Document:

Exhibit 4.20
​
Agreement No: [*]
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
Loan Agreement
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
Borrower: Hangzhou Forasen Technology Co., Ltd.
​
Lender: Bank of Beijing Hangzhou Branch
​
Date: December 14, 2021
​

According to the guidance of the Civil Code of the People’s Republic of China, the lender and the borrower hereby make this agreement after negotiation on and equal basis and consensus.
​
	​

	​

	​

	Borrower:
	Hangzhou Forasen Technology Co., Ltd.

	​
	​

	Business Certificate No:
	[*]

	​
	​

	Legal Representative:
	Feng Zhou

	​
	​

	Business Address:
	RM 1804-1, DiKai Yinzuo, No.29 East Jiefang Road, Hangzhou, Zhejiang

	​
	​

	Tel: [*]
	Postcode: 310000

	​
	​

	Contact Person: Guolong Wang
	Position:General Manager

	​
	​

	Tel: [*]
	Email: [*]

	​
	​

	Lender:
	Bank of Beijing Hangzhou Branch

	​
	​

	Legal Representative:
	Yu Wei

	​
	​

	Business Address:
	No.66 Wuxing Road, Jiang’gan District, Hangzhou, Zhejiang

	​
	​

	Tel: [*]
	Postcode: 310016

	​
	​

	Fax: [*]

​
​
​
​
​
​
​
​
​
Article 1 Basic Terms
​
A. Related Agreement
​
This loan agreement is the withdraw agreement under the line of credit (Agreement No. 0714836) between Bank of Beijing Hangzhou Branch and Hangzhou Forasen Technology Co., Ltd.
​

B. Amount and Term
B.1 The amount of the loan under this agreement is RMB 5 Million.
B.2 The term of the loan shall be 12 months from the withdrawal date.
B.3 The maturity date of the loan is the expiration date of the loan term agreed in B.2.
C. Interest Rate (Annual Rate, Calculated interest by the flat method)
C.1 The interest rate shall be determined in the following manner:
(1) X Fixed Rate, one-year loan prime rate (LPR) published by the National Interbank Lending Center on the prior business day of the withdrawal date, and the floating range is up 0.95%.
(2) Floating interest rate, one-year loan prime rate (LPR) published by the National Interbank Lending Center on the prior business day of the withdrawal date plus the floating range [], which will subject to change.
C.2 For foreign currency loan, the interest rate will be HIBOR or LIBOR rate on the two days prior the withdrawal date plus the floating range which will subject to change based on each loan.
D. Withdraw Date, Payment of Loan and Fund Supervision
D.1 The withdraw date shall be [] days after the signing date of the agreement;
D.2 The withdraw of funds shall be subject to the loan receipt approved by Bank of Beijing. However, if the single payment amount exceeds RMB 10 million, the entrusted payment method shall be adopted.
D.3 The funds will be issued to the borrower's account in Bank of Beijing, with account number 0925200442 (the account can be changed with the consent of Bank of Beijing, but the changed account shall be indicated in the loan receipt). When the borrower uses the loan funds for external payment, it shall handle it through this account and accept the inspection and supervision of Bank of Beijing.
D.4 The borrower’s account opened at Bank of Beijing Hangzhou Branch with account number 20000052752100065247202 (the account can be changed with the consent of Bank of Beijing) shall be the collecting account. The borrower shall regularly ( by the end of each month) provide the Bank of Beijing with information about the withdrawal of funds f and the
​

flow of the account, and promise to cooperate with the Bank of Beijing in supervision and inspection.
D.5 for the above accounts, Bank of Beijing shall have the right to inspect, supervise and manage them in accordance with the loan agreement and the account supervision agreement signed by both parties.
E. Purpose of borrowing: Raw Material Purchase.
F. Repayment
The borrower shall repay the loan in the ways specified in (1) below:
(1)Principle is due as a one lump-sum payment upon loan maturity date.
(2)Repay Loan by installments, due at 21st Monthly;
(3)Repay Loan by installments, due at 21st Quarterly;
(4)Other:

G. Payment of Interest
(1) Monthly, due at 21st each month;
(2) Quarterly, due at 21st each quarter;
(3) Others:
M. Guarantee
Hangzhou High Technology Financing Guarantee Co., Ltd. Yefang Zhang and Zhengyuwang have provided maximum guarantee for the underlying loan.
U. Annex
W. Mandatory Notarization
Mandatory notarization is required within   days after signing the agreement.
No Mandatory notarization is required for this contract
X. Specific Clauses
​

Borrower: /s/ Hangzhou Forasen Technology Co., Ltd.
​
Legal Representative: /s/
​
Lender:/s/ Bank of Beijing Hangzhou Branch
​
Legal Representative: /s/Document

Exhibit 10.2.4

November 10, 2021
Marriott International, Inc. 
10400 Fernwood Rd, 
Bethesda, MD 20817

Re:    Marriott License, Services and Development Agreement for Marriott Projects dated November 19, 2011 – Marriott Bonvoy Track Amendment
Ladies and Gentlemen:
Marriott International, Inc. (“MII”) and Marriott Worldwide Corporation (“MWC”) (together, “Marriott”), and Marriott Vacations Worldwide Corporation (“MVW”) are parties to that certain License, Services and Development Agreement for Marriott Projects dated November 19, 2011 as amended by that certain Amendment to License, Services, and Development Agreement dated February 26, 2018, that certain letter regarding Consent to Limited Marketing Access dated February 26, 2018, and that certain Letter of Acknowledgment (the “Merger Letter Agreement”) regarding MVW’s acquisition of the Vistana Destination Club Business (defined below) dated September 1, 2018 (as may be further amended, collectively, the “MVW License Agreement”), under which Marriott granted MVW the right to operate the Licensed Business in accordance with the terms and conditions of the MVW License Agreement.  
Starwood Hotels & Resorts Worldwide, LLC (formerly known as Starwood Hotels & Resorts Worldwide, Inc., “Starwood”), an Affiliate of Marriott, and Vistana Signature Experiences, Inc. (“Vistana”) and ILG, LLC (as successor to ILG, Inc., formerly known as Interval Leisure Group, Inc. (“ILG”)), both Affiliates of MVW, are parties to that certain License, Services and Development Agreement (as amended, the “Vistana License Agreement”) dated effective May 11, 2016 pursuant to which Vistana was granted a license to operate the Licensed Business in accordance with the terms of, and as defined in, the Vistana License Agreement (referred to herein as the “Vistana Destination Club Business”).     
Pursuant to the Merger Letter Agreement, Marriott and MVW agreed, among other things, to amend the MVW License Agreement and related agreements to encompass the Sheraton, Westin, The Luxury Collection and St. Regis brands and the Licensed Unbranded Properties (as defined in the Vistana License Agreement).   The parties anticipated that the integration and combination of the MVW and Vistana Destination Club Businesses would occur in steps and phases.  This Marriott Bonvoy Track Amendment (the “Bonvoy Track Amendment”) is one of a series of amendments that align with such steps and phases and, together with the Merger Letter Agreement, will ultimately be incorporated into the Combination Amendment (as defined in the Merger Letter Agreement).   This amendment reflects changes to 

the MVW License Agreement and the Vistana License Agreement arising from the amendment and restatement of the Rewards Agreement (as defined in the MVW License Agreement) and the inclusion of the Vistana Licensed Business therein.   All initially capitalized terms used but not defined herein have the meaning set forth in the MVW License Agreement. 
In furtherance thereof and for good and valuable consideration, the parties hereto agree as follows:
1.Effective Date.  The effective date of the amendments set forth below is January 1, 2022.
2.Brand Loyalty Program Definitions.  
a.The term “Brand Loyalty Programs” as used in the MVW License Agreement is hereby amended and restated as follows:
“Brand Loyalty Programs” means the programs generally used for MHR Hotels that are designed to increase brand loyalty (and consequently market share, length of stay and frequency of usage of such hotels and other branded and affiliated products), and/or any similar, complementary, or successor program.  As of [the Effective Date], such programs include “Marriott Bonvoy”.
b.The term “Rewards Agreement” as used in the MVW License Agreement is hereby amended and restated as follows:
“Rewards Agreement” means the Marriott Bonvoy Affiliation Agreement between Marriott International, Inc., Marriott Rewards, LLC, Marriott Vacations Worldwide Corporation, and Marriott Ownership Resorts, Inc. regarding the Brand Loyalty Program dated as of November 10, 2021.
c.The term “Brand Loyalty Programs” as used in the Vistana License Agreement is hereby amended and restated as follows:
“Brand Loyalty Programs” means the programs generally used for the Starwood Lodging Facilities that are designed to increase brand loyalty (and consequently market share, length of stay and frequency of usage of such Hotels and other branded and affiliated products), and/or any similar, complementary or successor program. As of January 1, 2022, such programs include the “Marriott Bonvoy” program and any programs related thereto.
d.The term “SPG Affiliation Agreement” as used in the Vistana License Agreement is hereby amended and restated as follows:
“SPG Affiliation Agreement” means the Marriott Bonvoy Affiliation Agreement between Marriott International, Inc., Marriott Rewards, LLC, Marriott Vacations Worldwide Corporation, and Marriott Ownership Resorts, Inc. regarding the Brand Loyalty Program dated as of November 10, 2021. 
839723_3

Except to the extent specifically amended, modified or supplemented by this Bonvoy Track Amendment, the MVW License Agreement and Vistana License Agreement remain unchanged and in full force and effect.  From and after the effectiveness hereof, each reference in the MVW License Agreement or Vistana License Agreement to “this Agreement,” “hereof”, “hereunder” or words of similar import will be deemed to mean such License Agreement, as so amended, modified or supplemented by this Bonvoy Track Amendment.
Please sign in the space indicated below to indicate the acknowledgment and agreement by Marriott and Starwood with respect to Bonvoy Track Amendment. 
Sincerely, 
MARRIOTT VACATIONS WORLDWIDE CORPORATION

By: /s/ Ralph Lee Cunningham
Name:    Ralph Lee Cunningham
Title:    Executive Vice President & Chief Operating Officer -Vacation Ownership

MARRIOTT OWNERSHIP RESORTS, INC.

By: /s/ Ralph Lee Cunningham
Name:    Ralph Lee Cunningham
Title:    Executive Vice President & Chief Operating Officer -Vacation Ownership

ILG, LLC

By: /s/ John E. Geller, Jr.
Name: John E. Geller, Jr.        
Title:         Manager

VISTANA SIGNATURE EXPERIENCES, INC.

By: /s/ Ralph Lee Cunningham
Name: Ralph Lee Cunningham    
Title:      President and Chief Executive Officer

839723_3

ACKNOWLEDGED AND AGREED
THIS 10TH DAY OF NOVEMBER, 2021

MARRIOTT INTERNATIONAL, INC.
By: /s/ Timothy Grisius
Name: Timothy Grisius
Title:     Global Real Estate Officer

MARRIOTT WORLDWIDE CORPORATION
By: /s/ Timothy Grisius
Name: Timothy Grisius
Title:     Authorized Signatory

STARWOOD HOTELS & RESORTS WORLDWIDE, LLC
By: /s/ Timothy Grisius
Name: Timothy Grisius
Title:     Authorized Signatory

839723_3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}]]