Common use of SUPPLEMENTAL INDENTURES 52 Clause in Contracts

SUPPLEMENTAL INDENTURES 52. Section 9.01. Supplemental Indentures Without Consent of Holders 52 Section 9.02. Supplemental Indentures With Consent of Holders 54 Section 9.03. Execution of Supplemental Indentures 55 Section 9.04. Effect of Supplemental Indentures 55 Section 9.05. Conformity with Trust Indenture Act 56 Section 9.06. Reference in Securities to Supplemental Indentures 56 Section 9.07. Subordination Unimpaired 56 ARTICLE X COVENANTS 56 Section 10.01. Payment of Principal, Premium and Interest 56 Section 10.02. Maintenance of Office or Agency 56 Section 10.03. Money for Securities Payments to Be Held in Trust 57 Section 10.04. Corporate Existence 58 Section 10.05. Statement by Officers as to Default 58 Section 10.06. Waiver of Certain Covenants 58 ARTICLE XI REDEMPTION OF SECURITIES 59 Section 11.01. Applicability of Article 59 Section 11.02. Election to Redeem; Notice to Trustee 59 Section 11.03. Selection by Trustee of Securities to Be Redeemed 59 Section 11.04. Notice of Redemption 60 Section 11.05. Deposit of Redemption Price 61 Section 11.06. Securities Payable on Redemption Date 61 Section 11.07. Securities Redeemed in Part 61 ARTICLE XII DEFEASANCE AND COVENANT DEFEASANCE 62 Section 12.01. Company’s Option to Effect Defeasance or Covenant Defeasance 62 Section 12.02. Defeasance and Discharge 62 Section 12.03. Covenant Defeasance 62 Section 12.04. Conditions to Defeasance or Covenant Defeasance 63

SUPPLEMENTAL INDENTURES 52. Section 9.01. 9.01 Supplemental Indentures Without the Consent of Holders Securityholders 52 Section 9.02. 9.02 Supplemental Indentures With with Consent of Holders Securityholders 53 Section 9.03 Effect of Supplemental Indentures 54 Section 9.03. 9.04 Securities Affected by Supplemental Indentures 54 Section 9.05 Execution of Supplemental Indentures 55 Section 9.04. Effect of Supplemental Indentures ARTICLE X. SUCCESSOR 55 Section 9.0510.01 Consolidation, Merger and Sale of Assets 55 Section 10.02 Successor Person Substituted 56 ARTICLE XI. Conformity SATISFACTION AND DISCHARGE 56 Section 11.01 Applicability of Article 57 Section 11.02 Satisfaction and Discharge of Indenture 57 Section 11.03 Defeasance and Discharge of Obligations; Covenant Defeasance 57 Section 11.04 Deposited Funds to be Held in Trust 59 Section 11.05 Payment of Funds Held by Paying Agents 60 Section 11.06 Repayment to the Company or Guarantor 60 Section 11.07 Reinstatement 60 ARTICLE XII. IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS 61 Section 12.01 No Recourse 61 ARTICLE XIII. MISCELLANEOUS PROVISIONS 61 Section 13.01 Effect on Successors and Assigns 61 Section 13.02 Actions by Successor 61 Section 13.03 Notices 62 Section 13.04 Governing Law 63 Section 13.05 Treatment of Securities as Debt 63 Section 13.06 Compliance Certificates and Opinions 63 Section 13.07 Payments on Business Days 64 Section 13.08 Conflict with Trust Indenture Act 56 64 Section 9.0613.09 Counterparts 64 Section 13.10 Separability 64 Section 13.11 No Adverse Interpretation of Other Agreements 64 Section 13.12 Table of Contents, Headings, Etc. Reference in Securities 64 Section 13.13 Consent to Supplemental Indentures 56 Jurisdiction and Service of Process 65 Section 9.07. Subordination Unimpaired 56 ARTICLE X COVENANTS 56 Section 10.01. Payment of Principal, Premium and Interest 56 Section 10.02. Maintenance of Office or Agency 56 Section 10.03. Money for Securities Payments to Be Held in Trust 57 Section 10.04. Corporate Existence 58 Section 10.05. Statement by Officers as to Default 58 Section 10.06. 13.14 Waiver of Certain Covenants 58 Jury Trial 66 Section 13.15 USA Patriot Act 66 Section 13.16 Force Majeure 66 ARTICLE XI REDEMPTION OF SECURITIES 59 XIV. GUARANTEES 66 Section 11.0114.01 Guarantee 66 Section 14.02 Execution and Delivery of Guarantees 68 Section 14.03 Release of Guarantee 68 Cross Reference Table* Section ofTrust Indenture Actof 1939, as amended Section ofIndenture 310(a) 7.09 310(b) 7.08 7.10 310(c) Inapplicable 311(a) 7.13 311(b) 7.13 311(c) Inapplicable 312(a) 5.01 5.02(a) 312(b) 5.02(b) 312(c) 5.02(b) 313(a) 5.04(a) 313(b) 5.04(b) 313(c) 5.04(b) 5.04(c) 313(d) 5.04(c) 314(a) 5.03 314(b) Inapplicable 314(c) 13.06 314(d) Inapplicable 314(e) 13.06 314(f) Inapplicable 315(a) 7.01 315(b) 6.01(c) 315(c) 7.01(a) 315(d) 7.01(b) 315(e) 6.07 316(a) 6.06, 8.04 316(b) 6.04 316(c) 8.01 317(a) 6.02 317(b) 4.03 318(a) 13.08 ___________ * This Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions. Applicability THIS INDENTURE is dated as of Article 59 Section 11.02. Election to Redeem; Notice to Trustee 59 Section 11.03. Selection by Trustee of Securities to Be Redeemed 59 Section 11.04. Notice of Redemption 60 Section 11.05. Deposit of Redemption Price 61 Section 11.06. Securities Payable on Redemption Date 61 Section 11.07. Securities Redeemed in Part 61 ARTICLE XII DEFEASANCE AND COVENANT DEFEASANCE 62 Section 12.01. [—] between MARRIOTT VACATIONS WORLDWIDE CORPORATION, a Delaware corporation (the “Company’s Option to Effect Defeasance or Covenant Defeasance 62 Section 12.02. Defeasance ”), and Discharge 62 Section 12.03. Covenant Defeasance 62 Section 12.04. Conditions to Defeasance or Covenant Defeasance 63U.S. BANK NATIONAL ASSOCIATION (the “Trustee”).

SUPPLEMENTAL INDENTURES 52. Section 9.01. Supplemental Indentures Without Consent of Holders 52 Section 9.02. Supplemental Indentures With Consent of Holders 54 Section 9.03. Execution of Supplemental Indentures 55 Section 9.04. Effect of Supplemental Indentures 55 Section 9.05. Conformity with Trust Indenture Act 56 55 Section 9.06. Reference in Securities to Supplemental Indentures 56 55 Section 9.07. Subordination Unimpaired 56 ARTICLE X COVENANTS 56 Section 10.01. Payment of Principal, Premium and Interest 56 Section 10.02. Maintenance of Office or Agency 56 Section 10.03. Money for Securities Payments to Be Held in Trust 57 Section 10.04. Corporate Existence 58 Section 10.05. Statement by Officers as to Default 58 Section 10.06. Waiver of Certain Covenants 58 ARTICLE XI REDEMPTION OF SECURITIES 59 58 Section 11.01. Applicability of Article 59 58 Section 11.02. Election to Redeem; Notice to Trustee 59 Section 11.03. Selection by Trustee of Securities to Be Redeemed 59 Section 11.04. Notice of Redemption 60 Section 11.05. Deposit of Redemption Price 61 60 Section 11.06. Securities Payable on Redemption Date 61 Section 11.07. Securities Redeemed in Part 61 ARTICLE XII DEFEASANCE AND COVENANT DEFEASANCE 62 61 Section 12.01. Company’s Option to Effect Defeasance or Covenant Defeasance 62 61 Section 12.02. Defeasance and Discharge 62 Section 12.03. Covenant Defeasance 62 Section 12.04. Conditions to Defeasance or Covenant Defeasance 63

SUPPLEMENTAL INDENTURES 52. Section 9.01. 10.01 Supplemental Indentures Without Consent of Holders 52 Section 9.02. 10.02 Supplemental Indentures With with Consent of Holders 54 53 Section 9.03. Execution of Supplemental Indentures 55 Section 9.04. 10.03 Effect of Supplemental Indentures 54 Section 10.04 Notation on Notes 54 Section 10.05 Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee 55 ARTICLE 11 CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE 55 Section 9.0511.01 Company May Consolidate, Etc. Conformity with Trust Indenture Act on Certain Terms 55 Section 11.02 Successor Corporation to Be Substituted 55 ARTICLE 12 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS 56 Section 9.06. Reference in Securities to Supplemental Indentures 56 Section 9.07. Subordination Unimpaired 12.01 Indenture and Notes Solely Corporate Obligations 56 ARTICLE X COVENANTS 56 13 [INTENTIONALLY OMITTED] 57 ARTICLE 14 CONVERSION OF NOTES 57 Section 10.0114.01 Conversion Privilege 57 Section 14.02 Conversion Procedure; Settlement Upon Conversion 60 Section 14.03 Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes or Redemption Notice. Payment 64 Section 14.04 Adjustment of Principal, Premium and Interest 56 Conversion Rate 67 Section 10.02. Maintenance 14.05 Adjustments of Office or Agency 56 Prices 77 Section 10.03. Money for Securities Payments 14.06 Shares to Be Held in Trust 57 Fully Paid 77 Section 10.04. Corporate Existence 58 14.07 Effect of Recapitalizations, Reclassifications and Changes of the Common Stock 77 Section 10.05. Statement by Officers as to Default 58 Section 10.06. Waiver of 14.08 Certain Covenants 58 ARTICLE XI REDEMPTION OF SECURITIES 59 79 Section 11.01. Applicability 14.09 Responsibility of Article 59 Trustee 80 Section 11.02. Election to Redeem; 14.10 Notice to Trustee 59 Holders Prior to Certain Actions 80 Section 11.03. Selection by Trustee 14.11 Stockholder Rights Plans 81 Section 14.12 Exchange in Lieu of Securities to Be Redeemed 59 Section 11.04. Notice of Redemption 60 Section 11.05. Deposit of Redemption Price 61 Section 11.06. Securities Payable on Redemption Date 61 Section 11.07. Securities Redeemed in Part 61 ARTICLE XII DEFEASANCE AND COVENANT DEFEASANCE 62 Section 12.01. Company’s Option to Effect Defeasance or Covenant Defeasance 62 Section 12.02. Defeasance and Discharge 62 Section 12.03. Covenant Defeasance 62 Section 12.04. Conditions to Defeasance or Covenant Defeasance 63Conversion 81

SUPPLEMENTAL INDENTURES 52. Section 9.01. Supplemental Indentures Without Consent of Holders 52 Section 9.02. Supplemental Indentures With Consent of Holders 54 53 Section 9.03. Execution of Supplemental Indentures 55 Section 9.04. Effect of Supplemental Indentures 55 Section 9.05. Conformity with Trust Indenture Act 56 55 Section 9.06. Reference in Securities to Supplemental Indentures 56 55 Section 9.07. Subordination Unimpaired 56 55 ARTICLE X COVENANTS 56 Section 10.01. Payment of Principal, Premium and Interest 56 Section 10.02. Maintenance of Office or Agency 56 Section 10.03. Money for Securities Payments to Be Held in Trust 57 56 Section 10.04. Corporate Existence 58 57 Section 10.05. Statement by Officers as to Default 58 57 Section 10.06. Waiver of Certain Covenants 58 ARTICLE XI REDEMPTION OF SECURITIES 59 58 Section 11.01. Applicability of Article 59 58 Section 11.02. Election to Redeem; Notice to Trustee 59 58 Section 11.03. Selection by Trustee of Securities to Be Redeemed 59 Section 11.04. Notice of Redemption 60 59 Section 11.05. Deposit of Redemption Price 61 60 Section 11.06. Securities Payable on Redemption Date 61 60 Section 11.07. Securities Redeemed in Part 61 ARTICLE XII DEFEASANCE AND COVENANT DEFEASANCE 62 61 Section 12.01. Company’s Option to Effect Defeasance or Covenant Defeasance 62 61 Section 12.02. Defeasance and Discharge 62 61 Section 12.03. Covenant Defeasance 62 Section 12.04. Conditions to Defeasance or Covenant Defeasance 6362

SUPPLEMENTAL INDENTURES 52. Section 9.01. 9.01 Supplemental Indentures Without the Consent of Holders Securityholders 52 Section 9.02. 9.02 Supplemental Indentures With with Consent of Holders 54 Securityholders 53 Section 9.03. Execution of Supplemental Indentures 55 Section 9.04. 9.03 Effect of Supplemental Indentures 54 Section 9.04 Securities Affected by Supplemental Indentures 54 Section 9.05 Execution of Supplemental Indentures. 55 ARTICLE X. SUCCESSOR 55 Section 9.0510.01 Consolidation, Merger and Sale of Assets 55 Section 10.02 Successor Person Substituted 56 ARTICLE XI. Conformity SATISFACTION AND DISCHARGE 56 Section 11.01 Applicability of Article 57 Section 11.02 Satisfaction and Discharge of Indenture 57 Section 11.03 Defeasance and Discharge of Obligations; Covenant Defeasance 57 Section 11.04 Deposited Funds to be Held in Trust 59 Section 11.05 Payment of Funds Held by Paying Agents 60 Section 11.06 Repayment to the Company or Guarantor 60 Section 11.07 Reinstatement 60 ARTICLE XII. IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS 61 Section 12.01 No Recourse 61 ARTICLE XIII. MISCELLANEOUS PROVISIONS 61 Section 13.01 Effect on Successors and Assigns 61 Section 13.02 Actions by Successor 61 Section 13.03 Notices 62 Section 13.04 Governing Law 63 Section 13.05 Treatment of Securities as Debt 63 Section 13.06 Compliance Certificates and Opinions 63 Section 13.07 Payments on Business Days 64 Section 13.08 Conflict with Trust Indenture Act 56 64 Section 9.0613.09 Counterparts 64 Section 13.10 Separability 64 Section 13.11 No Adverse Interpretation of Other Agreements 64 Section 13.12 Table of Contents, Headings, Etc. Reference in Securities 64 Section 13.13 Consent to Supplemental Indentures 56 Jurisdiction and Service of Process 65 Section 9.07. Subordination Unimpaired 56 ARTICLE X COVENANTS 56 Section 10.01. Payment of Principal, Premium and Interest 56 Section 10.02. Maintenance of Office or Agency 56 Section 10.03. Money for Securities Payments to Be Held in Trust 57 Section 10.04. Corporate Existence 58 Section 10.05. Statement by Officers as to Default 58 Section 10.06. 13.14 Waiver of Certain Covenants 58 Jury Trial 66 Section 13.15 USA Patriot Act 66 Section 13.16 Force Majeure 66 ARTICLE XI REDEMPTION XIV. GUARANTEES 66 Section 14.01 Guarantee 66 Section 14.02 Execution and Delivery of Guarantees 68 Section 14.03 Release of Guarantee 68 Section 14.04 Subordination of Guarantee 69 ARTICLE XV. SUBORDINATION OF SECURITIES 59 69 Section 11.0115.01 Subordination Terms 69 Cross Reference Table* Section ofTrust Indenture Actof 1939, as amended Section ofIndenture 310(a) 7.09 310(b) 7.08 7.10 310(c) Inapplicable 311(a) 7.13 311(b) 7.13 311(c) Inapplicable 312(a) 5.01 5.02(a) 312(b) 5.02(b) 312(c) 5.02(b) 313(a) 5.04(a) 313(b) 5.04(b) 313(c) 5.04(b) 5.04(c) 313(d) 5.04(c) 314(a) 5.03 314(b) Inapplicable 314(c) 13.06 314(d) Inapplicable 314(e) 13.06 314(f) Inapplicable 315(a) 7.01 315(b) 6.01(c) 315(c) 7.01(a) 315(d) 7.01(b) 315(e) 6.07 316(a) 6.06, 8.04 316(b) 6.04 316(c) 8.01 317(a) 6.02 317(b) 4.03 318(a) 13.08 _____________ * This Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions. Applicability THIS INDENTURE is dated as of Article 59 Section 11.02. Election to Redeem; Notice to Trustee 59 Section 11.03. Selection by Trustee of Securities to Be Redeemed 59 Section 11.04. Notice of Redemption 60 Section 11.05. Deposit of Redemption Price 61 Section 11.06. Securities Payable on Redemption Date 61 Section 11.07. Securities Redeemed in Part 61 ARTICLE XII DEFEASANCE AND COVENANT DEFEASANCE 62 Section 12.01. [—] between MARRIOTT VACATIONS WORLDWIDE CORPORATION, a Delaware corporation (the “Company’s Option to Effect Defeasance or Covenant Defeasance 62 Section 12.02. Defeasance ”), and Discharge 62 Section 12.03. Covenant Defeasance 62 Section 12.04. Conditions to Defeasance or Covenant Defeasance 63U.S. BANK NATIONAL ASSOCIATION (the “Trustee”).