capital leases or the repossession of the leased property in a capital lease by the lessor) of such property or assets (to a Person that is not the Parent Guarantor, the Issuer or a Subsidiary Guarantor)
to the extent consummated in accordance with Section 4.07; 
 (2)    with respect to the property
and assets of a Subsidiary Guarantor that is released from its Note Guarantee pursuant to Section 10.10; 

(3)    upon the occurrence of a Suspension Date (provided that the applicable Investment Grade
Ratings give effect to the proposed release of the Collateral); 
 (4)    the release of Excess Proceeds
to the extent that such proceeds remain unexpended after the conclusion of a Prepayment Offer conducted in accordance Section 4.07; 

(5)    the release of any Collateral that becomes an Excluded Asset; or 

(6)    pursuant to Article 9 hereof. 

  
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 (b)    The Liens on the Collateral securing the Notes and the Guarantees
also will be released: 
 (1)     upon payment in full of the principal of, together with accrued and
unpaid interest on, the Notes and all other Obligations under this Indenture, the Guarantees and the Security Documents that are due and payable at or prior to the time such principal, together with accrued and unpaid interest, are paid, 

(2)    upon a Legal Defeasance or Covenant Defeasance under this Indenture pursuant to Section 8.01,
or a discharge of this Indenture pursuant to Section 8.01, or 
 (3)    pursuant to the Security
Documents or the First Lien Intercreditor Agreement. 
 (c)    Notwithstanding Section 11.02(a)(3) hereof, upon the
occurrence of a Reversion Date, the Issuer and the Guarantors shall use commercially reasonable efforts to take all actions reasonably necessary to provide to the Notes Collateral Agent for its benefit and the benefit of the Notes Secured Parties
valid, perfected, first priority security interests (subject to Permitted Liens) in the Collateral within 30 days after such Reversion Date or as soon as reasonably practicable thereafter. 

(d)    With respect to any release of Collateral, upon receipt of an Officers’ Certificate stating that all
conditions precedent under this Indenture, the Security Documents and the First Lien Intercreditor Agreement, as applicable, to such release have been met and that it is permitted for the Trustee and/or Notes Collateral Agent to execute and deliver
the documents requested by the Issuer in connection with such release and any necessary or proper instruments of termination, satisfaction or release prepared by the Issuer, the Trustee and the Notes Collateral Agent shall, execute, deliver or
acknowledge (at the Issuer’s expense) such instruments or releases to evidence the release of any Collateral permitted to be released pursuant to this Indenture or the Security Documents or the First Lien Intercreditor Agreement and shall do or
cause to be done (at the Issuer’s expense) all acts reasonably requested of them to release such Lien as soon as is reasonably practicable. Neither the Trustee nor the Notes Collateral Agent shall be liable for any such release undertaken in
reliance upon any such Officers’ Certificate, and notwithstanding any term hereof or in any Security Document or in the First Lien Intercreditor Agreement to the contrary, the Trustee and the Notes Collateral Agent shall not be under any
obligation to release any such Lien and security interest, or execute and deliver any such instrument of release, satisfaction or termination, unless and until it receives such Officers’ Certificate, upon which it shall be entitled to
conclusively rely. 
 (e)    Any release of Collateral in accordance with the provisions of this Indenture and the
Security Documents will not be deemed to impair the security under this Indenture, and any engineer, appraiser or other expert may rely on such provision in delivering a certificate requesting release so long as all other provisions of this
Indenture with respect to such release have been complied with. 
 Section 11.03    Suits to Protect the
Collateral. 
 Subject to the provisions of Article 7 and the Security Documents and the First Lien Intercreditor Agreement, the
Trustee may take, or may direct the Notes Collateral Agent to take, all actions it determines in order to: 

(a)    enforce any of the terms of the Security Documents; and 

  
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 (b)    collect and receive any and all amounts payable in respect of the
Obligations hereunder. 
 Subject to the provisions of the Security Documents and the First Lien Intercreditor Agreement, the Trustee and
the Notes Collateral Agent shall have the power to institute and to maintain such suits and proceedings as the Trustee or the Notes Collateral Agent may determine to prevent any impairment of the Collateral by any acts which may be unlawful or in
violation of any of the Security Documents or this Indenture, and such suits and proceedings as the Trustee or the Notes Collateral Agent may determine to preserve or protect its interests and the interests of the Holders in the Collateral. Nothing
in this Section 11.03 shall be considered to impose any such duty or obligation to act on the part of the Trustee or the Notes Collateral Agent. 

Section 11.04    Authorization of Receipt of Funds by the Trustee Under the Security Documents. Subject
to the provisions of the First Lien Intercreditor Agreement, the Trustee is authorized to receive any funds for the benefit of the Holders distributed under the Security Documents, and to make further distributions of such funds to the Holders
according to the provisions of this Indenture. 
 Section 11.05    Purchaser Protected. In no event
shall any purchaser in good faith of any property purported to be released hereunder be bound to ascertain the authority of the Notes Collateral Agent or the Trustee to execute the applicable release or to inquire as to the satisfaction of any
conditions required by the provisions hereof for the exercise of such authority or to see to the application of any consideration given by such purchaser or other transferee; nor shall any purchaser or other transferee of any property or rights
permitted by this Article 11 to be sold be under any obligation to ascertain or inquire into the authority of the Issuer or the applicable Guarantor to make any such sale or other transfer. 

Section 11.06    Powers Exercisable by Receiver or Trustee. In case the Collateral shall be in the
possession of a receiver or trustee, lawfully appointed, the powers conferred in this Article 11 upon the Issuer or a Guarantor with respect to the release, sale or other disposition of such property may be exercised by such receiver or
trustee, and an instrument signed by such receiver or trustee shall be deemed the equivalent of any similar instrument of the Issuer or a Guarantor or of any Officer or Officers thereof required by the provisions of this Article 11; and if
the Trustee or the Notes Collateral Agent shall be in the possession of the Collateral under any provision of this Indenture, then such powers may be exercised by the Trustee or the Notes Collateral Agent. 

Section 11.07    Notes Collateral Agent. 

(a)    The Issuer and each of the Holders by acceptance of the Notes hereby designates and appoints the Notes Collateral
Agent as its agent under this Indenture, the Security Documents, the First Lien Intercreditor Agreement and the Junior Lien Intercreditor Agreement, if any, and the Issuer and the Holders by acceptance of the Notes hereby irrevocably authorizes the
Notes Collateral Agent to take such action on its behalf under the provisions of this Indenture, the Security Documents, the First Lien Intercreditor Agreement and the Junior Lien Intercreditor Agreement, if any, and to exercise such powers and
perform such duties as are expressly delegated to the Notes Collateral Agent by the terms of this Indenture, the Security Documents, the First Lien Intercreditor Agreement and the Junior Lien Intercreditor Agreement, if any, and consents and agrees
to the terms of the First Lien Intercreditor Agreement, the Junior Lien Intercreditor Agreement, if any, and each Security Document, as the same may be in effect or may be amended, restated, supplemented or otherwise modified from time to time in
accordance with their respective terms. The Notes Collateral Agent agrees to act as such on the express conditions contained in this Section 11.07. Each Holder agrees that any action taken by the Notes Collateral Agent in accordance with the
provisions of this Indenture, the First Lien Intercreditor Agreement, the Junior Lien Intercreditor Agreement, if any, and the Security Documents, 

  
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and the exercise by the Notes Collateral Agent of any rights or remedies set forth herein and therein shall be authorized and binding upon all Holders. Notwithstanding any provision to the
contrary contained elsewhere in this Indenture, the Security Documents, the First Lien Intercreditor Agreement and the Junior Lien Intercreditor Agreement, if any, the duties of the Notes Collateral Agent shall be ministerial and administrative in
nature, and the Notes Collateral Agent shall not have any duties or responsibilities, except those expressly set forth herein and in the Security Documents, the First Lien Intercreditor Agreement and the Junior Lien Intercreditor Agreement, if any,
to which the Notes Collateral Agent is a party, nor shall the Notes Collateral Agent have or be deemed to have any trust or other fiduciary relationship with the Trustee, any Holder or any Grantor, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this Indenture, the Security Documents, the First Lien Intercreditor Agreement and the Junior Lien Intercreditor Agreement, if any, or otherwise exist against the Notes
Collateral Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” in this Indenture with reference to the Notes Collateral Agent is not intended to connote any fiduciary or other implied (or express)
obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. 

(b)    The Notes Collateral Agent may perform any of its duties under this Indenture, the Security Documents, the First
Lien Intercreditor Agreement or the Junior Lien Intercreditor Agreement, if any, by or through receivers, agents, employees, attorneys-in-fact or with respect to any
specified Person, such Person’s Affiliates, and the respective officers, directors, employees, agents, advisors and attorneys-in-fact of such Person and its
Affiliates (a “Related Person”), and shall be entitled to advice of counsel concerning all matters pertaining to such duties, and shall be entitled to act upon, and shall be fully protected in taking action in reliance upon any
advice or opinion given by legal counsel. The Notes Collateral Agent shall not be responsible for the negligence or misconduct of any receiver, agent, employee,
attorney-in-fact or Related Person that it selects as long as such selection was made in good faith and with due care. 

(c)    The Notes Collateral Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing,
resolution, notice, consent, certificate, affidavit, letter, telegram, facsimile, certification, telephone message, statement, or other communication, document or conversation (including those by telephone or
e-mail) believed by it to be genuine and correct and to have been signed, sent, or made by the proper Person or Persons, and upon advice and statements of legal counsel (including, without limitation, counsel
to the Issuer or any other Grantor), independent accountants and other experts and advisors selected by the Notes Collateral Agent. The Notes Collateral Agent shall not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, or other paper or document. The Notes Collateral Agent shall in all cases be fully protected in acting, or in refraining
from acting, under this Indenture, the Security Documents, the First Lien Intercreditor Agreement or the Junior Lien Intercreditor Agreement, if any, in accordance with a request, direction, instruction or consent of the Trustee or the Holders of a
majority in aggregate principal amount of the then outstanding Notes and such request and any action taken or failure to act pursuant thereto shall be binding upon all of the Holders. 

(d)    The Notes Collateral Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or
Event of Default, unless a Trust Officer of the Notes Collateral Agent shall have received written notice from the Trustee or the Issuer referring to this Indenture, describing such Default or Event of Default and stating that such notice is a
“notice of default.” The Notes Collateral Agent shall take such action with respect to such Default or Event of Default as may be requested by the Trustee or the Holders of a majority in aggregate principal amount of the Notes in
accordance with Article 6 (subject to this Section 11.07). 

  
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 (e)    The Notes Collateral Agent may resign at any time by 30
days’ written notice to the Trustee and the Issuer, such resignation to be effective upon the acceptance of a successor agent to its appointment as Notes Collateral Agent. If the Notes Collateral Agent resigns under this Indenture, the Issuer
shall appoint a successor collateral agent. If no successor collateral agent is appointed prior to the intended effective date of the resignation of the Notes Collateral Agent (as stated in the notice of resignation), the Trustee, at the direction
of the Holders of a majority of the aggregate principal amount of the Notes then outstanding, may appoint a successor collateral agent, subject to the consent of the Issuer (which consent shall not be unreasonably withheld and which shall not be
required during a continuing Event of Default). If no successor collateral agent is appointed and consented to by the Issuer pursuant to the preceding sentence within thirty (30) days after the intended effective date of resignation (as stated
in the notice of resignation) the Notes Collateral Agent shall be entitled to petition a court of competent jurisdiction to appoint a successor. Upon the acceptance of its appointment as successor collateral agent hereunder, such successor
collateral agent shall succeed to all the rights, powers and duties of the retiring Notes Collateral Agent, and the term “Notes Collateral Agent” shall mean such successor collateral agent, and the retiring Notes Collateral Agent’s
appointment, powers and duties as the Notes Collateral Agent shall be terminated. After the retiring Notes Collateral Agent’s resignation hereunder, the provisions of this Section 11.07 (and Section 7.07 hereof) shall continue to
inure to its benefit, and the retiring Notes Collateral Agent shall not by reason of such resignation be deemed to be released from liability as to any actions taken or omitted to be taken by it while it was the Notes Collateral Agent under this
Indenture. 
 (f)    The Bank of New York Mellon Trust Company, N.A. shall initially act as Notes Collateral Agent and
shall be authorized to appoint co-Notes Collateral Agents as necessary in its sole discretion. Except as otherwise explicitly provided herein or in the Security Documents or the First Lien Intercreditor
Agreement or the Junior Lien Intercreditor Agreement, if any, neither the Notes Collateral Agent nor any of its respective officers, directors, employees or agents or other Related Persons shall be liable for failure to demand, collect or realize
upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any other Person or to take any other action whatsoever with regard to the Collateral or any
part thereof. The Notes Collateral Agent shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither the Notes Collateral Agent nor any of its officers, directors, employees or agents shall
be responsible for any act or failure to act hereunder, except for its own gross negligence or willful misconduct. 

(g)    The Notes Collateral Agent is authorized and directed to (i) enter into the Security Documents to which it is
party, whether executed on or after the Issue Date, (ii) enter into the First Lien Intercreditor Agreement on the Issue Date, (iii) enter into the Junior Lien Intercreditor Agreement, if any, after the Issue Date, (iv) make the
representations of the Holders set forth in the Security Documents, the First Lien Intercreditor Agreement or the Junior Lien Intercreditor Agreement, if any, (v) bind the Holders on the terms as set forth in the Security Documents, the First
Lien Intercreditor Agreement or Junior Lien Intercreditor Agreement, if any, and (vi) perform and observe its obligations under the Security Documents, the First Lien Intercreditor Agreement and the Junior Lien Intercreditor Agreement, if any.

 (h)    If at any time or times the Trustee shall receive (i) by payment, foreclosure, set-off or otherwise, any proceeds of Collateral or any payments with respect to the Obligations arising under, or relating to, this Indenture, except for any such proceeds or payments received by the Trustee from
the Notes Collateral Agent pursuant to the terms of this Indenture, or (ii) payments from the Notes Collateral Agent in excess of the amount required to be paid to the Trustee pursuant to Article 6, the Trustee shall promptly turn the same
over to the Notes Collateral Agent, in kind, and with such endorsements as may be required to negotiate the same to the Notes Collateral Agent, such proceeds to be applied by the Notes Collateral Agent pursuant to the terms of this Indenture, the
Security Documents and the Intercreditor Agreements. 

  
 110 

 (i)    The Notes Collateral Agent is each Holder’s agent for the
purpose of perfecting the Holders’ security interest in assets which, in accordance with Article 9 of the Uniform Commercial Code, can be perfected only by possession. Should the Trustee obtain possession of any such Collateral, upon request
from the Issuer, the Trustee shall notify the Notes Collateral Agent thereof and promptly shall deliver such Collateral to the Notes Collateral Agent or otherwise deal with such Collateral in accordance with the Notes Collateral Agent’s
instructions. 
 (j)    The Notes Collateral Agent shall have no obligation whatsoever to the Trustee or any of the
Holders to assure that the Collateral exists or is owned by any Grantor or is cared for, protected, or insured or has been encumbered, or that the Notes Collateral Agent’s Liens have been properly or sufficiently or lawfully created, perfected,
protected, maintained or enforced or are entitled to any particular priority, or to determine whether all or the Grantor’s property constituting Collateral intended to be subject to the Lien and security interest of the Security Documents has
been properly and completely listed or delivered, as the case may be, or the genuineness, validity, marketability or sufficiency thereof or title thereto, or to exercise at all or in any particular manner or under any duty of care, disclosure, or
fidelity, or to continue exercising, any of the rights, authorities, and powers granted or available to the Notes Collateral Agent pursuant to this Indenture, any Security Document, the First Lien Intercreditor Agreement or the Junior Lien
Intercreditor Agreement, if any, other than pursuant to the instructions of the Holders of a majority in aggregate principal amount of the Notes or as otherwise provided in the Security Documents. 

(k)    If the Issuer or any Guarantor (i) incurs any obligations in respect of First Lien Obligations or Junior Lien
Obligations at any time when no applicable intercreditor agreement is in effect or at any time when Debt constituting First Lien Obligations or Junior Lien Obligations entitled to the benefit of an existing First Lien Intercreditor Agreement or
Junior Lien Intercreditor Agreement is concurrently retired, and (ii) delivers to the Trustee and the Notes Collateral Agent an Officers’ Certificate so stating and requesting the Trustee and Notes Collateral Agent, if applicable, to enter
into an intercreditor agreement (on substantially the same terms as the applicable First Lien Intercreditor Agreement or Junior Lien Intercreditor Agreement) in favor of a designated agent or representative for the holders of the First Lien
Obligations or Junior Lien Obligations so incurred, together with an Opinion of Counsel, the Notes Collateral Agent and Trustee, if applicable, shall (and is hereby authorized and directed to) enter into such intercreditor agreement (at the sole
expense and cost of the Issuer, including legal fees and expenses of the Trustee and Notes Collateral Agent), bind the Holders on the terms set forth therein and perform and observe its obligations thereunder; provided that neither an
Officers’ Certificate nor an Opinion of Counsel shall be required in connection with the First Lien Intercreditor Agreement to be entered into by the Notes Collateral Agent and Trustee on the Issue Date. 

(l)    No provision of this Indenture, the First Lien Intercreditor Agreement, the Junior Lien Intercreditor Agreement, if
any, or any Security Document shall require the Notes Collateral Agent (or the Trustee) to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or thereunder or to take or omit to
take any action hereunder or thereunder or take any action at the request or direction of Holders (or the Trustee in the case of the Notes Collateral Agent) unless it shall have received indemnity satisfactory to the Notes Collateral Agent and the
Trustee against potential costs and liabilities incurred by the Notes Collateral Agent relating thereto. 
 (m)    The
Notes Collateral Agent shall not be liable for interest on any money received by it except as the Notes Collateral Agent may agree in writing with the Issuer (and money held in trust by the Notes Collateral Agent need not be segregated from other
funds except to the extent required by law). The grant of permissive rights or powers to the Notes Collateral Agent shall not be construed to impose duties to act. 

  
 111 

 (n)    The Notes Collateral Agent does not assume any responsibility for
any failure or delay in performance or any breach by the Issuer or any other Grantor under this Indenture, the First Lien Intercreditor Agreement, the Junior Lien Intercreditor Agreement, if any, and the Security Documents. The Notes Collateral
Agent shall not be responsible to the Holders or any other Person for any recitals, statements, information, representations or warranties contained in this Indenture, the Security Documents, the First Lien Intercreditor Agreement, the Junior Lien
Intercreditor Agreement, if any, or in any certificate, report, statement, or other document referred to or provided for in, or received by the Notes Collateral Agent under or in connection with, this Indenture, the First Lien Intercreditor
Agreement, the Junior Lien Intercreditor Agreement, if any, or any Security Document; the execution, validity, genuineness, effectiveness or enforceability of the First Lien Intercreditor Agreement, the Junior Lien Intercreditor Agreement, if any,
and any Security Documents of any other party thereto; the genuineness, enforceability, collectability, value, sufficiency, location or existence of any Collateral, or the validity, effectiveness, enforceability, sufficiency, extent, perfection or
priority of any Lien therein; the validity, enforceability or collectability of any Obligations; the assets, liabilities, financial condition, results of operations, business, creditworthiness or legal status of any obligor; or for any failure of
any obligor to perform its Obligations under this Indenture, the First Lien Intercreditor Agreement, the Junior Lien Intercreditor Agreement, if any, and the Security Documents. The Notes Collateral Agent shall have no obligation to any Holder or
any other Person to ascertain or inquire into the existence of any Default or Event of Default, the observance or performance by any obligor of any terms of this Indenture, the First Lien Intercreditor Agreement, the Junior Lien Intercreditor
Agreement, if any, and the Security Documents, or the satisfaction of any conditions precedent contained in this Indenture, the First Lien Intercreditor Agreement, the Junior Lien Intercreditor Agreement, if any, and any Security Documents. The
Notes Collateral Agent shall not be required to initiate or conduct any litigation or collection or other proceeding under this Indenture, the First Lien Intercreditor Agreement, the Junior Lien Intercreditor Agreement, if any, and the Security
Documents unless expressly set forth hereunder or thereunder. The Notes Collateral Agent shall have the right at any time to seek instructions from the Holders with respect to the administration of this Indenture, the Security Documents, the First
Lien Intercreditor Agreement and the Junior Lien Intercreditor Agreement, if any. 
 (o)    The Notes Collateral Agent
is authorized to receive any funds for the benefit of itself, the Trustee and the Holders distributed under the Security Documents or the First Lien Intercreditor Agreement or the Junior Lien Intercreditor Agreement, if any, and to the extent not
prohibited under the First Lien Intercreditor Agreement or the Junior Lien Intercreditor Agreement, if any, for turnover to the Trustee to make further distributions of such funds to itself, the Trustee and the Holders in accordance with the
provisions of Section 6.10 and the other provisions of this Indenture. 
 (p)    Notwithstanding anything to the
contrary in this Indenture or in any Security Document or the First Lien Intercreditor Agreement or the Junior Lien Intercreditor Agreement, if any, in no event shall the Notes Collateral Agent or the Trustee be responsible for, or have any duty or
obligation with respect to, the recording, filing, registering, perfection, protection or maintenance of the security interests or Liens intended to be created by this Indenture, the Security Documents, the First Lien Intercreditor Agreement or the
Junior Lien Intercreditor Agreement, if any (including without limitation the filing or continuation of any UCC financing or continuation statements or similar documents or instruments), nor shall the Notes Collateral Agent or the Trustee be
responsible for, and neither the Notes Collateral Agent nor the Trustee makes any representation regarding, the validity, effectiveness or priority of any of the Security Documents or the security interests or Liens intended to be created thereby.

  
 112 

 (q)    Before the Notes Collateral Agent acts or refrains from acting in
each case at the request or direction of the Issuer or the Guarantors, other than as set forth in this Indenture, it may require an Officers’ Certificate and an Opinion of Counsel, which shall conform to the provisions of this
Section 11.07 and Section 12.04 hereof. The Notes Collateral Agent shall not be liable for any action it takes or omits to take in good faith in reliance on such certificate or opinion. 

(r)    The rights, privileges, benefits, immunities, indemnities and other protections given to the Trustee are extended
to, and shall be enforceable by, the Notes Collateral Agent as if the Notes Collateral Agent were named as the Trustee herein and the Security Documents were named as this Indenture herein. The Notes Collateral Agent shall be entitled to
compensation, reimbursement and indemnity as set forth in Section 7.07, as if references therein to Trustee were references to Notes Collateral Agent. 

(s)    In the event that the Notes Collateral Agent or Trustee is required to acquire title to an asset for any reason, or
take any managerial action of any kind in regard thereto, in order to carry out any fiduciary or trust obligation for the benefit of another, which in the Notes Collateral Agent’s or Trustee’s sole discretion may cause it to be considered
an “owner or operator” under the provisions of the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), 42 U.S.C. §9601, et seq., or otherwise cause it to incur liability under CERCLA or
any other federal, state or local law, each of the Notes Collateral Agent and the Trustee reserves the right, instead of taking such action, to either resign or arrange for the transfer of the title or control of the asset to a court-appointed
receiver. The Notes Collateral Agent and the Trustee shall not be liable to any person for any environmental claims or contribution actions under any federal, state or local law, rule or regulation by reason of the Notes Collateral Agent’s or
the Trustee’s actions and conduct as authorized, empowered and directed hereunder or relating to the discharge, release or threatened release of hazardous materials into the environment. If at any time it is necessary or advisable for the
Collateral to be possessed, owned, operated or managed by any person other than the Grantor, the Holders of a majority in aggregate principal amount of the Notes Outstanding shall direct the Note’s Collateral Agent or the Trustee, as the case
may be, to appoint an appropriately qualified person who they shall designate to possess, own, operate or manage, as the case may be, the Collateral. 

(t)    For the avoidance of doubt, pursuant to the Indenture, the Security Documents and any agreement or instrument
contemplated hereby or thereby, the Collateral Agent shall act only within the United States, and shall not be subject to any foreign law, be required to act in any jurisdiction located outside the United States or be required to execute any foreign
law governed document. 
 (u)    The Notes Collateral Agent shall be entitled to compensation, reimbursement and
indemnity as set forth in Section 7.07. 
 Section 11.08    Further Assurances. On or following
the Issue Date and subject to the First Lien Intercreditor Agreement, the Issuer and the Guarantors shall execute any and all further documents, financing statements (including continuation statements and amendments to financing statements),
agreements and instruments, and take all further action that may be required under applicable law in order to grant, preserve, maintain, protect and perfect (or continue the perfection of) the validity and priority of the security interests created
or intended to be created by the Security Documents in the Collateral. In addition, from time to time, the Issuer and each Guarantor will reasonably promptly secure the obligations under this Indenture and the Security Documents by pledging or
creating, or causing to be pledged or created, perfected security interests with respect to the Collateral. Such security interests and Liens will be created under the Security Documents and other security agreements and other instruments and
documents. Neither the Trustee nor the Notes Collateral Agent shall be responsible for (A) perfecting, 

  
 113 

 
maintaining, monitoring, preserving or protecting the security interest or lien granted under this Indenture, the Security Documents or any agreement or instrument contemplated hereby or thereby,
(B) the filing, re-filing, recording, re-recording or continuing or any document, financing statement, mortgage, assignment, notice, instrument of further assurance
or other instrument in any public office at any time or times or (C) providing, maintaining, monitoring or preserving insurance on or the payment of taxes with respect to the Collateral. The actions described in items (A) through (C) shall
be the sole responsibility of the Issuer and the Guarantors. 
 ARTICLE 12 

MISCELLANEOUS 

Section 12.01    Notices. Any notice or communication shall be in writing in English and delivered in
person, mailed by first-class mail or sent by facsimile or electronic transmission and addressed as follows: 
 if to the Issuer: 

c/o Marriott Vacations Worldwide Corporation 

6649 Westwood Boulevard 
 Orlando,
Florida 32821 
 Fax: (407) 513-6680 

Attention: James H Hunter, IV, General Counsel 

E-mail: james.hunter@mvwc.com 

with a copy to: 

Kirkland & Ellis LLP 

601 Lexington Avenue 
 New York,
NY 10022 
 Fax: (212) 446-4900 

Attention: Richard Aftanas, P.C. 

E-mail: richard.aftanas@kirkland.com 

if to the Trustee or the Notes Collateral Agent: 

The Bank of New York Mellon Trust Company, N.A. 

10161 Centurion Parkway North, 2nd Floor 

Jacksonville, Florida 32256 

Attention: Corporate Trust 

Facsimile: (904) 645-1921 

The Issuer or the Trustee or the Notes Collateral Agent by notice to the other may designate additional or different addresses for subsequent
notices or communications. 
 Any notice or communication sent to a Noteholder shall be sent or delivered to the Noteholder at the
Noteholder’s address as it appears on the registration books of the Registrar and shall be sufficiently given if so sent within the time prescribed. 

  
 114 

 Failure to send or deliver a notice or communication to a Noteholder or any defect in it
shall not affect its sufficiency with respect to other Noteholders. If a notice or communication is sent or delivered in the manner provided in this Section 12.01, it is duly given, whether or not the addressee receives it. 

The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by
e-mail, pdf, facsimile transmission or other similar unsecured electronic methods. If the Issuer elects to give the Trustee e-mail or facsimile instructions (or
instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses,
costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The Issuer agrees to
assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and
misuse by third parties. 
 Notwithstanding any other provision of this Indenture or any Note, where this Indenture or any Note provides for
notice of any event or any other communication (including any notice of redemption or repurchase) to a holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary (or its designee)
pursuant to the standing instructions from the Depositary or its designee, including by electronic mail in accordance with accepted practices at the Depositary. 

Section 12.02    Communication by Holders with Other Holders. Holders may communicate pursuant to Trust
Indenture Act Section 312(b) with other Holders with respect to their rights under this Indenture or the Notes as if this Indenture were subject to such Trust Indenture Act Section 312(b) (except for the provisions of such
Section 312(b) pertaining to filings with, and hearings before, the Commission). The Company, the Trustee, the Registrar and anyone else shall be deemed to have the protection of Trust Indenture Act Section 312(c). 

Section 12.03    Certificate and Opinion as to Conditions Precedent. Upon any request or application by
the Issuer to the Trustee and/or the Notes Collateral Agent to take or refrain from taking any action under this Indenture, the Issuer shall furnish to the Trustee or, if such action relates to a Security Document or an Intercreditor Agreement, the
Notes Collateral Agent: 
 (a)    an Officers’ Certificate in form and substance reasonably satisfactory to the
Trustee or the Notes Collateral Agent stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(b)    an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee or the Notes Collateral Agent
stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 

Section 12.04    Statements Required in Certificate or Opinion. Each certificate or opinion with
respect to compliance with a covenant or condition provided for in this Indenture shall include: 
 (a)    a statement
that the individual making such certificate or opinion has read such covenant or condition; 
 (b)    a brief statement
as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

  
 115 

 (c)    a statement that, in the opinion of such individual, he has made
such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d)    a statement as to whether or not, in the opinion of such individual, such covenant or condition has been fully
complied with. 
 In giving such Opinion of Counsel, counsel may rely as to factual matters on an Officers’ Certificate or on
certificates of public officials. 
 Section 12.05    Rules by Trustee, Paying Agents and Registrar. The
Trustee may make reasonable rules for action by or a meeting of Noteholders. The Registrar and the Paying Agents or co-registrar may make reasonable rules for their functions. 

Section 12.06    Business Days. If a payment date, a redemption date or a repurchase date is not a Business
Day, payment shall be made on the next succeeding day that is a Business Day, and no interest shall accrue for the intervening period. If a regular record date is not a Business Day, the record date shall not be affected. 

Section 12.07    Governing Law/Waiver of Trial by Jury; Submission to Jurisdiction. THIS INDENTURE, THE NOTES
AND THE NOTE GUARANTEES AND ANY CLAIM, CONTROVERSY OR DISPUTE RELATING TO OR ARISING OUT OF THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. EACH OF THE
PARTIES HERETO AND EACH HOLDER BY ITS ACCEPTANCE THEREOF IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE
TRANSACTIONS CONTEMPLATED HEREBY. 
 The parties hereto irrevocably submit to the non-exclusive
jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, City of New York, over any suit, action or proceeding arising out of or relating to this Indenture. To the fullest extent permitted by applicable law, the
parties irrevocably waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any
such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

Section 12.08    No Recourse Against Others. No past, present or future director, officer,
employee, incorporator, member, partner or stockholder of the Issuer or any Guarantor, as such, shall have any liability for any obligations of the Issuer or any Guarantor (other than the Issuer in respect of the Notes and each Guarantor in respect
of its Note Guarantee) under the Notes, the Note Guarantees, this Indenture or the Security Documents or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases
all such liability. This waiver and release are part of the consideration for issuance of the Notes. 

Section 12.09    Successors. All agreements of the Issuer and the Guarantors in this Indenture and the Notes
shall bind their respective successors. All agreements of the Trustee in this Indenture shall bind its successors. 

Section 12.10    Severability. In the event that any one or more of the provisions contained herein, or the
application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or
impaired thereby. 

  
 116 

 Section 12.11    Multiple Originals. The parties may sign
any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. The words “execution,” “signed,”
“signature,” “delivery,” and words of like import in or relating to this Indenture or any document to be signed in connection with this Indenture shall be deemed to include electronic signatures, deliveries or the keeping of
records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties
hereto consent to conduct the transactions contemplated hereunder by electronic means. 
 Section 12.12    Table
of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not
modify or restrict any of the terms or provisions hereof. 
 Section 12.13    Force Majeure. In no event
shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work
stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it
being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

Section 12.14    U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326
of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that
establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they shall provide the Trustee with such information as may be available that the Trustee may request in order for the Trustee to satisfy the
requirements of the U.S.A. Patriot Act. 
 Section 12.15    FATCA. In order to assist the Trustee with its
compliance with Sections 1471 through 1474 of the Code and the rules and regulations thereunder (as in effect from time to time, collectively, the “Applicable Law”), the Issuer agrees (i) to provide to the Trustee reasonably
available information regarding the Issuer or the Holders of Notes (solely in their capacity as such) and which is necessary for the Trustee’s determination of whether it has tax related obligations under Applicable Law and (ii) that the
Trustee shall be entitled to make any withholding or deduction from payments under this Indenture to the extent necessary to comply with Applicable Law and shall have not liability in connection therewith other than as a result of its negligence or
willful misconduct. Nothing in the immediately preceding sentence shall be construed as obligating the Issuer or the Trustee to make any “gross up” payment or similar reimbursement in connection with a payment in respect of which amounts
are so withheld or deducted. 
 Section 12.16    Intercreditor Agreements Govern. Reference is made
to the First Lien Intercreditor Agreement and the Junior Lien Intercreditor Agreement, if any. Each Holder, by its acceptance of a Note, (a) agrees that it will be bound by and will take no actions contrary to the provisions of the
Intercreditor Agreements and (b) authorizes and instructs the Notes Collateral Agent to enter into each of the Intercreditor Agreements as Notes Collateral Agent and on behalf of such Holder as and when required in accordance with the terms of
this Indenture. 
 [Remainder of Page Intentionally Left Blank] 

  
 117 

 IN WITNESS WHEREOF, the parties have executed this Indenture to be duly executed as of the
date first written above. 
  

			
	MARRIOTT OWNERSHIP RESORTS, INC.
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name:   Joseph J. Bramuchi
		 	Title:    Vice President
	
	MARRIOTT VACATIONS WORLDWIDE CORPORATION,
		 	as Guarantor
		
	By:	 	 /s/ Joseph J. Bramuchi

	Name:	 	Joseph J. Bramuchi
	Title:	 	Vice President

 [Signature Page to the Indenture] 

 
			
	MH KAPALUA VENTURE, LLC
	MORI MEMBER (KAUAI), LLC
	MORI GOLF (KAUAI), LLC
	KAUAI LAGOONS HOLDINGS LLC
	MVW SERVICES CORPORATION
	MVW SSC, INC.
	MARRIOTT RESORTS HOSPITALITY
	CORPORATION
	MARRIOTT RESORTS SALES COMPANY, INC.
	MARRIOTT KAUAI OWNERSHIP RESORTS, INC.
	MARRIOTT OWNERSHIP RESORTS
	PROCUREMENT, LLC
	THE RITZ-CARLTON DEVELOPMENT COMPANY, INC.
	THE LION & CROWN TRAVEL CO., LLC
	THE RITZ-CARLTON TITLE COMPANY, INC.
	RBF, LLC
	RCDC 942, L.L.C.
	RCDC CHRONICLE LLC
	RCC (GP) HOLDINGS LLC
	MORI RESIDENCES, INC.
	MTSC, INC.
	VOLT MERGER SUB, LLC,
		 	as Guarantors
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name:   Joseph J. Bramuchi
		 	Title:    Vice President

  
 [Signature Page to the
Indenture] 

 
					
	MVW US HOLDINGS, LLC,
		 	as Guarantor
		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name: 	 	John E. Geller, Jr.
		 	Title:	 	Vice President and Assistant Secretary

  
 [Signature Page to the
Indenture] 

 
					
	MVW VACATIONS LLC,
		 	as Guarantor
		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name: 	 	John E. Geller, Jr.
		 	Title:	 	Vice President

  
 [Signature Page to the
Indenture] 

 
					
	MVW OF HAWAII, INC.,
		 	as Guarantor
		
	By:	 	 /s/ Clifford M. Delorey

		 	Name: 	 	Clifford M. Delorey
		 	Title:	 	President

  
 [Signature Page to the
Indenture] 

 
					
	MVW US SERVICES, LLC,
		 	as Guarantor
		
	By:	 	MVW SSC, Inc.,
		 	a Delaware corporation, its sole member
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name:	 	Joseph J. Bramuchi
		 	Title:	 	Vice President

  
 [Signature Page to the
Indenture] 

 
					
	MORI WAIKOLOA HOLDING COMPANY, LLC,
		 	as Guarantor
		
	By:	 	Marriott Ownership Resorts, Inc., a Delaware
		 	corporation, its sole member
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name:	 	Joseph J. Bramuchi
		 	Title:	 	Vice President

  
 [Signature Page to the
Indenture] 

 
					
	THE COBALT TRAVEL COMPANY, LLC
	THE RITZ-CARLTON MANAGEMENT COMPANY, L.L.C.,
		 	as Guarantors
		
	By:	 	The Ritz-Carlton Development Company, Inc., a
		 	Delaware corporation, its sole member
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name:	 	Joseph J. Bramuchi
		 	Title:	 	Vice President

  
 [Signature Page to the
Indenture] 

					
	RCC (LP) HOLDINGS L.P.,
		 	as Guarantor
		
	By:	 	RCDC Chronicle, LLC, a Delaware limited liability company, its general partner
		
	By:	 	The Ritz-Carlton Development Company, Inc.,
		 	a Delaware corporation, its sole member
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name:	 	Joseph J. Bramuchi
		 	Title:	 	Vice President

  
 [Signature Page to the
Indenture] 

 
					
	R.C. CHRONICLE BUILDING, L.P.,
		 	as Guarantor
		
	By:	 	RCC (GP) Holdings, LLC, a Delaware limited
		 	liability company, its general partner
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name:	 	Joseph J. Bramuchi
		 	Title:	 	Vice President

  
 [Signature Page to the
Indenture] 

 
					
	AQUA HOTELS AND RESORTS, INC.
	AQUA-ASTON HOLDINGS, INC.
	CDP GP, INC.
	CERROMAR DEVELOPMENT PARTNERS GP, INC.
	COCONUT PLANTATION PARTNER, INC.
	DATA MARKETING ASSOCIATES EAST, INC.
	FLEX COLLECTION, LLC
	FOH HOSPITALITY, LLC
	GRAND ASPEN HOLDINGS, LLC
	GRAND ASPEN LODGING, LLC
	HAWAII VACATION TITLE SERVICES, INC.
	HPC DEVELOPER, LLC
	HT-HIGHLANDS, INC.
	HTS-BC, L.L.C.
	HTS-BEACH HOUSE PARTNER, L.L.C.
	HTS-BEACH HOUSE, INC.
	HTS-COCONUT POINT, INC.
	HTS-GROUND LAKE TAHOE, INC.
	HTS-KEY WEST, INC.
	HTS-KW, INC.
	HTS-LAKE TAHOE, INC.
	HTS-LOAN SERVICING, INC.
	HTS-MAIN STREET STATION, INC.
	HTS-MAUI, L.L.C.
	HTS-SEDONA, INC.
	HTS-SUNSET HARBOR PARTNER, L.L.C.
	HTS-WINDWARD POINTE PARTNER, L.L.C.
	HV GLOBAL GROUP, INC.
	HV GLOBAL MANAGEMENT CORPORATION
	HV GLOBAL MARKETING CORPORATION
	HVO KEY WEST HOLDINGS, LLC
	IIC HOLDINGS, INCORPORATED
	ILG SHARED OWNERSHIP, INC.
	INTERVAL HOLDINGS, INC.
	INTERVAL INTERNATIONAL, INC.
	INTERVAL RESORT & FINANCIAL SERVICES, INC.
	INTERVAL SOFTWARE SERVICES, LLC,
	       as Guarantors
		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Executive Vice President

  
 [Signature Page to the
Indenture] 

					
	KAUAI BLUE, INC.
	LAGUNAMAR CANCUN MEXICO, INC.
	MANAGEMENT ACQUISITION HOLDINGS, LLC
	RESORT SALES SERVICES, INC.
	SCOTTSDALE RESIDENCE CLUB, INC.
	SHERATON FLEX VACATIONS, LLC
	ST. REGIS NEW YORK MANAGEMENT, INC.
	ST. REGIS RESIDENCE CLUB, NEW YORK INC.
	VACATION OWNERSHIP LENDING GP, INC.
	VACATION TITLE SERVICES, INC.
	VCH COMMUNICATIONS, INC.
	VCH CONSULTING, INC.
	VCH SYSTEMS, INC.
	VISTANA ACCEPTANCE CORP.
	VISTANA AVENTURAS, INC.
	VISTANA DEVELOPMENT, INC.
	VISTANA HAWAII MANAGEMENT, INC.
	VISTANA MANAGEMENT, INC.
	VISTANA MB MANAGEMENT, INC.
	VISTANA PORTFOLIO SERVICES, INC.
	VISTANA PSL, INC.
	VISTANA RESIDENTIAL MANAGEMENT, INC.
	VISTANA SIGNATURE EXPERIENCES, INC.
	VISTANA SIGNATURE NETWORK, INC.
	VISTANA VACATION OWNERSHIP, INC.
	VISTANA VACATION REALTY, INC.
	VISTANA VACATION SERVICES HAWAII, INC.
	VOL GP, INC.
	VSE DEVELOPMENT, INC.
	VSE EAST, INC
	VSE MEXICO PORTFOLIO SERVICES, INC.
	VSE MYRTLE BEACH, LLC
	VSE PACIFIC, INC.
	VSE TRADEMARK, INC.
	VSE VISTANA VILLAGES, INC.
	VSE WEST, INC.
	WESTIN SHERATON VACATION SERVICES, INC.
	WINDWARD POINTE II, L.L.C.
	WORLDWIDE VACATION & TRAVEL, INC.
	WVC RANCHO MIRAGE, INC.,
		 	as Guarantors
		
	By: 	 	 /s/ John E. Geller, Jr.

		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Executive Vice President

  
 [Signature Page to the
Indenture] 

					
	HTS-SAN ANTONIO, INC.
	HTS-SAN ANTONIO, L.L.C.,
		 	as Guarantors
		
	By:	 	 /s/ Angela K. Halladay

		 	Name:	 	Angela K. Halladay
		 	Title:	 	Vice President and Secretary

  
 [Signature Page to the
Indenture] 

					
	S.O.I. ACQUISITION CORP.
	ILG, LLC,
		 	as Guarantors
		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Executive Vice President and Chief
		 		 	Financial Officer

  
 [Signature Page to the
Indenture] 

					
	FOH HOLDINGS, LLC,
		 	as Guarantor
		
	By:	 	 /s/ Angela K. Halladay

		 	Name:	 	Angela K. Halladay
		 	Title:	 	Assistant Secretary

  
 [Signature Page to the
Indenture] 

					
	RESORT MANAGEMENT FINANCE SERVICES, INC.,
		 	as Guarantor
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name:	 	Joseph J. Bramuchi
		 	Title:	 	Treasurer

  
 [Signature Page to the
Indenture] 

 
					
	AQUA-ASTON HOSPITALITY, LLC,
		 	as Guarantor
		
	By:	 	 /s/ Denis Ebrill

		 	Name:	 	Denis Ebrill
		 	Title:	 	Manager

  
 [Signature Page to the
Indenture] 

 
					
	REP HOLDINGS, LTD.,
		 	as Guarantor
		
	By:	 	 /s/ Denis Ebrill

		 	Name:	 	Denis Ebrill
		 	Title:	 	President

  
 [Signature Page to the
Indenture] 

 
					
	AQUA HOSPITALITY LLC
	ASTON HOTELS & RESORTS FLORIDA, LLC
	MAUI CONDO AND HOME, LLC
	RQI HOLDINGS, LLC
	ILG MANAGEMENT, LLC,
		 	as Guarantors
		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Manager

  
 [Signature Page to the
Indenture] 

 
					
	AQUA HOTELS & RESORTS, LLC
	DIAMOND HEAD MANAGEMENT LLC
	HOTEL MANAGEMENT SERVICES LLC
	KAI MANAGEMENT SERVICES LLC,
		 	as Guarantors
		
	By:	 	Aqua Hospitality, LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Manager

  
 [Signature Page to the
Indenture] 

 
					
	AQUA HOTELS AND RESORTS OPERATOR LLC,
		 	as Guarantor
		
	By:	 	Aqua Hospitality, LLC, a Delaware limited liability company, its managing member
		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Manager

  
 [Signature Page to the
Indenture] 

 
					
	AQUA LUANA OPERATOR LLC,
		 	as Guarantor
		
	By:	 	Aqua Hospitality, LLC, a Delaware limited liability company, its sole member
		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Manager

  
 [Signature Page to the
Indenture] 

 
					
	BEACH HOUSE DEVELOPMENT PARTNERSHIP,
		 	as Guarantor
		
	By:	 	HTS-Beach House, Inc., a Delaware corporation, its general partner
		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Executive Vice President

  
 [Signature Page to the
Indenture] 

 
					
	CDP INVESTORS, L.P.,
		 	as Guarantor
		
	By:	 	CDP GP, Inc., a Delaware corporation, its general partner
		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Executive Vice President

  
 [Signature Page to the
Indenture] 

 
					
	CERROMAR DEVELOPMENT PARTNERS, L.P., S.E.,
		 	as Guarantor
		
	By:	 	Cerromar Development Partners GP, Inc., a Delaware corporation, its general partner
		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Executive Vice President

  
 [Signature Page to the
Indenture] 

 
					
	HTS-SAN ANTONIO, L.P.,
		 	as Guarantor
		
	By:	 	HTS-San Antonio, Inc., a Delaware corporation, its general partner
		
	By:	 	 /s/ Angela K. Halladay

		 	Name:	 	Angela K. Halladay
		 	Title:	 	Vice President and Secretary

  
 [Signature Page to the
Indenture] 

 
					
	KEY WESTER LIMITED,
		 	as Guarantor
		
	By:	 	HTS-KW, Inc., a Delaware corporation, its general partner
		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Executive Vice President

  
 [Signature Page to the
Indenture] 

 
					
	PELICAN LANDING TIMESHARE VENTURES 
	LIMITED PARTNERSHIP,
		 	as Guarantor
		
	By:	 	HTS-Coconut Point, Inc., a Delaware corporation,
		 	its general partner
		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Executive Vice President

  
 [Signature Page to the
Indenture] 

 
					
	VACATION OWNERSHIP LENDING, L.P.,
		 	as Guarantor
		
	By:	 	Vacation Ownership Lending GP, Inc.,
		 	a Delaware corporation, its general partner
		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Executive Vice President

  
 [Signature Page to the
Indenture] 

 
					
	VOL INVESTORS, L.P.,
		 	as Guarantor
		
	By:	 	VOL GP, Inc., a Delaware corporation,
		 	its general partner
		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Executive Vice President

  
 [Signature Page to the
Indenture] 

 
			
	THE BANK OF NEW YORK MELLON TRUST
	COMPANY, N.A., as Trustee and Notes Collateral Agent
		
	By:	 	 /s/ Julie Hoffman-Ramos

	Name:	 	Julie Hoffman-Ramos
	Title:	 	Vice President

  
 [Signature Page to the
Indenture] 

 Appendix A 

PROVISIONS RELATING TO INITIAL NOTES 

1.    Definitions 

1.1    Definitions 

For the purposes of this Appendix A the following terms shall have the meanings indicated below: 

“Clearstream” means Clearstream Banking, Société Anonyme, or any successor securities clearing agency. 

“Definitive Note” means a certificated Initial Note or Exchange Note bearing, if required, the restricted securities legend
set forth in Section 2.3(d) of this Appendix A. 
 “Depositary” means with respect to the Notes, The Depository Trust
Company, its nominees and their respective successors. 
 “Distribution Compliance Period” means, with respect to any
Notes, the period of 40 consecutive days beginning on the later of (i) the day on which such Notes are first offered to Persons other than distributors (as defined in Regulation S) in reliance on Regulation S and (ii) the issue date with
respect to such Notes. 
 “Euroclear” means Euroclear Bank S.A./N.Y., as operator of Euroclear Clearance System or any
successor securities clearing agency. 
 “IAI” means an institutional “accredited investor” within the meaning of
Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 
 “Initial Notes” means the 6.125% Senior Notes due 2025,
to be issued from time to time, as provided for in the Indenture in transactions exempt from registration under the Securities Act pursuant to resales under Rule 144A or Regulation S. 

“Notes Custodian” means the custodian with respect to a Global Note (as appointed by the Depositary) or any successor person
thereto, who shall initially be the Trustee. 
 “Original Notes” has the meaning assigned to such term in the recitals to
the Indenture. 
 “QIB” means a “qualified institutional buyer” as defined in Rule 144A. 

“Transfer Restricted Notes” means Definitive Notes and any other Notes that bear or are required to bear the legend set forth
in Section 2.3(d) hereto. 
 1.2    Other Definitions 

 

			
	Term	  	Defined in Section:
	 “Agent Members”
	  	2.1(b)
	 “Global Note”
	  	2.1(a)
	 “IAI Global Note”
	  	2.1(a)
	 “Regulation S”
	  	2.1
	 “Regulation S Global Note”
	  	2.1(a)
	 “Rule 144A”
	  	2.1
	 “Rule 144A Global Note”
	  	2.1(a)

 Terms otherwise used herein and not otherwise defined herein shall have the meaning ascribed thereto in the
Indenture. 
 2.    The Notes 

2.1    Form and Dating 

The Initial Notes shall be resold initially only to QIBs in reliance on Rule 144A under the Securities Act (“Rule 144A”) and
other purchasers in reliance on Regulation S under the Securities Act (“Regulation S”). Initial Notes may thereafter be transferred to, among others, QIBs and other purchasers in reliance on Regulation S and IAIs under Rule
501(a)(1), (2), (3) or (7) under the Securities Act, subject to the restrictions on transfer set forth herein. 

(a)    Global Notes. Initial Notes initially resold pursuant to Rule 144A shall be issued initially in the form of
one or more permanent Global Notes in registered form (collectively, the “Rule 144A Global Note”) with the global securities legend and the applicable restricted securities legend set forth in Exhibit A to the Indenture, and
Initial Notes initially resold pursuant to Regulation S shall be issued initially in the form of one or more permanent Global Notes in registered form with the global securities legend and the applicable restricted securities legend set forth in
Exhibit A to the Indenture (collectively, the “Regulation S Global Note”) or with such other legends as may be appropriate. Except as set forth in this Section 2.1(a) and Section 2.3(c) hereof, beneficial ownership
interest in a Regulation S Global Note shall be exchangeable for interests in a Rule 144A Global Note or a Definitive Note in registered certificated form only after the expiration of the Distribution Compliance Period and then only (i) upon
certification that beneficial ownership interests in such Regulation S Global Note are owned either by non-U.S. persons or U.S. persons who purchased such interests in a transaction that did not require
registration under the Securities Act and (ii) in the case of an exchange for a Definitive Note, in compliance with the requirements described in Section 2.4 and, subject to Section 2.4 hereof, Initial Notes transferred subsequent to
the initial resale thereof to IAIs shall be issued initially in the form of one or more permanent global securities in registered form (collectively, the “IAI Global Note”), in each case without interest coupons and with the global
securities legend and the applicable restricted securities legend set forth in Exhibit A to the Indenture, which shall be deposited on behalf of the purchasers of the Initial Notes represented thereby with the Notes Custodian, and registered
in the name of the applicable Depositary or a nominee of the applicable Depositary, duly executed by the Issuer and authenticated by the Trustee or the Authentication Agent as provided in the Indenture. The Rule 144A Global Note, IAI Global Note and
Regulation S Global Note are collectively referred to herein as “Global Notes.” The aggregate principal amount of the Global Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee and
the applicable Depositary or its nominee as hereinafter provided. 
 (b)    Book-Entry Provisions. This
Section 2.1(b) shall apply only to a Global Note deposited with or on behalf of the applicable Depositary. 
 The Issuer shall execute
and the Trustee shall, in accordance with this Section 2.1(b) and pursuant to an order of the Issuer, authenticate and deliver initially one or more Global Notes that (a) shall be registered in the name of the applicable Depositary for
such Global Note or Global Notes or the nominee of such Depositary and (b) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instructions or held by the Trustee as Notes Custodian. 

 Members of, or participants, in the Depositary (“Agent Members”) shall have
no rights under the Indenture with respect to any Global Note held on their behalf by the Depositary or by the Trustee as Notes Custodian or under such Global Note, and the Depositary may be treated by the Issuer, the Trustee and any agent of the
Issuer or the Trustee as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any
written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices of such Depositary governing the exercise of the rights of a holder of a
beneficial interest in any Global Note. 
 (c)    Definitive Notes. Except as provided in Section 2.3 or 2.4
hereof, owners of beneficial interests in Global Notes shall not be entitled to receive physical delivery of Definitive Notes. 

2.2     Authentication. The Trustee or Authentication Agent shall authenticate and deliver Notes in accordance with
Section 2.03 and, if applicable, Section 2.14 of the Indenture. 
 2.3    Transfer and Exchange. 

(a)    Transfer and Exchange of Definitive Notes for Definitive Notes. When Definitive Notes are presented to the
Registrar or a co-registrar with a request: 
 (i)    to register the transfer
of such Definitive Notes; or 
 (ii)    to exchange such Definitive Notes for an equal principal amount of Definitive
Notes of other authorized denominations, the Registrar or co-registrar shall register the transfer or make the exchange as requested if its reasonable requirements for such transaction are met; provided, however, that the Definitive
Notes surrendered for transfer or exchange: 
 (1)    shall be duly endorsed or accompanied by a written
instrument of transfer in form reasonably satisfactory to the Issuer and the Registrar or co-registrar, duly executed by the Holder thereof or his attorney duly authorized in writing; and 

(2)    if such Definitive Notes bear a restricted securities legend, they are being transferred or
exchanged pursuant to an effective registration statement under the Securities Act or pursuant to clause (A), (B), (C) or (D) below, and are accompanied by the following additional information and documents, as applicable: 

(A)    if such Definitive Notes are being delivered to the Registrar by a Holder for registration in the
name of such Holder, without transfer, a certification from such Holder to that effect; or 
 (B)    if
such Definitive Notes are being transferred to the Issuer, a certification to that effect; 
 (C)    if
such Definitive Notes are being transferred pursuant to an exemption from registration in accordance with Rule 144 under the Securities Act, (i) a certification to that effect (such certification to be in the form set forth on the reverse of
the Initial Note) and (ii) an opinion of counsel or other evidence reasonably satisfactory to the Issuer and the Trustee as to the compliance with the restrictions set forth in the legend set forth in Section 2.3(d)(i); or 

 (D)    if such Definitive Notes are being transferred
pursuant to another available exemption from the registration requirements of the Securities Act, (i) the appropriate certification in the form set forth on the reverse of the Initial Note) and (ii) as applicable, delivery of such legal
opinions, certifications and other information as may be requested pursuant thereto (including, in the case of a transfer to an IAI, a signed letter to the Trustee containing certain representations and agreements in the form of Exhibit D to
the Indenture). 
 (b)    Restrictions on Transfer of a Definitive Note for a Beneficial Interest in a Global
Note. A Definitive Note may not be exchanged for a beneficial interest in a Global Note except upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of a Definitive Note, duly endorsed or accompanied by a written
instrument of transfer in form reasonably satisfactory to the Issuer and the Registrar or co-registrar, together with: 

(i) a certification from the transferor in the form provided on the reverse of the Initial Notes for exchange or
registration of transfers and, as applicable, delivery of such legal opinions, certifications and other information as may be requested pursuant thereto; and 

(ii) written instructions directing the Trustee to make, or to direct the Custodian to make, an adjustment on its books
and records with respect to such Global Note to reflect an increase in the aggregate principal amount of the Notes represented by the Global Note, such instructions to contain information regarding the Depositary account to be credited with such
increase, 
 the Trustee shall cancel such Definitive Note and cause, or direct the Custodian to cause, in accordance with the standing instructions and
procedures existing between the Depositary and the Custodian, the aggregate principal amount of Notes represented by the Global Note to be increased by the aggregate principal amount of the Definitive Note to be exchanged and shall credit or cause
to be credited to the account of the Person specified in such instructions a beneficial interest in the Global Note equal to the principal amount of the Definitive Note so canceled. If the applicable Global Note is not then outstanding, the Issuer
shall issue and the Trustee shall authenticate a new applicable Global Note in the appropriate principal amount at the Registrar’s or co-registrar’s request. 

(c)    Transfer and Exchange of Global Notes. 

(i)    The transfer and exchange of Global Notes or beneficial interests therein shall be effected through the applicable
Depositary, in accordance with the Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of the Depositary therefor. A transferor of a beneficial interest in a Global Note shall deliver a written order
given in accordance with the Depositary’s procedures containing information regarding the participant account of the Depositary to be credited with a beneficial interest in the Global Note and such account shall be credited in accordance with
such instructions with a beneficial interest in the Global Note and the account of the Person making the transfer shall be debited by an amount equal to the beneficial interest in the Global Note being transferred. In the case of a transfer of a
beneficial interest in a Global Note to an IAI, the transferee must furnish a signed letter to the Trustee containing certain representations and agreements in the form of Exhibit D to the Indenture. 

(ii)    If the proposed transfer is a transfer of a beneficial interest in one Global Note to a beneficial interest in
another Global Note, the Registrar shall reflect on its books and records the date and 

 
an increase in the principal amount of the Global Note to which such interest is being transferred in an amount equal to the principal amount of the interest to be so transferred, and the
Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of the Global Note from which such interest is being transferred. 

(iii)    Notwithstanding any other provisions of this Appendix A (other than the provisions set forth in
Section 2.4), a Global Note may not be transferred as a whole except 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. 
 (iv)    Restrictions on Transfer of
Regulation S Global Notes. 
 (A)    During the Distribution Compliance Period, beneficial ownership
interests in Regulation S Global Notes may only be sold, pledged or transferred directly or indirectly through Euroclear or Clearstream in accordance with the applicable procedures of Euroclear, Clearstream or the Depositary (i) to the Issuer,
(ii) in an offshore transaction in accordance with Rule 904 of Regulation S, (iii) to QIBs pursuant to Rule 144A who take delivery in the form of a beneficial interest in the Rule 144A Global Note or (iv) pursuant to an effective
registration statement under the Securities Act, in each case in accordance with any applicable securities laws of any State of the United States; and 

(B)    Beneficial interests in a Rule 144A Global Note may be transferred to a Person who takes delivery in
the form of an interest in a Regulation S Global Note, whether before or after the expiration of the Distribution Compliance Period, only if the transferor first delivers to the Trustee a written certificate to the effect that such transfer is being
made in accordance with Rule 903 or 904 of Regulation S or Rule 144 (if applicable). 
 (d)    Legends. 

(i)    Except as permitted by the following paragraphs (ii) and (iii), each certificate evidencing the Global Notes
and the Definitive Notes (and all Notes issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form (the “Restricted Notes Legend”): 

“THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT
HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE THAT IS [IN THE CASE OF RULE 144A NOTES: SIX MONTHS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF
ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY)] [IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE
DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S) IN
RELIANCE ON REGULATION S], ONLY (A) TO THE ISSUER OR 

 
ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) INSIDE THE UNITED STATES TO AN
ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY A U.S. BROKER-DEALER) TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS
SECURITY (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE FOR THIS SECURITY), (D) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) PURSUANT TO THE EXEMPTION FROM
REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUER SO REQUESTS), OR
(G) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY
TRANSFER OF THIS SECURITY WITHIN SIX MONTHS AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY, IF THE PROPOSED TRANSFEREE IS AN ACCREDITED INVESTOR, THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE AND THE ISSUER ANY CERTIFICATIONS, LEGAL
OPINIONS OR OTHER INFORMATION AS ANY OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. AS USED HEREIN,
THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.” 

Each Global Note shall also bear the following additional legend (the “Global Notes Legend”): 

“UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, 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 IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.” 

 Each Definitive Note shall also bear the following additional legend (the
“Definitive Notes Legend”): 
 “IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND
TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.” 

Each Global Notes and Definitive Note shall also bear the following additional legend (the “ERISA Legend”): 

“BY ITS ACQUISITION OF THIS NOTE, THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF
THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS NOTE CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OF A PLAN,
INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL,
NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN
ASSETS” (WITHIN THE MEANING OF 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE PURCHASE AND HOLDING OF THIS NOTE AND ANY
INTEREST HEREIN DOES NOT AND WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS.” 

(ii)    Upon any sale or transfer of a Transfer Restricted Note (including any Transfer Restricted Note represented by a
Global Note) pursuant to Rule 144 under the Securities Act: 
 (A)    in the case of any Transfer
Restricted Note that is a Definitive Note, the Registrar shall permit the Holder thereof to exchange such Transfer Restricted Note for a Note that does not bear the legends set forth above and rescind any restriction on the transfer of such Transfer
Restricted Note; and 
 (B)    in the case of any Transfer Restricted Note that is represented by a
Global Note, the Registrar shall permit the Holder thereof to exchange such Transfer Restricted Note for a Note that does not bear the legends set forth above and rescind any restriction on the transfer of such Transfer Restricted Note, 

in either case, if the Holder certifies in writing to the Registrar that its request for such exchange was made in reliance on Rule 144 (such certification to
be in the form set forth on the reverse of the Initial Note). 
 (iii)    After a transfer of any Initial Notes during
the period of the effectiveness of a registration statement filed under the Securities Act with respect to such Initial Notes, all requirements pertaining to restricted legends on such Initial Note shall cease to apply and an Initial Note in global
form without restricted legends shall be available to the transferee of the beneficial interests of such Initial Notes. Upon the occurrence of any of the circumstances described in this paragraph (iii), the Issuer shall deliver an Officers’
Certificate to the Trustee instructing the Trustee to issue Notes without restricted legends. 

 (d)    Cancellation or Adjustment of Global Note. At such time as
all beneficial interests in a Global Note have either been exchanged for Definitive Notes, redeemed, repurchased or canceled, such Global Note shall be returned by the Depositary to the Trustee for cancellation pursuant to its customary practice.

 At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for Definitive Notes, redeemed,
repurchased or canceled, the principal amount of Notes represented by such Global Note shall be reduced and an adjustment shall be made on the books and records of the Trustee (if it is then the Notes Custodian for such Global Note) with respect to
such Global Note, by the Trustee or the Notes Custodian, to reflect such reduction. 
 (e)    Obligations with
Respect to Transfers and Exchanges of Notes. 
 (i)    To permit registrations of transfers and exchanges, the Issuer
shall execute and the Trustee shall authenticate Definitive Notes and Global Notes at the Registrar’s or co-registrar’s request. 

(ii)    No service charge shall be made for any registration of transfer or exchange, but the Issuer may require payment
of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charge payable upon exchange or transfer pursuant to
Sections 2.10, 3.06 and 9.05 of the Indenture). 
 (iii)    The Registrar or
co-registrar shall not be required to register the transfer of or exchange of any Note selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the Note not to be redeemed)
or to transfer or exchange any Note for a period beginning 15 days before the notice of redemption or an offer to repurchase Notes is sent or 15 days before an Interest Payment Date. 

(iv)    Prior to the due presentation for registration of transfer of any Note, the Issuer, the Trustee, the Paying Agent,
the Registrar or any co-registrar may deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such
Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Issuer, the Trustee, the Paying Agent, the Registrar or any co-registrar shall be affected by notice to the
contrary. 
 (v)    All Notes issued upon any transfer or exchange pursuant to the terms of the Indenture shall evidence
the same debt and shall be entitled to the same benefits under the Indenture as the Notes surrendered upon such transfer or exchange. 

(f)    No Obligation of the Trustee. 

(i)    The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a
participant in the Depositary or any other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the
delivery to any participant, member, beneficial owner or other Person (other than the Depositary) of any notice (including any notice of redemption or repurchase) or the payment of any amount, under or with respect to such Notes. All notices and
communications to be given to the Holders and all payments to be made to Holders under the Notes shall be given or made only to the registered Holders (which shall be the Depositary or its nominee in the case of a Global Note). The rights of
beneficial owners in any Global Note shall be exercised only through the Depositary subject to the applicable rules and procedures of the Depositary. The Trustee may rely and shall be fully protected in relying upon information furnished by the
Depositary with respect to its members, participants and any beneficial owners. 

 (ii)    The Trustee shall have no obligation or duty to monitor,
determine or inquire as to compliance with any restrictions on transfer imposed under the Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depositary participants,
members or beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of the Indenture, and to
examine the same to determine substantial compliance as to form with the express requirements hereof. 

2.4    Definitive Notes 

(a)    A Global Note deposited with the Depositary or with the Trustee as Notes Custodian pursuant to Section 2.1
shall be transferred (or, in the case of clause (ii) below, shall be transferrable) to the beneficial owners thereof in the form of Definitive Notes in an aggregate principal amount equal to the principal amount of such Global Note, in exchange
for such Global Note, only if such transfer complies with Section 2.3 and (i) the Depositary notifies the Issuer that it is unwilling or unable to continue as a Depositary for such Global Note or if at any time the Depositary ceases to be
a “clearing agency” registered under the Exchange Act, and a successor Depositary is not appointed by the Issuer within 90 days of such notice, (ii) a Default or an Event of Default has occurred and is continuing or (iii) the
Issuer, in its sole discretion, notifies the Trustee in writing that it elects to cause the issuance of Definitive Notes under the Indenture. 

(b)    Any Global Note that is transferable to the beneficial owners thereof pursuant to this Section 2.4 shall be
surrendered by the Depositary to the Trustee, to be so transferred, in whole or from time to time in part, without charge, and the Trustee shall authenticate and deliver, upon such transfer of each portion of such Global Note, an equal aggregate
principal amount of Definitive Notes of authorized denominations. Definitive Notes issued in exchange for any portion of a Global Note transferred pursuant to this Section 2.4 shall be executed, authenticated and delivered only in denominations
of $2,000 and any integral multiples of $1,000 in excess thereof and registered in such names as the Depositary shall direct. Any Definitive Note delivered in exchange for an interest in the Global Note shall, except as otherwise provided by
Section 2.3(e), bear the restricted securities legend set forth in Section 2.3(d)(i). 
 (c)    The registered
Holder of a Global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action that a Holder is entitled to take under the Indenture or the Notes.

 (d)    In the event of the occurrence of any of the events specified in Section 2.4(a)(i), (ii) or (iii), the Issuer shall
promptly make available to the Trustee a reasonable supply of Definitive Notes in definitive, fully registered form without interest coupons. 

 EXHIBIT A 

[FORM OF FACE OF INITIAL NOTE] 

[Restricted Notes Legend] 

[Global Notes Legend] 

[Definitive Notes Legend] 
 [ERISA
Legend] 

 EXHIBIT A 

[FORM OF FACE OF INITIAL NOTE] 

6.125% Senior Secured Notes due 2025 
 No. [RA-[    ]] [RS-[    ]] 

[CUSIP: [    ]] 

MARRIOTT OWNERSHIP RESORTS, INC., a Delaware corporation, promises to pay to [Cede & Co.]1 [                    ], or its registered assigns, the principal sum [of
[        ] Dollars ($)]2 [as revised by the Schedule of Increases and Decreases annexed hereto]3 on
September 15, 2025. 
 Interest Payment Dates: May 15 and November 15. 

Record Dates: May 1 and November 1. 
  

 

	1 	 Insert for Global Notes 

	2 	 Insert for Definitive Notes 

	3 	 Insert for Global Notes 

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

			
	MARRIOTT OWNERSHIP RESORTS, INC.
		
	By:	 	
                     
                    

		 	Name:
		 	Title:

			
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	
	Dated:
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee, certifies that this is one of the Notes referred to in the Indenture.

			
		
	By:	 	 

                     

		 	Authorized Signatory

 [FORM OF REVERSE SIDE OF NOTE] 

6.125% Senior Secured Notes due 2025 

1.     Interest 

MARRIOTT OWNERSHIP RESORTS, INC., a Delaware corporation (such corporation, and its successors and assigns under the Indenture (as defined
below) hereinafter referred to, being herein called the “Issuer”), promises to pay interest on the principal amount of this 6.125% Senior Secured Note due 2025 (this “Note” and, together with any other 6.125% Senior
Secured Notes due 2025, the “Notes”) at the rate per annum shown above. The Issuer shall pay interest semiannually in arrears on May 15 and November 15 of each year. Interest on the Notes shall accrue from the most recent
date to which interest has been paid or, if no interest has been paid, from and including the date of original issuance; provided that the first Interest Payment Date shall be [November 15,
2020][                    ]. 
 Interest
shall be computed on the basis of a 360-day year comprised of twelve 30-day months. The Issuer shall pay interest on overdue principal at the rate specified herein. 

2.     Method of Payment 

The Issuer shall pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the close of
business on the May 1 or November 1 immediately preceding the Interest Payment Date even if Notes are canceled after the Record Date and on or before the Interest Payment Date. Holders must surrender Notes to a Paying Agent to collect
principal payments. The Issuer shall pay principal and interest in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the Notes represented by a Global
Note (including principal, premium and interest) shall be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company. The Issuer shall make all payments in respect of a Definitive Note (including
principal, premium and interest), by mailing a check to the registered address of each Holder thereof; provided, however, that payments on the Notes may also be made, in the case of a Holder of at least $1,000,000 aggregate principal
amount of Notes, by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating
such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 

3.     Paying Agent and Registrar 

Initially, The Bank of New York Mellon Trust Company, N.A. (in such capacity, as applicable, the “Trustee” and the
“Notes Collateral Agent”) shall act as Paying Agent and Registrar. The Issuer may appoint and change any Paying Agent, Registrar or co-registrar without notice. The Issuer, the Parent
Guarantor or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent, Registrar or co-registrar. 

4.     Indenture; Note Guarantee 

The Issuer issued the Notes under an Indenture, dated as of May 13, 2020 (as it may be amended or supplemented from time to time in
accordance with the terms thereof, the “Indenture”), among the Issuer, the Guarantors party thereto, the Trustee and the Notes Collateral Agent. The terms of the Notes include those stated in the Indenture. Terms defined in the
Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all such terms, and Noteholders are 

 
referred to the Indenture. This Note is guaranteed, as set forth in the Indenture. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions
of the Indenture shall govern and be controlling. 
 The Indenture imposes certain limitations on the ability of the Parent Guarantor and
its Restricted Subsidiaries to, among other things, make certain Investments and other Restricted Payments, pay dividends and other distributions, incur Debt, enter into consensual restrictions upon the payment of certain dividends and distributions
by such Restricted Subsidiaries, issue or sell shares of capital stock of such Restricted Subsidiaries, enter into or permit certain transactions with Affiliates, create or incur Liens and make Asset Sales. The Indenture also imposes limitations on
the ability of the Issuer and the Guarantors to consolidate or merge with or into any other Person or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all of the property and assets of the Issuer or the Guarantors.

 5.     Redemption and Repurchase  

The Notes are subject to optional redemption, and may be the subject of an offer to purchase upon a Change of Control or an Asset Sale, as
further described in the Indenture. The Issuer shall not be required to make any mandatory redemption or sinking fund payments with respect to the Notes. 

6.     Security  
 The
Notes are secured by the Collateral on the terms and subject to the conditions set forth in the Indenture and the Security Documents. Each Holder, by accepting this Note, consents and agrees to the terms of the Security Documents (including the
provisions providing for the foreclosure and release of Collateral) as the same may be in effect or may be amended from time to time in accordance with their terms and the Indenture and authorizes and directs the Trustee and/or the Notes Collateral
Agent, as applicable, to enter into the Security Documents, and to perform its obligations and exercise its rights thereunder in accordance therewith. 
 7.
    Denominations; Transfer; Exchange 
 The Notes are in registered form without coupons, in denominations of
$2,000 and integral multiples of $1,000 in excess thereof. A Holder may transfer or exchange Notes in accordance with the Indenture. Upon any transfer or exchange, the Registrar and the Trustee may require a Holder, among other things, to furnish
appropriate endorsements or transfer documents and to pay any taxes required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Notes selected for redemption (except, in the case of a Note to be
redeemed in part, the portion of the Note not to be redeemed) or to transfer or exchange any Notes beginning 15 days before the notice of redemption or an offer to repurchase Notes is sent or 15 days before an Interest Payment Date. 

8.     Persons Deemed Owners 

The registered Holder of this Note may be treated as the owner of it for all purposes. 

9.     Unclaimed Money 

If money for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the
Issuer at its written request unless an abandoned property law designates another Person. After any such payment, Holders entitled to the money must look only to the Issuer and not to the Trustee for payment. 

 10.     Discharge and Defeasance 

Subject to certain conditions, the Issuer at any time may terminate some of or all its obligations under the Notes and the Indenture if the
Issuer deposits or cause to be deposited with the Trustee money in U.S. dollars or Government Obligations for the payment of principal of and interest (including premium, if any) on the Notes, in each case to redemption or maturity. 

11.     Amendment, Waiver 

The Indenture, the Note Guarantees and the Notes may be amended and supplemented as provided in the Indenture. 

12.     Defaults and Remedies 

The Events of Default relating to the Notes are defined in Section 6.01 of the Indenture. Upon the occurrence of an Event of Default, the
rights and obligations of the Issuer, the Guarantors, the Trustee and the Holders shall be as set forth in the applicable provisions of the Indenture. 

13.     Trustee Dealings with the Issuer 

Subject to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the
owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Issuer or its Affiliates and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee. 

14.     No Recourse Against Others 

No past, present or future director, officer, employee, incorporator, member, partner or stockholder of the Issuer or any Guarantor, as such,
shall have any liability for any obligations of the Issuer or any Guarantor (other than the Issuer in respect of the Notes and each Guarantor in respect of its Note Guarantee) under the Notes, the Note Guarantees, this Indenture or the Security
Documents or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. This waiver and release are part of the consideration for issuance of
the Notes. 
 15.     Authentication 

This Note shall not be valid until an authorized signatory of the Trustee (or an Authentication Agent) signs by manual, facsimile or electronic
signature the certificate of authentication on the other side of this Note. 
 16.     Abbreviations 

Customary abbreviations may be used in the name of a Noteholder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the
entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 

 17.     Governing Law/Waiver of Trial by Jury 

THIS NOTE AND ANY CLAIM, CONTROVERSY OR DISPUTE RELATING TO OR ARISING OUT OF THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO AND EACH HOLDER BY ITS ACCEPTANCE THEREOF IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF
OR RELATING TO THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 18.     CUSIP Numbers 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to
be printed on the Notes and have directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Noteholders. To the extent such numbers have been issued, the Issuer has caused ISIN numbers to be similarly printed on the Notes
and has similarly instructed the Trustee. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers
placed thereon. 
 19.    INTERCREDITOR AGREEMENTS. 

Anything herein to the contrary notwithstanding, the liens and security interests securing the Obligations evidenced by this Note, the exercise
of any right or remedy with respect thereto, and certain of the rights of the Holder hereof are subject to the provisions of the Intercreditor Agreements. In the event of any conflict between the terms of any Intercreditor Agreement and this Note,
the terms of such Intercreditor Agreement shall govern and control. 
 The Issuer shall furnish to any Holder upon written request and
without charge to the Holder a copy of the Indenture which has in it the text of this Note. 
 All capitalized terms used but not
defined in this Note shall have the meanings assigned to them in the Indenture. 

 MARRIOTT OWNERSHIP RESORTS, INC. 

[                    ] 

6.125% Senior Secured Notes due 2025 

ASSIGNMENT FORM 
 To assign this Note, fill in
the form below: 
  

	
	I or we assign and transfer this Note to
	  

	(Print or type assignee’s name, address and zip code)
	
	  

	(Insert assignee’s soc. sec. or tax I.D. No.)

 and irrevocably appoint agent to transfer this Note on the books of the Issuer. The agent may substitute another to act for
him. 
  

											
	Date:	 		 		 	Your Signature:	  		 	
		 	  
	 		 		  		 	  

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

 In connection with any transfer of any of the Notes evidenced by this certificate occurring while this Note is a Transfer
Restricted Note, the undersigned confirms that such Notes are being transferred in accordance with its terms: 
 CHECK ONE BOX BELOW 

 

					
	(1)	 	☐	  	To the Issuer; or
			
	(2)	 	☐	  	Pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”); or
			
	(3)	 	☐	  	Inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) that purchases for its own account or for the account of a qualified institutional buyer to whom notice is
given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act; or
			
	(4)	 	☐	  	Outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act (and if the transfer is being made prior to the expiration of the
Distribution Compliance Period, the Notes shall be held immediately thereafter directly or indirectly through Euroclear or Clearstream);
			
	(5)	 	☐	  	In a principal amount of not less than $250,000 to an institutional “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3) and (7) under the Securities Act) that has furnished to the Trustee a signed
letter containing certain representations and agreements (the form of which letter can be obtained from the Trustee or the Issuer); or

					
	(6)	 	☐	  	Pursuant to another available exemption from registration provided by Rule 144 under the Securities Act or any other available exemption from the registration requirements of the Securities Act.

 Unless one of the above boxes is checked, the Trustee shall refuse to register any of the Notes evidenced by this certificate
in the name of any person other than the registered holder thereof; provided, however, that if box (4), (5) or (6) is checked, the Trustee may require, prior to registering any such transfer of the Notes, such legal opinions,
certifications and other information as the Issuer has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. 

 

									
		 		 		 	  

		 		 		 	 Your Signature

			
	 Signature Guarantee:
	 		 	
		 	  
	 	
		 		 	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee	 	
				
	 Date:
	 		 		 	
		 	  
	 	  

		 		 		 	 Signature of Signature Guarantor

 TO BE COMPLETED BY PURCHASER IF (3) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises
sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and is aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the
undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

							
	Date:	 		 		  	
		 	  
	 		  	  

		 		 		  	NOTICE: To be executed by an executive officer

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The initial principal amount of this Global Note is $[        ]. The following increases or decreases
in this Global Note have been made: 
  

																	
	 Date of

Exchange
	  	Amount of
decrease in
Principal
Amount of this
Global Note	 	  	Amount of increase
in Principal
Amount of this
Global Note	 	  	Principal amount
of this Global Note
following such
decrease or
increase	 	  	Signature of
authorized
signatory
of Trustee or
Notes Custodian	 
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			

 MARRIOTT OWNERSHIP RESORTS, INC. 

6.125% Senior Secured Notes due 2025 

OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.07 (Limitation on Asset Sales) or Section 4.11
(Change of Control) of the Indenture, check this box:  ☐ 
 If you want to elect to have only part of this Note purchased by
the Issuer pursuant to Section 4.07 or Section 4.11 of the Indenture, state the amount: 

$                     

 

									
	Date:	 		    		  	
		 	  
	 		    	  

		 		 		    	(Sign exactly as your name appears on the other side of the Note)
				
	Signature Guarantee:	 		    		  	

									
		 	                                    
                                         
                                         
                                         
                                         
                                         
 
		 	 Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or
other signature guarantor acceptable to the Trustee
	  	

											
			
	Date:	 		 	
		 		 	  
	 		 	  

		 		 		 		 	Signature of Signature Guarantor

 EXHIBIT B 

SUPPLEMENTAL INDENTURE 
 dated as
of                     , 
 among 

MARRIOTT OWNERSHIP RESORTS, INC. 

[                    ] 

THE GUARANTORS PARTY HERETO 
 and

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

as Trustee and Notes Collateral Agent 

6.125% Senior Secured Notes due 2025 

 THIS SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), entered into
as of [                , 20        ], among MARRIOTT OWNERSHIP RESORTS, INC., a Delaware corporation (the
“Issuer”), [insert each Guarantor executing this Supplemental Indenture and its jurisdiction of incorporation] (each an “Undersigned”) and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as trustee (the
“Trustee”) and notes collateral agent (the “Notes Collateral Agent”). 
 RECITALS 

WHEREAS, the Issuer, the Guarantors party thereto, the Trustee and the Notes Collateral Agent entered into an Indenture, dated as of
May 13, 2020 (the “Indenture”), relating to the Issuer’s 6.125% Senior Secured Notes due 2025 (the “Notes”); 

WHEREAS, as a condition to the purchase of the Notes by the Holders, the Issuer agreed pursuant to the Indenture to cause any Restricted
Subsidiary (with certain exceptions) that guarantees certain indebtedness of the Issuer or any Guarantor following the Issue Date to provide a Note Guarantee. 

AGREEMENT 
 NOW, THEREFORE, in
consideration of the premises and mutual covenants herein contained and intending to be legally bound, the parties to this Supplemental Indenture hereby agree as follows: 

Section 1.    Capitalized terms used herein and not otherwise defined herein are used as defined in the Indenture.

 Section 2.    Each Undersigned, by its execution of this Supplemental Indenture, agrees to be a Guarantor under
the Indenture and to be bound by the terms of the Indenture applicable to Guarantors, including, but not limited to, Article 10 thereof. 

Section 3.    This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State
of New York. 
 Section 4.    This Supplemental Indenture may be signed in various counterparts which together
shall constitute one and the same instrument. 
 Section 5.    This Supplemental Indenture is an amendment
supplemental to the Indenture, and the Indenture and this Supplemental Indenture shall henceforth be read together. 

Section 6.    The recitals and statements herein are deemed to be those of the Issuer and the Undersigned and not the
Trustee or the Notes Collateral Agent. The Trustee or the Notes Collateral Agent shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or the Guarantees provided by the
Guarantors party to this Supplemental Indenture. 

  
 B-2 

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

					
	MARRIOTT OWNERSHIP RESORTS, INC., as Issuer
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	[GUARANTOR(S)]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 B-3 

 
					
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee and Notes Collateral Agent
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 B-4 

 EXHIBIT C 

Form of 
 Transferee Letter of
Representation 
 Marriott Ownership Resorts, Inc. 
 c/o
Marriott Vacations Worldwide Corporation 
 6649 Westwood Boulevard 

Orlando, Florida 32821 
 Fax: (407)
513-6680 
 Attention: James H Hunter, IV, General Counsel 

E-mail: james.hunter@mvwc.com 

In care of: 
 The Bank of New York Mellon Trust Company, N.A.

 10161 Centurion Parkway North, 2nd Floor 
 Jacksonville,
Florida 32256 
 Attention: Corporate Trust 
 Facsimile: (904) 645-1921 
 Ladies and Gentlemen: 

This certificate is delivered to request a transfer of $[        ] principal amount of the 6.125%
Senior Secured Notes due 2025 [CUSIP Number] (the “Notes”) of Marriott Ownership Resorts, Inc. (the “Issuer”). 

Upon transfer, the Notes would be registered in the name of the new beneficial owner as follows: 

Name: 
 Address: 

Taxpayer ID Number: 
 The
undersigned represents and warrants to you that: 
 1.     We are an institutional “accredited investor”
(within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of such an institutional “accredited
investor,” and we are acquiring the Notes not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risks of our investment in the Notes, and we invest in or purchase notes similar to the Notes in the normal course of our business. We, and any accounts for which we are acting, are each able to bear the economic risk of
our or its investment. 
 2.     We understand that the Notes have not been registered under the Securities Act and,
unless so registered, may not be sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to offer, sell or otherwise transfer such Notes prior to the date
that is six months after the later of the date of original issue and the 

  
 C-1 

 
last date on which the Issuer or any affiliate of the Issuer was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”) only (a) to
the Issuer, (b) pursuant to a registration statement that has been declared effective under the Securities Act, (c) in a transaction complying with the requirements of Rule 144A under the Securities Act (“Rule 144A”), to a
person we reasonably believe is a qualified institutional buyer under Rule 144A (a “QIB”) that is purchasing for its own account or for the account of a QIB and to whom notice is given that the transfer is being made in reliance on
Rule 144A, (d) pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities Act, (e) to an institutional “accredited investor” within the meaning of Rule 501(a)(1),
(2), (3) or (7) under the Securities Act that is purchasing for its own account or for the account of such an institutional “accredited investor,” or (f) pursuant to any other available exemption from the registration
requirements of the Securities Act, subject in each of the foregoing cases to any requirement of law that the disposition of our property or the property of such investor account or accounts be at all times within our or their control and in
compliance with any applicable state securities laws. The foregoing restrictions on resale shall not apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Notes is proposed to be made pursuant to clause
(e) above prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Issuer and the Trustee, which shall provide, among other things, that the
transferee is an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act and that it is acquiring such Notes for investment purposes and not for distribution in violation of
the Securities Act. Each purchaser acknowledges that the Issuer and the Trustee reserve the right prior to the offer, sale or other transfer prior to the Resale Restriction Termination Date of the Notes pursuant to clause (d), (e) or (f) above
to require the delivery of an opinion of counsel, certifications or other information satisfactory to the Issuer and the Trustee. 

 

			
	TRANSFEREE:
		
	By:	 	
                     
                    

  
 C-2 

 EXHIBIT D 

[FORM OF] 
 FIRST LIEN/SECOND LIEN
INTERCREDITOR AGREEMENT 
 among 

MARRIOTT OWNERSHIP RESORTS, INC., 

as Borrower 
 MARRIOTT VACATIONS
WORLDWIDE CORPORATION, 
 THE OTHER GRANTORS 

FROM TIME TO TIME PARTY HERETO, 

JPMORGAN CHASE BANK, N.A., 
 as
First Lien Credit Agreement Collateral Agent for the First Lien Credit Agreement Secured Parties, 
 THE BANK OF NEW YORK MELLON TRUST
COMPANY, N.A., 
 as First Lien Notes Collateral Agent for the First Lien Notes Secured Parties 

and 

[                    ], 

as the Initial Junior Representative 

each Additional Senior Representative and Junior Representative from time to time party hereto 

dated as of [            ], 20[    ] 

 FIRST LIEN/SECOND LIEN INTERCREDITOR AGREEMENT dated as of
[            ], 20[_] (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, this “Agreement”), among Marriott Ownership
Resorts, Inc., a Delaware corporation (the “Company” or the “Borrower”), Marriott Vacations Worldwide Corporation, a Delaware corporation (“MVWC”), the other Grantors from time to time party hereto
and JPMorgan Chase Bank, N.A., as administrative agent for the First Lien Credit Agreement Secured Parties (as defined below) under the First Lien Credit Agreement (as defined below) (in such capacity, together with its successors in such capacity,
the “First Lien Credit Agreement Collateral Agent”), The Bank of New York Mellon Trust Company, N.A., as collateral agent for the First Lien Notes Secured Parties (as defined below) under the Senior Indenture (as defined below) (in
such capacity, together with its successors in such capacity, the “First Lien Notes Collateral Agent”), [INSERT NAME AND CAPACITY] under the Junior Lien
[                    ] (in such capacity and together with its successors in such capacity, the “Initial Junior Representative”),
and each additional Junior Representative and Senior Representative that from time to time becomes a party hereto pursuant to Section 8.09. 

In consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the First Lien Credit Agreement Collateral Agent for itself and on behalf of the First Lien Credit Agreement Secured Parties), the First Lien Notes Collateral Agent (for itself and on behalf of the First Lien Notes Secured
Parties), the Initial Junior Representative for itself and on behalf of the Initial Junior Priority Debt Parties and each additional Senior Representative (for itself and on behalf of the Additional Senior Debt Parties under the applicable
Additional Senior Debt Facility) and each additional Junior Representative (for itself and on behalf of the Additional Junior Priority Debt Parties under the applicable Additional Junior Priority Debt Facility) agree as follows: 

ARTICLE I 
 Definitions

 SECTION 1.01.    Certain Defined Terms. Capitalized terms used but not otherwise defined
herein have the meanings set forth in the First Lien Credit Agreement or, if defined in the New York UCC, the meanings specified therein. As used in this Agreement, the following terms have the meanings specified below: 

“Additional Senior Debt” means any Indebtedness that is issued or guaranteed by the Company and/or any Guarantor (other than
Indebtedness constituting Senior Obligations) which Indebtedness and Guarantees are secured by the Senior Collateral (or a portion thereof) on a senior basis to the Junior Priority Debt; provided, however, that (i) when incurred,
such Indebtedness is permitted to be incurred, secured and guaranteed on such basis by each Senior Debt Document and any Junior Priority Debt Document and (ii) the Representative for the holders of such Indebtedness shall have become party to
this Agreement pursuant to, and by satisfying the conditions set forth in, Section 8.09 hereof. Additional Senior Debt shall include any Registered Equivalent Notes and Guarantees thereof by the Guarantors issued in
exchange therefor. 
 “Additional Senior Debt Documents” means, with respect to any series, issue or class of Additional
Senior Debt, the promissory notes, indentures, collateral documents or other operative agreements evidencing or governing such Indebtedness, including the Senior Collateral Documents. 

“Additional Senior Debt Facility” means each credit agreement, indenture or other governing agreement with respect to any
Additional Senior Debt. 

  
 1 

 “Additional Senior Debt Obligations” means, with respect to any series,
issue or class of Additional Senior Debt, (a) all principal of, and interest payable with respect to, such Additional Senior Debt, (b) all other amounts payable to the related Additional Senior Debt Parties under the related Additional
Senior Debt Documents and (c) any renewals or extensions of the foregoing, including, in each case, without limitation, any interest, fees and other amounts which accrue after the commencement of any Insolvency or Liquidation Proceeding,
whether or not allowed or allowable as a claim in any such proceeding. 
 “Additional Senior Debt Parties” means, with
respect to any series, issue or class of Additional Senior Debt Obligations, the holders of such obligations, the Representative with respect thereto, any trustee or agent therefor under any related Additional Senior Debt Documents and the
beneficiaries of each indemnification obligation undertaken by the Company or any Guarantor under any related Additional Senior Debt Documents. 

“Agreement” has the meaning assigned to such term in the introductory paragraph of this Agreement. 

“Bankruptcy Case” means a case under the Bankruptcy Code or any other Debtor Relief Law. 

“Borrower” has the meaning assigned to such term in the introductory paragraph of this Agreement. 

“Class Debt” has the meaning assigned to such term in Section 8.09. 

“Class Debt Parties” has the meaning assigned to such term in Section 8.09.

 “Class Debt Representatives” has the meaning assigned to such term in
Section 8.09. 
 “Collateral” means the Senior Collateral and the Junior Priority Collateral.

 “Collateral Documents” means the Senior Collateral Documents and the Junior Priority Collateral Documents. 

“Company” has the meaning assigned to such term in the introductory paragraph of this Agreement. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Credit Agreement Loan Documents” means the First Lien Credit Agreement and the other “Loan Documents” as defined
in the First Lien Credit Agreement. 
 “Debt Facility” means any Senior Facility and any Junior Priority Debt Facility.

 “Designated Junior Representative” means (i) the Initial Junior Representative, until such time as the Junior
Priority Debt Facility under the Junior Lien [                    ] ceases to be the only Junior Priority Debt Facility under this Agreement and
(ii) thereafter, the Junior Representative designated from time to time by the Junior Priority Instructing Group, in a notice to the Senior Representative and the Company hereunder, as the “Designated Junior Representative” for
purposes hereof. 

  
 2 

 “Designated Senior Representative” means (i) the “Controlling
Collateral Agent” as defined in the First Lien Intercreditor Agreement or any comparable designated entity under any successor agreement to the First Lien Intercreditor Agreement or (ii) in the case no First Lien Intercreditor Agreement or
any successor thereto is then in effect, the remaining Senior Representative. 
 “DIP Financing” has the meaning assigned
to such term in Section 6.01. 
 “Discharge” means, with respect to any Debt Facility, the date
on which such Debt Facility and the Senior Obligations or Junior Priority Debt Obligations thereunder, as the case may be, are no longer secured by all the Shared Collateral pursuant to the terms of the documentation governing such Debt Facility.
The term “Discharged” shall have a corresponding meaning. 
 “Discharge of Senior Obligations” means,
except to the extent otherwise expressly provided in Section 5.07 and Section 6.04: 
 (a)    payment in full
in cash of all Senior Obligations, including all principal, interest, fees premium or other amounts constituting Senior Obligations (including Post-Petition Interest); 

(b)    termination or expiration of all commitments, if any, to extend credit that would constitute Senior Obligations;
and 
 (c)    termination of all letters of credit issued under the Senior Debt Documents or providing cash collateral
or backstop letters of credit acceptable to the applicable Senior Representative or issuing bank in an amount and in a manner reasonably satisfactory to the applicable Senior Representative and issuing bank. 

“Disposition” has the meaning assigned to such term in Section 5.01(a). 

“First Lien Credit Agreement Collateral Agent” has the meaning assigned to such term in the introductory paragraph of this
Agreement. 
 “First Lien Notes Collateral Agent” has the meaning assigned to such term in the introductory paragraph of
this Agreement. 
 “First Lien Credit Agreement” means that certain Credit Agreement, dated as of August 31, 2018,
among MVWC, the Borrower, the Lenders (as defined in the Credit Agreement) from time to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (as defined in the Credit Agreement) and Collateral Agent (as defined in the Credit
Agreement), as amended, restated, amended and restated, extended, supplemented or otherwise modified from time to time. 
 “First
Lien Credit Agreement Collateral Agreement” means that certain Security Agreement (as defined in the First Lien Credit Agreement), as amended, restated, amended and restated, extended, supplemented or otherwise modified from time to time.

 “First Lien Credit Agreement Obligations” means the “Obligations” as defined in the First Lien Credit
Agreement. 
 “First Lien Credit Agreement Secured Parties” means the “Secured Parties” as defined in the First
Lien Credit Agreement. 
 “First Lien Intercreditor Agreement” has the meaning assigned to it in the Senior Indenture.

  
 3 

 “First Lien Notes Collateral Agreement” means that certain Security
Agreement (as defined in the Senior Indenture), as amended, restated, amended and restated, extended, supplemented or otherwise modified from time to time. 

“First Lien Notes Obligations” means the “First Lien Notes Obligations” as defined in the Senior Indenture. 

“First Lien Notes Secured Parties” means the “Notes Secured Parties” as defined in the Senior Indenture. 

“Grantors” means MVWC, the Borrower and each “Subsidiary Guarantor” as defined in the First Lien Credit Agreement,
which has granted a security interest pursuant to any Collateral Document to secure any Secured Obligations. 

“Guarantors” means MVWC, the Borrower and the “Subsidiary Guarantors”, as defined in the First Lien Credit
Agreement, which have guaranteed any of the Secured Obligations pursuant to the Senior Debt Documents or the Junior Priority Debt Documents. 

“Initial Junior Priority Debt Parties” means the holders of the obligations issued pursuant to Junior Lien
[                    ]. 

“Initial Junior Representative” has the meaning assigned to such term in the introductory paragraph of this Agreement and
shall include any successor administrative agent and collateral agent. 
 “Insolvency or Liquidation Proceeding” means:

 (1)    any case commenced by or against the Company or any other Grantor under any Debtor Relief Law,
any other proceeding for the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of the Company or any other Grantor, any receivership or assignment for the benefit of creditors relating to the Company or any
other Grantor or any similar case or proceeding relative to the Company or any other Grantor or its creditors, as such, in each case whether or not voluntary; 

(2)    any liquidation, dissolution, marshalling of assets or liabilities or other winding up of or
relating to the Company or any other Grantor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or 

(3)    any other proceeding of any type or nature in which substantially all claims of creditors of the
Company or any other Grantor are determined and any payment or distribution is or may be made on account of such claims. 
 “Junior
Lien [                    ]” means that certain
[                    ] dated as of
[                    ] among
[                    ].4 

“Junior Priority Class Debt” has the meaning assigned to such term in
Section 8.09. 
  
  

	4 	 Note: Describe Junior Lien Credit Agreement, Note Purchase Agreement or other primary debt document.

  
 4 

 “Junior Priority Class Debt Parties” has the meaning
assigned to such term in Section 8.09. 
 “Junior Priority Class Debt
Representative” has the meaning assigned to such term in Section 8.09. 
 “Junior Priority
Collateral” means any “Collateral” as defined in any Junior Priority Debt Document or any other assets of the Company or any other Grantor with respect to which a Lien is granted or purported to be granted pursuant to a Junior
Priority Collateral Document as security for any Junior Priority Debt Obligation. 
 “Junior Priority Collateral
Documents” means the “Security Documents” as defined in the Junior Lien [                    ] and each of the collateral
agreements, security agreements and other instruments and documents executed and delivered by the Company or any Grantor for purposes of providing collateral security for any Junior Priority Debt Obligation. 

“Junior Priority Debt” means any Indebtedness of the Company or any other Grantor guaranteed by the Guarantors (and not
guaranteed by any Subsidiary that is not a Guarantor), which Indebtedness and guarantees are secured by the Junior Priority Collateral on a basis junior to all of the Senior Obligations and the applicable Junior Priority Debt Documents with respect
to which provide that such Indebtedness and guarantees are to be secured by such Junior Priority Collateral on a subordinate basis to the Senior Obligations (and which is not secured by Liens on any assets of the Company or any other Grantor other
than the Junior Priority Collateral or which are not included in the Senior Collateral); provided, however, that (i) such Indebtedness is permitted to be incurred, secured and guaranteed on such basis by each Senior Debt Document
and Junior Priority Debt Document and (ii) the Representative for the holders of such Indebtedness shall have become party to this Agreement pursuant to, and by satisfying the conditions set forth in, Section 8.09
hereof. Junior Priority Debt shall include any Registered Equivalent Notes and Guarantees thereof by the Guarantors issued in exchange therefor. 

“Junior Priority Debt Documents” means the Junior Lien
[                    ] and, with respect to any series, issue or class of Junior Priority Debt, the credit agreements, promissory notes, indentures,
collateral documents or other operative agreements evidencing or governing such Indebtedness, including the Junior Priority Collateral Documents. 

“Junior Priority Debt Facility” means each of the Junior Lien
[                    ] and each indenture or other governing agreement with respect to any other Junior Priority Debt. 

“Junior Priority Debt Obligations” means, with respect to any series, issue or class of Junior Priority Debt, (a) all
principal of, and interest payable with respect to, such Junior Priority Debt, (b) all other amounts payable to the related Junior Priority Debt Parties under the related Junior Priority Debt Documents and (c) any renewals or extensions of
the foregoing, including, without limitation, in each case, any interest, fees and other amounts which accrue after the commencement of any Insolvency or Liquidation Proceeding, whether or not allowed or allowable as a claim in any such proceeding.

 “Junior Priority Debt Parties” means with respect to any series, issue or class of Junior Priority Debt, the holders of
such Indebtedness, the Representative with respect thereto, any trustee or agent therefor under any related Junior Priority Debt Documents and the beneficiaries of each indemnification obligation undertaken by the Company or any other Grantor under
any related Junior Priority Debt Documents. 

  
 5 

 “Junior Priority Instructing Group” means the Junior Representatives with
respect to Junior Priority Debt Facilities under which at least a majority of the then aggregate amount of Junior Priority Debt Obligations are outstanding. 

“Junior Priority Lien” means the Liens on the Junior Priority Collateral in favor of Junior Priority Debt Parties under
Junior Priority Collateral Documents. 
 “Junior Priority Standstill Period” has the meaning assigned to such term in
Section 3.01(a). 
 “Junior Representative” means (i) in the case of the Junior Lien
[                    ], the Initial Junior Representative and (ii) in the case of any other Junior Priority Debt Facility and the Junior
Priority Debt Parties thereunder the trustee, administrative agent, collateral agent, security agent or similar agent under such Junior Priority Debt Facility that is named as the representative in respect of such Junior Priority Debt Facility in
the applicable Representatives Supplement. 
 “Lien” means, with respect to any asset, (a) any mortgage, deed of
trust, lien, pledge, hypothecation, assignment by way of security, encumbrance, charge or security interest in, on or of such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title
retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset. 

“MVWC” has the meaning assigned to such term in the introductory paragraph of this Agreement. 

“New York UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York. 

“Officer’s Certificate” has the meaning assigned to such term in Section 8.08. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, governmental authority or other entity. 
 “Pledged or Controlled Collateral” has the meaning assigned to
such term in Section 5.06(a). 
 “Post-Petition Interest” means any interest, fees, expenses or
other amounts that accrues or would have accrued after the commencement of any Insolvency or Liquidation Proceeding, whether or not allowed or allowable in any such Insolvency or Liquidation Proceeding. 

“Proceeds” means the proceeds of any sale, collection or other liquidation of Shared Collateral and any payment or
distribution made in respect of Shared Collateral in an Insolvency or Liquidation Proceeding, any amounts received by any Senior Representative or any Senior Secured Party from a Junior Priority Debt Party in respect of Shared Collateral pursuant to
this Agreement and all other Proceeds (as defined in the UCC) of Shared Collateral. 
 “Recovery” has the meaning assigned
to such term in Section 6.04. 
 “Refinance” means, in respect of any indebtedness, to
refinance, extend, renew, defease, amend, increase, modify, supplement, restructure, refund, replace or repay, or to issue other indebtedness or enter alternative financing arrangements, in exchange or replacement for such indebtedness (in whole or
in part), including by adding or replacing lenders, creditors, agents, borrowers and/or guarantors, and 

  
 6 

 
including in each case, but not limited to, after the original instrument giving rise to such indebtedness has been terminated and including, in each case, through any credit agreement, indenture
or other agreement. “Refinanced” and “Refinancing” have correlative meanings. 
 “Registered
Equivalent Notes” means, with respect to any notes originally issued in a Rule 144A or other private placement transaction under the Securities Act of 1933, substantially identical notes (having the same Guarantees) issued in a dollar-for-dollar exchange therefor pursuant to an exchange offer registered with the SEC. 

“Representatives” means the Senior Representatives and the Junior Representatives. 

“Representatives Supplement” means a supplement to this Agreement in the form of Annex II or
Annex III hereof required to be delivered by a Representative to the Senior Representative and Designated Junior Representative pursuant to Section 8.07 hereof in order to include an additional Debt Facility
hereunder and to become the Representative hereunder for the Senior Secured Parties or Junior Priority Debt Parties, as the case may be, under such Debt Facility. 

“SEC” means the United States Securities and Exchange Commission and any successor agency thereto. 

“Secured Obligations” means the Senior Obligations and the Junior Priority Debt Obligations. 

“Secured Parties” means the Senior Secured Parties and the Junior Priority Debt Parties. 

“Senior Class Debt” has the meaning assigned to such term in Section 8.09. 

“Senior Class Debt Parties” has the meaning assigned to such term in
Section 8.09. 
 “Senior Class Debt Representative” has the meaning assigned
to such term in Section 8.09. 
 “Senior Collateral” means any “Collateral” as defined
in any Senior Debt Document or any other assets of the Company or any other Grantor with respect to which a Lien is granted or purported to be granted pursuant to a Senior Collateral Document as security for any Senior Obligations; provided
that “Senior Collateral” shall not include any Excluded Property. 
 “Senior Collateral Documents” means the
First Lien Credit Agreement Collateral Agreement and the other “Collateral Documents” as defined in the First Lien Credit Agreement, the First Lien Notes Collateral Agreement and the other “Security Documents” as defined in the
Senior Indenture, the First Lien Intercreditor Agreement (upon and after the initial execution and delivery thereof by the initial parties thereto) and each of the collateral agreements, security agreements and other instruments and documents
executed and delivered by MVWC, the Company or any other Grantor for purposes of providing collateral security for any Senior Obligation. 

“Senior Debt Documents” means (a) the Credit Agreement Loan Documents, (b) the Senior Indenture Debt Documents and
(c) any Additional Senior Debt Documents. 
 “Senior Facilities” means the First Lien Credit Agreement, the Senior
Indenture and any Additional Senior Debt Facilities. 

  
 7 

 “Senior Indenture” mean that certain Indenture, dated as of May 13,
2020, by and among the Company, the guarantors from time to time party thereto, The Bank of New York Mellon Trust Company, N.A., as trustee and collateral Agent, as amended, restated, amended and restated, extended, supplemented or otherwise
modified from time to time. 
 “Senior Indenture Debt Documents” means the Senior Indenture and any notes, security
documents and other operative agreements evidencing or governing the First Lien Notes Obligations. 
 “Senior Lien” means
the Liens on the Senior Collateral in favor of the Senior Secured Parties under the Senior Collateral Documents. 
 “Senior
Obligations” means the First Lien Credit Agreement Obligations, the First Lien Notes Obligations and any Additional Senior Debt Obligations. 

“Senior Representative” means (i) in the case of any First Lien Credit Agreement Obligations or the First Lien Credit
Agreement Secured Parties, the First Lien Credit Agreement Collateral Agent, (ii) in the case of any First Lien Notes Obligations or First Lien Notes Secured Parties, the First Lien Notes Collateral Agent and (iii) in the case of any
Additional Senior Debt Facility and the Additional Senior Debt Parties thereunder, the trustee, administrative agent, collateral agent, security agent or similar agent under such Additional Senior Debt Facility that is named as the Representative in
respect of such Additional Senior Debt Facility hereunder or in the applicable Representative Supplement. 
 “Senior Secured
Parties” means the First Lien Credit Agreement Secured Parties, the First Lien Notes Secured Parties and any Additional Senior Debt Parties. 

“Shared Collateral” means, at any time, Collateral in which the holders of Senior Obligations under at least one Senior
Facility and the holders of Junior Priority Debt Obligations under at least one Junior Priority Debt Facility (or their Representatives) hold a security interest or Lien at such time (or, in the case of the Senior Facilities, are deemed pursuant to
Article II to hold a security interest). If, at any time, any portion of the Senior Collateral under one or more Senior Facilities does not constitute Junior Priority Collateral under one or more Junior Priority Debt Facilities, then such
portion of such Senior Collateral shall constitute Shared Collateral only with respect to the Junior Priority Debt Facilities for which it constitutes Junior Priority Collateral and shall not constitute Shared Collateral for any Junior Priority Debt
Facility which does not have a security interest or Lien in such Collateral at such time. 
 “Subsidiary” of a Person
means a corporation, company, partnership, joint venture, limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other
governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly or indirectly, through one or
more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of MVWC. Notwithstanding the foregoing,
“Subsidiary” shall not include a resort or property owner’s association which is organized primarily to administer the affairs of the underlying resort or property. 

“Uniform Commercial Code” or “UCC” means, unless otherwise specified, the Uniform Commercial Code as from
time to time in effect in the State of New York. 
 SECTION 1.02.    Terms Generally. The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without
limitation.” 

  
 8 

 
Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument, other document, statute or regulation herein shall be construed as referring to such
agreement, instrument, other document, statute or regulation as from time to time amended, supplemented or otherwise modified, (ii) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall
be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (iii) all references herein to Articles, Sections and Annexes shall be construed to refer to Articles, Sections and Annexes of this Agreement,
(iv) unless otherwise expressly qualified herein, the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including
cash, securities, accounts and contract rights and (v) the term “or” is not exclusive. 
 ARTICLE II 

Priorities and Agreements with Respect to Shared Collateral 

SECTION 2.01.    Subordination. (a) Notwithstanding the date, time, manner or order of filing
or recordation of any document or instrument or grant, attachment or perfection of any Liens granted to any Junior Representative or any Junior Priority Debt Parties on the Shared Collateral or of any Liens granted to any Senior Representative or
any other Senior Secured Party on the Shared Collateral (or any actual or alleged defect in any of the foregoing) and notwithstanding any provision of the UCC, any applicable law, any Junior Priority Debt Document or any Senior Debt Document or any
other circumstance whatsoever, each Junior Representative, on behalf of itself and each Junior Priority Debt Party under its Junior Priority Debt Facility, hereby agrees that (a) any Lien on the Shared Collateral securing or purporting to
secure any Senior Obligations now or hereafter held by or on behalf of any Senior Representative or any other Senior Secured Party or other agent or trustee therefor, regardless of how acquired, whether by grant, statute, operation of law,
subrogation or otherwise, shall have priority over and be senior in all respects and prior to any Lien on the Shared Collateral securing or purporting to secure any Junior Priority Debt Obligations and (b) any Lien on the Shared Collateral
securing any Junior Priority Debt Obligations now or hereafter held by or on behalf of any Junior Representative, any Junior Priority Debt Parties or any Junior Representative or other agent or trustee therefor, regardless of how acquired, whether
by grant, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens on the Shared Collateral securing any Senior Obligations. All Liens on the Shared Collateral securing any Senior Obligations
shall be and remain senior in all respects and prior to all Liens on the Shared Collateral securing any Junior Priority Debt Obligations for all purposes, whether or not such Liens securing any Senior Obligations are subordinated to any Lien
securing any other obligation of the Company, any Grantor or any other Person or otherwise subordinated, voided, avoided, invalidated or lapsed. 

SECTION 2.02.    No Payment Subordination; Nature of Senior Lender Claims. 

(a)    Except as otherwise set forth herein, the subordination of Liens securing Junior Priority Debt
Obligations to Liens securing Senior Obligations set forth in Section 2.01 affects only the relative priority of those Liens and all proceeds thereof and does not subordinate the Junior Priority Debt Obligations in right of
payment to the Senior Obligations; provided, for the avoidance of doubt, that all payments in respect of Shared Collateral and all proceeds thereof shall be subject to Section 4.01. Except as otherwise set forth
herein, nothing in this Agreement will affect the entitlement of the Junior Priority Debt Parties to receive and retain required payments of interest, principal, and other amounts in respect of Junior Priority Debt Obligations unless the receipt is
expressly prohibited by, or results from the Junior Priority Debt Parties’ breach of, this Agreement. 

  
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 (b)    Each Junior Representative, on behalf of itself
and each Junior Priority Debt Party under its Junior Priority Debt Facility, acknowledges that (i) a portion of the Senior Obligations is revolving in nature and that the amount thereof that may be outstanding at any time or from time to time
may be increased or reduced and subsequently reborrowed, (ii) the terms of the Senior Debt Documents and the Senior Obligations may be amended, supplemented or otherwise modified, and the Senior Obligations, or a portion thereof, may be
Refinanced from time to time and (iii) subject to the provisions of Section 5.03(a) of this Agreement, the aggregate amount of the Senior Obligations may be increased, in each case, without notice to or consent by the
Junior Representatives or the Junior Priority Debt Parties and without affecting the provisions hereof. The Lien priorities provided for in Section 2.01 shall not be altered or otherwise affected by any amendment,
supplement or other modification, or any Refinancing, of either the Senior Obligations or the Junior Priority Debt Obligations, or any portion thereof. As between the Company and the other Grantors and the Junior Priority Debt Parties, the foregoing
provisions will not limit or otherwise affect the obligations of the Company and the Grantors contained in any Junior Priority Debt Document with respect to the incurrence of additional Senior Obligations. 

SECTION 2.03.    Prohibition on Contesting Liens. Each of the Junior Representatives, for itself and
on behalf of each Junior Priority Debt Party under its Junior Priority Debt Facility, agrees that it shall not (and hereby waives any right to) take any action to contest or support any other Person in contesting, in any proceeding (including any
Insolvency or Liquidation Proceeding), the validity, extent, perfection, priority or enforceability of any Lien securing, or the allowability of any claim asserted with respect to, any Senior Obligations held (or purported to be held) by or on
behalf of any Senior Representative or any of the other Senior Secured Parties or other agent or trustee therefor in any Senior Collateral. The Senior Representative, for itself and on behalf of each Senior Secured Party under its Senior Facility,
agrees that it shall not (and hereby waives any right to) contest or support any other Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding), the validity, extent, perfection, priority or enforceability of any
Lien securing, or the allowability of any claim asserted with respect to, any Junior Priority Debt Obligations held (or purported to be held) by or on behalf of any Junior Representative or any of the Junior Priority Debt Parties in the Junior
Priority Collateral. Notwithstanding the foregoing, no provision in this Agreement shall be construed to prevent or impair the rights of any Senior Representative to enforce this Agreement (including the priority of the Liens securing the Senior
Obligations as provided in Section 2.01) or any of the Senior Debt Documents. 
 SECTION
2.04.    No New Liens. The parties hereto agree that, so long as the Discharge of Senior Obligations has not occurred, none of the Grantors shall grant or permit any additional Liens on any asset or property of any Grantor
to secure any Junior Priority Debt Obligation unless it has granted, or concurrently therewith grants, a Lien on such asset or property of such Grantor to secure the Senior Obligations. If any Junior Representative or any Junior Priority Debt Party
shall hold or acquire any Lien on any assets or property of the Company or any Subsidiary securing any Junior Priority Debt Obligations that are not also subject to the first-priority Liens securing all Senior Obligations under the Senior Collateral
Documents, such Junior Representative or Junior Priority Debt Party (i) shall notify the Senior Representative promptly upon becoming aware thereof and, unless such Grantor shall promptly grant a similar Lien on such assets or property to each
Senior Representative as security for the Senior Obligations, shall assign such Lien to the Senior Representative as security for all Senior Obligations for the benefit of the Senior Secured Parties (but may retain

  
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a junior lien on such assets or property subject to the terms hereof) and (ii) until such assignment or such grant of a similar Lien to each Senior Representative, shall be deemed to hold
and have held such Lien for the benefit of each Senior Representative and the other Senior Secured Parties as security for the Senior Obligations. The parties hereto further agree that so long as the Discharge of Senior Obligations has not occurred,
whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any of the Grantors, if any Junior Priority Debt Party shall acquire or hold any Lien on any assets of any Grantor securing any Junior Priority Debt Obligation
which assets are not also subject to the first priority Lien of the Senior Secured Parties under the Senior Debt Documents, then, without limiting any other rights and remedies available to the Senior Representative or the other Senior Secured
Parties, the Junior Representative, on behalf of itself and the Junior Priority Debt Parties, agrees that any amounts received by or distributed to any of them pursuant to or as a result of Liens so granted shall be subject to
Section 4.02. 
 SECTION 2.05.    Perfection of Liens. Except for the
limited agreements of the Designated Senior Representative pursuant to Section 5.06 hereof, none of the Designated Senior Representative, the other Senior Representatives or the Senior Secured Parties shall be responsible
for perfecting and maintaining the perfection of Liens with respect to the Shared Collateral for the benefit of the Junior Representatives or the Junior Priority Debt Parties. The provisions of this Agreement are intended solely to govern the
respective Lien priorities as between the Senior Secured Parties and the Junior Priority Debt Parties and shall not impose on the Senior Representatives, the Senior Secured Parties, the Junior Representatives, the Junior Priority Debt Parties or any
agent or trustee therefor any obligations in respect of the disposition of Proceeds of any Shared Collateral which would conflict with prior perfected claims therein in favor of any other Person or any order or decree of any court or governmental
authority or any applicable law. 
 SECTION 2.06.    Certain Cash Collateral. Notwithstanding
anything in this Agreement or any other Senior Debt Documents or Junior Priority Debt Documents to the contrary, collateral consisting of cash and cash equivalents pledged to secure Senior Obligations consisting of reimbursement obligations in
respect of Letters of Credit or otherwise held by the Senior Representative pursuant to Section 2.05(b)(vii) or 2.16(c) of the First Lien Credit Agreement (or any equivalent successor provision) shall be applied as specified in the First Lien
Credit Agreement and will not constitute Shared Collateral. 
 ARTICLE III 

Enforcement 

SECTION 3.01.    Exercise of Remedies. 

(a)    So long as the Discharge of Senior Obligations has not occurred, whether or not any Insolvency or
Liquidation Proceeding has been commenced by or against the Company or any other Grantor, (i) neither any Junior Representative nor any Junior Priority Debt Party will (w) institute (or direct or support any other Person in instituting)
any Insolvency or Liquidation Proceeding against the Company or any other Grantor, (x) exercise or seek to exercise any rights or remedies (including setoff or recoupment) with respect to any Shared Collateral in respect of any Junior Priority
Debt Obligations, or institute any action or proceeding with respect to such rights or remedies (including any action of foreclosure), (y) contest, protest or object to any foreclosure proceeding or action brought with respect to the Shared
Collateral or any other Senior Collateral by the Designated Senior Representative, any other Senior Representative or any Senior Secured Party in respect of the Senior Obligations, the exercise of 

  
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any right by the Designated Senior Representative any other Senior Representative or any Senior Secured Party (or any agent or sub-agent on their behalf)
in respect of the Senior Obligations under any lockbox agreement, control agreement, landlord waiver or bailee’s letter, if applicable, or similar agreement or arrangement to which the Designated Senior Representative, any other Senior
Representative or any Senior Secured Party either is a party or may have rights as a third party beneficiary, or any other exercise by any such party of any rights and remedies relating to the Shared Collateral under the Senior Debt Documents or
otherwise in respect of the Senior Collateral or the Senior Obligations, or (z) object to the forbearance by the Senior Secured Parties from bringing or pursuing any foreclosure proceeding or action or any other exercise of any rights or
remedies relating to the Shared Collateral or any other Senior Collateral in respect of Senior Obligations and (ii) except as otherwise expressly provided for herein, the Designated Senior Representative, the other Senior Representatives and
the Senior Secured Parties shall have the exclusive right to enforce rights, exercise remedies (including setoff, recoupment and the right to credit bid their debt) and make determinations regarding the release, disposition or restrictions with
respect to the Shared Collateral, and to determine and direct the time, method and place for exercising any such rights, enforcing any such remedies or conducting any proceeding with respect to any such exercise or enforcement with respect to the
Shared Collateral without any consultation with or the consent of any Junior Representative or any Junior Priority Debt Party; provided, however, that any Junior Representative or any Junior Priority Debt Party may exercise any or all
such rights after the passage of a period of 180 days from the date of delivery of a notice in writing to the Designated Senior Representative of such Junior Representative’s or Junior Priority Debt Party’s intention to exercise its right
to take such actions which notice shall specify that an “Event of Default” as defined in the applicable Junior Priority Debt Documents has occurred and as a result of such “Event of Default”, the principal and interest under such
Junior Priority Debt Documents have become due and payable (whether as a result of acceleration or otherwise) (the “Junior Priority Standstill Period”) unless the Designated Senior Representative has commenced and is diligently
pursuing remedies with respect to all or a material part of the Shared Collateral (or such exercise of remedies is stayed by applicable Insolvency or Liquidation Proceedings); provided, further, that (A) in any Insolvency or Liquidation
Proceeding commenced by or against the Company or any other Grantor, any Junior Representative may file a claim, proof of claim, or statement of interest with respect to the Junior Priority Debt Obligations under its Junior Priority Debt Facility in
a manner consistent with the terms of this Agreement, (B) any Junior Representative may take any action (not adverse to the prior Liens on the Shared Collateral securing the Senior Obligations or the rights of the Senior Representatives or the
Senior Secured Parties to exercise remedies in respect thereof) in order to create, prove, perfect, preserve or protect (but not enforce) its rights in, and perfection and priority of its Lien on, the Shared Collateral, (C) to the extent not
otherwise inconsistent with or prohibited by this Agreement, any Junior Representative and the Junior Priority Debt Parties may exercise their rights and remedies as unsecured creditors, as provided in Section 5.05, (D) any
Junior Representative may exercise the rights and remedies provided for in Section 6.03, (E) any Junior Representative and any Junior Priority Debt Party may file any necessary or appropriate responsive or defensive
pleadings in opposition to any motion, claim, adversary proceeding, or other pleading made by any Person objecting to or otherwise seeking the disallowance that is not permitted by this Agreement of the claims or Liens of any Junior Priority Debt
Party, including any claims secured by the Shared Collateral, (F) subject to Section 6.05(b), any Junior Representative and any Junior Priority Debt Party may vote on any plan of reorganization or similar dispositive
restructuring plan that is consistent with this Agreement, with respect to the Junior Priority Debt Obligations and the Shared Collateral, (G) any Junior Representative and any Junior Priority Debt Party may join (but not exercise any control
with respect to) any judicial foreclosure proceeding or other judicial lien enforcement proceeding with respect to the Shared Collateral initiated by the Senior Representative or any other Senior Secured Party to the extent that any such action
could not reasonably be expected, in any material respect, to restrain, hinder, limit, delay for any material period or otherwise interfere with the exercise of remedies by the Senior Representative or such other Senior Secured Party (it being
understood that neither Designated Junior Representative or any other Junior Priority Debt Party shall be entitled to receive any proceeds thereof unless otherwise expressly permitted 

  
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herein), and (H) any Junior Representative and any Junior Priority Debt Party may exercise any remedies after the termination of the Junior Priority Standstill Period if and to the extent
specifically permitted by this Section 3.01(a), in each case in accordance with the terms of this Agreement. Any recovery by any Junior Priority Debt Party pursuant to the preceding clause (H) shall be subject to the
terms of this Agreement. In exercising rights and remedies with respect to the Shared Collateral and the other Senior Collateral, the Designated Senior Representative, the other Senior Representatives and the Senior Secured Parties may enforce the
provisions of the Senior Debt Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretion. Such exercise and enforcement shall include the rights of an agent
appointed by them to sell or otherwise dispose of Shared Collateral upon foreclosure, to incur expenses in connection with such sale or disposition and to exercise all the rights and remedies of a secured lender under the Uniform Commercial Code of
any applicable jurisdiction and of a secured creditor under the Debtor Relief Laws of any applicable jurisdiction. 

(b)    So long as the Discharge of Senior Obligations has not occurred, each Junior Representative, on
behalf of itself and each Junior Priority Debt Party under its Junior Priority Debt Facility, agrees that it will not, in the context of its role as secured creditor, take or receive any Shared Collateral or any Proceeds of Shared Collateral in
connection with the exercise of any right or remedy (including setoff) with respect to any Shared Collateral in respect of Junior Priority Debt Obligations. Without limiting the generality of the foregoing, unless and until the Discharge of Senior
Obligations has occurred, except as expressly provided in Section 3.01(a), the sole right of the Junior Representatives and the Junior Priority Debt Parties with respect to the Shared Collateral is to hold a Lien on the
Shared Collateral in respect of Junior Priority Debt Obligations pursuant to the Junior Priority Debt Documents for the period and to the extent granted therein and to receive a share of the Proceeds thereof, if any, after the Discharge of Senior
Obligations has occurred. 
 (c)    Subject to Section 3.01(a), (i) each Junior
Representative, for itself and on behalf of each Junior Priority Debt Party under its Junior Priority Debt Facility, agrees that neither such Junior Representative nor any such Junior Priority Debt Party will take any action that, notwithstanding
the expiration of the Junior Priority Standstill Period, would hinder any exercise of remedies undertaken by any Senior Representative or any Senior Secured Party with respect to the Shared Collateral under the Senior Debt Documents, including any
sale, lease, exchange, transfer or other disposition of the Shared Collateral, whether by foreclosure or otherwise, and (ii) each Junior Representative, for itself and on behalf of each Junior Priority Debt Party under its Junior Priority Debt
Facility, hereby waives any and all rights it or any such Junior Priority Debt Party may have as a junior lien creditor or otherwise to object to the manner in which the Senior Representatives or the Senior Secured Parties seek to enforce or collect
the Senior Obligations or the Liens granted on any of the Senior Collateral, regardless of whether any action or failure to act by or on behalf of any Senior Representative or any other Senior Secured Party is adverse to the interests of the Junior
Priority Debt Parties. 
 (d)    Each Junior Representative hereby acknowledges and agrees that no
covenant, agreement or restriction contained in any Junior Priority Debt Document shall be deemed to restrict in any way the rights and remedies of the Senior Representatives or the Senior Secured Parties with respect to the Senior Collateral as set
forth in this Agreement and the Senior Debt Documents. 
 (e)    Until the Discharge of Senior
Obligations, the Designated Senior Representative (or any Person authorized by it) shall have the exclusive right to exercise any right or remedy with respect to the Shared Collateral and shall have the exclusive right to determine and direct the
time, method and place for exercising such right or remedy or conducting any proceeding with respect thereto; provided, however, that the Junior Representative and the Junior Priority Debt Parties may exercise any of their rights or
remedies with respect to the Shared Collateral to the extent permitted by the provisos in clause 

  
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(ii) of Section 3.01(a). Following the Discharge of Senior Obligations, the Designated Junior Representative (or any Person authorized by it) shall have the exclusive
right to exercise any right or remedy with respect to the Collateral, and the Designated Junior Representative (or any Person authorized by it) shall have the exclusive right to direct the time, method and place of exercising or conducting any
proceeding for the exercise of any right or remedy available to the Junior Priority Debt Parties with respect to the Collateral, or of exercising or directing the exercise of any trust or power conferred on the Junior Representatives, or for the
taking of any other action authorized by the Junior Priority Collateral Documents; provided, that nothing in this Section shall impair the ability of the Junior Representative and the Junior Priority Debt Parties to exercise any of their
rights or remedies with respect to the Shared Collateral to the extent permitted by Section 3.01(a); provided, further that nothing in this Section shall impair the right of any Junior Representative or other
agent or trustee acting on behalf of the Junior Priority Debt Parties to take such actions with respect to the Collateral after the Discharge of Senior Obligations as may be otherwise required or authorized pursuant to any intercreditor agreement
governing the Junior Priority Debt Parties or the Junior Priority Debt Obligations. 
 SECTION
3.02.    Cooperation. Subject to Section 3.01(a), each Junior Representative, on behalf of itself and each Junior Priority Debt Party under its Junior Priority Debt Facility, agrees that, unless
and until the Discharge of Senior Obligations has occurred, it will not commence, or join with any Person (other than the Senior Secured Parties and the Senior Representatives upon the request of the Senior Representative) in commencing, any
enforcement, collection, execution, levy or foreclosure action or proceeding with respect to any Lien held by it in the Shared Collateral under any of the Junior Priority Debt Documents or otherwise in respect of the Junior Priority Debt
Obligations. 
 SECTION 3.03.    Actions upon Breach. Should any Junior Representative or any
Junior Priority Debt Party, contrary to this Agreement, in any way take, attempt to take or threaten to take any action with respect to the Shared Collateral (including any attempt to realize upon or enforce any remedy with respect to this
Agreement) or fail to take any action required by this Agreement, any Senior Representative or other Senior Secured Party (in its or their own name or in the name of the Company or any other Grantor) may obtain relief against such Junior
Representative or such Junior Priority Debt Party by injunction, specific performance or other appropriate equitable relief. Each Junior Representative, on behalf of itself and each Junior Priority Debt Party under its Junior Priority Debt Facility,
hereby (i) agrees that the Senior Secured Parties’ damages from the actions of the Junior Representatives or any Junior Priority Debt Party may at that time be difficult to ascertain and may be irreparable and waives any defense that the
Company, any other Grantor or the Senior Secured Parties cannot demonstrate damage or be made whole by the awarding of damages and (ii) irrevocably waives any defense based on the adequacy of a remedy at law and any other defense that might be
asserted to bar the remedy of specific performance in any action that may be brought by any Senior Representative or any other Senior Secured Party. 

ARTICLE IV 
 Payments 

SECTION 4.01.    Application of Proceeds. After an event of default under any Senior Debt Document
has occurred and until such event of default is cured or waived, so long as the Discharge of Senior Obligations has not occurred, the Shared Collateral or Proceeds thereof received or payments made in connection with the sale or other disposition
of, or collection on, or distribution made on account of such Shared Collateral upon the exercise of remedies or in any Insolvency or Liquidation Proceeding shall be applied: (a) first, 

  
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by the Senior Representatives to the Senior Obligations in such order as specified in the relevant Senior Debt Documents (subject to the terms of any other applicable intercreditor agreement that
may be entered into among the Senior Secured Parties and that is contemplated by this Agreement) until the Discharge of Senior Obligations has occurred (together with, in the case of repayment of any revolving credit or similar loans, a permanent
reduction in the commitments thereunder), (b) second, shall be applied by the Designated Junior Representative to the Junior Priority Debt Obligations in such order and as specified in the relevant Junior Priority Debt Documents (subject to the
terms of any other applicable intercreditor agreements entered into among the Junior Priority Debt Parties and that is contemplated by this Agreement) until Discharge of Junior Priority Debt Obligations, and (c) third, to the relevant Grantor
or, to the extent directed by such Grantor or a court of competent jurisdiction, to whomever may be lawfully entitled to receive the then remaining amount to be distributed. Upon the Discharge of Senior Obligations, each applicable Senior
Representative shall deliver promptly to the Designated Junior Representative any Shared Collateral or Proceeds thereof held by it in the same form as received, with any necessary endorsements, or as a court of competent jurisdiction may otherwise
direct, to be applied by the Designated Junior Representative to the Junior Priority Debt Obligations in such order as specified in the relevant Junior Priority Debt Documents. 

SECTION 4.02.    Payments Over. Prior to the Discharge of Senior Obligations, any Shared Collateral
or Proceeds thereof received by any Junior Representative or any Junior Priority Debt Party in connection with the exercise of any right or remedy (including setoff) relating to the Shared Collateral or otherwise in contravention of this Agreement
shall be segregated and held in trust for the benefit of and forthwith paid over to the Designated Senior Representative for the benefit of the Senior Secured Parties in the same form as received, with any necessary endorsements, or as a court of
competent jurisdiction may otherwise direct. The Senior Representative is hereby authorized to make any such endorsements as agent for each of the Junior Representatives or any such Junior Priority Debt Party. This authorization is coupled with an
interest and is irrevocable. 
 ARTICLE V 

Other Agreements 

SECTION 5.01.    Releases. 

(a)    Subject to the last sentence of this Section 5.01(a), each Junior
Representative, for itself and on behalf of each Junior Priority Debt Party under its Junior Priority Debt Facility, agrees that, in the event of a sale, transfer or other disposition of any specified item of Shared Collateral (including all or
substantially all of the equity interests of any subsidiary of the Company) (a “Disposition”), the Liens granted to the Junior Representatives and the Junior Priority Debt Parties upon such Shared Collateral to secure Junior
Priority Debt Obligations shall terminate and shall be released, automatically and without any further action, concurrently with the termination or release of all Liens granted upon such Shared Collateral to secure Senior Obligations, provided that
the parties’ respective Liens shall attach to the net proceeds of such Disposition with the same Lien priorities as provided in this Agreement to the extent such proceeds are not otherwise utilized to permanently reduce the Senior Obligations.
Upon delivery to a Junior Representative of an Officer’s Certificate stating that any such termination or release of Liens securing the Senior Obligations has become effective (or shall become effective concurrently with such termination or
release of the Liens granted to the Junior Priority Debt Parties and the Junior Representatives) and any necessary or proper instruments of termination or release prepared by the Company or any other Grantor, such Junior Representative will promptly
execute, deliver 

  
 15 

 
or acknowledge, at the Company’s or the other Grantor’s sole cost and expense, such instruments to evidence such termination or release of the Liens; provided, however that such
Officer’s Certificate shall not be required for any termination or release in connection with the exercise of remedies following an Event of Default. Nothing in this Section 5.01(a) will be deemed to (x) affect
any agreement of a Junior Representative, for itself and on behalf of the Junior Priority Debt Parties under its Junior Priority Debt Facility, to release the Liens on the Junior Priority Collateral as set forth in the relevant Junior Priority Debt
Documents or (y) except in the case of a Disposition in connection with the exercise of secured creditors’ rights and remedies, require the release of Liens granted upon such Shared Collateral to secure Junior Priority Debt Obligations if
such Disposition is not permitted under the terms of the Junior Priority Debt Documents. 
 (b)    Each
Junior Representative, for itself and on behalf of each Junior Priority Debt Party under its Junior Priority Debt Facility, hereby irrevocably constitutes and appoints the Designated Senior Representative and any officer or agent of the Designated
Senior Representative, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such
Junior Representative or such Junior Priority Debt Party or in the Designated Senior Representative’s own name, from time to time in the Designated Senior Representative’s discretion, for the purpose of carrying out the terms of
Section 5.01(a), to take any and all appropriate action and to execute any and all documents and instruments that may be necessary or desirable to accomplish the purposes of Section 5.01(a),
including any termination statements, endorsements or other instruments of transfer or release. 

(c)    Unless and until the Discharge of Senior Obligations has occurred, each Junior Representative, for
itself and on behalf of each Junior Priority Debt Party under its Junior Priority Debt Facility, hereby consents to the application, whether prior to or after an event of default under any Senior Debt Document of proceeds of Shared Collateral to the
repayment of Senior Obligations pursuant to the Senior Debt Documents, provided that nothing in this Section 5.01(c) shall be construed to prevent or impair the rights of the Junior Representatives or the Junior
Priority Debt Parties to receive proceeds in connection with the Junior Priority Debt Obligations not otherwise in contravention of this Agreement. 

(d)    Subject to Sections 5.06(a) and 5.06(f), notwithstanding anything to the contrary in
any Junior Priority Collateral Document, in the event the terms of a Senior Collateral Document and a Junior Priority Collateral Document each require any Grantor to (i) make payment in respect of any item of Shared Collateral to,
(ii) deliver or afford control over any item of Shared Collateral to, or deposit any item of Shared Collateral with, (iii) register ownership of any item of Shared Collateral in the name of or make an assignment of ownership of any Shared
Collateral or the rights thereunder to, (iv) cause any securities intermediary, commodity intermediary or other Person acting in a similar capacity to agree to comply, in respect of any item of Shared Collateral, with instructions or orders
from, or to treat, in respect of any item of Shared Collateral, as the entitlement holder, (v) hold any item of Shared Collateral in trust for (to the extent such item of Shared Collateral cannot be held in trust for multiple parties under
applicable law), (vi) obtain the agreement of a bailee or other third party to hold any item of Shared Collateral for the benefit of or subject to the control of or, in respect of any item of Shared Collateral, to follow the instructions of or
(vii) obtain the agreement of a landlord with respect to access to leased premises where any item of Shared Collateral is located or waivers or subordination of rights with respect to any item of Shared Collateral in favor of, in any case, any
Senior Representative or Senior Secured Party and any Junior Representative or Junior Priority Debt Party, such Grantor may, until the applicable Discharge of Senior Obligations has occurred, comply with such requirement under the Junior Priority
Collateral Document as it relates to such Shared Collateral by taking any of the actions set forth above only with respect to, or in favor of, the Designated Senior Representative. 

  
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 SECTION 5.02.    Insurance and Condemnation
Awards. Unless and until the Discharge of Senior Obligations has occurred, the Senior Representatives and the Senior Secured Parties shall have the sole and exclusive right, subject to the rights of the Grantors under the Senior Debt Documents,
(a) to name as additional insured and loss payee under any insurance policies maintained from time to time by any Grantor other persons in addition to the Junior Representative, (b) to adjust settlement for any insurance policy covering
the Shared Collateral in the event of any loss thereunder and (c) to approve any award granted in any condemnation or similar proceeding affecting the Shared Collateral. Unless and until the Discharge of Senior Obligations has occurred, all
proceeds of any such policy and any such award, if in respect of the Shared Collateral, shall be applied (i) first, prior to the occurrence of the Discharge of Senior Obligations, to the Senior Representative for the benefit of Senior Secured
Parties pursuant to the terms of the Senior Debt Documents, (ii) second, after the occurrence of the Discharge of Senior Obligations, to the Designated Junior Representative for the benefit of the Junior Priority Debt Parties pursuant to the
terms of the applicable Junior Priority Debt Documents and (iii) third, if no Junior Priority Debt Obligations are outstanding, to the owner of the subject property, such other Person as may be entitled thereto or as a court of competent
jurisdiction may otherwise direct. If any Junior Representative or any Junior Priority Debt Party shall, at any time, receive any proceeds of any such insurance policy or any such award in contravention of this Agreement, it shall pay such proceeds
over to the Senior Representative in accordance with the terms of Section 4.02. 
 SECTION
5.03.    Matters Relating to Loan Documents. 
 (a)    The Senior Debt
Documents and the terms thereof may be amended, restated, supplemented, waived or otherwise modified (including in connection with the incurrence of any incremental facilities) in accordance with their terms, and the Indebtedness under the Senior
Debt Documents may be Refinanced, in each case, without the consent of any Junior Priority Debt Parties; provided, however, that, without the consent of the Designated Junior Representative, no such amendment, restatement, supplement,
modification, waiver or Refinancing (or successive amendments, restatements, supplements, modifications, waivers or Refinancings) shall contravene any provision of this Agreement. 

(b)    The Junior Debt Documents and the terms thereof may be amended, restated, supplemented, waived or
otherwise modified in accordance with their terms, and the Indebtedness under the Junior Debt Documents may be Refinanced, in each case, unless it would be prohibited or inconsistent with any terms of this Agreement. 

SECTION 5.04.    Amendments to Junior Priority Collateral Documents. 

(a)    No Junior Priority Collateral Document may be amended, supplemented or otherwise modified or entered
into to the extent such amendment, supplement or modification, or the terms of any new Junior Priority Collateral Document, would be prohibited by or inconsistent with any of the terms of this Agreement. Each Junior Representative, for itself and on
behalf of each Junior Priority Debt Party under its Junior Priority Debt Facility, agrees that each security agreement included in the Junior Priority Collateral Document under its Junior Priority Debt Facility shall include the following language
(or language to similar effect reasonably approved by the Designated Senior Representative): 
 “Notwithstanding anything herein to the
contrary, (i) the liens and security interests granted to the Junior Representative pursuant to this Agreement are expressly subject and subordinate to the liens and security interests granted in favor of the Senior Secured Parties (as defined
in the Intercreditor Agreement referred to below), including liens and security 

  
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interests granted to (A) JPMorgan Chase Bank, N.A. (“JPM”), as collateral agent, pursuant to or in connection with that certain Credit Agreement, dated as of August 31,
2018 (as amended, restated, supplemented or otherwise modified from time to time), among Marriott Vacations Worldwide Corporation, a Delaware corporation, Marriott Ownership Resorts, Inc., a Delaware corporation (the “Company” or
the “Borrower”), the Lenders from time to time party thereto and JPM, as administrative agent and collateral agent, (B) The Bank of New York Mellon Trust Company, N.A. (“BNYMTCNA”), as trustee and collateral
agent, pursuant to or in connection with the Indenture dated as of May 13, 2020 (as amended, restated, supplemented or otherwise modified from time to time), among the Company, the guarantors from time to time party thereto, and BNYMTCNA, as
trustee and collateral agent and (ii) the exercise of any right or remedy by the Junior Representative hereunder is subject to the limitations and provisions of the Junior Intercreditor Agreement dated as of
[            ], 20[    ] (as amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), among JPM, as
First Lien Credit Agreement Collateral Agent, BNYMTCNA as First Lien Notes Collateral Agent, MVWC, the Borrower, the other Grantors from time to time party thereto and
[                    ], as the Initial Junior Representative. In the event of any conflict between the terms of the Intercreditor Agreement and the
terms of this Agreement, the terms of the Intercreditor Agreement shall govern.” 
 (b)    In the
event that each applicable Senior Representative and/or the Senior Secured Parties enter into any amendment, waiver or consent in respect of any of the Senior Collateral Documents for the purpose of adding to or deleting from, or waiving or
consenting to any departures from any provisions of, any Senior Collateral Document or changing in any manner the rights of the Senior Representatives, the Senior Secured Parties, the Company or any other Grantor thereunder (including the release of
any Liens in Senior Collateral) in a manner that is applicable to all Senior Facilities, then such amendment, waiver or consent shall apply automatically to any comparable provision of each comparable Junior Priority Collateral Document without the
consent of any Junior Representative or any Junior Priority Debt Party and without any action by any Junior Representative, the Company or any other Grantor; provided, however, that (A) no such amendment, waiver or consent shall
have the effect of (i) removing assets subject to the Lien of the Junior Priority Collateral Documents, except to the extent that such release is permitted by Section 5.01 and there is a corresponding release of the
Lien securing the Senior Obligations, (ii) imposing duties that are adverse on any Junior Representative without its consent or (iii) altering the terms of the Junior Priority Debt Documents to permit other Liens on the Collateral not
permitted under the terms of the Junior Priority Debt Documents as in effect on the date hereof or under Article VI hereof and (B) written notice of such amendment, waiver or consent shall have been given to each Junior Representative
within ten (10) Business Days after the effectiveness of such amendment, waiver or consent, provided that the failure to give such notice shall not affect the effectiveness and validity thereof. 

SECTION 5.05.    Rights as Unsecured Creditors. The Junior Representatives and the Junior Priority
Debt Parties may exercise rights and remedies as unsecured creditors against the Company or the Guarantors in accordance with the terms of the Junior Priority Debt Documents and applicable law so long as such rights and remedies do not violate or
are otherwise inconsistent with any express provision of this Agreement (it being understood that any express provision of this Agreement that requires any party hereto to act or to refrain from acting shall be applicable to such party in its
respective capacities as a secured creditor and as an unsecured creditor). Nothing in this Agreement shall prohibit the receipt by any Junior Representative or any Junior Priority Debt Party of the required payments of principal, premium, interest,
fees and other amounts due under the Junior Priority Debt Documents so long as such receipt is not the direct or indirect result of the exercise by a 

  
 18 

 
Junior Representative or any Junior Priority Debt Party of rights or remedies as a secured creditor in respect of Shared Collateral. In the event any Junior Representative or any Junior Priority
Debt Party becomes a judgment lien creditor in respect of Shared Collateral as a result of its enforcement of its rights as an unsecured creditor in respect of Junior Priority Debt Obligations, such judgment lien shall be subordinated to the Liens
securing Senior Obligations on the same basis as the other Liens securing the Junior Priority Debt Obligations are so subordinated to such Liens securing Senior Obligations under this Agreement. Nothing in this Agreement shall impair or otherwise
adversely affect any rights or remedies the Designated Senior Representatives, the other Senior Representative or the Senior Secured Parties may have with respect to the Senior Collateral. 

SECTION 5.06.    Gratuitous Bailee for Perfection. 

(a)    Each Senior Representative acknowledges and agrees that if it shall at any time hold a Lien securing
any Senior Obligations on any Shared Collateral that can be perfected by the possession or control of such Shared Collateral or of any account in which such Shared Collateral is held, and if such Shared Collateral or any such account is in fact in
the possession or under the control of such Senior Representative, or of agents or bailees of such Person (such Shared Collateral being referred to herein as the “Pledged or Controlled Collateral”), or if it shall at any time obtain
any landlord waiver or bailee’s letter or any similar agreement or arrangement granting it rights or access to Shared Collateral, the applicable Senior Representative shall also hold such Pledged or Controlled Collateral, or take such actions
with respect to such landlord waiver, bailee’s letter or similar agreement or arrangement, as sub-agent or gratuitous bailee for the relevant Junior Representatives (such bailment and agency being
intended, among other things, to satisfy the requirement of Section 8-301(a)(2), 9-313(c), 9-104, 9-105, 9-106, and 9-107 of the UCC), in each case solely for the purpose of perfecting the Liens granted under the relevant Junior
Priority Collateral Documents and subject to the terms and conditions of this Section 5.06. 

(b)    [Reserved]. 

(c)    Except as otherwise specifically provided herein, until the Discharge of Senior Obligations has
occurred, the Senior Representatives and the Senior Secured Parties shall be entitled to deal with the Pledged or Controlled Collateral in accordance with the terms of the Senior Debt Documents as if the Liens under the Junior Priority Collateral
Documents did not exist. The rights of the Junior Representatives and the Junior Priority Debt Parties with respect to the Pledged or Controlled Collateral shall at all times be subject to the terms of this Agreement. 

(d)    The Senior Representatives and the Senior Secured Parties shall have no obligation whatsoever to the
Junior Representatives or any Junior Priority Debt Party to assure that any of the Pledged or Controlled Collateral is genuine or owned by the Grantors or to protect or preserve rights or benefits of any Person or any rights pertaining to the Shared
Collateral, except as expressly set forth in this Section 5.06. The duties or responsibilities of the Senior Representatives under this Section 5.06 shall be limited solely to holding or
controlling the Shared Collateral and the related Liens referred to in paragraphs (a) and (b) of this Section 5.06 as sub-agent and gratuitous bailee for the relevant Junior
Representative for purposes of perfecting the Lien held by such Junior Representative and delivering the Shared Collateral upon a Discharge of Senior Obligations as set forth in Section 5.06(f). 

(e)    The Senior Representatives shall not have by reason of the Junior Priority Collateral Documents or
this Agreement, or any other document, a fiduciary relationship in respect of any Junior Representative or any Junior Priority Debt Party, and each Junior Representative, for itself and on behalf of each Junior Priority Debt Party under its Junior
Priority Debt Facility, hereby waives and releases the Senior Representatives from all claims and liabilities arising pursuant to the Senior Representatives’ roles under this Section 5.06 as sub-agents and gratuitous bailees with respect to the Shared Collateral. 

  
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 (f)    Upon the Discharge of Senior Obligations, each
applicable Senior Representative shall, at the Grantors’ sole cost and expense, (i) (A) deliver to the Designated Junior Representative, to the extent that it is legally permitted to do so, all Shared Collateral, including all proceeds
thereof, held or controlled by such Senior Representative or any of its agents or bailees, including the transfer of possession and control, as applicable, of the Pledged or Controlled Collateral, together with any necessary endorsements and notices
to depositary banks, securities intermediaries and commodities intermediaries, and assign its rights under any landlord waiver or bailee’s letter or any similar agreement or arrangement granting it rights or access to Shared Collateral, or
(B) direct and deliver such Shared Collateral as a court of competent jurisdiction may otherwise direct, (ii) notify any applicable insurance carrier that it is no longer entitled to be a loss payee or additional insured under the
insurance policies of any Grantor issued by such insurance carrier and (iii) notify any governmental authority involved in any condemnation or similar proceeding involving any Grantor that the Designated Junior Representative is entitled to
approve any awards granted in such proceeding. The Company and the other Grantors shall take such further action as is required to effectuate the transfer contemplated hereby and shall indemnify each Senior Representative for loss or damage suffered
by such Senior Representative as a result of such transfer, except for loss or damage suffered by any such Person as a result of its own willful misconduct, gross negligence or bad faith or the willful misconduct, gross negligence or bad faith of a
Representative. The Senior Representatives have no obligations to follow instructions from any Junior Representative or any other Junior Priority Debt Party in contravention of this Agreement. 

(g)    None of the Senior Representatives nor any of the other Senior Secured Parties shall be required to
marshal any present or future collateral security for any obligations of the Company or any Subsidiary to any Senior Representative or any Senior Secured Party under the Senior Debt Documents or any assurance of payment in respect thereof, or to
resort to such collateral security or other assurances of payment in any particular order, and all of their rights in respect of such collateral security or any assurance of payment in respect thereof shall be cumulative and in addition to all other
rights, however existing or arising. 
 SECTION 5.07.    When Discharge of Senior Obligations is
Deemed Not to Have Occurred. If, at any time substantially concurrently with or after the Discharge of Senior Obligations has occurred, MVWC, the Company or any other Subsidiary Guarantor incurs any Senior Obligations (other than in respect of
the payment of indemnities surviving the Discharge of Senior Obligations), then such Discharge of Senior Obligations shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect to any actions taken
prior to the date of such designation as a result of the occurrence of such first Discharge of Senior Obligations) and the applicable agreement governing such Senior Obligations shall automatically be treated as a Senior Debt Document for all
purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Shared Collateral set forth herein and the agent, representative or trustee for the holders of such Senior Obligations shall be the Senior
Representative for all purposes of this Agreement. Upon receipt of notice of such incurrence (including the identity of the new Designated Senior Representative), each Junior Representative (including the Designated Junior Representative) shall
promptly (a) enter into such documents and agreements (at the expense of the Company), including amendments or supplements to this Agreement, as the Company or such new Senior Representative shall reasonably request in writing in order to
provide the new Senior Representative the rights of a Senior Representative contemplated 

  
 20 

 
hereby, (b) deliver to such Designated Senior Representative, to the extent that it is legally permitted to do so, all Shared Collateral, including all proceeds thereof, held or controlled
by such Junior Representative or any of its agents or bailees, including the transfer of possession and control, as applicable, of the Pledged or Controlled Collateral, together with any necessary endorsements and notices to depositary banks,
securities intermediaries and commodities intermediaries, and assign its rights under any landlord waiver or bailee’s letter or any similar agreement or arrangement granting it rights or access to Shared Collateral, and (c) notify any
governmental authority involved in any condemnation or similar proceeding involving a Grantor that the new Designated Senior Representative is entitled to approve any awards granted in such proceeding. 

ARTICLE VI 
 Insolvency or
Liquidation Proceedings 
 SECTION 6.01.    Financing Issues. Until the Discharge of Senior
Obligations has occurred, if the Company or any other Grantor shall be subject to any Insolvency or Liquidation Proceeding any Senior Representative or any Senior Secured Party shall desire to consent (or not object) to the sale, use or lease of
cash or other collateral or to consent (or not object) to the Company’s or any other Grantor’s obtaining financing (including, for the avoidance of doubt, from any Senior Secured Party) under Section 363 or Section 364 of Title
11 of the United States Code or any similar provision of any other Debtor Relief Law (“DIP Financing”), then each Junior Representative, for itself and on behalf of each Junior Priority Debt Party under its Junior Priority Debt
Facility, agrees that it will raise no (a) objection to and will not otherwise contest such sale, use or lease of such cash or other collateral or such DIP Financing and, except to the extent permitted by Section 6.03,
will not request adequate protection or any other relief in connection therewith and, to the extent the Liens securing any Senior Obligations are subordinated to or pari passu with such DIP Financing, will subordinate (and will be
deemed hereunder to have subordinated) its Liens in the Shared Collateral or any other collateral to (x) such DIP Financing (and all obligations relating thereto), (y) all adequate protection Liens granted to the Senior Secured Parties, and
(z) to any “carve-out” for professional and United States Trustee fees or payment of any other amounts agreed to by the Designated Senior Representative, on the same basis as the Liens securing
the Junior Priority Debt Obligations are so subordinated to the Liens securing the Senior Obligations under this Agreement (b) objection to (and will not otherwise contest) any motion for relief from the automatic stay or from any injunction
against foreclosure or enforcement in respect of Senior Obligations made by any Senior Representative or any other Senior Secured Party, (c) objection to (and will not otherwise contest) any lawful exercise by any Senior Secured Party of the
right to credit bid Senior Obligations at any sale in foreclosure of Senior Collateral (including pursuant to Section 363(k) of the Bankruptcy Code or any similar provision under the Bankruptcy Code or any other applicable law), (d) objection
to (and will not otherwise contest) any other request for judicial relief made in any court by any Senior Secured Party relating to the lawful enforcement of any Lien on Senior Collateral or (e) objection to (and will not otherwise contest or
oppose) any order relating to a sale or other disposition of assets of any Grantor for which the Designated Senior Representative has consented that provides, to the extent such sale or other disposition is to be free and clear of Liens, that the
Liens securing the Senior Obligations and the Junior Priority Debt Obligations will attach to the proceeds of the sale on the same basis of priority as the Liens on the Shared Collateral securing the Senior Obligations rank to the Liens on the
Shared Collateral securing the Junior Priority Debt Obligations pursuant to this Agreement; provided, however, that nothing in this Section 6.01 shall prohibit any Junior Priority Debt Party from
(a) subject to 

  
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Section 6.05(b), exercising its rights to vote in favor of or against a plan of reorganization, (b) proposing a DIP Financing to any Grantor or (c) objecting
to any provision in any DIP Financing relating, describing or requiring any provision or content of a plan of reorganization (other than the payment in full in cash of such DIP Financing). 

SECTION 6.02.    Relief from the Automatic Stay. Until the Discharge of Senior Obligations has
occurred, each Junior Representative, for itself and on behalf of each Junior Priority Debt Party under its Junior Priority Debt Facility, agrees that none of them shall seek relief from the automatic stay or any other stay in any Insolvency or
Liquidation Proceeding or take any action in derogation thereof, or support or join, directly or indirectly, any party in doing or performing the same, in each case in respect of any Shared Collateral, without the prior written consent of the
Designated Senior Representative. 
 SECTION 6.03.    Adequate Protection. Each Junior
Representative, for itself and on behalf of each Junior Priority Debt Party under its Junior Priority Debt Facility, agrees that none of them shall (x) object, contest or support any other Person objecting to or contesting (a) any request
by the Designated Senior Representative, the other Senior Representative or any Senior Secured Parties for adequate protection in any form, (b) any objection by the Designated Senior Representative, the other Senior Representatives or any
Senior Secured Parties to any motion, relief, action or proceeding based on any claims by the Designated Senior Representative or any Senior Representatives or Senior Secured Party of a lack of adequate protection or (c) the allowance and/or
payment of interest, fees, expenses or other amounts of the Designated Senior Representative, any other Senior Representative or any other Senior Secured Party as adequate protection or otherwise under Section 506(b) or 506(c) of the Bankruptcy
Code or any similar provision of the Bankruptcy Code or any other Debtor Relief Law or (y) request any form of adequate protection except as permitted by the following sentence. Notwithstanding anything contained in this
Section 6.03 or in Section 6.01, in any Insolvency or Liquidation Proceeding, (i) if the Senior Secured Parties (or any subset thereof) are granted adequate protection in the form of a Lien on
additional or replacement collateral in connection with any DIP Financing or use of cash collateral under Section 363 or 364 of the Bankruptcy Code or any similar provision of the Bankruptcy Code or any other Debtor Relief Law and/or a
superpriority administrative claim, then each Junior Representative, for itself and on behalf of each Junior Priority Debt Party under its Junior Priority Debt Facility, may seek or request adequate protection in the form of (as applicable) a Lien
on such additional or replacement collateral and/or a superpriority administrative claim, which Lien is subordinated to the Liens securing and granted as adequate protection for all Senior Obligations and such DIP Financing (and all obligations
relating thereto) on the same basis as the other Liens securing the Junior Priority Debt Obligations are so subordinated to the Liens securing Senior Obligations under this Agreement and which superpriority administrative claim is junior and
subordinated to the superpriority administrative claim granted as adequate protection to the Senior Secured Parties and granted in respect of such DIP Financing, and (ii) in the event any Junior Representatives, for themselves and on behalf of
the Junior Priority Debt Parties under their Junior Priority Debt Facilities, seek or request adequate protection and such adequate protection is granted in the form of (as applicable) a Lien on additional or replacement collateral and/or a
superpriority administrative claim, then such Junior Representatives, for themselves and on behalf of each Junior Priority Debt Party under their Junior Priority Debt Facilities, agree that each Senior Representative shall also be entitled to seek
without objection from any Junior Priority Debt Party, a senior Lien on such additional or replacement collateral as security and adequate protection for the Senior Obligations and/or a senior superpriority administrative claim, and that any Lien on
such additional or replacement collateral securing or granted as adequate protection for the Junior 

  
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Priority Debt Obligations shall be subordinated to the Liens on such collateral securing the Senior Obligations and any such DIP Financing (and all obligations relating thereto) and any other
Liens granted to the Senior Secured Parties as adequate protection on the same basis as the other Liens securing the Junior Priority Debt Obligations are so subordinated to such Liens securing Senior Obligations under this Agreement, and that any
superpriority administrative claim is junior and subordinated to the superpriority administrative claim granted as adequate protection to the Senior Secured Parties and granted in respect of such DIP Financing; provided, however, that with respect
to any superpriority administrative claims pursuant to clauses (i) or (ii) hereof, each Junior Representative, for itself and on behalf of each Junior Priority Debt Party under its Junior Priority Debt Facility, hereby waives their rights under
Section 1129(a)(9) of the Bankruptcy Code and consents and agrees that such superpriority administrative claims may be paid under a plan of reorganization in any form having a value on the effective date of such plan equal to the allowed amount
of such claims. 
 SECTION 6.04.    Preference Issues. If any Senior Secured Party is required in
any Insolvency or Liquidation Proceeding or otherwise to disgorge, turn over or otherwise pay any amount to the estate of the Company or any other Grantor (or any trustee, receiver or similar Person therefor), because the payment of such amount was
declared to be fraudulent or preferential or otherwise under Chapter 5 of the Bankruptcy Code, in any respect or for any other reason, any amount (a “Recovery”), whether received as proceeds of security, enforcement of any right of
setoff or otherwise, then the Senior Obligations shall be reinstated to the extent of such Recovery and deemed to be outstanding as if such payment had not occurred and the Senior Secured Parties shall be entitled to the benefits of this Agreement
until a Discharge of Senior Obligations with respect to all such recovered amounts. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall
not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto. Each Junior Representative, for itself and on behalf of each Junior Priority Debt Party under its Junior Priority Debt Facility, hereby agrees that
none of them shall be entitled to benefit from any avoidance action affecting or otherwise relating to any distribution or allocation made in accordance with this Agreement, whether by preference or otherwise, it being understood and agreed that the
benefit of such avoidance action otherwise allocable to them shall instead be allocated and turned over for application in accordance with the priorities set forth in this Agreement the Senior Debt Documents and/or Collateral Documents, as
applicable. 
 SECTION 6.05.    Separate Grants of Security and Separate Classifications; Plans of
Reorganization. Each Junior Representative, for itself and on behalf of each Junior Priority Debt Party under its Junior Priority Debt Facility, acknowledges and agrees that (a) the grants of Liens pursuant to the Senior Collateral
Documents and the Junior Priority Collateral Documents constitute separate and distinct grants of Liens and (b) because of, among other things, their differing rights in the Shared Collateral, the Junior Priority Debt Obligations are
fundamentally different from the Senior Obligations and must be separately classified in any plan of reorganization or similar dispositive restructuring plan proposed, confirmed or adopted in an Insolvency or Liquidation Proceeding. To further
effectuate the intent of the parties as provided in the immediately preceding sentence, if it is held that any claims of the Senior Secured Parties and the Junior Priority Debt Parties in respect of the Shared Collateral constitute a single class of
claims (rather than separate classes of senior and junior secured claims), then each Junior Representative, for itself and on behalf of each Junior Priority Debt Party under its Junior Priority Debt Facility, hereby acknowledges and agrees that all
distributions shall be made as if there were separate classes of senior and junior secured claims against the Grantors in respect of the Shared Collateral (with the effect being that, to 

  
 23 

 
the extent that the aggregate value of the Shared Collateral is sufficient (for this purpose ignoring all claims held by the Junior Priority Debt Parties), the Senior Secured Parties shall be
entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in respect of post-petition interest, fees, and expenses
(whether or not allowed or allowable) before any distribution is made from the Shared Collateral in respect of the Junior Priority Debt Obligations, with each Junior Representative, for itself and on behalf of each Junior Priority Debt Party under
its Junior Priority Debt Facility, hereby acknowledging and agreeing to turn over to the Senior Representative amounts otherwise received or receivable by them from the Shared Collateral to the extent necessary to effectuate the intent of this
sentence, even if such turnover has the effect of reducing the claim or recovery of the Junior Priority Debt Parties. 

(b)    Each Junior Priority Debt Party (whether in the capacity of a secured creditor or an unsecured
creditor in accordance with Section 506(a) of the Bankruptcy Code or any similar provision of any other Debtor Relief Law) shall not propose, vote in favor of, or otherwise directly or indirectly support any plan of reorganization or similar
dispositive restructuring plan that is inconsistent with the terms of this Agreement unless such plan is proposed or supported by the number of Senior Secured Parties required under Section 1126(c) of the Bankruptcy Code or any similar
provision or any other Debtor Relief Law. 
 SECTION 6.06.    No Waivers of Rights of Senior Secured
Parties. Nothing contained herein shall, except as expressly provided herein, prohibit or in any way limit the Designated Senior Representative, any other Senior Representative or any other Senior Secured Party from objecting in any Insolvency
or Liquidation Proceeding or otherwise to any action taken by any Junior Priority Debt Party, including the seeking by any Junior Priority Debt Party of adequate protection or the asserting by any Junior Priority Debt Party of any of its rights and
remedies under the Junior Priority Debt Documents or otherwise. 
 SECTION 6.07.    Application.
This Agreement, which the parties hereto expressly acknowledge is a “subordination agreement” under Section 510(a) of the Bankruptcy Code or any similar provision of any other Debtor Relief Law, shall be effective and enforceable
before, during and after the commencement of any Insolvency or Liquidation Proceeding. The relative rights as to the Shared Collateral and proceeds thereof shall continue after the commencement of any Insolvency or Liquidation Proceeding on the same
basis as prior to the date of the petition therefor, subject to any court order approving the financing of, or use of cash collateral by, any Grantor. All references herein to any Grantor shall include such Grantor as a debtor-in-possession and any receiver or trustee for such Grantor. 

SECTION 6.08.    Other Matters. To the extent that any Junior Representative or any Junior Priority
Debt Party has or acquires rights under Section 363 or Section 364 of the Bankruptcy Code or any similar provision of any other Debtor Relief Law with respect to any of the Shared Collateral, such Junior Representative, on behalf of itself
and each Junior Priority Debt Party under its Junior Priority Debt Facility, agrees not to assert any such rights without the prior written consent of each Senior Representative, provided that if requested by any Senior Representative, such
Junior Representative shall timely exercise such rights in the manner requested by the Senior Representatives, including any rights to payments in respect of such rights. 

SECTION 6.09.    506(c) Claims. Until the Discharge of Senior Obligations has occurred, each Junior
Representative, on behalf of itself and each Junior Priority Debt Party, agrees that it will not assert, support or enforce any claim under Section 506(c) of the Bankruptcy Code or any similar provision of any other Debtor Relief Law or seek to
recover any amounts that any Grantor may obtain by virtue of any claim under Section 506(c) of the 

  
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Bankruptcy Code or any similar provision of any other Debtor Relief Law, in each case, for costs or expenses of preserving or disposing of any Shared Collateral or otherwise, and it will not
accept the benefit of any such claims. Until the Discharge of Senior Obligations has occurred, to the extent any Junior Priority Debt Party receives any payments or consideration on account of or resulting from claims under 506(c) of the Bankruptcy
Code or any similar provision of any other Debtor Relief Law in violation of the immediately-preceding sentence, then such Junior Priority Debt Party will turn over to the Designated Senior Representative such amounts, even if such turnover has the
effect of reducing the claim or recovery of the Junior Priority Debt Parties. 
 SECTION
6.10.    Reorganization Securities. If, in any Insolvency or Liquidation Proceeding, debt obligations of the reorganized debtor secured by Liens upon any property of the reorganized debtor are distributed, pursuant to a
plan of reorganization or similar dispositive restructuring plan, on account of both the Senior Obligations and the Junior Priority Debt Obligations, then, to the extent the debt obligations distributed on account of the Senior Obligations and on
account of the Junior Priority Debt Obligations are secured by Liens upon the same assets or property, the provisions of this Agreement will survive the distribution of such debt obligations pursuant to such plan and will apply with like effect to
the Liens securing such debt obligations. 
 SECTION 6.11.    Section 1111(b) of the Bankruptcy
Code. Until the Discharge of Senior Obligations has occurred, none of the Junior Representatives nor any Junior Priority Debt Party shall seek to exercise any rights under Section 1111(b) of the Bankruptcy Code or any similar provision
under any Debtor Relief Law. All rights of Senior Secured Parties to exercise any rights under Section 1111(b) of the Bankruptcy Code, if any, are reserved and unaltered by this Agreement. 

ARTICLE VII 
 Reliance; etc.

 SECTION 7.01.    Reliance. The consent by the Senior Secured Parties to the execution and
delivery of the Junior Priority Debt Documents to which the Senior Secured Parties have consented and all loans and other extensions of credit made or deemed made on and after the effective date of this Agreement by the Senior Secured Parties to
MVWC, the Company or any Subsidiary shall be deemed to have been given and made in reliance upon this Agreement. Each Junior Representative, on behalf of itself and each Junior Priority Debt Party under its Junior Priority Debt Facility,
acknowledges that it and such Junior Priority Debt Parties have, independently and without reliance on any Senior Representative or other Senior Secured Party, and based on documents and information deemed by them appropriate, made their own credit
analysis and decision to enter into the Junior Priority Debt Documents to which they are party or by which they are bound, this Agreement and the transactions contemplated hereby and thereby, and they will continue to make their own credit decision
in taking or not taking any action under the Junior Priority Debt Documents or this Agreement. 
 SECTION
7.02.    No Warranties or Liability. Each Junior Representative, on behalf of itself and each Junior Priority Debt Party under its Junior Priority Debt Facility, acknowledges and agrees that neither any Senior
Representative nor any other Senior Secured Party has made any express or implied representation or warranty, including with respect to 

  
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the execution, validity, legality, completeness, collectability or enforceability of any of the Senior Debt Documents, the ownership of any Shared Collateral or the perfection or priority of any
Liens thereon. The Senior Secured Parties will be entitled to manage and supervise their respective loans and extensions of credit under the Senior Debt Documents in accordance with law and as they may otherwise, in their sole discretion, deem
appropriate, and the Senior Secured Parties may manage their loans and extensions of credit without regard to any rights or interests that the Junior Representatives and the Junior Priority Debt Parties have in the Shared Collateral or otherwise,
except as otherwise provided in this Agreement. Neither the Designated Senior Representative, any other Senior Representative nor any other Senior Secured Party shall have any duty to any Junior Representative or Junior Priority Debt Party to act or
refrain from acting in a manner that allows, or results in, the occurrence or continuance of an event of default or default under any agreement with the Company or any Subsidiary (including the Junior Priority Debt Documents), regardless of any
knowledge thereof that they may have or be charged with. Except as expressly set forth in this Agreement, the Senior Representatives, the Senior Secured Parties, the Junior Representatives and the Junior Priority Debt Parties have not otherwise made
to each other, nor do they hereby make to each other, any warranties, express or implied, nor do they assume any liability to each other with respect to (a) the enforceability, validity, value or collectability of any of the Senior Obligations,
the Junior Priority Debt Obligations or any guarantee or security which may have been granted to any of them in connection therewith, (b) any Grantor’s title to or right to transfer any of the Shared Collateral or (c) any other matter
except as expressly set forth in this Agreement. 
 SECTION 7.03.    Obligations Unconditional.
All rights, interests, agreements and obligations of the Senior Representatives, the Senior Secured Parties, the Junior Representatives and the Junior Priority Debt Parties hereunder shall remain in full force and effect irrespective of: 

(a)    any lack of validity or enforceability of any Senior Debt Document or any Junior Priority Debt
Document; 
 (b)    any change in the time, manner or place of payment of, or in any other terms of, all
or any of the Senior Obligations or Junior Priority Debt Obligations, or any amendment or waiver or other modification, including any increase in the amount thereof, whether by course of conduct or otherwise, of the terms of the Senior Debt Document
or of the terms of any Junior Priority Debt Document; 
 (c)    any exchange of any security interest in
any Shared Collateral or any other collateral or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the Senior Obligations or Junior Priority Debt Obligations or any guarantee
thereof; 
 (d)    the commencement of any Insolvency or Liquidation Proceeding in respect of the Company
or any other Grantor; or 
 (e)    any other circumstances that otherwise might constitute a defense
available to, or a discharge of, (i) the Company or any other Grantor in respect of the Senior Obligations or (ii) any Junior Representative or Junior Priority Debt Party in respect of this Agreement. 

  
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 ARTICLE VIII 

Miscellaneous 

SECTION 8.01.    Conflicts. Subject to Section 8.23, in the event of any
conflict between the provisions of this Agreement and the provisions of any Senior Debt Document or any Junior Priority Debt Document, the provisions of this Agreement shall govern. Notwithstanding the foregoing, the relative rights and obligations
of the Senior Representatives and the Senior Secured Parties (as amongst themselves) with respect to any Senior Collateral shall be governed by the terms of the First Lien Intercreditor Agreement and in the event of any conflict between the First
Lien Intercreditor Agreement and this Agreement, the provisions of the First Lien Intercreditor Agreement shall control. 

SECTION 8.02.    Continuing Nature of this Agreement; Severability. Subject to
Section 6.04, this Agreement shall continue to be effective until the Discharge of Senior Obligations shall have occurred. This is a continuing agreement of Lien subordination, and the Senior Secured Parties may continue,
at any time and without notice to the Junior Representatives or any Junior Priority Debt Party, to extend credit and other financial accommodations and lend monies to or for the benefit of MVWC, the Company or any Subsidiary constituting Senior
Obligations in reliance hereon. The terms of this Agreement shall survive and continue in full force and effect in any Insolvency or Liquidation Proceeding. Any provision of this Agreement that is invalid, illegal or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a
particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions
the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 8.03.    Amendments; Waivers. 

(a)    No failure or delay on the part of any party hereto in exercising any right or power hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any
other right or power. The rights and remedies of the parties hereto are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any party
therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice or
demand on any party hereto in any case shall entitle such party to any other or further notice or demand in similar or other circumstances. 

(b)    This Agreement may only be amended or modified or any provision waived by an instrument in writing
signed by each Representative (in each case, acting in accordance with the documents governing the applicable Debt Facility) and the Company (or any Successor Borrower under the First Lien Credit Agreement); provided that (x) the Senior
Representative may, without the written consent of any other Secured Party, agree to modifications of this Agreement solely for the purpose of securing additional extensions of credit (including pursuant to the First Lien Credit Agreement or any
Refinancing or extension thereof) and adding new creditors as “Secured Parties” and “Senior Secured Parties” hereunder, so long as such extensions (and resulting additions) do not otherwise give rise to a

  
 27 

 
violation of the express terms of the First Lien Credit Agreement or any other Senior Debt Documents or the Junior Priority Debt Document and (y) additional Grantors may be added as parties
hereto in accordance with the provisions of Section 8.07. Any such amendment, supplement or waiver shall be in writing and shall be binding upon the Senior Secured Parties and the Junior Priority Debt Parties and their
respective successors and assigns. Each waiver of the terms of this Agreement, if any, shall be a waiver only with respect to the specific instance involved and shall not impair the rights of the parties making such waiver or the obligations of the
other parties to such party in any other respect or at any other time. 
 (c)    Notwithstanding the
foregoing, without the consent of any Secured Party, any Representative may become a party hereto by execution and delivery of a Representatives Supplement in accordance with Section 8.09 of this Agreement and upon such
execution and delivery, such Representative and the Secured Parties and Senior Obligations or Junior Priority Debt Obligations of the Debt Facility for which such Representative is acting shall be subject to the terms hereof. 

SECTION 8.04.    Information Concerning the Financial Condition of MVWC, the Company and the
Subsidiaries. The Senior Representatives, the Senior Secured Parties, the Junior Representatives and the Junior Priority Debt Parties shall each be responsible for keeping themselves informed of (a) the financial condition of the Company
and the Subsidiaries and all endorsers or guarantors of the Senior Obligations or the Junior Priority Debt Obligations and (b) all other circumstances bearing upon the risk of nonpayment of the Senior Obligations or the Junior Priority Debt
Obligations. The Senior Representatives, the Senior Secured Parties, the Junior Representatives and the Junior Priority Debt Parties shall have no duty to advise any other party hereunder of information known to it or them regarding such condition
or any such circumstances or otherwise. In the event that any Senior Representative, any Senior Secured Party, any Junior Representative or any Junior Priority Debt Party, in its sole discretion, undertakes at any time or from time to time to
provide any such information to any other party, it shall be under no obligation to (i) make, and the Senior Representatives, the Senior Secured Parties, the Junior Representatives and the Junior Priority Debt Parties shall not make or be
deemed to have made, any express or implied representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of any such information so provided, (ii) provide any additional information or to provide
any such information on any subsequent occasion, (iii) undertake any investigation or (iv) disclose any information that, pursuant to accepted or reasonable commercial finance practices, such party wishes to maintain confidential or is
otherwise required to maintain confidential. 
 SECTION 8.05.    Subrogation. Subject to the
Discharge of Senior Obligations, with respect to the value of any payments or distributions in cash, or other assets that the Junior Priority Debt Parties or any Junior Representative pays over to the Designated Senior Representative or any of the
other Senior Secured Parties under the terms of this Agreement, the Junior Priority Debt Parties and each Junior Representative shall be subrogated to the rights of each Senior Representative and such other Senior Secured Parties; provided
that each Junior Representative, on behalf of itself and each Junior Priority Debt Party under its Junior Priority Debt Facility, hereby agrees not to assert any rights of subrogation it may acquire as a result of any payment hereunder until the
Discharge of Senior Obligations has occurred. Each Grantor acknowledges and agrees that the value of any payments or distributions in cash or other assets received by any Junior Representative or the other Junior Priority Debt Party and paid over to
the Senior Representative or the other Senior Secured Parties pursuant to, and applied in accordance with, this Agreement, shall not relieve or reduce any of the Obligations owed by any Grantor under the Junior Priority Debt Documents. 

  
 28 

 SECTION 8.06.    Application of Payments. Except
as otherwise provided herein, all payments received by the Senior Secured Parties may be applied, reversed and reapplied, in whole or in part, to such part of the Senior Obligations as the Senior Secured Parties, in their sole discretion, deem
appropriate, consistent with the terms of the Senior Debt Documents. Except as otherwise provided herein, each Junior Representative, on behalf of itself and each Junior Priority Debt Party under its Junior Priority Debt Facility, assents to any
such extension or postponement of the time of payment of the Senior Obligations or any part thereof and to any other indulgence with respect thereto, to any substitution, exchange or release of any security that may at any time secure any part of
the Senior Obligations and to the addition or release of any other Person primarily or secondarily liable therefor. 

SECTION 8.07.    Additional Grantors. The Company agrees that, if any Subsidiary shall become a
Grantor after the date hereof, it will promptly cause such Subsidiary to become party hereto by executing and delivering an instrument in the form of Annex I. Upon such execution and delivery, such Subsidiary will become a Grantor hereunder
with the same force and effect as if originally named as a Grantor herein. The execution and delivery of such instrument shall not require the consent of any other party hereunder, and will be acknowledged by the Designated Junior Representative and
the Designated Senior Representative. The rights and obligations of each Grantor hereunder shall remain in full force and effect notwithstanding the addition of any new Grantor as a party to this Agreement. 

SECTION 8.08.    [Reserved]. 

SECTION 8.09.    Additional Debt Facilities. To the extent, but only to the extent, permitted by
the provisions of the Senior Debt Documents and the Junior Priority Debt Documents and this Agreement, the Company may incur or issue and sell one or more series or classes of Junior Priority Debt and one or more series or classes of Additional
Senior Debt. Any such additional class or series of Junior Priority Debt (the “Junior Priority Class Debt”) may be secured by a junior priority, subordinated Lien on Shared Collateral, in each case under and
pursuant to the relevant Junior Priority Collateral Documents for such Junior Priority Class Debt, if and subject to the condition that the Representative of any such Junior Priority Class Debt (each, a “Junior Priority
Class Debt Representative”), acting on behalf of the holders of such Junior Priority Class Debt (such Representative and holders in respect of any Junior Priority Class Debt being referred to as the
“Junior Priority Class Debt Parties”), becomes a party to this Agreement by satisfying conditions (i) through (iii), as applicable, in this Section 8.09. Any such additional class or
series of Senior Facilities (the “Senior Class Debt”; and the Senior Class Debt and Junior Priority Class Debt, collectively, the “Class Debt”) may be secured by a
Senior Lien on Shared Collateral, in each case under and pursuant to the Senior Collateral Documents, if and subject to the condition that the Representative of any such Senior Class Debt (each, a “Senior Class Debt
Representative”; and the Senior Class Debt Representatives and Junior Priority Class Debt Representatives, collectively, the “Class Debt Representatives”), acting on behalf of the holders of
such Senior Class Debt (such Representative and holders in respect of any such Senior Class Debt being referred to as the “Senior Class Debt Parties; and the Senior Class Debt Parties and Junior Priority
Class Debt Parties, collectively, the “Class Debt Parties”), becomes a party to this Agreement by satisfying the conditions set forth in clauses (i) through (iii), as applicable, in this
Section 8.09. In order for a Class Debt Representative to become a party to this Agreement: 

such Class Debt Representative shall have executed and delivered a Representatives Supplement substantially in the form of
Annex II (if such Representative is a Junior Priority Class Debt Representative) or Annex III (if such Representative is a Senior Class Debt Representative) 

  
 29 

 
(with such changes as may be reasonably approved by the Senior Representative and such Class Debt Representative) pursuant to which it becomes a Representative hereunder, and the
Class Debt in respect of which such Class Debt Representative is the Representative and the related Class Debt Parties become subject hereto and bound hereby; 

the Company shall have delivered to the Designated Senior Representative and Designated Junior Representative a certificate of
an appropriate officer ( an “Officer’s Certificate”) stating that the conditions set forth in this Section 8.09 are satisfied with respect to such Class Debt and, if requested, true and complete
copies of each of the Junior Priority Debt Documents or Senior Debt Documents, as applicable, relating to such Class Debt, certified as being true and correct by a Responsible Officer of the Company; and 

the Junior Priority Debt Documents or Senior Debt Documents, as applicable, relating to such Class Debt shall provide that
each Class Debt Party with respect to such Class Debt will be subject to and bound by the provisions of this Agreement in its capacity as a holder of such Class Debt. 

SECTION 8.10.    Consent to Jurisdiction; Waivers. Each party hereto irrevocably and
unconditionally: 
 (a)    EXCEPT AS SET FORTH IN THE FOLLOWING PARAGRAPH, ANY LEGAL ACTION OR PROCEEDING ARISING UNDER
ANY COLLATERAL DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY COLLATERAL DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR
HEREAFTER ARISING, SHALL BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE IN THE BOROUGH OF MANHATTAN (PROVIDED THAT IF NONE OF SUCH COURTS
CAN AND WILL EXERCISE SUCH JURISDICTION, SUCH EXCLUSIVITY SHALL NOT APPLY), AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THOSE
COURTS.    EACH PARTY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR
PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY COLLATERAL DOCUMENT OR OTHER DOCUMENT RELATED THERETO. 

(b)    NOTHING IN THIS AGREEMENT OR IN ANY OTHER COLLATERAL DOCUMENT SHALL AFFECT ANY RIGHT THAT ANY REPRESENTATIVE MAY
OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER COLLATERAL DOCUMENT AGAINST ANY GUARANTOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION (I) FOR PURPOSES OF ENFORCING A JUDGMENT, (II) IN
CONNECTION WITH EXERCISING REMEDIES AGAINST THE COLLATERAL IN A JURISDICTION IN WHICH SUCH COLLATERAL IS LOCATED, (III) IN CONNECTION WITH ANY PENDING BANKRUPTCY, INSOLVENCY OR SIMILAR PROCEEDING IN SUCH JURISDICTION OR (IV) TO THE EXTENT
THE COURTS REFERRED TO IN THE PREVIOUS PARAGRAPH DO NOT HAVE JURISDICTION OVER SUCH LEGAL ACTION OR PROCEEDING OR THE PARTIES OR PROPERTY SUBJECT THERETO. 

SECTION 8.11.    Notices. All notices, requests, demands and other communications provided for or
permitted hereunder shall be in writing (including by facsimile transmission) and shall be sent:(i) if to the Company or any Grantor, to the Company, at its address specified in Section 10.02 of the First Lien Credit Agreement; 

  
 30 

 (ii)    if to the Initial Junior Representative to it at
the address specified for the [                    ] Agent in Section
[                    ] of the Junior Lien
[                    ]; 

if to the First Lien Credit Agreement Collateral Agent at the address specified for the First Lien Credit Agreement Collateral
Agent in Section 10.02 of the First Lien Credit Agreement; 
 if to the First Lien Notes Collateral Agent at the address
specified in Section 12.02 of the Senior Indenture; 
 if to any other Representative, to it at the address specified by
it in the Representatives Supplement delivered by it pursuant to Section 8.09. 
 All such written notices shall be mailed, faxed
or delivered to the applicable address, facsimile number or electronic mail address, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number. 

Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto. Notices and
other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by telecopier shall be deemed to have been given when
sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). 

SECTION 8.12.    Further Assurances. Each Senior Representative, on behalf of itself and each Senior
Secured Party under the Senior Facility for which it is acting, each Junior Representative, on behalf of itself and each Junior Priority Debt Party under the Junior Priority Debt Facility for which it is acting, and the Company, on behalf of itself
and the Grantors, agrees that it will take such further action and shall execute and deliver such additional documents and instruments (in recordable form, if requested) as the other parties hereto may reasonably request to effectuate the terms of,
and the Lien priorities contemplated by, this Agreement. 
 SECTION 8.13.    GOVERNING LAW; WAIVER OF
JURY TRIAL. (a) This Agreement shall be governed by, and construed in accordance with, the law of the State of New York (except as otherwise expressly provided therein). 

(b)    EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT TO TRIAL BY JURY
OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY SENIOR DEBT DOCUMENT OR JUNIOR PRIORITY DEBT DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY
SENIOR DEBT DOCUMENT OR JUNIOR PRIORITY DEBT DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT
ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 8.13 WITH ANY COURT AS WRITTEN EVIDENCE OF THE
CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 

  
 31 

 SECTION 8.14.    Binding on Successors and
Assigns. This Agreement shall be binding upon the Senior Representatives, the Senior Secured Parties, the Junior Representatives, the Junior Priority Debt Parties, the Company, the other Grantors party hereto and their permitted respective
successors and assigns. 
 SECTION 8.15.    Section Titles. The section titles contained in this
Agreement are and shall be without substantive meaning or content of any kind whatsoever and are not a part of this Agreement. 

SECTION 8.16.    Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by telecopier or other electronic transmission of an executed counterpart of a signature page to this Agreement shall be effective as
delivery of an original executed counterpart of this Agreement. The words “delivery”, “execute,” “execution,” “signed,” “signature,” and words of like import in this Agreement and any document
executed in connection herewith shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical
delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State
Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that upon the request of any party, any electronic signature shall be promptly followed by such manually
executed counterpart. 
 SECTION 8.17.    Authorization. By its signature, each party to this
Agreement represents and warrants to the other parties hereto that it is duly authorized to execute this Agreement. The Designated Junior Representative, in its capacity as the Initial Junior Representative, represents and warrants that this
Agreement is binding upon the Initial Junior Priority Debt Parties. 
 SECTION 8.18.    No Third Party
Beneficiaries; Successors and Assigns. The lien priorities set forth in this Agreement and the rights and benefits hereunder in respect of such lien priorities shall inure solely to the benefit of the Senior Representatives, the Senior Secured
Parties, the Junior Representatives and the Junior Priority Debt Parties, and their respective permitted successors and assigns, and no other Person (including the Grantors, or any trustee, receiver, debtor-in-possession or bankruptcy estate in a bankruptcy or like proceeding) shall have or be entitled to assert such rights (other than any provision hereof expressly preserving any right of, or directly
affecting, MVWC, the Company or any other Grantor under this Agreement or any Senior Debt Document or Junior Priority Debt Document). 

SECTION 8.19.    Effectiveness. This Agreement shall become effective when executed and delivered by
the parties hereto. 
 SECTION 8.20.    Representatives. It is understood and agreed that
(a) the First Lien Credit Agreement Collateral Agent is entering into this Agreement in its capacity as administrative agent and collateral agent under the First Lien Credit Agreement and the 

  
 32 

 
provisions of Article 9 of the First Lien Credit Agreement applicable to the Agents (as defined therein) thereunder shall also apply to the First Lien Credit Agreement Collateral Agent
hereunder, (b) the First Lien Notes Collateral Agent is entering into this Agreement in its capacity as collateral agent under the Senior Indenture and the provisions of Section 11.7 of the Senior Indenture applicable to the Notes
Collateral Agent (as defined therein) thereunder shall also apply to the First Lien Notes Collateral Agent hereunder and (c) Initial Junior Representative is entering into this Agreement in its capacity as administrative agent and collateral
agent under the Junior Lien [                    ] and the provisions of
[                    ] of such agreement applicable to the Agents (as defined therein) thereunder shall also apply to the Initial Junior
Representative solely in its capacity as the Initial Junior Representative hereunder. 
 SECTION
8.21.    Relative Rights. Notwithstanding anything in this Agreement to the contrary (except to the extent contemplated by Section 5.01(a), 5.01(d) or 5.04(b)), nothing in this
Agreement is intended to or will (a) amend, waive or otherwise modify the provisions of any Senior Debt Document or any Junior Priority Debt Documents, or permit the Company or any Grantor to take any action, or fail to take any action, to the
extent such action or failure would otherwise constitute a breach of, or default under any Senior Debt Document or any Junior Priority Debt Documents, (b) change the relative priorities of the Senior Obligations or the Liens granted under the
Senior Collateral Documents on the Shared Collateral (or any other assets) as among the Senior Secured Parties, (c) otherwise change the relative rights of the Senior Secured Parties in respect of the Shared Collateral as among such Senior
Secured Parties or (d) obligate the Company or any Grantor to take any action, or fail to take any action, that would otherwise constitute a breach of, or default under any Senior Debt Document or any Junior Priority Debt Document. 

SECTION 8.22.    Survival of Agreement. All covenants, agreements, representations and warranties
made by any party in this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement. 

SECTION 8.23.    Additional Intercreditor Agreements. Each party hereto agrees that the Senior
Secured Parties and/or the Senior Representatives (as among themselves) and the Junior Priority Debt Parties and/or the Junior Representatives (as among themselves) may each enter into the First Lien Intercreditor Agreement and/or any other
intercreditor agreement governing the rights, benefits and privileges as among the Senior Secured Parties or the Junior Priority Debt Parties, as the case may be, in respect of the Collateral, this Agreement and the other Senior Collateral Documents
or Junior Priority Collateral Documents, as the case may be, including as to application of proceeds of the Collateral, voting rights, control of the Collateral and waivers with respect to the Collateral, in each case so long as the terms thereof do
not violate or conflict with the provisions of this Agreement or the other Senior Debt Documents or Junior Priority Debt Documents, as the case may be (or unless the applicable Senior Secured Parties or Junior Priority Debt Parties otherwise
authorize their applicable Representative to enter into any such intercreditor arrangement). 
 SECTION
8.24.    Junior Priority Debt Parties. Notwithstanding anything to the contrary in this Agreement, it is understood and agreed that this Agreement only applies to the Junior Priority Debt Parties in their capacities as
holders of the Junior Priority Debt Obligations. Without limiting the foregoing, this Agreement does not restrict or apply to the Junior Priority Debt Parties in their capacities as holders of any Indebtedness or other obligations of the Grantors
other than the Junior Priority Debt Obligations, or in their capacities as holders of equity interests of the Grantors. 

  
 33 

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

					
	JPMORGAN CHASE BANK, N.A.,
	as First Lien Credit Agreement Collateral Agent
		
	By:	 	
                     
                                       

		 	Name:	 	
		 	Title:	 	
	
	THE BANK OF NEW YORK MELLON TRUST
	COMPANY, N.A.,
	as First Lien Notes Collateral Agent
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	 [                    ]

as Initial Junior Representative

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 1 

			
	[GRANTORS] 5 
		
	By:	 	  

	Name:	 	
	Title:	 	

  
  

	5 	 List all Loan Parties. 

  
 1 

 ANNEX I 

SUPPLEMENT NO. [                    ]
dated as of [            ], 20[    ], (the “Supplement”) to the JUNIOR INTERCREDITOR AGREEMENT dated as of
[            ], 20[    ] (the “Junior Intercreditor Agreement”), among Marriott Ownership Resorts, Inc., a Delaware corporation (the
“Company” or the “Borrower”), Marriott Vacations Worldwide Corporation, a Delaware corporation (“MVWC”), the other Grantors from time to time party thereto, JPMorgan Chase Bank, N.A. as First Lien
Credit Agreement Collateral Agent for the First Lien Credit Agreement Secured Parties, The Bank of New York Mellon Trust Company, N.A., as First Lien Notes Collateral Agent for the First Lien Notes Secured Parties,
[                    ], as Designated Junior Representative, and the additional Representatives from time to time a party thereto. 

A.    Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the
Junior Intercreditor Agreement. 
 B.    The Grantors have entered into the Junior Intercreditor Agreement. Pursuant to
the First Lien Credit Agreement, certain Additional Senior Debt Documents and certain Junior Priority Debt Documents, certain newly acquired or organized Subsidiaries of the Company are required to enter into the Junior Intercreditor Agreement.
Section 8.07 of the Junior Intercreditor Agreement provides that such Subsidiaries may become party to the Junior Intercreditor Agreement by execution and delivery of an instrument in the form of this Supplement. The undersigned Subsidiary (the
“New Grantor”) is executing this Supplement in accordance with the requirements of the First Lien Credit Agreement, the Junior Priority Debt Documents and Additional Senior Debt Documents. 

Accordingly, the Senior Representative, the Junior Priority Class Debt Representative and the New Grantor agree as follows: 

SECTION 1. In accordance with Section 8.07 of the Junior Intercreditor Agreement, the New Grantor by its signature below becomes a
Grantor under the Junior Intercreditor Agreement with the same force and effect as if originally named therein as a Grantor, and the New Grantor hereby agrees to all the terms and provisions of the Junior Intercreditor Agreement applicable to it as
a Grantor thereunder. Each reference to a “Grantor” in the Junior Intercreditor Agreement shall be deemed to include the New Grantor. The Junior Intercreditor Agreement is hereby incorporated herein by reference. 

SECTION 2. The New Grantor represents and warrants to the Senior Representative, the Junior Priority Class Debt Representative and the
other Secured Parties that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms except as the enforceability thereof may
be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and subject to general principles of equity. 

SECTION 3. This Supplement may be executed in counterparts, each of which shall constitute an original, but all of which when taken together
shall constitute a single contract. This Supplement shall become effective when the Senior Representative and the Junior Priority Class Debt Representative shall have received a counterpart of this Supplement that bears the signature of the New
Grantor. Delivery of an executed signature page to this Supplement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Supplement. 

SECTION 4. Except as expressly supplemented hereby, the Junior Intercreditor Agreement shall remain in full force and effect. 

  
 1 

 SECTION 5.    THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 6.    In case any one or more of the provisions
contained in this Supplement should be held invalid, illegal or unenforceable in any respect, no party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the
validity, legality and enforceability of the remaining provisions contained herein and in the Junior Intercreditor Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace the
invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 7.    All communications and notices hereunder shall be in writing and given as provided in Section 8.11 of
the Junior Intercreditor Agreement. All communications and notices hereunder to the New Grantor shall be given to it in care of the Company as specified in the Junior Intercreditor Agreement. 

  
 2 

 IN WITNESS WHEREOF, the New Grantor, and the Senior Representative have duly executed this
Supplement to the Junior Intercreditor Agreement as of the day and year first above written. 
  

			
	[NAME OF NEW SUBSIDIARY
	GRANTOR],
		
	By:	 	
                     
                    

		 	Name:
		 	Title:

  

			
	Acknowledged by:
	
	[                    ], as Senior Representative,
		
	By:	 	
                     
                    

		 	Name:
		 	Title:
	
	[                    ], as [Initial Junior Representative],
		
	By:	 	
                     
                    

		 	Name:
		 	Title:

  
 1 

 ANNEX II 

[FORM OF] REPRESENTATIVE SUPPLEMENT
NO. [                    ] dated as of [            ], 20[    ]
to the JUNIOR INTERCREDITOR AGREEMENT dated as of [            ], 20[    ] (the “Junior Intercreditor Agreement”), among Marriott Ownership Resorts,
Inc., a Delaware corporation (the “Company” or the “Borrower”), Marriott Vacations Worldwide Corporation, a Delaware corporation (“MVWC”), the other Grantors from time to time party thereto,
JPMorgan Chase Bank, N.A. as First Lien Credit Agreement Collateral Agent for the First Lien Credit Agreement Secured Parties, The Bank of New York Mellon Trust Company, N.A., as First Lien Notes Collateral Agent for the First Lien Notes Secured
Parties, [                    ], as Initial Junior Representative, and the additional Representatives from time to time a party thereto. 

A.    Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to such terms in the
Junior Intercreditor Agreement. 
 B.    As a condition to the ability of the Company to incur Junior Priority Debt and
to secure such Junior Priority Class Debt with the Junior Priority Lien and to have such Junior Priority Class Debt guaranteed by the Grantors on a subordinated basis, in each case under and pursuant to the Junior Priority Collateral
Documents, the Junior Priority Class Debt Representative in respect of such Junior Priority Class Debt is required to become a Representative under, and such Junior Priority Class Debt and the Junior Priority Class Debt Parties
in respect thereof are required to become subject to and bound by, the Junior Intercreditor Agreement. Section 8.09 of the Junior Intercreditor Agreement provides that such Junior Priority Class Debt Representative may become a
Representative under, and such Junior Priority Class Debt and such Junior Priority Class Debt Parties may become subject to and bound by, the Junior Intercreditor Agreement, pursuant to the execution and delivery by the Junior Priority
Class Debt Representative of an instrument in the form of this Representative Supplement and the satisfaction of the other conditions set forth in Section 8.09 of the Junior Intercreditor Agreement. The undersigned Junior Priority
Class Debt Representative (the “New Representative”) is executing this Representative Supplement in accordance with the requirements of the Senior Debt Documents and the Junior Priority Debt Documents. 

Accordingly, the New Representative agrees as follows: 

SECTION 1. In accordance with Section 8.09 of the Junior Intercreditor Agreement, the New Representative by its signature below becomes a
Representative under, and the related Junior Priority Class Debt and Junior Priority Class Debt Parties become subject to and bound by, the Junior Intercreditor Agreement with the same force and effect as if the New Representative had
originally been named therein as a Representative, and the New Representative, on behalf of itself and such Junior Priority Class Debt Parties, hereby agrees to all the terms and provisions of the Junior Intercreditor Agreement applicable to it
as a Junior Representative and to the Junior Priority Class Debt Parties that it represents as Junior Priority Debt Parties. Each reference to a “Representative” or “Junior Representative” in the Junior
Intercreditor Agreement shall be deemed to include the New Representative. The Junior Intercreditor Agreement is hereby incorporated herein by reference. 

SECTION 2. The New Representative represents and warrants to the Senior Representative and the other Secured Parties that (i) it has full
power and authority to enter into this Representative Supplement, in its capacity as [agent] [trustee] under [describe new debt facility], (ii) this Representative Supplement has been duly authorized, executed and delivered by it and
constitutes its legal, valid and binding obligation, enforceable against it in accordance with the terms of such Agreement and (iii) the Junior Priority Debt Documents relating to such Junior Priority Class Debt provide that, upon the New
Representative’s entry into this Agreement, the Junior Priority Class Debt Parties in respect of such Junior Priority Class Debt will be subject to and bound by the provisions of the Junior Intercreditor Agreement as Junior Priority
Debt Parties. 

  
 1 

 SECTION 3.    This Representative Supplement may be executed in
counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Representative Supplement shall become effective when each of the Senior Representative and the Junior Priority
Class Debt Representative shall have received a counterpart of this Representative Supplement that bears the signature of the New Representative. Delivery of an executed signature page to this Representative Supplement by facsimile transmission
shall be effective as delivery of a manually signed counterpart of this Representative Supplement. 
 SECTION
4.    Except as expressly supplemented hereby, the Junior Intercreditor Agreement shall remain in full force and effect. 

SECTION 5.    THIS REPRESENTATIVE SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK. 
 SECTION 6.    In case any one or more of the provisions contained in this Representative
Supplement should be held invalid, illegal or unenforceable in any respect, no party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the validity, legality and
enforceability of the remaining provisions contained herein and in the Junior Intercreditor Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or
unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 7.    All communications and notices hereunder shall be in writing and given as provided in Section 8.11 of
the Junior Intercreditor Agreement. All communications and notices hereunder to the New Representative shall be given to it at the address set forth below its signature hereto. 

  
 2 

 IN WITNESS WHEREOF, the New Representative has duly executed this Representative Supplement
to the Junior Intercreditor Agreement as of the day and year first above written. 
  

					
	[NAME OF NEW REPRESENTATIVE],
	as [                    ] for the holders of
[                    ],
		
	By:	 	
                     

		 	Name:	 	
		 	Title:	 	
	
	Address for notices:
		
		 	
                     

		 	
                     

		 	attention of:	 	
                     
                                   

		 	Telecopy:	 	
                     
                                   

  
 1 

			
	Acknowledged by:
	
	THE GRANTORS
	LISTED ON SCHEDULE I HERETO,
		
	By:	 	
                     

		 	Name:
		 	Title:

  
 1 

 Schedule I to the 

Representative Supplement to the 

Junior Intercreditor Agreement 

1.    Grantors 
  

					
	 	  	 Name
	  	 Jurisdiction of
Formation

	 1.
	  		  	
	 2.
	  		  	
	 3.
	  		  	
	 4.
	  		  	
	 5.
	  		  	
	 6.
	  		  	

  
 2 

 ANNEX III 

[FORM OF] REPRESENTATIVE SUPPLEMENT
NO. [                    ] dated as of [            ], 20[    ]
to the JUNIOR INTERCREDITOR AGREEMENT dated as of [            ], 20[    ] (the “Junior Intercreditor Agreement”), among Marriott Ownership Resorts,
Inc., a Delaware corporation (the “Company” or the “Borrower”), Marriott Vacations Worldwide Corporation, a Delaware corporation (“MVWC”), the other Grantors from time to time party thereto,
JPMorgan Chase Bank, N.A. as First Lien Credit Agreement Collateral Agent for the First Lien Credit Agreement Secured Parties, The Bank of New York Mellon Trust Company, N.A., as First Lien Notes Collateral Agent for the First Lien Notes Secured
Parties, [                    ], as Initial Junior Representative, and the additional Representatives from time to time a party thereto. 

A.    Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to such terms in the
Junior Intercreditor Agreement. 
 B.    As a condition to the ability of the Company to incur Senior Class Debt
after the date of the Junior Intercreditor Agreement and to secure such Senior Class Debt with the Senior Lien and to have such Senior Class Debt guaranteed by the Grantors on a senior basis, in each case under and pursuant to the Senior
Collateral Documents, the Senior Class Debt Representative in respect of such Senior Class Debt is required to become a Representative under, and such Senior Class Debt and the Senior Class Debt Parties in respect thereof are
required to become subject to and bound by, the Junior Intercreditor Agreement. Section 8.09 of the Junior Intercreditor Agreement provides that such Senior Class Debt Representative may become a Representative under, and such Senior
Class Debt and such Senior Class Debt Parties may become subject to and bound by, the Junior Intercreditor Agreement, pursuant to the execution and delivery by the Senior Class Debt Representative of an instrument in the form of this
Representative Supplement and the satisfaction of the other conditions set forth in Section 8.09 of the Junior Intercreditor Agreement. The undersigned Senior Class Debt Representative (the “New Representative”) is
executing this Representative Supplement in accordance with the requirements of the Senior Debt Documents and the Junior Priority Debt Documents. 

Accordingly, the New Representative agrees as follows: 

SECTION 1.    In accordance with Section 8.09 of the Junior Intercreditor Agreement, the New Representative by its
signature below becomes a Representative under, and the related Senior Class Debt and Senior Class Debt Parties become subject to and bound by, the Junior Intercreditor Agreement with the same force and effect as if the New Representative
had originally been named therein as a Representative, and the New Representative, on behalf of itself and such Senior Class Debt Parties, hereby agrees to all the terms and provisions of the Junior Intercreditor Agreement applicable to it as a
Senior Representative and to the Senior Class Debt Parties that it represents as Senior Class Debt Parties. Each reference to a “Representative” or “Senior Representative” in the Junior Intercreditor
Agreement shall be deemed to include the New Representative. The Junior Intercreditor Agreement is hereby incorporated herein by reference. 

SECTION 2.    The New Representative represents and warrants to the Senior Representative, the Junior Priority
Class Debt Representative and the other Secured Parties that (i) it has full power and authority to enter into this Representative Supplement, in its capacity as [agent] [trustee] under [describe new debt facility], (ii) this
Representative Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with the terms of such Agreement and (iii) the Senior Debt Documents
relating to such Senior Class Debt provide that, upon the New Representative’s entry into this Agreement, the Senior Class Debt Parties in respect of such Senior Class Debt will be subject to and bound by the provisions of the
Junior Intercreditor Agreement as Senior Secured Parties. 

  
 1 

 SECTION 3.    This Representative Supplement may be executed in
counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Representative Supplement shall become effective when each of the Senior Representative and the Junior Priority
Class Debt Representative shall have received a counterpart of this Representative Supplement that bears the signature of the New Representative. Delivery of an executed signature page to this Representative Supplement by facsimile transmission
shall be effective as delivery of a manually signed counterpart of this Representative Supplement. 
 SECTION
4.    Except as expressly supplemented hereby, the Junior Intercreditor Agreement shall remain in full force and effect. 

SECTION 5.    THIS REPRESENTATIVE SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK. 
 SECTION 6.    In case any one or more of the provisions contained in this Representative
Supplement should be held invalid, illegal or unenforceable in any respect, no party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the validity, legality and
enforceability of the remaining provisions contained herein and in the Junior Intercreditor Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or
unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 7.    All communications and notices hereunder shall be in writing and given as provided in Section 8.11 of
the Junior Intercreditor Agreement. All communications and notices hereunder to the New Representative shall be given to it at the address set forth below its signature hereto. 

  
 2 

 IN WITNESS WHEREOF, the New Representative has duly executed this Representative Supplement
to the Junior Intercreditor Agreement as of the day and year first above written. 
  

			
	[GRANTORS]6,
	as a Grantor
		
	By:	 	
                     
        

	Name:	 	
	Title:	 	
	
	[NAME OF NEW REPRESENTATIVE],
	as [                    ] for the holders of
[                    ],
		
	By:	 	  

		 	Name:
		 	Title:

  
  

	6 	 List all Loan Parties. 

  
 1 

 Schedule I to the 

Representative Supplement to the 

Junior Intercreditor Agreement 

2.    Grantors 
  

					
	 	  	 Name
	  	 Jurisdiction of
Formation

	 1.
	  		  	
	 2.
	  		  	
	 3.
	  		  	
	 4.
	  		  	
	 5.
	  		  	
	 6.

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