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TABLE OF CONTENTS

Table of Contents

As Filedfiled with the Securities and Exchange Commission on April 1, 2016.June 23, 2020

RegistrationRegistration Statement No. 333-            


UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.DC 20549



Form S-4

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933



Marriott Ownership Resorts, Inc.

INTERVAL ACQUISITION CORP.
INTERVAL LEISURE GROUP, INC.
(See Table of Additional Registrants)
(Exact name of registrant as specified in its charter)



Marriott Vacations Worldwide Corporation*

(Exact name of registrant guarantor as specified in its charter)

Delaware653152-1320904
Delaware6531Interval Acquisition Corp.
Delaware45-2598330

(State or other jurisdiction of

incorporation or organization)

 8600

(Primary Standard Industrial

Classification Code Number)

 Interval Leisure Group, Inc.
Delaware

(State or other jurisdiction of
incorporation or organization)

36-4189885

(I.R.S. Employer
Identification No.)





26-2590997
(I.R.S. Employer

Identification Number)

6649 Westwood Blvd.

Orlando, FL 32821

6262 Sunset Drive
Miami, Florida 33143
(305) 666-1861(407) 206-6000

(Address, including zip code, and telephone number, including area code, of registrant'sregistrants’ and registrant guarantors’ principal executive offices)



James H Hunter, IV

Victoria J. Kincke
Executive Vice President and General Counsel
Interval Leisure Group, Inc.
6262 Sunset Drive
Miami, Florida 33143
(305) 666-1861

Marriott Vacations Worldwide Corporation

6649 Westwood Blvd.

Orlando, FL 32821

(407) 206-6000

(Name, address, including zip code, and telephone number, including area code, of agent for service)


Copies to:

Richard B. Aftanas, Esq.

Aslam A. Rawoof, Esq.

Kirkland & Ellis LLP

601 Lexington Avenue

New York, New York 10022-4611

(212)
446-4800

*

The companies listed below in the Table of Additional Registrant Guarantors are also included in this Registration Statement on FormWith a copy to:S-4


Laurie L. Green, Esq.
Holland & Knight LLP
515 East Las Olas Boulevard #1200
Fort Lauderdale, Florida 33301
(954) 468-7808 as additional Registrant Guarantors.


Michele L. Keusch, Esq.
AGC—Securities, Mergers & Acquisitions
Interval Leisure Group, Inc.
6262 Sunset Drive
Miami, Florida 33143
(305) 666-1861



Approximate date of commencement of proposed exchange offer:sale to the public: As soon as practicable after the effective date of this registration statement becomes effective.Registration Statement.

If the securities being registered on this form are being offered in connection with the formation of a holding company and there is compliance with General Instruction G, check the following box.  o

If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.  o

If this form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or a small reportingan emerging growth company. See the definitiondefinitions of "large“large accelerated filer," "accelerated filer"” “accelerated filer,” “smaller reporting company,” and "small reporting company"“emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filerý Accelerated filer o  Non-acceleratedAccelerated filero
(Do not check if a
smaller reporting company)
 
Non-accelerated filerSmaller reporting companyo
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.  ☐

If applicable, place an X in the box to designate the appropriate rule provision relied upon in conducting this transaction:

Exchange Act Rule13e-4(i) (Cross-Border Issuer Tender Offer)  o

Exchange Act Rule14d-1(d) (Cross-Border Third-Party Tender Offer)  o



CALCULATION OF REGISTRATION FEE

        
 
Title of Each Class of Securities
to be Registered

 Amount to be
Registered

 Proposed Maximum
Offering Price per
Note

 Proposed Maximum
Aggregate Offering
Price(1)

 Amount of
Registration Fee

 

5.625% Senior Secured Notes due 2023

 $350,000,000 100% $350,000,000 $35,245(1)
 

Guarantees of the 5.625% Senior Secured Notes due 2023

              (2)

 

(1)
The registration fee was calculated pursuant to Rule 457(f) under the Securities Act of 1933.

(2)
Pursuant to Rule 457(n), no additional registration fee is payable with respect to the guarantees of the notes being registered.



 

 

Title of Each Class of Securities to be
Registered
 Amount to be
Registered
 

Proposed

Maximum
Offering Price

Per Unit

 

Proposed

Maximum

Aggregate
Offering Price

 

Amount of

Registration

Fee(1),(2)

4.750% Senior Notes due 2028

 $350,000,000 100% $350,000,000 $45,430.00

Guarantees of 4.750% Senior Notes due 2028(3)

 n/a n/a n/a —  

Total

 $350,000,000 —   $350,000,000 $45,430.00

 

 

(1)

The amount of the registration fee paid herewith was calculated pursuant to Rule 457(f) under the Securities Act of 1933, as amended.

(2)

Pursuant to Rule 457(n), no registration fee is payable with respect to the guarantees.

(3)

Guaranteed by Marriott Vacations Worldwide Corporation and the additional Registrant Guarantors listed in the table below.

The RegistrantRegistrants hereby amendsamend this Registration Statement on such date or dates as may be necessary to delay its effective date until the RegistrantRegistrants shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until thethis Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.

 


Table of Contents



TABLE OF ADDITIONAL REGISTRANTS
REGISTRANT GUARANTORS

The following subsidiaries of Marriott Vacations Worldwide Corporation will guarantee the Notes issued hereunder and are additional Registrant Guarantors under this registration statement. The address, including zip code, and telephone number, including area code, for each of the additional Registrant Guarantors is c/o Marriott Vacations Worldwide Corporation, 6649 Westwood Blvd., Orlando, FL 32821, (407)206-6000.

Exact Name of Additional Registrant

Guarantor as Specified in its Charter*

Its Charter

Jurisdiction of

Incorporation or

Organization

Primary Standard

Industrial

Classification

Code Number

IRS

I.R.S. Employer

Identification

Number

AQUA-ASTON HOLDINGS, INC. Aqua Hospitality LLC

  Delaware 701146-0641767

Aqua Hotels and Resorts Operator LLC

Delaware701137-1697816

Aqua Hotels and Resorts, Inc.

Delaware701126-3181909

Aqua Hotels & Resorts, LLC

Hawaii701165-1163911

Aqua Luana Operator LLC

Hawaii701190-1028216

Aqua-Aston Holdings, Inc.

Delaware 7011 87-0799653

AQUA HOSPITALITYAqua-Aston Hospitality, LLC

  DelawareHawaii 7011 46-064176713-4207830

AQUA HOTELS AND RESORTS, INC. Aston Hotels & Resorts Florida, LLC

  DelawareFlorida 7011 26-318190946-3267551

Beach House Development Partnership

Florida153165-0680991

CDP GP, INC. Inc.

  Delaware 1531 36-4190833

CERROMAR DEVELOPMENT PARTNERS GP, INC. CDP Investors, L.P.

  Delaware 153136-4158822

Cerromar Development Partners GP, Inc.

Delaware 1531 36-4158824

GRAND ASPEN HOLDINGS, LLCCerromar Development Partners, L.P., S.E.

  Delaware 153136-4158825

Coconut Plantation Partner, Inc.

Florida153181-2972199

Data Marketing Associates East, Inc.

Florida653159-3531162

Diamond Head Management LLC

Hawaii701145-2996891

Flex Collection, LLC

Florida653182-0679134

FOH Holdings, LLC

Delaware6531None

FOH Hospitality, LLC

Delaware653168-0509641

Grand Aspen Holdings, LLC

Delaware 1531 95-4837613

GRAND ASPEN LODGING,Grand Aspen Lodging, LLC

  Delaware 1531 95-435199884-1589465

HT-HIGHLANDS, INC. Hawaii Vacation Title Services, Inc.

Hawaii653120-0773633

Hotel Management Services LLC

Hawaii701127-0562444

HPC Developer, LLC

  Delaware 653181-5385696

HT-Highlands, Inc.

Delaware 1531 36-3978574

HTS-BC, L.L.C.

  Delaware 1531 36-3296881

HTS-BEACH HOUSE, INC. HTS-Beach House Partner, L.L.C.

  Delaware 153138-3973709

HTS-Beach House, Inc.

Delaware 1531 36-4097668

HTS-BEACH HOUSE PARTNER, L.L.C. HTS-Coconut Point, Inc.

  Delaware153136-4097668

HTS-COCONUT POINT, INC. 

Delaware 1531 36-4262309

HTS-GROUND LAKE TAHOE, INC. HTS-Ground Lake Tahoe, Inc.

  Delaware 1531 36-4197178

HTS-KEY WEST, INC. HTS-Key West, Inc.

  Delaware 1531 36-3942758

HTS-KW, INC.  Inc.

  Delaware 1531 36-4187262

HTS-LAKE TAHOE, INC. HTS-Lake Tahoe, Inc.

  Delaware 1531 36-3919669

HTS-LOAN SERVICING, INC. HTS-Loan Servicing, Inc.

  Delaware 1531 36-4206919

HTS-MAIN STREET STATION, INC. HTS-Main Street Station, Inc.

  Delaware 1531 36-4351998


Exact Name of Additional Registrant

Guarantor as Specified in Its Charter

Jurisdiction of

Incorporation or

Organization

Primary Standard

Industrial

Classification

Code Number

I.R.S. Employer

Identification

Number

HTS-MAUI,HTS-Maui, L.L.C.

  Delaware 1531 45-5601104

HTS-SAN ANTONIO, L.L.C. HTS-San Antonio, Inc.

  Delaware 153145-0479517

HTS-San Antonio, L.L.C.

Delaware153161-1731501

HTS-San Antonio, L.P.

Delaware 1531 32-0018843

HTS-SEDONA, INC. HTS-Sedona, Inc.

  Delaware 1531 36-4290387

HTS-SUNSET HARBOR PARTNER,HTS-Sunset Harbor Partner, L.L.C.

  Delaware 1531 47-3952343

HTS-WINDWARD POINTE PARTNER,HTS-Windward Pointe Partner, L.L.C.

  Delaware 1531 47-3932767

HV GLOBAL GROUP, INC. Global Group, Inc.

  Delaware 8699 36-3878044

HV GLOBAL MANAGEMENT CORPORATIONGlobal Management Corporation

  Delaware 6531 36-3950778

HV GLOBAL MARKETING CORPORATIONGlobal Marketing Corporation

  Florida 6531 65-0459735

HVO KEY WEST HOLDINGS,Key West Holdings, LLC

  Florida 6531 47-5257462

INTERVAL HOLDINGS, INC. IIC Holdings, Incorporated

  Delaware 860036-4197698

ILG, LLC

Delaware860026-2590997

ILG Management, LLC

Florida653190-0968929

ILG Shared Ownership, Inc.

Delaware653161-1846364

Interval Holdings, Inc.

Delaware 8600 06-1428126

INTERVAL INTERNATIONAL, INC. Interval International, Inc.

  Florida 8600 59-2367254

INTERVAL RESORTInterval Resort & FINANCIAL SERVICES, INC. Financial Services, Inc.

  Florida 73808600 65-0614258

OWNERS' RESORTS AND EXCHANGE, INC. 

Utah653187-0450262

S.O.I. ACQUISITION CORP. Interval Software Services, LLC

  Florida 738065-1133709

Kai Management Services LLC

Hawaii860026-4613508

Kauai Blue, Inc.

Delaware701120-0406855

Kauai Lagoons Holdings LLC

Delaware653120-3620899

Key Wester Limited

Florida653136-4204734

Lagunamar Cancun Mexico, Inc.

Florida 153120-2286494

Management Acquisition Holdings, LLC

Delaware653127-3967875

Marriott Kauai Ownership Resorts, Inc.

Delaware653152-1881454

Marriott Ownership Resorts Procurement, LLC

Delaware653152-2262337

Marriott Resorts Hospitality Corporation

South Carolina653157-0715279

Marriott Resorts Sales Company, Inc.

Delaware653152-1682534

Maui Condo and Home, LLC

Hawaii653199-0266391

MH Kapalua Venture, LLC

Delaware653133-1099097

MORI Golf (Kauai), LLC

Delaware653126-0341137

MORI Member (Kauai), LLC

Delaware653120-3524073

MORI Residences, Inc.

Delaware653152-2066724

MORI Waikoloa Holding Company, LLC

Delaware653181-2251748

MTSC, Inc.

Delaware653152-2323185

MVW of Hawaii, Inc.

Delaware653147-3155848

MVW Services Corporation

Delaware738084-1779372

MVW SSC, Inc.

Delaware653146-4698277

MVW US Holdings LLC

Delaware653145-2756557

MVW US Services, LLC

Delaware653146-4710314


Exact Name of Additional Registrant

Guarantor as Specified in Its Charter

Jurisdiction of

Incorporation or

Organization

Primary Standard

Industrial

Classification

Code Number

I.R.S. Employer

Identification

Number

MVW Vacations, LLC

Delaware653184-4080533

Pelican Landing Timeshare Ventures Limited Partnership

Delaware653136-4351657

R.C. Chronicle Building, L.P.

Delaware653120-2098782

RBF, LLC

Delaware653165-1086178

RCC (GP) Holdings LLC

Delaware653136-4615537

RCC (LP) Holdings L.P.

Delaware653137-1548471

RCDC 942, L.L.C.

Delaware653127-0842972

RCDC Chronicle LLC

Delaware653183-0490828

REP Holdings, Ltd.

Hawaii653199-0335453

Resort Management Finance Services, Inc.

Florida615945-2346663

Resort Sales Services, Inc.

Delaware653138-3990004

RQI Holdings, LLC

Hawaii653103-0530842

S.O.I. Acquisition Corp.

Florida6531 61-1731501

VACATION OWNERSHIP LENDING GP, INC. Scottsdale Residence Club, Inc.

Florida653120-5899344

Sheraton Flex Vacations, LLC

Florida653147-2210419

St. Regis New York Management, Inc.

Florida653120-3808613

St. Regis Residence Club, New York Inc.

Florida653120-3081304

The Cobalt Travel Company, LLC

  Delaware 653152-2171053

The Lion & Crown Travel Co., LLC

Delaware653126-3644512

The Ritz-Carlton Development Company, Inc.

Delaware653152-2168235

The Ritz-Carlton Management Company, L.L.C.

Delaware653151-0397808

The Ritz-Carlton Sales Company, Inc.

Delaware653152-2182206

The Ritz-Carlton Title Company, Inc.

Delaware653152-2182207

Vacation Ownership Lending GP, Inc.

Delaware 6199 36-4190833

VACATION RESORTS INTERNATIONAL

California653195-3700624

VOL GP, INC. Vacation Ownership Lending, L.P.

  Delaware 6199 36-419083436-4190846

WINDWARD POINTE II, L.L.C. Vacation Title Services, Inc.

Florida636159-3543344

VCH Communications, Inc.

Florida481359-3087363

VCH Consulting, Inc.

Florida481359-3259779

VCH Systems, Inc.

Florida481365-0534423

Vistana Acceptance Corp.

Florida615959-3304480

Vistana Aventuras, Inc.

Florida653181-3970560

Vistana Development, Inc.

Florida653159-3075838

Vistana Hawaii Management, Inc.

Hawaii653199-0353557

Vistana Management, Inc.

Florida653159-3087359

Vistana MB Management, Inc.

South Carolina653159-3445868

Vistana Portfolio Services, Inc.

Florida615959-3384912

Vistana PSL, Inc.

Florida653159-3466205

Vistana Residential Management, Inc.

Florida653159-3384873

Vistana Signature Experiences, Inc.

  Delaware 15316531 35-255666847-4235905

WORLDWIDE VACATION & TRAVEL, INC. Vistana Signature Network, Inc.

Delaware653191-1805536


Exact Name of Additional Registrant

Guarantor as Specified in Its Charter

Jurisdiction of

Incorporation or

Organization

Primary Standard

Industrial

Classification

Code Number

I.R.S. Employer

Identification

Number

Vistana Vacation Ownership, Inc.

  Florida 653106-1558234

Vistana Vacation Realty, Inc.

Florida653103-0469903

Vistana Vacation Services Hawaii, Inc.

Hawaii653199-0354234

VOL GP, Inc.

Delaware615936-4190834

VOL Investors, L.P.

Delaware615936-4190836

Volt Merger Sub, LLC

Delaware6531None

VSE Development, Inc.

Florida653126-1267681

VSE East, Inc.

Florida653159-3475882

VSE Mexico Portfolio Services, Inc.

Florida653120-3057270

VSE Myrtle Beach, LLC

South Carolina653159-3425941

VSE Pacific, Inc.

Florida653159-3646594

VSE Trademark, Inc.

Florida653159-3088550

VSE Vistana Villages, Inc.

Florida653159-3525948

VSE West, Inc.

Florida653159-3462185

Westin Sheraton Vacation Services, Inc.

Florida653159-3455889

Windward Pointe II, L.L.C.

Delaware153136-4453636

Worldwide Vacation & Travel, Inc.

Florida 4700 22-2362974

IIC HOLDINGS, INCORPORATEDWVC Rancho Mirage, Inc.

  Delaware 860036-4197698

ILG INTERNATIONAL HOLDINGS, INC. 

Florida860090-0924055

INTERVAL SOFTWARE SERVICES, LLC

Florida860065-1133709

MANAGEMENT ACQUISITION HOLDINGS, LLC

Delaware6531 27-3967875

RESORT SALES SERVICES, INC. 

Delaware653138-3990004

ILG MANAGEMENT, LLC

Florida653190-0968929

AQUA HOTELS & RESORTS, LLC

Hawaii701165-1163911

DIAMOND HEAD MANAGEMENT LLC

Hawaii701145-2996891

HOTEL MANAGEMENT SERVICES LLC

Hawaii701127-056244491-1822046

Table of Contents


Exact Name of Registrant
as Specified in its Charter*
Jurisdiction of
Incorporation or
Organization
Primary Standard
Industrial Classification
Code Number
IRS Employer
Identification
Number

KAI MANAGEMENT SERVICES LLC

Hawaii701126-4613508

AQUA HOTELS AND RESORTS OPERATOR LLC

Delaware701137-1697816

AQUA LUANA OPERATOR LLC

Hawaii701181-1847298

AQUA-ASTON HOSPITALITY, LLC

Hawaii701113-4207830

ASTON HOTELS & RESORTS FLORIDA, LLC

Florida701146-3267551

MAUI CONDO AND HOME, LLC

Hawaii653199-0266391

RQI HOLDINGS, LLC

Hawaii653103-0530842

BEACH HOUSE DEVELOPMENT PARTNERSHIP

Florida153165-0680991

CDP INVESTORS, L.P. 

Delaware153136-4158822

CERROMAR DEVELOPMENT PARTNERS, L.P., S.E. 

Delaware153136-4158825

HIGHLANDS INN INVESTORS II, L.P. 

Delaware153136-4054270

HTS-SAN ANTONIO, L.P. 

Delaware153136-0018843

HTS-SAN ANTONIO, INC. 

Delaware153145-0479517

HTS-WILD OAK RANCH BEVERAGE, LLC

Texas153120-1231294

MERIDIAN FINANCIAL SERVICES, INC. 

North Carolina732056-1663191

TRADING PLACES INTERNATIONAL, LLC

California653195-2848811

HVC-HIGHLANDS, L.L.C. 

Delaware153136-4510201

KEY WESTER LIMITED

Florida153136-4204734

MERAGON FINANCIAL SERVICES, INC. 

North Carolina732056-2220495

PARADISE VACATION ADVENTURES, LLC

Hawaii799933-0910128

REP HOLDINGS, LTD. 

Hawaii653199-0335453

RESORT MANAGEMENT FINANCE SERVICES, INC. 

Florida615945-2346663

SUNSET HARBOR DEVELOPMENT PARTNERSHIP

Florida153165-0482474

VACATION OWNERSHIP LENDING, L.P. 

Delaware619936-4190846

VOL INVESTORS, L.P. 

Delaware619936-4190836

*
For each registrant listed in the table, the address and telephone number of such registrant's principal executive offices and the name, address and telephone number for the agent for service and persons to receive copies are the same as set forth above for Interval Acquisition Corp. and Interval Leisure Group, Inc.

Table of Contents

The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and we areit is not soliciting offersan offer to buy these securities in any state where thesuch offer or sale is not permitted.

Subject to completion, dated April 1, 2016SUBJECT TO COMPLETION, DATED JUNE 23, 2020

ProspectusPROSPECTUS

LOGO$350,000,000

INTERVAL ACQUISITION CORP.Marriott Ownership Resorts, Inc.

Offer to Exchange

$350,000,000New 4.750% Senior Notes due 2028 for any and all outstanding 4.750% Senior Notes due 2028

Marriott Ownership Resorts, Inc. (the “Issuer”) hereby offers to exchange new $350,000,000 aggregate principal amount of 5.625%4.750% Senior Notes due 2023,2028 (the “New Notes”), the offer and sale of which have been registered under the Securities Act of 1933, as amended (the “Securities Act”), for any and all of the outstanding unregistered $350,000,000 aggregate principal amount of 5.625%their 4.750% Senior Notes due 2023, which have not been registered under2028 (the “Original Notes” and, together with the Securities Act

        Interval Acquisition Corp. is offeringNew Notes, the “Notes”) pursuant to exchange, upon the terms and subject to the conditions set forth in this prospectus and in the accompanying letter of transmittal, all of its unregistered 5.625% Senior Notes due 2023, or the "old notes," for its registered 5.625% Senior Notes due 2023, or the "new notes."instruction (the “Exchange Offer”). The new notes and the old notes are hereinafter referred to collectively as the "notes." The parent and certain domestic subsidiaries of Interval Acquisition Corp. are also offering the guarantees of the new notes, which are described in this prospectus. The terms of the new notes and the guarantees of the new notes are identical to the terms of the old notes and their guarantees except that the new notes have been registered under the Securities Act of 1933, as amended, and therefore are freely transferable. The new notes will represent the same debt as the old notes and will be issued under the same indenture as governs the old notes. Interest on the notes will be payable on March 1 and September 1 of each year. The notes will mature on April 15, 2023.

        The principal features of the exchange offer are as follows:

    We will exchange all old notes that are validly tendered and not validly withdrawn prior to the expiration of the exchange offer for an equal principal amount of new notes that are freely tradable.

    You may withdraw tendered old notes at any time prior to the expiration of the exchange offer.

    The exchange offerExchange Offer expires at 5:00 p.m., New York City time, on                 , 2016,2020, unless extended.

    The exchange of old notesextended (the “expiration date”).

    No public market currently exists for new notes pursuant to the exchange offer will not be a taxable event for U.S. federal income tax purposes.

    We will not receive any proceeds fromOriginal Notes or the exchange offer. We will pay all expenses incurred by us in connection with the exchange offer and the issuance of the new notes.

    New Notes. We do not intend to apply for listing oflist the new notesNew Notes on any securities exchange or to seek approval for quotation through any automated quotation system.

        Broker-dealers receiving new notes in exchangeThe Exchange Offer is only being made for old notes acquired for their own account through market-making or other trading activities must deliver a prospectus in any resale of the new notes.

        All untendered old notes will continuethose Original Notes that were issued pursuant to be subject to the restrictions on transfer set forth in the old notesRule 144A and in the indenture. In general, the old notes may not be offered or sold, unless registeredRegulation S promulgated under the Securities Act and which are identified by CUSIP Nos. 57164PAD8 and U57149AC7, respectively. The terms of the New Notes are identical in all material respects to those of the Original Notes, except for certain transfer restrictions and registration rights relating to the Original Notes. The New Notes will be issued pursuant to, an exemption from, or in a transaction not subjectand entitled to the Securities Actbenefits of the indenture, dated as of October 1, 2019, by and applicable state securities laws. Other than in connectionamong the Issuer, Marriott Vacations Worldwide Corporation (the “Parent Guarantor” or “MVW”), the other guarantors party thereto (the “Subsidiary Guarantors” and, together with the exchange offer, we do not currently anticipate that weParent Guarantor, the “Guarantors”) and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Indenture”). Each of the Guarantors will registerunconditionally guarantee the old notes under the Securities Act.New Notes on a senior unsecured basis.

You should carefully consider carefully therisk factors beginning on page 159 of this prospectus before participatingdeciding whether or not to participate in the exchange offer.Exchange Offer.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined ifpassed upon the adequacy or accuracy of this prospectus is truthful or complete.prospectus. Any representation to the contrary is a criminal offense.

The date of this prospectus is                , 2016


2020.


Table of Contents


TABLE OF CONTENTS

SUMMARY

AVAILABLE INFORMATION

  ii1

RISK FACTORS

FORWARD-LOOKING STATEMENTS

  iv9

SELECTED HISTORICAL FINANCIAL DATA

SUMMARY

  117

THE EXCHANGE OFFER

RISK FACTORS

  1519

USEDESCRIPTION OF PROCEEDSNOTES

  2125

RATIO OF EARNINGS TO FIXED CHARGES

22

THE EXCHANGE OFFER

23

DESCRIPTION OF NOTES

34

BOOK-ENTRY; DELIVERY AND FORM

89

CERTAIN MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCESCONSIDERATIONS

  9295

PLAN OF DISTRIBUTION AND SELLING RESTRICTIONS

  9397

LEGAL MATTERS

  9598

EXPERTS

EXPERTS

  98

95WHERE YOU CAN FIND MORE INFORMATION

98

i



INCORPORATION BY REFERENCE; ADDITIONAL INFORMATION

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You should rely only on the information contained or incorporated by reference in this prospectus. We have not authorized anyone to provide you with different information. The exchange offer is not being made to, and we will not accept tenders for exchange from, holders of the restricted notes in any jurisdiction in which the exchange offer or the acceptance of the offers would not be in compliance with the securities or blue sky laws of that jurisdiction. You should not assume that the information contained or incorporated by reference in this prospectus is accurate as of any date other than the date on the front of this prospectus or the date indicated within the relevant document incorporated by reference, regardless of the time of delivery of this prospectus or any sale of the notes. Our business, financial condition, results of operations and prospects may have changed since then.

        Unless otherwise indicated in this prospectus or the context otherwise requires:

    the terms "ILG," "Company," "we," "us" and "our" refer to Interval Leisure Group, Inc., and its consolidated subsidiaries;

    all references to "Interval Acquisition Corp" or the "Issuer" refer to Interval Acquisition Corp.,Marriott Vacations Worldwide Corporation, a wholly-owned subsidiary of ILG and Issuer of the notes and not to any of its subsidiaries;

    all references to the "guarantors" refer to ILGDelaware corporation and the domestic subsidiariesindirect parent of the Issuer, that are required to guarantee the notes;files annual, quarterly and

    "old notes" refers to the $350 million in aggregate principal amount of Interval Acquisition Corp.'s 5.625% Senior Notes due 2023 special reports and the "new notes" refers to the $350 million in aggregate principal amount of Interval Acquisition Corp.'s 5.625% Senior Notes due 2023 offered hereby, which have been registered under the Securities Act of 1933, as amended.


AVAILABLE INFORMATION

        In connection with the exchange offer, the Issuer and the guarantors have filedother information with the Securities and Exchange Commission or(the “SEC”). We are incorporating by reference certain information of the Parent Guarantor filed with the SEC, a registration statement on Form S-4 under the Securities Act of 1933, as amended, or the Securities Act. This prospectus constitutes awhich means that we disclose important information to you by referring you to those documents. The information incorporated by reference is an important part of this prospectus, and information that we file later with the registration statement. As permitted under SEC rules,will automatically update and supersede this information. Specifically, we incorporate by reference the prospectus does not include alldocuments listed below and any future filings of the information contained inParent Guarantor made with the registration statement. We refer you to the registration statement, including all amendments, supplements, schedules and exhibits thereto, for further information about us and the new notes. References in this prospectus to any of our contractsSEC under Section 13 or other documents are not necessarily complete. If we have filed any documents as an exhibit to the registration statement, you should read the exhibit for a more complete understanding of that document.

        We are currently subject to the periodic reporting and other informational requirements15(d) of the Securities Exchange Act of 1934, as amended or(the “Exchange Act”), prior to the termination of the Exchange Act.Offer, in each case excluding any information furnished but not filed:

our Annual Report onForm10-K for the fiscal year ended December 31, 2019, filed with the SEC on March  2, 2020 (including the portions of our Proxy Statement onSchedule 14A, filed on March 30, 2020, incorporated by reference therein) (the “2019 Annual Report”);

our Quarterly Report onForm10-Q for the quarter ended March 31, 2020, filed with the SEC on May 22, 2020 (the “First Quarter 2020 Quarterly Report”); and

our Current Reports on Form8-K filed with the SEC onJanuary 2, 2020,March  18, 2020,April  2, 2020,May  6, 2020,May  7, 2020,May  15, 2020 andMay 18, 2020.

The information in the above filings speaks only as of the respective dates thereof or, where applicable, the dates identified therein. These SEC filings are available to the public at the SEC’s website at www.sec.gov. In addition, our filings with the indenture governingSEC, including our annual reports on Form10-K, quarterly reports on Form10-Q, current reports on Form8-K and amendments to those reports, are available free of charge on our website (http://ir.marriottvacationsworldwide.com) as soon as reasonably practicable after they are filed with, or furnished to, the new notes requiresSEC. Our website and the information contained on that we file reportssite, or connected to that site, are not incorporated into and otherare not a part of this prospectus. You may also obtain a copy of these filings at no cost by writing or telephoning us at the following address:

Corporate Secretary

Marriott Vacations Worldwide Corporation

6649 Westwood Blvd.

Orlando, FL 32821

Attention: Investor Relations

Telephone: (407)206-6000

In order to ensure timely delivery, Holders must request the information called for by rulesfrom us no later than five business days prior to the expiration date.

In reliance on Rule12h-5 under the Exchange Act, the Issuer does not intend to file annual reports, quarterly reports, current reports or transition reports with the SEC. For so long as the Issuer relies on Rule12h-5, certain financial information pertaining to the Issuer will be included in the financial statements of MVW filed with the SEC and furnish informationpursuant to the trusteeExchange Act.

WE HAVE NOT AUTHORIZED ANYONE TO GIVE ANY INFORMATION OR MAKE ANY REPRESENTATION ABOUT THE OFFERING THAT IS DIFFERENT FROM, OR IN ADDITION TO, THAT CONTAINED IN THIS PROSPECTUS OR IN ANY OF THE MATERIALS THAT ARE INCORPORATED BY REFERENCE IN THIS PROSPECTUS. THEREFORE, IF ANYONE DOES GIVE YOU INFORMATION OF THIS SORT, YOU SHOULD NOT RELY ON IT. IF YOU ARE IN A JURISDICTION WHERE OFFERS TO EXCHANGE OR SELL, OR SOLICITATIONS OF OFFERS TO EXCHANGE OR PURCHASE, THE SECURITIES OFFERED BY THIS PROSPECTUS ARE UNLAWFUL, OR IF YOU ARE A PERSON TO WHOM IT IS UNLAWFUL TO DIRECT THESE TYPES OF ACTIVITIES, THEN THE OFFER PRESENTED IN THIS PROSPECTUS DOES NOT EXTEND TO YOU.

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YOU SHOULD NOT ASSUME THAT THE INFORMATION CONTAINED OR INCORPORATED BY REFERENCE IN THIS PROSPECTUS IS ACCURATE AS OF ANY DATE OTHER THAN THE DATE OF THIS PROSPECTUS OR THE DATE OF SUCH INCORPORATED DOCUMENT AND THE MAILING OF THIS PROSPECTUS SHALL NOT CREATE AN IMPLICATION TO THE CONTRARY.

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

We make forward-looking statements throughout this prospectus and holdersin the documents incorporated by reference herein, including in, among others, the sections entitled “Risk Factors” in this prospectus and in our annual and quarterly reports incorporated by reference herein and in the sections entitled “Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include, among other things, the notes. See "Descriptioninformation concerning our possible or assumed future results of Notes—Certain Covenants—Reports."operations, business strategies, financing plans, competitive position, potential growth opportunities, potential operating performance improvements, and the effects of competition. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believe,” “expect,” “plan,” “intend,” “anticipate,” “estimate,” “predict,” “potential,” “continue,” “may,” “might,” “should,” “could” or the negative of these terms or similar expressions.

Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in these forward-looking statements. You may read and copyshould not put undue reliance on any materials we file withforward-looking statements in this prospectus or in the SEC atdocuments incorporated by reference herein. We do not have any intention or obligation to update forward-looking statements after the SEC's Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains an internet site athttp://www.sec.gov that contains reports, proxy and information statements, and other information regarding Issuers that file electronically with the SEC.

        The SEC allows us to disclose important information to you by referring you to other documents filed separately with the SEC. This information is considered to be a partdate of this prospectus, except for any information that is supersededas required by information included directlylaw.

The risk factors discussed in “Risk Factors” in this prospectus and in the documents incorporated by reference herein could cause our results to differ materially from those expressed in forward-looking statements. There may be other risks and uncertainties that we cannot predict at this time or that we currently do not expect will have a material adverse effect on our financial position, results of operations or cash flows. Any such risks could cause our results to differ materially from those we express in forward-looking statements.

PRESENTATION OF FINANCIAL AND OTHER INFORMATION

Financial Reporting Cycle

Beginning with our 2017 fiscal year, we changed our financial reporting cycle to a calendaryear-end andend-of-month quarterly reporting cycle. Accordingly, our 2017 fiscal year began on December 31, 2016 (the day after the end of the 2016 fiscal year) and ended on December 31, 2017. Our 2018, 2019 and 2020 fiscal years began, and future fiscal years will begin, on January 1 and end on December 31. Prior to the 2017 fiscal year, our fiscal year was a 52 or53-week fiscal year that ended on the Friday nearest to December 31, and our quarterly reporting cycle included twelve-week periods for the first, second and third quarters and a16-week period (or in some cases, a17-week period) for the fourth quarter. As a result of the change in our financial reporting cycle, our 2017 fiscal year had two more days of activity than each of its 2016 and 2015 fiscal years. We have not restated, and do not plan to restate, our historical results included or incorporated by reference subsequent to the dateherein as a result of such change.

New Revenue Standard

We adopted Financial Accounting Standards Board Accounting Standards Update2014-09,Revenue from Contracts with Customers (Topic 606), as amended (“ASC 606”), effective January 1, 2018, on a retrospective basis. The selected historical financial data as of and for each of the applicable filing.

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        This prospectus incorporatesfiscal years ended December 31, 2019, December 31, 2018, and December 31, 2017 are derived from our audited consolidated financial statements included in our 2019 Annual Report, which is incorporated by reference the documents listed below that we have previously filed with the SEC. They contain important business andin this prospectus. The selected historical financial information about us and our financial condition that is not included in or delivered with this prospectus.

    Annual Report on Form 10-Kdata for the fiscal year ended December 31, 2015, filed30, 2016 is derived from our audited consolidated financial statements for such year, which have not been incorporated by reference into this prospectus. The selected historical financial data as of and for the fiscal year ended January 1, 2016 are derived from our audited

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consolidated financial statements included in our Current Report on February 26, 2016 as amended by Form 10-K/A8-K filed with the SEC on March 9, 2016;

The unaudited pro forma condensed combined financial information included under the heading "Unaudited Pro Forma Condensed Combined Financial Information" in the prospectus filed by ILG with the SEC on March 18, 2016; and

The combined audited financial statements of Vistana Signature Experiences, Inc. as of December 31, 2015 and 2014, and for each of the three years in the period ended December 31, 2015, beginning on page F-1 of the prospectus filed by ILG with the SEC on March 18, 2015.

        To the extent that any information contained in any report on Form 8-K, or any exhibit thereto, was furnished to, rather than filed with, the SEC, such information or exhibitJune 5, 2018, which is specifically not incorporated by reference.reference in this prospectus.

        In addition, we incorporate by reference any future filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this prospectusTRADEMARKS

All brand names, trademarks, service marks and before the Expiration Date (excluding any current reports on Form 8-K to the extent disclosure is furnished and not filed). Further, all filings we make pursuant to the Exchange Act after the date of the initial registration statement and prior to effectiveness of the registration statement shall be deemed to be incorporated by reference into the prospectus. Those documents are considered to be a part of this prospectus, effective as of the date they are filed. In the event of conflicting information in these documents, the information in the latest filed document replaces the information in the previously filed document.

This information is available without charge to holders of the old notes upon written or oral request to:

Interval Leisure Group, Inc.
Attn: Lily Arteaga
6262 Sunset Drive
Miami, Florida 33143
Telephone number (305) 666-1861
Email: investorrelations@iilg.com

To obtain timely delivery, note holders must request the information no later than five business days before the expiration date. The expiration date is                 , 2016.

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FORWARD-LOOKING STATEMENTS

        This prospectus and the documents incorporated by reference into this prospectus contain certain statements which may constitute "forward-looking statements". Statements that are not historical fact are forward looking-statements. The use of words such as "anticipates," "estimates," "expects," "intends," "plans," "potential," "continue," and "believes," and similar expressions or future or conditional verbs such as "will," "should," "would," "may," "might," and "could" among others, generally identify forward-looking statements. These forward-looking statements include, among others, statements relating to: our future financial performance, our business prospects and strategy, anticipated financial position, liquidity and capital needs and other similar matters. These forward-looking statements are based on management's current expectations and assumptions about future events, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict.

        Actual results could differ materially from those contained in the forward-looking statements includedtrade names cited in this prospectus are the property of their respective owners, including those of other companies and organizations. Solely for a variety of reasons, including, among others:

    convenience, trademarks, trade names and service marks referred to in this prospectus may appear without the® or TM symbols. However, such references are not intended to indicate in any way that MVW or the occurrence of any event, change or other circumstances that could give riseowner, as applicable, will not assert, to the terminationfullest extent under applicable law, all rights to such brand names, trademarks, trade names and service marks. Brand names, trademarks, service marks and trade names that we own or license from Marriott International, Inc. (“Marriott International”) or its affiliates include Marriott Vacation Club®, Marriott Vacation Club Destinations, Marriott Vacation Club PulseSM, Marriott Grand Residence Club®, Grand Residences by Marriott®, The Ritz-Carlton Destination Club®, Westin®, Sheraton® and, to a limited extent, St. Regis®and The Luxury Collection. Marriott International’s affiliates include Starwood Hotels and Resorts Worldwide, Inc. (“Starwood”) and The Ritz-Carlton Hotel Company, L.L.C. (“The Ritz-Carlton Hotel Company”). We also refer to Marriott International’s Marriott Bonvoy® customer loyalty program, which replaced the Marriott Rewards®, Starwood Preferred Guest® or SPG®, and The Ritz-Carlton Rewards® customer loyalty programs, as “Marriott Bonvoy.” We refer to our group of businesses using the merger agreement to acquire Vistana as described below;

    the risk that ILG stockholders may not approve the issuance of ILG common stock in connection with the proposed merger;

    the risk that the necessary regulatory approvals may not be obtained or may be obtained subject to conditions that are not anticipated;

    risks that any of the closing conditions to the proposed merger, including Starwood's spin-off of Vistana, may not be satisfied in a timely manner;

    risks related to disruption of management time from ongoing business operations due to the proposed merger;

    failure to realize the benefits expected from the proposed merger;

    the effect of the announcement of the proposed merger on the ability of ILG and Vistana to retain and hire key personnel and maintain relationships with their key business partners, and on their operating results and businesses generally;

    adverse trends in economic conditions generally orHyatt® brand in the vacation ownership vacation rental and travel industries, or adverse events or trends in key vacation destinations;

    adverse changesbusiness pursuant to or interruptions in, relationships with third parties;

    lack of available financing for, or insolvency or consolidation of developers;

    decreased demand from prospective purchasers of vacation interests;

    travel related health concerns;

    changes in our senior management;

    regulatory changes;

    our ability to compete effectively and successfully and to add new products and services;

    our ability to successfully manage and integrate acquisitions;

    the occurrence of a termination event under thean exclusive, global master license agreement with Hyatt;

    our abilitya subsidiary of Hyatt Hotels Corporation (“Hyatt”) as the “Hyatt Vacation Ownership” business. We also refer to market vacation ownership interests successfully and efficiently;

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TableHyatt’s World of Contents

    impairmentHyatt® customer loyalty program as “World of assets;

    Hyatt.”

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CERTAIN DEFINITIONS

Unless otherwise indicated or the restrictive covenants in our revolving credit facility and indenture;

business interruptions in connection with our technology systems;

the ability of managed homeowners associations to collect sufficient maintenance fees;

third parties not repaying advances or extensions of credit;

fluctuations in currency exchange rates; and

our ability to expand successfully in international markets and manage risks specific to international operations.

        You should read carefully the factors described in the "Risk Factors" section of this prospectus and the documents incorporated by reference. In light of these risks and uncertainties, the forward looking statements discussedcontext otherwise requires, each reference in this prospectus may not proveto:

“2025 Secured Notes Indenture” refers to be accurate. Accordingly, you should not place undue reliancethe Indenture, dated as of May 13, 2020, by and among the Issuer, MVW, as the parent guarantor, the other guarantors party thereto from time to time and The Bank of New York Mellon Trust Company, N.A., as trustee and collateral agent, as amended, supplemented or otherwise modified from time to time;

“2025 Secured Notes” refers to the Issuer’s secured 6.125% Senior Secured Notes due 2025 issued pursuant to the 2025 Secured Notes Indenture;

“2026 Unsecured Notes Indenture” refers to the Indenture, dated as of August 23, 2018, by and among the Issuer, MVW, as the parent guarantor, the other guarantors party thereto from time to time and The Bank of New York Mellon Trust Company, N.A., as trustee, as amended, supplemented or otherwise modified from time to time;

“2026 Unsecured Notes” refers to the Issuer’s unsecured 6.500% Senior Notes due 2026 issued pursuant to the 2026 Unsecured Notes Indenture;

“Convertible Notes” refers to MVW’s $230 million aggregate principal amount of 1.50% Convertible Senior Notes due 2022 issued pursuant to that certain Indenture, dated as of September 25, 2017, by and between MVW and The Bank of New York Mellon Trust Company, N.A., as trustee;

“Corporate Credit Facility” refers to MVW’s corporate credit facility consisting of a $900 million term loan facility, of which approximately $891 million remains outstanding as of March 31, 2020, which matures on these forward looking statements,August 31, 2025, and the Revolving Credit Facility with a borrowing capacity of $600 million that terminates on August 31, 2023;

“Existing Notes” means the 2025 Secured Notes and the 2026 Unsecured Notes, collectively;

“ILG” refers to ILG, LLC, a Delaware limited liability company and a wholly owned subsidiary of MVW;

“ILG Acquisition” refers to the combination of MVW with ILG through a series of business combinations, as a result of which only reflect the viewsILG became an indirect wholly owned subsidiary of MVW on September 1, 2018;

“Revolving Credit Facility” refers to our $600 million revolving credit facility;

“Warehouse Credit Facility” refers to our $531 millionnon-recourse warehouse credit facility; and

“we,” “our” and “us” refer to MVW and its direct and indirect subsidiaries on a consolidated basis, except where otherwise indicated.

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SUMMARY

This summary contains a general discussion of our management as ofbusiness and the date of this prospectus. Except as required by applicable law, we do not undertake to update these forward-looking statements.

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SUMMARY

This summary highlights key information contained elsewhere in this prospectus. This summary is not complete andExchange Offer. It does not contain all of the information that you should consider before decidingmaking a decision regarding whether or not to participatetender your Original Notes in this offering of notes. Before making any investment decision,exchange for New Notes. For a more complete understanding of our business and this offering,the Exchange Offer, you should read this entire prospectus, including the section entitled "Risk Factors,"information incorporated by reference herein and the informationrelated documents to which we incorporate by reference.refer.

OverviewThe terms “we,” “our,” and “us” refer to MVW and its direct and indirect subsidiaries on a consolidated basis. Unless otherwise stated, the discussion in this prospectus of our business and operations includes the business of MVW and its direct and indirect subsidiaries. Unless otherwise stated, all business data included in this summary is as of March 31, 2020.

        ILG isOverview

We are a leading global provider of non-traditional lodging, encompassing a portfolio of leisurevacation company that offers vacation ownership, exchange, rental and resort and property management, along with related businesses, from vacation exchangeproducts and rental to vacation ownership. We operateservices. Our business operates in two reportable segments: Vacation Ownership and Exchange & Third-Party Management.

As of December 31, 2019, our Vacation Ownership segment had more than 100 resorts and Rental,over 660,000 owners and Vacation Ownership.

members of a diverse portfolio in the United States and twelve other countries and territories. As of December 31, 2019, our Exchange and Rental offers access to vacation accommodations and other travel-related transactions and services to leisure travelers, by providing vacation exchange services and vacation rental, working with resort developers and operating vacation rental properties. Vacation exchange services provide owners of vacation interests with flexibility and choice by delivering access to alternate accommodations through& Third-Party Management segment included exchange networks encompassing a varietyand membership programs comprised of resorts. Our principal exchange network is the Interval Network, in which approximately 3,000nearly 3,200 resorts located in over 80 nations participatedand nearly two million members, as well as management of December 31, 2015. over 170 other resorts and lodging properties.

We also operate additional exchange programs includingare the exclusive worldwide developer, marketer, seller and manager of vacation ownership and related products under the Marriott Vacation Club, Grand Residences by Marriott, Sheraton Vacation Club, Westin Vacation Club, and Hyatt Residence Club which encompasses 16 resorts as of the end of 2015. This segment provides vacation rental through the Aqua-Aston business as part of a comprehensive package of marketing, management and rental services offered to vacation property owners, primarily of Hawaiian properties,brands, as well as throughunder Marriott Vacation Club Pulse, an extension of the Interval Network. The ExchangeMarriott Vacation Club brand. We are also the exclusive worldwide developer, marketer and Rental segment represented approximately 73.8% of ILG's consolidated revenue for the fiscal year ended December 31, 2015 and approximately 78.7% of ILG's consolidated revenue for the fiscal year ended December 31, 2014.

        The Exchange and Rental operating segment consists of Interval International (referred to as Interval), the Hyatt Residence Club, the Trading Places International (known as TPI) operated exchange business, and Aqua-Aston Hospitality (referred to as Aqua-Aston).

        Vacation Ownership engages in the managementseller of vacation ownership resorts; sales, marketing, and related products under The Ritz-Carlton Destination Club brand, and we have thenon-exclusive right to develop, market and sell whole ownership residential products under The Ritz-Carlton Residences brand. We have a license to use the St. Regis brand for specified fractional ownership products.

On September 1, 2018, we completed the ILG Acquisition for approximately $4.2 billion in aggregate consideration.

In our Vacation Ownership segment, we generate most of our revenues from four primary sources: (1) selling vacation ownership products; (2) managing vacation ownership resorts, clubs and owners’ associations; (3) financing consumer purchases of vacation ownership interests;products; and related services to owners and associations. We provide management services to nearly 200(4) renting vacation ownership properties and/or their associations. Following the October 2014 acquisition, we also provide salesinventory. In our Exchange & Third-Party Management segment, our exchange networks and marketing of vacation ownership interestsmembership programs revenue isfee-based and derived from membership, exchange and rental transactions, property and owners’ association management, and other related products and services.

Our strategic goal is to further strengthen our leadership position in the Hyatt Residence Club resorts. The Vacation Ownership segment represented approximately 28.1% of ILG's consolidated revenue for the fiscal year ended December 31, 2015 and approximately 21.3% of ILG's consolidated revenue for the fiscal year ended December 31, 2014.

        The Vacation Ownership operating segment consists of the management related lines of business of Vacation Resorts International (known as VRI), TPI, VRI Europe and Hyatt Vacation Ownership (referred to as HVO) as well as the sales and financing of vacation ownership interests.

Recent Developments

        On October 28, 2015, we announced that we had entered into a merger agreement pursuant to which we will acquire the vacation ownership business of Starwood Hotels & Resorts Worldwide, Inc., or Starwood, as well as five hotels thatindustry. To achieve this goal, we are expectedpursuing initiatives to be converted todrive profitable revenue growth, maximize cash flow and optimize our capital structure, including by selectively pursuing capital efficient vacation ownership properties indeal structures, enhance digital capabilities, focus on the future. The acquisition will be effected through a "Reverse Morris Trust" transaction pursuant to which, subject to the termssatisfaction of our owners and conditions of the applicable definitive agreements, (1) Starwood will transfer its vacation ownershipguests, transform our business and five hotels to Vistana Signature Experiences, Inc., or Vistana, or one or more subsidiaries of ILG, as applicable, after which (2) Starwood will distribute to Starwood stockholders on a pro rata basis all of the issued and outstanding shares of Vistana held by


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Starwood and, immediately after the distribution, (3) a wholly owned subsidiary of ILG will merge with and into Vistana, with Vistana surviving the merger as a wholly-owned subsidiary of ILG. At the close of the proposed transactions, Starwood stockholders will own approximately 55% of ILG common stock and ILG stockholders will own approximately 45% of ILG common stock, in each case, on a fully diluted basis.

        In connection with the transaction, Vistana will enter into an 80-year exclusive global license agreement for the use of the Westin® and Sheraton® brands in vacation ownership in addition to the non-exclusive license for the existing St. Regis® and The Luxury Collection® properties. Under the terms of the license agreement, Starwood will receive an annual base royalty fee of $30 million plus 2% of vacation ownership interest sales.

        The merger is anticipated to close on or about April 30, 2016, subject to customary closing conditions, including ILG shareholder approval of the share issuance in connection with the merger. The transaction will not require a voteintegration of Starwood's stockholders. Liberty Interactive Corporationthe ILG Acquisition, and certain ILG executive officers have entered into votingselectively pursue compelling new business opportunities. We believe our scale and global reach, coupled with our renowned brands and development, marketing, sales, exchange and management expertise, help us achieve operational efficiencies and support agreements in favor of the transaction, representing approximately 31% of ILG's shares outstanding.future growth opportunities.



Our Corporate Information

        The Issuer was incorporated in Delaware in September 1997. ILG was incorporated as a Delaware corporation in May 2008 in connection with the spin-off of IAC/InterActiveCorp, or IAC, into five separate publicly traded companies. ILG commenced trading on The NASDAQ Stock Market in August 2008 under the symbol "IILG."

        The businesses operated by ILG's subsidiaries have extensive operating histories. ILG's Interval International business was founded in 1976, its Aston business traces its roots in lodging back over 60 years, while Aqua was founded in 2001. Trading Places International was founded in 1973, Vacation Resorts International in 1981; and the Hyatt Vacation Ownership business began in 1994. Interval Acquisition Corp.'s and ILG'sOur principal office isexecutive offices are located at 6262 Sunset Drive, Miami, Florida 33143 and their phone6649 Westwood Blvd., Orlando, FL 32821. Our telephone number is (305) 666-1861.


(407)206-6000,

and we have a website accessible athttp://ir.marriottvacationsworldwide.com. Our periodic reports and Current Reports on FormTable8-K, and all amendments thereto, are available on this website free of Contents



THE EXCHANGE OFFER

        On April 10, 2015, $350,000,000 principal amount of 5.625% Senior Notes due 2023, the old notes to which the exchange offer applies, were issued by Interval Acquisition Corp. in reliance on exemptions from, or in transactions not subject to, the registration requirements of the Securities Act and applicable state securities laws. The old notescharge as soon as reasonably practicable after they have been fullyfiled. The information posted on our website is not incorporated into this prospectus and unconditionally guaranteed, jointlyis not part of this prospectus.

Organizational Structure

Our organization and severally, on a senior unsecured basis by ILG and allprincipal indebtedness (simplified) as of March 31, 2020 are illustrated in the Issuer's existing and future domestic restricted subsidiaries that guarantee its obligations or are borrowers under our senior secured credit facility, which we refer to as the Credit Facility. In connection with the offering of the old notes, the Issuer and ILG agreed to conduct the exchange offer pursuant to the Registration Rights Agreement.chart below:

LOGO

(1)

MVW is the issuer of the Convertible Notes and parent guarantor of the Corporate Credit Facility, the Original Notes and the Existing Notes, and will be parent guarantor of the New Notes.

(2)

Marriott Ownership Resorts, Inc. is the Issuer of the Original Notes and the Existing Notes and will be the Issuer of the New Notes. It is also the borrower under the Corporate Credit Facility.

(3)

ILG is theco-issuer of the 2026 Unsecured Notes and a guarantor of the Original Notes and the 2025 Secured Notes. It will be a guarantor of the New Notes.



The Exchange Offer

The Exchange OfferOriginal Notes

The Issuer is offering new 5.625%4.750% Senior Notes due 2023, fully2028, CUSIP Nos. 57164PAD8 and unconditionally guaranteed byU57149AC7, originally issued on October 1, 2019 in the guarantors, jointlyaggregate principal amount of $350,000,000.

New Notes

4.750% Senior Notes due 2028, the offer and severally,sale of which new notes and guarantees will behave been registered under the Securities Act.

Background to the Exchange Offer

We are offering to issue New Notes in a registered exchange offer in exchange for a like principal amount, like interest rate and maturity and like denomination of our Original Notes. We are offering to issue these New Notes to satisfy our obligations under a registration rights agreement that we entered into with the initial purchasers of the Original Notes. You may tender your Original Notes for exchange by following the procedures described under the caption “The Exchange Offer.”

The Exchange Offer is only being made for those Original Notes that were issued pursuant to Rule 144A and Regulation S promulgated under the Securities Act and which are identified by the CUSIP numbers identified above.

Tenders; Expiration Date; Withdrawal

The Exchange Offer will expire at 5:00 p.m., New York City time,                     , 2020, which is 20 business days from the date this prospectus is declared effective, unless we extend such date for either Exchange Offer. If you decide to exchange your Original Notes for New Notes, you must acknowledge that you are not engaging in, and do not intend to engage in, a distribution of the New Notes. You may withdraw any Original Notes that you tender for exchange at any time prior to the expiration of the applicable Exchange Offer. If we decide for any reason not to accept any Original Notes you have tendered for exchange, those Original Notes will be returned to you without cost promptly after the expiration or termination of the Exchange Offer. See “The Exchange Offer—Terms of the Exchange Offer” for a more complete description of the tender and withdrawal procedures.

Accrued Interest on the New Notes

The New Notes will bear interest from March 15, 2020.

Conditions to the Exchange Offer

The Exchange Offer is subject to customary conditions, some of which we may waive. See “The Exchange Offer—Conditions” for a description of the conditions. Other than the federal securities laws, we are not subject to federal or state regulatory requirements in connection with the Exchange Offer.

Certain Federal Income Tax Considerations

The exchange of Original Notes for New Notes in the Exchange Offer will not be a taxable event for United States federal income tax purposes. See “Certain United States Federal Income Tax Considerations.”


Notes Exchange Agent

The Bank of New York Mellon Trust Company, N.A. is serving as the exchange agent with respect to the Notes (the “Exchange Agent”).

Use of Proceeds

We will not receive any proceeds from the Exchange Offer.

Consequences of Failure to Exchange Your Original Notes

Original Notes that are not tendered or that are tendered but not accepted will continue to be subject to the restrictions on transfer that are described in the legend on those Notes. In general, you may offer or sell your Original Notes only if such offer or sale is registered under, or such Original Notes are offered or sold under an exemption from, the Securities Act and applicable state securities laws. We, however, will have no further obligation to issue Notes in a registered Exchange Offer in exchange for the old notes.

To exchange your old notes,Original Notes. If you must properly tender them, and the Issuer must accept them. The Issuer will exchange all old notes that you validly tender and do not validly withdraw. The Issuer will cancel all old notes accepted for exchange and issue registered new notes promptly afterparticipate in the expirationExchange Offer, the liquidity of the exchange offer.

your Original Notes could be adversely affected.

ResaleConsequences of NewExchanging Your Original Notes

Based on interpretations byof the staff of the SEC, set forth in no-action letters issued to third parties, we believe that you may offer for resale, resell or otherwise transfer new notes issuedthe New Notes that we issue in the exchange offerExchange Offer without complying with the registration and prospectus delivery provisions of the Securities Act, if:

you are not our affiliate within the meaning of Rule 405 of the Securities Act;

you are not participating, and you have no arrangement or understanding with any person to participate in a distribution (within the meaning of the Securities Act) of the new notes in violation of the provisions of the Securities Act;

if you are a broker dealer, you have not entered into any arrangement or understanding with us or any of our affiliates to distribute the new notes; and

you are acquiring the new notes in the ordinary course of your business.

If you are our affiliate, or are engaging in, or intend to engage in, or have any arrangement or understanding with any person to participate in, a distribution of the new notes, or are not acquiring the new notes in the ordinary course of your business:


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You cannot rely on the position of the SEC set forth in Morgan Stanley & Co. Incorporated (available June 5, 1991) and Exxon Capital Holdings Corporation (available May 13, 1988), as interpreted in the SEC's letter to Shearman & Sterling, dated July 2, 1993, and similar no-action letters; and

in the absence of an exception from the position stated immediately above, you must comply with the registration and prospectus delivery requirements of the Securities Act in connection with any resale of the new notes.

if you:

acquire the New Notes issued in the Exchange Offer in the ordinary course of your business;

are not participating, do not intend to participate, and have no arrangement or undertaking with anyone to participate, in the distribution of the New Notes issued to you in the Exchange Offer; and

are not an “affiliate” of the Issuer as defined in Rule 405 promulgated under the Securities Act.

 

This prospectus may be used for an offer to resell, resale or other transfer of new notes only as specifically set forth in this prospectus. With regard to broker-dealers, only broker-dealers that acquired the outstanding old notes as a result of market-making activities or other trading activities may participate in the exchange offer. Each broker-dealer that receives new notes for its own account in exchange for outstanding old notes, where such outstanding old notes were acquired by such broker-dealer as a result of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of the new notes. Please read "Plan of Distribution and Selling Restrictions" for more details regarding the transfer of new notes.

Our belief that resales and other transfers of new notes would be permitted without registration or prospectus delivery under the conditions described above is based on SEC interpretations given to other, unrelated Issuers in transactions similar to the exchange offer. We cannot assure you that the SEC would take the same position with respect to the exchange offer. If any of thethese conditions described above is not satisfied and you transfer any New Notes issued to you in the Exchange Offer without delivering a proper prospectus or without qualifying for a registration exemption, you may not rely on the SEC interpretations and you must comply with the registration and prospectus delivery requirements of the Securities Act in connection with any resale or other transfer of the new notes. Failure to so comply may result inincur liability to you under the Securities Act. We will not be responsible for or indemnify you against any liability you may incur under the Securities Act.

incur.

 Each broker-dealer that receives new notes for its own account in exchange for old notes, where such old notes were acquired by such broker-dealer as a result of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such new notes. See "Plan of Distribution and Selling Restrictions."

Expiration Date

 The exchange offer will expire at 5:00 p.m.,Any broker-dealer that acquires New York City time, on                        , 2016, unless we extend the expiration date.


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Withdrawal

You may withdraw your tender of old notes under the exchange offer at any time before the exchange offer expires. Any withdrawal must be in accordance with the procedures described in "The Exchange Offer—Withdrawal Rights."

Procedures for Tendering Old Notes

Each holder of old notes that wishes to accept the exchange offer must, before the exchange offer expires:

transmit a properly completed and duly executed letter of transmittal, together with all other documents required by the letter of transmittal, including the old notes, to the exchange agent;

if old notes are tendered in accordance with book-entry procedures, arrange with The Depository Trust Company, or DTC, to cause to be transmitted to the exchange agent an agent's message indicating, among other things, the holder's agreement to be bound by the letter of transmittal; or

comply with the procedures described below under "The Exchange Offer—Procedures for Tendering Old Notes—Guaranteed Delivery."

A holder of old notes that tenders old notes in the exchange offer must represent, among other things, that:

the holder is acquiring the new notes in its ordinary course of business;

the holder is not engaged in, does not intend to engage in and has no arrangement or understanding with any person to participate in a distribution of the new notes;

the holder is not an affiliate of the Issuer or any guarantor;

the holder is not acting on behalf of any person who could not truthfully make the foregoing representations; and

if such holder is a broker-dealer that will receive new notesExchange Offer for its own account in exchange for old notes that wereOriginal Notes which it acquired as a result ofthrough market-making or other trading activities then such holdermust acknowledge that it will deliver a prospectus (or, towhen it resells or transfers any New Notes issued in the extent permitted by law, make availableExchange Offer. See “Plan of Distribution” for a description of the prospectus to purchasers)delivery obligations of broker-dealers in connection with any resale of such new notes.

the Exchange Offer.


        Do not send letters

Summary Terms of transmittal, certificates representing old notes or other documents to us or DTC. Send these documents only to the exchange agent at the address or facsimile number given in this prospectus and in the letter of transmittal.

Special Procedures for Tenders by
Beneficial Owners of OldNew Notes

If:

you beneficially own old notes;

those notes are registered in the name of a broker, dealer, commercial bank, trust company or other nominee or custodian; and


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you wish to tender your old notes in the exchange offer, you should contact the registered holder as soon as possible and instruct it to tender on your behalf and comply with the instructions set forth in this prospectus and the letter of transmittal.

Guaranteed Delivery

If you hold old notes in certificated form or if you own old notes in the form of a book-entry interest in a global note deposited with the trustee, as custodian for DTC, and you wish to tender those old notes, but:

the certificates for your old notes are not immediately available or all required documents are unlikely to reach the exchange agent before the exchange offer expires; or

you cannot complete the procedure for book-entry transfer on time, you may tender your old notes in accordance with the procedures described in "The Exchange Offer—Procedures for Tendering Old Notes—Guaranteed Delivery."

Consequences of Not Exchanging Old
Notes

If you do not tender your old notes or we reject your tender, your old notes will remain outstanding and will continue to be subject to the provisions in the indenture regarding the transfer and exchange of the old notes and the existing restrictions on transfer set forth in the legends on the old notes. Holders of old notes will not be entitled to any further registration rights. See "Risk Factors—Risks Associated with the Exchange Offer—If you fail to comply with the procedures for tendering old notes, your old notes will remain outstanding after the consummation of the exchange offer" for further information.

Appraisal or Dissenters' Rights

You do not have any appraisal or dissenters' rights in connection with the exchange offer.

Conditions

The exchange offer is subject to the conditions that:

the exchange offer does not violate any applicable law or applicable interpretations of the staff of the SEC;

no action or proceeding shall have been instituted or threatened in any court or by any governmental agency with respect to the exchange offer and no material adverse development shall have occurred with respect to the Issuer; and

all governmental approvals shall have been obtained that the Issuer deems necessary for the consummation of the exchange offer.

Use of Proceeds

We will not receive any proceeds from the exchange offer or the issuance of the new notes. See "Use of Proceeds."


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Acceptance of Old Notes and Delivery
of New Notes

The Issuer will accept for exchange any and all old notes properly tendered prior to the expiration of the exchange offer. The Issuer and the guarantors will complete the exchange offer and the Issuer will issue the new notes promptly after the expiration date.

Exchange Agent

HSBC Bank USA, National Association is serving as exchange agent for the exchange offer. The address and the facsimile and telephone numbers of the exchange agent are provided in this prospectus under "The Exchange Offer—Exchange Agent" and in the letter of transmittal.


THE NEW NOTES

        The form and terms of the new notes will beNew Notes we are issuing in the Exchange Offer and the terms of the Original Notes are identical in all material respects, except:

the offer and sale of the New Notes in the Exchange Offer have been registered under the Securities Act;

the New Notes will not contain transfer restrictions and registration rights that relate to the formOriginal Notes; and

the New Notes will not contain provisions relating to the payment of additional interest to be made to the holders of the Original Notes under circumstances related to the timing of the Exchange Offer.

A brief description of the material terms of the old notes, except that the new notes:New Notes follows:

Issuer

Marriott Ownership Resorts, Inc.

Parent Guarantor

will have been registered under the Securities Act;

Marriott Vacations Worldwide Corporation

Notes Offered

will not bear restrictive legends restricting their transfer under the Securities Act;

will not entitle holders to the registration rights that apply to the old notes; and

will not contain provisions relating to additional interest in connection with the old notes under circumstances related to the timing of the exchange offer.

        The new notes will represent the same debt as the old notes and will be governed by the same indenture, which is governed by New York law and is referred to in this prospectus as the indenture. In this section of the prospectus, under the heading "The New Notes," the term "notes" refers to both the new notes and the old notes.

Issuer

Interval Acquisition Corp., a Delaware corporation

Notes Offered

$350,000,000 aggregate principal amount of 5.625%4.750% Senior Notes due 2023

2028.

Maturity Date

AprilThe New Notes will mature on January 15, 2023

2028.

Interest Payment Dates

Annual rate: 5.625%

InterestThe Issuer will be payable in cashpay interest on Aprilthe New Notes semi-annually on March 15 and OctoberSeptember 15 of each year, beginningcommencing on OctoberSeptember 15, 2016.

2020.

Form and Terms

The form and terms of the New Notes will be the same as the form and terms of the Original Notes except that:

the offer and sale of the New Notes have been registered under the Securities Act and, therefore, the New Notes will not bear legends restricting their transfer; and

you will not be entitled to any exchange or registration rights with respect to the New Notes and the New Notes will not provide for additional interest in connection with registration defaults.

The New Notes will evidence the same debt as the Original Notes. They will be entitled to the benefits of the Indenture governing the Original Notes and will be treated under the Indenture as a single class with the Original Notes.

Guarantees

The New Notes will be guaranteed on a senior unsecured basis (the “Note Guarantees”) by MVW and all of MVW’s subsidiaries that guarantee the Corporate Credit Facility and, in the future, by each of MVW’s subsidiaries (other than receivables subsidiaries or foreign subsidiaries) that becomes a borrower or a guarantor under a credit facility or other capital markets debt securities of the Issuer or any guarantor of the Notes.


Under certain circumstances, subsidiary guarantors may be released from their note guarantees without the consent of the holders of the Notes. See “Description of Notes—Note Guarantees.”

Ranking

The New Notes and the Note Guarantees will be the Issuer’s and the Guarantors’ senior unsecured obligations, respectively, and will:

 

The old notes are, and the new notes will be, guaranteed, jointly and severally, by the guarantors.

Ranking

The old notes are, and the new notes will be, the Issuer's senior unsecured obligations, ranking:

equallyrankpari passu in right of payment with all of the Issuer'sIssuer’s and the Guarantors’ existing and future senior debt;

senior in right of paymentindebtedness (including borrowings under the Corporate Credit Facility, the Existing Notes, and the Convertible Notes (with respect to all of the Issuer's existing and future subordinated debt;MVW only));


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structurally subordinated to any existing and future obligations (including trade payables) of any subsidiaries of the Issuer that are not guarantors; and

effectively junior to secured obligations of the Issuer (including amounts outstanding under the Credit Facility) to the extent of the value of the assets securing such subordinated indebtedness.

        Each guarantor's guaranteepayment to any existing and future subordinated indebtedness of the old notes is,Issuer and the new notes will be, that guarantor's unsecured obligation, ranking:Guarantors;

equally in right of payment with all existing and future senior debt of such guarantor;

senior in right of paymentbe effectively junior to all existing and future subordinated debt of the guarantors; and

effectively junior to secured obligations of such guarantor (including the secured guarantee by such guarantor of our obligations under the Credit Facility) to the extent of the value of the assets securing such obligations.

        The assets of the Issuer'sIssuer’s and the Guarantors’ existing and future secured indebtedness (including the Corporate Credit Facility and the 2025 Secured Notes) to the extent of the value of the collateral securing such indebtedness; and

be structurally subordinated to any existing and future obligations of any of our subsidiaries that are not guarantorsGuarantors of the notes will be subject to the prior claims of all creditors, including trade creditors, of those non-guarantor subsidiaries.New Notes.

 As of DecemberMarch 31, 2015:

the Issuer and its subsidiaries had $425.0 million principal amount of indebtedness on a consolidated basis, consisting of:

$350.0 million principal amount of the notes, and

$75.0 million principal amount of secured debt;

an additional $516.4 million was available for borrowing on a secured basis under our senior secured credit facilities, excluding letters of credit totaling approximately $8.6 million, which borrowings and related guarantees would be secured.

2020:

we had approximately $4,770 million of total gross indebtedness outstanding;

 Our non-guarantor subsidiaries accounted for $90.7 million or 13.0%

of our total revenuesgross indebtedness outstanding, we had approximately $1,496 million of gross secured indebtedness (excluding (i) $3 million of outstanding letters of credit under the Corporate Credit Facility and(ii) non-recourse, securitized debt, including any borrowings under the Warehouse Credit Facility); and

we had $0 million available for borrowing under the fiscal year ended December 31, 2015 and approximately $102.1Revolving Credit Facility (after giving effect to $3 million or 16.6% of our total revenues for the year ended December 31, 2014 and accounted for $237.4 million or 18.6%outstanding letters of our total assets and approximately $50.6 million or 6.2% of our total liabilities as of December 31, 2015.credit).

Optional Redemption

On or after April 15, 2018,The New Notes will be redeemable at the Issuer may redeemoption of the notes,Issuer, in whole or in part, at any time on or after September 15, 2022, at the redemption prices set forth in this prospectus, together with accrued and unpaid interest, if any, to, but not including, the date of redemption.

At any time prior to September 15, 2022, the Issuer may redeem up to 40% of the original principal amount of the New Notes with the proceeds of certain equity offerings at a redemption price equal to 104.219%of 104.75% of the principal amount of the notes in 2018 decreasing annuallyNew Notes, together with accrued and unpaid interest, if any, to, but not including, the date of redemption.


At any time prior to September 15, 2022, the Issuer may also redeem some or all of the New Notes at a price equal to 100% of the principal amount of the notes in 2021, in each caseNew Notes, plus a “make-whole premium,” together with accrued and unpaid interest, as set forth under "Descriptionif any, to, but not including, the date of redemption.

See “Description of Notes—Optional Redemption."


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Offer to Purchase

Prior to April 15, 2018,If a “Change of Control” (as defined in “Description of Notes”) occurs, the Issuer may redeem all or a portion of the notes at 100% of the principal amount of the notes, plus a "make-whole" premium, plus accrued and unpaid interest as set for under "Description of Notes—Optional Redemption."

In addition, prior to April 15, 2018,will be required, unless the Issuer mayhas exercised its option to redeem upthe Notes, to 35% ofoffer to purchase the principal amount of the notesNotes at a redemptionpurchase price of 105.625%, using the net cash proceeds of certain public equity offerings, plus accrued and unpaid interest.

Change of Control; Asset Sales

If a change of control occurs, holders of notes will have the rightequal to require the Issuer to repurchase their notes at 101% of their principal amount, plus accrued and unpaid interest, if any, to, but not including, the repurchase date.date of purchase. See "Description“Description of Notes—Repurchase at the Option of Holders Upon a Change of Control."

 

If the Issuerwe or itsany of our restricted subsidiaries sell assets, under certain assets and do not applycircumstances, the Issuer will be required to use the net proceeds in compliance withthereof to offer to purchase the indenture, holders of notes will have the right to require the Issuer to repurchase their notesNotes, each at a price equal to 100% of theirthe principal amount of the Notes, plus accrued and unpaid interest, if any, to, but not including, the repurchase date. See "Description“Description of Notes—Certain Covenants—Limitation on Asset Sales."

Certain Covenants

The terms ofIndenture governing the notes and indenture restrict the Issuer's ability andNotes contains certain covenants, which among other things, limit the ability of the Issuer's existingMVW and futureour restricted subsidiaries to:

incur additional indebtedness;

pay dividends or make other restricted payments;

make loans and investments;

incur liens;

sell assets;

enter into affiliate transactions;

enter into certain sale and leaseback transactions;

enter into agreements restricting our subsidiaries’ ability to pay dividends; and

merge, consolidate or amalgamate or sell all or substantially all of their property.

 

incur additional indebtedness;

The covenants are subject to a number of important exceptions and qualifications. See “Description of Notes—Certain Covenants.” In addition, most of these covenants will not apply to MVW and our restricted subsidiaries during any period in which the Notes are rated investment grade by both Moody’s and Standard & Poor’s.

Trustee for the New Notes

pay dividends or make distributions or redeem stock;

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


Governing Law

make certain investments;

create liens;

merge or consolidateThe New Notes and the Note Guarantees will be governed by and the Original Notes and the Indenture are governed by, in each case, and construed in accordance with, another company or transfer or sell assets;

enter into restrictions affecting the abilitylaws of the Issuer's restricted subsidiariesState of New York.

Absence of Established Markets for the New Notes

The New Notes are a new issuance of securities for which there is currently no market. We do not intend to make distributions, loansapply for the New Notes to be listed on any securities exchange or advances to usarrange for any quotation system to quote them. Accordingly, we cannot assure you that liquid markets will develop or other restricted subsidiaries; and

be maintained.

Risk Factors

engageSee “Risk Factors” and other information included and incorporated by reference in transactionsthis prospectus for a discussion of risks associated with affiliates.

an investment in the New Notes, which should be carefully considered before deciding to continue your investment in the Notes or to tender your Original Notes in exchange for the New Notes.

        These covenants are subject to important limitations and exceptions. See "DescriptionFor more complete information about the New Notes, see “Description of Notes—Certain Covenants." DuringNotes.”



RISK FACTORS

The New Notes, like the time, if any, thatOriginal Notes, entail the notes are rated investment grade by both Standard & Poor's Ratings Services and Moody's Investors Service, Inc. and certain other conditions are met, many of the restrictive covenants contained in the indenture governing the notes will cease to be in effect. See "Description of Notes—Covenant Suspension."


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Summary Historical Consolidated Financial and Other Data

        The following table sets forth summary historical consolidated financial information of ILG and its subsidiaries, including the Issuer. The summary historical consolidated financial data for the years ended December 31, 2015, 2014 and 2013 and as of December 31, 2015 and 2014 is derived from ILG's audited consolidated financial statements and related notes. The summary historical financial data below should be read in conjunction with the consolidated financial statements that are incorporated by reference in this document and their accompanying notes. See "Available Information." The historical financial data presented below are not necessarily indicative of the results to be expected for any future period.

 
 Year Ended December 31, 
 
 2015 2014 2013 
 
 (In thousands, except per share data)
 

Statement of Income Data

          

Revenue

 $697,436 $614,373 $501,215 

Operating income

  128,144  127,094  132,745 

Net income attributable to common stockholders

  73,315  78,930  81,217 

Adjusted net income(1)

  76,419  80,346  81,467 

EBITDA(1)

  166,088  158,731  155,103 

Adjusted EBITDA(1)

  184,888  172,705  166,243 

Earnings per share

          

Basic

 $1.28 $1.38 $1.42 

Diluted

  1.26  1.36  1.40 

Adjusted earnings per share(1)

          

Basic

 $1.33 $1.40 $1.42 

Diluted

  1.32  1.39  1.41 

Dividends declared

          

Dividends declared per share of common stock

 $0.48 $0.44 $0.33 


 
 December 31, 
 
 2015 2014 
 
 (In thousands)
 

Balance Sheet Data

       

Total assets(2)

 $1,279,107 $1,324,002 

Long-term debt, net of current portion(2)

  415,700  484,383 

ILG stockholders' equity

  431,993  384,043 

Noncontrolling interest

  33,418  36,305 

Operating Statistics:

 
 Year Ended December 31, 
 
 2015 2014 2013 

Exchange and Rental

          

Total active members (000's)(3)

  1,811  1,799  1,815 

Average revenue per member(4)

 $178.76 $180.55 $187.13 

Available room nights (000's)(5)

  3,054  3,095  1,537 

RevPAR(6)

 $119.70 $106.97 $132.57 

Vacation Ownership

          

Contract sales (000's)(7)

 $99,774 $26,173   

Average transaction price(8)

 $34,169 $34,438   

Volume per guest(9)

 $3,554 $3,581   

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Additional Data:

 
 Year Ended December 31, 
 
 2015 2014 2013 
 
 (Dollar amounts in thousands)
 

Exchange and Rental

          

Transaction revenue(10)

 $192,202 $193,206 $198,933 

Membership fee revenue(11)

  126,234  127,396  135,198 

Ancillary member revenue(12)

  5,577  6,649  6,852 

Total member revenue

  324,013  327,251  340,983 

Other revenue(13)

  32,636  25,262  24,024 

Rental management revenue

  50,384  48,148  29,956 

Pass-through revenue(14)

  94,311  82,729  47,426 

Total Exchange & Rental revenue

 $501,344 $483,390 $442,389 

Exchange and Rental gross margin

  61.1% 62.0% 67.1%

Exchange and Rental gross margin without pass-through

  75.3% 74.8% 75.2%

Vacation Ownership

          

Management fee revenue

 $99,566 $92,017 $41,595 

Sales and financing revenue

  39,041  9,478   

Pass-through revenue(14)

  57,485  29,488  17,231 

Total Vacation Ownership revenue

 $196,092 $130,983 $58,826 

Vacation Ownership gross margin

  37.9% 38.5% 42.3%

Vacation Ownership gross margin without pass-through

  53.6% 49.6% 59.8%

(1)
Adjusted net income is defined as net income attributable to common stockholders, excluding the impact of (a) acquisition related and restructuring costs, (b) other non-operating foreign currency remeasurements, and (c) other special items. Special items are presented to exclude (1) the effect of correcting an immaterial prior period item in 2013, (2) the recognition of prior period (pre-acquisition) sales at the Hyatt Vacation Ownership business's Maui joint venture upon receiving the temporary certificate of occupancy in 2014 and (3) the settlement of a certain legal proceeding in 2015.


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Below is a reconciliation of adjusted net income for the periods presented:

 
 Year Ended December 31, 
 
 2015 2014 2013 
 
 (In thousands)
 

Net income attributable to common stockholders

 $73,315 $78,930 $81,217 

Prior period item

      (3,496)

Acquisition related and restructuring costs

  7,585  7,058  4,467 

Other non-operating foreign currency remeasurements

  (3,768) (2,303) (589)

Impact of purchase accounting

  1,150  1,527   

Other special items(a)

  153  (3,962)  

Income tax impact on adjusting items(b)

  (2,016) (904) (132)

Adjusted net income

 $76,419 $80,346 $81,467 

Earnings per share attributable to common stockholders:

          

Basic

 $1.28 $1.38 $1.42 

Diluted

 $1.26 $1.36 $1.40 

Adjusted earnings per share:

          

Basic

 $1.33 $1.40 $1.42 

Diluted

 $1.32 $1.39 $1.41 

Weighted average number of common stock outstanding:

          

Basic

  57,400  57,343  57,243 

Diluted

  57,989  57,953  57,832 

(a)
Special items are presented to exclude (1) the effect of correcting an immaterial prior period item in 2013 and (2) the settlement of a certain legal proceeding in the second quarter of 2015.

(b)
Tax rate utilized is the applicable effective tax rate for the period to the extent amounts are deductible.

"Adjusted EBITDA" is defined as net income attributable to common stockholders excluding, without duplication, if applicable: (a) non-operating interest income and interest expense, (b) income taxes, (c) depreciation expense, (d) amortization expense of intangibles, (e) non-cash compensation expense, (f) goodwill and asset impairments, (g) acquisition related and restructuring costs, (h) other non-operating income and expense, (i) the impact of the application of purchase accounting, (j) the deferral adjustment associated with percentage of completion accounting guidelines reflecting its impact on GAAP revenues and expenses, and (k) other special items described in footnote (a) below.


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ILG's presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies. Below is a reconciliation of Adjusted EBITDA for the periods presented:

 
 Year Ended December 31, 
 
 2015 2014 2013 
 
 (Dollar amounts in thousands)
 

Adjusted EBITDA

 $184,888 $172,705 $166,243 

Non-cash compensation expense

  (13,470) (11,363) (10,428)

Other non-operating income (expense), net

  3,558  2,012  259 

Acquisition related and restructuring costs

  (7,585) (7,058) (4,467)

Impact of purchase accounting

  (1,150) (1,527)  

Other special items(a)

  (153) 3,962   

Prior period item

      3,496 

EBITDA

  166,088  158,731  155,103 

Amortization expense of intangibles

  (13,954) (12,301) (8,133)

Depreciation expense

  (17,449) (15,712) (14,531)

Less: Net income attributable to noncontrolling interests

  1,933  3,018  565 

Equity in earnings from unconsolidated entities

  (4,916) (4,630)  

Less: Other non-operating income (expense), net

  (3,558) (2,012) (259)

Operating income

  128,144  127,094  132,745 

Interest income

  1,118  412  362 

Interest expense

  (21,401) (7,149) (6,172)

Other non-operating income, net

  3,558  2,012  259 

Equity in earnings from unconsolidated entities

  4,916  4,630   

Income tax provision

  (41,087) (45,051) (45,412)

Net income

  75,248  81,948  81,782 

Net income attributable to noncontrolling interests

  (1,933) (3,018) (565)

Net income attributable to common stockholders

 $73,315 $78,930 $81,217 

(a)
Special items are presented to exclude (1) the effect of correcting an immaterial prior period item in 2013, (2) the recognition of prior period (pre-acquisition) sales at the Hyatt Vacation Ownership business's Maui joint venture upon receiving the temporary certificate of occupancy in the fourth quarter of 2014 and (3) the settlement of a certain legal proceeding in the second quarter of 2015.

Adjusted earnings per share is defined as adjusted net income divided by the weighted average number of shares of common stock outstanding during the period for basic EPS and, additionally, inclusive of dilutive securities for diluted EPS. The reconciliation of adjusted earnings per share for the periods presented is included above.

(2)
Unamortized debt issuance costs are presented as a reduction of long-term debt in the consolidated balance sheets, pursuant to ASC 2015-03, as discussed in Note 2 to our financial statements, which are incorporated by reference herein. Other non-current assets and long-term debt, presented above, as of December 31, 2014 and prior, has been retrospectively adjusted to effectuate the adoption of this ASU as described above.

(3)
Represents active members of the Interval Network as of the end of the period. Active members are members in good standing that have paid membership fees and any other applicable charges in full as of the end of the period or are within the allowed grace period. All Hyatt Residence Club members are also members of the Interval Network.

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(4)
Represents membership fee revenue, transaction revenue and ancillary member revenue for the Interval Network and Hyatt Residence Club for the applicable period divided by the monthly weighted average number of active members during the applicable period. Hyatt Residence Club revenue is included herein only since its acquisition date on October 1, 2014.

(5)
Available Room Nights is the number of nights available at Aqua-Aston managed vacation properties during the period, which excludes all rooms under renovation. Aqua available room nights included herein are only since its acquisition in December 2013.

(6)
Represents Gross Lodging Revenue divided by Available Room Nights during the period. Gross Lodging Revenue is total room revenue collected from all Aqua-Aston-managed occupied rooms during the period. Aqua occupied room nights included herein are only since its acquisition in December 2013.

(7)
Represents total vacation ownership interests sold at consolidated and unconsolidated projects pursuant to purchase agreements, net of actual cancellations and rescissions, where we have met a minimum threshold amounting to a 10% down payment of the contract purchase price during the period. Contract Sales included herein are only since HVO's October 1, 2014 acquisition.

(8)
Represents Contract Sales divided by the net number of transactions during the period subsequent to the HVO acquisition October 1, 2014.

(9)
Represents Contract Sales divided by the total number of tours during the period subsequent to the HVO acquisition on October 1, 2014.

(10)
Represents Interval Network and Hyatt Residence Club transactional and service fees paid primarily for exchanges, Getaways, reservation servicing, and related transactions. Hyatt Residence Club revenue is included herein only since its acquisition date on October 1, 2014.

(11)
Represents fees paid for membership in the Interval Network and Hyatt Residence Club.

(12)
Includes revenue related to insurance and travel-related services provided to Interval Network members.

(13)
Includes revenue related primarily to exchange and rental transaction activity and membership programs outside of the Interval Network and Hyatt Residence Club, sales of marketing materials primarily for point-of-sale developer use, and certain financial services-related fee income.

(14)
Represents the compensation and other employee-related costs directly associated with managing properties that are included in both revenue and expenses and that are passed on to the property owners or homeowners associations without mark-up. Pass-through revenue of the Vacation Ownership segment also includes reimbursement of sales and marketing expenses, without mark-up, pursuant to contractual arrangements. Management believes presenting gross margin without these expenses provides management and investors a relevant period-over-period comparison.

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RISK FACTORS

risks. You should carefully consider the followingthese risk factors, together withas well as the other information contained orand incorporated by reference in this prospectus, including the section titled “Risk Factors” in the Annual Report, before making a decision to continue your investment in the Notes or to tender your Original Notes in exchange for the New Notes. The risk factors discussedset forth below add to and update certain of the risk factors set forth in Part I, Item 1A—Risk Factors,the 2019 Annual Report, the First Quarter 2020 Quarterly Report, and the Current Report on Form8-K filed with the SEC on May 6, 2020. In this prospectus, when we refer to “Notes,” we are referring to both the Original Notes and the New Notes. Any of the following risks and those in ILG's annual report on Form 10-K for the year ended December 31, 2015. Thedocuments incorporated by reference herein could materially and adversely affect our business, financial condition or results of operations. However, the risks described below and in the documents incorporated by reference herein are not the only risks that ILG currently faces or will face after the exchange offer.facing us. Additional risks and uncertainties not currently known to us or that arethose we currently expectedview to be immaterial may also materially and adversely affect ILG'sour business, financial condition or results of operationsoperations. In such a case, we may not be able to make payments of principal and interest on the Notes, and you may lose all or part of your original investment.

Risks Relating to Our Indebtedness, the price of ILG common stock followingExchange Offer and the exchange offer.New Notes

If any of the following risks and uncertainties develops into actual events, these eventsOur indebtedness could have a material adverse effect on ILG'sadversely affect our business, financial condition orand results of operations, after the exchange offer. In addition, past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results or trends in future periods.including by decreasing our business flexibility.

Risks Relating to the Exchange Offer

We have substantial debt and interest payment obligations that may restrict our future operations and impair our ability to meet our obligations.

        We and our consolidated subsidiaries have substantial indebtedness and, as a result, significant debt service obligations. As of DecemberMarch 31, 2015,2020, we have $425had approximately $4,770 million of total indebtedness outstandinggross indebtedness. In the future, we could increase the amount available for borrowing under the Corporate Credit Facility by up to an amount equal to (i) the greater of $750 million and an100% of our Consolidated EBITDA (as defined in the credit agreement governing the Corporate Credit Facility) plus (ii) voluntary prepayments of loans and voluntary permanent commitment reductions under the Corporate Credit Facility and certain other reductions of debt plus (iii) additional $516.4 (netamounts as long as the incurrence of such additional amounts would not exceed certain leverage ratios, in each case subject to securing additional commitments and certain other conditions.

The Indenture, the credit agreement that governs the Corporate Credit Facility and the indentures that govern the Existing Notes impose significant operating and financial restrictions on us, which among other things limit our ability and the ability of certain of our subsidiaries to incur debt, pay dividends and make other restricted payments, make loans and investments, incur liens, sell assets, enter into affiliate transactions, enter into agreements restricting certain subsidiaries’ ability to pay dividends and consolidate, merge or sell all or substantially all of their assets. All of these covenants and restrictions limit how we conduct our business. In addition, we are required to maintain a specified leverage ratio under the terms of the Corporate Credit Facility.

The terms of any outstanding letters of credit) is available for future borrowings as secured indebtedness under the Credit Facility. Our level of debt and these significant demands on our cash resourceswe may incur could have material consequences to our business, including, but not limited to:

    making itinclude more difficult for us to satisfy our financial obligations;

    limiting our ability to obtain additional financing on satisfactory terms to fund our working capital requirements, capital expenditures, research and development efforts, acquisitions, investments and other general corporate obligations;

    reducing the availability of our cash flow to fund our working capital requirements, capital expenditures, research and development, acquisitions, investments and other general corporate requirements because we will be required to use a substantial portion of our cash flow to service our debt obligations;

    increasing our vulnerability to general economic downturns and adverse competitive and industry conditions;

    increasing our exposure to interest rate increases because a portion of our borrowings is and will be at variable interest rates;

    limiting our flexibility in planning for, or reacting to, changes in our business and the industries in which we compete; and

    placing us at a competitive disadvantage to competitors that have less debt.

restrictive covenants. We may not be able to generate sufficient cashmaintain compliance with applicable covenants and, if we fail to service alldo so, we may not be able to obtain waivers from the lenders and/or amend the covenants. Our failure to comply with the restrictive covenants described above as well as others contained in our debt instruments from time to time could result in an event of default, which, if not cured or waived, could result in our being required to repay such indebtedness includingbefore its due date or to have to negotiate amendments to or waivers thereof, which may have unfavorable terms or result in the notes.incurrence of additional fees and expenses.

Our level of indebtedness could restrict our future operations and limit our ability to meet our payment obligations under the Notes and our other indebtedness.

Our ability to make scheduled cash payments on and to refinance our indebtedness, including the notes, dependsNotes, as well as to fund planned capital expenditures will depend on our ability to generate significant operating cash flow in the future, which, will be affected byto a significant extent, is subject to general economic, financial, competitive, businesslegislative, regulatory and other factors that are beyond our control. We cannot assure you thatmay not be able to maintain a sufficient level of cash flow from operating activities to permit us to pay the principal, premium, if any, and interest on the Notes or our business will generate sufficientother indebtedness.

Our level of debt, together with the covenants included in the agreements governing such indebtedness, among other things:

requires us to dedicate a significant portion of our cash flow from operations to servicing and repayment of debt;

reduces funds available for strategic initiatives and opportunities, dividends, share repurchases, working capital and other general corporate needs;

limits our ability to incur certain kinds or thatamounts of additional indebtedness, which could restrict our flexibility to react to changes in our business, industry and economic conditions and increase borrowing costs;

creates competitive disadvantages relative to other companies with lower debt levels; and

increases our vulnerability to the impact of adverse economic and industry conditions.

In addition, our credit ratings will impact the cost and availability of future borrowings willand, accordingly, our cost of capital. Downgrades in our ratings could adversely affect our businesses, cash flows, financial condition, operating results and share and debt prices, as well as our obligations with respect to our capital efficient inventory acquisitions.

We may be availableable to usincur substantially more debt. This could exacerbate further the risks associated with our leverage.

We may incur substantial additional indebtedness in the future, including secured indebtedness. As of March 31, 2020, we had approximately $4,770 million of total gross indebtedness outstanding, including $1,496 million of gross secured indebtedness (excluding (i) $3 million of outstanding letters of credit under the Corporate Credit Facility in amounts sufficientand(ii) non-recourse, securitized debt, including any borrowings under our Warehouse Credit Facility), and an additional $0 million available for borrowing under the Revolving Credit Facility (after giving effect to enable us$3 million of outstanding letters of credit). In the future, we could increase the amount available for borrowing under the Corporate Credit Facility by up to servicean amount equal to (i) the greater of $750 million and 100% of our debt obligations, pay our indebtedness, including the notes at maturity or otherwise, or to fund our other liquidity needs. If we are unable to


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meet our debt obligations or to fund our other liquidity needs, we may need to restructure or refinance our indebtedness, including the notes. Our ability to refinance our indebtedness or obtain additional financing will depend on, among other things:

    our financial condition at the time;

    restrictionsConsolidated EBITDA (as defined in agreements governing our indebtedness, including the indenture governing the notes offered hereby and the credit agreement governing the Corporate Credit Facility;Facility) plus (ii) voluntary prepayments of loans and

    other factors, including financial market or industry conditions.

        Our ability to restructure or refinance our debt will depend on voluntary permanent commitment reductions under the condition of the capital markets and our financial condition at such time. Any refinancing of our debt could be at higher interest rates and may require us to comply with more onerous covenants, which could further restrict our business operations. As a result, it may be difficult for us to obtain financing on terms that are acceptable to us, or at all. Without this financing, we could be forced to reduce or delay investments and capital expenditures, or to sell assets, seek additional capital or restructure or refinance our indebtedness, including the notes. The terms of theCorporate Credit Facility and the indenture governing the notes limit our ability to sell assets and also restrict the usecertain other reductions of proceeds from such a sale. Moreover, substantially all of our assets have been pledged to secure repayment of our indebtedness under the Credit Facility. In addition, we may not be able to sell assets quickly enough or for sufficientdebt plus (iii) additional amounts to enable us to meet our obligations, including our obligations on the notes.

Despite our substantial indebtedness, we may still be able or obligated to incur more debt which could intensify the risks described above.

        Although the terms of the Credit Facility and the indenture governing the notes contain restrictions onas long as the incurrence of such additional indebtedness, these restrictions areamounts would not exceed certain leverage ratios, in each case subject to a number of important exceptions,securing additional commitments and indebtedness incurred in compliance with these exceptions could be substantial. As of December 31, 2015, we have approximately $516.4 million net of any outstanding letters of credit available for additional revolving credit borrowings undercertain other conditions.

Although the Credit Facility. See "Description of Certain Indebtedness" in our Annual Report on Form 10-K forIndenture, the fiscal year ended December 31, 2015. Toindentures that govern the extent we incur additional indebtedness, the risks discussed above will increase.

Restrictive covenants in the documents governing our indebtedness may prevent us from pursuing business activities that could otherwise improve our results of operations.

        The terms of the Credit FacilityExisting Notes and the indenture governingcredit agreement that governs the notesCorporate Credit Facility limit our ability and the ability of our present and future subsidiaries to among other things:

    incur additional indebtedness;

    pay dividends or make distributions or redeem or repurchase stock;

    make certain investments;

    create liens;

    merge or consolidate with another company or transferindebtedness, the terms of such agreements and sell assets; and

    engage in transactions with affiliates.

instruments permit us to incur significant additional indebtedness. In addition, the credit agreement requiresIndenture allows us to maintain complianceissue additional notes under certain circumstances, which will also be guaranteed by the guarantors that guarantee the Notes and such other indebtedness. Furthermore, such agreements and instruments will not prohibit us from incurring obligations that do not constitute indebtedness as defined therein. To the extent that we incur additional indebtedness or such other obligations, the risks associated with certain financial covenants. You should readour substantial indebtedness described above, including our potential inability to service our debt, will increase.

Repayment of the discussions underIssuer’s debt, including the headings "DescriptionNotes, is dependent on cash flow generated by the Issuer’s subsidiaries.

A significant portion of Certain Indebtedness" in our Annual Reportassets are owned by, and a significant portion of our operations are conducted by, our subsidiaries, including subsidiaries of the Issuer. Accordingly, repayment of the Issuer’s indebtedness, including the Notes, is dependent, to a significant extent, on Form 10-Kthe generation of cash flow by our subsidiaries and

their ability to make such cash available to the Issuer, by dividend, debt repayment or otherwise. Unless they are guarantors of the Notes, these subsidiaries do not have any obligation to pay amounts due on the Notes or to make funds available for the fiscal year ended December 31, 2015 and "Description of Notes—Certain Covenants" for further information about these covenants.


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        Wethat purpose. Our subsidiaries may not be able to, satisfy these covenantsor may not be permitted to, make distributions to enable the Issuer to make payments in respect of its indebtedness, including the Notes. Each subsidiary is a distinct legal entity and, under certain circumstances, legal and contractual restrictions may limit the Issuer’s ability to obtain cash from such subsidiaries. In the event that the Issuer does not receive distributions from its subsidiaries or payments from our other subsidiaries, the Issuer may be unable to make required principal and interest payments on its indebtedness, including the Notes.

Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly.

Borrowings under the Corporate Credit Facility are at variable rates of interest and expose us to interest rate risk. If interest rates were to increase, our debt service obligations on the variable rate indebtedness would increase even though the amount borrowed remained the same, and our net income and cash flows, including cash available for servicing our indebtedness, will correspondingly decrease. Assuming all loans are fully drawn, each quarter point change in interest rates would result in a $4 million change in annual interest expense on our indebtedness under the Corporate Credit Facility. We have entered into interest rate swaps that involve the exchange of floating for fixed rate interest payments in order to hedge a portion of the interest rate risk associated with term loan borrowings under the Corporate Credit Facility, as well as an interest rate collar to further reduce such risk. We may enter into such or other instruments to reduce our exposure to interest rate volatility under the Corporate Credit Facility or other variable rate indebtedness in the futurefuture. However, we may not maintain interest rate swaps, collars or be ablesimilar instruments with respect to pursue our strategies within the constraints of these covenants. A breach of a covenant contained in one debt instrument could result in an event of default under one or moreall of our other debt instruments.variable rate indebtedness, and any swaps, collars or similar instruments we enter into may not fully mitigate our interest rate risk.

The notes and the guaranteesNotes are effectively subordinated to our debt.

        The notes and the guarantees are general, unsecured obligations of the guarantors and are effectively subordinated in right of payment to all of theany secured indebtedness of the guarantorsIssuer or the Guarantors to the extent of the value of the property securing that indebtedness.

The Notes are not secured by any of the Issuer’s or the guarantors’ assets. As a result, the Notes and the guarantees are effectively subordinated to any of the Issuer’s and the guarantors’ secured indebtedness, including the Corporate Credit Facility and the 2025 Secured Notes, with respect to the assets that secure that indebtedness. The effect of this subordination is that upon a default in payment on, or the acceleration of, any of future secured indebtedness, or in the event of bankruptcy, insolvency, liquidation, dissolution or reorganization of the Issuer or the guarantors, the proceeds from the sale of assets securing such secured indebtedness will be available to pay obligations on the Notes only after all indebtedness under such secured debt has been paid in full. As a result, the holders of the Notes may receive less, ratably, than the holders of secured debt in the event of the Issuer’s or the guarantors’ bankruptcy, insolvency, liquidation, dissolution or reorganization.

Claims of holders of the Notes will be structurally subordinated to claims of creditors of the Issuer’s subsidiaries that are not guarantors of the Notes.

The Notes are not guaranteed by all of the Issuer’s subsidiaries. In addition, in the future, a guarantor may be released from its guarantee of the Notes under certain circumstances, including if such guarantor no longer guarantees a credit facility or capital markets debt securities of the Issuer or any guarantor. See “Description of Notes—Note Guarantees.”

Claims of holders of the Notes will be structurally subordinated to the claims of creditors of thesenon-guarantors, including trade creditors. All obligations of thesenon-guarantors will have to be satisfied before any of the assets of such subsidiaries would be available for distribution, upon a liquidation or otherwise, to the Issuer or its creditors, including the holders of the Notes.

For the quarter ended March 31, 2020, ournon-guarantor subsidiaries represented 25% of our revenue and (13)% of our loss before income taxes andnon-controlling interests. For the fiscal year ended December 31,

2019, ournon-guarantor subsidiaries represented 23% of our revenue and 109% of our income before income taxes and non-controlling interests. As of March 31, 2020, ournon-guarantor subsidiaries represented 31% of our total assets and had $2,458 million of total liabilities, including debt and trade payables but excluding intercompany liabilities.

If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the Notes.

Any default under the agreements governing the Issuer’s indebtedness, including a default under the credit agreement governing the Corporate Credit Facility or our other indentures, that is not waived by the required holders of such indebtedness, and the remedies sought by the holders of such indebtedness, could prevent the Issuer from paying principal, premium, if any, and interest on the Notes and substantially decrease the market value of the Notes. If the Issuer is unable to generate sufficient cash flow and is otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest on its indebtedness, or if it otherwise fails to comply with the various covenants, including financial and operating covenants in the instruments governing its indebtedness, it could be in default under the terms of the agreements governing such indebtedness. In the event of asuch default,

the holders of such indebtedness may be able to cause all available cash flow to be used to pay such indebtedness and, in any event, could elect to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest;

the lenders under the Corporate Credit Facility could elect to terminate their commitments thereunder, cease making further loans and institute foreclosure proceedings against our assets; and

we could be forced into bankruptcy or similar proceeding,liquidation.

If our operating performance declines, we may in the assets of a guarantor that serve as collateral under such secured indebtedness would be made availablefuture need to satisfyobtain waivers from the obligationsrequired lenders under the secured indebtedness before any payments are made on the notes or the guarantees. Accordingly, there may not be sufficient funds remainingCorporate Credit Facility to pay amounts due on all or any of the notes. Our obligationsavoid being in default. If we breach our covenants under the Corporate Credit Facility are secured by substantially all of our assets. See "Description of Certain Indebtedness" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015. As of December 31, 2015, we had $425 million of total indebtedness outstanding and an additional $516.4 million (net of any outstanding letters of credit) available for future borrowings as secured indebtedness under the Credit Facility. The indenture governing the notes permits us to incur additional secured indebtedness.

The notes are structurally subordinated to all indebtedness of our current and future subsidiaries that do not guarantee the notes.

        You will not have any claim asseek a creditor against any of our current or future subsidiaries that do not guarantee the notes. Indebtedness and other liabilities, whether secured or unsecured, of those subsidiaries is effectively senior to your claims against those subsidiaries. In addition, the indenture governing the notes and the credit agreement governing our Credit Facility, subject to some limitations, permits these subsidiaries to incur additional indebtedness and does not contain any limitation on the amount of other liabilities that may be incurred by these subsidiaries. As of December 31, 2015, our non-guarantor subsidiaries had no indebtedness and an aggregate of approximately $50.6 million of other liabilities (excluding intercompany indebtedness), all of which is structurally senior to the notes and the related guarantees. For the year ended December 31, 2015 our non-guarantor subsidiaries accounted for 13.0% of our consolidated revenue and 12.0% of our consolidated Adjusted EBITDA. As of December 31, 2015, our non-guarantor subsidiaries accounted for approximately 18.6% of our total consolidated assets.

We are permitted to create unrestricted subsidiaries, which will not be subject to any of the covenants in the indenture governing the notes, andwaiver, we may not be able to relyobtain a waiver from the required lenders. If this occurs, we would be in default under the Corporate Credit Facility, the lenders could exercise their rights, as described above, and we could be forced into bankruptcy or liquidation.

If you do not exchange your Original Notes for New Notes, you will continue to have restrictions on your ability to resell them.

The Original Notes were not issued in a transaction registered under the cash flowSecurities Act or assetsunder the securities laws of those unrestricted subsidiariesany state and may not be resold, offered for resale or otherwise transferred unless they are subsequently registered or resold pursuant to pay our indebtedness.

        Unrestricted subsidiaries arean exemption from the registration requirements of the Securities Act and applicable state securities laws. If you do not exchange your Original Notes for New Notes pursuant to the Exchange Offer, you will not be able to resell, offer to resell or otherwise transfer the Original Notes unless such offer or sale is registered under the Securities Act or unless you resell them, offer to resell them or otherwise transfer them under an exemption from the registration requirements of, or in a transaction not subject to, the covenants under the indenture governing the notes. Unrestricted subsidiaries may enter into financing arrangements that limit their ability to make loans or other payments to fund payments in respectSecurities Act.

In addition, upon consummation of the notes.Exchange Offer, the aggregate principal amount of Original Notes will be reduced by the amount of Original Notes exchanged. Securities with a smaller outstanding principal amount available for trading, or float, generally command a lower price than do comparable securities with a greater float. Therefore, the market price for Original Notes that are not submitted for exchange or not accepted by us may be adversely affected. A reduced float may also make the trading prices of any Original Notes that are not exchanged more volatile.

An active trading market for the Notes may not develop or be maintained.

There is currently no established trading market for the Notes. We do not intend to apply for listing of the New Notes on any securities exchange or for quotation on any automated dealer quotation system. Accordingly, wean active trading market for the New Notes may not develop or be maintained. If a trading market does not develop or is not maintained, you may find it difficult or impossible to resell the Notes. Future trading prices of the New Notes will depend on many factors, including prevailing interest rates, our financial condition and results of operations, the then-current ratings assigned to the Notes and the markets for similar securities. Any trading market that develops may be affected by many factors independent of and in addition to the foregoing, including:

the time remaining to the maturity of the Notes;

the outstanding amount of the Notes;

the terms related to optional redemption of the Notes; and

the level, direction and volatility of market interest rates generally.

Even if an active trading market for the New Notes does develop, it may not continue. Further, any market that may develop for such Notes may not be liquid, you may not be able to relysell such Notes and the price at which you will be able to sell such Notes may be reduced.

The trading price and the liquidity of the Notes may be volatile and can be directly affected by many factors, including our credit ratings.

The trading price of the Notes could be subject to significant fluctuation in response to, among other factors, changes in our operating results, interest rates, the market fornon-investment grade securities, general economic conditions and securities analysts’ recommendations, if any, regarding our securities.

The Notes may be rated by one or more nationally recognized statistical rating organizations. A rating is not a recommendation to purchase, hold or sell debt securities, since a rating does not predict the market price of a particular security or its suitability for a particular investor. Any rating organization that rates the Notes may lower the rating or decide not to rate the Notes in its sole discretion. The ratings of the Notes will be based primarily on the cash flowrating organization’s assessment of the likelihood of timely payment of interest when due and the payment of principal on the maturity date. Any downgrade or assetswithdrawal of unrestricted subsidiariesa rating by a rating agency that rates the Notes could have an adverse effect on the trading prices or liquidity of the Notes.

The Issuer may choose to payredeem the Notes prior to maturity.

The Issuer may redeem some or all of the Notes at any time. See “Description of Notes—Optional Redemption.”

An increase in market interest rates could result in a decrease in the value of the Notes.

In general, as market interest rates rise, debt bearing interest at a fixed rate decline in value because the premium, if any, over market interest rates will decline. Consequently, if you purchase the Notes and market interest rates increase, the market values of your Notes may decline.

Certain change of control events that affect the market price of the Notes may not give rise to any obligation to repurchase the Notes.

Legal uncertainty regarding what constitutes a change of control and the provisions of the Indenture may allow us to enter into transactions, such as acquisitions, refinancing or recapitalizations, that would not constitute

a “Change of Control” under the Indenture but may increase its outstanding indebtedness or otherwise affect its ability to satisfy obligations under the Notes. The definition of change of control for purposes of the Notes includes a phrase relating to the transfer of “all or substantially all” of our indebtedness, includingproperty. Although there is a limited body of case law interpreting the notes. Additionally,phrase “substantially all,” there is no precise established definition of the indenture governingphrase under applicable law. Accordingly, your ability to require the notes permits usIssuer to make certain investments in unrestricted subsidiaries.

Werepurchase the Notes as a result of a transfer of less than all of our property to another person may be unableuncertain.

The Issuer may not be able to repurchase notesall of the Notes upon a change of control, which would result in a default under the Notes.

The Issuer will be required to offer to repurchase the Notes at a purchase price equal to 101% of the principal amount thereof upon the occurrence of a “Change of Control” as provided in the Indenture. The indentures that govern the Existing Notes contain similar requirements. The occurrence of a change of control may cause an event of default under the Corporate Credit Facility and therefore could cause the Issuer to have to repay amounts outstanding thereunder, and any financing arrangements the Issuer may enter into in the future may also require repayment of amounts outstanding in the event of a change of control.

        Uponcontrol and therefore limit the occurrenceIssuer’s ability to fund the repurchase of certain kinds ofthe Notes pursuant to the change of control events, you willrepurchase offer. The Issuer may not have sufficient funds, or be able to arrange for additional financing, at the right, as a holdertime of the notes,change of control to require usmake the required repurchase of the Notes. If the Issuer has insufficient funds to repurchase all of your notes at a repurchase price equal to 101% of their principal amount, plus accruedthe Notes and, unpaid interest, if any, to the date of repurchase. Anyextent applicable, the Existing Notes that holders tender for purchase pursuant to the change of control constitutes a default underrepurchase offers, and the Credit Facility. We may not be ableIssuer is unable to pay you the required price for your notes at that time because we may not have available funds to pay the


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repurchase price. Any requirements to offer to repurchase notes may require us to refinance our existing indebtedness. In such an event, we may not be able to obtainraise additional financing or refinance our existing indebtedness on favorable terms, if at all. In addition, our failure to offer to purchase all validly tendered notes would becapital, an event of default would occur under the indenture. Such anIndenture and the indentures that govern the Existing Notes. An event of default also constitutes an eventcould cause any other debt that the Issuer may have at that time to become automatically due, further exacerbating its financial condition and diminishing the value and liquidity of default under the Credit Facility, allowingNotes. Additional capital may not be available to the lenders thereunder to accelerate the indebtedness represented by the facility. Our future debt also may contain restrictionsIssuer on repayment requirements with respect to specified eventsacceptable terms or transactions that constitute a change of control under the indenture.at all. See "Description“Description of Notes—Repurchase at the Option of Holders Upon a Change of Control."

FederalU.S. federal and state fraudulent conveyancetransfer laws may permit a court to void the notes andNotes and/or the guarantees of the Notes, and if that occurs, you may not receive any payments on the notes or the guarantees.Notes.

        The issuance of the notes and the guarantees may be subject to review underU.S. federal and state fraudulent transfer and conveyance statutes. Whilestatutes may apply to the relevantissuance of the Notes and the incurrence of the guarantees of the Notes. Under federal bankruptcy law and comparable provisions of state fraudulent transfer or conveyance laws, which may vary from state to state, under such laws the payment of consideration generally willNotes or the guarantees thereof could be voided as a fraudulent transfer or conveyance if:

    it was paidif the Issuer or any of the guarantors, as applicable, (a) issued the Notes or incurred the guarantee with the intent of hindering, delaying or defrauding creditors;creditors or

    (b) received less than reasonably equivalent value or fair consideration in return for either issuing the Notes or incurring the guarantee and, in the case of (b) only, one of the following is also true at the time thereof:

    the Issuer or any of the guarantors, received less than fair consideration in return for issuing either the notes or a guarantee, as applicable, and either

    the Issuer or the guarantor waswere insolvent or rendered insolvent by reason of the issuance of the Notes or the incurrence of the indebtedness;

    paymentguarantee;

the issuance of the considerationNotes or the incurrence of the guarantee left the Issuer or any of the guarantorguarantors, as applicable, with an unreasonably small amount of capital or assets to carry on theits business; or

the Issuer or any of the guarantorguarantors intended to, or believed that itthe Issuer or such guarantor would, incur debts beyond its or such guarantor’s ability to pay as they mature; or

the Issuer or any of the guarantors were a defendant in an action for money damages, or had a judgment for money damages docketed against it or the guarantor if, in either case, the judgment is unsatisfied after final judgment.

As a general matter, value is given for a transfer or an obligation if, in exchange for the transfer or obligation, property is transferred or a valid antecedent debt is secured or satisfied. A court would likely find that the Issuer or any of the guarantors did not receive reasonably equivalent value or fair consideration for issuing

the Notes or incurring its guarantee to the extent the Issuer or such guarantor did not obtain a reasonably equivalent benefit directly or indirectly from the issuance of the Notes or the incurrence of such guarantee.

The Issuer cannot be certain as to the standards a court would use to determine whether or not the Issuer or any of the guarantors of the Notes were insolvent at the relevant time or, regardless of the standard that a court uses, whether the Notes or the guarantees of the Notes would be subordinated to the Issuer’s or any of such guarantors’ other debt. In general, however, a court would deem an entity insolvent if:

 

the sum of its debts, including contingent and unliquidated liabilities, was greater than the fair saleable value of all of its assets;

the present fair saleable value of its assets was less than the amount that would be required to pay its probable liability on its existing debts, including contingent liabilities, as they become absolute and mature; or

it could not pay its debts as they became due.

If a court were to find that the issuance of the notesNotes or the incurrence of a guarantee of the Notes was a fraudulent transfer or conveyance, the court could void the payment obligations under the notesNotes or suchthat guarantee, or further subordinate the notesNotes or suchthat guarantee to presently existing and future indebtedness of the applicable obligor or require the holders of the notesNotes to repay any amounts received with respect to the notes or suchthat guarantee. In the event of a finding that a fraudulent transfer or conveyance occurred with respect to the Notes or the guarantees thereof, you may not receive any repayment on the notes and you will not haveNotes or the guarantees thereof.

Further, as a claimcourt of equity, the bankruptcy court may subordinate the claims in respect of the Notes to other claims against the guarantor. Further, the voiding of the notes or a guarantee could result in an event of default with respect to our other indebtedness that could result in acceleration of that indebtedness.

        Although each guarantee contains a provision that intends to limit that guarantee from constituting a fraudulent conveyance under applicable law, these provisions may not be effective to protect the guarantees from being voidedIssuer under the fraudulent transfer laws described above.

        We are primarily a holding company and weprinciple of equitable subordination if the court determines that (1) the holder of Notes engaged in some type of inequitable conduct, a substantial portion of our operations exclusively through our subsidiaries. If(2) the guarantees are unenforceable, your interests would be effectively subordinated to all of our subsidiaries' indebtedness and other liabilities.

There is currently no active trading market for the notes. If an active trading market does not develop for these notes, you may not be able to resell them.

        No active trading market currently exists for the notes, and none may develop. The notes will not be listed on any securities exchange. If an active trading market does not develop, you may not be able to resell your notes at their fair market value or at all. Historically, the market for non-investment grade debt has been subject to disruptions that have caused substantial volatilityinequitable conduct resulted in the prices of securities similarinjury to the notes. The market for the notes may be subject to similar disruptions. The


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trading price may dependIssuer’s other creditors or conferred an unfair advantage upon prevailing interest rates, the market for similar securities and other factors, including general economic conditions and our financial condition, performance and prospects. These factors could adversely affect you as a holder of notes.

The trading prices for the notes may be volatile.

        Historically, the market for non-investment grade debt has been subject to disruptions that have caused substantial volatility in the prices of securities similar to the notes. We cannot assure you that any such disruptions would not adversely affect the prices at which you may sell your notes. The notes may trade, if at all, at a discount from the initial offering price of the notes, depending upon prevailing interest rates, the market for similar notes, our operating performance and financial condition, the interest of securities dealers in making a market for the notes, and other factors, many of which are beyond our control.

If the notes are rated investment grade at any time by both S&P and Moody's, certain covenants contained in the indenture will be suspended, and the holders of Notes and (3) equitable subordination is not inconsistent with the notesprovisions of the bankruptcy code.

Many of the covenants in the Indenture will losenot apply during any period in which the protection of these covenants.

        The indenture contains certain covenants that will be suspended and cease to have any effect from and after the first date when the notesNotes are rated investment grade by both S&PMoody’s and Moody's so long asStandard & Poor’s.

Many of the covenants in the Indenture will not apply during any period in which the Notes are rated investment grade by both Moody’s and Standard & Poor’s, provided at such time no default or event of default exists. See "Description of Notes—Certain Covenants—Covenant Suspension." Thesehas occurred and is continuing. The covenants that will not apply during such period include covenants that will restrict, among other things, our ability to incur or guarantee debt, to pay dividends incur additional debtor make other restricted payments, to sell assets, to enter into affiliate transactions and to enter into certain types ofother transactions. Because we would notThe Notes may never be subject to these restrictions at any time that the notesrated investment grade, or if they are rated investment grade, we would be able to make dividends and distributions and incur substantial additional debt. If afterthey may not maintain these ratings. However, suspension of these covenants are suspended, S&P or Moody'swould allow us to engage in certain transactions that would not be permitted while these covenants were to downgrade their ratings ofin force. To the notes to a non-investment grade level or withdraw their ratings,extent the covenants would beare subsequently reinstated, andany such actions taken while the holders of the notes would again have the protection of these covenants. However, any liens or indebtedness incurred or other transactions entered into during such time as the notescovenants were rated investment gradesuspended would not result in an event of default under the Indenture. See the section entitled “Description of Notes—Certain Covenants—Covenant Suspension.”

The Exchange Offer may be cancelled or delayed.

We have reserved the right to terminate or withdraw the Exchange Offer, including solely in respect of the Original Notes, in our sole discretion at any time and for any reason, subject to applicable law. Therefore, even if you properly submit a letter of instruction prior to the expiration date and otherwise comply with the terms and conditions of the Exchange Offer, the Exchange Offer may not be consummated. Because of adjustments or other logistical challenges in exchanging original Notes for New Notes, among other things, the settlement of the Exchange Offer may be delayed. Accordingly, you may have to wait longer than expected to receive your New Notes, during which time you will not be able to effect transfers of your Original Notes or New Notes you are to receive in the eventExchange Offer.

You must comply with the covenantsExchange Offer procedures in order to receive freely tradable New Notes.

Delivery of New Notes in exchange for Original Notes tendered and accepted for exchange pursuant to the notesExchange Offer will be made only if such tenders comply with the Exchange Offer procedures described herein, including the timely receipt by the applicable Exchange Agent of book-entry transfer of Original Notes into such Exchange Agent’s account at DTC (as defined below), as depositary, including an agent’s message (as defined herein). We are subsequently reinstated.not required to notify you of defects or irregularities in tenders of Original Notes for exchange.

The lenders under the Credit FacilitySome holders who exchange their Original Notes may in their discretion release the guarantors thereunder in a variety of circumstances, which will cause those guarantorsbe deemed to be released from their guarantees of the notes.

        The lenders under the Credit Facility may have the discretion to release guarantors thereunder in a variety of circumstances, which may cause those guarantors tounderwriters, and these holders will be released from their guarantees of the notes. So long as any obligations under the Credit Facility remain outstanding, any guarantee of the notes may be released without action by, or consent of, any holder of notes or the trustee under the indenture governing the notes if, at the discretion of lenders under the Credit Facility, the related guarantor is no longer a guarantor of obligations under the Credit Facility. You will not have a claim as a creditor against any subsidiary that is no longer a guarantor of the notes, and the indebtedness and other liabilities, including trade payables, whether secured or unsecured, of those subsidiaries will effectively be senior to your claims as a holder of the notes.

If you failrequired to comply with the procedures for tendering old notes,registration and prospectus delivery requirements in connection with any resale transaction.

If you exchange your old notes will remain outstanding afterOriginal Notes in the consummation of the exchange offer.

        The new notes will be issued in exchangeExchange Offer for the old notes only after timely receipt by the exchange agentpurpose of the old notes or a book-entry confirmation related thereto, or compliance with requirements for guaranteed delivery, a properly completed and executed letter of transmittal or an agent's message, and all other required documentation. If you want to tender your old notes in exchange for new notes, you should allow sufficient time to ensure timely delivery. Neither we nor the exchange agent are under any duty to give you notification of defects or irregularities with respect to tenders of old notes for exchange. Old notes that are not tendered or are tendered but not accepted


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will, following the exchange offer, continue to be subject to the existing transfer restrictions. In addition, if you tender the old notes in the exchange offer to participateparticipating in a distribution of the new notes,Original Notes, you may be deemed to have received restricted securities and, if so, will be required to comply with the registration and prospectus delivery requirements of the Securities Act in connection with any resale transaction. For additional information, please refer to

SELECTED HISTORICAL FINANCIAL DATA

The following table presents our selected historical financial data, which was derived from our last five fiscal years of consolidated financial statements and related notes.

The selected historical financial data as of and for each of the sections of this prospectus entitled "The Exchange Offer"quarters ended March 31, 2020 and "Plan of Distribution and Selling Restrictions."

Risk Factors Relating to Our Business

        We and our affiliates face a variety of risks, including an array ofMarch 31, 2019 are derived from MVW’s unaudited consolidated financial and operational risks and various competitive and regulatory risks. All of these risks are describedstatements included in Item 1A of Part I of our AnnualMVW’s Quarterly Report on Form 10-K10-Q for the fiscal yearquarter ended DecemberMarch 31, 2015, as may be updated and supplemented in our subsequent SEC reports, all of2020, which areis incorporated by reference herein. See "Available Information."


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USE OF PROCEEDS

        The exchange offer is intended to satisfy our obligations under the registration rights agreement we entered into in connection with the private offering of the old notes. We will not receive any proceeds from the issuance of the new notes in the exchange offer. In consideration for issuing the new notes as contemplated in this prospectus, we will receive, in exchange, outstanding old notes in like principal amount. We will cancel allprospectus. The selected historical financial data as of the old notes surrendered in exchange for new notes in the exchange offer. As a result, the new notes will not result in any increase or decrease in our indebtedness.


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RATIO OF EARNINGS TO FIXED CHARGES

        Our ratio of earnings to fixed chargesDecember 31, 2019 and December 31, 2018 and for each of the fiscal years ended December 31, 2011 through2019, December 31, 2018 and December 30, 2017 is derived from our audited consolidated financial statements included in our 2019 Annual Report, which is incorporated by reference in this prospectus. The selected historical financial data included in the table below as of and for each of the fiscal years ended December 30, 2016 and January 1, 2016 and as of the fiscal year ended December 30, 2016 is derived from our audited consolidated financial statements for such years, which have not been incorporated by reference into this prospectus. The information contained in the table below for fiscal years 2017, 2016 and 2015 was as follows:

 
 Fiscal Year Ended December 31, 
 
 2015 2014 2013 2012 2011 

Ratio of Earnings to Fixed Charges

  5.5  13.0  16.0  3.3  2.8 

        The ratio of earnings to fixed charges has been calculatedadjusted to recast certain prior period financial information to reflect our retrospective adoption of ASC 606, effective January 1, 2018, the first day of our 2018 fiscal year. See Note 2 “Summary of Significant Accounting Policies” to our audited consolidated financial statements for the year ended December 31, 2019, included in our 2019 Annual Report, which is incorporated by dividingreference in this prospectus, for additional information on ASC 606.

Historical results set forth in this section reflect operations of ILG and its consolidated subsidiaries' (1) earnings by (2) fixed charges. Earnings consistssubsidiaries since September 1, 2018, the date of earnings before income taxes and noncontrolling interests, plus fixed charges, less capitalized interest expense. Fixed charges consist of interest expense and a portion of rental expense that management believes is representativecompletion of the interest componentILG Acquisition, but not for prior periods. Historical results are not necessarily indicative of rental expense.the results that may be expected for any future period or any future date. This selected historical financial data should be read in conjunction with our 2019 Annual Report, which is incorporated by reference in this prospectus.

  Fiscal Years(1)  Quarter Ended March 31, 
($ in millions) 2019  2018(2)  2017(3)  2016(3)  2015(3)        2020              2019(4)       

Consolidated Income Statement Data(1)

       

Revenues

 $4,355  $2,968  $2,183  $2,000  $2,067  $1,010  $1,034 

Revenues, net of total expenses

  458   267   246   200   225   (50  91 

Net income attributable to common shareholders

  138   55   235   122   127   (106  24 

Per Share Data

       

Basic earnings per share attributable to common shareholders

 $3.13  $1.64  $8.70  $4.37  $4.04  $(2.56 $0.52 

Diluted earnings per share attributable to common shareholders

  3.09   1.61   8.49   4.29   3.95   (2.56  0.51 

Cash dividends declared per share

  1.89   1.65   1.45   1.25   1.05   0.54   0.45 

Consolidated Balance Sheet Data
(as of end of period)

       

Total assets

 $9,214  $9,018  $2,845  $2,320  $2,351  $9,432  $9,214 

Securitized debt, net(5)

  1,871   1,714   835   729   676   1,926   1,871 

Debt, net(5)

  2,216   2,104   260   8   3   2,778   2,216 

Mandatorily redeemable preferred stock of consolidated subsidiary, net

  —     —     —     —     39   —     —   

Total liabilities

  6,183   5,552   1,804   1,425   1,372   6,660   6,183 

Total equity

  3,019   3,461   1,041   895   979   2,772   3,031 

Noncontrolling interests

  12   5   —     —     —     13   12 

Operating Statistics

       

Vacation Ownership

       

Consolidated contract sales(6)

 $1,524  $1,073  $826  $741  $719  $306  $354 

Exchange & Third-Party Management

       

Total active members at end of period (in thousands)(7)

  1,670   1,802   —     —     —     1,636   1,694 


(1)

In 2017, we changed our financial reporting cycle to a calendaryear-end reporting cycle. All fiscal years presented before 2017 included 52 weeks. Our 2017, 2016 and 2015 fiscal years were composed of 366 days, 364 days and 364 days, respectively.

(2)

Data presented has been reclassified to conform to our 2019 financial statement presentation. See Note 1 “Basis of Presentation” to our audited consolidated financial statements included in our 2019 Annual Report, which is incorporated by reference in this prospectus, for further information on these reclassifications.

(3)

Data presented has been adjusted to recast certain prior period financial information to reflect our retrospective adoption of ASC 606, effective January 1, 2018, the first day of our 2018 fiscal year.

(4)

Data presented has been reclassified to conform to our financial statement presentation for the quarter ended March 31, 2020.

(5)

Net of unamortized debt discount and issuance costs.

(6)

Consolidated contract sales consist of the total amount of vacation ownership product sales under contract signed during the period where we have received a down payment of typically at least ten percent of the contract price, reduced by actual rescissions during the period, inclusive of contracts associated with sales of vacation ownership products on behalf of third parties, which we refer to as “resales contract sales.” In circumstances where a customer applies any or all of their existing ownership interests as part of the purchase price for additional interests, we include only the incremental value purchased as contract sales. Contract sales differ from revenues from the sale of vacation ownership products that we report in our income statements due to the requirements for revenue recognition described in Note 2, “Summary of Significant Accounting Policies,” accompanying our audited consolidated financial statements included in our 2019 Annual Report, which is incorporated by reference in this prospectus. We consider contract sales to be an important operating measure because it reflects the pace of sales in our business. Consolidated contract sales do not include contract sales from unconsolidated joint ventures.

(7)

Total active members represents the number of Interval International network active members at the end of the applicable period.

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THE EXCHANGE OFFER

PurposeTerms of the Exchange Offer

        On April 10, 2015, $350.0 million principal amount of 5.625% SeniorGeneral. We issued the Original Notes due 2023, the old notes to which the exchange offer applies, were issued by Interval Acquisition Corp.on October 1, 2019 in reliance on exemptionsa transaction exempt from or in transactions not subject to, the registration requirements of the Securities Act and applicable state securities laws. The old notes have been fully and unconditionally guaranteed, jointly and severally, by ILG and all of the Issuer's existing and future domestic restricted subsidiaries that guarantee its obligations or are borrowers under the Credit Facility. Act.

In connection with the offeringsale of the old notes, the Issuer and the guarantors agreed to conduct the exchange offer pursuant to the Registration Rights Agreement. Under the Registration Rights Agreement, the Issuer and the guarantors agreed, among other things, to:

    file with the SEC an exchange offer registration statement relating to the new notes;

    use their commercially reasonable efforts to cause the registration statement to become effective; and

    use their commercially reasonable efforts to consummate the exchange offer on the earliest practicable date after the effective date of the registration statement, but in no event later than June 8, 2016.

        The Issuer and the guarantors are conducting the exchange offer to satisfy these obligations under the Registration Rights Agreement.

        Under some circumstances, the Issuer and the guarantors may be required to use their commercially reasonable efforts to file and cause to be declared effective, in lieu of the exchange offer registration statement, a shelf registration statement covering resales of the old notes. If the Issuer and the guarantors fail to meet specified deadlines under the Registration Rights Agreement, then the Issuer will be obligated to pay additional interest toOriginal Notes, holders of the old notes. See "—Registration Rights; Additional Interest."

Terms of the Exchange Offer

        The Issuer and the guarantors are offering to exchange an aggregate principal amount of up to $350.0 million of new notes and guarantees thereof for a like aggregate principal amount of old notes and guarantees thereof. The new notes will evidence the same debt as the old notes for which they are exchanged and will, like the old notes, be issued under andOriginal Notes became entitled to the benefits of the indenture. The formregistration rights agreement, dated October 1, 2019, among the Issuer, the Guarantors and terms of the new notes issued in the exchange offer will be identical in all material respects to the form and terms of the old notes, except that the new notes:initial purchasers.

    will have been registered under the Securities Act;

    will not bear restrictive legends restricting their transfer under the Securities Act;

    will not entitle holders to

    Under the registration rights that applyagreement, we became obligated to the old notes; and

    will not contain provisions relating to additional interestfile a registration statement in connection with the old notes under circumstances relatedExchange Offer, to use our reasonable best efforts to have the timing ofExchange Offer registration statement declared effective and to use our reasonable best efforts to exchange New Notes for the exchange offer.

Original Notes tendered prior thereto within 365 days following October 1, 2019. The exchange offer is not extended to holders of old notes in any jurisdiction where the exchange offer would not comply with the securities or blue sky laws of that jurisdiction.

        As of the date ofExchange Offer being made by this prospectus, $350.0 million aggregate principal amount of old notes is outstanding and registered inif consummated within the name of Cede & Co., as nominee for The Depository Trust Company, or DTC. Only registered holders of the old notes, or their legal representatives or attorneys-in-fact, as reflected on the records of the trusteerequired time period, will satisfy our obligations under the indenture, may participate in the exchange offer. The


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Issuer and the guarantors will not set a fixed record date for determining registered holders of the old notes entitled to participate in the exchange offer.registration rights agreements. This prospectus, together with the letter of transmittal,instruction, is being sent to all registeredbeneficial holders of old notes andOriginal Notes known to others believed to have beneficial interests in the old notes.us.

Upon the terms and subject to the conditions described in this prospectus and in the accompanying letter of transmittal, the Issuer will accept for exchange old notes which are properly tendered on or before the expiration date and not withdrawn as permitted below. The exchange offer expires at 5:00 p.m., New York City time, on                        , 2016 or such later date and time to which the Issuer may extend the exchange offer, such date referred to as the expiration date.

        Old notes tendered in the exchange offer must be in denominations of the principal amount of $2,000 and any integral multiple of $1,000 in excess thereof. The exchange offer is not conditioned upon holders tendering a minimum principal amount of old notes.

        If you do not tender your old notes or if you tender old notes that are not accepted for exchange, your old notes will remain outstanding. Existing transfer restrictions would continue to apply to old notes that remain outstanding. See "—Consequences of Failure to Exchange Old Notes" for more information regarding old notes outstanding after the exchange offer. Holders of the old notes do not have any appraisal or dissenters' rights in connection with the exchange offer.

        None of the Issuer and the guarantors, their respective boards of directors or their management recommends that you tender or not tender old notes in the exchange offer or has authorized anyone to make any recommendation. You must decide whether to tender old notes in the exchange offer and, if you decide to tender, the aggregate amount of old notes to tender.

        The Issuer has the right, in its reasonable discretion and in accordance with applicable law, at any time:

    to extend the expiration date;

    to delay the acceptance of any old notes;

    to terminate the exchange offer and not accept any old notes for exchange if the Issuer determines that any of the conditions to the exchange offer described below under "—Conditions to the Exchange Offer" have not occurred or have not been satisfied; and

    to amend the terms of the exchange offer in any manner.

        During an extension, all old notes previously tendered will remain subject to the exchange offer and may be accepted for exchange by the Issuer.

        We will give oral or written notice of any extension, delay, non-acceptance, termination or amendment to the exchange agent as promptly as practicable and make a public announcement of the extension, delay, non-acceptance, termination or amendment. In the case of an extension, the announcement will be made no later than 9:00 a.m., New York City time, on the next business day after the previously scheduled expiration date.

        If the Issuer amends the exchange offer in a manner that we consider material, we will as promptly as practicable distribute to the holders of the old notes a prospectus supplement or, if appropriate, an updated prospectus from a post-effective amendment to the registration statement of which this prospectus is a part, disclosing the change and extend the exchange offer for a period of five to ten business days, depending upon the significance of the amendment and the manner of disclosure to the registered holders, if the exchange offer would otherwise expire during the five to ten business day period.


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Procedures for Tendering Old Notes

Valid Tender

        When the holder of old notes tenders, and the Issuer accepts, old notes for exchange, a binding agreement between the Issuer and the guarantors, on the one hand, and the tendering holder, on the other hand, is created, upon the terms and subject to the conditions set forth in this prospectus and in the accompanying letter of transmittal.

        Except as described below under "—Guaranteed Delivery," a holder of old notes who wishes to tender old notesinstruction, we will accept for exchange must,all Original Notes properly tendered and not withdrawn on or prior to the expiration date:

    transmit a properly completed and duly executed letterdate. We will issue $1,000 principal amount of transmittal, together with all other documents required by the letterNew Notes in exchange for each $1,000 principal amount of transmittal, to the exchange agent at the address provided below under "—Exchange Agent"; or

    if old notes are tendered in accordance with the book-entry procedures described below under "—Book-Entry Transfers," arrange with DTC to cause an agent's message to be transmitted to the exchange agent at the address provided below under "—Exchange Agent."

        The term "agent's message" means a message transmitted to the exchange agent by DTC which states that DTC has received an express acknowledgment that the tendering holder agrees to be bound by the letter of transmittal and that the Issuer and the guarantors may enforce the letter of transmittal against that holder.

        In tendering old notes, you must warrantoutstanding Original Notes accepted in the letter of transmittal or in an agent's message that:

    you have full power and authority toExchange Offer. Holders may tender exchange, sell, assign and transfer old notes;

    we will acquire good, marketable and unencumbered title to the tendered old notes, free and clear of all liens, restrictions, charges and other encumbrances; and

    the old notes tendered for exchange are not subject to any adverse claims or proxies.

        You also must warrant and agree that you will, upon request, execute and deliver any additional documents requested by us or the exchange agent to complete the exchange, sale, assignment and transfer of the old notes.

        In addition, on or prior to the expiration date:

    the exchange agent must receive the certificates for the old notes being tendered; or

    the exchange agent must receive a confirmation, referred to as a "book-entry confirmation," of the book-entry transfer of the old notes being tendered into the exchange agent's account at DTC, and the book-entry confirmation must include an agent's message; or

    the holder must comply with the guaranteed delivery procedures described below under "—Guaranteed Delivery."

        If you beneficially own old notes and those notes are registered in the name of a broker, dealer, commercial bank, trust company or other nominee or custodian and you wish to tender your old notes in the exchange offer, you should contact the registered holder as soon as possible and instruct it to tender the old notes on your behalf and comply with the instructions set forth in this prospectus and the letter of transmittal.

        The method of delivery of certificates for the old notes, the letter of transmittal and all other required documents is at your election and sole risk. If delivery is by mail, we recommend registered mail with return receipt requested, properly insured, or overnight delivery service. In all cases, you should allow sufficient time to ensure delivery to the exchange agent before the expiration date.


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Delivery is complete when the exchange agent actually receives the items to be delivered. Delivery of documents to DTC in accordance with DTC's procedures does not constitute delivery to the exchange agent. Do not send letters of transmittal, certificates representing old notes or other documents to the Issuer or any guarantor.

        The Issuer and the guarantors will not accept any alternative, conditional or contingent tenders. Each tendering holder, by execution of a letter of transmittal or by causing the transmission of an agent's message, waives any right to receive any notice of the acceptance of such tender.

Signature Guarantees

        Signatures on a letter of transmittal or a notice of withdrawal, as the case may be, must be guaranteed unless the old notes surrendered for exchange are tendered:

    by a registered holder of old notes, unless such holder has completed either the box entitled "Special Issuance Instructions" or the box entitled "Special Delivery Instructions" on the letter of transmittal; or

    for the account of an eligible institution.

        An "eligible institution" is a firm or other entity which is identified as an "Eligible Guarantor Institution" in Rule 17Ad-15 under the Exchange Act, including:

    a bank;

    a broker, dealer, municipal securities broker or dealer or government securities broker or dealer;

    a credit union;

    a national securities exchange, registered securities association or clearing agency; or

    a savings association.

        If signatures on a letter of transmittal or notice of withdrawal are required to be guaranteed, the guarantor must be an eligible institution.

        If old notes are registered in the name of a person other than the signer of the letter of transmittal, the old notes surrendered for exchange must be endorsed or accompanied by a written instrument or instruments of transfer or exchange, in satisfactory form as determined by the Issuer and the guarantors in their sole discretion, duly executed by the registered holder with the holder's signature guaranteed by an eligible institution, and must also be accompanied by such opinions of counsel, certifications and other information as the Issuer and the guarantors or the trustee under the indenture for the old notes may require in accordance with the restrictions on transfer applicable to the old notes.

Book-Entry Transfers

        For tenders by book-entry transfer of old notes cleared through DTC, the exchange agent will make a request to establish an account at DTC for purposes of the exchange offer. Any financial institution that is a DTC participant may make book-entry delivery of old notes by causing DTC to transfer the old notes into the exchange agent's account at DTC in accordance with DTC's procedures for transfer. The exchange agent and DTC have confirmed that any financial institution that is a participant in DTC may use the Automated Tender Offer Program, or ATOP, procedures to tender old notes. Accordingly, any participant in DTC may make book-entry delivery of old notes by causing DTC to transfer those old notes into the exchange agent's account at DTC in accordance with DTC's ATOP procedures.


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        Notwithstanding the ability of holders of old notes to effect delivery of old notes through book-entry transfer at DTC, either:

    the letter of transmittal or an agent's message in lieu of the letter of transmittal, with any required signature guarantees and any other required documents, such as endorsements, bond powers, opinions of counsel, certifications and powers of attorney, if applicable, must be transmitted to and received by the exchange agent prior to the expiration date at the address given below under "—Exchange Agent"; or

    the guaranteed delivery procedures described below must be complied with.

Guaranteed Delivery

        If a holder wants to tender old notes in the exchange offer and (1) the certificates for the old notes are not immediately availablesome or all required documents are unlikely to reach the exchange agent before the exchange offer expires or (2) a book-entry transfer cannot be completed on time, the old notes may be tendered if:

    the tender is made by or through an eligible institution;

    the eligible institution delivers a properly completed and duly executed notice of guaranteed delivery, substantially in the form provided, to the exchange agent by hand, facsimile, mail or overnight delivery service on or prior to the expiration date:

    stating that the tender is being made;

    setting forth the name and address of the holder of the old notes being tendered and the amount of the old notes being tendered; and

    guaranteeing that, within three New York Stock Exchange trading days after the date of execution of the notice of guaranteed delivery, the certificates for all physically tendered old notes, in proper form for transfer, or a book-entry confirmation, as the case may be, together with a properly completed and duly executed letter of transmittal, or an agent's message in lieu thereof, with any required signature guarantees and any other documents required by the letter of transmittal, will be deposited by the eligible institution with the exchange agent; and

    the exchange agent receives the certificates for the old notes, or a book-entry confirmation, and a properly completed and duly executed letter of transmittal, or an agent's message in lieu thereof, with any required signature guarantees and any other documents required by the letter of transmittal within three New York Stock Exchange trading days after the date of execution of the notice of guaranteed delivery.

Determination of Validity

        The Issuer, in its sole discretion, will resolve all questions regarding the form of documents, validity, eligibility, including time of receipt, and acceptance for exchange of any tendered old notes. The determination of these questions by the Issuer, as well as its interpretation of the terms and conditions of the exchange offer, including the letter of transmittal, will be final and binding on all parties. A tender of old notes is invalid until all defects and irregularities have been cured or waived.

        Holders must cure any defects and irregularities in connection with tenders of old notes for exchange within such reasonable period of time as the Issuer and the guarantors will determine, unless they waive the defects or irregularities. None of the Issuer and the guarantors, any of their respective affiliates or assigns, the exchange agent or any other person is under any obligation to give notice of any defects or irregularities in tenders, nor will any of them be liable for failing to give any such notice.


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        The Issuer reserves the absolute right, in its sole and absolute discretion:

    to reject any tenders determined to be in improper form or unlawful;

    to waive any of the conditions of the exchange offer; or

    to waive any condition or irregularity in the tender of old notes by any holder, whether or not the Issuer waives similar conditions or irregularities in the case of other holders.

        If any letter of transmittal, certificate, endorsement, bond power, power of attorney or any other document required by the letter of transmittal is signed by a trustee, executor, administrator, guardian, attorney-in-fact, officer of a corporation or other person acting in a fiduciary or representative capacity, that person must indicate such capacity when signing. In addition, unless waived by the Issuer, the person must submit proper evidence satisfactory to the Issuer, in its sole discretion, of the person's authority to so act.

Acceptance of OldOriginal Notes for Exchange; Delivery of New Notes

        Upon satisfaction or waiver of all of the conditions to the exchange offer, the Issuer will, promptly after the expiration date, accept for exchange and cancel all old notes properly tendered and issue new notes registered under the Securities Act. See "—Conditionspursuant to the Exchange Offer" for a discussionOffer.

Based onno-action letters issued by the staff of the conditions that must be satisfied or waived before old notes are accepted for exchange. The exchange agent might not deliver the new notes to all tendering holders at the same time. The timing of delivery depends upon when the exchange agent receives and processes the required documents.

        For purposes of the exchange offer, the Issuer will be deemed to have accepted properly tendered old notes for exchange when it gives oral or written notice to the exchange agent of acceptance of the tendered old notes, with written confirmation of any oral notice to be given promptly thereafter. The exchange agent is the agent of the Issuer for receiving tenders of old notes, letters of transmittal and related documents.

        In all cases, the Issuer will issue new notes in the exchange offer for old notes that are accepted for exchange only after the exchange agent timely receives:

    certificates for those old notes or a timely book-entry confirmation of the transfer of those old notes into the exchange agent's account at DTC;

    a properly completed and duly executed letter of transmittal or an agent's message; and

    all other required documents, such as endorsements, bond powers, opinions of counsel, certifications and powers of attorney, if applicable.

        For each old note accepted for exchange and cancelled, the holder will receive a new note registered under the Securities Act having a principal amount equal to, and in the denomination of, that of the surrendered old note. Accordingly, registered holders of new notes issued in the exchange offer on the relevant record date for the first interest payment date following the consummation of the exchange offer will receive interest accruing from the most recent date to which interest has been paid on the old notes or, if no interest has been paid on the old notes, from April 10, 2015. Old notes accepted for exchange will cease to accrue interest from and after the date of consummation of the exchange offer and will be cancelled promptly after the expiration of the exchange offer.

        If for any reason under the terms and conditions of the exchange offer the Issuer does not accept any tendered old notes, or if a holder submits old notes for a greater principal amount than the holder desires to exchange, the Issuer will return the unaccepted or non-exchanged old notes without cost to the tendering holder promptly after the expiration or termination of the exchange offer. In the case of old notes tendered by book-entry transfer through DTC, any unexchanged old notes will be credited to an account maintained with DTC.


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Resales of New Notes

        Based on interpretations by the SEC set forth in no-action letters issued to third parties, we believe that youholders of the New Notes issued in exchange for Original Notes may offer for resale, resell orand otherwise transfer new notes issued in the exchange offerNew Notes, other than any holder that is an affiliate of ours within the meaning of Rule 405 under the Securities Act, without complyingcompliance with the registration and prospectus delivery provisions of the Securities Act, if:

    youAct. This is true as long as the New Notes are not our affiliate withinacquired in the meaning of Rule 405ordinary course of the Securities Act;

    you are not participating, and you haveholders’ business, the holder has no arrangement or understanding with any person to participate in a distribution (within the meaning of the Securities Act) of the new notes in violation of the provisions of the Securities Act;

    if you are a broker dealer, you have not entered into any arrangement or understanding with us or any of our affiliates to distribute the new notes; and

    you are acquiring the new notes in the ordinary course of your business.

        If you are our affiliate, or are engaging in, or intend to engage in, or have any arrangement or understanding with any person to participate in, a distribution of the new notes, or are not acquiring the new notes in the ordinary course of your business:

    You cannot rely on the position of the SEC set forth in Morgan Stanley & Co. Incorporated (available June 5, 1991)New Notes and Exxon Capital Holdings Corporation (available May 13, 1988), as interpreted in the SEC's letter to Shearman & Sterling, dated July 2, 1993, and similar no-action letters; and

    in the absence of an exception from the position stated immediately above, you must comply with the registration and prospectus delivery requirements of the Securities Act in connection with any resale of the new notes.

        This prospectus may be used for an offer to resell, resale or other transfer of new notes only as specifically set forth in this prospectus. With regard to broker-dealers, only broker-dealers that acquired the outstanding old notes as a result of market-making activities or other trading activities may participate in the exchange offer. Each broker-dealer that receives new notes for its own account in exchange for outstanding old notes, where such outstanding old notes were acquired by such broker-dealer as a result of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of the new notes. Please read "Plan of Distribution and Selling Restrictions" for more details regarding the transfer of new notes.

        Ifneither the holder nor any other person is an affiliate of the Issuer or any guarantor or is engagedengaging in or intends to engage in or has an arrangement or understanding with any person to participatea distribution of the New Notes. A broker-dealer that acquired Original Notes directly from us cannot exchange the Original Notes in the Exchange Offer. Any holder who tenders in the Exchange Offer for the purpose of participating in a distribution of the new notes, that holder or other person may notNew Notes cannot rely on the applicable interpretationsno-action letters of the staff of the SEC and must comply with the registration and prospectus delivery requirements of the Securities Act in connection with any resale transaction.

        By tendering old notes, the holder of those old notes will represent to the Issuer and the guarantors that, among other things, the holder:

    is acquiring the new notes in its ordinary course of business;

    is not engaged in, does not intend to engage in and has no arrangement or understanding with any person to participate in a distribution of the new notes in violation of the Securities Act;

    is not an affiliate of the Issuer or any guarantor; and

    is not acting on behalf of any person who could not truthfully make the foregoing representations.

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Each broker-dealer that receives new notesNew Notes for its own account in exchange for old notes,Original Notes, where the old notesOriginal Notes were acquired by itsuch broker-dealer as a result of market-making activities or other trading activities, may be deemed to be an "underwriter" within the meaning of the Securities Act and must acknowledge that it will deliver a prospectus that meets the requirements of the Securities Act in connection with any resale of such New Notes. See “Plan of Distribution” for additional information.

We shall be deemed to have accepted validly tendered Original Notes when, as and if we have given written notice of the new notes. The letteracceptance of transmittal states thatsuch Notes to the Exchange Agent.

If any tendered Original Notes are not accepted for exchange because of an invalid tender or the occurrence of the conditions set forth under “—Conditions” without waiver by so acknowledging and by delivering a prospectus,us, any such unaccepted Original Notes will be returned, without expense, to the broker-dealertendering holder of any such Original Notes as promptly as practicable after the expiration date.

Holders of Original Notes who tender in the Exchange Offer will not be deemedrequired to admit that it is an "underwriter" withinpay brokerage commissions or fees or, subject to the meaninginstructions in the letter of the Securities Act. See "Plan of Distribution and Selling Restrictions" for a discussion ofinstruction, transfer taxes with respect to the exchange of Original Notes, pursuant to the Exchange Offer. We will pay all charges and resale obligations of broker-dealersexpenses, other than certain applicable taxes in connection with the exchange offerExchange Offer.

Expiration Date; Extensions; Amendment. We will keep the Exchange Offer open for not less than 20 business days, or longer if required by applicable law. The term “expiration date” means the expiration date set forth on the cover page of this prospectus, unless we extend the Exchange Offer, in which case the term “expiration date” when used with respect to the Exchange Offer means the latest date to which the Exchange Offer is extended.

In order to extend the expiration date of the Exchange Offer, we will notify the Exchange Agent of any extension by oral or written notice and issue a public announcement of the new notes.extension prior to 9:00 a.m., New York City time, on the next business day after the previously scheduled expiration date.

Withdrawal RightsWe reserve the right:

 You can withdraw tenders

(a)

to delay accepting any Original Notes, to extend the Exchange Offer or to terminate the Exchange Offer and not accept Original Notes not previously accepted if any of the conditions set forth under “—Conditions” shall have occurred and shall not have been waived by us, if permitted to be waived by us, by giving oral or written notice of such delay, extension or termination to the Exchange Agent; or

(b)

to amend the terms of the Exchange Offer in any manner deemed by us to be advantageous to the holders of the Original Notes. Any delay in acceptance, extension, termination or amendment will be followed as promptly as practicable by oral or written notice. If the Exchange Offer is amended in a manner determined by us to constitute a material change, we promptly will disclose such amendment in a manner reasonably calculated to inform the holders of the Original Notes of such amendment. Depending upon the significance of the amendment, we may extend the Exchange Offer if it otherwise would expire during such extension period.

Without limiting the manner in which we may choose to make a public announcement of old notesany extension, amendment or termination of the Exchange Offer, we will not be obligated to publish, advertise, or otherwise communicate any such announcement, other than by making a timely release to an appropriate news agency.

Procedures for Tendering

To tender in the Exchange Offer, a holder must effect a book-entry transfer of Original Notes to be tendered in the Exchange Offer into the account of the Exchange Agent at The Depository Trust Company (“DTC”) by electronically transmitting its acceptance of the Exchange Offer through the Automated Tender Offer Program (“ATOP”) maintained by DTC, and delivering to the Exchange Agent any other required documents. DTC will then verify the acceptance, execute a book-entry delivery to the Exchange Agent’s account at DTC and send an agent’s message to the Exchange Agent. To be validly tendered, confirmation of such book-entry transfer and such other required documents must reach the exchange agent before 5:00 p.m., New York City time, on the expiration date.Holders desiring to tender Original Notes pursuant to ATOP must allow sufficient time for completion of the ATOP procedures during normal business hours of DTC. Except as otherwise provided in this prospectus, delivery of Original Notes will be deemed made only when the agent’s message is actually received by the Exchange Agent prior to the expiration date. For

The term “agent’s message” means a withdrawalmessage, transmitted by a book-entry transfer facility to, and received by, the Exchange Agent, forming a part of a confirmation of a book-entry transfer, which states that such book-entry transfer facility has received an express acknowledgment from the participant in such book-entry transfer facility tendering the Original Notes that such participant has received and agrees to be effective, you must deliverbound by the terms of the letter of instruction and that we may enforce such agreement against such participant.

The tender by a written noticeholder of withdrawalOriginal Notes will constitute an agreement between such holder and us in accordance with the terms and subject to the exchange agentconditions set forth in this prospectus and in the letter of instruction.

Although delivery of the Original Notes may be effected through book-entry transfer into the Exchange Agent’s account at DTC and delivery of an agent’s message to the Exchange Agent, delivery of all other required

documents (if any) must be made to the Exchange Agent at its address set forth below. Holders may also request their respective brokers, dealers, commercial banks, trust companies or nominees to effect such tender for such holders.

The method of delivery of the required documents other than the Original Notes (if any) to the Exchange Agent is at the election and risk of the holders. In all cases, sufficient time should be allowed to assure timely delivery to the Exchange Agent before 5:00 p.m., New York City time, on the expiration date. No Original Notes or other documents should be sent to us.

There will be no fixed record date for determining registered holders of Original Notes entitled to participate in the Exchange Offer.

Any beneficial holder whose Original Notes are registered in the name of its broker, dealer, commercial bank, trust company or other nominee and who wishes to tender should contact such registered holder promptly and instruct such registered holder to tender on its behalf and comply with the appropriateATOP procedures of ATOP. Any notice of withdrawal must:

    specify the name of the person that tendered the old notes to be withdrawn;

    identify the old notes to be withdrawn, including the principal amount of those old notes; and

    where certificates for old notes are transmitted, the name of the registered holder of the old notes, if different from that of the person withdrawing the old notes.

        If you delivered or otherwise identified certificated old notes to the exchange agent, you must submit the serial numbers of the old notes to be withdrawn and the signature on the notice of withdrawal must be guaranteed by an eligible institution, except in the case of old notes tendered for the account of an eligible institution. See "—Procedures for Tendering Old Notes—Signature Guarantees" for further information on the requirements for guarantees of signatures on notices of withdrawal. If you tendered old notes in accordance with applicable book-entry transfer procedures, the notice of withdrawal must specify the name and number of the account at DTC to be credited with the withdrawn old notes and you must deliver the notice of withdrawal to the exchange agent. You may not rescind withdrawals of tender; however, old notes properly withdrawn may again be tendered at any timedescribed below on or prior to the expiration date in accordance with the procedures described under "—Procedures for Tendering Old Notes."date.

        The Issuer will determine, in its sole and absolute discretion, allAll questions regardingas to the validity, form, and eligibility, including time of receipt, and withdrawal of noticesthe tendered Original Notes will be determined by us in our sole discretion, which determination will be final and binding. We reserve the absolute right to reject any and all Original Notes not properly tendered or any Original Notes our acceptance of withdrawal. Its determinationwhich, in the opinion of these questionsour counsel, would be unlawful. We also reserve the right to waive any irregularities or conditions of tender as well as itsto particular Original Notes. Our interpretation of the terms and conditions of the exchange offer,Exchange Offer, including the instructions in the letter of transmittal,instruction, will be final and binding on all parties. Unless waived, any defects or irregularities in connection with tenders of Original Notes must be cured within such time as we shall determine. None of us, the Issuer and the guarantors, any of their respective affiliates or assigns, the exchange agentExchange Agent or any other person isshall be under any obligationduty to give noticenotification of anydefects or irregularities in any noticewith respect to tenders of withdrawal,Original Notes, nor willshall any of them be liableincur any liability for failingfailure to give any such notice.

        Withdrawn old notesnotification. Tenders of Original Notes will not be deemed to have been made until such defects or irregularities have been cured or waived. Any Original Notes received by the Exchange Agent that are not properly tendered and as to which the defects or irregularities have not been cured or waived will be returned to the holder as promptly as practicable after withdrawal without cost to such holder by the holder. Exchange Agent to the tendering holders of Original Notes, unless otherwise provided in the letter of instruction, as soon as practicable following the expiration date.

In addition, we reserve the caseright in our sole discretion to:

(a)

purchase or make offers for any Original Notes that remain outstanding subsequent to the expiration date or, as set forth under “—Conditions,” to terminate the Exchange Offer in accordance with the terms of the registration rights agreement; and

(b)

to the extent permitted by applicable law, purchase Original Notes in the open market, in privately negotiated transactions or otherwise. The terms of any such purchases or offers may differ from the terms of the Exchange Offer.

By tendering, each holder will represent to us that, among other things,

(a)

the New Notes acquired pursuant to the Exchange Offer are being obtained in the ordinary course of business of such holder or other person;

(b)

neither such holder nor such other person is engaged in or intends to engage in a distribution of the New Notes;

(c)

neither such holder or other person has any arrangement or understanding with any person to participate in the distribution of such New Notes; and

(d)

such holder or other person is not an “affiliate,” as defined under Rule 405 of the Securities Act, of the Issuer or, if such holder or other person is such an affiliate, will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable.

We understand that the Exchange Agent will make a request promptly after the date of old notes tenderedthis prospectus to establish an account with respect to the Original Notes, at DTC for the purpose of facilitating the Exchange Offer, and subject to the establishment of such account, any financial institution that is a participant in DTC’s system may make book-entry delivery of Original Notes by causing DTC to transfer such Original Notes into the Exchange Agent’s account with respect to the Original Notes in accordance with the ATOP procedures for such transfer. Although delivery of the Original Notes may be effected through book-entry transfer throughinto the Exchange Agent’s account at DTC and delivery of an agent’s message to such Exchange Agent, all other required documents (if any) must in each case be transmitted to and received or confirmed by the old notes withdrawn will be credited to an account maintained with DTC.

ConditionsExchange Agent at its address set forth below on or prior to the expiration date.

Withdrawal of Tenders

Except as otherwise provided in this prospectus, tenders of Original Notes may be withdrawn at any time prior to 5:00 p.m., New York City time, on the expiration date. However, if the expiration date has been extended, tenders of Original Notes previously accepted for exchange as of the original expiration date may not be withdrawn.

To withdraw a tender of Original Notes in the Exchange Offer, you must comply with DTC’s procedures for withdrawal of tenders.Sufficient time should be allowed for completion of the ATOP withdrawal procedures during the normal business hours of DTC. A withdrawal may be effected by a properly submitted “Request Message” through ATOP, which must:

 

specify the name of the DTC participant whose name appears on the security position listing as the owner of such tendered Original Notes;

contain a description of the Original Notes to be withdrawn, including the principal amount; and

be signed by such DTC participant in the same manner as the participant’s name is listed in the agent’s message.

Conditions

Notwithstanding any other provisionterm of the exchange offer, the Issuer isExchange Offer, we will not be required to accept any Original Notes for exchange, or to issue new notes in exchange any New Notes for any old notes,Original Notes, and the Issuer and the guarantors may terminate or amend the exchange offer, if:

    at any time prior toExchange Offer before the expiration date, if the Issuer and the guarantors determine, in their reasonable judgment, that the exchange offerExchange Offer violates any applicable law or SEC policy;

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    at any time prior tointerpretation by the expiration date, any action or proceeding has been instituted or threatened in writing in any court or by or before any governmental agency with respect to the exchange offer that, in our reasonable judgment, would be expected to impair our ability to proceed with the exchange offer;

    at any time prior to the expiration date, a material adverse development shall have occurred with respect to the Issuer; or

    all governmental approvals have not been obtained that the Issuer deems necessary for the consummationstaff of the exchange offer.

SEC. In addition, with respectwe will not be obligated to accept for exchange the Original Notes of any holder the exchange offer is conditioned on the tender of the old notesthat has not made to us by such holder in accordance with the terms and conditions set forth in this prospectus and the accompanying letter of transmittal.

        The foregoing conditions are for our sole benefit, and we may assert them regardless of the circumstances giving rise to any such condition, or we may waive the conditions, completely or partially, whenever or as many times as we choose, in our reasonable discretion. The foregoing rights are not deemed waived because we fail to exercise them, but continue in effect, and we may still assert them whenever or as many times as we choose. If we determine that a waiver of conditions materially changes the exchange offer, the prospectus will be amended or supplemented, and the exchange offer extended, if appropriate, asrepresentations described under "—“—Terms of the Exchange Offer."

        In addition, at a time when any stop order is threatenedOffer—Procedures for Tendering” and such other representations as may be reasonably necessary under applicable SEC rules, regulations or in effect with respectinterpretations to allow us to use an appropriate form to register the registration statement of which this prospectus constitutes a part or with respect to the qualification of the indenture under the Trust Indenture Act of 1939, as amended, we will not accept for exchange any old notes tendered, and no new notes will be issued in exchange for any such old notes.

        If the Issuer and the guarantors are not permitted to consummate the exchange offer because the exchange offer is not permitted by applicable law or SEC policy, the Registration Rights Agreement requires that the Issuer and the guarantors file with the SEC, and use commercially reasonable efforts to cause to be declared effectiveNew Notes under the Securities Act, a shelf registration statement relating toAct.

If we determine in our reasonable discretion that any of the offer and saleforegoing conditions exist, we may:

(1)

refuse to accept any Original Notes and return all tendered Original Notes to the tendering holders;

(2)

extend the Exchange Offer and retain all Original Notes tendered prior to the expiration of the Exchange Offer, subject, however, to the rights of holders who tendered such Original Notes to withdraw their tendered Original Notes; or

(3)

waive such condition, if permissible, with respect to the Exchange Offer and accept all properly tendered Original Notes which have not been withdrawn. If such waiver constitutes a material change to the Exchange Offer, we will promptly disclose such waiver by means of a prospectus supplement that will be distributed to the holders, and we will extend the Exchange Offer as required by applicable law.

Notes Exchange Agent

The Bank of notes. See "—Registration Rights; Additional Interest."

Exchange Agent

        HSBC Bank USA, National Association is servingNew York Mellon Trust Company, N.A. has been appointed as exchange agent for the exchange offer. You should direct questions andNotes. Any requests for assistance requestsor for additional copies of this prospectus, related materials or documents required in connection with surrenders of Original Notes for conversion should be directed to The Bank of New York Mellon Trust Company, N.A. addressed as follows:

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

c/o The Bank of New York Mellon Corporation

Corporate Trust Operations—Reorganization Unit

111 Sanders Creek Parkway

East Syracuse, NY 13057

Attn: Tiffany Castor

Tel:315-414-3034

Facsimile: :732-667-9408

Email: CT_REORG_UNIT_INQUIRIES@bnymellon.com

Fees and Expenses

We have agreed to bear the expenses of the letter of transmittal and requests for notices of guaranteed deliveryExchange Offer pursuant to the exchange agent. Holders of old notes seeking to tender old notes in the exchange offer should send certificates for old notes, letters of transmittal andregistration rights agreement. We have not retained any other required documents to the exchange agent by registered, certified or regular mail, hand delivery, overnight delivery service or facsimile, as follows:

For all forms of delivery:

HSBC Bank USA, National Association
Corporate Trust and Loan Agency
452 Fifth Avenue
New York, NY 10016
Attn: Account Bank
Facsimile: (212) 525-1300
For confirmation call: (212) 525-1427

        If you deliver the letter of transmittal or any other required documents to an address other than as set forth above or transmit the letter of transmittal or any other required documentation via facsimile to a number other than as indicated above, your tender of old notes will be invalid.


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Fees and Expenses

        The Registration Rights Agreement provides that the Issuer and the guarantors will bear all expensesdealer manager in connection with the performance of their obligations relatingExchange Offer and will not make any payments to the registrationbrokers, dealers or others soliciting acceptances of the new notes and the conduct of the exchange offer. These expenses include, among others, registration and filing fees, accounting and legal fees and printing costs.Exchange Offer. We, however, will pay the exchange agent reasonable and customary fees for itstheir services and will reimburse them for their reasonableout-of-pocket expenses. expenses in connection with providing such services.

        We have not retained any dealer-managerThe cash expenses to be incurred in connection with the exchange offerExchange Offer will be paid by us. Such expenses include fees and will not pay any fee or commission to any broker, dealer, nominee or other person, other than the exchange agent, for soliciting tenders of old notes pursuant to the exchange offer.

Transfer Taxes

        Holders who tender their old notes for exchange will not be obligated to pay any transfer taxes in connection with the exchange. If, however, new notes issued in the exchange offer are to be delivered to, or are to be issued in the name of, any person other than the holderexpenses of the old notes tendered, or if a transfer tax is imposed for any reason other than the exchange of old notes in connection with the exchange offer, then any such transfer taxes, whether imposed on the registered holder or on any other person, will be payable by the holder or such other person. If satisfactory evidence of payment of, or exemption from, such taxes is not submitted with the letter of transmittal, the amount of such transfer taxes will be billed directly to the tendering holder.Exchange Agent, accounting and legal fees and printing costs, among others.

Accounting Treatment

The new notesNew Notes will be recorded at the same carrying value as the old notes.Original Notes as reflected in our accounting records on the date of exchange. Accordingly, we will not recognize anyno gain or loss for accounting purposes. We intend to amortize thepurposes will be recognized by us. Certain expenses of the exchange offerExchange Offer and the unamortized expenses related to the issuance of the old notesOriginal Notes will be amortized over the term of the new notes.Notes in accordance with the applicable accounting framework.

Consequences of Failure to Exchange Old Notes

Holders of Original Notes who are eligible to participate in the old notesExchange Offer but who do not tender their Original Notes will not have any appraisal or dissenters'further registration rights, in the exchange offer. Old notes that are not tendered or are tendered but not acceptedand their Original Notes will following the consummation of the exchange offer, remain outstanding and continue to accrue interest and be subject to the provisions in the indenture regarding the transfer and exchange of the old notes and the existing restrictions on transfer set forth intransfer. Accordingly, such Original Notes may be resold only:

to us, upon redemption of such Original Notes or otherwise,

so long as the legends on the old notes. In general, the old notes, unless registeredOriginal Notes are eligible for resale pursuant to Rule 144A under the Securities Act, may not be offered or sold except pursuant to an exemption from, ora person inside the United States whom the seller reasonably believes is a qualified institutional buyer within the meaning of Rule 144A in a transaction not subjectmeeting the requirements of Rule 144A,

outside the United States to a foreign person in a transaction meeting the Securities Act and applicable state securities laws. Following the consummationrequirements of the exchange offer, the Issuer and the guarantors will have no further obligation to provide for the registrationRule 904 under the Securities Act, of the old notes. See "—Registration Rights; Additional Interest." We do not currently anticipate that we will take any action following the consummation of the exchange offer to register the old notes

in accordance with Rule 144 under the Securities Act, or under another exemption from the registration requirements of the Securities Act, and based upon an opinion of counsel reasonably acceptable to us, or

under an effective registration statement under the Securities Act,

in each case in accordance with any applicable securities laws of any state securities laws.

        Consummation of the exchange offer may have adverse consequences to non-tendering old note holders, includingUnited States.

Regulatory Approvals

We do not believe that the reducedreceipt of any material federal or state regulatory approval will be necessary in connection with the Exchange Offer, other than the effectiveness of the Exchange Offer registration statement under the Securities Act.

Other

Participation in the Exchange Offer is voluntary and holders of Original Notes should carefully consider whether to accept the terms and condition of the Exchange Offer. Holders of the Original Notes are urged to consult their financial and tax advisors in making their own decision on what action to take with respect to the Exchange Offer.

DESCRIPTION OF NOTES

This description of notes relates to the 4.750% senior notes due 2028 (the “New Notes”), to be issued by Marriott Ownership Resorts, Inc. (the “Issuer”) in exchange for $350,000,000 aggregate principal amount of 4.750% Senior Notes due 2028 (the “Original Notes” and, together with the New Notes and any additional notes, the “Notes”), issued by the Issuer pursuant to an indenture, dated as of October 1, 2019, by and among the Issuer, Marriott Vacations Worldwide Corporation, the other guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”), relating to the Notes (as supplemented, the “Indenture”). Interest on each Note will accrue from the last interest payment date on which interest was paid on the tendered Original Note in exchange therefor or, if no interest has been paid on such Original Note, from the first date Original Notes of such series were issued. Any Original Note that remains outstanding old notes as a resultafter completion of the exchange offer may adversely affect the trading market, liquidity and market price of the old notes. See "Risk Factors—Risks Relating to Our Indebtedness and the Notes—If you fail to complyExchange Offer, together with the procedures for tendering old notes, your old notesNotes, will remain outstanding after the consummation of the exchange offer" for further information.

        The new notes and any old notes which remain outstanding after consummation of the exchange offer will vote together for all purposesbe treated as a single class of securities under the indenture.


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Registration Rights; Additional Interest

        Pursuant to the Registration Rights Agreement, the Issuer and the guarantors may elect to effect an exchange offer to offer registered notes to the holders or, if:

    applicable interpretations of the staff of the SEC do not permit the Issuer and the guarantors to effect an exchange offer; or

    any holder of old notes (other than an initial purchaser) is not eligible to participate in the exchange offer,

        then in lieu of effecting the exchange offer, the Issuer and the guarantors will, at their cost,

    promptly as practicable, file a shelf registration statement with the SEC covering resales of the old notes or the new notes;

    use commercially reasonable efforts to cause the shelf registration statement to be declared effective under the Securities Act; and

    use commercially reasonable efforts to keep the shelf registration statement effective until the earliest of (x) the second anniversary of the effective date of the shelf registration statement and (y) the date on which all of the notes or exchange notes, as applicable, covered by the shelf registration statement have been sold pursuant to the shelf registration statement.

        If:

    the exchange offer has not been consummated on or prior to June 8, 2016;

    the shelf registration statement has not been filed, if required by the Registration Rights Agreement; or

    other registration defaults contemplated by the Registration Rights Agreement occur;

then interest, referred to in this section of the prospectus as additional interest, will accrue on the principal amount of the old notes (in addition to the stated interest on the old notes) from and including the date on which any such registration default shall occur to but excluding the date on which all registration defaults have been cured. Additional interest will accrue at a rate of 0.25% per annum during the 90-day period immediately following the occurrence of a registration default and shall increase by 0.25% per annum at the end of each subsequent 90-day period, but in no event shall such rate exceed 1.00% per annum. Upon the cure of all registration defaults, the accrual of additional interest shall cease.

        Holders of the old notes will be required to make specified representations to the Issuer in order to participate in the exchange offer. In order to have their old notes included in the shelf registration statement and benefit from the provisions regarding default damages set forth above, holders of the old notes will be required to deliver specified information to be used in the shelf registration statement. By acquiring old notes or new notes, a holder will be deemed to have agreed to indemnify the Issuer and the guarantors against certain losses arising out of information furnished by such holder in writing for inclusion in any shelf registration statement. Holders of old notes will also be required to suspend their use of the prospectus included in the shelf registration statement under specified circumstances upon receipt of written notice to that effect from the Issuer.

        For further information concerning the registration rights of holders of old notes, you should refer to the Registration Rights Agreement, which we have filed as Exhibit 4.3 to the registration statement of which this prospectus is a part.


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DESCRIPTION OF NOTES

You can find the definitions of capitalized terms used in this description and not defined elsewhere under the subheading "Definitions."“Definitions.” In this description, the words "Issuer," "we," "us"terms “Issuer,” “we,” “us or "our"our refer only to Interval Acquisition Corp.Marriott Ownership Resorts, Inc., a Delaware corporation, and not to any of its Subsidiaries, and the words "Parent Guarantor" referterm “Parent Guarantor” refers only to Interval Leisure Group, Inc.,Marriott Vacations Worldwide Corporation, a Delaware corporation, and not to any of its Subsidiaries, except for the purpose of financial data determined on a consolidated basis. In addition, the words "Subsidiary Guarantor"term “Subsidiary Guarantor refer to all existing Subsidiaries of the Issuer that Guarantee the notesNotes and to any future Subsidiaries that guarantee the notes.Notes. The word "Guarantors"Guarantors refers to the Parent Guarantor and the Subsidiary Guarantors, collectively.

General

The old notes were issued under an indenture, dated as of April 10, 2015, with HSBC Bank USA, National Association, as Trustee (as referenced herein, the "trustee" or the "Trustee"), as supplemented by a first supplemental indenture, dated as of November 10, 2015 (together, the "indenture"). The Issuer will issue the new notes under the indenture. We have filed a copy of the indenture as Exhibit 4.2 to the registration statement of which this prospectus is a part.

        The terms of the new notes will be identical in all material respects to the terms of the old notes, except that the new notes:

    will have been registered under the Securities Act;

    will not bear restrictive legends restricting their transfer under the Securities Act;

    will not entitle holders to the registration rights that apply to the old notes; and

    will not contain provisions relating to additional interest in connection with the old notes under circumstances related to the timing of the exchange offer.

        This "Description of Notes" sectionfollowing description is a summary of the material provisions of the indenture and the new notes.Indenture. It does not purportrestate the Indenture in its entirety. We urge you to restate those documents in their entirety and is qualifiedread the Indenture in its entirety by reference to all the provisionsbecause it, and not this description, defines your rights as a holder of the indenture and the notes, including the definitions of certain terms therein and those terms made a part thereof by the Trust Indenture Act of 1939, as amended.

Holding Company Structure

        The Issuer is a holding company and does not have any material assets or operations other than ownershipNotes. Copies of the capital stock of its subsidiaries and joint ventures. All of its operationsIndenture are conducted through its subsidiaries. As a result,available without charge upon request to the Issuer depends onat the cash flowaddress indicated under “Where You Can Find More Information.”

Principal, Maturity and Interest

On the Issue Date, we issued $350.0 million in aggregate principal amount of its subsidiaries to meet its obligations, including its obligationsOriginal Notes under the notes. ClaimsIndenture and, subject to compliance with the covenant described under “—Certain Covenants—Limitation on Debt,” we can issue an unlimited amount of creditors of such subsidiariesadditional Notes at later dates. Any additional Notes that we may issue in the future will have identical terms and conditions as the New Notes offered hereby, except that any additional Notes issued in the future will have different issue prices, issue dates, first interest payment dates and first dates from which interest will accrue;providedthat any additional Notes that are not Guarantors, including trade creditors, of such Subsidiaries generally will have priorityfungible with respect to the assets and earnings of such Subsidiaries over the claims of the Issuer's creditors, including holders of the notes. The notes, therefore, are structurally subordinated to creditors, including trade creditors, of our Subsidiaries that are not Guarantors.

Brief Description of the Notes and the Guarantees

The Notes

        The notes will be:

    general unsecured obligations of the Issuer;

    ranked equally in right of payment with all of the Issuer's existing and future senior debt;

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    ranked senior in right of payment to all of the Issuer's future Subordinated Indebtedness;

    ranked effectively junior to (i) all debt and other liabilities (including trade payables) of our Subsidiaries (if any) that are not Guarantors and (ii) all secured obligations of the Issuer (including amounts outstanding under the Credit Facility) to the extent of the value of the assets securing such obligations; and

    fully and unconditionally guaranteed by the Guarantors.

        Although the notes are titled "senior," we have not issued, and do not currently have any plans to issue, any indebtedness which would be subordinated to the notes.

        The notesfor U.S. federal income tax purposes will be issued with a separate CUSIP number and ISIN from the Notes. Any additional Notes will be part of the same issue as the New Notes that we are currently offering and will vote on all matters with the Notes. We will issue Notes in fully registered form only, without coupons, inminimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

The Guarantees

        The notes will be guaranteed by the Guarantors, which initially will include ILG and certain of our direct and indirect Restricted Subsidiaries that are Domestic Subsidiaries. Not all of our Subsidiaries will guarantee the notes. In the event of a bankruptcy, liquidation or reorganization of any of these non-guarantor Subsidiaries, these non-guarantor Subsidiaries will be obligated to pay the holders of their indebtedness and their trade creditors before they will be able to distribute any of their assets to us.

        As of December 31, 2015:

    the Issuer and its subsidiaries had $425.0 million principal amount of indebtedness on a consolidated basis, consisting of:

    $350.0 million principal amount of the notes, and

    $75.0 million principal amount of secured debt;

    an additional $516.4 million was available for borrowing on a secured basis under our senior secured credit facilities, excluding letters of credit totaling approximately $8.6 million, which borrowings and related guarantees would be secured.

        Our non-guarantor subsidiaries accounted for $90.7 million or 13.0% of our total revenues for the fiscal year ended December 31, 2015 and approximately $102.1 million, or 16.6% of our total revenues for the year ended December 31, 2014 and accounted for $237.4 million or 18.6% of our total assets and approximately $50.6 million or 6.2% of our total liabilities as of December 31, 2015.

        The Guarantees will be:

    general unsecured obligations of each Guarantor;

    ranked equally in right of payment with all existing and future senior debt of such Guarantor;

    ranked senior in right of payment to all existing and future Subordinated Indebtedness of such Guarantor; and

    ranked effectively junior to secured obligations of such Guarantor (including the secured guarantee by such guarantor of our obligations under the Credit Facility) to the extent of the value of the assets securing such obligations.

        As of the Issue Date, all of our Domestic Subsidiaries will be Restricted Subsidiaries and will be Guarantors. Under certain circumstances, we will be permitted to designate certain of our Subsidiaries as a "Unrestricted Subsidiaries." Unrestricted Subsidiaries will not be subject to the restrictive


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covenants in the indenture. Unrestricted Subsidiaries will not guarantee the notes. Restricted Subsidiaries that are not Domestic Subsidiaries will not be required to guarantee the notes.

Principal, Maturity and Interest

        We will issue $350 million in initial aggregate principal amount of notes under the indenture and, subject to compliance with the covenant described under "—Certain Covenants—Limitation on Debt," we can issue an unlimited amount of additional notes at later dates.

        Any additional notes that we issue in the future will be identical in all respects to the notes we are issuing now, except that the notes issued in the future will have different issuance prices and issuance dates; provided that if the additional notes are not fungible with the notes for U.S. federal income tax purposes, the additional notes will be issued with a separate CUSIP number. We will issue notes only in fully registered form without coupons, in a minimum denomination of $2,000 and integral multiples of $1,000 in excess thereof.

        The notesNotes will mature on AprilJanuary 15, 2023.2028.

Interest on the notes will accrueNotes accrues at a rate of 5.625%4.750% per annum. Interest on the notes will beNotes is payable semi-annually in arrears on AprilMarch 15 and OctoberSeptember 15, commencing, in respect of the New Notes, on OctoberSeptember 15, 2016.2020. We will pay interest to those persons who were holders of record on the AprilMarch 1 or OctoberSeptember 1 immediately preceding each interest payment date.

Interest on the notesNew Notes will accrue from the last interest payment date on which interest was paid or duly provided for on the Original Notes surrendered in exchange therefor. The holders of the Original Notes that are accepted for exchange will be deemed to have waived the right to receive payment of accrued interest on those Original Notes from the last interest payment date on which interest was paid or duly provided for on such Original Notes to the date of original issuance or, ifof the New Notes. Interest on the Original Notes accepted for exchange will cease to accrue upon issuance of the New Notes. Interest is payable on the Notes that are New Notes beginning with the first interest has already been paid, frompayment date following the date it was most recently paid.consummation of the exchange offer. Interest will be is

computed on the basis of a360-day year comprised of twelve30-day months.

The notes will beNotes are denominated in U.S. Dollars and all payments of principal and interest thereon will be paid in U.S. Dollars.

Ranking

The notes will beNotes are the senior unsecured obligations of the Issuer and will initially beare guaranteed by the Parent Guarantor and each of the Issuer'sits Restricted Subsidiaries that is required to provide a guarantee or that is a borrower under the Credit Agreement. The notesNotes rank equally with orall senior to allunsecured Debt of the IssuerParent Guarantor and the Guarantors but are effectively juniorsubordinated to all secured Debt, including our obligations under the Credit Agreement and the 2025 Secured Notes, to the extent of the value of the assets securing such Debt. Subject to the limits described under "—Certain Covenants—Limitation on Debt "and "—Certain Covenants—Limitation on Liens," the Issuer and its Restricted Subsidiaries may Incur additional secured Debt.

Certain of the Issuer'sParent Guarantor’s Subsidiaries do not and will not guarantee the notes,Notes, including any ReceivablesSecuritization Subsidiary so long as it remains a Receivablesor Foreign Subsidiary. Claims of creditors ofnon-Guarantor Subsidiaries, including trade creditors, and creditors holding debt and guarantees issued by those Subsidiaries, and claims of preferred stockholders (if any) of those Subsidiaries, generally will have priorityare structurally senior with respect to the assets and earnings of those subsidiaries over the claims of creditors of the Parent Guarantor, the Issuer or the Subsidiary Guarantors, including holders of the notes.Notes. The notesNotes and each Note Guarantee (as defined below)are therefore will be effectivelystructurally subordinated to creditors (including trade creditors) and preferred stockholders (if any) of Subsidiaries of the IssuerParent Guarantor (other than the Issuer or the Subsidiary Guarantors).

As of March 31, 2020:

we had approximately $4,770 million of total gross indebtedness (including the Notes);

of our total indebtedness, we had approximately $1,496 million of gross secured indebtedness (excluding (i) $3 million of outstanding letters of credit under the Credit Agreement and(ii) non-recourse, securitized debt, including any borrowings under the MVW Warehouse Credit Facility) to which the Notes are effectively subordinated; and

we had commitments available to be borrowed under the Corporate Credit Facility of $0 million (after giving effect to $3 million of outstanding letters of credit).

Although the indentureIndenture limits the Incurrence of Debt ofby the Parent Guarantor and its Restricted Subsidiaries, thethis limitation is subject to a number of significant exceptions. The Parent Guarantor and its Restricted Subsidiaries may Incur a substantial amount of additional Debt, and a significant portion of such Debt may be secured Debt. Moreover, the indentureIndenture does not impose any limitation on the Incurrence by the Parent Guarantor and its Restricted Subsidiaries of liabilities that are not considered Debt under the indenture. See "—Certain Covenants—Limitation on Debt."


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Optional Redemption

Except as set forth in the next two paragraphs, notes willthe Notes are not be redeemable at the option of the Issuer prior to AprilSeptember 15, 2018. 2022.

On or after AprilSeptember 15, 2018,2022, the Issuer may, at its option, redeem all or any portion of the notes, at onceNotes, on any one or over time,more occasions, upon not less than 30 daysdays’ nor more than 60 daysdays’ prior notice. The notesNotes 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 of record on the relevant record date to receive interest due on the relevant interest payment date). The following prices are for notesNotes redeemed during the12-month period commencing on AprilSeptember 15 of the years set forth below, and are expressed as percentages of principal amount:

Redemption Year

  Price 

2022

   102.375

2023

   101.188

2024 and thereafter

   100.000

Redemption Year
 Price 

2018

  104.219%

2019

  102.813%

2020

  101.406%

2021 and thereafter

  100.000%

At any time and from time to time, prior to AprilSeptember 15, 2018,2022, the Issuer may, on any one or more occasions, redeem up to a maximum of 35%40% of the original aggregate principal amount of the notesNotes (including additional notes,Notes, if any) with the proceedsNet Cash Proceeds of one or more Equity Offerings, at a redemption price equal to 105.625%104.75% of the principal amount thereof,plusaccrued and unpaid interest thereon, if any, to, but not including, the redemption date (subject to the right of holders of record 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, of this kind, at least 65%50% of the original aggregate principal amount of notesNotes (including additional notes,Notes, if any) remains outstanding. Any such redemption of this kind shall be made within 90 days of such Equity Offering upon not less than 30 and no more than 60 days'days’ prior notice.

In addition, the Issuer may choose to redeem all or any portion of the notes, at onceNotes, on any one or over time,more occasions, prior to AprilSeptember 15, 2018. If it does so, it may redeem the notes2022, upon not less than 30 daysdays’ nor more than 60 daysdays’ prior notice. To redeem the notes, the Issuer must paynotice, at a redemption price equal to the sum of:

            (a)   100% of the principal amount of the notes to be redeemed,

    (a)

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

    (b)

    the Applicable Premium,

    plus

            (b)   the Applicable Premium,

plusaccrued and unpaid interest, if any, to, but not including, the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date).

Any notice to holders of notesNotes of such a redemption needs to includeshall set forth the appropriatemanner of the calculation of the redemption price, but doesneed not need to includeset forth the redemption price itself. The actual redemption price, calculated as described above, must be set forth in an Officers'Officers’ Certificate delivered to the trustee no later than two Business Days prior to the redemption date.

If the optional redemption date is on or after an interest record date and on or before the related interest payment date, the accrued and unpaid interest, if any, will be paid to the Person in whose name the noteNote is registered at the close of business on such record date.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. In the case of any partial redemption, partialredemption,the trustee will select notes for redemption by such method as it shall deem fair and appropriate; provided that if the notes are in global form, interests in such global notesNotes will be selected for redemption, by DTCwith respect to global notes, in accordance with its standardthe applicable procedures therefor, althoughof DTC and, with respect to certificated Notes, by lot, pro rata or by such method as the trustee shall deem fair and appropriate;providedthat no noteNote of $2,000 in original principal amount or less will be redeemed in part. If any noteNote is to be redeemed in part only, the notice of redemption relating to such noteNote will state the portion of the principal amount


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thereof to be redeemed. AUpon the request of the Issuer, a new noteNote in principal amount equal to the unredeemed portion thereof will be issued in the name of the holder thereof upon cancellation of the original note.Note.

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.

Mandatory Redemption; Sinking FundFund; Open Market Purchases

        There will be noThe Issuer is not required to make any mandatory redemption or sinking fund payments forwith respect to the notes.Notes. However, under certain circumstances, the Issuer may be required to offer to purchase the Notes as described under “—Repurchase at the Option of Holders Upon a Change of Control” and “Certain Covenants—Limitation on Asset Sales.”

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 the Indenture.

Note Guarantees

The obligations of the Issuer pursuant tounder the notes,Indenture and the Notes, including any repurchase obligation resulting from a Change of Control, will beare unconditionally guaranteed, jointly and severally, on ana senior unsecured

basis, by the Parent Guarantor and each Restricted Subsidiary of the IssuerParent Guarantor that guarantees or is a borrower under the Credit Agreement and certain other Debt (the "Note Guarantees" and each, a "Note Guarantee").Issuer’s existing credit agreement. If any Restricted Subsidiary (including(other than any newly acquiredSecuritization Subsidiary or created RestrictedForeign Subsidiary) that is a Wholly Owned Subsidiary of the Parent Guarantor (and any Domestic Subsidiary that is a non-Wholly Owned Subsidiary of the Parent Guarantor if suchnon-Wholly Owned Subsidiary guarantees other thancapital markets debt securities of the Issuer or a Guarantor) becomes a borrower or guarantor under theany Credit AgreementFacility or other capital markets debt securities of the Issuer or any Guarantor after the date of the indenture, the newIssue Date, such Restricted Subsidiary must provide a Note Guarantee.

Not all of the Parent Guarantor’s subsidiaries guarantee the Notes. In the event of a bankruptcy, liquidation or reorganization of any of thesenon-guarantor Subsidiaries, thesenon-guarantor Subsidiaries must pay the holders of their debts and their trade creditors in full before they will be permitted to distribute any of their assets to the Issuer or another Guarantor.

For the quarter ended March 31, 2020, ournon-guarantor subsidiaries represented 25% of our revenue and (13)% of our loss before income taxes andnon-controlling interests. For the fiscal year ended December 31, 2019, ournon-guarantor subsidiaries represented 23% of our revenue and 109% of our income before income taxes andnon-controlling interests. As of March 31, 2020, ournon-guarantor subsidiaries represented 31% of our total assets and had $2,458 million of total liabilities, including debt and trade payables but excluding intercompany liabilities.

Each Note Guarantee will beis limited to the maximum amount that would not render the Guarantor'sGuarantor’s obligations subject to avoidance under applicable fraudulent conveyance provisions of the United States Bankruptcy Code or any comparable provision of state law. By virtue of this limitation, a Guarantor'sGuarantor’s obligation under its Note Guarantee could be significantly less than amounts payable with respect to the notes,Notes, or a Guarantor may have effectively no obligation under its Note Guarantee. See "Risk“Risk Factors—Risks RelatedRelating to Our Indebtedness, the Exchange Offer and the New Notes—FederalU.S. federal and state fraudulent conveyancetransfer laws may permit a court to void the notes andNotes and/or the guarantees of the Notes, and if that occurs, you may not receive any payments on the notes or the guarantees."Notes.”

The Note Guarantee of a Subsidiary Guarantor will terminate, and the Note Guarantee will 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 Propertyproperties and assets of the Subsidiary Guarantor (other than to the Issuer or a Domestic Restricted Subsidiary)Guarantor) otherwise permitted by the indenture;Indenture;

    (2) the release or discharge of such Subsidiary Guarantor's guarantee of theGuarantor’s obligations under the Credit Agreement or the release or discharge ofand any other Credit Facility and such otherSubsidiary 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 the indentureIndenture of the Subsidiary Guarantor as an Unrestricted Subsidiary; or

    (4) defeasance or discharge of the notes,Notes, as provided in "—“—Defeasance and Discharge."

The Note Guarantee of Parent Guarantor will terminate, and the Note Guarantee will be automatically and unconditionally released and discharged, upon defeasance or discharge of the notes,Notes, as provided in "—“—Defeasance and Discharge."

        While Parent Guarantor will be a Guarantor of the notes and the indenture on the Issue Date, Parent Guarantor will not be subject to most of the covenants in the indenture that are applicable to the Issuer and its Restricted Subsidiaries. In particular, the Indenture does not limit the incurrence of Debt by Parent Guarantor.


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Repurchase at the Option of Holders Upon a Change of Control

Upon the occurrence of a Change of Control, each holder of notesNotes will have the right to require us to repurchase all or any part of that holder's notesholder’s Notes pursuant to the offer described below (the "ChangeChange of Control Offer"

Offer) at a purchase price (the "Change of Control Purchase Price") equal to 101% of the principal amount thereof,plusaccrued and unpaid interest, if any, to, but not including, the purchase date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date).

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 notesNotes held in book-entry form), with a copy to the trustee,Trustee, to each holder of notes,Notes, at such holder'sholder’s address appearing in the security register, a notice stating:stating (as applicable):

    (1) that a Change of Control has occurred and a Change of Control Offer is being made pursuant to the covenant described herein under "—“—Repurchase at the Option of Holders Upon a Change of Control"Control” and that all notes timelyNotes properly tendered will be accepted for repurchase;

    (2) 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;delivered (the “Change of Control Purchase Date”);

    (3) 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

            (3)(4) the procedures that holders of notesNotes must follow in order to tender their notesNotes (or portions thereof) for payment, and the procedures that holders of notesNotes must follow in order to withdraw an election to tender notesNotes (or portions thereof) for payment.

We will not be required to make a Change of Control Offer following a Change of Control if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in the indentureIndenture applicable to a Change of Control Offer made by us and purchases all notesNotes validly tendered and not withdrawn under such Change of Control Offer or (2) notice of redemption has been given pursuant to the indentureIndenture to redeem all of the notes,Notes, as described above under the caption "—“—Optional Redemption," 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 consummationoccurrence 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.

We will 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 notesNotes pursuant to a Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of the covenant described above, we will comply with the applicable securities laws and regulations and will not be deemed to have breached our obligations under this covenant by virtue of such compliance.

        The If holders of not less than 90% in aggregate principal amount of outstanding Notes validly tender and do not withdraw such Notes in a Change of Control repurchase feature is a result of negotiations between usOffer and the initial purchasers. 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 of record on the relevant record date to receive interest due on the relevant interest payment date).

The Issuer has no present intention to engage in a transaction involving a Change of Control, although it is possible that we would decide to do so in the future. Subject to the covenants described below, we could, in the future, enter into transactions, including acquisitions, refinancings or other recapitalizations, that would not constitute a Change of Control under the indenture,Indenture but that could increase the amount of Debt outstanding at such time or otherwise affect our capital structure or credit ratings.

The definition of "Change“Change of Control"Control” includes a phrase relating to the sale, transfer, assignment, lease, conveyance or other disposition of "all“all or substantially all"all” of our assets. Although there is a developing body of case law interpreting the phrase "substantially“substantially all," there is no precise established


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definition of the phrase under applicable law. Accordingly, if we dispose of less than all of our assets by any of the means described above, the ability of a holder of notesNotes to require us to repurchase its notesNotes may be uncertain.

The Credit Agreement restricts us in certain circumstances from purchasing any notesNotes prior to maturity of the notesNotes and also provides that the occurrence of some of the events that would constitute a Change of Control would constitute a default under the Credit Agreement. Future Debt of the Issuer may contain prohibitions of certain events that would constitute a Change of Control or require that future Debt be repurchased upon a Change of Control. We cannot assure you that sufficient funds will be available when necessary to make any required repurchases. Our failure to purchase notesNotes in connection with a Change of Control would result in a default under the indenture.Indenture. Any such default would, in turn, constitute a default under the Credit Agreement, and may constitute a default under any of our other current or future Debt as well.

Our obligation to make an offer to repurchase the notesNotes as a result of a Change of Control may be waived or modified at any time prior to the occurrence of that Change of Control with the written consent of the holders of a majority in principal amount of the notes.Notes. See "—“—Amendments and Waivers."

Certain Covenants

Set forth below are summaries of certain of the covenants to be contained in the indenture.Indenture.

Covenant Suspension

        During any period of timeOn and after the first day (such date, the “Suspension Date”) that:

    (a) the notesNotes have Investment Grade Ratings from both Rating Agencies, and

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

    the IssuerParent Guarantor and the Restricted Subsidiaries will not be subject to the following provisions of the indenture:Indenture:

    "

    —Limitation on Debt,"

    "Debt”;

—Limitation on Restricted Payments,"

"Payments”;

—Limitation on Asset Sales,"

"Sales”;

—Limitation on Restrictions on Distributions from Restricted Subsidiaries,"

"Subsidiaries”;

—Limitation on Transactions with Affiliates"Affiliates”;

“—Additional Note Guarantees” (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 (e)(d) of the first paragraph of "—“—Merger, Consolidation and Sale of Property"Property”

(collectively, the "Suspended Covenants"Covenants). In the event that the IssuerParent 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 notesNotes 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"Reversion Date), then the IssuerParent Guarantor and the Restricted Subsidiaries will 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, and, furthermore, compliance withEvent of Default or breach of any kind shall be deemed to exist under the provisions ofindenture, the covenant described in "—Limitation on Restricted Payments"Notes or the Note Guarantees with respect to Restricted Payments made after the timeSuspended Covenants based on, and none of the withdrawal, downgrade, DefaultParent Guarantor or Eventany of Default will be calculated in accordance with the terms of that covenant as though that covenant had been in effect during the entire period of time from the Issue Date, provided that there will not be deemed to have occurred a Defaultits Subsidiaries shall bear any liability for, any actions taken or Event of Default with respect to that covenant during the time (the "Suspension Period") that the Issuer and the Restricted Subsidiaries were not subject to the Suspended


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Covenants (or after that time based solely on events that occurred during that time). Accordingly, Restricted Payments madeoccurring during the Suspension Period will reduce(as defined below), regardless of whether such actions or events would have been permitted if the amount availableapplicable Suspended Covenants remained in effect during such period. The period of time between the Suspension Date and the Reversion Date is referred to be made as Restricted Payments under the first paragraph of "—Limitation on Restricted Payments." Suspension Period.”

The Issuer will 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 the covenant described under “—Limitation on Restricted Payments” with respect to Restricted Payments made after the Reversion Date will be calculated in accordance with the terms of that covenant as though that covenant had been in effect during the entire Suspension Period. Accordingly, Restricted Payments made during the Suspension Period will reduce the amount available to be made as Restricted Payments under the first paragraph of “—Limitation on Restricted Payments.” Solely for the purpose of determining the amount of Permitted Liens under the "—“—Limitation on Liens"Liens” covenant during any Suspension Period (as defined below) and without limiting the Issuer'sParent Guarantor’s or any Restricted Subsidiary'sSubsidiary’s ability to Incur Debt during any Suspension Period, to the extent that calculations in the "—“—Limitation on Liens"Liens” covenant refer to the "—“—Limitation on Debt"Debt” covenant, such calculations shall be made as though the "—“—Limitation on Debt"Debt” covenant remains in effect during the Suspension Period. On the Reversion Date, all Debt Incurred during the Suspension Period will be classified to have been Incurred pursuant to clause (1) of the first paragraph or one of the clauses set forth in the second paragraph of the covenant described under "—“—Limitation on Debt"(toDebt” (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 Reversion Date). To the extent such Debt would not be permitted to be Incurred pursuant to clause (1) of the first paragraph or one of the clauses set forth in the second paragraph of the covenant described under "—“—Limitation on Debt," such Debt will be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under clause (g)(j) of the second paragraph of the covenant described under "—“—Limitation on Debt." For purposes of determining compliance with the covenant described under "—“—Limitation on Asset Sales," on the Reversion Date, the Net Available Cash from all Asset Sales not applied in accordance with the covenant will be deemed to be reset to zero. No Subsidiaries may be designated as Unrestricted Subsidiaries during any Suspension Period.

The Issuer will 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.

There can be no assurance that the Notes will ever achieve or maintain Investment Grade Ratings.

Limitation on Debt

The IssuerParent 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:

    (1) the Debt is Debt (in each case, including Acquired Debt) of the IssuerParent Guarantor or a Restricted Subsidiary and after giving pro forma effectPro 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 clause (1) bynon-Guarantor Restricted Subsidiaries that are not the Issuer or Subsidiary Guarantors may not exceed, $35at the time of the Incurrence thereof, the greater of (i) $75.0 million at any time outstanding,and (ii) 10% of Consolidated EBITDA for the Test Period, or

    (2) the Debt is Permitted Debt.

The term "Permitted Debt"Permitted Debt is defined to include the following:

    (a) Debt of the Issuer or any Restricted SubsidiaryGuarantor evidenced by the notesOriginal Notes and the New Notes offered hereby and the related Note Guarantees (including exchange notes pursuant to the Registration Rights AgreementNew Notes and the Guarantees thereof, but excluding any additional notes)Notes);

    (b) Debt of the IssuerParent Guarantor or a Restricted Subsidiary Incurred under Credit Facilities up to an aggregate principal amount (with letters of credit and bankers'bankers’ acceptances being deemed to have a principal amount equal to the face amount thereof) outstanding at any one time not to exceed $700(i) $1,500.0 million at any time outstanding, which amount shall be permanently reduced byplus (ii) the greater of (x) $750.0 million and (y) 100.0% of Consolidated EBITDA for the Test Period plus (iii) an additional amount of Net Available Cash


TableDebt 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 Contents

      from an Asset Sale used to Repay Debtthis clause (iii), any amount Incurred pursuant to this clause (b), pursuant to the covenant described under "—Limitation on Asset Sales"(iii) shall be treated as if such amount is Consolidated Secured Debt, regardless of whether such amount is actually secured);

    (c) Debt of the IssuerParent Guarantor owing to and held by any Restricted Subsidiary and Debt of a Restricted Subsidiary owing to and held by the IssuerParent 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 IssuerParent Guarantor or a Restricted Subsidiary) shall be deemed, in each case, to constitute the Incurrence of that Debt by the Issuerissuer thereof, and (2) if the Issuer or a Subsidiary 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 notesNotes or the applicable Note Guarantee;

    (d) Debt Incurred by the Parent Guarantor or any of its Restricted Subsidiaries in a Permitted Acquisition, any other Investment permitted under the 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;

    (e) 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 the indenture;

    (f) 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;

    (g) 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;

    (h) Debt Incurred by anon-Guarantor Restricted Subsidiary, and Guarantees thereof by anynon-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 isnon-recourse to the Issuer and the Guarantors);

    (i) 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;

    (j) Debt of the Parent Guarantor and its Restricted Subsidiaries outstanding on the Issue Date (other than Debt described in clauses (a) and (b) above);

    (k) Debt of the Parent Guarantor or any Restricted Subsidiary (a) Incurred and outstanding on the date on whichof any acquisition of any assets (including through the acquisition of a Person that Restricted Subsidiary was acquired bybecomes or is merged

with and into the IssuerParent Guarantor or otherwise became a Restricted Subsidiary (other than DebtSubsidiary) 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 as consideration in, or to provide all or any portion of the funds or credit support utilized to consummate athe 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 (i) the Parent Guarantor would have been able to Incur $1.00 of additional Debt pursuant to which the Restricted Subsidiary became a Restricted Subsidiaryclause (1) of the Issuerfirst paragraph of this covenant after giving Pro Forma Effect to the Incurrence of such Debt pursuant to this clause (k) or was otherwise acquired by(ii) on a Pro Forma Basis, either (x) the Issuer); providedConsolidated 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;

(l) (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;

(m) (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 Sale and Leaseback Transactions and (3) any Permitted Refinancing Debt with respect to any Debt set forth in the clauses (1) and (2);provided that the aggregate principal amount of anyDebt (including Attributable Debt, but excluding Attributable Debt Incurred pursuant to this clause (d) outstanding at any one time may(2)) does not exceed, at the time of the Incurrence thereof, the greater of (x) $35$175.0 million and (y) 3.5%3.0% of Consolidated Total Assets as of the Issuer's Consolidated Total Assets;last day of the most recently ended Test Period;

        (e)(n) Debt in connection with oneof the Parent Guarantor or more standby letters of credit or performance or surety bonds or completion guarantees issued by the Issuer or aany Restricted Subsidiary in the ordinary courseconsisting of business or pursuant to self-insurance obligations and not in connection with the borrowing of money or the obtaining of advances or credit;

        (f)    Debt arising from agreements of the Issuer or a Restricted Subsidiary providing for indemnification, adjustment of purchase price or similar obligations, in each case, Incurred in connection with the disposition of any business, assets or Capital Stock of a Subsidiary, other than Guarantees of Debt Incurred by any Person acquiring allof the Parent Guarantor or any portionRestricted Subsidiary permitted to be Incurred under any other clause of this covenant;provided that in the event such business, assetsDebt being Guaranteed is a Subordinated Obligation, then the related Guarantee shall be subordinated in right of payment to the Notes or Capital Stock; provided, however, that the maximum aggregate liabilityNote Guarantee, as the case may be, to the same extent as the Debt being Guaranteed;

(o) obligations ofnon-Wholly Owned Foreign Subsidiaries in respect of all such Debt shall at no time exceed the gross proceeds actually received by the Issuer or such Restricted Subsidiary in connection with such disposition;

        (g)   Debt of the Issuer and its Restricted Subsidiaries outstanding on the Issue Date and, in each case not otherwise described in clauses (a) through (f) above and clause (l) below;

        (h)   Debt of the Issuer or a Restricted Subsidiary (other than any Receivables Subsidiary)Disqualified Stock in an aggregate principal amount outstanding at any one time not to exceed $150$12.5 million;

(p) Debt (i)    Debt of the Issuer or a Restricted Subsidiary Incurred in respect of Capital Lease Obligations, Purchase Money Debt and Sale and Leaseback Transactions, provided that the principal amount of any Debt Incurred pursuant to this clause (i) outstanding at any one time may not exceed the greater of (x) $50 million and (y) 5.0% of the Issuer's Consolidated Total Assets;

        (j)    Debt of the Issuer or any Subsidiary Guarantor consisting of Guarantees of Debt of the Issuer or any Restricted Subsidiary Incurred under any other clause of this covenant;

        (k)   Debt of Foreign Subsidiaries in an aggregate principal amount outstanding at any one time not to exceed $50 million;

        (l)    Debt under Hedging ObligationsSwap Contracts that are Incurred in the ordinary course of business (and not for speculative purposes);


Table or (ii) consisting of Contentsany Permitted Bond Hedge Transaction or any Permitted Warrant Transaction;

(q)Non-Recourse

            (m) Debt with respect to the extent that the net proceeds thereof are promptly deposited to defease or to satisfyany Qualified Securitization Transaction and discharge the notes in each case in accordance with the requirements of the indenture;

            (n)   Permitted Refinancing Debt IncurredGuarantees constituting Standard Securitization Undertakings in respect of Qualified Securitization Transactions;

    (r) Debt Incurred pursuant to clause (1) ofby the first paragraph of this covenant and clauses (a), (d) and (g) aboveParent Guarantor or this clause (n);

            (o)   Debt of any Receivables Subsidiary under an Accounts Receivable Facility to the extent that the obligations thereunder are required to be reflected as a liability on the consolidated balance sheet of the Issuer in accordance with GAAP;

            (p)   Debt arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided that such Debt is extinguished within five (5) Business Days of its Incurrence;

            (q)   DebtRestricted Subsidiaries in respect of trade letters of credit, bank guarantees, bankers’ acceptances, warehouse receipts or similar instruments issued to support performance obligations (other than obligations in respect of Debt)or created in the ordinary course of business; provided that the aggregate stated amountbusiness, including in respect of any such trade letters of credit, warehouse receiptsworkers compensation claims, health, disability or similar instruments shall not exceed, as of the date of issuance, amendmentother employee benefits or extension thereof, $15.0 million;property, casualty or liability insurance or self-insurance or other Debt with respect to reimbursement-type obligations regarding workers compensation claims;

            (r)(s) 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;

        (s)

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

        (t)(u) 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 the covenant described under “—Limitation on Restricted Payments”;

(v) 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;

(w) Guarantees under the Separation and Distribution Agreement or the Intercompany Agreements;

(x) Permitted Refinancing Debt of Debt Incurred pursuant to clause (1) of the first paragraph of this covenant or clauses (a), (j), (k) or this clause (x) of the second paragraph of this covenant; and

(y) all premiumpremiums (if any), interest (including post-petition interest)interest, capitalized interest or interest otherwise payable in kind), fees, expenses, charges and additional or contingent interest on obligations described in paragraphs (a) through (s) above.the foregoing clauses of this definition of Permitted Debt.

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 will be the Dollar Equivalent determined on the date of such determination. The principal amount of any Permitted Refinancing Debt Incurred in the same currency as the Debt being refinanced will be the Dollar Equivalent of the Debt refinanced determined on the date such Debt being refinanced was initially Incurred. Notwithstanding any other provision of this covenant, for purposes of determining compliance with this "Limitation on Debt" covenant, increases in Debt solely due to fluctuations in the exchange rates of currencies will not be deemed to exceed the maximum amount that the Issuer or any Restricted Subsidiary may Incur under any of clauses (a) through (t) of this "Limitation on Debt" covenant.

For purposes of determining compliance with the covenant described above:

    (A) in the event that an item of Debt meets the criteria of more than one of the types of Debt described above, the Issuer,Parent Guarantor, in its sole discretion, will 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; and

    (B) the IssuerParent Guarantor will be entitled to divide and classify and reclassify an item of Debt in more than one of the types of Debt described above;provided that Debt outstanding under eachthe Credit Agreement on the Issue Date shall at all times be treated as Incurred under clause (2)(b) above and may not be reclassified.reclassified;


Table(C) Guarantees of, Contentsor 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 the second paragraph above or the first paragraph above 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, will 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 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) will 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 will 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 will not be deemed to be an Incurrence of Debt for purposes of the covenant described under this “—Limitation on Debt.”

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 the covenant described under this “—Limitation on Debt,” the Issuer shall be in default of this covenant).

For purposes of determining compliance with any U.S. Dollar-denominated restriction on the Incurrence of Debt, the U.S. 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 Indebtedness 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 Indebtedness 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 Indebtedness does not exceed (a) the principalamount 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 covenant, the maximum amount of Debt that the Parent Guarantor or a Restricted Subsidiary may Incur pursuant to this covenant shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of currencies. The principal amount of any Indebtedness Incurred to refinance other Indebtedness, if Incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such Refinancing Indebtedness is denominated that is in effect on the date of such refinancing.

The Indenture provides that the Parent Guarantor will not, and will 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.

The Indenture does 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.

Limitation on Restricted Payments

The IssuerParent Guarantor shall not make, and shall not permit any Restricted Subsidiary to make, directly or indirectly, any Restricted Payment ifunless 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 IssuerParent Guarantor could not Incur at least $1.00 of additional Debt pursuant to clause (1) of the first paragraph of the covenant described under "—“—Limitation on Debt,"Debt”; or

    (c) (c) the aggregate amount of thatsuch Restricted Payment and all other Restricted Payments (including Restricted Payments made pursuant to clause (d) (without duplication) and clause (1) of the next succeeding paragraph, but excluding all other Restricted Payments made pursuant to other clauses of the next succeeding paragraph) 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:of (without duplication):

      (1) 50% of the aggregate amount of Consolidated Net Income accrued during the period (treated as one accounting period) from the first day of the fiscal quarter in which the Issue Date occursJuly 1, 2018 to the end of the most recent fiscal quarter of the Parent Guarantor ending prior to the date of such Restricted Payment and for which reports are required to be provided under "—Reports"(or(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

      (2) 100% of the aggregate Capital Stock Sale Proceeds received after the Issue Date, August 23, 2018;plus

      (3) the sum of:

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

        (B) the aggregate amount by which Debt of the IssuerParent Guarantor or any Restricted Subsidiary is reduced on the Issuer'sParent Guarantor’s consolidated balance sheet on or after the Issue DateAugust 23, 2018 upon the conversion or exchange of any Debt issued or sold on or prior to the Issue DateAugust 23, 2018 that is convertible or exchangeable for Capital Stock (other than Disqualified Stock) of the Issuer,Parent Guarantor,

        excluding, in the case of clauseclauses (A) or (B):

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

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

      exchange;plus

      (4) an100% of the aggregate amount equal(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 sum of:

                (A)  the net reduction in Investments in any Person other than the IssuerParent Guarantor or a Restricted Subsidiary resulting from dividends, repaymentsSubsidiary) of, loans or advances or other transfersreturns on Investments from, Restricted Investments made by the Parent Guarantor or its Restricted Subsidiaries and repurchases and redemptions of Property made aftersuch Restricted Investments from the Issue Date,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 Issuer or any Restrictedextent the Investment in such Unrestricted Subsidiary from that Person,constituted a Permitted Investment), in each case, after August 23, 2018, less the cost associated with any such sale or disposition;plus

(5) in the case of the dispositionredesignation of those Investments, and

        (B)an Unrestricted Subsidiary as a Restricted Subsidiary or the lessermerger, 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 net book valueassets of an Unrestricted Subsidiary to the Parent Guarantor or a Restricted Subsidiary after August 23, 2018, the Fair Market Value of the Issuer's equity interest in an Unrestricted Subsidiary at the time the Unrestricted Subsidiary is


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        designated a Restricted Subsidiary (provided that such designation occurs after the Issue Date);

        provided, however, that the foregoing sum shall not exceed, in the case of any Person, the amount of Investments previously made (and treated as Restricted Payments) by the Issuer or any Restricted Subsidiary in that Person, and

      plus

              (5)   any cash dividends or cash distributions received directly or indirectly by the Issuer or a Subsidiary Guarantor after the Issue Date from an Unrestricted Subsidiary or any other Person that is not a Restricted Subsidiary, to the extent such dividends or distributions were not otherwise included in Consolidated Net Income (other than to the extent such distribution represents a return of capital and the Investment in such Unrestricted Subsidiary or(or the assets transferred) at the time of the redesignation of such other Person was made by the Issuer orUnrestricted Subsidiary as a Restricted Subsidiary pursuant to clause (j)or at the time of the second paragraphsuch merger, amalgamation, consolidation or transfer of this covenant orassets, other than to the extent suchthe Investment constituted a Permitted Investment).Investment;plus

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

Notwithstanding the foregoing, limitation, the Issuer and eachlimitations in the preceding paragraph do not prohibit:

(a) any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Capital Stock, Disqualified Stock or Subordinated Obligations of the Restricted Subsidiaries may:

            (a)   declare or pay dividends on its Capital Stock or distributions, or the consummation of any irrevocable redemption, within 60 days after the date of declaration of the dividend or distribution or giving of the redemption notice, as the case may be, if, on said date of declaration or redemption notice, such dividends, distributions or redemption, as the case may be, could have been paid in compliance with the indenture; provided, however, that the dividend, distribution and redemption shall be included in the calculation of the amount of Restricted Payments;

            (b)   purchase, repurchase, redeem, legally defease, acquire or retire for value Capital Stock ofParent Guarantor, the Issuer or Subordinated Obligations inany 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 IssuerParent Guarantor (other than Disqualified Stock and other than Capital Stock issued or sold to a Restricted Subsidiary of the IssuerParent Guarantor or an employee stock ownership plan or trust established by the IssuerParent Guarantor or any Subsidiaryof its Subsidiaries for the benefit of their employees); provided, however, that

              (1)employees to the purchase, repurchase, redemption, legal defeasance, acquisitionextent such sale to such employee stock ownership plan or retirement shall be excluded intrust is financed by loans from or Guaranteed by the calculationParent Guarantor or any Restricted Subsidiary unless such loans have been repaid with cash on or prior to the date of the amount of Restricted Payments, and

              (2)determination);provided,however, that the Capital Stock Sale Proceeds from the exchange orsuch sale shallof Capital Stock will be excluded from the calculation pursuant to clause (c)(2) above;of the preceding paragraph;

            (c)(b) any purchase, repurchase, redeem, legally defease, acquireredemption, defeasance or retire for value anyother acquisition or retirement of Subordinated Obligations inof the Issuer or a Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, Permitted Refinancing Debt; provided, however, thatSubordinated Obligations of the Parent Guarantor or any purchase, repurchase, redemption, legal defeasance or other acquisition or retirement shall be excluded in the calculationof Subordinated Obligations of the amountIssuer 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 the covenant described under “—Limitation on Debt” 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 Payments;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 the covenant described under “—Limitation on Debt” and constitutes Permitted Refinancing Debt;

    (d) pay scheduled dividends (not constituting a returnthe payment of any dividend or distribution on capital)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 the indenture;

(e) the payment of any dividend or distribution on Disqualified Stock issued pursuant to and in compliance with clause (o) of the covenant described under "—“—Limitation on Debt"Debt”;

        (e)   permit(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 Restricted Subsidiary that is not a Wholly Owned Subsidiary to pay dividends to shareholdersholder of that Restricted Subsidiary that are not the parent of that Restricted Subsidiary, so long as the Issuer or a Restricted Subsidiary that is the parent of that Restricted Subsidiary receives dividends on a pro rata basis or on a basis that results in the receipt by the Issuer or a Restricted Subsidiary that is the parent of that Restricted Subsidiary of dividends or distributions of greater value than it would receive on a pro rata basis;


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            (f)    makeconvertible Debt and any cash payments in lieu of fractional shares in connection with the exercise of warrants, options or other securitiesany such conversion and any payments on convertible into Capital Stock of the Issuer; provided, however, that such payments shall be excludedDebt in the calculation of the amount of Restricted Payments;accordance with its terms;

    (g) make repurchases of shares of Capital Stock (other than Disqualified Stock)in the ordinary course of business of the IssuerParent Guarantor or any Restricted Subsidiary deemed to occur upon the exercise of stock options to purchase shares ofor warrants if such Capital Stock (other than Disqualified Stock) of the Issuer, warrants, other rights to acquire Capital Stock (other than Disqualified Stock) or the vesting of restricted stock units if such shares of Capital Stock (other than Disqualified Stock) of the Issuer representrepresents a portion of the exercise price of such options warrantsor warrants;

    (h) the repurchase, retirement or other rightsacquisition or represents withholding, income or employment taxes due upon such exercise or vesting; provided, however, that such repurchases shall be excludedretirement for value, in the calculationgood faith, of Capital Stock of the amountParent Guarantor held by any future, present or former employee, director, manager, officer or consultant (or any Affiliates, spouses, former spouses, otherimmediate familymembers, successors, executors, administrators, heirs, legatees ordistributees of Restricted Payments;

            (h)   repurchase shares of, or options to purchase shares of, common stockany of the Issuer or a Restricted Subsidiary from current or former officers, directors or employees foregoing)of the IssuerParent Guarantor or any of its Subsidiaries (or permitted transferees of such current or former officers, directors or employees),orholding 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 termsParent Guarantor or any Subsidiary or holding company;provided that such payments do not exceed the greater of agreements (including employment agreements) or plans approved by(x) $37.5 million and (y) 5.0% of Consolidated EBITDA for the Board of Directors under which such individuals acquire shares of such common stock; Test Periodin any calendar year;provided however, that any unused amounts for any calendar year may be carried forward to the next succeeding calendar year, so long as the aggregate amount of such repurchases shall not exceed $5.0 millionall Restricted Payments made pursuant to this clause (h) in any calendar year (with unused amounts in any calendar year carried over(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 immediately succeeding calendar year (butParent 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 will not be deemed to constitute a Restricted Payment for purposes of this covenant or any other years) subject to a maximum of $7.5 million in any calendar year); and provided further, however, that such repurchases shall be excluded in the calculationprovision of the amountindenture;

    (i) payments made or expected to be made in respect of Restricted Payments;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;

            (i)(j) purchase, defease or otherwise acquire or retire for value any Subordinated Obligations upon a Change of Control of the Issuer or following an Asset Sale, by the Issuer, 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 notesNotes required under "—“—Repurchase at the Option of Holders Upon a Change of Control"Control” or "—“—Limitation on Asset Sales"Sales,” as applicable, and has repurchased all notesNotes validly tendered and nownot withdrawn in connection with such offer to purchase notesNotes pursuant to the applicable provisions described under "—“—Repurchase at the Option of Holders Upon a Change of Control"Control” or "—“—Limitation on Asset Sales"Sales”;

    (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 however, that such payments shall be included in the calculationno Default or Event of the amount of Restricted Payments;Default has occurred and is continuing or would result therefrom;

            (j)    make other(l) Restricted Payments not to exceed $75 million in the aggregate; provided, however, that such payments shall be excluded in the calculation6.0% per annum of the amountMarket 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;

        (k)   declare

(n) the distribution, by dividend or pay dividendsotherwise, of Capital Stock of an Unrestricted Subsidiary or distributionsDebt 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 such amount asconnection with Transactions;

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

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

(r) any Restricted Payments and/or pay dividends onpayments 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 notits 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 covenant, in the event that a Restricted Payment meets the criteria of more than $0.12 per share in eachone of the first two fiscal quartersexceptions described in clauses (a) through (t) above, meets any of the Issuer commencing aftercriteria of any of the Issue Date; provided, however,clauses of the definition of “Permitted Investments,” or is permitted pursuant to the first paragraph of this covenant, the Parent Guarantor, in its sole discretion, (x) will 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 covenant (based on circumstances existing at the dividend or distribution shall be excluded in the calculationtime of reclassification), (y) may divide and later redivide the amount of a Restricted Payments;Payment among more than one of such clauses or the first paragraph of this covenant and (z) will only be required to include such Restricted Payment or any portion thereof in one of such clauses or the first paragraph of this covenant.

        (l)    any purchase, repurchase, redemption, defeasance or other acquisition or retirementThe amount of Disqualified Stockall Restricted Payments (other than cash) shall be the Fair Market Value on the date of such Restricted Payment of the Issuerasset(s) or a Restricted Subsidiary madesecurities proposed to be paid, transferred or issued by exchange for or out of the proceeds of, the substantially concurrent sale of Disqualified Stock of the IssuerParent Guarantor or such Restricted Subsidiary, as the case may be, so long as such refinancing Disqualified Stock is permitted to be Incurred pursuant to the covenant described under "—Limitation on Debt" and constitutes Refinancing Debt;

        (m)  any payments made in connection with the Transactions; provided, however, that such payments shall be excluded in the calculation of the amount of Restricted Payments;


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            (n)   the Issuer may declare and pay dividends or make other distributions to Parent Guarantor in respect of (i) overhead, legal, accounting and administrative expenses of Parent Guarantor, (ii) Tax Distributions and franchise or similar taxes and other fees and expenses required to maintain the existence of Parent Guarantor and (iii) customary salary, bonus and other benefits payable to, and indemnities provided on behalf of, officers and employees of Parent Guarantor, in each case in order to permit Parent Guarantor to make such payments; provided that in each case under this clause (n), the amount of such dividends and distributions shall not exceed the portionPayment. The Fair Market Value of any dividends or distributions referred to in this clause (n) that are directly allocable to the Issuer and its Subsidiaries (which shall be deemed to be 100% for so long as Parent Guarantor owns no material assets other than the Capital Stock of the Issuer and does not have any material obligations other than the guarantee of obligations under the Credit Agreement and the guarantee of the notes); and

            (o)   Restricted Payments by the Issuer to the Parent Guarantor to finance Investments that would otherwise be permitted to be made pursuant to this covenant if made by the Issuer; provided that (A) suchcash Restricted Payment shall be made substantially concurrently withits face amount, and the closingFair Market Value of such Investment, (B) the Parent Guarantoranynon-cash Restricted Payment, property or assets other than cash shall immediately following the closing thereof, cause (i) all property acquired (whether Capital Stock or other assets) to be contributed to the capital of the Issuer or one of the Restricted Subsidiaries or (ii) the merger or amalgamation of the Person formed or acquired into the Issuer or one of the Restricted Subsidiaries (to the extent not prohibited by the covenant "—Merger, Consolidation and Sale of Property" below) in order to consummate such Investment, (C) the Parent Guarantor and its Affiliates (other than the Issuer or a Restricted Subsidiary) receive no consideration or other payment in connection with such transaction except to the extent the Issuer or a Restricted Subsidiary could have given such consideration or made such payment in compliance with the Indenture, (D) any property receiveddetermined conclusively by the Issuer shall not increase amounts available for Restricted Payments pursuant to clause (3) of the preceding paragraph or any other provision of this paragraph and (E) such Investment shall have been permitted by and shall be deemed to be made by the Issuer or such Restricted Subsidiary pursuant to another provision of this covenant or pursuant to the definition of "Permitted Investments" pursuant to which the Issuer would have been entitled to have made such Investment if made by the Issuer.acting in good faith.

Limitation on Liens

The IssuerParent Guarantor shall not, and shall not permit the Issuer or any Restricted Subsidiary Guarantor to, directly or indirectly, Incur or sufferpermit to exist, any Lien (other than Permitted Liens), upon any of its Propertyproperties or assets (including Capital Stock of a Restricted Subsidiary), whether owned aton the Issue Date or thereafter acquired, or any interest therein or any income or profits therefrom unless either (i) it has made or will make effective provision whereby the notesNotes and the Note Guarantees will be secured by that Lien equally and ratably with (or prior to) all other Debt of the Issuer or any Restricted SubsidiaryGuarantor secured by that Lien or (ii) in the case of Liens securing Subordinated Obligations of the Issuer or a Subsidiary Guarantor's Subordinated Obligations,any Guarantor, the notesNotes and the related Note Guarantees are secured by a Lien on such property, assets or proceeds that is senior to such Liens.

Any Lien created for the benefit of the holders of the notesNotes pursuant to this covenant shall be automatically and unconditionally released and discharged upon the release and discharge of each of the Liens described in clauses (i) and (ii) above.


TableWith respect to any Lien securing Debt that was permitted to secure such Debt at the time of Contentsthe 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 ofinterest, 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.

Limitation on Asset Sales

The IssuerParent Guarantor shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, consummate any Asset Sale unless:

    (a) the Issuer or the 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 Propertyproperties and assets subject to that Asset Sale;Sale (such Fair Market Value to be determined on the date of contractually agreeing to such Asset Sale); and

    (b) at least 75% of the consideration paid to the IssuerParent Guarantor or the Restricted Subsidiary in connection with the Asset Sale is in the form of cash or Cash Equivalents orEquivalents.

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

    (1) the assumption by the purchaser of Debt or other liabilities of the IssuerParent Guarantor or any Restricted Subsidiary (other than Debt or other liabilities that are by their terms subordinated in right of payment to the notes) as a result ofNotes or the Note Guarantees) and from which the IssuerParent Guarantor and the Restricted Subsidiaries are no longer obligated with respect to those liabilities; andhave been unconditionally released;

            (c)   the Issuer delivers an Officers' Certificate to the trustee certifying that the Asset Sale complies with the foregoing clauses (a) and (b).

        For the purposes of this covenant:

            (1)(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;

            (2)(3) the assumption by the purchaser of Debt of any cash consideration paid to the Issuer or the Restricted Subsidiary in connection with the Asset Sale that is held in escrow or on deposit to support indemnification, adjustment of purchase price or similar obligations in respectno longer a Restricted Subsidiary as a result of such Asset Sale, shall be considered to be cash;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;

            (3)(4) Productive Assets received by the IssuerParent Guarantor or any Restricted Subsidiary in connection with the Asset Sale shall be considered to be cash;

            (4)   the requirement that at least 75% of the consideration paid to the Issuer or the Restricted Subsidiary in connection with the Asset Sale be in the form of cash or Cash Equivalents or assumed liabilities shall also be considered satisfied if the cash or Cash Equivalents received constitutes at least 75% of the consideration received by the Issuer or the Restricted Subsidiary in connection with such Asset Sale, determined on an after-tax basis;Sale; and

    (5) any DesignatedNon-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 DesignatedNon-Cash Consideration received in respect of Asset Sales that is at that time outstanding, not to exceed $40the greater of (i) $75.0 million shall be considered to be cash.and (ii) 10.0% of Consolidated EBITDA for the Test Period.

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

    (a) to Repayrepay secured Debt of the Parent Guarantor, the Issuer or a Subsidiary Guarantor (and if the secured Debt being repaid is revolving credit Debt, to correspondingly permanently reduce commitments with respect thereto), or any Debt of anon-Guarantor Restricted Subsidiary (excluding, in any such case, any Debt that is owed to the IssuerParent Guarantor or an Affiliateany Restricted Subsidiary);

(b) to repay other Debt (and if the Debt being repaid is revolving credit Debt, to correspondingly permanently reduce commitments with respect thereto) of the Issuer);

        (b)   to Repay other Debt of the IssuerParent Guarantor or a Restricted Subsidiary (other than(excluding (i) Subordinated Obligations and (ii) Debt owed to the IssuerParent Guarantor or an Affiliate of the Issuer)any Restricted Subsidiary) so long as the Issuer shall equally and ratably reduce obligations under the notesNotes (i) on a pro rata basis as provided under "—“—Optional Redemption,"(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 notesNotes at


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    or above 100% of the principal amount thereof,plus the amount of accrued butand unpaid interest, if any, onto, but not including the amountdate of notes that would otherwise be prepaid; orrepurchase;

    (c) 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 IssuerParent Guarantor or another Restricted Subsidiary); or

(d) any combination of the foregoing;

provided,however, that pending the final application of any such Net Available Cash (orin accordance with clauses (a), (b), (c) or (d) above, the Parent Guarantor and its Restricted Subsidiaries may temporarily reduce Debt or otherwise invest such Net Available Cash in any portion thereof) from Asset Sales frommanner not prohibited by the Issuer to any Subsidiary must be reinvested in Additional Assets of the Issuer.indenture.

Any Net Available Cash from an Asset Sale not applied in accordance with the preceding paragraph within 365 days from the date of the receipt of that Net Available Cash or that the Issuer earlier elects to so designate shall constitute "Excess Proceeds"Excess Proceeds;provided,however, that a binding commitment to reinvest in Additional Assets pursuant to clause (b)(c) of the preceding paragraph shall be treated as a permitted application of the Net Available Cash from the date of such commitment;providedthat (i) such reinvestment is consummated within 180 days of the end of the365-day period referred to in this sentence, and (ii) if such reinvestment is not consummated within the period set forth in subclause (i) or such binding commitment is terminated, the Net Available Cash not so applied will be deemed to be Excess Proceeds.

When the aggregate amount of Excess Proceeds not previously subject to a Prepayment Offer (as defined below) exceeds $35$50.0 million, (taking into account income earned on those Excess Proceeds, if any), the Issuer will be required to make an offer to purchase the Notes (the "Prepayment Offer"Prepayment Offer) the notes,, which offer shall be in the amount of the Allocable Excess Proceeds, on a pro rata basis according to principal amount, at a purchase price equal toof at least 100% of the principal amount thereof,plus accrued andaccruedand unpaid interest, if any, to the purchase date (subject to the right of holders of record 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 the indenture.indenture;providedthat if the Notes are in global form, interests in such global notes will be selected for redemption in accordance with the applicable procedures of DTC, although no Note of $2,000 in principal amount or less will be purchased in part. To the extent that any portion of the amount of Net Available Cash remains after compliance with the preceding sentence andprovided that all holders of notesNotes have been given the opportunity to tender their notesNotes for purchase in accordance with the indenture, the IssuerParent Guarantor or such Restricted Subsidiary may use the remaining amount for any purpose permitted by the indenture and the amount of Excess Proceeds will be reset to zero.

The term "Allocable Excess Proceeds"Proceeds will mean the product of:

    (a) the Excess Proceeds, and

    (b) a fraction,

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

      (2) the denominator of which is the sum of the aggregate principal amount of the notesNotes outstanding on the date of the Prepayment Offer and the aggregate principal amount of other Debt of the Issuer and the Guarantors outstanding on the date of the Prepayment Offer that ispari passu in

right of payment with the notesNotes 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 make an offer to purchase that Debt at substantially the same time as the Prepayment Offer.


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    Not later than fiveten Business Days after the Issuer is obligated to make a Prepayment Offer as described in the preceding paragraph, the Issuer shall send, or cause to be sent, a written notice, by first-class mail (or electronic transmission in the case of notesNotes held in book-entry form), to the holders of notes, accompanied by information regarding the Issuer and its Subsidiaries as the Issuer in good faith believes will enable the holders to make an informed decisionNotes 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.

    The provisions of the indenture relative to 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.

    The Credit Agreement prohibits or limits, and future credit agreements or other agreements to which the Parent Guarantor or its Restricted Subsidiaries become a party may prohibit or limit, the Issuer from purchasing any Notes pursuant to this covenant. In the event the Issuer is prohibited from purchasing the Notes, the Issuer could seek the consent of its lenders to the purchase of the Notes or could attempt to refinance the borrowings that contain such prohibition. If the Issuer does not obtain such consent or repay such borrowings, it will remain prohibited from purchasing the Notes. In such case, the Issuer’s failure to purchase tendered Notes would constitute an Event of Default under the indenture.

    The Issuer will 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 notesNotes pursuant to the covenant described hereunder. To the extent that the provisions of any securities laws or regulations conflict with provisions of the covenant described hereunder, the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the covenant described hereunder by virtue thereof.

    Limitation on Restrictions on Distributions from Restricted Subsidiaries

    The IssuerParent 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:

      (x) 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 IssuerParent Guarantor or any other Restricted Subsidiary (it being understood that the priority of any Preferred Stock in receiving dividend 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),

      (y) make any loans or advances to the IssuerParent 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 IssuerParent Guarantor or any Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances), or

      (z) sell, lease or transfer any of its Propertyproperties or assets to the IssuerParent Guarantor or any other Restricted Subsidiary (it being understood that such transfers shall not include any type of transfer described in clause (x) or (y) above).

    The foregoing limitations willdo not apply to restrictions:

      (a) in effect on the Issue Date, including but not limitedpursuant 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 Issuer,Parent Guarantor;

    (c) that result from any amendment, restatement, modification, renewal, supplement, extension or replacement or Refinancing of Debt Incurred pursuant to an agreement referred to in clauseclauses (a) or (b) above, in clauseclauses (f), (g) or (j) below or this clause (c), (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 Issuer's Board of Directors in a resolution of the Board of Directors delivered to the trustee)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), as applicable,applicable;


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      (d) resulting from the Incurrence of any Permitted Debt described in the second paragraph of the covenant described under "—“—Limitation on Debt”;provided that if the obligor of such Debt" provided that is the Issuer or a Subsidiary Guarantor, the restriction is no less favorable to the holders of notesNotes in any material respect (as determined in good faith by the Issuer's Board of Directors in a resolution of the Board of Directors delivered to the trustee)Parent Guarantor) than the restrictions of the same type contained in the indenture, orindenture;

      (e) existing by reason of applicable law, rule, regulation or order; and

      (f) with respect to clause (z) above only, relating to Debt that is permitted to be Incurred and secured without also securing the notesNotes pursuant to the covenants described under "—“—Limitation on Debt"Debt” and "—“—Limitation on Liens"Liens” that limit the right of the debtor to dispose of the Propertyproperties or assets securing that Debt,Debt;

      (g) encumbering Propertyproperties or assets at the time the Property wasproperties and assets were acquired by the IssuerParent Guarantor or any Restricted Subsidiary, so long as the restriction relates solely to the Propertyproperties and assets so acquired and was not created in connection with or in anticipation of the acquisition,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,thereunder;

      (i) which are customary restrictions contained in asset sale agreements limiting the transfer of Propertyproperty or assets pending the closing of the sale,sale;

      (j) existing by reason of the indenture, the notesOriginal Notes, the New Notes offered hereby, the exchange notes,Note Guarantees and the Note Guarantees;related note guarantees;

      (k) any Debt or contractual requirements Incurred with respect to a Qualified Securitization Transaction relating exclusively to a Securitization Subsidiary that, as determined in respect of any Receivablesgood faith by the Parent Guarantor or the relevant Restricted Subsidiary, as applicable, are necessary to the extent set forth in the Accounts Receivable Facility Documents; oreffect 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 Issuer'sParent Guarantor’s Board of Directors and otherwise permitted under the Indenture,indenture, which limitation is applicable only to the assets that are the subject of such agreements.

    Limitation on Transactions with Affiliates

    The IssuerParent 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 Propertyproperty or asset or the rendering of any service) with, or for the benefit of, any Affiliate of the IssuerParent Guarantor (an "Affiliate Transaction"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 the covenant described under “—Certain Covenants—Reports”), unless:

      (a) the terms of such Affiliate Transaction are materially no less favorable to the IssuerParent 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-lengtharm’s-length transaction with a Person that is not an Affiliate of the Issuer,Parent Guarantor, and

      (b)   (i) if the Affiliate Transaction involves aggregate payments or valueconsideration in excess of $10the 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, believesdetermines 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 and (ii) if the Affiliate Transaction involves aggregate payments or value in excess of $25 million, the Company delivers to the trustee an opinion to the effect that such Affiliate Transaction is fair to the Company or suchtrustee.


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      Restricted Subsidiary from a financial point of view issued by an investment banking firm or advisory firm of national standing or nationally recognize accounting firm or appraisal firm.

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

      (a) any transaction or series of transactions between the IssuerParent Guarantor and one or more Restricted Subsidiaries or between two or more Restricted Subsidiaries;

      (b) any Restricted Payment permitted to be made pursuant to the covenant described under "—“—Limitation on Restricted Payments"Payments” or any Permitted Investment;

      (c) employment and severance arrangements between the Parent Guarantor or any reasonable or customary employment, consulting, service, severance, termination agreement,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 plan, compensation arrangement, indemnification arrangement,plans and arrangements;

      (d) any issuance, sale or any similar arrangement entered into by the Issuer or a Restricted Subsidiary with a current or former director, officer or employee of the Issuer or a Restricted Subsidiary and payments related thereto; or any issuancegrant of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of employment agreementsarrangements, stock options and other compensation arrangements, options to purchase Capital Stock of the Issuer, restricted stock ownership plans restricted stock unit plans, long-term incentive plans, stock appreciation rights plans, participation plans or similar employee benefits plans and/or indemnity provided on behalf of directors, officers and employees of the Issuer or a Restricted Subsidiary approved by the Board of Directors of the Issuer;Parent Guarantor or any parent company of the Parent Guarantor or any Restricted Subsidiary;

              (d)   (i) reimbursement(e) the payment of employee travelcustomary fees and lodgingreasonable out of pocket costs to, and other business expenses incurredindemnities 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 and (ii) loans and advances to employees made in the ordinary course of business in compliance with applicable laws and consistent withextent attributable to the past practicesownership or operation of the IssuerParent Guarantor and its Restricted Subsidiaries;

      (f) any issuance, repurchase, redemption, retirement or that Restricted Subsidiary, as the case may be, provided that those loans and advances do not exceed $5 million in the aggregate at any one time outstanding;

              (e)   any issuanceother acquisition or retirement of shares of Capital Stock (other than Disqualified Stock) of the Issuer;Parent Guarantor;

              (f)(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 of the notes)Notes) or any transaction contemplated thereby;

              (g)(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 IssuerParent 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 reasonable determination of an Officer of the IssuerParent Guarantor, than the applicable agreement as in effect on the date of such acquisition, merger or consolidation;

              (h)(i) transactions with customers, clients, suppliers, joint venture partners orventures, purchasers or sellers of goods or services in each caseor providers of employees or other labor entered into in the ordinary course of business, which are

    fair to the businessParent Guarantor and/or the applicable Restricted Subsidiary in the good faith determination of the Issuer and its Restricted Subsidiaries and otherwise in compliance with the termsBoard of Directors of the indenture; provided that inParent Guarantor or the reasonable determination of an Officersenior management of the Issuer, such transactionsParent Guarantor, or are on terms that are not materially lessat least as favorable when taken as a whole, to the Issuer or the relevant Restricted Subsidiary than those that wouldmight reasonably have been obtained in a comparable transaction by the Issuer orat such Restricted Subsidiary withtime from an unrelated Person;unaffiliated party;

            (i)(j) transactions in which the IssuerParent 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


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      Issuer 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 IssuerParent 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;

              (j)(k) the Transactions and the payment of all fees and expenses relatedTransaction Expenses;

      (l) transactions entered into by an Unrestricted Subsidiary with an Affiliate prior to the Transactions; and

              (k)   transactions in connection with an Accounts Receivable Facility.

    Limitation on Sale and Leaseback Transactions

            The Issuer shall not, and shall not permit anyredesignation of such Unrestricted Subsidiary as a Restricted Subsidiary to, enter into any Sale and Leaseback Transaction with respect to any Property unless:

              (a)   the Issuer or that Restricted Subsidiary would be entitled to:

         ��      (1)   Incur Debt in an amount equal to the Attributable Debt with respect to that Sale and Leaseback Transaction pursuant to the covenant described under "—Limitation on Debt,"“—Designation of Restricted and Unrestricted Subsidiaries”;provided that such transactions were not entered into in contemplation of such redesignation;

                (2)   create a Lien on(m) the Property securing that Attributable Debt without also securingpayment of reasonableout-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 notesParent Guarantor or any 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 covenant described under "—Limitation on Liens,"Separation and

              (b) Distribution Agreement and the SaleIntercompany Agreements;

      (p) timeshare and Leasebackfractional 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, isany 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 compliance with the covenant described under "—Limitation on Asset Sales" after treating all the consideration received in such Sale and Leaseback Transaction as Net Available Proceeds of such covenant.Qualified Securitization Transactions).

    Designation of Restricted and Unrestricted Subsidiaries

    The Board of DirectorsIssuer may designate any Restricted Subsidiary (other than the Issuer) or other Subsidiary (including any newly acquired or newly formed Subsidiary) of the IssuerParent 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 Propertyproperty or asset of, the Issuer or any other Restricted Subsidiary,Subsidiary;

      (b)   immediately before and after such designation no Event of Default shall have occurred and be continuing, andwould not cause a Default;

    (c) anyall of the following:Debt of such Subsidiary and its Subsidiaries shall, at the date of designation and at all times thereafter, consist ofNon-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 the covenant entitled "—described under “—Limitation on Restricted Payments," orPayments.”

              (3)   the designation is effective immediately upon the entity becoming aThe Issuer may redesignate any Unrestricted Subsidiary of the Issuer (as designated by the Board of Directors in the manner provided below).

            Unless so designated as an Unrestricted Subsidiary, any Person that becomes a Subsidiary of the Issuer will be classified as a Restricted Subsidiary; provided, however, that the Subsidiary shall not be designated a Restricted Subsidiary and shall be automatically classified as an Unrestricted Subsidiary if either of the requirements set forth in clauses (x) and (y) of the second immediately following paragraph will not be satisfied after giving pro forma effect to the classification as a Restricted Subsidiary or if the Person is a Subsidiary of an Unrestricted Subsidiary.

            Except as provided in the first sentence of the first paragraph of this covenant, no Restricted Subsidiary may be redesignated as an Unrestricted Subsidiary. In addition, neither the Issuer nor any Restricted Subsidiary shall at any time be directly or indirectly liable for any Debt that provides that


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    the holder thereof may (with the passage of time or notice or both) declare a default thereon or cause the payment thereof to be accelerated or payable prior to its Stated Maturity upon the occurrence of a default with respect to any Debt, Lien or other obligation of any Unrestricted Subsidiary in existence and classified as an Unrestricted Subsidiary at the time the Issuer or the Restricted Subsidiary is liable for that Debt (including any right to take enforcement action against that Unrestricted Subsidiary).

            The Board of Directors may designate any Unrestricted SubsidiaryParent Guarantor to be a Restricted Subsidiary if, immediately after giving pro forma effect to the designation,

      (x) (i) the Issuer couldParent Guarantor would be able to Incur at least $1.00 of additional Debt pursuant to clause (1) of the first paragraph of the covenant described under "—“—Limitation on Debt,"Debt” 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;

      (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 the indenture; and

              (y)(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 of this kind by the Board of Directorsas an Restricted Subsidiary will be evidenced to the trustee by filing with the trustee a resolution of the Board of Directors giving effect to the designation or redesignation and an Officers'Officers’ Certificate that:

              (a)   certifiescertifying that thesuch designation or redesignation complies with the foregoing provisions and

              (b) gives the effective date of the designation or redesignation, and the filing with the trustee to occur after the end of the fiscal quarter of the Issuer in which the designation or redesignation is made within the time period for which reports are required to be provided under "—Reports."redesignation.

    Additional Note Guarantees

    The IssuerParent Guarantor will not permit any of its Restricted Subsidiaries (other than any Securitization Subsidiary or Foreign Subsidiary) that is a Wholly Owned Subsidiary (and any U.S.Domestic Subsidiary that is anon-Wholly Owned Subsidiary if suchnon-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 CompanyIssuer or any other Guarantor incurred under aany Credit Facility or other capital markets debt securities (other than Debt payable to the Company or Restricted Subsidiary) unless:

      (1) such Restricted Subsidiary within 30 days executes and delivers a supplemental indenture to the 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:

                (a)   if the Notes or such Guarantor's Guarantee are subordinated in right of payment to such Debt, the Guarantee under the supplemental indenture shall be subordinated to such Restricted Subsidiary's guarantee with respect to such Debt substantially to the same extent as the notes are subordinated to such Debt; and

                (b)Guarantor, if such Debt is by its express terms subordinated in right of payment to the notesNotes or such Guarantor'sGuarantor’s Note Guarantee, any such 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;Notes; and

      (2) such Restricted Subsidiary waives and will 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; and

              (3)   such Restricted Subsidiary shall deliver to the trustee an Opinion of Counsel stating that:

                (a)   such Guarantee has been duly executed and authorized; and


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                (b)   such Guarantee constitutes a valid, binding and enforceable obligation of such Restricted Subsidiary, except insofar as enforcement thereof may be limited by bankruptcy, insolvency or similar laws (including all laws relating to fraudulent transfers) and except insofar as enforcement thereof is subject to general principals of equity;

    providedthat this covenant shall not be applicable to any guarantee of any Restricted Subsidiary that existed on the Issue Date or 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;provided,further, that no Receivables Subsidiary will be required to become a Guarantor at any time. Subsidiary.

    Each Guarantee shall be released in accordance with the provisions of the indenture described under "Note“—Note Guarantees."

    Merger, Consolidation and Sale of Property

      Parent Guarantor

      The Issuer

            The IssuerParent 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 Propertyproperties and assets in any one transaction or series of transactions unless:

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

      (b) the Surviving PersonParent (if other than the Issuer)Parent Guarantor) expressly assumes, by supplemental indenture executed and delivered to the trustee by that Surviving Person, in the case of a Surviving Person formed by the merger, consolidation or amalgamation with the Issuer or to which the sale, transfer, assignment, lease, conveyance or disposition is with respect to all or substantiallyParent, all of the Propertyobligations of the Issuer, the due and punctual payment of the principal of, and premium, if any, and interest on, all the notes, according to their tenor,Parent Guarantor under its Note Guarantee and the due and punctual performance and observance of all the covenants and conditions of the indenture to be performed by the Issuer;Parent Guarantor;

      (c) in the case of a sale, transfer, assignment, lease, conveyance or other disposition of all or substantially all the Property of the Issuer that Property shall have been transferred as an entirety or virtually as an entirety to one Person;

              (d)   immediately before and after giving effect to that transaction or series of transactions on a pro forma basis, (and treating, for purposes of this clause (d) and clause (e) below, any Debt that becomes, or is anticipated to become, an obligation of the Surviving Person or any Restricted Subsidiary as a result of that transaction or series of transactions as having been Incurred by the Surviving Person or the Restricted Subsidiary at the time of that transaction or series of transactions), no Default or Event of Default shall have occurred and be continuing;

              (e)(d) immediately after giving effect to that transaction or series of transactions on a pro forma basis, the Issuer or the Surviving Person (if the Surviving Person was previously the Issuer), as the case may be,Parent (i) would be able to Incur at least $1.00 of additional Debt under clause (1) of the first paragraph of the covenant described under "—“—Limitation on Debt"Debt” or (ii) the Consolidated Fixed Charges Coverage Ratio of the Issuer or the Surviving Person (if the Surviving Person was previously the Issuer), as applicable,Parent would be greater than or equal to such ratio immediately prior to such transaction,provided,however, that this clause (e)(d) shall not be applicable to the IssuerParent Guarantor (or any Surviving Parent) merging, consolidating or amalgamating with or into an Affiliate incorporated solely for the purpose of reincorporating the IssuerParent Guarantor (or any Surviving Parent) in aanother State of the United States or the District of Columbia so long as the amount of Debt of the IssuerParent Guarantor and the Restricted Subsidiaries is not increased thereby; and


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              (f)(e) the Issuer,Surviving Parent shall deliver, or cause to be delivered, to the trustee, in form and substance reasonably satisfactory to the trustee, an Officers'Officers’ Certificate and an Opinion of Counsel, each stating that the transaction and the supplemental indenture, if any, in respect thereto comply with this covenant and that all conditions precedent herein provided for relating to the transaction have been satisfied.

    The Surviving PersonParent shall succeed to, and be substituted for, and may exercise every right and power of the IssuerParent Guarantor under the indenture, but the predecessor IssuerParent Guarantor in the case of:

              (a)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 Issuer as an entiretyParent Guarantor), or virtually as an entirety), or

              (b)(ii) a lease,

    shall not be released from any obligation to pay the principal of, premium, if any, and interest on, the notes, in the case of the Issuer.under its Note Guarantee.

      Parent GuarantorIssuer

            Parent GuarantorThe 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 Propertyproperties and assets in any one transaction or series of transactions unless:

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

      (b) the Surviving ParentIssuer (if other than Parent Guarantor)the Issuer) expressly assumes, by supplemental indenture executed and delivered to the trustee by that Surviving Parent, in the case of a Surviving Parent formed by the merger, consolidation or amalgamation with Parent Guarantor or to which the sale, transfer, assignment, lease, conveyance or disposition is with respect to all or substantially all of the Property of Parent Guarantor,Issuer, the due and punctual payment of the principal of, and premium, if any, and interest on, all the notes, according to their tenor,Notes, and the due and punctual performance and observance of all the covenants and conditions of the indenture to be performed by Parent Guarantor;the Issuer;

    (c) in the case of a sale, transfer, assignment, lease, conveyance or other disposition of all or substantially all the Property of Parent Guarantor that Property shall have been transferred as an entirety or virtually as an entirety to one Person;

            (d)   immediately before and 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

            (e)   Parent Guarantor,(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'Officers’ Certificate and an Opinion of Counsel, each stating that the transaction and the supplemental indenture, if any, in respect thereto comply with this covenant and that all conditions precedent herein provided for relating to the transaction have been satisfied.

    The Surviving ParentIssuer shall succeed to, and be substituted for, and may exercise every right and power of Parent Guarantorthe Issuer under the indenture.


    Tableindenture, but the predecessor Issuer in the case of Contents(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 Issuer), or (ii) a lease, shall not be released from any obligation to pay the principal of, premium, if any, and interest on, the Notes.

      Subsidiary Guarantors

    No Subsidiary Guarantor may:

              (a)may merge, consolidate or amalgamate with or into any other Person, or

              (b) sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all its Propertyproperties and assets in any one transaction or series of transactions orunless:

              (c)   permit any Person to merge, consolidate or amalgamate with or into the Subsidiary Guarantor unless:

        (a) (i)  the other Person is the Issuer or any Restricted Subsidiary that is a Subsidiary Guarantor or becomes a Subsidiary Guarantor concurrently with the transaction; or

                 (ii)  (1) either (x) thesuch Subsidiary Guarantor is the continuing Person or (y) the resulting, surviving or transferee Person expressly assumes by supplemental indenture all of the obligations of thesuch Subsidiary Guarantor under its Note Guarantee;Guarantee and the due and punctual performance and observance of all the covenants and conditions of the indenture to be performed by such Subsidiary Guarantor;

                  (2)(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 covenant and that all conditions precedent herein provided for relating to the transaction have been satisfied; or

                (iii)(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 Propertyproperties and assets of the Subsidiary Guarantor (in each case other than to the IssuerParent Guarantor or a Restricted Subsidiary) in compliance with the covenant described under “—Limitation on Asset Sales” and otherwise permitted by the indenture.

    ConductNotwithstanding the foregoing, any Subsidiary Guarantor may merge, consolidate or amalgamate with or into or sell, transfer, assign, lease, convey or otherwise dispose of Business of Receivables Subsidiaries

            Notwithstanding anythingall or substantially all its properties and assets to the contrary contained herein,Issuer, the Issuer will not permit any ReceivablesParent 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.

    Although there is a limited body of case law interpreting the phrase “substantially all,” there is no precise established definition of the phrase under applicable law. Accordingly, in certain circumstances there may be a degree of uncertainty as to engage in any business activities (including, but not limited to, making acquisitionswhether a particular transaction would involve “all or Investments)substantially all” of the property or incur or assume any liabilities other than, in each case, solely in connection with the transactions contemplated by the Accounts Receivable Facility Documents.assets of a Person.

    Reports

    Whether or not required by the rules and regulations of the SEC, so long as any notesNotes are outstanding, the Issuer will furnish to the holders of notesNotes or cause the trustee to furnish to the holders of notes,Notes, 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'sSEC’s rules and regulations fornon-accelerated filers: filers):

      (1) all quarterly and annual reports that would be required to be filed by the Parent Guarantor with the SEC on Forms10-Q and10-K if the IssuerParent Guarantor were required to file such reports; and

      (2) all current reports required to be filed by the Parent Guarantor with the SEC on Form8-K if the IssuerParent Guarantor were required to file such reports;

    providedthat the electronic filing of the foregoing reports by the IssuerParent Guarantor on the SEC'sSEC’s EDGAR system (or any successor system) shall be deemed to satisfy the Issuer'sIssuer’s delivery obligations to the trustee and any holder of notes,Notes, it being understood that the trustee shall have no responsibility to determine whether any reports have been filed on the SEC'sSEC’s EDGAR system (or any successor system).

    All such reports will be prepared in all material respects in accordance with all of the rules and regulations applicable to such reports. Each annual report on Form10-K will include a report on the Issuer'sParent Guarantor’s consolidated financial statements by the Issuer'sParent Guarantor’s certified independent accountants. In addition, unless the IssuerSEC will not accept such a filing, the Parent Guarantor will file a copy of each of the reports referred to in clauses (1) and (2) above withon the SEC for public availabilitySEC’s EDGAR system (or any successor system) within the time periods specified inabove, and the rules and regulations applicable to such reports (unlessIssuer or the SEC will not accept such a filing) andParent Guarantor will post the reports on its website within those time periods.


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    If, at any time, the IssuerParent Guarantor is no longer subject to the periodic reporting requirements of the Exchange Act for any reason, the IssuerParent Guarantor will nevertheless continue filing the reports specified in the preceding paragraphs of this covenant with the SEC within the time periods specified above, unless the SEC will not accept such a filing. TheNeither the Issuer nor the Parent Guarantor will not take any action reasonably expected to cause the SEC not to accept any such filings. If, notwithstanding the foregoing, the SEC will not accept the Issuer'sParent Guarantor’s filings for any reason, the Issuer or the Parent Guarantor will post the reports referred to in the preceding paragraphs on itsa website within the time periods that would apply ifspecified above (which may be nonpublic and may be maintained by the Issuer, were requiredthe Parent Guarantor or a third party) to file those reports withwhich access will be given to holders of Notes, prospective purchasers of the SEC.Notes (which prospective purchasers will be limited to “qualified institutional buyers” within the meaning of Rule 144A of the Securities Act) ornon-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 IssuerParent 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 will include a presentation, either on the face of the financial statements or in the footnotes thereto, and in "Management's“Management’s Discussion and Analysis of Financial Condition and Results of Operations",Operations,” of the financial condition and results of operations of the IssuerParent Guarantor and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Issuer.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 will furnish to the holders of notesNotes 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 "—Reports"“—Reports” and such information is subsequently provided, the Issuer will 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 will be deemed to have furnished such reports to the trustee and the holders of the notesNotes if any direct or indirect parent of the Issuer (including Parent Guarantor)Guarantor has filed such reports (including, in the case of any annual report

    on Form10-K,reports filed by the Parent Guarantor'scertified independent accountants)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 reports are publicly available. direct or indirect parent and its consolidated subsidiaries, on the other hand.

    The trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Issuer's,Issuer’s, any Guarantor'sGuarantor’s or any other Person'sPerson’s compliance with the covenants described herein or with respect to any reports or other documents filed under the indenture.

    EventsFinancial Calculations for Limited Condition Transactions

    In connection with any action being taken in connection with a Limited Condition Transaction, for purposes of Default

            Events(i) determining compliance with any provision of Defaultthe indenture that requires the calculation of any other financial ratio or (ii) testing availability under baskets set forth in the 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 Transactionis entered into (or, in respect of any transaction described in clauses (ii) and (iii) of the notes include:definition of “Limited Condition Transaction,” delivery of irrevocable notice, declaration of dividend or similar event), and not at the time of 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.

      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 will 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 will 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).

    In connection with any action being taken in connection with a Limited Condition Transaction, for purposes of determining compliance with any provision of the 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 the indenture.

    Events of Default

    Each of the following is an “Event of Default”:

    (1) failure to make the payment of any interest on the notesNotes when the same becomes due and payable, and that failure continues for a period of 30 days;

    (2) failure to make the payment of any principal of, or premium, if any, on, any of the notesNotes when the same becomes due and payable at its Stated Maturity, upon acceleration, redemption, optional redemption, required repurchase or otherwise;

    (3) failure to comply with the covenant described under "—“—Certain Covenants—Merger, Consolidation and Sale of Property"Property”;

    (4) failure to comply with any other covenant or agreement in the notesNotes or in the indenture (other than a failure that is the subject of the foregoing clauseclauses (1), (2) or (3)) and such failure continues for 60 days after written notice is given to the Issuer as provided below;

    (5) (i) a default under any Debt by the IssuerParent 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 atprior 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 greater than $30in excess of $75.0 million or(or its foreign currency equivalentDollar Equivalent at the timetime);provided that this clause (5)(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 the indenture and under the documents governing such Debt; andprovided,further, that this clause (5)(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 (the "crosscross acceleration provisions"provisions);


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      (6) any judgment or judgments for the payment of money in an aggregate amount in excess of $30$75.0 million (or its foreign currency equivalentDollar Equivalent at the time) (net of amounts covered by insurance or bonded) that shall be rendered against the Parent Guarantor the Issuer or any Restricted Subsidiary and that shall not be waived, satisfied, annulled, discharged or rescinded for any period of 60 consecutive days during which a stay of enforcement shall not be in effector more after such judgment becomes final (the "judgmentjudgment default provisions"provisions);

    (7) specifiedcertain events involvingof bankruptcy, insolvency or reorganization of the Parent Guarantor, the Issuer or any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary (the "bankruptcy provisions"bankruptcy provisions); and

    (8) anythe 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(other than in accordance with the terms of the indenture,indenture), or the Parent Guarantor or any Significant Subsidiary or any group of Subsidiary Guarantors that, taken together, would constitute a Significant Subsidiary Guarantor denies or disaffirms its obligations under the indenture or its Note Guarantee (the "notenote guarantee provisions"provisions).

    A Default under clause (4) is not an Event of Default until the trustee or the holders of not less than 25% in aggregate principal amount of the notesNotes then outstanding notify the Issuer of the Default and the Issuer does not cure that Default within the time specified in clause (4) after receipt of the notice.such notice;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 "NoticeNotice of Default."Default.”

    The Issuer shall deliver to the trustee, within 30 days after10 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'Officers’ Certificate of any event that with the giving of notice and the lapse of time would become an Event of Default, its status and what action the Issuer is taking or proposes to take with respect thereto. In addition, the Issuer is required to deliver to the trustee, within 120 days after the end of each fiscal year ending after the Issue Date, a certificate indicating whether the signers thereof know of any Default that occurred during the previous year.

    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 andnon-appealable 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 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. Any breach of the Position Representation (as evidenced by the delivery to the trustee of an Officer’s 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 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, such Noteholder Direction shall be voidab initio, 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 Officer’s Certificate delivered to it in accordance with the 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, any holder or any other Person in acting in good faith on a Noteholder Direction or Officer’s Certificate.

    If an Event of Default with respect to the notesNotes (other than an Event of Default resulting from particular events involving bankruptcy, insolvency or reorganization with respect to the Issuer)described in clause (7) above) shall have occurred and be continuing, the trustee or the registered holders of not less than 25% in aggregate principal amount of notesthe Notes then outstanding may declare the principal, premium, if any, and accrued and unpaid interest on all the Notes to be immediately due and payable the principal amount of all the notes then outstanding, plus accrued but unpaid interest to the date of acceleration.payable. In case an Event of Default resulting from events of bankruptcy, insolvency or reorganization with respect to the Issuerdescribed in clause (7) above shall occur, the amount with respect toprincipal, premium, if any, and accrued and unpaid interest on all the notesNotes shall be due and payable immediately without any declaration or other act on the part of the trustee or the holders of the notes. After any such acceleration, but before a judgment or decree based on acceleration is obtained by the trustee, the registeredNotes. The holders of a majority in aggregate principal amount of the notes then outstanding Notes may under some circumstances,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 annul the accelerationits 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 acceleratedthe principal, premium, orif any, and interest on the Notes that have become due solely by such declaration of acceleration, have been cured or waived as providedwaived. Any time period in the indenture.indenture to cure any actual or alleged Default or Event of Default may be extended or stayed by a court of competent jurisdiction.

    In the event of a declaration of acceleration of the Notes because an Event of Default described in clause (5) above 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 clause (5) shall be remedied or cured by the Parent Guarantor or a Restricted Subsidiary or waived by the holders of the relevant Indebtedness within 30 days after the declaration of acceleration with respect thereto and if (1) the annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction and (2) all existing Events of Default, except nonpayment of 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.

    Subject to the provisions of the indenture relating to the duties of the trustee, in case an Event of Default shall occur and be continuing, the trustee will be under no obligation to exercise any of its rights or powers under

    the indenture at the request or direction of any of the holders of the notes,Notes, unless the holders shall have offered to the trustee reasonable security and/or indemnity satisfactory to it. Subject to the provisions for the indemnification of the trustee, the holders of a majority in aggregate principal amount of the notesNotes then outstanding will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee or exercising any trust or power conferred on the trustee with respect to the notes.Notes.

    No holder of notesNotes will have any right to institute any proceeding with respect to the indenture, or for the appointment of a receiver or trustee, or for any remedy thereunder, unless:

      (a) that holder has previously given to the trustee written notice of a continuing Event of Default,


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      (b) the registered holders of at least 25% in aggregate principal amount of the notesNotes then outstanding have made written request and offered indemnity reasonably satisfactory to the trustee to institute the proceeding as trustee, and

      (c) the trustee shall not have received from the registered holders of a majority in aggregate principal amount of the notesNotes then outstanding a direction inconsistent with that request and shall have failed to institute the proceeding within 60 days.

    However, these limitations do not apply to a suit instituted by a holder of any noteNote for enforcement of payment of the principal of, and premium, if any, or interest on, that noteNote on or after the respective due dates expressed in that note.Note. The trustee shall not be deemed to have notice of any Default or Event of Default unless ana responsible officer of the trustee having direct responsibility for the administration of the indenture has received written notice of any such event and such notice references the notesNotes and the indenture.

    Amendments and Waivers

            Subject to some exceptions,Except as provided in the next two succeeding paragraphs, the indenture may be amended or supplemented with the consent of the registered holders of a majority in aggregate principal amount of the notesNotes then outstanding (including consents obtained in connection with a tender offer or exchange offer for the notes)Notes) and any past default or compliance with any provisions may also be waived with the consent of the registered holders of a majority in aggregate principal amount of the notesNotes then outstanding (including waivers obtained in connection with a tender offer or exchange offer for the notes)Notes), except a Default in the payment of principal, premium, if any, or interest and particular covenants and provisions of the indenture which cannot be amended without the consent of each holder of an outstanding note.Note. However, without the consent of each holder of an outstanding noteNote adversely affected thereby, no amendment, supplement or waiver may among other things,(with respect to any Notes held by anon-consenting holder):

      (1) reduce the principal amount of notesNotes whose holders must consent to an amendment, supplement or waiver,waiver;

      (2) reduce the stated rate of or extend the stated time for payment of interest on any note,such Note;

      (3) reduce the principal of or extend the Stated Maturity of any note,Note;

      (4) make any noteNote payable in money other than U.S. Dollars,Dollars;

      (5) impair the right of any holder of the notes to receive payment of principal of and interest on that holder's notes on or after the due dates therefor or to institute suit for the enforcement of any payment of principal of and interest on such holder’s Notes on or with respect to that holder's notes,after the due dates therefor;

      (6) subordinate the notesNotes or the Note Guarantees to any other obligation of the Issuer or any Guarantor, as applicable;

      (7) reduce the premium payable upon the redemption of any noteNote or change the time at which any noteNote may be redeemed, as described under "—“—Optional Redemption,"Redemption” or (at any time after a Change of Control has occurred) under the fifth paragraph under “—Repurchase at the Option of Holders Upon a Change of Control”;

    (8) (a) other than as provided in the ninth paragraph under “—Repurchase at the Option of Holders Upon a Change of Control,” reduce the premium payable upon a Change of Control or (b) 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 notesNotes must be repurchased pursuant to that Change of Control Offer,Offer;

    (9) 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 notesNotes must be repurchased pursuant thereto,thereto;

    (10) make any change in the amendment, supplement or waiver provisions that require each holder’s consent; or

            (10)(11) release any Guarantor from any of its obligations under its Note Guarantee or the indenture, except in accordance with the terms of the indenture.


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    Without the consent of any holder of the notes,Notes, the Issuer, the Guarantors and the trustee may amend or supplement the indenture, the Notes or the Note Guarantees to:

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

      (2) provide for the assumption by a successor of the obligations of the Issuer or any Guarantor under the indenture,indenture;

      (3) provide for uncertificated notesNotes in addition to or in place of certificated notes, Notes;provided that the uncertificated notesNotes are issued in registered form for purposes of Section 163(f) of the Code, or in a manner such that the uncertificated notesNotes are described in Section 163(f)(2)(B) of the Code,Code;

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

      (5) add GuaranteesGuarantors with respect to the notesNotes or release Guarantors from their Note Guarantees as provided byin accordance with the applicable terms of the indenture or the Note Guarantees,indenture;

              (5)(6) secure the notesNotes and the Notes Guarantees (and, thereafter, provide for releases of collateral in accordance with the security documents entered into in connection therewith), add to the covenants of the Issuer and the Guarantors for the benefit of the holders of the notesNotes or surrender any right or power conferred upon the Issuer or the Guarantors;

              (6)(7) make any change that does not adversely affect the rights of any holder of the notes,Notes in any material respect;

              (7)(8) comply with any requirements of the SEC in connection with qualifying, or maintaining the qualification of, the indenture under the Trust Indenture Act of 1939,Act;

      (9) make such provisions as amended,

              (8)necessary (as determined in good faith by the Issuer) to provide for the issuance of additional notesNotes in accordance with the indenture,indenture;

              (9)(10) provide for the issuance of New Notes or other exchange securities that shall have terms substantially identical in all respects to the notesOriginal Notes (except that the transfer restrictions contained in the notesOriginal Notes shall be modified or eliminated, as appropriate) and which shall be treated, together with any outstanding notes,Notes, as a single class of securities;

              (10)(11) provide for the appointment of a successor trustee;provided that the successor trustee is otherwise qualified and eligible to act as such under the terms of the indenture;

      (12) to make any amendment to the provisions of the Indenture relating to the transfer and legending of Notes as permitted by the indenture, including, without limitation, to facilitate the issuance and administration of Notes;provided,however, that (i) compliance with the 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; or

            (11)

    (13) conform any provisionsprovision of the indenture, the Notes or the Note Guarantees to this "Description“Description of Notes" as evidencedNotes” to the extent that such provision in an Officers' Certificate.this “Description of Notes” was intended to be a verbatim recitation of a provision of the indenture, the Notes or the Note Guarantees.

    The consent of the holders of the notesNotes is not necessary to approve the particular form of any proposed amendment.amendment, supplement or waiver. It is sufficient if such consent approves the substance of the proposed amendment.amendment, supplement or waiver. A consent to any amendment, supplement or waiver under the indenture by any holder given in connection with a tender or exchange of such holder’s Notes will 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 registered holder of the notesNotes at the holder'sholder’s address appearing in the security register a notice briefly describing the amendment. However, the failure to give this notice to all holders of the notes,Notes, or any defect therein, will not impair or affect the validity of the amendment. In connection with any modification, amendment or supplement, wethe Issuer will deliver to the trustee an Opinion of Counsel and an Officers'Officers’ Certificate upon which the trustee may conclusively rely, each stating that such modification, amendment or supplement complies with the applicable provisions of the indenture and such modification, amendment or supplement is the legal, valid and binding obligation of the Issuer enforceable against it in accordance with its terms.

    Defeasance and Discharge

    The Issuer may discharge its obligations and the obligations of the Guarantors under the notesNotes, the Note Guarantees and the indenture, as applicable, by irrevocably depositing in trust with the trustee money orcash 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 principal of and premium, if any, and interest on the notesNotes to maturity or redemption within one year, subject to meeting certain other conditions.


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    The Issuer at any time may also terminate all of the Issuer'sIssuer’s and the Note Guarantors’ obligations under the notesNotes, the Note Guarantees and the indenture ("(“legal defeasance"defeasance), as applicable, except for particularcertain obligations, including those respecting the defeasance trust and obligations to register the transfer or exchange of the notes,Notes, to replace mutilated, destroyed, lost or stolen notesNotes and to maintain a registrar and paying agent in respect of the notes. Notes. If the Issuer exercises its legal defeasance option, the Note Guarantees in effect at such time will be automatically released.

    The Issuer at any time may terminate:

      (1) the Issuer's obligations under the covenants described under "—“—Repurchase at the Option of Holders Upon a Change of Control"Control” and "—“—Certain Covenants"Covenants” above (other than the covenant described under “—Certain Covenants—Merger, Consolidation and Sale of Property,” except to the extent provided in clause (3) below);

      (2) the operation of the cross acceleration provisions, the judgment default provisions, the bankruptcy provisions with respect toany Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, and the note guarantee provisions with respect any Significant Subsidiary or any group of Subsidiary Guarantors that, taken together, would constitute a Significant Subsidiary, in each case described under "—“—Events of Default" above,Default” above; and

      (3) the limitations contained in clause (e)(d) under the first paragraph of "—“—Certain Covenants—Merger, Consolidation and Sale of Property"Property” above ("(“covenant defeasance"defeasance”).

    If the Issuer exercises its legal defeasance option, the Note Guarantees (other than the Note Guarantee of the Parent Guarantor) in effect at such time will 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 notesNotes may not be

    accelerated because of an Event of Default with respect thereto. If the Issuer exercises its covenant defeasance option, payment of the notesNotes may not be accelerated because of an Event of Default specified in clauseclauses (4) (with(only with respect to the covenants described under "—Certain Covenants")that are released as a result of such covenant defeasance), (5), (6), (7) (with respect only to Significant Subsidiaries)Subsidiaries or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary) or (8) (other than with respect to the Note Guarantee of the Parent Guarantor) under "—“—Events of Default"Default” above or because of the failure of the IssuerParent Guarantor to comply with clause (e)(d) under the first paragraph of "—“—Merger, Consolidation and Sale of Property"Property” above.

    The legal defeasance option or the covenant defeasance option may be exercised only if:

      (a) the Issuer irrevocably deposits in trust with the trustee, moneyfor the benefit of the holders, cash in U.S. Dollars, or U.S. dollar-denominated 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 interest (including premium, if any)any, and interest on the notesNotes to maturity or redemption;

              (b)provided that upon any redemption that requires the Issuer deliverspayment of the Applicable Premium, the amount deposited shall be sufficient for purposes of the indenture to the extent that an amount is deposited with the trustee equal to the Applicable 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 a certificatesimultaneously with the deposit of a nationally recognized accounting firm expressing their opinionsuch Applicable Premium Deficit that the payments of principal and interest when due and without reinvestment on the deposited Government Obligations plus any deposited money without investment will provide cash at the times and in amounts as willconfirms that such Applicable Premium Deficit shall be sufficient to pay principal and interest (including premium, if any) when due on all the notes to maturity or redemption, as the case may be;applied toward such redemption;

              (c)(b) no Default or Event of Default has occurred and is continuing on the date of the deposit and after giving effect thereto;

              (d)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 doeswill not result in a breach or violation of, or constitute a default under, the Credit Agreement or any other material agreement or material instrument binding on(other than the Issuer;

              (e)indenture) to which the Issuer delivers toor any Guarantor is a party or by which the trustee an Opinion of Counsel to the effect that the trust resulting from the deposit does not constitute,Issuer or any Guarantor is qualified as, a regulated investment company under the Investment Company Act of 1940;bound;

              (f)(c) in the case of the legal defeasance option, the Issuer delivers to the trustee an Opinion of Counsel stating that:

        that (1) the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling, or

        (2) since the date of the indentureIssue Date there has been a change in the applicable federal income tax law,


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    to the effect, in either case, that, and based thereon the Opinion of Counsel shall confirm that, the holders of the notesNotes will not recognize income, gain or loss for federal income tax purposes as a result of thesuch legal defeasance and will 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;

              (g)(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 notesNotes will not recognize income;income, gain or loss for federal income tax purposes as a result of thatsuch covenant defeasance and will 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; and

              (h)(e) the Issuer delivers to the trustee an Officers'Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent to the legal defeasance and discharge of the notesor covenant defeasance, as applicable, have been complied with as required by the indenture.indenture; and

            In(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).

    No Personal Liability of either dischargeDirectors, Officers, Employees and Stockholders

    No past, present or defeasance,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 ifor the indenture or for any will terminate.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. This waiver may not be effective to waive liabilities under the federal securities law.

    Governing Law

    The indenture is,Indenture, the Notes and the notesNote Guarantees will be governed by, and construed in accordance with, the internal laws of the State of New York.

    The Trustee

            HSBCThe Bank USA, National Associationof New York Mellon Trust Company, N.A. is the trustee under the indenture and has been appointed by the Issuer as registrar and paying agent with regard to the notes. HSBC Bank USA, National Association has also been appointed by the Issuer as exchange agent with regard to the notes.Notes.

    Except during the continuance of an Event of Default, the trustee will perform only the duties as are specifically set forth in the indenture, and no implied covenants or obligations shall be read into the indenture against the trustee, where duties and obligations shall be determined solely by the express provisions of the indenture. During the existence of an Event of Default, the trustee will exercise the rights and powers vested in it under the indenture and use the same degree of care and skill in its exercise as a prudent person would exercise under the circumstances in the conduct of that person'sperson’s own affairs.

    DefinitionsIf the trustee becomes a creditor of the Issuer or any Guarantor, the indenture limits the right of the trustee to obtain payment of claims in certain cases, or to realize on certain property received in respect of any such claim as security or otherwise. The trustee will be permitted to engage in other transactions; however, if it acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee (if the Indenture has been qualified under the Trust Indenture Act) or resign.

    Definitions

    Set forth below is a summary of defined terms from the indenture that are used in this "Description“Description of Notes." Reference is made to the indenture for the full definition of all such terms as well as any other capitalized terms used herein for which no definition is provided. Unless the context otherwise requires, an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP.

            "Accounts Receivable Facilities" means the transactions contemplated by the Accounts Receivable Facility Documents pursuant to which the Designated Notes Parties sell Time Share Receivables to a Receivables Subsidiary for resale by such Receivables Subsidiary as part of a customary asset securitization or similar financing transaction involving Time Share Receivables, the obligations of which are non-recourse (except for customary representations, warranties, covenants and indemnities made in connection with such facilities) to the Issuer and its Subsidiaries (other than a Receivables Subsidiary) and as to which neither the Issuer nor any of its Subsidiaries (other than a Receivables Subsidiary) provides credit support of any kind.

            "Accounts Receivable Facility Documents" means the pooling and servicing agreement, the receivables purchase agreement and each of the other documents and agreements entered into in


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    connection with an Accounts Receivable Facility, as amended, supplemented, modified, extended, renewed, restated or refunded from time to time.

            "Acquisition" means the purchase or acquisition (whether in one or a series of related transactions) by any Person of (a) more than fifty percent (50%) of the Capital Stock with ordinary voting power of another Person or (b) all or substantially all of the Property (other than Capital Stock) of another Person or division or line of business or business unit of another Person, whether or not involving a merger or consolidation with such Person.

            "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, whether or not Incurred by such Person in connection with such Person becoming a Restricted Subsidiary of the Company or such acquisition or (3) of a Person at the time such Person merges or amalgamates with or into or consolidates or otherwise combines with the IssuerParent Guarantor or any Restricted Subsidiary.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 IndebtednessDebt 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 combinationcombination.

            "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.

    Additional Assets"Assets” means:

      (a) any Propertyproperty or asset (other than cash, cash equivalents, securitiesCash Equivalents and inventory)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 thatsuch Capital Stock by the IssuerParent Guarantor or another Restricted Subsidiary from any Person other than the Issuer or an Affiliate of the Issuer 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.

            "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"control when used with respect to any Person means the power to direct the management and policiesandpolicies of that Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms "controlling"controlling and "controlled"controlled have meanings correlative to the foregoing.

            "Applicable Premium" means, with respect to any noteNote on any redemption date, as determined by the Issuer, the greater of:

      (a) 1.0% of the principal amount of such note;Note; and

      (b) the excess, if any, of (i) the present value on such redemption date of (A) the redemption price of such noteNote on AprilSeptember 15, 20182022 (such redemption price being that described in "—under “—Optional Redemption" above, Redemption” above),plus(B) all required remaining scheduled interest payments due on such noteNote through AprilSeptember 15, 20182022 computed using a discount rate equal to the Treasury Rateplus 50 basis points over (ii) the principal amount of such note.

            "Approved Bank" means (a) any lender under the Credit Agreement, (b) any United States domestic commercial bank of recognized standing having capital and surplus in excess of $500,000,000 or (c) any bank (or parent thereof) whose short-term commercial paper rating from S&P is at least A-2 or the equivalent thereof or from Moody's is at least P-2 or the equivalent thereof.


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            "Asset Sale" means any direct or indirect sale, lease, (other than operating lease entered into in the ordinary course of business), transfer, issuance or other disposition (or series of related sales, leases, transfers, issuances or dispositions that are part of a common plan) by the IssuerParent 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"disposition), of

      (a) any shares of Capital Stock of a Restricted Subsidiary (other than directors'directors’ qualifying shares),

      (b) all or substantially all the assets of any division or line of business of the IssuerParent Guarantor or any Restricted Subsidiary, or

      (c) any other Propertyproperty or asset of the IssuerParent Guarantor or any Restricted Subsidiary, outside of the ordinary course of business of the Issuer or such Restricted Subsidiary,

      (d) other than, in the case of clauseclauses (a), (b) or (c) above,

      (1) any disposition by a Restricted Subsidiary to the IssuerParent Guarantor or by the IssuerParent Guarantor or a Restricted Subsidiary to a Restricted Subsidiary,Subsidiary;

      (2) any disposition that constitutes a Permitted Investment or Restricted Payment permitted by the covenant described under "—“—Certain Covenants—Limitation on Restricted Payments,"Payments”;

      (3) any disposition effected in compliance with the first paragraph of the covenant described under "—“—Certain Covenants—Merger, Consolidation and Sale of Property—The Issuer,"Parent Guarantor” or any disposition that constitutes a Change of Control under the indenture;

      (4) any disposition that does not (together with all related dispositions) involve assets having a Fair Market Value or consideration in excess of $7.5 million;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 the covenant described under “—Certain Covenants—Reports”;

    (5) any disposition of Cash Equivalents in the ordinary course of business;Equivalents;

    (6) the creation or Incurrence of a Permitted Lien or any other Lien created or Incurred in compliance with the covenant described under "—“—Certain Covenants—Limitation on Liens," and dispositions in connection therewith;

    (7) the issuance by a Restricted Subsidiary of Preferred Stock or Disqualified Stock that is permitted by the covenant described under "—“—Certain Covenants—Limitation on Debt;"Debt”;

    (8) a surrender or waiver of contractcontractual rights and leases or a settlement, waiver, release or surrender of contract, tortcontractual or otherlitigation claims in the ordinary course of business;

    (9) 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;

    (10) dispositions of inventory (including Time Share Inventory) and immaterial assets in the ordinary course of business (including allowing any saleregistrations or any applications for registration of any immaterial IP rights to lapse or be abandoned in the ordinary course of business);

    (11) 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);

    (12) leases (including any capitalized lease or operating lease), subleases, licenses or sublicenses, in each case in the ordinary course of business;

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

    (14) dispositions of Investments in JV Entities ornon-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 suchnon-Wholly Owned Restricted Subsidiaries set forth in the shareholder agreements, joint venture agreements, organizational documents or similar binding agreements relating to such JV Entity ornon-Wholly Owned Restricted Subsidiary;

    (15) dispositions of accounts receivable in the ordinary course of business in connection with the collection or compromise thereof;

    (16) the unwinding of any Swap Contract pursuant to its terms;

    (17) Permitted Sale and Leaseback Transactions;

    (18) dispositions of assets (including Capital Stock) acquired in connection with Investments permitted by the covenant described under “—Certain Covenants—Limitation on Restricted Payments” 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;

    (19) 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;

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

    (21) (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 the Designated Notes Parties and ReceivablesForeign Subsidiaries pursuant to, andfor Fair Market Value;

    (22) any “fee in accordance with the terms of, the Accounts Receivable Facility Documents; and

            (10) any salelieu” or other disposition of timeshare interestsassets to any Governmental Authority that continue in real propertyuse 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;

    (23) dispositions made in connection with the Transactions;

    (24) 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 andnon-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;

    (25) the disposition in the ordinary course of business of interests in any resort operating as part of the IssuerEuropean 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 its Subsidiaries.

            "(26) he 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“Capital Lease Obligation"Obligation” and

      (b) in all other instances, the greater of:

                (1)(27) the Fair Market Value of the Propertyproperty or asset subject to the Sale and Leaseback Transaction, and


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                (2)(28) the present value (discounted at the interest rate borneimplicit in the transaction, as reasonably determined by the notes, compounded annually)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).

            "Average Life" means, as of any date of determination, with respect to any Debt or Preferred Stock, the quotient obtained by dividing:

              (a)   the sum of the product of the numbers of years (rounded to the nearest one-twelfth of one year) from the date of determination to the dates of each successive scheduled principal payment of that Debt or redemption or similar payment with respect to that Preferred Stock multiplied by the amount of the payment by

              (b)   the sum of all payments of this kind.

            "Beneficial Owner" means a beneficial owner as defined in Rule13d-3 under the Exchange Act, except that:

      (a) a Person will 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

      (b) for purposes of clause (a) of the definition of "Change“Change of Control," any "person"“person” or "group"(as“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 Rule13d-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"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 obligationstime any determination thereof is to be made, the amount of the liability in respect of a Capitalized Lease that would at such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations aretime be required to be classifiedcapitalized and accounted forreflected as capital leasesa liability on a balance sheet of such Person under GAAP and, for(excluding the purposes of the indenture governing the notes, the amount of such obligations shall be the capitalized amount thereof determinedfootnotes thereto) prepared in accordance with GAAP and the Stated Maturity thereof will be the date of the last payment of rent or any other amount due under such lease prior to the first date such lease may be terminated without penalty, in each case. For purposes of "—Certain Covenants—Limitation on Liens," a Capital Lease Obligation shall be deemed secured by a Lien on the Property being leased.


    Table of ContentsGAAP.

            "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 net proceeds (including the Fair Market Value of property other than cash) received by the IssuerParent Guarantor from the issuance or sale (other than to a Restricted Subsidiary of the IssuerParent Guarantor or an employee stock ownership plan or trust established by the IssuerParent Guarantor or the Subsidiaryany of its Subsidiaries for the benefit of their employees)employees to the extent such sale to such employeestock ownership plan or trust is financed by loans from or Guaranteed by the IssuerParent 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'attorneys’ fees, accountants'accountants’ fees, underwriters’, initial purchasers'purchasers’ or placement agents'agents’ fees, discounts or commissions and brokerage, consultant and other fees actually incurred in connection with the issuance, sale or salecontribution and net of taxes paid or payable as a result thereof.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 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 the 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 typesfollowing:

    (a) (i) U.S. Dollars, Canadian dollars, euro or any national currency of Investments, toany member state of the extent ownedEuropean Union or (ii) any other foreign currency held by the IssuerParent Guarantor or any of its Restricted Subsidiary: (a)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 (providedthat the full faith and credit of the United States,such country or member state is pledged in support thereof) having maturities of not more than 24 months from the date of acquisition, (b) Dollar denominated time deposits,acquisition;

    (c) certificates of deposit, time deposits, eurodollar time deposits, overnight bank deposits or bankers'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 ofnon-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;

    (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 businessprovided 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 businessprovided 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 364270 days from the date of acquisition (c) commercial paper and variable or fixed rate notes issued by any Approved Bank (or by the parent company thereof) or any variable rate notes issued by, or guaranteed by, any domestic corporation rated A-2 (or(iii) the equivalent thereof) or better by S&P or P-2 (or the equivalent thereof) or better by Moody's, and maturing within 24 months of the datedemand deposit accounts which are maintained with an Approved Foreign Bank;

    (k) bills of acquisition, (d) repurchase agreements entered into by any Person with a bank or trust company (including any of the lenders) or recognized securities dealer having capital and surplusexchange issued in excess of $500 million for direct obligations issued by or fully guaranteed by the United States, in which such Person shall haveCanada, a perfected first priority security interest (subject to no other Liens) and having, on the date of purchase thereof, a fair market value of at least one hundred percent (100%)member state of the amountEuropean 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 repurchase obligations, (e) Investments (classified in accordance with GAAP as current assets) in money market investment programs registered under the Investment Company Act of 1940 that are administered by financial institutions having capital of at least $500 million and the portfolios of which are limited to Investments of the charactertypes described in the foregoing subclauses hereof, (f) other short-term investments utilized by the Issuer or any Foreign Subsidiaries in accordance with normal investment practices for cash management in investments of a type analogous to the foregoing, (g) U.S. Dollars or foreign currencies held from time to time in the ordinary course of business, and (h) interests in any investment company or money market fund which invests 95% or more of its assets in instruments specified in clauses (a) through (g)(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 "person"other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or "group"(asotherwise) 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 Rule13d-5(b)(1) under the Exchange Act, becomes the ultimate Beneficial Owner, directly or indirectly, of 50% or more of the total voting power of the Voting Stock of the Parent Guarantor;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 Propertyproperties and assets 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), 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) during any periodexcept where the Parent Guarantor has become the Surviving Issuer or the Issuer has become the Surviving Parent, in each case in compliance with the covenant described under “—Certain Covenants—Merger, Consolidation and Sale of two consecutive years, individuals who atProperty,” the beginning of that period constituted the Board of Directors (together with any new directors whose electionParent Guarantor ceases to own, directly or appointment by such Board or whose nomination for election by the shareholders of Parent


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      Guarantor was approved by a vote of not less than three-fourthsindirectly, 100% of the directors then still in office who were either directors at the beginning of that period or whose election or nomination for election was previously so approved or by a votevoting power of the shareholders of Parent Guarantor) cease for any reason to constitute a majorityVoting Stock of the Board of Directors then in office;Issuer; or

      (d) the shareholders of Parent Guarantor shall have approved any plan of liquidation or dissolution of Parent Guarantor.Guarantor (except in a transaction that complies with the covenant described under “—Certain Covenants—Merger, Consolidation and Sale of Property”).

            "Notwithstanding the foregoing, a transaction will 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.

            "Commodity Price Protection Agreement" means, in respect of a Person, any forward contract, commodity swap agreement, commodity option agreement or other similar agreement or arrangement designed to protect that Person against fluctuations in commodity prices.

            "Consolidated EBITDADepreciation 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, plus

              (a)   without duplicationincluding any penalties and interest relating to the extentany tax examinations, deducted (and not added back) in determining suchcomputing Consolidated Net Income,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 sum of:

                  (i)  consolidatedpurpose of hedging interest expense (and, to the extent not reflected therein,rate, currency or commodities risk, (y) bank and letter of credit fees and (z) costs of surety bonds in connection with financing activities)activities, to the extent the same were deducted (and not added back) in calculating such Consolidated Net Income;plus

    (iii) Consolidated Depreciation and Amortization Expense of such Person for such period (including imputed interest expenseto the extent the same were deducted (and not added back) in respect of Capital Lease Obligations),computing Consolidated Net Income;plus

             (ii)  consolidated income tax expense for such period,

            (iii)  all amounts attributable to depreciation and amortization for such period,

    (iv) any non-cash extraordinary charges for such period,

             (v)  any other non-cashexpenses or charges (other than depreciation or amortization expense) related to any equity offering, Investment, acquisition, disposition or recapitalization or the write-downIncurrence of Debt (including a refinancing thereof) (in each case, whether or write-offnot successful), including (A) such fees, expenses or charges (including rating agency fees and related expenses) related to the offering or Incurrence of current assets,the loans under the Credit Agreement and any additions to badother credit facilities or the Incurrence of the Notes and any other debt reservesecurities and any Securitization Fees and (B) any amendment or bad debt expenseother modification of the Credit Agreement, the indenture, any Securitization Facility and any other credit facilities or any accruals for estimated sales discounts, returns or allowances) for such period,other debt securities, in each case, deducted (and not added back) in computing Consolidated Net Income;plus

            (vi)  any losses for such period attributable to early extinguishment of Debt or obligations under any Swap Agreement,

           (vii)(v) (i) the amount of any restructuring charge, accrual or reserve (and adjustments to existing reserves), integration cost or other business optimization costs,expense or cost (including charges or reserves (including any unusual or non-recurring operating expenses directly attributablerelated to the implementation of cost savingscost-savings initiatives), recruiting fees, fees of restructuring that is deducted (and not added back) in such period in computing Consolidated Net Income, including anyone-time costs incurred in connection with acquisitions or business optimization consultants, integration and non-recurring severance, relocation, consolidation, transition, integration or other similar charges and expenses, contract termination costs, excess pension charges, system establishment charges, start-up or closure or transition costs, expensesdivestitures after the Issue Date, including those related to any reconstruction, decommissioning, recommissioning or reconfigurationseverance, retention, signing bonuses, relocation, recruiting and other employee-related costs, internal costs in respect of fixed assets for alternative uses, fees, expenses or charges relating tostrategic initiatives and curtailments or modifications to pension and post-retirement employeeemployment 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 othernon-cash charges, write-downs, expenses, losses or losses outsideitems reducing Consolidated Net Income for such period, including any impairment charges or the ordinary courseimpact of business), purchase accounting (provided that if any suchnon-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 suchnon-cash charge in the current period and (B) to the extent the Parent Guarantor elects to add back suchnon-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 itemsless othernon-cash items increasing Consolidated Net Income (excluding any suchnon-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 equity interests of third parties in anynon-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 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 towhich 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 supportableand 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 (vii) may(viii)(B) shall not exceed when aggregated with the amount of any increase for such period to Consolidated EBITDA pursuant to clause (ii) of the definition of "pro forma," 10%15% of Consolidated EBITDA for such period (prior(calculated prior to giving effect to any increaseadd-backs pursuant to such clause (ii) or this clause (a)(vii)(viii)(B)), and minus;plus

            (b)   without duplication

                (i)(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 not deductedthat such cost or expenses arenon-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 Capital Stock) of the Parent Guarantor and (y) the amount of expenses relating to payments made to option holders of the Parent Guarantor in determiningconnection 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 the 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 all(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 payments made during such period on account of non-cash charges that werereceipts (or any netting arrangements resulting in reduced cash expenditures) not representing Consolidated EBITDA or would have been added to Consolidated Net Income and


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                 (ii)in any period to the extentnon-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 determining such Consolidated Net Income attributable to noncontrolling interests pursuant to the application of Accounting Standards Codification Topic810-10-45;plus

        (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) anynon-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 Accounting Standards Codification 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 the indenture; plus

    (xxi) (A) any extraordinarycosts 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 and all non-cash itemsincreasing Consolidated Net Income of income (other than normal accruals in the ordinary course of business)such Person for such period, excluding anynon-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 (B)anynon-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

    (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 Accounting Standard Codification Topic 815 and related pronouncements;plus

    (iv) any net gain included in Consolidated Net Income of such Person for such period attributable to early extinguishmentnoncontrolling interests (other than a Consolidated Joint Venture) pursuant to the application of DebtAccounting Standards Codification Topic810-10-45; 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 obligations underdiscontinued operations; plus

    (vii) any Swap Agreementgains with respect to any JV Entity, in an amount equal to the proportion of those items described in clauses (a)(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 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 Hedging Obligation,decreased (without duplication) by, as applicable, any adjustments resulting from the application of Accounting Standards Codification 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 ofdetermining 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 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 determinedreferences herein to a “Consolidated EBITDA” shall refer to the Consolidated EBITDA of the Parent Guarantor, its Restricted Subsidiaries and Consolidated Joint Ventures on a consolidated basis in accordance with GAAP.basis.

            "Consolidated Fixed Charges" means, for any period, for the Issuerwith respect to any Person and its consolidated Restricted Subsidiaries on a consolidated basis, the sum, without duplication, of,of:

      (a) Consolidated Interest Expense for such period, 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, 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, as ofwith respect to any date of determination,Test Period, the ratio of:

      of (a)   the aggregate amount of Consolidated EBITDA for the most recent four consecutive fiscal quarters ending priorsuch Test Period to such determination date for which financial statements are required to be filed pursuant to "—Reports" to

      (b) Consolidated Fixed Charges for those four fiscal quarters;

      such Test Period;provided,however, however, that:that if:

      (1)   if:

                (a) since the beginning of that period the IssuerParent Guarantor or any Restricted Subsidiary has Incurred any Debt that remains outstanding or Repaidrepaid any Debt, or

                (b)(2) the transaction giving rise to the need to calculate the Consolidated Fixed Charges Coverage Ratio involves an Incurrence or Repaymentrepayment of Debt,

    Consolidated Fixed Charges for that period shall be calculated after giving effect on a pro forma basisPro Forma Basis to that Incurrence or Repaymentrepayment as if the Debt was Incurred or Repaidrepaid on the first day of that period, period;provided that, in the event of any Repaymentrepayment of Debt, Consolidated EBITDA for that period shall be calculated as if the IssuerParent Guarantor or such Restricted Subsidiary had not earned any interest income actually earned during such period in respect of the funds used to Repayrepay such Debt, and

              (2)   if:

                (a)   since the beginning of that period the Issuer or any Restricted Subsidiary shall have made any Asset Sale or an Investment (by merger or otherwise) in any Restricted Subsidiary (or any Person which becomes a Restricted Subsidiary) or an acquisition of Property which constitutes all or substantially all of an operating unit of a business,Debt.

                (b)   the transaction giving rise to the need to calculate the Consolidated Fixed Charges Coverage Ratio involves an Asset Sale, Investment or acquisition, or

                (c)   since the beginning of that period any Person (that subsequently became a Restricted Subsidiary or was merged with or into the Issuer or any Restricted Subsidiary since the beginning of that period) shall have made such an Asset Sale, Investment or acquisition,

    Consolidated EBITDA for that period shall be calculated after giving pro forma effect to the Asset Sale, Investment or acquisition as if the Asset Sale, Investment or acquisition occurred on the first day of that period.


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    If any Debt bears a floating rate of interest and is being given pro forma effect,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 Interest Rate AgreementSwap Contract applicable to that Debt if the applicable Interest Rate AgreementSwap 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 IssuerParent Guarantor shall be deemed, for purposes of clause (1) above,the proviso in the first paragraph of this definition, to have Repaidrepaid during thatsuch period the Debt of that Restricted Subsidiary to the extent the IssuerParent Guarantor and its continuing Restricted Subsidiaries are no longer liable for that Debt after the sale.

            "

    Consolidated Interest Expense" means, for any period, for the Issuerwith respect to any Person and its Restricted Subsidiaries the sum of the total interest expense of the Issuer and its consolidated subsidiaries (calculated without regard to any limitations on the payment thereof) plus, without duplication, the interest component under capital leases determined 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 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 Debtindebtedness at less than par; provided that there shall be excluded from Consolidated Interest Expense the following: (a) thepar, (b) amortization of deferred financing legalcosts, 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 ofnon-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 themark-to-market valuation of obligations under Swap Contracts or other derivative instruments pursuant to Accounting Standards Codification Topic 815, Derivatives and Hedging, (g) anyone-time cash costs associated with breakage in respect of hedging agreements for interest rates, (h) any payments with respect to the Credit Agreement and the notes, (b) themake whole premiums or other breakage costs of any Debt, (i) allnon-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 Capitalized 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 Capitalized 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 Non-Recourse Debt incurred in connection with Accounts Receivable Facilities and (c) the interest income derived from Time Share Receivables, in each case to the extent the same would otherwise have been included therein. Consolidated Interest Expense shall be calculated on a pro forma basis.

            "Consolidated Net Income" means,any Person for any period, the net income or loss(loss) of the Issuersuch Person and theits Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP; GAAP and including the net income (loss) of Consolidated Joint Ventures;provided,however, that there shallwill not be excluded (a) theincluded in such Consolidated Net Income:

    (1) any net income (loss) of any Person (other than the Issuer) thatif 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 will be included in such Consolidated Net Income up to the extent of theaggregate amount of cash dividends or similar cash distributionsCash Equivalents actually paiddistributed (or, so long as such Person is not (x) a joint venture with outstanding third party Indebtedness for borrowed money or (y) an Unrestricted Subsidiary, that (as reasonably determined by the Parent Guarantor) could have been distributed by such Person to the Issuer or, subject to clauses (b) and (c) below, any of the Restricted Subsidiaries during such period (b)to the incomeParent Guarantor a Restricted Subsidiary) as a dividend or other distribution or return on investment, subject, in the case of and any amounts referreda dividend or other distribution or return on investment to a Restricted Subsidiary, to the limitations contained in clause (a) above paid to,(2) below;

    (2) solely for the purpose of determining the amount available for Restricted Payments under clause (c)(1) of the first paragraph of the covenant described under “—Certain Covenants—Limitation on Restricted Payments,” any net income (loss) of any Restricted Subsidiary (other than the Issuerany Guarantor) if such Subsidiary is subject to restrictions, directly or a Subsidiary Guarantor) to the extent that,indirectly, on the date of determination, the declaration or payment of cash dividends or similar cash the making of

    distributions by such Restricted Subsidiary, is restricteddirectly or indirectly, to the Issuer or a Guarantor by operation of the terms of its organizational documentssuch Restricted Subsidiary’s charter or any agreement, instrument, judgment, decree, order, statute or governmental rule or regulation applicable to such Restricted Subsidiary (c)or its shareholders (other than (a) restrictions that have been waived or otherwise released and (b) restrictions pursuant to the Credit Agreement or the indenture), except that the Parent Guarantor’s equity in the net income of any such Restricted Subsidiary for such period will be included in such Consolidated Net Income up to the aggregate amount of cash or lossCash 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 amounts referred to in clause (a) above paid to,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 that(including pursuant to any sale/leaseback transaction) which is not wholly ownedsold or otherwise disposed of in the ordinary course of business (as determined in good faith by an Officer or the IssuerBoard of Directors of the Parent Guarantor);

    (5) any extraordinary, exceptional, unusual or nonrecurring gain, loss, charge or expense (including relating to the extent such incomeTransaction Expenses), or lossany charges, expenses or such amounts are attributable toreserves in respect of any restructuring, relocation, redundancy or severance expense, new product introductions orone-time compensation charges;

    (6) the noncontrolling interestcumulative effect of a change in such Restricted Subsidiary, (d)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 anynon-cash deemed finance charges in respect of any pension liabilities or other provisions and (ii) income (loss) attributable to deferred compensation plans or trusts, (e) any gain or loss (lesstrusts;

    (8) all feesdeferred financing costs written off and expenses relating thereto) realized upon salespremiums paid or other dispositions of assets of the Issuer or such Restricted Subsidiary, other thanexpenses incurred directly in the ordinary course of business, (f)connection with any after-tax effect of income (loss) from the early extinguishment of Debt or Hedging Obligations or other derivative instruments, (g) the cumulative effect of a change in accounting principles, (h)and any net after-tax (x) extraordinary, unusualgain (loss) from anywrite-off or nonrecurringforgiveness of Debt;

    (9) any unrealized gains or losses and (y) extraordinary, unusual or nonrecurring costs, charges or expenses, (i)in respect of any fees, expenses or charges incurred during such period,obligations under any Swap Contracts or any amortization thereofineffectiveness recognized in earnings related to hedge transactions or the fair value of changes therein recognized in earnings for such period,derivatives that do not qualify for hedge accounting, in connection witheach case, in respect of any acquisition, recapitalization, Investment, Asset Sale, disposition, incurrenceobligations under any Swap Contracts;

    (10) any unrealized foreign currency translation gains or repaymentlosses in respect of Debt (includingof any Person denominated in a currency other than the functional currency of such fees, expensesPerson and any unrealized foreign exchange gains or charges relatedlosses 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 offering and issuance of the Notes and other securities and the syndication and incurrence ofParent Guarantor or any Credit Facilities), issuance of Capital Stock, refinancing transactionRestricted Subsidiary;

    (12) any recapitalization accounting or amendment or modification of any debt instrument (including any amendment or other modification of the Notes and other securities and any Credit Facilities) and any such transaction undertaken but not completed, and any charges or merger costs incurred during such period as a result of any such transaction (including, for the avoidance of doubt the effects of expensing all transaction related expenses in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic No. 805, Business


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    Combinations) and (j) the effects from applying purchase accounting effects, including applying purchase accountingadjustments 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 other past or future acquisitionsconsummated acquisition, or the amortization orwrite-off of any amounts thereof.thereof (including anywrite-off of in process research and development);

            Notwithstanding(13) any impairment charge, write-down orwrite-off, including impairment charges, write-downs 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 Accounting Standards Codification Topic 815 and related pronouncements;

    (17) anynon-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 the 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 will 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 netafter-tax income or loss (less all fees and expenses or charges relating thereto) attributable to the early extinguishment of Debt, (iv) anynon-cash charges resulting frommark-to-market accounting relating to Equity Interests, (v) any unrealized net gain or loss resulting from currency translation or unrealized transaction gains or losses impacting net income (including currencyre-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) anynon-cash impairment charges resulting from the application of ASC Topic 350,IntangiblesGoodwill 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)(1) of the first paragraph of the covenant described under "—“—Certain Covenants—Limitation on Restricted Payments" only, there shall be excluded from Consolidated Net IncomePayments,” the income or loss of any dividends, repayment of loans or advances or other transfers of assets from Unrestricted SubsidiariesPerson accrued prior to the Issuer ordate on which such Person becomes a Restricted Subsidiary toof such Person or is merged into or consolidated with such Person or any Restricted Subsidiary of such Person or the extent the dividends, repaymentsdate that such other Person’s assets are acquired by such Person or transfers increase the amountany Restricted Subsidiary of Restricted Payments permitted under that covenant pursuant to clause (c)(4) thereof, and (ii) any net income (loss) of anysuch Person, (other than the Issuer) that is not a Restricted Subsidiaryin each case, shall be excluded in calculating Consolidated Net Income, except thatIncome.

    Unless otherwise specified, all references herein to a “Consolidated Net Income” shall refer to the Issuer's equity in the net income of any such Person for any period shall be included without duplication, in such Consolidated Net Income upof the Parent Guarantor and its Restricted Subsidiaries and Consolidated Joint Ventures on a consolidated basis.

    Consolidated Secured Debt” means, as to the aggregate amount of cash distributed by the Person during such period to the Issuer orParent Guarantor and its Restricted Subsidiaries on a Restricted Subsidiary as a dividend or distribution.

            "Consolidated Secured Leverage Ratio" means, as ofconsolidated basis at any date of determination, the ratio of (a) the aggregate amount of all Debt of the Issuer and its Restricted Subsidiaries (other than Debt under Accounts Receivable Facilities) secured by Liens at the date of determination, (on a pro forma basis reflecting any Incurrence of Debt and repayment of Debt made on such date) to (b) the aggregateprincipal amount of Consolidated EBITDA for the Issuer for the four full fiscal quarters, treated as one period, ending prior to theTotal Debt outstanding on such date that is secured by a Lien on property or assets of the transaction (the "Transaction Date") giving rise to the need to calculate the Consolidated Secured Leverage Ratio for which financial statements are required to be filed pursuant to "—Reports". In addition to and without limitationParent Guarantor or any Restricted Subsidiaryminus Debt in respect of the foregoing, for purposes of this definition, this ratio shall be calculated in a manner consistent with the definition of the "Fixed Charges Coverage Ratio," including any pro forma calculations.Qualified Securitization Transaction.

            "Consolidated Total Assets" of any Person” means, as of any date meansto the total assets of such PersonParent Guarantor and its Restricted Subsidiaries ason a consolidated basis at any date of determination, all amounts that would, in conformity with GAAP, be set forth opposite the most recent fiscal quarter end for which an internalcaption “total assets” (or any like caption) on a consolidated balance sheet of suchthe 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 is available, all calculated 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 accordance with generally accepted accounting principles.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.

            "Credit Agreement" means that certain Amended and Restated Credit Agreement, dated as of June 21, 2012,August 31, 2018, by and among the Issuer, as the borrower, (the "Borrower"),the Parent Guarantor, certain subsidiaries of the BorrowerParent Guarantor party thereto, the lenders and agents party thereto and Wells FargoJPMorgan Chase Bank, National Association,N.A., as administrative agent and collateral agent, as amended by the First Amendment to Credit Agreement and Incremental Revolving Commitment Agreement, dated April 8, 2014, and the Second Amendment to Credit Agreement and Incremental Revolving Commitment Agreement, dated November 6, 2014, and the Third Amendment to Credit Agreement and Incremental Revolving Commitment Agreement, dated on or about the Issue Date, and as further 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 Facilities" means, with respect to the IssuerParent 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'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


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    other holders or lenders and whether provided under the Credit Agreement or any other credit agreement or other agreement or indenture).

            "Currency Exchange Protection Agreement" means, in respect of a Person, any foreign exchange contract, currency swap agreement, currency option or other similar agreement or arrangement designed to protect that Person against fluctuations in currency exchange rates.

            "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) the principalall obligations of and premium (if any) in respect of:

                (1)   debt of thesuch Person for borrowed money borrowed, and

                (2)   debt all obligations of such Person evidenced by bonds, debentures, notes, debentures, bondsloan 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) anyearn-out 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 of whichthereof 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 responsible or liable;limited in recourse;

            (b)(f) all Capital Lease Obligations of the Person and all Attributable Debt in respect of Sale and Leaseback Transactions entered into by the Person;

            (c)(g) all obligations of thesuch Person issued or assumed as the deferred purchase pricein respect of Property, all conditional sale obligations of the PersonDisqualified Stock; and all obligations of the Person under any title retention agreement (but excluding trade accounts payable arising in the ordinary course of business);

            (d)   all obligations of the Person for the reimbursement of any obligor on any letter of credit, banker's acceptance or similar credit transaction (other than obligations with respect to letters of credit securing obligations (other than obligations described in clauses (a) through (c) above) entered into in the ordinary course of business of the Person to the extent those letters of credit are not drawn upon or, if and to the extent drawn upon, the drawing is reimbursed no later than the third Business Day following receipt by the Person of a demand for reimbursement following payment on the letter of credit);

            (e)   the amount of all obligations of the Person with respect to the Repayment of any Disqualified Stock or, with respect to any Subsidiary of the Person, any Preferred Stock (but excluding, in each case, any accrued dividends);

            (f)(h) all obligations of the type referred to in clauses (a) through (e)(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;

            (g)provided that (i) in no event shall any obligations under any Swap Contracts be deemed “Debt” for any calculation of any financial ratio under the 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 type referred to in clauses (a) through (f) of other Persons secured by any Lien on any Property of the Person (whether or not such obligation is assumed by the Person), the amount of such obligation being deemed to be the lesser of the value of that Property or the amount of the obligation so secured;

            (h)   to the extent not otherwise included in this definition, Hedging Obligations of such Person (the amountseller and (iii) Debt of any such obligations to be equal at any time to the termination value of such agreementdirect or arrangement giving rise to such Obligations that would be payable by such person at such time); and

            (i)    all obligations under any Accounts Receivable Facility to the extent that such obligations are required to be reflected as a liabilityindirect parent company appearing on the consolidated 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 accordance with GAAP.

            The amountrespect of Debt (including, for the avoidance of doubt, any guarantee) of any Person at any date shall be the outstanding balance at that date of all unconditional obligations as described above


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    and the maximum liability, upon the occurrence of the contingency giving risea Qualified Securitization Transaction. Notwithstanding anything herein to the contrary, Debt shall not include any payment obligation or other liability of such Person under any contingent obligations at that date.deferred compensation plan.

            "

    Default“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 will 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.

    “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”).

    DesignatedNon-Cash Consideration" means the Fair Market Value ofnon-cash consideration received by the IssuerParent Guarantor or one of its Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-cashNon-Cash Consideration pursuant to an Officer'sOfficers’ 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-cashNon-Cash Consideration.

            "Designated Notes PartiesDisposed EBITDA" shall mean the Issuer or any Subsidiary Guarantor that are from time to time party to the Accounts Receivable Facility Documents.

            "Disposition" or"Dispose" means the sale, transfer, license, lease or other disposition (including any Sale and Leaseback Transaction and any sale or issuance of Capital Stock in a Restricted Subsidiary but excluding any sale or issuance of Capital Stock in the Issuer) of any Property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith, but excluding, for purposes hereof, (a) Dispositions of obsolete, worn out or no longer useful property, whether now owned or hereafter acquired, in each case, in the ordinary course of business, (b) Dispositions of inventory, promotional materials and product displays in the ordinary course of business, (c) Dispositions of equipment to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of such Disposition are reasonably promptly applied to the purchase price of such replacement property; (d) Dispositions of defaulted receivables in the ordinary course of business for collection, (e) any Involuntary Disposition, and (f) the unwinding of any Hedging Obligation.

            "Disqualified Stock" means, with respect to any Person,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, in either case atexchangeable), or upon the optionhappening of the holder thereof)any event or otherwise:

      condition (a) matures or is mandatorily redeemable (other than solely for Qualified Capital Stock), pursuant to a sinking fund obligation or otherwise,

      (b) is or may become redeemable or repurchaseable 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, or

      (c) provides for the scheduled payments of dividends in cash, or (d) is or becomes convertible into or exchangeable at the option of the holder thereof for Debt or any other Capital Stock that would constitute Disqualified Stock,

    on or in each case, prior to in the case of clause (a), (b) or (c), the date that is 91 days after the Stated Maturitymaturity date of the notes.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 the provisions of the indenture described under “—Certain Covenants—Limitation on Asset Sales” and “—Repurchase at the Option of Holders Upon a Change of Control” 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.

            "Disqualified Stock Dividends" means all dividends with respect to Disqualified Stock of the IssuerParent Guarantor or any Restricted Subsidiary held by Persons other than the IssuerParent 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 Issuerissuer 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.


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            "Domestic Restricted Subsidiary" means aany Restricted Subsidiary that is a U.S. Subsidiary.organized under the laws of the United States, any State thereof or the District of Columbia.

            "Equity Offering" means (i) an underwritten public equityany offering for cash of Qualified Capital Stock of the Issuer pursuant to an effective registration statement under the Securities Act,Parent Guarantor or any direct or indirect parent company of the Issuer butParent Guarantor (but only to the extent such cash proceeds are contributed to the Issuer in the form of Qualified Capital StockParent Guarantor), other than (i) any public offering registered on FormS-4 orS-8, (ii) any issuance to any Subsidiary of the IssuerParent Guarantor or (ii) a private equity(iii) any offering of Qualified CapitalCommon Stock issued in connection with a transaction that constitutes a Change of the Issuer, or any direct or indirect parent company of the Issuer but only to the extent contributed to the Issuer in the form of Qualified Capital Stock of the Issuer, other than any public offerings registered on Form S-8.Control.

            "Event of Default" has the meaning set forth under "—“—Events of Default."

            "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.

            "Existing Exchange Notes” means the 5.625% Senior Notes due 2023 issued by the Issuer and ILG, LLC.

    Existing MORI Notes” means the Issuer’s 6.500% Senior Notes due 2026.

    Fair Market Value" means, with respect to any asset or liability, the fair market value of such asset or liability, as determined by an Officer of the Issuer in good faith.

            "Foreign Subsidiary" means any Restricted Subsidiary of the IssuerParent Guarantor that is not a U.S.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 set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board Accounting Standards Codification or in such other statements by such other entityUnited States as have been approved by a significant segment of the accounting profession, which are in effect on the date of the indenture,August 23, 2018, except with respect to any reports or financial information required to be delivered pursuant to the covenant described above under "—“—Certain Covenants—Reports," which shall be prepared in accordance with GAAP as in effect on the date thereof. For the purposes of the indenture, the term "consolidated," with respectfrom time to any Person, shall mean such Person consolidated with its Restricted Subsidiaries, and shall not include any Unrestricted Subsidiary, but the interest of such Person in an Unrestricted Subsidiary will be accounted for as an Investment. If attime. At any time after the SEC permits or requires U.S. domiciled companies subject toIssue Date, the reporting requirements of the Exchange Act to use IFRS in lieu of GAAP for financial reporting purposes, the IssuerParent Guarantor may elect, by writtenupon notice to the trustee, to so use apply International Financial Reporting Standards, as adopted in the European Union (“IFRS”), accounting principles in lieu of GAAP and, upon any such notice,election, references hereinin the indenture to GAAP shall thereafter be construed to mean (a)IFRS (except as otherwise provided in the indenture);provided that (i) any such election, once made, shall be irrevocable, (ii) any calculation or determination under the indenture that requires the application of GAAP for periods beginning onthat include fiscal quarters ended prior to such election to apply IFRS shall remain as previously calculated or determined in accordance with GAAP and after(iii) the date specifiedParent Guarantor shall only make such an election if it also reports any subsequent financial reports required to be made pursuant to the covenant described under “—Certain Covenants—Reports” in such notice, IFRS as in effect on the date specified in such notice and as in effect from time to time (for all other purposes of the Indenture) and (b) for prior periods, GAAP as defined in the first sentence of this definition.accordance with IFRS.

            "Governmental Authority" means the government of the United States or any other nation or ofgovernment, any state, provincial, country, territorial or other political subdivision thereof, whether state or local, and 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 (or certificates representing an ownership interest in such obligations) of the United States of America or any country that is a member offor the European Union on the Issue Date (including any agency or instrumentality thereof) for thetimely payment of which theits full faith and credit is pledged or (2) obligations of a Person controlled or supervisedby and acting as an agency or instrumentality of the United States the timely payment of America or such European Union countrywhich is pledgedunconditionally Guaranteed as a full faith and credit obligation of the United States, which, in either case, are not callable or redeemable at the Issuer's option.


    Tableoption of Contentsthe 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 Securities or a specific payment of principal of or interest on any such Government Securities 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 Securities or the specific payment of principal of or interest on the Government Securities evidenced by such depositary receipt.

            "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, totake-or-pay or to maintain financial statement conditions or otherwise), or

      (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 such Debt (in whole or in part);

    provided,however, that the term "Guarantee"Guarantee shall not include:

              (1)include endorsements for collection or deposit in the ordinary course of business, or

              (2)   a contractual commitment by one Person to invest in another Person for so long as the Investment is reasonably expected to constitute a Permitted Investment under clause (a), (b) or (h) of the definition of "Permitted Investment."

    business. The term "Guarantee"Guarantee used as a verb has a corresponding meaning.

            "Hedging Obligation“holder”"means each Person in whose name the Notes are registered on the registrar’s books, which shall initially be the nominee of any PersonDTC.

    ILG Acquisition means any obligationthe acquisition by the Parent Guarantor of that Personall of the Capital Stock of ILG, Inc. pursuant to any Interest Rate Agreement, Currency Exchange Protection Agreement, Commodity Price Protection Agreement or any other similar agreement or arrangement.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"Incurrence and "Incurred"Incurred shall have meanings correlative to the foregoing); provided, however, that a change in GAAP that results in an obligation of that Person that exists at such time, and is not theretofore classified as Debt, becoming Debt shall not be deemed an Incurrence of that Debt; provided further, however, that any Debt or other obligations of a Person existing at the time the Person becomes a Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be Incurred by that Subsidiary at the time it becomes a Subsidiary; and provided further, however, that solely for purposes of determining compliance with "—Certain Covenants—Limitation on Debt," amortization of debt discount or premium shall not be deemed to be the Incurrence of Debt, provided that in the case of Debt sold at a discount or at a premium, the amount of the Debt Incurred shall at all times be the aggregate principal amount at Stated Maturity..

            "Independent Financial Advisor" means an accounting or investment banking firm of national standing or any third partythird-party appraiser of national standing, standing;providedthat the firm or appraiser is not an Affiliate of the Issuer.

            "Independent Investment BankerIntercompany Agreements" means one ofcollectively, the Reference Treasury Dealers selected byMarriott License Agreement, the Issuer.Ritz-Carlton License Agreement, the Marriott Rewards Affiliation Agreement, the Marriott Comfort Letter and the Ritz-Carlton Comfort Letter.

            "Interest Rate Agreement“Interest”" with respect to the Notes means forinterest with respect thereto.

    Investment” means, as to any Person, any interest rate swap agreement, interest rate option agreement or other similar agreement or arrangement designed to protect against fluctuations in interest rates.

            "Investment" by any Person means any direct or indirect loan (other than advances to customers and suppliers inacquisition or investment by such Person, whether by means of (a) the ordinary course of business that are recorded as accounts receivable on the balance sheet of that Person), advancepurchase or other extensionacquisition of creditCapital Stock or debt or other securities of another Person, (b) a loan, advance or capital contribution (by means of transfers of cash or other Property to, others or payments for Property or services for the account or use of others, or otherwise)Guarantee with respect to or Incurrence of a Guarantee of any obligation of, or purchase or


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    other acquisition of Capital Stock, bonds, notes, debenturesany other debt or other securitiesequity participation or evidence of Debt issued by, any otherinterest in, 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 arrangement pursuant to whichroll-

    over or extensions of terms) and made in the investor undertakes any Support Obligation with respect to Debtordinary course of business) or (c) the purchase or other obligationsacquisition (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 other Person. For purposes of the covenants described under "—Certain Covenants—Limitation on Restricted Payments" and "—Certain Covenants—Designation of Restricted and Unrestricted Subsidiaries" and the definition of "Restricted Payment," "Investment" shall include the portion (proportionate to the Issuer's equity interest in the Subsidiary) of the Fair Market Value of the net assets of any Subsidiary of the Issuer at the time that the Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of that Subsidiary as a Restricted Subsidiary, the Issuer shall be deemed to continue to have a permanent "Investment" in an Unrestricted Subsidiary of an amount (if positive) equal to:

              (a)   the Issuer's "Investment" in that Subsidiary at the time of such redesignation, less

              (b)   the portion (proportionate to the Issuer's equity interest in such Subsidiary) of the Fair Market Value of the net assets of that Subsidiary at the time of such redesignation.

            In determiningcovenant compliance, the amount of any Investment made by transfershall 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 Property other than cash,adjustments to the Property shall be valued at its Fair Market Value at the timeamount of such Investment permitted by any provision of the Investment.covenant described under “—Certain Covenants—Limitation on Restricted Payments,” including the definition of Permitted Investments (other than clause (m) of the second paragraph of such covenant or clause (w) of the definition of Permitted Investments), 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'sMoody’s and BBB^BBB- (or the equivalent) by S&P.

            "Involuntary DispositionIssue Date" means October 1, 2019.

    JV Entity” means any joint venture of the receipt by the IssuerParent Guarantor or any Restricted Subsidiary of any cash insurance proceeds or condemnation awards or expropriation compensation payable by reason of theft, loss, physical destruction or damage, taking or similar event with respect to any of its Property.Restricted Subsidiaries that is not a Subsidiary.

            "Issue Date" means April 10, 2015.

            "Lien" means with respect to any Property of any Person, any mortgage, or deed of trust, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, assignment (by way of security interest, lien, charge, easement (other than any easement not materially impairing usefulness or marketability)otherwise), encumbrance,deemed trust, or preference, priority or other security agreementinterest or preferential arrangement of any kind or nature whatsoever on or with respect to that Property (including any Capital Lease Obligation, 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 foregoingforegoing).

    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 Saleassets, 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 Leaseback Transaction).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.

            "Moody's“Long Derivative Instrument”" means Moody'sa 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 November 21, 2011, executed and delivered by Marriott International Inc., and Marriott Worldwide Corporation, as licensors, the Parent Guarantor, as licensee, and the administrative agent under the Credit Agreement.

    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, 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 theIssuer and the Guarantors to perform their payment obligations under the indenture, the Notes or the Note Guarantees or (c) rights and remedies of the trustee or the holders of Notes under the 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, Inc., Ignite Holdco, Inc., Ignite Holdco Subsidiary, Inc., Volt Merger Sub, Inc. and Volt Merger Sub, LLC.

    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 DesignatedNon-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 Propertyproperties or assets that isare the subject of that Asset Sale or received in any othernon-cash form), in each case net of:

      (a) all legal, title and recording tax expenses, commissions and other fees (including, without limitation, brokers'brokers’ or investment bankers'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 Propertyproperty or asset subject to the Asset Sale, in accordance with the terms of any Lien upon or other security agreement of any kind with


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      respect to that Property,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) allll 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 Propertyproperties or assets disposed in the Asset Sale and retained by the Issuer or any Restricted Subsidiary after the Asset SaleSale;

    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 IssuerParent Guarantor or a Restricted Subsidiary from the escrow or deposit account.

            "Net Cash Proceeds" means with respect to any incurrence or issuance of Debt, the aggregate principal amount actuallyproceeds (including the Fair Market Value of property other than cash) received in cash by the IssuerParent Guarantor or any Restricted Subsidiary in connection therewith,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 direct costs (including legal, accounting and investment bankingattorneys’ fees, and expenses, sales brokerageaccountants’ fees, underwriters’, initial purchasers’ or placement agents’ fees, discounts or commissions and underwriting discounts)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.

            "Non-RecourseNon-Recourse Debt" means Debt of a Person: (a) which the lenders or holders thereof have no recourse other than to specific assets of such Person and (b) as to which neither the Issuer nor any of its SubsidiariesGuarantor provides any Support ObligationGuarantee or credit support of any kind.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 asNon-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"“bad boy” provisions).

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

    Officer" means 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 the Issuer.

            "Officers'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.

            "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.

            "“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, will 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 the 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 business that is reasonably similar, ancillary, complementarybusinesses, services or related to, or a reasonable extension, development or expansion of, the businesses in which the Issuer and its Restricted Subsidiaries areactivities engaged in by the Parent Guarantor or its Subsidiaries on the Issue Date.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 IssuerParent 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,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 Propertyproperties and assets to, the IssuerParent Guarantor or a Restricted Subsidiary,Subsidiary;provided that the Person'ssuch Person’s primary business is a Permitted Business;

      (c) cash and Cash Equivalents and Temporary Cash Investments;Equivalents;


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      (d) commission, payroll, travel and similarloans or advances to cover mattersofficers, directors, managers, partners and employees of the Parent Guarantor (or any direct or indirect parent thereof) and its Restricted Subsidiaries (i) for reasonable and 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 are expected at the timeproceeds of thoseany such loans and advances ultimatelyshall be contributed to the Parent Guarantor in cash as common equity andprovided,further, that such contribution shall not constitute an equity contribution that may be treated as expensesutilized for accountingother baskets (including for the purpose of determining the amount available for Restricted Payments under clause (c)(2) of the first paragraph of the covenant described under “—Certain Covenants—Limitation on Restricted Payments”) and (iii) for purposes not described in the foregoing clauses (i) and that are made(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;

              (e)   stock, obligations(g) Investments consisting of extensions of credit in the nature of accounts receivable or other securities received in settlementnotes receivable arising from the grant of debts createdtrade credit in the ordinary course of business, and owing to the Issuer or a Restricted Subsidiary orInvestments received in satisfaction or partial satisfaction thereof from financially troubled account debtors and other credits to suppliers in the ordinary course of judgments;business;

              (f)    any Person to the extent the Investment represents the non-cash portion(h) Investments consisting of the consideration received in connection with an Asset Sale consummated in compliance withLiens permitted under the covenant described under "—“—Certain Covenants—Limitation on Asset Sales";

              (g)   Hedging ObligationsLiens” and Debt (including Guarantees) permitted under clauses (e), (f)the covenant described under “—Certain Covenants—Limitation on Debt”;

      (i) Investments consisting of any modification, replacement, renewal, reinvestment or (g)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 the covenant described under “—Certain Covenants—Limitation on Restricted Payments” or under any clause of this definition of “Permitted Investment”;

      (j) Investments in Swap Contracts permitted under clause (p) of the second paragraph of the covenant described under "—“—Certain Covenants—Limitation on Debt"Debt”;

              (h)   customers or suppliers of(k) promissory notes and othernon-cash consideration received in connection with dispositions permitted under the Issuer or any of its Subsidiaries incovenant described under “—Certain Covenants—Limitation on Asset Sales”;

      (l) the form of extensions of credit or transfers of Property, to the extent otherwise constituting an Investment, andTransactions;

      (m) Investments in the ordinary course of business and any Investments received in the ordinary courseconsisting of business in satisfactionprepayment of expenses, endorsements for collection or partial satisfaction thereof;

              (i)    any Person if the Investments (or binding commitments in respect thereof) are outstanding on the Issue Datedeposit and not otherwise described in clauses (a) through (h) above, and any extension, modification or renewal of any such Investments (but not any such extension, modification, renewal or to the extent it involves additional advances, contributions or other investments of cash or property, other than reasonable expenses incidental to the structuring, negotiation and consummation of such extension, modification or renewal);

              (j)    any securities, derivative instruments or other Investments of any kind that are acquired and held for the benefit of Issuer or Restricted Subsidiary employees in the ordinary course of business pursuant to deferred compensation plans or arrangements approved by the Board of Directors;provided,however, that (i) the amount of such Investment represents funds paid or payable in respect of deferred compensation previously included as an expense in the calculation of Consolidated Net Income (and not excluded pursuant to clause (f) of the definition of "Consolidated Net Income"), and (ii) the terms of such Investment shall not require any additional Investment by the Issuer or any Restricted Subsidiary;

              (k)   any Person (other than an Affiliate) in aggregate amount not to exceed the greater of $50 million and (y) 5.0% of the Issuer's Consolidated Total Assets outstanding at any one time in the aggregate;

              (l)    any Investment acquired in exchange for shares of Capital Stock of the Issuer (other than Disqualified Stock);provided that the proceeds of such issuance shall be excluded from the definition of "Capital Stock Sale Proceeds";

              (m)  any receivable owing to the Issuer or any Restricted Subsidiary created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms;provided that such trade terms may include such concessionary trade terms as the Issuer or any such Restricted Subsidiary deems reasonable under the circumstances;arrangements with customers consistent with past practice;

    (n) any Investment (i) in exchange for any other Investment or accounts receivable held by the Issuer or any such Restricted SubsidiaryInvestments (including debt obligations and Capital Stock) received in connection with the bankruptcy or as a resultreorganization of bankruptcy, workout, reorganization or recapitalization of the Issuer of such other Investment or accounts receivable, (ii) in satisfaction of judgmentssuppliers and customers or in compromise, settlement or resolution of any litigation, arbitrationdelinquent obligations of, or other dispute,disputes with, customers and suppliers from financially troubled account debtors or (iii) as a result of aupon the foreclosure by the Issuer or any of its Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured InvestmentInvestment;

    (o) advances of payroll payments to employees in default;


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              (o)   Guarantees(p) Investments held by the Parent Guarantor or a Restricted Subsidiary acquired after the Issue Date or of Debt issueda corporation or company merged into the Parent Guarantor or merged or consolidated with a Restricted Subsidiary in accordance with "Certainthe covenant described under “—Certain Covenants—Limitations on Debt";

              (p)Merger, Consolidation and Sale of Property” 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 fundingdate of contributions under any nonqualified retirement plansuch acquisition, merger or similar employee compensation plan in an amount not to exceed the amount of compensation expense recognizedconsolidation;

      (q) Guarantees by the Issuer andParent 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;

      (r) 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 Equity Interests shall otherwise be permitted by the covenant described under “—Certain Covenants—Limitation of Restricted Payments” or pursuant to any clause of this definition of “Permitted Investment”;

      (s) 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;

      (t) Investments (i) in connection with such plans;

              (q)a Qualified Securitization Transaction (including Investments in joint ventures(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;

      (u) 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;

      (v) 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 ornon-employee directors or entities that become joint ventures orother grantor trust subject to claims of creditors in the case of a bankruptcy of the Parent Guarantor);

      (w) Investments by an Unrestricted SubsidiariesSubsidiary entered into prior to the day such Unrestricted Subsidiary is redesignated as a resultRestricted Subsidiary pursuant to the covenant described under “—Certain Covenants—Designation of Restricted and Unrestricted Subsidiaries”;provided that such Investments were not entered into in contemplation of such Investments, having an aggregate Fair Market Value, taken together with allredesignation;

      (x) other Investments made pursuant to this clause (q)Investments;provided that, are at that time outstanding, not to exceed 10.0% of the Issuer's Consolidated Total Assets at the time of such Investment, (with the Fair Market ValueTotal Leverage Ratio as of eachthe end of the most recently ended Test Period, on a Pro Forma Basis, would be no greater than 3.25 to 1.00;

      (y) Investments existing or contemplated on the Issue Date and any modification, replacement, renewal, reinvestment or extension thereof;provided that the amount of any Investment being measured atpermitted by the time madecovenant described under “—Certain Covenants—Limitation of Restricted Payments” 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”;

    (z) Investments in connection with tax planning and withoutreorganization activities;provided that, after giving effect to, subsequent changesany such activities, the value of the Note Guarantees in value);favor of the holders of the Notes, taken as a whole, would not (and will not) be materially impaired;

            (r)   except(aa) Investments in a Permitted Business in an aggregate amount for all such Investments not to the extent constituting an Acquisition, Investments by the Issuer in Receivables Subsidiaries in connection with Accounts Receivable Facilities;

            (s)   Investments held by a Personexceed, at the time such Person becomes a Restricted SubsidiaryInvestment 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 Periodplus (ii) the aggregate amount of any cash repayment of or is merged with or intoreturn on such Investments theretofore received by the IssuerParent Guarantor or any Restricted Subsidiary and not made in contemplationafter the Issue Date;

    (bb) the forgiveness or conversion to equity of such Person becoming aany intercompany Debt owed to the Parent Guarantor or any of its Restricted Subsidiary;

            (t)    advances inSubsidiaries or the ordinary coursecancellation or forgiveness of businessany Debt owed to secure developer contractsthe Patent Guarantor (or any direct or indirect parent of the Issuer and its Subsidiaries;

            (u)   Investments arisingParent Guarantor) or a Subsidiary from pledges and deposits pursuant to paragraphs (g), (h) and (u)any members of management of the definitionParent Guarantor (or any direct or indirect parent of Permitted Liens;

            (v)   Investments received in connection with the bankruptcyParent Guarantor) or reorganization of, or settlement of delinquent accounts and disputes with or judgments against, customers and suppliers,any Subsidiary, in each case in the ordinary course of business or Investments acquiredpermitted by the Issuer or a Restricted Subsidiary as a result of a foreclosure by the Issuer or any Restricted Subsidiary with respect to any secured Investments or other transfer of title with respect to any secured Investment in default;covenant described under “—Certain Covenants—Limitation on Debt”;

            (w)(cc) 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, regardless of frequency;business;

            (x)(dd) advances in the form of a prepayment of expenses, so long as such expenses are being paid in accordance with customary trade terms of the Issuer or such Restricted Subsidiary;

            (y)   guarantees by the Issuer or any Restricted Subsidiary of operating leases or of other obligations that do not constitute Debt, in each case entered into by the Issuer or any Restricted Subsidiary in the ordinary course of business to secure developer contracts of the Parent Guarantor and its Restricted Subsidiaries;

    (ee) 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;

    (ff) Investments by any captive insurance companies that are Restricted Subsidiaries;

    (gg) 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;

    (hh) 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

            (z)(ii) Investments consistingby 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 Investments, in the non-exclusive licensing of intellectual property pursuant to joint marketing arrangements with other Persons otherwise permitted hereunder.

            For the avoidance of doubt, any Investmentevent that is a Permitted Investment hereunder may be transferred tomeets the Issuer or another Restricted Subsidiary, or exchanged for other assetscriteria of more than one of the Issuer or another Restricted Subsidiary.categories described above in clauses (a) through (hh) of Permitted Investments, the Parent Guarantor will 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) will only be required to include such Permitted Investment in one of any such clauses.

            "Permitted Liens"Liens” means:

      (a) Liens (including, without limitation and to the extent constituting a Lien, negative pledges) to secure Debt in an aggregate principal amount not to exceed the amount permitted to be Incurred under clause (b) of the second paragraph of the covenant described under "—“—Certain


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      Covenants—Limitation on Debt," regardless of whether the IssuerParent Guarantor and the Restricted Subsidiaries are actually subject to that covenant 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 propertyother 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 the covenant described under “—Certain Covenants—Limitation on Debt”;

    (c) Liens for taxes, assessments or governmental charges or levies on the Property(i) which are not overdue for a period of the Issuer or any Restricted Subsidiary and deposits in respect thereof if the same shall not at the time be delinquent or thereafter can be paid without penalty, ormore than 30 days, (ii) which are being contested in good faith and by appropriate proceedings promptly instituted and diligently concluded, provided that any reserveconducted, 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 appropriate provision that shall be required in conformity with GAAP shall have been made therefor;

            (c)like Liens imposed by law, such as carriers', warehousemen's, materialmen's, repairmen's and mechanics' Liens and other similar Liens, on the Property of the Issuer or any Restricted Subsidiary arising in the ordinary course of business and securing payment(i) which secure amounts not overdue for a period of obligations that are not more than 60 days past due 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;

            (d)   Liensproceedings diligently conducted, if adequate reserves with respect thereto are maintained on the Propertybooks of the Issuerapplicable Person to the extent required in accordance with GAAP or any Restricted Subsidiary Incurred(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, with respect to statutory or regulatory requirements,surety, stay, customs and appeal bonds, performance or return-of-money bonds surety bonds orand other obligations of a like nature (including those to secure health, safety and Incurred in a manner consistent with industry practice, including banker's liens and rights of set-off,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, are not Incurred in connection with the borrowing of money, the obtaining of advances or credit or the payment of the deferred purchase price of Property and whichaggregate, do not in any case materially interfere with the aggregate impair in any material respect the use of Property in the operationordinary conduct of the business of the IssuerParent Guarantor and theits Restricted Subsidiaries, taken as a whole;

            (e)(h) Liens on Property at the time the Issuersecuring judgments or any Restricted Subsidiary acquired the Property, including any acquisition by means of a merger or consolidation with or into the Issuer or any Restricted Subsidiary; provided, however, that any Lien of this kind may not extend to any other Property of the Issuer or any Restricted Subsidiary; provided further, however, that the Liens shall not have been Incurred in anticipation of or in connection with the transaction or series of transactions pursuant to which the Property was acquired by the Issuer or any Restricted Subsidiary;

            (f)    Liens on the Property of a Person at the time that Person becomes a Restricted Subsidiary; provided, however, that any Lien of this kind may not extend to any other Property of the Issuer or any other Restricted Subsidiary that is not a direct Subsidiary of that Person; provided further, however, that the Lien was not Incurred in anticipation of or in connection with the transaction or series of transactions pursuant to which the Person became a Restricted Subsidiary;

            (g)   pledges or deposits by the Issuer or any Restricted Subsidiary under workers' compensation laws, unemployment insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other thanawards for the payment of Debt) or leases to which the Issuer or any Restricted Subsidiary is party, or deposits to secure public or statutory obligationsmoney not constituting an Event of Default;

    (i) Liens securing Debt Incurred permitted under clause (m) of the Issuersecond paragraph of the covenant described under “—Certain Covenants—Limitation on Debt”;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 Restricted Subsidiary, ortime 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, for the payment of rent, in each case Incurred in the ordinary course of business;

            (h)   Liens (including, without limitation and to the extent constituting Liens, negative pledges), assignments and pledges of rights to receive premiums, interest or loss payments or otherwise arising in connection with workers' compensation loss portfolio transfer insurance transactions or any insurance or reinsurance agreements pertaining to losses covered by insurance, and Liens (including, without limitation and to the extent constituting Liens, negative pledges) in favor of insurers or reinsurers on pledges or deposits by the Issuer or any Restricted Subsidiary under workmen's compensation laws, unemployment insurance laws or similar legislation;


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              (i)    Liens of landlords on fixtures, equipment and movable property located on leased premises and utility easements, building restrictions and such other encumbrances or charges against real Property as are of a nature generally existing(iii) with respect to properties of a similar character;

              (j)Capital Lease Obligations, such Liens arising out of judgments or awards against the Issuer or a Restricted Subsidiary with respect to which the Issuer or the Restricted Subsidiary shall then be proceeding with an appeal or other proceeding for review;

              (k)   Liens in favor of Issuers of performance, stay, appeal, indemnification, surety or similar bonds, completion guarantees or letters of credit issued pursuant to the request of and for the account of the Issuer or a Restricted Subsidiary in the ordinary course of its business, provided that these letters of credit do not constitute Debt;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 thatindividual financings of equipment provided by one lender may be cross-collateralized to other financings of equipment provided by such lender;

              (l)(j) leases, licenses, subleases or subleases of realsublicenses and Liens on the property granted by the Issuer or a Restricted Subsidiary to any other Person andcovered thereby which do not interfering(i) interfere in any material respect with the business of the IssuerParent Guarantor and its Restricted Subsidiaries, taken as a whole;

              (m)  Liens (including, without limitation and to the extent constituting Liens, negative pledges) on intellectual property arising from intellectual property licenses entered into in the ordinary course of business;

              (n)   Liens on Capital Stock in joint ventures securing obligations of such joint venture, to the extent required by the terms of the organizational documentswhole, or material contracts of such joint venture;

              (o)   Liens existing on the Issue Date not otherwise described in clauses (a) through (n) above;

              (p)   Liens securing Debt Incurred pursuant to clause (i) of the second paragraph of the covenant described under "—Certain Covenants—Limitation on Debt" on the Property (other than in respect of a Receivables Subsidiary) purchased with the proceeds of such Debt;

              (q)   Liens on the Property of the Issuer or any Restricted Subsidiary to(ii) secure any Refinancing, in whole or in part, of any Debt secured by Liens referred to in clause (e), (f), (o) or (p) above; provided, however, that any Lien of this kind shall be limited to all or part of the same Property that secured the original Lien (together with improvements and accessions to such Property) and the aggregate principal amount of Debt that is secured by the Lien shall not be increased to an amount greater than the sum of:Debt;

                (1)   the outstanding principal amount, or, if greater, the committed amount, of the Debt secured by Liens described under clause (e), (f), (o) or (p) above, as the case may be, at the time the original Lien became a Permitted Lien under the indenture, and

            (2)   an amount necessary to pay any fees and expenses, including premiums and defeasance costs, incurred by the Issuer or the Restricted Subsidiary in connection with the Refinancing;

            (r)   Liens on cash or Temporary Cash Investments held as proceeds of Permitted Refinancing Debt pending the payment, purchase, defeasance or other retirement of the Debt being Refinanced;

            (s)   Liens not otherwise permitted by clauses (a) through (r) above (other than in respect of a Receivables Subsidiary) securing obligations with an aggregate principal amount not to exceed $25 million;

            (t)    Liens securing Hedging Obligations permitted under clause (l) of the second paragraph of the covenant described under "—Certain Covenants—Limitation on Debt";


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              (u)(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;goods in the ordinary course of business;

              (v)(l) Liens to secure Debt (assuming any commitments for secured Debt(i) of a collection bank (including those arising underSection 4-210 of the IssuerUniform 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 ofset-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 the covenant described under “—Certain Covenants—Limitation on Restricted Payments” 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 the covenant described under “—Certain Covenants—Limitation on Asset Sales” and (ii) consisting of an agreement to dispose of any property in an Asset Sale permitted under the covenant described under “—Certain Covenants—Limitation on Asset Sales,” 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 were fully drawn) so long as(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 a pro forma basis, after giving effect to such Liens,property at the Consolidated Secured Leverage Ratio does not exceed 3.25 to 1.00;

              (w)  Lienstime of its acquisition or existing on the property of any ForeignPerson at the time such Person becomes a Restricted Subsidiary securing Debt of(other than by designation as a ForeignRestricted Subsidiary Incurred pursuant to clause (k) of the second paragraph of the covenant described under "—“—Certain Covenants—Limitation on Debt"Designation of Restricted and Unrestricted Subsidiaries”), 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 the 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);

              (x)   Liens arising from Uniform Commercial Code financing statement filings regarding operating(p) any interest or title of a lessor or sublessor under leases or subleases entered into by the Issuer andParent Guarantor or any of its Restricted Subsidiaries in the ordinary course of business;

              (y)   any interest(q) Liens arising out of conditional sale, title retention, consignment or titlesimilar arrangements for sale of a lessor under any Capital Lease Obligation or operating lease;

              (z)   Liens grantedgoods entered into by a Receivables Subsidiary on Time Share Receivables sold by it pursuant to the Accounts Receivable Facility Documents to the extent that such Liens are created by the Accounts Receivable Facility Documents and permitted under clause (o) of the second paragraph of the covenant described under "—Certain Covenants—Limitation on Debt";

              (aa) Liens in favor of the Issuer, the Parent Guarantor or any of its Restricted Subsidiary;Subsidiaries in the ordinary course of business;

              (bb) licenses, sublicenses, leases(r) Liens that are contractual rights ofset-off (i) relating to the establishment of depository relations with banks or subleases granted to othersother financial institutions not interferinggiven in any material respectconnection 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 IssuerParent 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 Subsidiary; andSubsidiaries in the ordinary course of business;

              (cc)(s) Liens of a collection bank arising under Section 4-210 of thefrom precautionary Uniform Commercial Code on itemsfinancing statement filings or any equivalent filings in respect of any leases;

    (t) Liens securing insurance policies and the courseproceeds thereof securing financing of collection;the premiums with respect thereto;

            (dd) pledges and deposits(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 liability for reimbursement or indemnification obligations of (includingsuch Person’s obligations in respect of bank guaranteesdocumentary letters of credit issued for the benefit of) insurance carriers providingaccount 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) and (o) of this definition;provided that (i) the Lien does not extend to any additional property casualtyother than (A) after-acquired property that is affixed or liability insurance toincorporated into the Issuerproperty 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 the covenant described under “—Certain Covenants—Limitation on Debt”;

    (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 anon-Guarantor Restricted Subsidiary securing Debt that is permitted by the covenant described under “—Certain Covenants—Limitation on Debt” or other obligations of suchnon-GuarantorRestricted Subsidiary;

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

            (ff)(aa) Liens on goods or inventory the purchase, shipment or storage price of which is financed by a bank guarantee or bankers' acceptance issued or created for the account of the Issuer or any Restricted Subsidiarygranted in the ordinary course of business so long as suchsecuring obligations that do not constitute Debt;

    (bb) Liens are extinguished when such goods or inventory are delivered to the Issuer or a Restricted Subsidiary; provided, that such Lien secures only the obligationssecuring Debt permitted under clause (f) of the Issuer or such Restricted Subsidiary in respectsecond paragraph of such bankers' acceptance or bank guarantee to the extent permitted under the covenant described under "—“—Certain Covenants—Limitation on Debt"Debt”;

    (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 anon-Guarantor Restricted Subsidiary securing Debt permitted under clause (h) of the second paragraph of the covenant described under “—Certain Covenants—Limitation on Debt”;

    (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 insurance premiums financing arrangements, Debt permitted under clause (v) of the second paragraph of the covenant described under “—Certain Covenants—Limitation on Debt” and (ii) the monetized notes underlying hypothecations of, or Qualified Securitization Transactions with respect to, Time Share Receivables permitted under clause (v) of the second paragraph of the covenant described under “—Certain Covenants—Limitation on Debt”;

    (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 Liens are limitedsatisfaction or discharge is permitted under the indenture;

    (kk) receipt of progress payments and advances from customers in the ordinary course of business to the applicable unearned insurance premiums;extent the same creates a Lien on the related inventory and proceeds thereof;

            "(ll) Liens on cash or Investments permitted by the covenant described under “—Certain Covenants—Limitation on Restricted Payments” 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 the covenant described under “—Certain Covenants—Limitation on Debt”;

    (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; and

    (rr) Liens in favor of the Parent Guarantor, the Issuer or any Restricted Subsidiary.

    For purposes of determining compliance with the covenant described under “—Certain CovenantsLimitation on Liens” 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 (rr) of Permitted Liens, the Parent Guarantor will 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) will only be required to include such Lien in one of any such clauses;providedthat 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 (or if Incurred with original issue discount, an aggregate issue price) 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\


      and

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          (2) an amount necessary to pay any fees and expenses, including 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:

        include (x) Debt of a Restricted Subsidiary that is not a Subsidiary Guarantor that Refinances Debt of the Parent Guarantor, Issuer or any Subsidiary Guarantor, or

        (y) Debt of the IssuerParent 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.

      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 IssuerParent Guarantor or any Restricted Subsidiary held by Persons other than the IssuerParent 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 Issuerissuer of the Preferred Stock.

              "Productive Assets" means assets (other than cash, Cash Equivalents, securities and inventory) that are used or usable by the IssuerParent Guarantor and its Restricted Subsidiaries in Permitted Businesses.

              "pro formaPro 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 any computation hereunder required to be made on athe Acquired EBITDA of the applicable Acquired Entity or Business or Converted Restricted Subsidiary or the Consolidated EBITDA, (a) the pro forma basis giving effectincrease or decrease in such Acquired EBITDA or such Consolidated EBITDA, as the case may be, that is expected to any proposed Investment or other acquisition, any Disposition (other than any Disposition pursuanthave a continuing impact and (b) additional good faith pro forma adjustments arising out of cost savings initiatives attributable to clause (9)such transaction and additional costs associated with the combination of the definitionoperations of "Asset Sale"), anysuch Acquired Entity or Business or Converted Restricted Payment or any paymentSubsidiary with the operations of orthe Parent Guarantor and its Restricted Subsidiaries, in respect of any Debt (collectively, "Pro Forma Events"), computation thereof after givingeach case being given pro forma effect, to adjustments in connection with such Pro Forma Event that are eitherwhich actions (i) in accordance with Regulation S-X under the Securities Acthave been taken or (ii) set forth in an Officer's Certificate and believed in good faith by the Issuer towill be probable based on actions taken or to be takenimplemented within 12the succeeding 24 months following the consummation of the relevant Pro Forma Event; provided that the aggregate amount of any increase in Consolidated EBITDA resulting from adjustments pursuant to this clause (ii) for any four fiscal quarter period of the Issuer, when aggregated with the amount of any addback to Consolidated EBITDA pursuant to clause (a)(vii) of the definition thereof for such period, shall not exceed 10% of Consolidated EBITDA for such period (prior to giving effect to any increase pursuant to such clause (a)(vii) or this clause (ii)),transaction and, in each case, using,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 making such computation,determining suchcompliance, the historical financial statements of the Acquired Entity or Business or Converted Restricted Subsidiary and the consolidated financial statements of the IssuerParent Guarantor and theits Restricted Subsidiaries, (and, toassuming such Permitted Acquisition or conversion, and all other Permitted Acquisitions or conversions that have been consummated during the extent applicable, the historical financial statements of any entities or assets so acquired or to be acquired, or so disposed or to be disposed), which shall be reformulated as if such Pro Forma Event (and, in the case of any pro forma computations made hereunder to determine whether such Pro Forma Event is permitted to be consummated hereunder, to any other Pro Forma Event consummated since the first day of the period, covered by any component of such pro forma computation and on or prior to the


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      date of such computation), and any Debt or other liabilities incurredrepaid in connection with any such Pro Forma Event,therewith had been consummated and incurredIncurred or repaid at the beginning of such period.period (and assuming that such Debt to be Incurred bears interest during any portion of the applicable measurement period prior to the relevant 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 will be realizable during the entirety of such Test Period, or such additional costs, as applicable, will 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 EventBasis" has” and “Pro Forma Effect” mean, with respect to compliance with any covenant under the meaning set forthindenture 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 "pro forma."

              "Property" means,“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 any Person, any interestsuch Debt as at the relevant date of determination;providedthat, Person in any kind(1) without limiting the application of property, plant, equipment or other asset, whether real, personal or mixed, or tangible or intangible, including Capital Stock in, and other securities of, any other Person. For purposes of any calculation requiredthe Pro Forma Adjustment pursuant to clause (A) above, the indenture,foregoing pro forma adjustments may be applied to any such test solely to the valueextent 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 Property shall be its Fair Market Value.

              "Purchase MoneySpecified Transaction that is the Incurrence of Debt" means Debt:

                (a)   consisting of the deferred purchase price of property, conditional sale obligations, obligations under any title retention agreement, other purchase money obligations and obligations in respect of industrial revenue bonds, in each case wherewhich compliance with any specified leverage ratio test is by the maturityterms of the indenture to be calculated on a Pro Forma Basis, the proceeds of such Debt doesshall not exceedbe netted from Debt in the anticipated useful lifecalculation of the Property being financed, andapplicable leverage ratio test.

                (b)   Incurred to finance the acquisition, construction or lease by the Issuer or a Restricted Subsidiary of the Property, including additions and improvements thereto;

      provided,however, that the Debt is Incurred within 365 days after the acquisition, construction or lease of the Property by the Issuer or Restricted Subsidiary.

              "Qualified Capital Stock" means any Capital Stock that is not Disqualified Stock. "Rating Agencies"

      Qualified Securitization Transaction means Moody'sany 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 thatcertain Third Amended and Restated Indenture and Servicing Agreement, dated as of September 1, 2014, by and among Marriott Vacations Worldwide Owner Trust2011-1, as issuer, the Issuer, as servicer, and Wells Fargo Bank, National Association, as indenture trustee and asback-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.

              "Receivables Subsidiary" shall mean a special purpose Wholly Owned Subsidiary that is a U.S. Subsidiary of the Issuer formed to enter into an Accounts Receivable Facility, and in each case engages only in activities reasonably related or incidental thereto.

              "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"Refinanced and "Refinancing"Refinancing shall have correlative meanings.

              "Registration Rights AgreementReorganization" means that certain registration rights agreement dated asany reorganization of any of the Issue Date by and amongParent Guarantor, the Issuer and/or their respective Subsidiaries implemented in order to optimize the Guarantorstax 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 initial purchasers set forth therein.

              "Repay" means, in respect of any Debt, to repay, prepay, repurchase, redeem, legally defease or otherwise retire that Debt. "Repayment" and "Repaid" shall have correlative meanings. For purposesholders of the covenants described under "—Certain Covenants—Limitation on Asset Sales" and "—Certain Covenants—Limitation on Debt" and the definition of "Consolidated Fixed Charges Coverage Ratio," Debt shall be considered to have been Repaid only to the extent the related loan commitment, if any, shall have been permanently reducedNotes in connection therewith.their capacity as such, taken as a whole.

              "Restricted Payment" means:

        (a) any dividend or distribution (whether made in cash, securities or other Property)property or assets) declared or paid on or with respect to any shares of Capital Stock of the IssuerParent Guarantor or any Restricted Subsidiary (including any payment in connection with any merger or consolidation with or into the IssuerParent Guarantor or any Restricted Subsidiary), except for (i) any dividend or distribution that is made solely toby a Restricted Subsidiary, so long as, in the Issuercase 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 ofParent 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 Issuer;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 IssuerParent Guarantor or any Restricted Subsidiarydirect or indirect parent of the Parent Guarantor (other than from the IssuerParent Guarantor or a Restricted Subsidiary);

        (c) any principal payment on, or any securities exchangeable for or convertible into Capital Stock of the Issuer or any Restricted Subsidiary, including the exercise of any option to exchange any Capital Stock (other than for or into Capital Stock of the Issuer that is not Disqualified Stock);


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                (c) 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 (c) of the covenant described under "—“—Certain Covenants—Limitation on Debt"Debt” and (ii) the purchase, repurchase, redemption, acquisition or other acquisitionretirement 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 subclause (ii) due within one year of the date of acquisition)purchase, repurchase, redemption, acquisition or retirement); or

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

                (e)   the issuance, sale or other disposition of Capital Stock of any Restricted Subsidiary to a Person other than the Issuer or another Restricted Subsidiary if the result thereof is that the Restricted Subsidiary shall cease to be a Restricted Subsidiary, in which event the amount of the "Restricted Payment" shall be the Fair Market Value of the remaining interest, if any, in the former Restricted Subsidiary held by the Issuer and the other Restricted Subsidiaries.

              "Restricted Subsidiary" means any Subsidiary of the IssuerParent Guarantor (including the Issuer) other than an Unrestricted Subsidiary.

              "Ritz-Carlton Comfort Letter” means the letter agreement, dated November 21, 2011, executed and delivered by The Ritz-Carlton Hotel Company, L.L.C., as licensor, the Parent Guarantor, as licensee, and the administrative agent under the Credit Agreement.

      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 Standard & Poor'sPoor’s Ratings Services, a business of Standard & Poor'sPoor’s Financial Services LLC, a subsidiary of The McGraw Hill Companies, Inc., or any successor to the rating agency business thereof.

              "Sale and Leaseback Transaction" means any direct or indirect arrangement relating to Propertyproperty or an asset now owned or hereafter acquired whereby the IssuerParent Guarantor or a Restricted Subsidiary transfers that Propertyproperty or asset to another Person and the IssuerParent 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) allcollateral 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, 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.

      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.

      “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.

      Significant Subsidiary" means any Subsidiary (other than any Securitization Subsidiary) that would be a "Significant Subsidiary"“Significant Subsidiary” of the IssuerParent Guarantor within the meaning of Rule 1-021-02(w) under RegulationS-X promulgated by the SEC.

      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 the 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 “Indebtedness 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 Indebtedness 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 andback-up servicer (as in effect on the Issue Date), or (ii) an Event of Default (under and as defined in the relevant Indebtedness Documentation);provided that with respect to such an Event of Default, a Specified Turbo Period will 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, anon-credit related recourse account receivable factoring arrangement.

      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 Issuerissuer 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 notesNotes or the Note Guarantees pursuant to a written agreement to that effect.

              "Subsidiary" of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the shares of securitiesCapital 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.

              "Support ObligationSwap Contract" means as(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 exchangetransactions, 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 Person, (a)master agreement, (b) any obligation, contingentand all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or otherwise,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 Person guaranteeing or having the economic effect of guaranteeingmaster agreement, together with any Debt or other obligation payable or performable by another Person (the "primary obligor"related schedules, a “Master Agreement) in any manner, whether directly or indirectly, and, including any obligation of such Person, directobligations or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or other obligation, (ii) to


      Table of Contentsliabilities under any Master Agreement, (c) any Permitted Bond Hedge Transaction and (d) any Permitted Warrant Transaction.

      purchase or lease property, securities or services for the purpose of assuring the obligeeSwap Termination Value” means, in respect of such Debtany one or other obligation ofmore Swap Contracts, after taking into account the payment or performance of such Debt or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Debt or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Debt or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Debt or other obligationeffect of any other Person, whetherlegally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or notafter the date such Debt or other obligation is assumed bySwap Contracts have been closed out and termination value(s) determined in accordance therewith, such Person (ortermination value(s), and (b) for any right, contingent or otherwise, of any holder of such Debt to obtain any such Lien). The amount of any Support Obligation shall be deemed to be an amount equaldate prior to the stated or determinable amount ofdate referenced in clause (a), the related primary obligation, or portion thereof, in respect of whichamount(s) determined as themark-to-market value(s) for such Support Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereofSwap Contracts, as determined by the guaranteeing PersonParent Guarantor, in good faith.accordance with the terms thereof and in accordance with customary methods for calculatingmark-to-market values under similar arrangements.

              "Swap AgreementTest 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 the covenant described under “—Certain Covenants—Reports.”

      Time Share Development Property means any agreement with respect toportion of any swap, forward, futureexisting hotel or derivative transaction or option or similar agreement involving, or settledresort property acquired by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the Issuer or any Subsidiary shall be a Swap Agreement.

              "Tax Distributions" means, with respect to any taxable year or portion thereof that the Issuer is treated as a partnership or "disregarded entity" for federal income tax purposes or is part of a consolidated, combined or similar group for income Tax purposes of which Parent Guarantor or another directany of its Restricted Subsidiaries, which has not been dedicated to any time sharearrangement, plan, scheme or indirect parent of the Issuer is the common parent (a "Tax Group"), cash distributions paid by the Issuer to Parent Guarantor (or to another direct or indirect parent of the Issuer that is the common parent) in respect of (a) where the Issuer is treated as a partnership for federal income tax purposes, the income Tax liabilities of Parent Guarantor (or, wheresimilar device and which the Parent Guarantor is treatedor 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 partnershipdwelling or disregarded entityaccommodation 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 similar device, in any legal form or structure (including trusts or associations) (including units physically located within a project that are currently used for federal income taxsales and/or administrative purposes the direct and/and that have received certificates of occupancy for such use) or indirect owners of(ii) any real property interest completed and available to occupy as a dwelling or accommodation and intended by the Parent Guarantor) attributable to the taxable income of the IssuerGuarantor or (b) where the Issuer is part of a Tax Group (or is treated as a "disregarded entity" owned by a member of a Tax Group), the income Tax liabilities of the Tax Group attributable to the taxable income of the Issuer and its Subsidiaries included in the Tax Group, as the case may be (in each case, including, any estimates thereof and any Tax deficiencies or other subsequent adjustments to such Tax liabilities); provided that such distributions in respect of any taxable year of the Issuer or portion thereof shall be permittedRestricted Subsidiary to be of an amount equaldedicated to but shall not exceed, the income Taxesany such time share arrangement (including units physically located within a project that the Issuerare currently used for sales and/or such Subsidiaries (as applicable) wouldadministrative purposes and that have paid on a standalone basis (or as a standalone Tax Group) (assuming for this purpose that the Issuer is treated as a domestic corporation for federal income tax purposes), reduced by any such income Taxes paid or payable directly by the Issuer and/or its Subsidiaries (including, any estimates thereof and any tax deficiencies or other subsequent adjustments to such liabilities) and; provided, further that payments under clause (a) or (b) for any taxable year may be made on a quarterly basis to permit the direct and/or indirect equity owners of Issuer to make any required estimated income tax payments and, to the extent that such quarterly distributions exceed the maximum amount ultimately permitted under clause (a) or (b) with respect to such taxable year (based on the actual taxable income for the full taxable year), such excess shall reduce dollar for dollar the distributions permitted under clause (a) or (b) in respect of the immediately subsequent taxable year (and, if necessary, future taxable years).


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              "Taxes" means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, fines, additions to tax or penalties applicable thereto.

              "Temporary Cash Investments" means any of the following:

                (a)   securities issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality thereof (provided that the full faith and credit of the United States is pledged in support thereof) having maturities of not more than twelve months from the date of acquisition,

                (b)   U.S. Dollar-denominated time deposits andreceived certificates of deposit of (i) any lender under the Credit Agreement, (ii) any domestic commercial bank of recognized standing having capital and surplus in excess of $500.0 million or (iii) any bank 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 (collectively, an "Approved Bank"), in each case with maturities of not more than 364 days from the date of acquisition,occupancy for such use).

                (c)   commercial paper and variable or fixed rate notes issued by any Approved Bank (or by the parent company thereof) or any variable rate notes issued by, or guaranteed by, any domestic corporation rated A-1 (or the equivalent thereof) or better by S&P or P-1 (or the equivalent thereof) or better by Moody's and maturing within twelve months of the date of acquisition,

                (d)   repurchase agreements entered into by any Person with a bank or trust company or recognized securities dealer having capital and surplus in excess of $500.0 million for direct obligations issued by or fully guaranteed by the United States in which such Person shall have a perfected first priority security interest (subject to no other Liens) and having, on the date of purchase thereof, a fair market value of at least one hundred percent (100%) of the amount of the repurchase obligations,

                (e)   Investments (classified in accordance with GAAP as current assets) in money market investment programs registered under the Investment Company Act of 1940 that are administered by reputable financial institutions having capital of at least $500.0 million and the portfolios of which are limited to Investments of the character described in the foregoing subclauses hereof, and

                (f)    other short-term investments utilized by Foreign Restricted Subsidiaries in accordance with normal investment practices for cash management in investments of a type analogous to the foregoing.

              "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.

              "

      TransactionsTime Share SPV" means an entity intended to be bankruptcy-remote and which is formed for the incurrencepurpose of engaging in the financing transactions under a Securitization Facility with respect to Time Share Receivables and the Debt of which isNon-Recourse Debt.

      Total Leverage Ratio” means, with respect to any Test Period, the ratio of (a) Consolidated Total Debt as of the notes, the related debt repayments and paymentlast day of such Test Period to (b) Consolidated EBITDA for such Test Period.

      Transaction Expenses” means any fees and expenses related thereto.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 MORI Notes, (c) the issuance of the Existing 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 (519) 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 AprilSeptember 15, 2018; 2022;provided,however, that if the period from such Redemption Date to AprilSeptember 15, 20182022 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used.


      TableTrust Indenture Act” means the U.S. Trust Indenture Act of Contents1939, as amended, or any successor statute, and the rules and regulations promulgated by the SEC thereunder.

              "Unrestricted SubsidiaryCash 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 IssuerParent Guarantor (other than the Issuer) that is designated after the Issue Date as an Unrestricted Subsidiary as permitted or required pursuant to the covenant described under "—“—Certain Covenants—Designation of Restricted and Unrestricted Subsidiaries"Subsidiaries” and is not thereafter redesignated as a Restricted Subsidiary as permitted pursuant thereto;to such covenant; and

        (b) any Subsidiary of an Unrestricted Subsidiary.

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

              "U.S. Subsidiary" means any direct or indirect Subsidiary of the Issuer that is organized under the laws of any state of the United States or the District of Columbia.

              "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 trusteesother 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 will 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'directors’ qualifying shares) is at that time owned, directly or indirectly, by the IssuerParent Guarantor and its other Wholly Owned Restricted Subsidiaries.


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      BOOK-ENTRY; DELIVERY AND FORM

              Except as set forth below, new notes will be issued in registered, global form in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. New notes will be issued at the closing of the exchange offer only against surrender of old notes.

              The new notes initially will be represented by one or more notes in registered, global form without interest coupons attached (the "Global Note"). On the date of the closing of the exchange offer, the Global Note will be deposited with the Trustee as custodian for The Depository Trust Company, or DTC, in New York, New York, and registered in the name of DTC or its nominee, in each case for credit to an account of a direct or indirect participant in DTC as described below.

              Unless definitive new notes are issued, the Global Note may be transferred, in whole and not in part, only to another nominee of DTC or to a successor of DTC or its nominee. Beneficial interests in the Global Note may be exchanged for Notes in certificated form. See "—Exchange of Global Note for Certificated Notes."

              Ownership of interests in the Global Note ("Book-Entry Interests") will be limited to persons that have accounts with DTC, or persons that hold interests through such Participants (as defined below). Except under the limited circumstances described below, beneficial owners of Book-Entry Interests will not be entitled to physical delivery of new notes in definitive form.

              Book-Entry Interests will be shown on, and transfers thereof will be effected only through, records maintained in book-entry form by DTC or DTC's nominees and Participants. In addition while the new notes are in global form, holders of Book-Entry Interests will not be considered the owners or "holders" of new notes for any purpose. So long as the new notes are held in global form, DTC or its nominees will be considered the sole holders of the Global Note for all purposes under the Indenture. In addition, Participants must rely on the procedures of DTC and Indirect Participants (as defined below) must rely on the procedures of DTC and the Participants through which they own Book-Entry Interests to transfer their interests or to exercise any rights of holders under the indenture. Transfers of beneficial interests in the Global Note will be subject to the applicable rules and procedures of DTC and its Participants or Indirect Participants, which may change from time to time.

      Depository Procedures

              The following description of the operations and procedures of DTC is provided solely as a matter of convenience. These operations and procedures are solely within the control of DTC and are subject to change. Neither we nor the trustee take any responsibility for or are liable for these operations and procedures, including the records relating to Book-Entry Interests, and we urge investors to contact DTC or its Participants directly to discuss these matters.

              DTC has advised the Issuer that DTC is a limited-purpose trust company created to hold securities for its participating organizations (collectively, the "Participants") and to facilitate the clearance and settlement of transactions in those securities between Participants through electronic book-entry changes in accounts of its Participants. The Participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations. Access to DTC's system is also available to other entities such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a Participant, either directly or indirectly (collectively, the "Indirect Participants"). Persons who are not Participants may beneficially own securities held by or on behalf of DTC only through the Participants or the Indirect Participants. The ownership interests in, and transfers of ownership interests in, each security held by or on behalf of DTC are recorded on the records of the Participants and Indirect Participants.


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              DTC has also advised the Issuer that, pursuant to procedures established by it:

                1)    upon deposit of the Global Note, DTC will credit the accounts of Participants pursuant to the corresponding letters of transmittal with portions of the principal amount of the Global Note; and

                (2)   ownership of these interests in the Global Note will be shown on, and the transfer of ownership thereof will be effected only through, records maintained by DTC (with respect to the Participants) or by the Participants and the Indirect Participants (with respect to other owners of beneficial interest in the Global Note).

              All interests in a Global Note may be subject to the procedures and requirements of DTC. The laws of some jurisdictions, including certain states of the United States, require that certain Persons take physical delivery in definitive form of securities that they own. Consequently, the ability to transfer beneficial interests in a Global Note to such Persons will be limited to that extent. Because DTC can act only on behalf of Participants, which in turn act on behalf of themselves and Indirect Participants, the ability of a Person having beneficial interests in a Global Note to pledge or transfer such interests to Persons that do not participate in the DTC system, or otherwise take actions in respect of such interests, may be affected by the lack of a physical certificate evidencing such interests.

              Except as described below, owners of interests in the Global Note will not have Notes registered in their names, will not receive physical delivery of Notes in certificated form and will not be considered the registered owners or "Holders" thereof under the Indenture for any purpose.

              Payments in respect of the principal of, and interest and premium on a Global Note registered in the name of DTC or its nominee will be payable to DTC in its capacity as the registered Holder of the Global Note under the Indenture. Under the terms of the Indenture, the Issuer and the Trustee will treat the Persons in whose names the Notes, including the Global Note, are registered as the owners thereof for the purpose of receiving payments and for all other purposes. Consequently, neither the Issuer, the Trustee nor any agent of the Issuer or the Trustee has or will have any responsibility or liability for:

                (1)   any aspect of DTC's records or any Participant's or Indirect Participant's records relating to or payments made on account of beneficial ownership interest in the Global Note or for maintaining, supervising or reviewing any of DTC's records or any Participant's or Indirect Participant's records relating to the beneficial ownership interests in the Global Note; or

                (2)   any other matter relating to the actions and practices of DTC or any of its Participants or Indirect Participants.

              DTC has advised the Issuer that its current practice, upon receipt of any payment in respect of securities such as the Notes (including principal and interest), is to credit the accounts of the relevant Participants with the payment on the payment date unless DTC has reason to believe it will not receive payment on such payment date. Each relevant Participant is credited with an amount proportionate to its beneficial ownership of an interest in the principal amount of the relevant security as shown on the records of DTC. Payments by the Participants and the Indirect Participants to the beneficial owners of Notes will be governed by standing instructions and customary practices and will be the responsibility of the Participants or the Indirect Participants and will not be the responsibility of DTC, the Trustee or the Issuer. Neither the Issuer nor the Trustee will be liable for any delay by DTC or any of its Participants in identifying the beneficial owners of the Notes, and the Issuer and the Trustee may conclusively rely on and will be protected in relying on instructions from DTC or its nominee for all purposes.

              Transfers between Participants in DTC will be effected in accordance with DTC's procedures and will be settled in same-day funds.


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              DTC has advised the Issuer that it will take any action permitted to be taken by a Holder of Notes only at the direction of one or more Participants to whose account DTC has credited the interests in the Global Note and only in respect of such portion of the aggregate principal amount of the Notes as to which such Participant or Participants has or have given such direction. However, if there is an Event of Default under the Notes, DTC reserves the right to exchange the Global Note for legended Notes in certificated form, and to distribute such Notes to its Participants.

              Although DTC has agreed to the foregoing procedures to facilitate transfers of interests in the Global Note among Participants in DTC, DTC is under obligation to perform or to continue to perform such procedures, and may discontinue such procedures at any time. Neither the Issuer nor the Trustee nor any of their respective agents will have any responsibility for the performance by DTC or its Participants or Indirect Participants of their respective obligations under the rules and procedures governing DTC's operations.

      Exchange of Global Note for Certificated Note

              A Global Note is exchangeable for definitive notes in registered certificated form ("Certificated Notes") if:

                (1)   DTC (a) notifies the Issuer that it is unwilling or unable to continue as depositary for the Global Note or (b) has ceased to be a clearing agency registered under the Exchange Act, and in each case the Issuer fails to appoint a successor depositary within 90 days after the date of notice from DTC;

                2)    the Issuer, at its option, notifies the Trustee in writing that it elects to cause the issuance of the Certificated Notes; or

                (3)   there shall have occurred and be continuing a Default or Event of Default with respect to the Notes and the Trustee or holders of a majority of the aggregate principal amount of the Notes so requests.

              In addition, beneficial interests in a Global Note may be exchanged for Certificated Notes upon prior written notice given to the Trustee by or on behalf of DTC in accordance with the Indenture. In all cases, Certificated Notes delivered in exchange for any Global Note or beneficial interests in the Global Note will be registered in the names, and issued in any approved denominations, requested by or on behalf of the depositary (in accordance with its customary procedures).

      Exchange of Certificated Notes for Global Note

              Certificated Notes may not be exchanged for beneficial interests in the Global Note unless the transferor first delivers to the Trustee a written certificate (in the form provided in the Indenture) to the effect that such transfer will comply with the appropriate transfer restrictions applicable to such Notes.

      Same Day Settlement and Payment

              The Issuer will make payments in respect of the Notes represented by the Global Note (including principal, premium, if any, and interest) by wire transfer of immediately available funds to the accounts specified by the Global Note Holder. The Issuer will make all payments of principal, interest and premium with respect to Certificated Notes by wire transfer of immediately available funds to the accounts specified by the holders thereof or, if no such account is specified, by mailing a check to each such holder's registered address. The Notes represented by the Global Note are expected to trade in DTC's Same-Day Funds Settlement System, and any permitted secondary market trading activity in such Notes will, therefore, be required by DTC to be settled in immediately available funds. The Issuer expects that secondary trading in any Certificated Notes will also be settled in immediately available funds.


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      CERTAIN MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES
      CONSIDERATIONS

      The following discussion summarizesis a summary of certain United States federal income tax considerations relating to the materialexchange of Original Notes for New Notes in the exchange offer. It does not contain a complete analysis of all the potential tax considerations relating to the exchange. This summary is limited to holders of Original Notes who hold the Original Notes as “capital assets” within the meaning of Section 1221 of the United States Internal Revenue Code of 1986, as amended (the “Code”) (in general, assets held for investment). Special situations, such as the following, are not addressed:

      tax consequences to holders who may be subject to special tax treatment, under U.S. federal income tax law, including, without limitation,tax-exempt entities, dealers in securities or currencies, banks, other financial institutions, insurance companies, regulated investment companies, real estate investment trusts or regulated investment companies, traders in securities that elect to use amark-to-market method of accounting for their securities holdings or corporations that accumulate earnings to avoid United States federal income tax;

      tax consequences to persons holding notes as part of a hedging, integrated, constructive sale or conversion transaction or a straddle or other risk reduction transaction;

      tax consequences to holders whose “functional currency” is not the United States dollar;

      tax consequences to persons who hold notes through a partnership or similar pass-through entity;

      tax consequences to U.S. expatriates or entities covered by the anti-inversion rules under the Code, persons who actually or constructively own more than 10% of our stock by vote or value, persons subject to the base erosion and anti-abuse tax, or holders who are members of an exchange“expanded group” or modified expanded group” with issuers within the meaning of old notesTreasury Regulations under Code Section 355;

      United States federal gift tax, estate tax, tax, the Medicare contribution tax with respect to net investment income or alternative minimum tax consequences, if any; or

      any state, local ornon-United States tax consequences.

      If an entity treated as a partnership for new notes pursuant to this exchange offer. ThisU.S. federal income tax purposes holds Original Notes, the tax treatment of a partner will generally depend upon the status of the partner and the activities of the partnership. If a holder is a partnership or a partner in a partnership holding Original Notes, such holder should his, her or its tax advisors.

      The discussion below is based upon the provisions of the Internal Revenue Code, of 1986, as amended, theexisting and proposed Treasury regulations promulgated thereunder, and rulings, judicial authoritydecisions and administrative interpretations allthereunder, as of the date hereof and all of which are subject to change, possibly with retroactive effect, or different interpretations. This discussion does not address all of the tax considerations thathereof. Those authorities may be relevantchanged, perhaps retroactively, so as to a particular holderresult in light of the holder's circumstances, or to certain categories of holders that may be subject to special rules. This summary does not consider anyUnited States federal income tax consequences arising under U.S. alternative minimumdifferent from those discussed below.

      Consequences of Tendering Original Notes

      The exchange of your Original Notes for New Notes in the exchange offer should not constitute an exchange for United States federal income tax law, U.S.purposes because the New Notes should not be considered to differ materially in kind or extent from the Original Notes. Accordingly, the exchange offer should have no United States federal gift and estate tax law or under the laws of any foreign, state, local or other jurisdiction. Each holder should consult its own independent tax advisor regarding its particular situation and the U.S. federal, state, local and foreignincome tax consequences of exchangingto you if you exchange your Original Notes for New Notes. For example, there should be no change in your tax basis and your holding period should carry over to the old notes for new notes and purchasing,New Notes. In addition, the United States federal income tax consequences of holding and disposing of the new notes, including the consequences of any proposed change in applicable laws.

              The exchange of old notes for new notes in the exchange offer will not constitute a taxable event for U.S. federal income tax purposes. Consequently, for such purposes, a holder will not recognize gain upon receipt of a new note in exchange for an old note in the exchange offer, the holder's adjusted tax basis (and adjusted issue price) in the new note received in the exchange offer willyour New Notes should be the same as its adjusted tax basis (and adjusted issue price) in the corresponding old note immediately before the exchange, and the holder's holding period in the new note will include its holding period in the old note.those applicable to your Original Notes.


      THE PRECEDING DISCUSSION OF CERTAIN UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS OF THE EXCHANGE OFFER IS FOR GENERAL INFORMATION ONLY AND IS NOT TAX ADVICE. ACCORDINGLY, EACH HOLDER SHOULD CONSULT ITS OWN TAX ADVISOR AS TO PARTICULAR TAX CONSEQUENCES TO IT OF EXCHANGING ORIGINAL NOTES FOR NEW NOTES, INCLUDING THE APPLICABILITY AND EFFECT OF ANY STATE, LOCAL OR FOREIGN TAX LAWS, AND OF ANY PROPOSED CHANGES IN APPLICABLE LAWS.

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      PLAN OF DISTRIBUTION AND SELLING RESTRICTIONS

              The exchange offerA broker-dealer that is not being made to, nor will we accept surrendersthe holder of old notesOriginal Notes that were acquired for exchange from, holders of old notes in any jurisdiction in which the exchange offer or the acceptance thereof would not be in compliance with the securities or blue sky lawsaccount of such jurisdiction.

              The distributionbroker-dealer as a result of this prospectus and the offer and sale of the new notes may be restricted by law in certain jurisdictions. Persons who come into possession of this prospectusmarket-making or any of the new notes must inform themselves about and observe any such restrictions. You must comply with all applicable laws and regulations in force in any jurisdiction in which you purchase, offer or sell the new notes or possess or distribute this prospectus and, in connection with any purchase, offer or sale by you of the new notes, must obtain any consent, approval or permission required under the laws and regulations in force in any jurisdiction to which you are subject or in which you make such purchase, offer or sale.

              Based on interpretations by the SEC set forth in no-action letters issued to third parties, we believe that you may resell or otherwise transfer new notes issued in the exchange offer without complying with the registration and prospectus delivery provisions of the Securities Act, if:

        you are not our affiliate within the meaning of Rule 405 of the Securities Act;

        you are not participating, and you have no arrangement or understanding with any person to participate in a distribution (within the meaning of the Securities Act) of the new notes in violation of the provisions of the Securities Act;

        if you are a broker dealer, you have not entered into any arrangement or understanding withother trading activities, other than Original Notes acquired directly from us or any of our affiliates to distribute the new notes; and

        you are acquiring the new notes in the ordinary course of your business.

              If you are our affiliate, or are engaging in, or intend to engage in, or have any arrangement or understanding with any person to participate in, a distribution of the new notes, or are not acquiring the new notes in the ordinary course of your business:

        You cannot rely on the position of the SEC set forth in Morgan Stanley & Co. Incorporated (available June 5, 1991) and Exxon Capital Holdings Corporation (available May 13, 1988), as interpreted in the SEC's letter to Shearman & Sterling, dated July 2, 1993, and similar no-action letters; and

        in the absence of an exception from the position stated immediately above, you must comply with the registration and prospectus delivery requirements of the Securities Act in connection with any resale of the new notes.

              This prospectus may be usedexchange such Original Notes for an offerNew Notes pursuant to resell, resale or other transfer of new notes only as specifically set forth in this prospectus. With regard to broker-dealers, only broker-dealers that acquired the outstanding old notes as a result of market-making activities or other trading activities may participate in the exchange offer. EachThis is true so long as each broker-dealer that receives new notesNew Notes for its own account in exchange for outstanding old notes,Original Notes, where such outstanding old notesOriginal Notes were acquired by such broker-dealer as a result of market-making activities or other trading activities must acknowledge that it will deliver a prospectus in connection with any resale of the new notes. Please read "Plan of Distribution and Selling Restrictions" for more details regarding the transfer of new notes. Each broker-dealer that receives new notes for its own account pursuant to the exchange offer must acknowledgeacknowledges that it will deliver a prospectus in connection with any resale of such new notes.New Notes. This prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of new notesNew Notes received in exchange for old notesOriginal Notes where such old notesOriginal Notes were acquired as a result of market-making activities or other trading activities.


      Table We have agreed that for a period of Contents180 days after consummation of the exchange offer or such time as any broker-dealer no longer owns any registrable securities, we will make this prospectus, as it may be amended or supplemented from time to time, available to any broker-dealer for use in connection with any such resale. All dealers effecting transactions in the New Notes will be required to deliver a prospectus.

              The Issuer and the guarantorsWe will not receive any proceeds from any sale of new notesNew Notes by broker-dealers.broker-dealers or any other holder of New notesNotes. New Notes received by broker-dealers for their own account pursuant toin the exchange offer may be sold from time to time in one or more transactions in theover-the-counter market, in negotiated transactions, through the writing of options on the new notesNew Notes or a combination of such methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing market prices or at negotiated prices. Any such resale may be made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any such broker-dealer and/or the purchasers of any such new notes.New Notes. Any broker-dealer that resells new notesNew Notes that were received by it for its own account as a result of market-making activities or other trading activities pursuant to the exchange offer and any broker or dealer that participates in a distribution of such new notesNew Notes may be deemed to be an "underwriter"“underwriter” within the meaning of the Securities Act, and any profit ofon any such resale of new notesNew Notes and any commissions or concessions received by any such persons may be deemed to be underwriting compensation under the Securities Act. The letter of transmittalinstruction states that by acknowledging that it will deliver and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an "underwriter"“underwriter” within the meaning of the Securities Act.

              The IssuerFor a period of 180 days after consummation of the exchange offer (or, if earlier, until such time as any broker-dealer no longer owns any registrable securities), we will promptly send additional copies of this prospectus and the guarantorsany amendment or supplement to this prospectus to any broker-dealer that reasonably requests such documents. We have agreed to pay all expenses incident to the exchange offer (includingand to our performance of, or compliance with, the expenses of one counsel for the holders of old notes) otherregistration rights agreements (other than commissions or concessions of any brokers or dealersdealers) and will indemnify the holders of old notesthe Notes (including any broker-dealers) against certain liabilities, including liabilities under the Securities Act.


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      LEGAL MATTERS

      The validity of the new notesNew Notes and related Note Guarantees offered herebyin this prospectus will be passed upon for usthe Issuer by HollandKirkland & KnightEllis LLP. Cades Schutte LLP Fort Lauderdale, Florida.addressed certain matters relating to Hawaii law, Greenberg Traurig, P.A. addressed certain matters relating to Florida law and Burr & Forman LLP addressed certain matters relating to South Carolina law.


      EXPERTS

      The consolidated financial statements of ILG and its subsidiariesMVW appearing in Interval Leisure Group, Inc.'sMVW’s Annual Report (Form10-K) for the year ended December 31, 2015 (including the schedule appearing therein),2019, and the effectiveness of Interval Leisure Group, Inc. and subsidiaries'MVW’s internal control over financial reporting as of December 31, 20152019, have been audited by Ernst & Young LLP, independent registered public accounting firm, as set forth in their reports thereon, included therein, and incorporated herein by reference. Such consolidated financial statements are incorporated herein by reference in reliance upon such reports given on the authority of such firm as experts in accounting and auditing.

      WHERE YOU CAN FIND MORE INFORMATION

      The combined financial statementsIndenture provides that, regardless of the Vistana Signature Experiences, Inc. (Vistana Vacation Ownership Business) as of December 31, 2015 and 2014, and for each of the three years in the period ended December 31, 2015, beginning on page F-1 of the prospectus filed by ILGwhether it is at any time required to file reports with the SEC, on March 18, 2016 have been audited by Ernst & Young LLP, independent registered public accounting firm,the Issuer will file with the SEC and furnish to the holders of the Notes all such reports and other information as set forth in their report appearing thereon,would be required to be filed with the SEC if the Issuer were subject to the reporting requirements of the Exchange Act; provided that, so long as we guarantee the obligations under the Notes, our reports filed with the SEC shall satisfy this requirement.

      While any Notes remain outstanding, the Issuer will make available upon request to any holder and incorporated herein by reference. Such combined financial statements are incorporated herein by reference in reliance upon such report given onany prospective purchaser of Notes the authority of such firm as experts in accounting and auditing.


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      LOGO

      Interval Acquisition Corp.

      Offerinformation required pursuant to Exchange

      $350,000,000 principal amount of 5.625% Senior Notes due 2023, which have been registeredRule 144A(d)(4) under the Securities Act during any period in which the Issuer is not subject to Section 13 or 15(d) of the Exchange Act. This prospectus contains summaries, believed to be accurate in all material respects, of certain terms of certain agreements regarding the Exchange Offer and the Notes (including but not limited to the Indenture), but reference is hereby made to the actual agreements, copies of which will be made available to you upon request, for anycomplete information with respect thereto, and all of our outstanding 5.625% Senior Notes due 2023such summaries are qualified in their entirety by this reference. Any such request for the agreements summarized herein should be directed to Investor Relations, Marriott Vacations Worldwide Corporation, 6649 Westwood Blvd., Orlando, FL32821, (407) 206-6000.

      PROSPECTUS

                      , 2016

       Each broker-dealer that receives exchange notes

      Any requests for its own account pursuant to the exchange offer must acknowledge that it will deliver aassistance or for additional copies of this prospectus, related materials or documents required in connection with any resalesurrenders of Original Notes for conversion should be directed to the Exchange Agent at the address set forth below. A holder may also contact such exchange notes. By so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an "underwriter" within the meaning of the Securities Act. This prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of exchange notes received in exchange for restricted notes where such restricted notes were acquired by such broker-dealer as a result of market-making activitiesholder’s broker, dealer, commercial bank, trust company or other trading activities. In addition, until                nominee for assistance concerning the Exchange Offer.

      The Exchange Agent is:

      The Bank of New York Mellon Trust Company, N.A., 2016, all dealers effecting transactions in the exchange notes may be required to deliver a prospectus.as Exchange Agent


      c/o The Bank of New York Mellon Corporation

      Corporate Trust Operations – Reorganization Unit

      Table of Contents111 Sanders Creek Parkway

      East Syracuse, NY 13057

      Attn: Tiffany Castor

      Tel:
      315-414-3034

      Facsimile:732-667-9408

      Email: CT_REORG_UNIT_INQUIRIES@bnymellon.com


      PART II

      INFORMATION NOT REQUIRED IN THE PROSPECTUS

      Item 20. Indemnification of OfficersDirectors and Directors
      Officers

      Delaware

      Delaware Entities

              The following registrants are corporations incorporated in the stateEach of Delaware: Interval Leisure Group,Marriott Ownership Resorts, Inc., Interval Acquisition Corp., Aqua-Aston Holdings,Marriott Vacations Worldwide Corporation, Marriott Kauai Ownership Resorts, Inc., Aqua HospitalityMarriott Resorts Sales Company, Inc., MORI Residences, Inc., MTSC, Inc., MVW of Hawaii, Inc., MVW SSC, Inc., MVW US Holdings LLC, The Ritz-Carlton Development Company, Inc., The Ritz-Carlton Sales Company, Inc., The Ritz-Carlton Title Company, Inc., Aqua Hotels and Resorts, Inc., Aqua Hotels and Resorts Operator LLC,Aqua-Aston Holdings, Inc., CDP GP, Inc., CDP Investors, L.P., Cerromar Development Partners GP, Inc., Cerromar Development Partners, L.P., S.E., Grand Aspen Holdings, LLC, Grand Aspen Lodging, LLC, Highlands Inn Investors II, L.P., HT-Highlands, Inc., HTS-BC, L.L.C., HTS-Beach House, Inc., HTS-Beach House Partner, L.L.C., HTS-Coconut Point, Inc.,HTS-Ground Lake Tahoe, Inc.,HTS-Beach House, Inc.,HTS-Key West, Inc.; ,HTS-KW, Inc.,HTS-Lake Tahoe, Inc.,HTS-Loan Servicing, Inc.,HTS-Main Street Station, Inc.,HTS-San Antonio, L.P., HTS-San Antonio, Inc.,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, HVC-Highlands, L.L.C., IIC Holdings, Incorporated, Interval Holdings, Inc., Management Acquisition Holdings, LLC, Resort Sales Services, Inc.; Vacation Ownership Lending GP, Inc., Vacation Ownership Lending, L.P., VOL GP, Inc., VOL Investors, L.P., Windward Pointe II, L.L.C.

              Section 145 of the Delaware General corporation Law ("DGCL") provides that a corporation may indemnify directors and officers as well as other employees and individuals against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement in connection with any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, in which such person is made a party by reason of the fact that the person is or was a director, officer, employee or agent of the corporation (other than an action by or in the right of the corporation—a "derivative action"), if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe such person's conduct was unlawful. A similar standard is applicable in the case of derivative actions, except that indemnification only extends to expenses (including attorneys' fees) incurred in connection with the defense or settlement of such action, and the statute requires court approval before there can be any indemnification where the person seeking indemnification has been found liable to the corporation. The statute provides that it is not exclusive of other indemnification that may be granted by a corporation's by-laws, disinterested director vote, stockholder vote, agreement or otherwise.

              The certificates of incorporation of Aqua-Aston Holdings, Inc., HT-Highlands, Inc., HTS-Key West, Inc., HTS-Lake Tahoe, Inc., HV Global Group, Inc., HV Global Management Corporation, IIC Holdings, Incorporated, CDP GP, Inc., Cerromar Development Partners, GP, Inc., HTS-Beach House, Inc., HTS-Coconut Point, Inc., HTS-Ground Lake Tahoe, Inc., HTS-KW, Inc., HTS-Loan Servicing, Inc., HTS-Main Street Station, Inc., HTS-Sedona, Inc., HTS-San Antonio,ILG Shared Ownership, Inc., Interval Holdings, Inc., Vacation Ownership Lending, GP, Inc. and VOL GP,Kauai Blue, Inc., the amended and restated certificates of incorporation of Interval Acquisition Corp. and Interval Leisure Group, Inc., and the second amended and restated certificate of incorporation of Aqua Hotels and Resorts, Inc. each provide that no director shall be liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except to the extent such exemption from liability or limitation on liability is not permitted under the DGCL, as now in effect or as amended. Currently, Section 102(b)(7) of the DGCL requires that liability be imposed for the following:

        any breach of the director's duty of loyalty to the corporation or its stockholders;

        any act or omission not in good faith or which involved intentional misconduct or a knowing violation of law;

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        unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the DGCL; and

        any transaction from which the director derived an improper personal benefit.

              The certificates of incorporation of Aqua-Aston Holdings, Inc., IIC Holdings, Incorporated and Interval Holdings, Inc., the amended and restated certificates of incorporation of Interval Leisure Group, Inc. and Interval Acquisition Corp. and the second amended and restated certificate of incorporation of Aqua Hotels and Resorts, Inc., also specifically provide that any repeal or amendment of such indemnification provisions shall not adversely affect the right or protection of a director existing prior to the time of such repeal or amendment.

              The certificates of incorporation of HT-Highlands, Inc., HV Global Group, Inc., HTS-Key West, Inc., HV Global Management Corporation,, HTS-Beach House, Inc., HTS-Coconut Point, Inc., HTS-Ground Lake Tahoe, Inc., HTS-KW, Inc., HTS-Lake Tahoe, Inc., HTS-Loan Servicing, Inc., HTS-Main Street Station, Inc., HTS-Sedona,Resort Sales Services, Inc., Vacation Ownership Lending GP, Inc., andVistana Signature Experiences, Inc., Vistana Signature Network, Inc., VOL GP, Inc. provide that they shall, to the fullest extent permitted by Section 145 of the DGCL, indemnify all persons whom it may indemnify pursuant thereto.

              The amended and restated certificate of incorporation of Interval Acquisition Corp., and the second amended and restated certificate of incorporation of Aqua Hotels and Resorts,WVC Rancho Mirage, Inc., further provide that the corporation shall indemnify any person who was or is a party or is threatened to be made a party to, or testifies in, any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative in nature, by reason of the fact that such person, or a person of whom he or she is the legal representative, is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of any other corporation, partnership, joint venture, employee benefit plan, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding to the full extent permitted by law. Interval Holdings, Inc.'s Certificate of Incorporation provides that the corporation shall have the power to provide the foregoing indemnification. Notwithstanding the foregoing, the Interval Acquisition Corp.'s Amended and Restated Certificate of Incorporation further provides that it shall only indemnify persons seeking indemnification as provided in this paragraph in connection with a proceeding (or part thereof) initiated by such person only if such proceeding (or part thereof) was authorized by the Board of Directors.

              The certificate of incorporation of Aqua-Aston Holdings, Inc. provides that the corporation shall indemnify each person who was or is a party or is threatened to be made a party to, or is involved in any action, suit or proceeding, whether civil, criminal administrative or investigative, by reason of the fact that such person, or a person of whom she is the legal representative, is or was a director or officer of the corporation or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise against all expense, liability and loss (including attorneys' fees, judgments, fines, amounts paid or to be paid in settlement, and excise taxes or penalties arising under the Employee Retirement Income Security Act of 1974) reasonably incurred by such person in connection with such action, suit or proceeding to the full extent permitted by law. Notwithstanding the foregoing, the certificate of incorporation of Aqua-Aston Holdings, Inc. further provides that it shall only indemnify persons seeking indemnification as provided in this paragraph in connection with a proceeding (or part thereof) initiated by such person only if such proceeding (or part thereof) was authorized by the Board of Directors.

              Interval Leisure Group, Inc.'s Amended and Restated By-laws provide that, to the fullest extent authorized by the DGCL, as now in effect or as amended, it shall indemnify any person who was or is a party or is threatened to be made a party to any action, suit or proceeding by reason of the fact that

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      such person, or a person of whom he or she is the legal representative, is or was a director or officer of the corporation, or by reason of the fact such person, or a person of whom he or she is the legal representative is or was serving, at the corporation's request, as a director, officer, or trustee of another corporation or of a partnership, joint venture, trust, employee benefit plan or other enterprise. To the extent authorized by the DGCL, Interval Leisure Group, Inc. will indemnify such persons against all expenses, liability and loss (including attorneys' fees, judgments, fines, ERISA excise taxes or penalties and amounts paid or to be paid in settlement) reasonably incurred by such persons in connection with such service. Notwithstanding the foregoing, Interval Leisure Group, Inc. shall indemnify any such person seeking indemnification in connection with a proceeding (or part thereof) initiated by such person only if such proceeding (or part thereof) was authorized by its Board of Directors. IIC Holdings, Incorporated's By-laws provide the same indemnification rights as described in the proceeding sentences with respect to Interval Leisure Group, Inc.'s By-laws.

              Aqua Hotels and Resorts, Inc.'s By-laws provide that it will indemnify the officers and directors against all expenses (including attorneys' fees) judgments, fines and amounts paid in settlement actually and reasonably incurred by such persons in any action, suit or proceeding, to the extent such amounts may be indemnified under applicable laws, and pay to any officer or director, in advance of the final disposition of any civil or criminal action, suit or proceeding, the expenses incurred by such officer or director in defending such action, suit or proceeding.

              The by-laws of CDP GP, Inc., Cerromar Development Partners GP, Inc., Vacation Ownership Lending GP, Inc. and VOL GP, Inc. provide that officers and directors shall be entitled to the rights of indemnification if by reason of such officer or director's corporate status he is, or is threatened to be made, a party to any threatened, pending or completed proceeding, other than a proceeding by or in the right of the corporation. In this situation, such officer or director will be indemnified against expenses, judgements, penalties, fines and amounts paid in settlement actually and reasonably incurred by him or on his behalf in connection with such proceeding or any claim, issue or matter therein, if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal proceeding, had no reasonable cause to believe his conduct was unlawful. The by-laws of CDP GP, Inc., Cerromar Development Partners GP, Inc., Vacation Ownership Lending GP, Inc. and VOL GP, Inc. further provide that officers and directors shall be entitled to the rights of indemnification if by reason of such officer or director's corporate status he is, or is threatened to be made, a party to any threatened, pending or completed proceeding brought by or in the right of the corporation to procure a judgment in its favor. In this situation, such officer or director will be indemnified against expenses actually and reasonably incurred by him or on his behalf in connection with such proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation. Notwithstanding the foregoing, no indemnification against such expenses shall be made in respect of any claim, issue or matter in such proceeding as to which indemnitee shall have been adjudged to be liable to the corporation if applicable law prohibits such indemnification; provided however, that if applicable law so permits, indemnification against expenses shall nevertheless be made by the corporation in such event and only to the extent that the Court of Chancery of the State of Delaware, or in the court in which such proceeding shall have been brought or is pending, shall determine.

              The by-laws of HT-Highlands, Inc., 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-San Antonio, Inc., and HTS-Sedona, Inc. provide for indemnification of its officers and directors to the extent permitted by the Delaware General Corporation Law. The bylaws of Interval Acquisition Corp., Interval Holdings, Inc. and Resort Sales Services, Inc. contain no provisions related to indemnification and, accordingly, the indemnification rights of its directors and officers are determined by the provisions described above.

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              The second amended and restated limited liability company operating agreement of Grand AspenKauai Lagoons Holdings LLC, and the limited liability company operating agreements of Grand Aspen Lodging,Marriott Ownership Resorts Procurement, LLC, HTS-BC,MH Kapalua Venture, LLC, MORI Golf (Kauai), LLC, MORI Member (Kauai), LLC, MORI Waikoloa Holding Company, LLC, MVW US Services, LLC, MVW Services Corporation, RBF, LLC, RCC (GP) Holdings LLC, RCDC 942, L.L.C., HTS-Beach House Partner,RCDC Chronicle LLC, The Cobalt Travel Company, LLC, The Lion & Crown Travel Co., LLC, The Ritz-Carlton Management Company, L.L.C. and HTS-Maui, L.L.C. provide that no officer or director shall be liable to the company or to any member (or to any affiliate thereof), for any losses, claims, damages, liabilities or expenses, including but not limited to reasonable attorney's fees, asserted against, incurred by the respective company or by any member (or by any affiliate thereof) in connection with any action taken or omitted by such officer or director within the scope of the authority conferred upon such officer or director by the applicable limited liability company agreement or the DelawareMVW Vacations, LLC, act, provided that such officer or director shall have acted in good faith and in the belief that such act or omission was in the best interests of the company and that such officer or director shall not have engaged in fraud, willful misconduct or gross negligence and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The company indemnifies, holds harmless and agrees to defend each officer and director from and against any damages asserted by any person (whether against the company, any member or such director or officer) or otherwise incurred by such director or officer by reason of any act performed by such director or officer in accordance with the standards set forth in above or in enforcing the indemnities above.

              The limited liability company operating agreements of HTS-Sunset Harbor Partner, L.L.C. and HTS-Windward Pointe Partner, L.L.C. provide that no officer or director shall be liable to the company or to any member (or to any affiliate thereof) for any losses, claims, damages, liabilities or expenses, including but not limited to reasonable attorney's fees, asserted against, incurred by the company or by any member (or by any affiliate thereof) in connection with any action taken or omitted by such officer or director within the scope of the authority conferred upon such officer or director by the limited liability company agreement or the DelawareVolt Merger Sub, LLC, act, provided that such officer or director shall have acted in good faith and in the belief that such act or omission was in the best interests of the company and that such officer or director shall not have engaged in fraud, willful misconduct or gross negligence and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The company indemnifies, holds harmless and agrees to defend each officer and director from and against any damages asserted by any person (whether against the company, any member or such director or officer) or otherwise incurred by such director or officer by reason of any act performed by such director or officer in accordance with the standards set forth in above or in enforcing the indemnities above. Notwithstanding anything to the contrary contained in the respective limited liability company agreements, the member shall have no personal liability with respect to the indemnities described above and any such indemnities shall be satisfied solely out of the assets of the company. The limited liability company agreement further provides that expenses incurred in defending a civil or criminal action, suit, or proceeding shall be paid out of company funds in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by the indemnified person to repay such amount unless it shall ultimately be determined that it is entitled to be indemnified by the company. Notwithstanding anything to the contrary contained in the respective limited liability company agreements, the member shall have no personal liability with respect to the indemnities described above and any such indemnities shall be satisfied solely out of the assets of the company. The limited liability company agreement further provides that expenses incurred in defending a civil or criminal action, suit, or proceeding shall be paid out of company funds in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by the indemnified person to repay such amount unless it shall ultimately be determined that it is entitled to be indemnified by the company.

              The Amended and Restated Limited Liability Company Agreement of Aqua Hospitality LLC, and the Limited Liability Company Agreement of Management Acquisition Holdings,ILG, LLC, provide that the company will indemnify and hold harmless the member, each manager and any and all of the member's affiliates (each an "indemnitee"), to the extent of their assets, for, from and against any liability,

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      damage, cost, expense, loss, claim or judgment incurred by the indemnitee arising out of any claim based upon acts performed or omitted to be performed by the indemnitee in connection with the business of the company, including without limitation, attorneys' fees and costs incurred by the indemnitee in settlement of defense of such claims. Each agreement further provides that notwithstanding the forgoing, no indemnitee shall be so indemnified, defended or held harmless for claims based upon act or omissions in breach of the respective limited liability company agreement or which constitute fraud, gross negligence or willful misconduct.

              The limited liability company operating agreement of Aqua Hotels and Resorts Operator LLC, provides that it shall indemnify, defend and hold harmless the managing member and each authorized person from and against any and all claims, demands, liabilities and expenses (including attorneys' fees and any amounts expended in the settlement of any such claim, demand, liability or expense) to the maximum extent permitted under theFOH Holdings, LLC, Act, except to the extent that any such claims, demands, liabilities or expenses arise as a result of the willful misconduct, gross negligence, intentional disregard of the terms of theFOH Hospitality, LLC, Agreement or fraud of the managing member or authorized person of the company, as the case may be. The company shall advance to the indemnified party the amount of such expenses and fees at the time they become due, unless the managing member makes a good faith reasonable determination that such indemnified party will not be entitled to indemnification according to the standard set forth above. If expenses have been advanced to the indemnified party and it is ultimately determined that such indemnified party did not meet the above standard then the amounts to the indemnified party shall be repaid by such indemnified party.

              The limited liability company operating agreements of Grand Aspen Holdings, LLC, Grand Aspen Lodging, LLC, HPC Developer, LLC,HTS-BC, L.L.C.,HTS-Beach House Partner, L.L.C.,HTS-Maui, L.L.C.,HTS-San Antonio, L.L.C. and,HTS-Sunset Harbor Partner, L.L.C.,HTS-Windward Pointe Partner, L.L.C., Management Acquisition Holdings, LLC, Windward Pointe II, L.L.C. provide that the company shall indemnify, defend and hold harmless the member and the officers from and against any claims, causes of action, costs or expenses, including but not limited to reasonable attorneys fees, asserted against such person or incurred by such person in such capacity arising out of such person's status as such to the fullest extent permitted by law.

              The partnership agreements of, R.C. Chronicle Building, L.P., RCC (LP) Holdings L.P., CDP Investors, L.P., Cerromar Development Partners, L.P., S.E.,HTS-San Antonio, L.P., Pelican Landing Timeshare Ventures Limited Partnership, Vacation Ownership Lending, L.P. and VOL Investors, L.P., contain no provisions related to indemnification and, accordingly, is formed or incorporated under the indemnification rightslaws of the directors and officers are determined by the provisions described above.State of Delaware.

              The Partnership Agreement of Highlands Inn Investors II, L.P. provides that it will indemnify and hold harmless the general partner and each of its officers, directors, shareholders, employees, agents and affiliates against any loss, expense, damage or injury suffered by any such person by reason of any acts, omissions or alleged acts or omissions arising out its or their activities on behalfCorporations

      Section 145 of the partnership or in furtherance of the interests of the partnership including, but not limited to, any judgment, award, settlement, reasonable attorney's fees and other costs or expenses incurred in connection with the defense of any actual or threatened action, proceedings or claims, provided that the acts, omissions or alleged acts or omissions upon which such actual or threatened action, proceeding or claims are based were in good faith and were not performed or omitted in bad faith or as a result of gross negligence by or the willful misconduct of such indemnified party.

              The Partnership Agreement of HTS-San Antonio, L.P. provides that neither the general partner nor any person acting on its behalf pursuant to the Partnership Agreement shall be liable, responsible, or accountable in damages or otherwise to the partnership or to any partner for any acts or omissions performed or omitted to be performed by them within the scope of the authority conferred upon the general partner by the Partnership Agreement and the Delaware Revised Uniform Limited Partnership Act, provided that the general partner's conduct or omission to act was taken in good faith and in the belief that such conduct or omission was in the best interests of the Partnership and, provided further, that the general partner shall not be guilty of fraud, willful misconduct or gross negligence. The partnership will indemnify and hold harmless the general partner and its affiliates and any individual acting on their behalf from any loss, damage, claim or liability including, but not limited to, reasonable

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      attorneys' fees and expenses incurred by them by reason of any act performed by them in accordance with the standards above or in enforcing the provisions of this indemnity, provided, however, no partner shall have any personal liability with respect to the foregoing indemnification liabilities, any such indemnification to be satisfied solely out of the assets of the partnership, it being understood and agreed that a deficit balance in the capital account of a partner shall not be deemed an asset of the partnership for these purposes.

      Florida Entities

              The following registrants are business entities formed under Florida law: Aston Hotels & Resorts Florida, LLC, Beach House Development Partnership; HV Global MarketingGeneral Corporation HVO Key West Holdings, Inc., ILG International Holdings, Inc., ILG Management, LLC, International Holdings, Inc., Interval International, Inc., Interval Resort & Financial Services, Inc., Interval Software Services, LLC, Key Wester Limited, Resort Management Finance Services, Inc., S.O.I. Acquisition Corp., Sunset Harbor Development Partnership, Worldex Corporation and Worldwide Vacation & Travel, Inc.

              Under Section 607.0831 of the Florida Business Corporation Act (the "FBCA"), a director is not personally liable for monetary damages to the corporation or any other person for any statement, vote, decision, or failure to act regarding corporate management or policy unless:

        the director breached or failed to perform his duties as a director; and

        the director's breach of, or failure to perform, those duties constitutes:

        a violation of the criminal law, unless the director had reasonable cause to believe his conduct was lawful or had no reasonable cause to believe his conduct was unlawful;

        a transaction from which the director derived a direct or indirect improper personal benefit;

        a circumstance under which the liability provisions of §607.0834 relating to unlawful distributions are applicable;

        in a derivative action, conscious disregard for the best interest of the corporation or willful misconduct; or

        in a proceeding other than a derivative action or by a shareholder, recklessness or an act or omission which was committed in bad faith or with malicious purpose or in a manner exhibiting wanton and willful disregard of human rights, safety, or property.

              Under Section 607.0850 of the FBCA,Law authorizes a corporation may indemnify any person who was or is a party to any proceeding (other than a derivative action), due to serving as a director, officer, employee, or agent of the corporation or serving at the request of the corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise, against liability incurred in connection with such proceeding if he acted in good faith and in a manner he reasonably believed to be in, or not opposed to, the best interests of the corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.

              In addition, under Section 607.0850 of the FBCA, a corporation may indemnify any person, who was or is a party to any derivative action due to serving as director, officer, employee, or agent of the corporation or serving at the request of the corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise, against expenses and amounts paid in settlement not exceeding, in the judgment of the board of directors, the estimated expense of litigating the proceeding to conclusion, actually and reasonably incurred in connection with the defense or settlement of such proceeding. Such indemnification is authorized if such person acted in good faith and in a manner he reasonably believed to be in, or not opposed to, the best interests of the

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      corporation; however, no indemnification can be made in respect of any matter as to which such person is adjudged to be liable unless, and only to the extent that, the court in which such proceeding was brought, or any other court of competent jurisdiction, has determined that, despite the adjudication of liability but in view of all circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses.

              The FBCA provides that its indemnification and advancement provisions are not exclusive of any other or further indemnification or advancement of expenses arrangements under any bylaw, agreement, vote of shareholders or disinterested directors, or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office. However, no indemnification or advancement will be made to or on behalf of any director, officer, employee or agent if a final adjudication establishes that his actions, or omissions to act, were material to the cause of action so adjudicated and constitute: (i) a violation of the criminal law, unless the director, officer, employee or agent had reasonable cause to believe his conduct was lawful or had no reasonable cause to believe his conduct was unlawful; (ii) a transaction from which the director, officer, employee or agent derived an improper personal benefit; (iii) in the case of a director, a circumstance under which the liability provisions of Section 607.0834 regarding unlawful distributions are applicable; or (iv) willful misconduct or a conscious disregard for the best interests of the corporation in a derivative action or in a proceeding by or in the right of a shareholder.

              Under section 608.4229 of the Florida Limited Liability Company Act (FLLCA), a limited liability company may indemnify any member, manager or other person from and against any and all claims and demands unless a final adjudication establishes that the actions, or omissions to act, of such person were material to the cause of action adjudicated and constitute any of the following:

        a violation of criminal law, unless such person had no reasonable cause to believe such conduct was unlawful;

        a transaction from which such person derived an improper personal benefit;

        a circumstance under which the liability provisions of section 608.426 of the FLLCA regarding improper distributions of property and the impairment of capital are applicable; or

        willful misconduct or a conscious disregard for the best interests of the company in a derivative action or in a proceeding by or in the right of a member.

              The limited liability company operating agreements of Aston Hotels & Resorts Florida, LLC and ILG Management, LLC provide that the company will indemnify, defend and hold harmless the member, each manager and any and all of the member's affiliates (each, an "indemnitee"), to the extent of its assets, against any liability, damage, cost, expense, loss, claim or judgment incurred by the indemnitee arising out of any claim based upon acts performed or omitted to be performed by the indemnitee in connection with the business of the company, including without limitation, attorneys' fees and costs incurred by the indemnitee in settlement or defense of such claims. Notwithstanding the foregoing, no indemnitee shall be so indemnified, defended or held harmless for claims based upon acts or omissions in breach of the company's operating agreement or which constitute fraud, gross negligence or willful misconduct. Amounts incurred by an indemnitee in connection with any action or suit arising out of or in connection with company affairs shall be reimbursed by the company. No indemnitee shall be personally liable, responsible, accountable in damages or otherwise to the company for any act or omission performed or omitted by such indemnitee in connection with the company or its business.

              The Amended and Restated By-laws of Interval International, Inc. require that, to the extent permitted by law, it indemnify any person who was or is a party, or is threatened to be made a party, to any threatened, pending or completed action, suit or proceeding, of any nature, whether civil, criminal, administrative or investigative, by reason of the fact that he is or was a director, officer, employee or

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      agent of the Corporation or is or was serving at the request of the Corporation as a director, officer, employee, or agent of any other corporation or enterprise. Such person shall be indemnified against any liability (including but not limited to any obligation to pay a judgment, settlement, penalty, fine, or excise tax assessed with respect to an employee benefit plan), and any expense (including but not limited to counsel fees). These indemnification rights are not exclusive of any other rights to indemnification of liabilities to which such person may be entitled under any written agreement, Board resolution, vote of shareholders or law.

              The Articles of Incorporation and By-laws of Interval Resort & Financial Services, Inc. provide that, to the extent permitted by law, the corporation will indemnify any person, or his heirs, or his personal representative who was or is a party to any proceeding by reason of the fact that he is or was a director, officer, employee, or agent of the corporation or is or was serving at its request as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust or other enterprise against liability incurred in connection with such proceeding, if he acted in good faith and in a manner he reasonably believed to be in, or not opposed to, the best interests of the corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The corporation must reimburse a director, officer, employee, or agent for all costs and expenses, including attorneys' fees, reasonably incurred by him in connection with any such liability in the manner provided for by law or in accordance with its By-laws. These indemnification rights are not exclusive of any other indemnification rights to which such person may otherwise be entitled.

              The Amended and Restated Articles of Organization and Operating Agreement of Interval Software Services, LLC provide that it will indemnify any person who was or is a party defendant or is threatened to be made a party defendant to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than a derivative action) by reason of the fact that he is or was a member, manager, officer, employee or agent of Interval Software Services or is or was serving at its request against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such proceeding.

              Interval Software Services will not indemnify or pay the expenses of any person if a judgment establishes that the actions, or omissions to act, of such person were material to the cause of action so adjudicated and constitute any of the following:

        a violation of criminal law, unless the person had no reasonable cause to believe such conduct was unlawful;

        a transaction from which such person derived an improper personal benefit;

        in the case of a member, a circumstance under which the liability provisions for improper distribution of property of the company or impairment of the capital of the company are applicable under Section 608.426 of the Florida Limited Liability Company Act; or

        willful misconduct or a conscious disregard for the best interests of the company in a derivative action or in a proceeding by or in the right of a member.

              These indemnification rights are not exclusive of any other indemnification rights to which those seeking indemnification may be entitled under the company's Operating Agreement or otherwise.

              The Articles of Incorporation of HV Global Marketing Corporation provide that it will indemnify any officer or director, or any former officer or director, to the fullest extent permitted by law.

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              The Limited Liability Company Agreement of HVO Key West Holdings provides that it will indemnify and hold harmless, to the fullest extent permitted by law, each Member, or any officers, directors, stockholders, partners, employees, affiliates, representatives or agents of any of the Member, and any officer, employee, representative or agent of the Company (each a "Covered Person") from and against any and all losses, claims, demands, liabilities, expenses, judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative ("Claims"), in which the Covered Person may be involved, or threatened to be involved, as a party or otherwise, by reason of its management of the affairs of the Company or which relates to or arises out of the Company or its property, business or affairs. A Covered Person shall not be entitled to indemnification with respect to (i) any Claim with respect to which such Covered Person has engaged in fraud, willful misconduct, bad faith or gross negligence or (ii) any Claim initiated by such Covered Person unless such Claim (or part thereof) (A) was brought to enforce such Covered Person's rights to indemnification hereunder or (B) was authorized or consented to by the Member. Expenses incurred by a Covered Person in defending any Claim shall be paid by the Company in advance of the final disposition of such Claim upon receipt by the Company of an undertaking by or on behalf of such Covered Person to repay such amount if it shall be ultimately determined that such Covered Person is not entitled to be indemnified by the Company as authorized by the Limited Liability Company Agreement. The Limited Liability Company Agreement further provides that any repeal or modification of the indemnification provisions contained in the Limited Liability Agreement by the Member shall not adversely affect any rights of such Covered Person pursuant to the Limited Liability Company Agreement, including the right to indemnification and to the advancement of expenses of a Covered Person existing at the time of such repeal or modification with respect to any acts or omissions occurring prior to such repeal or modification. None of the Covered Persons shall be liable to the Company or any other person for any act or omission (in relation to the Company, its property or the conduct of its business or affairs, the Limited Liability Company Agreement, any related document or any transaction or investment contemplated hereby or thereby) taken or omitted by a Covered Person in the reasonable belief that such act or omission is in or is not contrary to the best interests of the Company and is within the scope of authority granted to such Covered Person by the Agreement, provided such act or omission does not constitute fraud, willful misconduct, bad faith, or gross negligence.

              The Articles of Incorporation and By-laws ILG International Holdings, Inc. provide that the corporation shall indemnify any person who was or is a party or threatened to be made a party to any proceeding by reason of the face that the person is or was a director of officer of the corporation, or is or was serving at the request of the corporation as a director, office, employee or agent of any other corporation or enterprise, against any liability and any expense (including but not limited to counsel fees) where such liability or expense is incurred by such person in connection with any proceeding, which includes any threatened, pending or completed action, suit or proceeding of any nature, whether civil, criminal, administrative or investigative. Such rights of indemnification shall not be deemed exclusive of any other rights under any written agreement, Board resolution, vote of shareholders or law.

              The Articles of Incorporation and By-laws Resort Management Finance Services, Inc. and the Articles of Incorporation of S.O.I. Acquisition Corp. provide that they will, to the fullest extent legally permissible under the provisions of the FBCA, by indemnify and hold harmless any and all persons whom it shall have power to indemnify under said provisions from and against any and all liabilities (including expenses) imposed upon or reasonably incurred by such person in connection with any action, suit or other proceeding in which such person may be involved or with which such person may be threatened, or other matters referred to in or covered by said provisions both as to action in such person's official capacity and as to action in any other capacity while holding such office. Such indemnification provided shall not be deemed exclusive of any other rights to which those indemnified

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      may be entitled under any Bylaw, Agreement or Resolution adopted by the shareholders entitled to vote thereon after notice.

              The By-laws of S.O.I. Acquisition Corp. provide that the Corporation shall to the fullest extent permitted by law, indemnify any person who was or is a party or threatened to be made a party to any proceeding by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of any other corporation or enterprise with respect to liabilities and expenses arising from such proceeding, against any liability (including but not limited to any obligation to pay a judgment, settlement, penalty, fine or excise tax assessed with respect to an employee benefit plan), and any expense (including but not limited to counsel fees) and the corporation shall advance to such person in connection with any proceeding. The term "Proceeding" includes any threatened, pending or completed action, suit or proceeding of any nature, whether civil, criminal, administrative or investigative. Such rights of indemnification and the advancement of expenses shall not be deemed exclusive of any other rights to indemnification against liabilities or the advancement of expenses to which a party may be entitled under any written agreement, Board resolution, vote of shareholders or law. The corporation shall take any affirmative action necessary to effect such indemnification or advancement of expenses under the requirements of applicable law, including, without limitation, the requirements of Section 607.0850, Florida Statutes.

              The By-laws of Resort Management Finance Services, Inc. provide that it will, to the fullest extent provided by law, indemnify any director or officer against any liability (including but not limited to any obligation to pay a judgment, settlement, penalty, fine or excise tax assessed with respect to an employee benefit plan) and any expense (including but not limited to counsel fees), and it will advance to such person any reasonable expense, where such liability or expense is incurred by such person in connection with any proceeding. Such indemnification provided shall not be deemed exclusive of any other rights to which those indemnified may be entitled under any written agreement or Board resolution, vote of the shareholders or law.

              The Articles of Incorporation and By-laws of Worldex Corporation provide that it will indemnify any current or former officer, director or legal counsel in any proceeding brought against him by reason of the fact that he is or was a director, officer or employee retained to provide legal counsel to Worldex, or is or was serving at its request as a director, officer or legal counsel of another corporation, partnership, joint venture, trust or other enterprise, against expenses, including attorneys’ fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding, if the person acted in good faith and in a manner the person reasonably believed to be in, or not opposed to, the best interests of the corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe the person’s conduct was unlawful. In addition, the Delaware General Corporation Law does not permit indemnification in any threatened, pending or completed action or suit by or in the right of the corporation in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation, unless and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability, but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses, which such court shall deem proper. To the extent that a present or former director or officer of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to above, or in defense of any claim, issue or matter, such person shall be indemnified against expenses, including attorneys'attorneys’ fees, actually and reasonably incurred by himsuch person. Indemnity is mandatory to the extent a claim, issue or matter has been successfully

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      defended. The Delaware General Corporation Law also allows a corporation to provide for the elimination or limit of the personal liability of a director to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, provided that such provision shall not eliminate or limit the liability of a director

      (i)

      for any breach of the director’s duty of loyalty to the corporation or its stockholders,

      (ii)

      for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law,

      (iii)

      for unlawful payments of dividends or unlawful stock purchases or redemptions, or

      (iv)

      for any transaction from which the director derived an improper personal benefit. These provisions will not limit the liability of directors or officers under the federal securities laws of the United States.

      The bylaws of each of Marriott Ownership Resorts, Inc., Marriott Vacations Worldwide Corporation, Marriott Kauai Ownership Resorts, Inc., Marriott Resorts Sales Company, Inc., MORI Residences, Inc., MTSC, Inc., MVW of Hawaii, Inc., MVW Services Corporation, MVW SSC, Inc., The Ritz-Carlton Development Company, Inc., The Ritz-Carlton Sales Company, Inc., The Ritz-Carlton Title Company, Inc., Aqua Hotels and Resorts, Inc., Aqua-Aston Holdings, Inc., CDP GP, Inc., Cerromar Development Partners GP, Inc.,HT-Highlands, Inc.,HTS-Coconut Point, Inc.,HTS-Ground Lake Tahoe, Inc.,HTS-Beach House, Inc.,HTS-Key West, Inc.,HTS-KW, Inc.,HTS-Lake Tahoe, Inc.,HTS-Loan Servicing, Inc.,HTS-Main Street Station, Inc.,HTS-San Antonio, Inc.,HTS-Sedona, Inc., HV Global Group, Inc., HV Global Management Corporation, IIC Holdings, Incorporated, ILG Shared Ownership, Inc., Interval Holdings, Inc., Kauai Blue, Inc., Vacation Ownership Lending GP, Inc., Vistana Signature Experiences, Inc., VOL GP, Inc. and WVC Rancho Mirage, Inc. (the “Delaware Corporations”) require that each Delaware Corporation, to the fullest extent authorized by the Delaware General Corporation Law, indemnify any person who was or is made a party or is threatened to be made a party or is otherwise involved in any action, suit or proceeding by reason of the fact that he or she was a serving as a director, officer, employee or agent of such Delaware Corporation.

      Limited Liability Companies

      Section 18-108 of the Delaware Limited Liability Company Act authorizes a limited liability company to indemnify and hold harmless any member or manager or other person from and against any and all claims and demands whatsoever, subject to such standards and restrictions, if any, as are set forth in its limited liability company agreement.

      The limited liability company agreements of MVW US Holdings LLC, MVW US Services, LLC, MVW Vacations, LLC, Kauai Lagoons Holdings LLC, Marriott Ownership Resorts Procurement, LLC, MH Kapalua Venture, LLC, MORI Golf (Kauai), LLC, MORI Member (Kauai), LLC, MORI Waikoloa Holding Company, LLC, MVW US Services, LLC, RBF, LLC, RCC (GP) Holdings LLC, RCDC 942, L.L.C., RCDC Chronicle LLC, The Cobalt Travel Company, LLC, The Lion & Crown Travel Co., LLC, The Ritz-Carlton Management Company, L.L.C., Volt Merger Sub, LLC, Aqua Hospitality LLC, Aqua Hotels and Resorts Operator LLC, FOH Holdings, LLC, FOH Hospitality, LLC, Grand Aspen Holdings, LLC, Grand Aspen Lodging, LLC, HPC Developer, LLC,HTS-BC, L.L.C.,HTS-Beach House Partner, L.L.C.,HTS-Maui, L.L.C.,HTS-San Antonio, L.L.C.,HTS-Sunset Harbor Partner, L.L.C.,HTS-Windward Pointe Partner, L.L.C., ILG, LLC, Management Acquisition Holdings, LLC and Windward Pointe II, L.L.C. (each, a “Delaware LLC”) provide that any member, manager, director, officer, employee or agent or their respective affiliates, as applicable, who, in such capacity, engages or has engaged in activities on behalf of the applicable Delaware LLC, shall be indemnified and held harmless by such Delaware LLC to the fullest extent permitted by law from and against any losses, damages, expenses, including attorneys’ fees, judgments and amounts paid in settlement actually and reasonably incurred by or in connection with any claim, action, suit or proceeding to which such indemnifiable person is or was a party or is threatened to be made a party by reason of the fact that such person is or was engaged in activities on behalf of such Delaware LLC. Notwithstanding the foregoing, no indemnification is available under the limited liability company agreement of any of the Delaware LLCs in respect of any such claim adjudged to be primarily

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      the result of bad faith, willful misconduct or fraud of an indemnifiable person. Any act or omission by an indemnifiable person done in reliance upon the opinion of independent legal counsel or public accountants selected with reasonable care shall not constitute bad faith, willful misconduct, or fraud on the part of such indemnifiable person. Payment of these indemnification obligations shall be made from the assets of the applicable Delaware LLC and the members shall not be personally liable to an indemnifiable person for payment of indemnification.

      Limited Partnerships

      Section 17-108 of the Delaware Revised Uniform Limited Partnership Act provides that a limited partnership may, and shall have the power to, indemnify and hold harmless any partner or other person from and against any and all claims and demands whatsoever, subject to such standards and restrictions set forth in the partnership agreement.

      The limited partnership agreements of R.C. Chronicle Building, L.P., RCC (LP) Holdings L.P.,HTS-San Antonio, L.P. and Pelican Landing Timeshare Ventures Limited Partnership (the “Delaware Limited Partnerships”) provide that a general partner of such limited partnership who, in such capacity, engages or has engaged in activities on behalf of the applicable Delaware Limited Partnership, shall be indemnified and held harmless by such Delaware Limited Partnership against any losses, judgments, settlements, fines, liabilities and expenses, including reasonable attorneys’ fees, incurred by reason of any act or omission performed or omitted in good faith on behalf of such Delaware Limited Partnership and in a manner reasonably believed by such General Partner to be within its scope of authority. The Delaware Limited Partnerships may also indemnify their respective employees and other agents who to the fullest extent permitted by law.

      Florida

      Each of Coconut Plantation Partner, Inc., Data Marketing Associates East, Inc., HV Global Marketing Corporation, Interval International, Inc., Interval Resort & Financial Services, Inc., Lagunamar Cancun Mexico, Inc., Resort Management Finance Services, Inc., S.O.I. Acquisition Corp., Scottsdale Residence Club, Inc., St. Regis New York Management, Inc., St. Regis Residence Club, New York Inc., Vacation Title Services, Inc., VCH Communications, Inc., VCH Consulting, Inc., VCH Systems, Inc., Vistana Acceptance Corp., Vistana Aventuras, Inc., Vistana Development, Inc., Vistana Management, Inc., Vistana Portfolio Services, Inc., Vistana PSL, Inc., Vistana Residential Management, Inc., Vistana Vacation Ownership, Inc., Vistana Vacation Realty, Inc., VSE Development, Inc., VSE East, Inc., VSE Mexico Portfolio Services, Inc., VSE Pacific, Inc., VSE Trademark, Inc., VSE Vistana Villages, Inc., VSE West, Inc., Westin Sheraton Vacation Services, Inc., Worldwide Vacation & Travel, Inc., Aston Hotels & Resorts Florida, LLC, Flex Collection, LLC, HVO Key West Holdings, LLC, ILG Management, LLC, Interval Software Services, LLC, Sheraton Flex Vacations, LLC, Beach House Development Partnership and Key Wester Limited is formed or incorporated under the laws of the State of Florida.

      Corporations

      Section 607.0851(1) of the Florida Business Corporation Act (“FBCA”) permits, in general, a Florida corporation to indemnify any individual who is a party to a proceeding (other than a proceeding by, or in the right of, the corporation) because the individual is or was a director or officer of the corporation, or served another entity in any capacity at the request of the corporation, against liability incurred in such proceeding, if suchthe director officer or legal counselofficer acted in good faith, in a manner he or she reasonably believed to be withinin, or not opposed to, the scopebest interests of his authoritythe corporation and, in the best interestcase of Worldexany criminal proceeding, had no reasonable cause to believe that his or her conduct was unlawful. Section 607.0851(4) of the FBCA provides that a corporation may not indemnify a director or an officer in connection with a proceeding by or in the right of the corporation except for expenses and amounts paid in settlement not exceeding, in the judgment of the board of directors, the estimated expense of litigating the proceeding to conclusion, actually and reasonably incurred in connection with the

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      defense or settlement of such proceeding, including any appeal thereof, where such person acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of the corporation, unless ordered to provide indemnification or advance expenses to such director or officer by a court, pursuant to Section 607.0854(1)(c) of the FBCA, if the court determines, in view of all the relevant circumstances, that it is fair and reasonable to indemnify or to advance expenses to the director or officer. If the director or officer was adjudged liable, indemnification shall be limited to expenses incurred in connection with the proceeding. Section 607.0853(1) of the FBCA permits the corporation, before final disposition of a proceeding, to advance funds to pay for or reimburse expenses incurred in connection with the proceeding by an individual who is a party to the proceeding because that individual is or was a director or an officer if the director or officer delivers to the corporation a signed written undertaking of the director or officer to repay any criminal action or proceeding, without reasonable grounds for belieffunds advanced. Section 607.0858(1) of the FBCA provides that such action was unlawful. Thesethe indemnification rightsand advancement of expense provisions contained in the FBCA are not exclusive, and a corporation may, by a provision in its articles of incorporation, bylaws or any agreement, or by vote of shareholders or disinterested directors, or otherwise, obligate itself in advance of the act or omission giving rise to a proceeding to provide any other or further indemnification rightsor advancement of expenses to any of its directors or officers. Section 607.0859 of the FBCA provides that a corporation may not indemnify or advance expenses to a director or officer if a judgment or other final adjudication establishes that his or her actions, or omissions to act, were material to the cause of action so adjudicated and constitute (i) willful or intentional misconduct or a conscious disregard for the best interests of the corporation in a proceeding by or in the right of the corporation to procure a judgment in its favor or in a proceeding by or in the right of a shareholder; (ii) a transaction in which anya director or officer derived an improper personal benefit; (iii) a violation of the criminal law, unless the director or officer had reasonable cause to believe his or her conduct was lawful or had no reasonable cause to believe his or her conduct was unlawful; or (iv) in the case of a director, a circumstance under which the liability provisions of Section 607.0834 are applicable, unless ordered to provide indemnification or advance expenses to such person may otherwise be entitled.

              The By-laws, as amended,director or officer by a court, pursuant to Section 607.0854(1)(c) of Worldwide Vacation & Travel, Inc. providethe FBCA, if the court determines, in view of all the relevant circumstances, that it willis fair and reasonable to indemnify or to advance expenses to the director or officer.

      The articles of incorporation or bylaws, as applicable, of each of Coconut Plantation Partner, Inc., Data Marketing Associates East, Inc., HV Global Marketing Corporation, Interval International, Inc., Interval Resort & Financial Services, Inc., Lagunamar Cancun Mexico, Inc., Resort Management Finance Services, Inc., S.O.I. Acquisition Corp., Scottsdale Residence Club, Inc., St. Regis New York Management, Inc., St. Regis Residence Club, New York Inc., Vacation Title Services, Inc., VCH Communications, Inc., VCH Consulting, Inc., VCH Systems, Inc., Vistana Acceptance Corp., Vistana Aventuras, Inc., Vistana Development, Inc., Vistana Management, Inc., Vistana Portfolio Services, Inc., Vistana PSL, Inc., Vistana Residential Management, Inc., Vistana Vacation Ownership, Inc., Vistana Vacation Realty, Inc., VSE Development, Inc., VSE East, Inc., VSE Mexico Portfolio Services, Inc., VSE Pacific, Inc., VSE Trademark, Inc., VSE Vistana Villages, Inc., VSE West, Inc., and Westin Sheraton Vacation Services, Inc. (the “Florida Corporations”), require that each Florida Corporation, to the fullest extent authorized by the FBCA, indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit, or proceeding whether civil, criminal, administrative or investigative and whether or not a derivative action, by reason of the fact that hethe person is or was a director, officer, employee, or employee retainedagent of the Corporation, with respect to provide legal counselliabilities and expenses arising from such proceedings.

      Limited Liability Companies

      Section 605.0408 of the Florida Revised Limited Liability Company Act (the “FRLLCA”) provides that a limited liability company shall have the power to Worldwide Vacation & Travel,(i) reimburse a manager of a manager-managed company for any payment made by the manager in the course of the manager’s activities on behalf of the company and (ii) subject to certain exceptions, indemnify and hold harmless a person with respect to a claim or isdemand against such person or was serving at its requesta debt, obligation or other liability incurred by such person by reason of such person’s former or present capacity as a director, officermanager, if the manager complies with certain provisions of the standards of conduct under the FRLLCA including fiduciary duties of loyalty and care.

      The limited liability company agreements of Aston Hotels & Resorts Florida, LLC, Flex Collection, LLC, HVO Key West Holdings, LLC, ILG Management, LLC, Interval Software Services, LLC and Sheraton Flex

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      Vacations, LLC provide that, to the extent permitted by Florida law, the company shall indemnify, as applicable, members, managers, officers, employees, representatives or legal counselagents of another corporation,the company against expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by such individual in connection with an action and require the company, subject to certain limitations, to advance expenses incurred in defending any such action.

      Limited Partnerships

      Section 620.1303 of the Florida Revised Uniform Limited Partnership Act (the “FRULPA”) provides that a limited partner is not personally liable, directly or indirectly, by way of contribution or otherwise, for an obligation of the limited partnership joint venture, trustsolely by reason of being a limited partner, even if the limited partner participates in the management and control of the limited partnership.

      The Beach House Development Partnership Joint Venture Agreement provides that each Venturer (as defined therein) indemnifies and holds the other Venturers harmless from and against any liability, claim, damage, action or obligation for any liability or obligation of the Joint Venture in excess of each other enterprise,Venturer’s respective percentage interest of any such losses. The Tax Matters Partner is indemnified against any and all judgments, fines, amounts paid in settlement, and expenses including attorneys' fees, actually and reasonably incurred by him as a result of suchin any civil, criminal, or investigative proceeding if such person acted in good faith in a manner he reasonably believedwhich it is involved or threatened to be withininvolved by reason of being the scope of his authority and inTax Matters Partner for the best interest of the corporation and, in any criminal proceeding, without reasonable grounds for belief that such action was unlawful. These indemnification rights are not exclusive of any other indemnification rights to which those seeking indemnification may otherwise be entitled.partnership.

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      The Agreement of Limited Partnership of Key Wester Limited provides that neitherallows for indemnification of the general partner nor any personGeneral Partner and those acting on its behalf pursuant to such Agreement shall be liable, responsible, or accountable in damages or otherwise to the partnership or to any partner for anyextent the acts or omissions performed or omitted to be performed by themare within the scope of the authority conferred uponby the general partner by this agreementAgreement and the Florida Revised Uniform Partnership Act. The partnership will indemnify and hold harmless the general partner and its affiliates and any individual acting on their behalf from any loss, damage, claim or liability including, but not limited to, attorneys' fees and expenses incurred by them by reasonFRULPA.

      Hawaii

      Each of any act performed by them in accordance with the standards set forth above or in enforcing the provisions of this indemnity; provided, however, no partner shall have any personal liability with respect to the foregoing indemnification liabilities, any such indemnification to be satisfied solely out of the assets of the partnership, it being understood and agreed that a deficit balance in the capital account of a partner shall not be deemed an asset of the partnership for these purposes.

      Hawaii Entities

              The following registrants are business entities organized underVacation Title Services, Inc., Vistana Hawaii law:Management, Inc., Vistana Vacation Services Hawaii, Inc., REP Holdings, Ltd., Aqua Hotels & Resorts, LLC, Aqua Luana Operator LLC, Aqua-Aston Hospitality, LLC, Diamond Head Management LLC, Hotel Management Services LLC, Kai Management Services LLC, Maui Condo and Home, LLC Paradise Vacation Adventures, LLC,and RQI Holdings, LLC and REP Holdings, LTD.is formed or incorporated, as applicable, under the laws of the State of Hawaii.

              Sections 414-242 through 414-248Corporations

      Section 242 of the Hawaii Business Corporation Act, Chapter 414, Hawaii Revised Statutes (the "HBCA"“HBCA”) provideprovides that a corporation may indemnify an individual who is a party to a proceeding because the individual is a director or officer against liability incurred in the proceeding if:

        (a) the individual conducted himself or herself in good faith, and (b) the individual reasonably believed:

        believed (i) in the case of conduct of official capacity, that the individual'shis or her conduct was in the best interests of the corporation;corporation, and

        (ii) in all other cases, that the individual'shis or her conduct was at least not opposed to the best interests of the corporation;corporation, and

        (c) in the case of any criminal proceeding, the individual had no reasonable cause to believe the individual'shis or her conduct was unlawful; or

      the individual engaged in conduct for which broader indemnification has been made permissible or obligatory under a provision of the articles of incorporation.

              Aincorporation, subject to the provisions of HBCA Section 32(b)(5) which prohibit corporations from indemnifying directors against liability for (a) receipt of a financial benefit to which the director is not entitled, (b) an intentional infliction of harm on the corporation willor its shareholders, (c) approving an unlawful distribution to shareholders under Section 223 of the HBCA, or (d) an intentional violation of criminal law.

      HBCA Section 243 provides that a corporation shall indemnify a director or officer who was wholly successful, on the merits or otherwise, in the defense of any proceeding to which the director or officer was a party because hethe director was a

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      director or officer of the corporation against reasonable expenses incurred by himthe director in connection with the proceeding.

              Under theIn addition, pursuant to HBCA Section 244, before final disposition of a proceeding, a corporation may not indemnifyalso advance funds to pay for or reimburse the reasonable expenses incurred by a director who is a party to a proceeding because he or she is a director, if the director delivers to the corporation:

      a written affirmation of the director’s good faith belief that (a) he or she has met the relevant standard of conduct described in HBCA Section 242 (referred to above), or (b) the proceeding involves conduct for which liability has been eliminated under a provision of the articles of incorporation, subject to the provisions of HBCA Section 32(b)(4) which prohibit corporations from eliminating directors’ liability for (i) receipt of a financial benefit to which the director is not entitled, (ii) an intentional infliction of harm on the corporation or its shareholders, (iii) approving an unlawful distribution to shareholders, or (iv) an intentional violation of criminal law; and

      the director’s written undertaking to repay any funds advanced if the director is not entitled to mandatory indemnification under HBCA Section 243 (referred to above) and it is ultimately determined under Section 245 (referred to below) or 246(non-court determination methods) of the HBCA that the director has not met the relevant standard of conduct described in HBCA Section 242 (referred to above).

      Pursuant to HBCA Section 245, a director who is a party to a proceeding because he or she is a director may apply for indemnification or an advance for expenses to the court conducting the proceeding or to another court of competent jurisdiction. The court shall order indemnification or an advance for expenses (if applicable) upon determining that the director is entitled to mandatory indemnification under HBCA Section 243 (referred to above) or that such indemnification or advance is authorized by the corporation’s articles of incorporation or bylaws or is otherwise fair and reasonable in view of all the relevant circumstances.

      HBCA Section 247 provides that a corporation may indemnify and advance expenses for an officer of the corporation who is a party to a proceeding because he or she is an officer of the corporation to the same extent as a director, except for liability in connection with a proceeding by or in the right of the corporation except for(other than reasonable expenses incurred in connection with the proceeding if itproceeding). An officer is determined thatalso entitled to mandatory indemnification and may apply to a court for indemnification or an advance of expenses to the same extent as a director has met the relevant standardpursuant to HBCA Sections 243 and 245 (referred to above).

      The bylaws of conduct described above, or (ii) in connection with any proceeding with respect to conduct for which the director was adjudged liable on the basis that the director received a financial benefit to which the director was not entitled, whether or not involving action in the director's official capacity.

              Hawaii's statutory provisions regarding limited liability companieseach of Hawaii Vacation Title Services, Inc., Vistana Hawaii Management, Inc., and Vistana Vacation Services Hawaii, Inc. provide that unless otherwise set forthsuch corporation (a) shall have the power to indemnify all directors, officers, employees, and agents of such corporation and (b) shall advance expenses reasonably incurred by such persons in the entity's operating agreement, a memberdefending any civil, criminal, administrative or manager of the company will not be personally liable for any debt, obligation,investigative action, suit, or liability of the company solely by reason of being or acting as a member or a manager. A member of a limited liability company will be liableproceeding, in his capacity as a member for all specified debts, obligations, or liabilities of the company; however, if (i) a provision to

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      that effect is contained in the articles of organization,accordance with and (ii) a member so liable has consented in writing to the adoption of the provision or to be bound by the provision. Unless otherwise set forth in the entity's operating agreement, a limited liability company will indemnify a member or manager for liabilities incurred by the member or manager in the ordinary course of the business of the company or for the preservation of its business or property.

              The operating agreement of Aqua Luana Operator LLC provides that it shall indemnify and hold harmless the members holding not less than a majority of all of the membership interests from and against all claims and demands to the maximumfullest extent permitted by the Hawaii Uniform Limited Liability Company Act ("HULLCA").applicable law.

      The first amended operating agreements of Diamond Head Management LLC, Hotel Management Services LLC and Kai Management Services LLC and the second amended operating agreement of Aqua Hotels & Resorts, LLC provide that they shall indemnify and hold harmless the manager and each officer and agent of the company from and against all claims and demands to the maximum extent permitted by the HULLCA.

              The Articles of Incorporation and By-lawsbylaws of REP Holdings, Ltd. provide that it willthe corporation shall indemnify each person who was or is a party to or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than a derivative action) ifits directors, officers, employees, and agents and persons serving, at the person is or was a director, officer, employee or agent of REP Holdings or of any divisionrequest of the corporation, or is or was serving at its request as a director, officer, employee or agentsuch of another corporation, partnership, joint venture, trust or other enterprise. Such person will beentity. However, the bylaws impose a requirement that the indemnified against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with such proceeding if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation and, with respect to any criminal action or proceedings, had no reasonable cause to believe the person'sperson’s conduct was unlawful.

              In addition, REP Holdings will indemnify each Indemnification is also mandatory for a person who wassuccessful on the merits or isotherwise. With respect to a partysuit by or is threatened to be made a party to any threatened, pending or completed derivative action because that person is or was a director, officer, employee or agentin the right of the corporation, or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees) actually and reasonably incurred by the person in connection with the defense or settlement of the actionbylaws provide for no indemnification if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation. No indemnification will be made, however, in respect of any matter as to which the person has beenis adjudged to be liable for negligence or misconduct inunless the performance of the person's duty to the corporation unless it is determined by court in which the action or suit was brought that, despite the adjudication of liability,shall determine the person is fairly and reasonably entitled to indemnityindemnity. The bylaws permit advancement of expenses upon receipt of an undertaking as required by statute.

      Limited Liability Companies

      Pursuant to Section 403 of the Hawaii Uniform Limited Liability Company Act, Chapter 428, Hawaii Revised Statutes (the “HULLCA”), a limited liability company must reimburse its members or managers for expenses which

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      payments made and must indemnify them for liabilities incurred by them in the courtordinary course of business of the company or for the preservation of the company’s business or property. In addition, HULLCA Section 103 provides that, subject to certain exceptions, all the members of a limited liability company may enter into an operating agreement to regulate the affairs of the company and the conduct of its business, and to govern relations among the members, managers, and company.

      The operating agreements of each of Aqua Hotels & Resorts, LLC, Hotel Management Services LLC, and Kai Management Services LLC provide that the manager and each member shall deem proper.be indemnified to the fullest extent permitted by law unless such person’s liability, loss, damage, or expense resulted from such person’s fraud, gross negligence, reckless or intentional misconduct, or a knowing violation of law. These indemnification rightsoperating agreements are not exclusivesilent as to indemnification of any other indemnification rightsemployee or agent of the company and are also silent with respect to which such person may otherwise be entitled.advancement of expenses.

      The amended and restated operating agreements of each of Aqua-Aston Hospitality, LLC, Maui Condo and Home, LLC, and RQI Holdings, LLC provide that the company, willits receiver, or trustee shall indemnify defend and hold harmless each manager, member, officer, director, stockholder, partner, employee, representative,of the managers, member(s), or agentthe officers, directors, stockholders, partners, employees, representatives or agents of any of the foregoing (each, a "Covered Person"“Covered Person”) from and againstexcept with respect to any and all losses, claims, demands, liabilities, expenses, judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits, or proceedings, civil, criminal, administrative, or investigative (each, a “Claim”), in which the Covered Person may be involved, or threatened to be involved, by reason of its management of the affairs of the company or which relates to or arises out of the company or its property, business, or affairs. A Covered Person will not be entitled to indemnification under this provision with respect to any claim in which such Covered Person is found by a court of competent jurisdiction to have engaged in fraud,

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      willful misconduct, bad faith, gross negligence, or breach of a fiduciary duty to the company or any member. NoSuch operating agreements also provide for advancement of expenses upon receipt of an undertaking by the Covered Person is liable to repay under certain circumstances.

      The operating agreement of Aqua Luana Operator LLC provides that the company shall indemnify the members holding not less than a majority of all of the membership interests. It is silent as to indemnification of any minority member, employee, or any other person for any act or omission relating toagent of the company and is also silent with respect to advancement of expenses.

      The operating agreement of Diamond Head Management LLC provides that the conduct of its business takencompany shall indemnify each officer, provided that the company’s indemnification obligations shall extend only to acts or omissions performed or omitted by an officer in good faith by a Covered Person and in the reasonable belief that such actthe acts or omission isomissions were in the company’s interest or not contraryopposed to the best interestsinterest of the company. It is silent as to indemnification of any manager, member, employee, or agent of the company provided that such act or omissionand is not found byalso silent with respect to advancement of expenses.

      South Carolina

      Corporations

      Article 5 of Chapter 8 of Title 33 of the South Carolina Business Corporation Act of 1988 (the “Act”) governs the rights and obligations of a courtcorporation with respect to indemnification of competent jurisdiction to constitute fraud, willful misconduct, bad faith, gross negligence, or breach of fiduciary duty to the company or its member(s).

              The HBCA provisions summarized above determine the indemnification rights of its directors and officers of Paradise Vacation Adventures, LLC.the corporation.

      Directors—UnderNorth Carolina EntitiesSection 33-8-510(a)

              The following registrants are corporations incorporated in the state of North Carolina: Meragon Financial Services, Inc. and Meridian Financial Services, Inc.

              Sections 55-8-50 through 55-8-58 of the North Carolina Business Corporation Act, (the "NCBCA") permit a corporation tomay indemnify its directors, officers, employees or agents who were, are, or are threatened to bean individual made a party to any threatened, pendinga proceeding because he is or completed legal action if suchwas a director officer, agent or employee:

        against liability incurred in the proceeding if: (1) he conducted himself in good faith;

        and (2) he reasonably believed that hisbelieved: (i) in the case of conduct in his official capacity with the corporation, was in the best interests of the corporation or, in all other cases, his conduct at least was not opposed to the corporation's best interests; and

        in the case of any criminal proceeding, had no reasonable cause to believe his conduct was unlawful.

              A corporation may not indemnify a director, officer, agent or employee under the statutory scheme in connection with a derivative action in which the director, officer, agent or employee was adjudged liable to the corporation or in connection with a proceeding in which a director, officer, agent or employee was adjudged liable on the basis of having received an improper personal benefit. Unless limited by the corporation's articles of incorporation, the NCBCA requires a corporation to indemnify a director or executive officer of the corporation who is wholly successful, on the merits or otherwise, in the defense of any proceeding to which such person was a party because he is or was a director of the corporation against reasonable expenses incurred in connection with the proceeding.

              In addition, Section 55-8-57 of the NCBCA permits a corporation to indemnify or agree to indemnify any of its directors, officers, employees or agents against liability and expenses (including counsel fees) in any proceeding (including derivative actions) arising out of their status as such or their activities in any of such capacities provided, however, that a corporation may not indemnify or agree to indemnify a person against liability or expenses such person may incur on account of activities that were, at the time taken, known or believed by the person to be clearly in conflict with the best interests of the corporation.

              Meragon Financial Services, Inc.'s By-laws provide that any person who at any time serves or has served as a director, officer, employee, or agent of Meragon has the right to be indemnified by Meragon to the fullest extent permitted by law against: (i) reasonable expenses, including attorneys' fees, actually and necessarily incurred in connection with any threatened, pending completed action, suit or proceedings, whether civil, criminal, administrative, or investigative and whether or not a derivative action, brought by reason of the fact that the person is or was acting as a director, officer, employee, or agent of Meragon, and (ii) reasonable payments made by the person in satisfaction of any

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      judgment, money, decree, fine, penalty or settlement for which the person may have become liable in any such action.

              Meridian Financial Services, Inc.'s Articles of Incorporation contain no provisions regarding indemnification and, accordingly, the provisions of the NCBCA summarized above determine the indemnification rights of its directors and officers.

      Texas Entity

              The following registrant is a limited liability company formed in the state of Texas: HTS-Wild Oak Ranch Beverage, LLC.

              Section 101.402 of the Texas Business Organizations Code provides that a Texas limited liability company may

        indemnify a person;

        pay in advance or reimburse expenses incurred by a person; and

        purchase or procure or establish and maintain insurance or another arrangement to indemnify or hold harmless a person.

              For the purposes of Section 101.402 of the Texas Business Organizations Code, a person includes a member, manager, or officer of a limited liability company or an assignee of a membership interest in the company. In addition, Section 101.401 of the Texas Business Organizations Code provides that the company agreement of a limited liability company may expand or restrict any duties, including fiduciary duties, and related liabilities that a member, manager, officer, or other person has to the company or to a member or manager of the company.

              The Regulations of HTS-Wild Oak Ranch Beverage, LLC provide that neither the member, nor any officer, director, manager, partner, principal, equity holder, employee or affiliate of a member or the company, as the case may be, (each, an "indemnified person") shall be liable, responsible or accountable, whether director or indirectly, in contract, tort or otherwise, to the company or to the member (or any affiliate thereof), as applicable, for any losses, claims, damages, liabilities or expenses, including but not limited to, reasonable attorneys' fees (collectively, "Damages") asserted against, suffered or incurred by the company or by the member (or an affiliate thereof) arising out of, relating to or in connection with any action taken or omitted by the indemnified person within the scope of the authority conferred upon such indemnified person by the Regulations or TBOC, provided that such indemnified person shall have acted in good faith and in the belief that such act or omission was in the best interests of the company and, provided further, that such indemnified person shall not have engaged in fraud, willful misconduct or gross negligence. The company indemnifies and holds harmless and agrees to defend each indemnified party from and against any damages asserted by any person (whether against the company, the member or such indemnified person) or otherwise incurred by such indemnified person by reason of any act performed by such by such indemnified person in accordance with the standards above or in enforcing the provisions of the indemnities described above. Notwithstanding anything to the contrary contained in the Regulations, the member shall not have any personal liability with respect to the indemnities set forth above, and any such indemnities shall be satisfied solely out of assets of the company. Expenses incurred in defending a civil or criminal action, suit or proceeding shall be paid out of Company funds in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by the indemnified person to repay such amount unless it shall ultimately be determined that it is entitled to be indemnified by the company. The Regulations further provide that the exculpation of liability and indemnification provided above shall not be deemed exclusive of any other limitation on liability or rights to which those seeking indemnification may be entitled under any statute, agreement, vote of the member or otherwise.

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      Utah Entity

              The following registrant is a corporation incorporated in the state of Utah: Owners' Resorts and Exchange, Inc.

              Pursuant to Section 902 of the Utah Revised Business Corporation Act ("URBCA"), a Utah corporation may indemnify a person who is or was a party in any proceeding because the person is or was a director of the corporation against liability incurred with respect to a proceeding if:

        the conduct of the person was in good faith;

        the person reasonably believed that such conduct was in, or not opposed to, the best interests of the corporation; and

        in the case of any criminal proceeding, the person had no reasonable cause to believe the person's conduct was unlawful.

              Section 902 of the URBCA provides that indemnification of a director in connection with a proceeding by or in the right of the corporation is limited to reasonable expenses incurred in the proceeding. In addition, the corporation may not indemnify a director in connection with a proceeding in which the director was adjudged liable to the corporation. Pursuant to Section 903 of the URBCA, a Utah corporation, unless limited by its articles of incorporation, must indemnify a director who was successful, on the merits or otherwise, in the defense of any proceeding against reasonable expenses incurred by such person in connection with the proceeding. Pursuant to Section 907 of the URBCA, unless a corporation's articles of incorporation provide otherwise, a Utah corporation may indemnify an officer, employee, fiduciary or agent of the corporation to the same extent as a director.

              The Amended and Restated Articles of Incorporation of Owners' Resorts and Exchange, Inc. provide that directors have no personal liability whatsoever to the corporation or its shareholders for monetary damages for any action taken or any failure to take any action, as a director, except liability for (i) the amount of a financial benefit received by a director to which he or she is not entitled; (ii) an intentional infliction of harm on the corporation or shareholders; (iii) a violation of Utah Code Annotated Section 16-10a-842 or its successor provisions; or (iv) an intentional violation of criminal law.

              The Amended and Restated By-laws of Owners' Resorts and Exchange, Inc. provide that it will indemnify any individual made a party to a proceeding because the individual is or was a director of the corporation, against liability incurred in the proceeding, provided that the corporation shall not indemnify a director unless a determination has been made and payment has been authorized in accordance with certain procedures under the URBCA. Additionally, the individual must demonstrate that his conduct was in good faith, that he reasonably believedits best interest; and (ii) in all other cases, that his conduct was in, orat least not opposed to the corporation'sits best interestsinterest; and (3) in the case of aany criminal proceeding, he had no reasonable cause to believe his conduct was unlawful. Owners' Resorts and Exchange, Inc. willProvided, however, underSection 33-8-510(d) of the Act, a corporation may not indemnify a directordirector: (1) in connection with a proceeding by or in the right of the corporation in which the director was adjudged liable to the corporationcorporation; or (2) in connection with any other proceeding charging that the director derived an improper personal benefit to him, whether or not involving action in his or her official capacity, in which proceeding he was adjudged liable

      II-7


      on the basis that personal benefit was improperly received by him. A corporation may not indemnify a director underSection 33-8-510 unless authorized in the specific case after a determination has been made that indemnification of the director is permissible in the circumstances because he derived an improper personal benefit.has met the standard of conduct set forth inSection 33-8-510(a). Indemnification permitted in connection with a proceeding by or in the right of the corporation is limited to reasonable expenses incurred in connection with the proceeding.

      Officers—UnderCalifornia Entities

              The following registrants are business entities organized in the state of California: Trading Places International, LLC and Vacation Resorts International.

      II-15


      Table of Contents

              Under Section 17704.0833-8-560 of the California RevisedAct, unless a corporation’s articles of incorporation provide otherwise, an officer of the corporation who is not a director is entitled to mandatory indemnification underSection 33-8-520 of the Act and is entitled to apply for court-ordered indemnification underSection 33-8-540 of the Act, in each case to the same extent as a director. A corporation may indemnify and advance expenses to an officer, employee, or agent of the corporation who is not a director to the same extent as to a director; and a corporation also may indemnify and advance expenses to an officer, employee, or agent who is not a director to the extent, consistent with public policy, that may be provided by its articles of incorporation, bylaws, general or specific action of its board of directors, or contract.

      Bylaws—The bylaws of each of Marriott Resorts Hospitality Corporation and Vistana MB Management, Inc. provide for the indemnification of any person who was or is a party or is to any threatened, pending or completed action, suit or proceeding, by reason of the fact that such person is or was a director, officer or employee of such corporation, or is or was serving at the request of such corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of such corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe such person’s conduct was unlawful.

      Limited Liability Companies

      Section 33-44-403(a) of the South Carolina Uniform Limited Liability Company Act (the "RULLCA"),of 1996 provides that a limited liability company shall reimburse for any payment made and indemnify for any debt, obligation or other liability incurred by a member of a member-managed limited liability company or the manager of a manager-managed limited liability company in the course of the member's or manager's activities on behalf of the limited liability company, if, in making the payment or incurring the debt, obligation or other liability, the member or manager complied with the fiduciary duties under the RULLCA. Except as provided under the RULLCA, a limited liability company may reimburse for any payment made and may indemnify for any debt, obligation, or other liability incurred by a person not identified in the preceding sentence, including, without limitation, any officer, employee or agent of the limited liability company, in the course of that person's activities on behalf of the limited liability company. A limited liability company may purchase and maintain insurance on behalf of any person against liability asserted against or incurred by that person.

              Under Section 17701.10 of the RULLCA, the operating agreement of a limited liability company may alter or eliminate the indemnification for a member or manager for payments made and may eliminate or limitindemnify a member or manager's liability to the limited liability company and membersmanager for money damages, except for a breach of the duty of loyalty, a financial benefit receivedliabilities incurred by the member or manager to whichin the member or manager is not entitled, a member's liability for excess distributions, intentional inflictionordinary course of harm on the limited liabilitybusiness of the company or a member or an intentional violation of criminal law.

              The Articles of Incorporation and By-laws of Vacation Resorts International contain no provisions related to indemnification and, accordingly,for the indemnification rightspreservation of its directors and officers are determined by Section 317business or property.

      The operating agreement of the California Corporations Code.

              The Limited Liability Company Agreement of Trading Places International,VSE Myrtle Beach, LLC provides that it willthe company shall indemnify defend and hold harmless the member each manager and anyagents for all costs, losses, liabilities, and all of the member's affiliates to the extent of its assets, for, from and against any liability, damage, cost, expense, loss, claimdamages paid or judgment incurredaccrued by the indemnitee arising out of any claim based upon acts performed or omitted to be performed by the indemniteesuch person in connection with the business of the company, including without limitation, attorneys' feesto the fullest extent provided or allowed by state law.

      Item 21. Exhibits and costs incurred byFinancial Statement Schedules.

      Exhibits

      Reference is made to the indemnitee in settlement or defenseExhibit Index filed as part of such claims. Notwithstanding the foregoing, no indemnitee shall be so indemnified, defended or held harmless for claims based upon acts or omissions in breachthis registration statement.

      Financial Statement Schedules

      Certain schedules have been omitted because of the Limited Liability Company Agreementabsence of the conditions under which they are required or which constitute fraud, gross negligence, or willful misconduct. Amounts incurred by an indemnitee in connection with any action or suit arising out of or in connection with company affairs shall be reimbursed bybecause the company. In addition, no indemnitee shall be personally liable, responsible, accountable in damages or otherwise to the company for any act or omission performed or omittedinformation required by such indemnitee in connection with the company or its business. The member's liability for the debts and obligations of the companyomitted schedules is limited as set forth in the RULLCA and other applicable law.

      Generalfinancial statements or the Notes thereto.

       The Company has obtained policies that insure its directors and officers and those of its subsidiaries against certain liabilities they may incur in their capacity as directors and officers. Under these policies, the insurer, on behalf of the Company, may also pay amounts for which the Company has granted indemnification to the directors or officers.

      Item 21.    Exhibits and Financial Statements Schedules
      II-8

              See index to exhibits following the signature page hereto.


              The information required by subsection (b) of this item is incorporated by reference to Item 15 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2015.

      II-16


      Table of Contents

      Item 22. Undertakings
      Undertakings.

       The undersigned registrant hereby undertakes:

        (a)

        The undersigned registrants hereby undertake:

         (1)   To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

          (1)

          To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

           (i)  To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;

          (i)

          to include any prospectus required by Section 10(a)(3) of the Securities Act;

          (ii)

          to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and

          (iii)

          to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

          (2)

          That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

          (3)

          To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

          (4)

          That, for the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness.Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

          (5)

          That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

          (i)

          any preliminary prospectus or prospectus of the undersigned registrants relating to the offering required to be filed pursuant to Rule 424;

          (ii)

          any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrants or used or referred to by the undersigned registrants;

                   (ii)  To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;II-9

              (iii)  To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;


      (iii)

      the portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrants; and

       2)    That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof;

      (iv)

      any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

       (3)   To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering; and

      (b)

      That, for purposes of determining any liability under the Securities Act, each filing of the registrants’ annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Securities Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

       (4)   That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

        (c)

        The undersigned registrants hereby undertake to respond to requests for information that is incorporated by reference into the prospectus pursuant to Item 4, 10(b), 11 or 13 of this form, within one business day of receipt of such request, and to send the incorporated documents by first class mail or other equally prompt means. This includes information contained in documents filed subsequent to the effective date of the registration statement through the date of responding to the request.

         (i)  any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

        (d)

        The undersigned registrants hereby undertake to supply by means of a post-effective amendment all information concerning a transaction, and the company being acquired involved therein, that was not the subject of and included in the registration statement when it became effective.

                 (ii)  any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

                (iii)  the portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

                (iv)  any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

      Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers, and controlling persons of the registrantregistrants pursuant to the foregoing provisions, or otherwise, the registrant hasregistrants have been advised that in the opinion of the Securities and Exchange CommissionSEC, such indemnification is against public policy as expressed in the Securities Act and is, therefore,

      II-17


      Table of Contents

      unenforceable. In the event that a claim for indemnification against such liabilities, (otherother than the payment by the registrantregistrants of expenses incurred or paid by a director, officer, or controlling person of the registrantregistrants in the successful defense of any action, suit or proceeding)proceeding, is asserted by such director, officer, or controlling person in connection with the securities being registered, the registrantregistrants will, unless in the opinion of itstheir counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by itthem is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

       The undersigned registrant hereby undertakes to respond to requests for information that is incorporated by reference into the prospectus pursuant to Items 4, 10(b), 11, or 13 of this Form, within one business day of receipt of such request, and to send the incorporated documents by first class mail or other equally prompt means. This includes information contained in documents filed subsequent to the effective date of the registration statement through the date of responding to the request.

       The undersigned registrant hereby undertakes to supply by means of a post-effective amendment all information concerning a transaction, and the company being acquired involved therein, that was not the subject of and included in the registration statement when it became effective.

      II-18II-10



      Table of Contents


      SIGNATURES
      EXHIBIT LIST

       

      Exhibit
      Number

        

      Description

       

      Filed

      Herewith

        

      Incorporation By Reference

                           From                    

       
       

      Form

        

      Exhibit

        

      Date Filed

       
        3.1  Restated Certificate of Incorporation of Marriott Vacations Worldwide Corporation   8-K   3.1   11/22/2011 
        3.2  Restated Bylaws of Marriott Vacations Worldwide Corporation   8-K   3.2   11/22/2011 
        4.1  Indenture, dated as of October  1, 2019, by and among Marriott Ownership Resorts, Inc., Marriott Vacations Worldwide Corporation, as guarantor, the other guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee   8-K   4.1   10/1/2019 
        4.2  Supplemental Indenture, dated December  31, 2019, by and among Marriott Ownership Resorts, Inc., MVW Vacations, LLC and the Bank of New York Mellon Trust Company, N.A., as trustee   10-K   4.12   3/2/2020 
        4.3  Second Supplemental Indenture, dated February  26, 2020, by and among Marriott Ownership Resorts, Inc., MVW Services Corporation, and the Bank of New York Mellon Trust Company, N.A., as trustee   10-K   4.13   3/2/2020 
        4.4  Form of 4.750% Senior Notes due 2028 (included as Exhibit A to Exhibit 4.1 above)   8-K   4.2   10/1/2019 
        4.5  Registration Rights Agreement, dated as of October  1, 2019, by and among Marriott Ownership Resorts, Inc., Marriott Vacations Worldwide Corporation, as guarantor, the other guarantors party thereto and J.P. Morgan Securities LLC   8-K   4.3   10/1/2019 
        5.1  Opinion of Kirkland & Ellis LLP  X    
        5.2  Opinion of Greenberg Traurig, P.A.  X    
        5.3  Opinion of Cades Schutte LLP  X    
        5.4  Opinion of Burr & Forman LLP  X    
      21.1  Subsidiaries of Marriott Vacations Worldwide Corporation   10-K   21.1   3/2/2020 
      23.1  Consent of Ernst & Young LLP  X    
      23.2  Consent of Kirkland & Ellis LLP (included with Exhibit 5.1)  X    
      23.3  Consent of Greenberg Traurig, P.A. (included with Exhibit 5.2)  X    
      23.4  Consent of Cades Schutte LLP (included with Exhibit 5.3)  X    
      23.5  Consent of Burr & Forman LLP (included with Exhibit 5.4)  X    
      24.1  Powers of Attorney (included on the signature pages hereto)  X    
      25.1  Statement of Eligibility of The Bank of New York Mellon Trust Company, N.A. with respect to the Indenture, dated as of October  1, 2019, by and among Marriott Ownership Resorts, Inc., Marriott Vacations Worldwide Corporation, as guarantor, the other guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee  X    
      99.1  Form of Letter of Instruction  X    

      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      MARRIOTT OWNERSHIP RESORTS, INC.
      Registrant
      By: INTERVAL LEISURE GROUP, INC.

      /s/ Joseph J. Bramuchi



       

      By:Joseph J. Bramuchi

       

      /s/ CRAIG M. NASH

      Craig M. Nash
      Chairman, Chief Executive OfficerTreasurer and Vice President

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ CRAIG M. NASH

      Craig M. Nash

        Chairman, Chief Executive Officer, President (Principal executive officer) and Director

      Title

       March 31, 2016

      Date


      /s/ JEANETTE E. MARBERT


      Jeanette E. MarbertStephen P. Weisz

      Stephen P. Weisz


        
      President, Director
      (Principal Executive Vice President, Chief Operating Officer and DirectorOfficer)

       

      March 31, 2016June 23, 2020

      /s/ WILLIAM L. HARVEY

      William L. Harvey


      Executive Vice President and Chief Financial Officer (Principal financial officer)


      March 31, 2016

      /s/ JOHN A. GALEA

      John A. Galea


      Senior Vice President, Chief Accounting Officer and Treasurer (Principal accounting officer)


      March 31, 2016

      II-19


      Table of Contents

      Signature
      Title
      Date

      /s/ Joseph J. Bramuchi

      Joseph J. Bramuchi


        
      Treasurer and Vice President
      (Principal Financial Officer)

       

      June 23, 2020

      /s/ DAVID FLOWERSLaurie A. Sullivan

      Laurie A. Sullivan

      Assistant Treasurer and Vice President


      David Flowers

      (Principal Accounting Officer)

      June 23, 2020

      /s/ John E. Geller, Jr.

      John E. Geller, Jr.

        Director March 30, 2016June 23, 2020

      /s/ VICTORIA L. FREED

      Victoria L. Freed


      Director


      March 30, 2016

      /s/ CHAD HOLLINGSWORTH


      Chad HollingsworthJames H Hunter, IV

      James H Hunter, IV


        

      Director

       

      March 30, 2016

      /s/ GARY S. HOWARD

      Gary S. Howard


      Director


      March 31, 2016

      /s/ LEWIS J. KORMAN

      Lewis J. Korman


      Director


      March 31, 2016

      /s/ THOMAS J. KUHN

      Thomas J. Kuhn


      Director


      March 31, 2016

      /s/ THOMAS P. MURPHY, JR.

      Thomas P. Murphy, Jr.


      Director


      March 31, 2016

      /s/ AVY H. STEIN

      Avy H. Stein


      Director


      March 31, 2016

      /s/ THOMAS J. MCINERNEY

      Thomas J. McInerney


      Director


      March 31, 2016June 23, 2020

      II-20


      Table of Contents



      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      ILG, LLC
      Registrant
      By: INTERVAL ACQUISITION CORP.

      /s/ John E. Geller, Jr.



       

      By:John E. Geller, Jr.

       

      /s/ CRAIG M. NASH

      Craig M. Nash
      Executive Vice President and Chief ExecutiveFinancial Officer

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date


        

      Title


       

      Date

      /s/ CRAIG M. NASH


      Craig M. NashStephen P. Weisz

      Stephen P. Weisz

        President, Chief Executive Officer, Manager (Principal executive officer) and DirectorExecutive Officer) March 31, 2016June 23, 2020

      /s/ WILLIAM L. HARVEY


      William L. HarveyJohn E. Geller, Jr.

      John E. Geller, Jr.


        

      Executive Vice President and Chief Financial Officer, (Principal financial officer)Manager
      (Principal Financial Officer and Director
      Principal Accounting Officer)

       

      March 31, 2016June 23, 2020

      /s/ JOHN A. GALEA

      John A. Galea


      Senior Vice President, Chief Accounting Officer and Treasurer (Principal accounting officer)


      March 31, 2016

      /s/ JEANETTE E. MARBERT


      Jeanette E. MarbertJames H Hunter, IV

      James H Hunter, IV


        

      Executive Vice President, Chief Operating Officer and DirectorManager

       

      March 31, 2016June 23, 2020

      II-21


      Table of Contents



      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      MARRIOTT VACATIONS WORLDWIDE CORPORATION
      Registrant
      By: IIC HOLDINGS, INCORPORATED
      ILG INTERNATIONAL HOLDINGS, INC.
      RESORT SALES SERVICES, INC.

      /s/ John E. Geller, Jr.



       

      By:John E. Geller, Jr.

       

      /s/ JEANETTE E. MARBERT

      Jeanette E. Marbert
      Executive Vice President and Chief Financial and Administrative Officer

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below on behalf of Marriott Vacations Worldwide Corporation.

      Signature

      Title

      Date

      /s/ Stephen P. Weisz

      Stephen P. Weisz

      President, Chief Executive Officer and Director (Principal Executive Officer)June 23, 2020

      /s/ John E. Geller, Jr.

      John E. Geller, Jr.

      Executive Vice President and Chief Financial and Administrative Officer (Principal Financial Officer)June 23, 2020

      /s/ Laurie A. Sullivan

      Laurie A. Sullivan

      Senior Vice President, Corporate Controller and Chief Accounting Officer (Principal Accounting Officer)June 23, 2020

      /s/ William J. Shaw

      William J. Shaw

      Chairman and DirectorJune 23, 2020

      /s/ C.E. Andrews

      C.E. Andrews

      DirectorJune 23, 2020

      /s/ Lizanne Galbreath

      Lizanne Galbreath

      DirectorJune 23, 2020

      /s/ Raymond L. Gellein, Jr.

      Raymond L. Gellein, Jr.

      DirectorJune 23, 2020


      Signature

      Title
      Date





      /s/ JEANETTE E. MARBERT

      Jeanette E. Marbert

        President (Principal executive officer) and

      Title

      Date

      /s/ Thomas J. Hutchison III

      Thomas J. Hutchison III

      Director March 31, 2016June 23, 2020

      /s/ JOHN A. GALEA


      Melquiades R. Martinez

      Melquiades R. Martinez

      DirectorJune 23, 2020

      /s/ William W. McCarten

      William W. McCarten

      DirectorJune 23, 2020

      /s/ Dianna F. Morgan

      Dianna F. Morgan

      DirectorJune 23, 2020

      /s/ Stephen R. Quazzo

      Stephen R. Quazzo

      DirectorJune 23, 2020


      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrants have duly caused this registration statement to be signed on their behalf by the undersigned, thereunto duly authorized, in the City of Orlando, State of Florida, on June 23, 2020.

      AQUA HOSPITALITY LLC
      ASTON HOTELS & RESORTS FLORIDA, LLC
      MAUI CONDO AND HOME, LLC
      RQI HOLDINGS, LLC
      Each a Registrant
      By:

      /s/ John A. GaleaE. Geller, Jr.


       
      John E. Geller, Jr.
      Manager

      Know all persons by these presents, that each person whose signature appears below constitutes and appoints Joseph J. Bramuchi, John E. Geller, Jr. and James H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, with full power to act separately and full power of substitution and resubstitution, for such person and in such person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each saidattorney-in-fact and agent full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or each such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated below.

      Signature

      Title

      Date

      /s/ Denis Ebrill

      Denis Ebrill

      ManagerJune 23, 2020

      /s/ John E. Geller, Jr.

      John E. Geller, Jr.

      ManagerJune 23, 2020

      /s/ James H Hunter, IV

      James H Hunter, IV

      ManagerJune 23, 2020


      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrants have duly caused this registration statement to be signed on their behalf by the undersigned, thereunto duly authorized, in the City of Orlando, State of Florida, on June 23, 2020.

      AQUA-ASTON HOSPITALITY, LLC
      Registrant

      By:

      /s/ Denis Ebrill

      Denis Ebrill
      Chief Executive Officer

      Know all persons by these presents, that each person whose signature appears below constitutes and appoints Joseph J. Bramuchi, John E. Geller, Jr. and James H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, with full power to act separately and full power of substitution and resubstitution, for such person and in such person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each saidattorney-in-fact and agent full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or each such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated below.

      Signature

      Title

      Date

      /s/ Denis Ebrill

      Denis Ebrill

      Chief Executive Officer
      (Principal Executive Officer)
      June 23, 2020

      /s/ Laine Kelly

      Laine Kelly

      Senior Vice President Chief
      (Principal Financial Officer Treasurer (Principal financial officer and principal accounting officer) and DirectorPrincipal Accounting Officer)

       

      March 31, 2016June 23, 2020

      /s/ WILLIAM L. HARVEY


      William L. HarveyDenis Ebrill

      Denis Ebrill


        

      Executive Vice President and DirectorManager

       

      March 31, 2016June 23, 2020

      /s/ John E. Geller, Jr.

      John E. Geller, Jr.

      ManagerJune 23, 2020

      /s/ James H Hunter, IV

      James H Hunter, IV

      ManagerJune 23, 2020


      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrants have duly caused this registration statement to be signed on their behalf by the undersigned, thereunto duly authorized, in the City of Orlando, State of Florida, on June 23, 2020.

      AQUA HOTELS & RESORTS, LLC
      DIAMOND HEAD MANAGEMENT LLC
      HOTEL MANAGEMENT SERVICES LLC
      KAI MANAGEMENT SERVICES LLC
      Each a Registrant
      By:Aqua Hospitality LLC
      Its:Manager
      By:

      /s/ John E. Geller, Jr.

      John E. Geller, Jr.
      Manager

      II-22


      Know all persons by these presents, that each person whose signature appears below constitutes and appoints Joseph J. Bramuchi, John E. Geller, Jr. and James H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, with full power to act separately and full power of substitution and resubstitution, for such person and in such person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each saidattorney-in-fact and agent full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or each such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof.

      TablePursuant to the requirements of Contents


      SIGNATURES
      the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated below.

       

      Signature

      Title

      Date

      Aqua Hospitality LLCManagerJune 23, 2020

      /s/ John E. Geller, Jr.

      John E. Geller, Jr.

      Manager


      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      AQUA HOTELS AND RESORTS OPERATOR LLC
      Registrant
      By: INTERVAL SOFTWARE SERVICES,Aqua Hospitality LLC MANAGEMENT ACQUISITION HOLDINGS, LLC

      Its:

       

      By:Managing Member

      By:

      /s/ JEANETTEJohn E. MARBERT


      JeanetteGeller, Jr.

      John E. Marbert
      Geller, Jr.
      President and Chief Operating OfficerManager

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ JEANETTE E. MARBERT

      Jeanette E. Marbert

        President, Chief Operating Officer (Principal executive officer) and Manager

      Title

       March 31, 2016

      Date


      /s/ WILLIAM L. HARVEY

      William L. Harvey


      Executive Vice President (Principal financial officer) and Manager


      March 31, 2016

      Aqua Hospitality LLC
      Managing MemberJune 23, 2020

      /s/ JOHN A. GALEA


      John A. GaleaE. Geller, Jr.


        

      Senior Vice President, Secretary (Principal accounting officer) and Manager

       

      March 31, 2016

      John E. Geller, Jr.

      Manager

      II-23


      Table of Contents



      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Asheville,Orlando, State of North Carolina,Florida, on March 29, 2016.June 23, 2020.

      AQUA HOTELS AND RESORTS, INC.
      Registrant
      By: MERAGON FINANCIAL SERVICES, LLC

      /s/ John E. Geller, Jr.



       

      By:John E. Geller, Jr.

       

      /s/ GREGORY B. SHEPERD

      Gregory B. Sheperd
      Executive Vice President

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ GREGORY B. SHEPERD

      Gregory B. Sheperd

        

      Title

      Date

      /s/ Denis Ebrill

      Denis Ebrill

      President (Principal executive officer, principal financial officer and principal accounting officer)Director

      (Principal Executive Officer)

      June 23, 2020

      /s/ John E. Geller, Jr.

      John E. Geller, Jr.

      Executive Vice President and Director
      (Principal Financial Officer and Principal Accounting Officer)
      June 23, 2020

      /s/ James H Hunter, IV

      James H Hunter, IV

      Director March 29, 2016June 23, 2020

      II-24


      Table of Contents



      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      AQUA LUANA OPERATOR LLC
      Registrant
      By: MERIDIAN FINANCIAL SERVICES, INC.Aqua Hospitality LLC

      Its:

       

      By:Sole Member

      By:

      /s/ VICTORIA J. KINCKE


      Victoria J. Kincke
      John E. Geller, Jr.

      John E. Geller, Jr.
      Senior Vice President and SecretaryManager

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ GREGORY B. SHEPERD

      Gregory B. Sheperd

        President (Principal executive officer)

      Title

       March 29, 2016

      Date


      /s/ JOHN A. GALEA

      John A. Galea


      Senior Vice President, Chief Financial Officer, Treasurer (Principal financial officer and principal accounting officer) and Director


      March 31, 2016

      /s/ VICTORIA J. KINCKE

      Victoria J. KinckeAqua Hospitality LLC

        

      Senior Vice President, Secretary and DirectorSole Member

       

      March 31, 2016June 23, 2020

      /s/ WILLIAM L. HARVEY


      William L. HarveyJohn E. Geller, Jr.


        

      Director

       

      March 31, 2016

      John E. Geller, Jr.

      Manager

      II-25


      Table of Contents



      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      AQUA-ASTON HOLDINGS, INC.

      Registrant

      By:

       REP HOLDINGS, LTD.

      /s/ Joseph J. Bramuchi



       

      By:Joseph J. Bramuchi

       

      /s/ VICTORIA J. KINCKE

      Victoria J. Kincke
      Senior Vice President and SecretaryTreasurer

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ KELVIN M. BLOOM

      Kelvin M. Bloom

        

      Title

      Date

      /s/ Denis Ebrill

      Denis Ebrill

      President (Principal executive officer)

      (Principal Executive Officer)

      June 23, 2020

      /s/ Joseph J. Bramuchi

      Joseph J. Bramuchi

      Treasurer

      (Principal Financial Officer and Principal Accounting Officer)

      June 23, 2020

      /s/ John E. Geller, Jr.

      John E. Geller, Jr.

      Director March 29, 2016June 23, 2020

      /s/ JOHN A. GALEA

      John A. Galea


      Senior Vice President, Chief Financial Officer (Principal financial officer and principal accounting officer) and Director


      March 31, 2016

      /s/ VICTORIA J. KINCKE


      Victoria J. KinckeJames H Hunter, IV

      James H Hunter, IV


        

      Senior Vice President, Secretary and Director

       

      March 31, 2016June 23, 2020

      /s/ Jeanette E. Marbert

      Jeanette E. Marbert

      DirectorJune 23, 2020

      II-26



      SIGNATURES

      Table of Contents


      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      BEACH HOUSE DEVELOPMENT PARTNERSHIP
      Registrant
      By: VACATION OWNERSHIP LENDING, L.P.HTS-Beach House, Inc.
      Its: General Partner
      By: Vacation Ownership Lending GP, Inc., as general partner

      /s/ Joseph J. Bramuchi



       

      By:Joseph J. Bramuchi

       

      /s/ JEANETTE E. MARBERT

      Jeanette E. Marbert
      ExecutiveTreasurer and Vice President

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title

      Date




      /s/ Ralph Lee Cunningham

      Ralph Lee Cunningham


        

      Director,HTS-Beach House, Inc.
      June 23, 2020

      /s/ John E. Geller, Jr.

      John E. Geller, Jr.

      Director,HTS-Beach House, Inc.June 23, 2020

      /s/ James H Hunter, IV

      James H Hunter, IV

      Director,HTS-Beach House, Inc.June 23, 2020


      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrants have duly caused this registration statement to be signed on their behalf by the undersigned, thereunto duly authorized, in the City of Orlando, State of Florida, on June 23, 2020.

      CDP GP, INC.
      CERROMAR DEVELOPMENT PARTNERS GP, INC.
      COCONUT PLANTATION PARTNER, INC.
      HAWAII VACATION TITLE SERVICES, INC.
      /s/ JOHN BURLINGAME
      HT-HIGHLANDS,

      INC.
      John BurlingameHTS-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-SEDONA, INC.
      HV GLOBAL GROUP, INC.
      HV GLOBAL MANAGEMENT CORPORATION
      HV GLOBAL MARKETING CORPORATION
      ILG SHARED OWNERSHIP, INC.
      KAUAI BLUE, INC.
      ST. REGIS NEW YORK MANAGEMENT, INC.
      VACATION OWNERSHIP LENDING GP, INC.
      VACATION TITLE SERVICES, INC.
      VISTANA ACCEPTANCE CORP.
      VISTANA HAWAII MANAGEMENT, INC.
      VISTANA MANAGEMENT, INC.
      VISTANA MB MANAGEMENT, INC.
      VISTANA RESIDENTIAL MANAGEMENT, INC.
      VISTANA SIGNATURE NETWORK, INC.
      VISTANA VACATION OWNERSHIP, INC.
      VOL GP, INC.
      Each a Registrant
      By: President (Principal executive officer)

      /s/ Joseph J. Bramuchi

       March 31, 2016Joseph J. Bramuchi

      /s/ WILLIAM L. HARVEY

      William L. Harvey

       

      ExecutiveTreasurer and Vice President (Principal financial officer) and Director

      Know all persons by these presents, that each person whose signature appears below constitutes and appoints Joseph J. Bramuchi, John E. Geller, Jr. and James H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, with full power to act separately and full power of substitution and resubstitution, for such person and in such person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each saidattorney-in-fact and agent full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or each such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof.


      Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated below.



      March 31, 2016

      /s/ JOHN A. GALEA

      John A. Galea

      Signature


        

      Senior Vice President and Treasurer (Principal accounting officer)

      Title


       

      March 31, 2016

      Date


      /s/ JEANETTE E. MARBERT


      Jeanette E. MarbertRalph Lee Cunningham

      Ralph Lee Cunningham


        

      Chief Executive ViceOfficer, President and Director

      (Principal Executive Officer)


       

      March 31, 2016June 23, 2020

      /s/ Joseph J. Bramuchi

      Joseph J. Bramuchi

      Treasurer and Vice President

      (Principal Financial Officer and Principal Accounting Officer)

      June 23, 2020

      /s/ John E. Geller, Jr.

      John E. Geller, Jr.

      DirectorJune 23, 2020

      /s/ James H Hunter, IV

      James H Hunter, IV

      DirectorJune 23, 2020

      II-27


      Table of Contents



      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      CDP INVESTORS, L.P.

      Registrant

      By:

       VOL INVESTORS, L.P.CDP GP, Inc.

      Its:

       General Partner

      By:

       VOL GP, Inc., as general partner

      /s/ Joseph J. Bramuchi



       

      By:

      Joseph J. Bramuchi


       

      /s/ JEANETTE E. MARBERT

      Jeanette E. Marbert

      ExecutiveTreasurer and Vice President

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ JOHN BURLINGAME

      John Burlingame

        President (Principal executive officer)

      Title

       March 31, 2016

      Date


      /s/ WILLIAM L. HARVEY

      William L. Harvey


      Executive Vice President and Director (Principal financial officer)


      March 31, 2016

      /s/ JOHN A. GALEA


      John A. GaleaRalph Lee Cunningham

      Ralph Lee Cunningham


        

      Senior Vice President and Treasurer (Principal accounting officer)Director, CDP GP, Inc.

       

      March 31, 2016June 23, 2020

      /s/ JEANETTEJohn E. MARBERT


      JeanetteGeller, Jr.

      John E. MarbertGeller, Jr.


        

      Executive Vice President and Director, CDP GP, Inc.

       

      March 31, 2016June 23, 2020

      /s/ James H Hunter, IV

      James H Hunter, IV

      Director, CDP GP, Inc.June 23, 2020

      II-28


      Table of Contents



      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      CERROMAR DEVELOPMENT PARTNERS, L.P., S.E.

      Registrant

      By:

       AQUA-ASTON HOLDINGS, INC.Cerromar Development Partners GP, Inc.

      Its:


       

      By:General Partner

      By:


      /s/ JEANETTE E. MARBERT


      Jeanette E. Marbert
      Joseph J. Bramuchi

      Joseph J. Bramuchi

      ExecutiveTreasurer and Vice President

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ CRAIG M. NASH

      Craig M. Nash

        Chairman

      Title

      Date

      /s/ Ralph Lee Cunningham

      Ralph Lee Cunningham

      Director, Cerromar Development Partners GP, Inc.June 23, 2020

      /s/ John E. Geller, Jr.

      John E. Geller, Jr.

      Director, Cerromar Development Partners GP, Inc.June 23, 2020

      /s/ James H Hunter, IV

      James H Hunter, IV

      Director, Cerromar Development Partners GP, Inc.June 23, 2020


      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrants have duly caused this registration statement to be signed on their behalf by the undersigned, thereunto duly authorized, in the City of Orlando, State of Florida, on June 23, 2020.

      DATA MARKETING ASSOCIATES EAST, INC.
      LAGUNAMAR CANCUN MEXICO, INC.
      SCOTTSDALE RESIDENCE CLUB, INC.
      ST. REGIS RESIDENCE CLUB, NEW YORK INC.
      VCH COMMUNICATIONS, INC.
      VCH CONSULTING, INC.
      VCH SYSTEMS, INC.
      VISTANA AVENTURAS, INC.
      VISTANA DEVELOPMENT, INC.
      VISTANA PORTFOLIO SERVICES, INC.
      VISTANA PSL, INC.
      VISTANA SIGNATURE EXPERIENCES, INC.
      VISTANA VACATION REALTY, INC.
      VISTANA VACATION SERVICES HAWAII, INC.
      VSE DEVELOPMENT, INC.
      VSE EAST, INC.
      VSE MEXICO PORTFOLIO SERVICES, INC.
      VSE PACIFIC, INC.
      VSE TRADEMARK, INC.
      VSE VISTANA VILLAGES, INC.
      VSE WEST, INC.
      WESTIN SHERATON VACATION SERVICES, INC.
      WVC RANCHO MIRAGE, INC.
      Each a Registrant
      By:

      /s/ Joseph J. Bramuchi

      Joseph J. Bramuchi
      Treasurer and Vice President

      Know all persons by these presents, that each person whose signature appears below constitutes and appoints Joseph J. Bramuchi, John E. Geller, Jr. and James H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, with full power to act separately and full power of substitution and resubstitution, for such person and in such person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each saidattorney-in-fact and agent full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or each such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof.


      Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated below.

      Signature

      Title

      Date

      /s/ Ralph Lee Cunningham

      Ralph Lee Cunningham

      Chief Executive Officer, President and Director

      (Principal Executive Officer)

      June 23, 2020

      /s/ Joseph J. Bramuchi

      Joseph J. Bramuchi

      Treasurer and Vice President

      (Principal Financial Officer and Principal Accounting Officer)

      June 23, 2020

      /s/ John E. Geller, Jr.

      John E. Geller, Jr.

      Director March 31, 2016June 23, 2020

      /s/ KELVIN M. BLOOM

      Kelvin M. Bloom


      President (Principal executive officer)


      March 29, 2016

      /s/ JOHN A. GALEA


      John A. GaleaJames H Hunter, IV

      James H Hunter, IV


        

      Chief Financial Officer, Treasurer (Principal financial officer and principal accounting officer) and Director

       

      March 31, 2016June 23, 2020

      /s/ JEANETTE E. MARBERT


      Jeanette E. MarbertStephen P. Weisz

      Stephen P. Weisz


        

      Director
      June 23, 2020


      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrants have duly caused this registration statement to be signed on their behalf by the undersigned, thereunto duly authorized, in the City of Orlando, State of Florida, on June 23, 2020.

      FLEX COLLECTION, LLC

      SHERATON FLEX VACATIONS, LLC

      VSE MYRTLE BEACH, LLC

      Each a Registrant

      By:

      Vistana Vacation Ownership, Inc.

      Its:

      Sole Member

      By:

      /s/ Joseph J. Bramuchi

      Joseph J. Bramuchi

      Treasurer and Vice President

      Know all persons by these presents, that each person whose signature appears below constitutes and appoints Joseph J. Bramuchi, John E. Geller, Jr. and James H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, with full power to act separately and full power of substitution and resubstitution, for such person and in such person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each saidattorney-in-fact and agent full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or each such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated below.

      Signature

      Title

      Date

      /s/ Ralph Lee Cunningham

      Ralph Lee Cunningham

      Chief Executive ViceOfficer, President and Director

      (Principal Executive Officer)


       

      March 31, 2016June 23, 2020

      /s/ Joseph J. Bramuchi

      Joseph J. Bramuchi

      Treasurer and Vice President

      (Principal Financial Officer and Principal Accounting Officer)

      June 23, 2020

      Vistana Vacation Ownership, Inc.

      Sole MemberJune 23, 2020

      /s/ Ralph Lee Cunningham

      Ralph Lee Cunningham

      Chief Executive Officer and President

      II-29


      Table of Contents



      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      FOH HOLDINGS, LLC
      Registrant
      By: AQUA HOTELS AND RESORTS, INC.

      /s/ Angela K. Halladay



       

      By:Angela K. Halladay

       

      /s/ JOHN A. GALEA

      John A. Galea
      Senior Vice PresidentManager

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ CRAIG M. NASH

      Craig M. Nash

        Chairman

      Title

       March 31, 2016

      Date


      /s/ MATTHEW BAILEY

      Matthew Bailey


      President and Chief Operating Officer (Principal executive officer)


      March 31, 2016

      /s/ JOHN A. GALEA


      John A. GaleaAngela K. Halladay


        

      Senior Vice President and Manager (Principal financial officer and principal accounting officer)

       

      March 31, 2016June 23, 2020

      /s/ KELVIN M. BLOOM

      Kelvin M. Bloom

      Angela K. Halladay


        

      Executive Vice President and Manager

       

      March 29, 2016

      II-30



      SIGNATURES

      Table of Contents


      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      FOH HOSPITALITY, LLC

      Registrant

      By:

       INTERVAL HOLDINGS, INC.FOH Holdings, LLC

      Its:

      Sole Member

      By:

       

      By:/s/ Joseph J. Bramuchi

       

      /s/ JEANETTE E. MARBERT


      Jeanette E. Marbert
      Joseph J. Bramuchi

      ExecutiveTreasurer and Vice President

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title

      Date




      /s/ Ralph Lee Cunningham


        

      Chief Executive Officer and President

      (Principal Executive Officer)

      June 23, 2020
      Ralph Lee Cunningham

      /s/ Joseph J. Bramuchi

      Treasurer and Vice President

      (Principal Financial Officer and Principal Accounting Officer)

      June 23, 2020
      Joseph J. Bramuchi
      FOH Holdings, LLC

      /s/ Angela K. Halladay

      Sole MemberJune 23, 2020

      Angela K. Halladay

      Manager


      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrants have duly caused this registration statement to be signed on their behalf by the undersigned, thereunto duly authorized, in the City of Orlando, State of Florida, on June 23, 2020.

      GRAND ASPEN HOLDINGS, LLC

      HPC DEVELOPER, LLC

      HTS-BC, L.L.C.

      HTS-MAUI, L.L.C.

      Each a Registrant

      By:

      S.O.I Acquisition Corp.

      Its:

      Sole Member

      By:

      /s/ Joseph J. Bramuchi

      Joseph J. Bramuchi

      Treasurer and Vice President

      Know all persons by these presents, that each person whose signature appears below constitutes and appoints Joseph J. Bramuchi, John E. Geller, Jr. and James H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, with full power to act separately and full power of substitution and resubstitution, for such person and in such person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each saidattorney-in-fact and agent full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or each such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated below.

      Signature

      Title

      Date

      /s/ Ralph Lee Cunningham

      Ralph Lee Cunningham

      Chief Executive Officer and President

      (Principal Executive Officer)

      June 23, 2020

      /s/ Joseph J. Bramuchi

      Joseph J. Bramuchi

      Treasurer and Vice President

      (Principal Financial Officer and Principal Accounting Officer)

      June 23, 2020

      S.O.I Acquisition Corp.

      /s/ Jeanette E. Marbert

      Jeanette E. Marbert

      President and Chief Executive Officer

      Sole Member

      June 23, 2020


      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrants have duly caused this registration statement to be signed on their behalf by the undersigned, thereunto duly authorized, in the City of Orlando, State of Florida, on June 23, 2020.

      /s/ CRAIG M. NASH
      HTS-SAN

      Craig M. Nash ANTONIO, L.L.C
      Registrant
      By: 

      /s/ Lisa Bailey Trossett

      Lisa Bailey Trossett
      Treasurer and Vice President

      Know all persons by these presents, that each person whose signature appears below constitutes and appoints Joseph J. Bramuchi, John E. Geller, Jr. and James H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, with full power to act separately and full power of substitution and resubstitution, for such person and in such person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each saidattorney-in-fact and agent full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or each such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated below.

      Signature

      Title

      Date

      /s/ Ralph Lee Cunningham

      Ralph Lee Cunningham

      Chief Executive Officer and President

      (Principal Executive Officer)

      June 23, 2020

      /s/ Lisa Bailey Trossett

      Lisa Bailey Trossett

      Treasurer and Vice President

      (Principal Financial Officer and Principal Accounting Officer)

      June 23, 2020

      S.O.I Acquisition Corp.

      /s/ Jeanette E. Marbert

      Jeanette E. Marbert

      President and Chief Executive Officer

      Sole Member

      June 23, 2020


      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrants have duly caused this registration statement to be signed on their behalf by the undersigned, thereunto duly authorized, in the City of Orlando, State of Florida, on June 23, 2020.

      HTS-SAN ANTONIO, INC.
      Registrant
      By:

      /s/ Lisa Bailey Trossett

      Lisa Bailey Trossett
      Treasurer and Vice President

      Know all persons by these presents, that each person whose signature appears below constitutes and appoints Joseph J. Bramuchi, John E. Geller, Jr. and James H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, with full power to act separately and full power of substitution and resubstitution, for such person and in such person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each saidattorney-in-fact and agent full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or each such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated below.

      Signature

      Title

      Date

      /s/ Ralph Lee Cunningham

      Ralph Lee Cunningham

      Chief Executive Officer, President and Director (Principal executive officer)

      (Principal Executive Officer)

       March 31, 2016June 23, 2020

      /s/ JOHN A. GALEA


      John A. GaleaLisa Bailey Trossett

      Lisa Bailey Trossett


        

      Senior

      Treasurer and Vice President Chief

      (Principal Financial Officer Treasurer (Principal financial officer and principal accounting officer) and DirectorPrincipal Accounting Officer)


       

      March 31, 2016June 23, 2020

      /s/ JEANETTEJohn E. MARBERT


      JeanetteGeller, Jr.

      John E. MarbertGeller, Jr.


        

      Executive Vice President and Director

       

      March 31, 2016June 23, 2020

      /s/ James H Hunter, IV

      James H Hunter, IV

      DirectorJune 23, 2020

      II-31


      Table of Contents



      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      GRAND ASPEN LODGING, LLC
      Registrant
      By: INTERVAL INTERNATIONAL, INC.Grand Aspen Holdings, LLC

      Its:

       

      By:Sole Member

      By:

      /s/ JEANETTE M. MARBERT


      Jeanette M. Marbert
      Joseph J. Bramuchi

      Joseph J. Bramuchi
      ExecutiveTreasurer and Vice President and
      Chief Operating Officer

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ CRAIG M. NASH

      Craig M. Nash

        Chairman,

      Title

      Date

      /s/ Ralph Lee Cunningham

      Ralph Lee Cunningham

      Chief Executive Officer and Director (Principal executive officer)President

      (Principal Executive Officer)

       March 31, 2016June 23, 2020

      /s/ WILLIAM L. HARVEY

      William L. Harvey


      Executive Vice President (Principal financial officer)


      March 31, 2016

      /s/ JOHN A. GALEA


      John A. GaleaJoseph J. Bramuchi

      Joseph J. Bramuchi


        

      Senior

      Treasurer and Vice President Chief

      (Principal Financial Officer (Principal accounting officer) and DirectorPrincipal Accounting Officer)


       

      March 31, 2016June 23, 2020

      Grand Aspen Holdings, LLC

      /s/ JEANETTE E. MARBERT


      Jeanette E. MarbertRalph Lee Cunningham

      Ralph Lee Cunningham

      Chief Executive Officer & President


        

      Executive Vice President, Chief Operating Officer and Director

      Sole Member


       

      March 31, 2016June 23, 2020

      II-32


      Table of Contents



      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      HTS-BEACH HOUSE PARTNER, L.L.C.
      Registrant
      By: INTERVAL RESORT & FINANCIAL SERVICES, INC.HTS-Beach House, Inc.

      Its:

       

      By:Sole Member

      By:

      /s/ JEANETTE E. MALBERT


      Jeanette E. Malbert
      Joseph J. Bramuchi

      Joseph J. Bramuchi
      ExecutiveTreasurer and Vice President

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ DAVID C. GILBERT

      David C. Gilbert

        President (Principal executive officer)

      Title

       March 31, 2016

      Date


      /s/ JOHN A. GALEA


      John A. GaleaRalph Lee Cunningham

      Ralph Lee Cunningham


        

      Senior

      Chief Executive Officer and President

      (Principal Executive Officer)

      June 23, 2020

      /s/ Joseph J. Bramuchi

      Joseph J. Bramuchi

      Treasurer and Vice President Chief

      (Principal Financial Officer Treasurer (Principal financial officer and principal accounting officer) and DirectorPrincipal Accounting Officer)


       

      March 31, 2016June 23, 2020

      /s/ JEANETTE E. MARBERT

      Jeanette E. Marbert


      Executive Vice President and Director


      March 31, 2016

      HTS-Beach House, Inc.

      /s/ WILLIAM L. HARVEYRalph Lee Cunningham

      Ralph Lee Cunningham

      Chief Executive Officer &


      William L. HarveyPresident


        

      DirectorSole Member

       

      March 31, 2016June 23, 2020

      II-33


      Table of Contents



      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      HTS-SAN ANTONIO, L.P.
      Registrant
      By: OWNERS' RESORTS AND EXCHANGE, INC.HTS-San Antonio, Inc.

      Its:

       

      By:General Partner

      By:

      /s/ JEANETTE E. MARBERT


      Jeanette E. Marbert
      Lisa Bailey Trossett

      Lisa Bailey Trossett
      ExecutiveTreasurer and Vice President

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ LOREN V. GALLAGHER

      Loren V. Gallagher

        President and Chief Executive Officer (Principal executive officer)

      Title

       March 31, 2016

      Date


      /s/ WILLIAM L. HARVEY

      William L. Harvey


      Executive Vice President and Director (Principal financial officer)


      March 31, 2016

      /s/ JOHN A. GALEA


      John A. GaleaRalph Lee Cunningham

      Ralph Lee Cunningham


        

      Director,Senior Vice President, Treasurer and Director (Principal accounting officer)HTS-San Antonio, Inc.

       

      March 31, 2016June 23, 2020

      /s/ JEANETTEJohn E. MARBERT


      JeanetteGeller, Jr.

      John E. MarbertGeller, Jr.


        

      Director,Executive Vice President and DirectorHTS-San Antonio, Inc.

       

      June 23, 2020

      /s/ James H Hunter, IV

      James H Hunter, IV

      Director,March 31, 2016HTS-San Antonio, Inc.June 23, 2020

      II-34



      SIGNATURES

      Table of Contents


      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      HTS-SUNSET HARBOR PARTNER, L.L.C.
      Registrant

      S.O.I. Acquisition Corp.

      By:
       

      By:/s/ Joseph J. Bramuchi

       

      /s/ JEANETTE E. MARBERT


      Jeanette E. Marbert
      Joseph J. Bramuchi
      ExecutiveTreasurer and Vice President and Chief Operating Officer

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ CRAIG M. NASH

      Craig M. Nash

        President,

      Title

      Date

      /s/ Ralph Lee Cunningham

      Ralph Lee Cunningham

      Chief Executive Officer, (Principal executive officer)President and DirectorManager

      (Principal Executive Officer)

       March 31, 2016June 23, 2020

      /s/ WILLIAM L. HARVEY


      William L. HarveyJoseph J. Bramuchi

      Joseph J. Bramuchi


        

      Executive

      Treasurer and Vice President Chief

      (Principal Financial Officer (Principal financial officer) and DirectorPrincipal Accounting Officer)


       

      March 31, 2016June 23, 2020

      /s/ JOHN A. GALEA

      John A. Galea


      Senior Vice President and Chief Accounting Officer (Principal accounting officer)


      March 31, 2016

      /s/ JEANETTEJohn E. MARBERT


      JeanetteGeller, Jr.

      John E. MarbertGeller, Jr.


        

      Executive Vice President, Chief Operating Officer and DirectorManager

       

      March 31, 2016June 23, 2020

      /s/ James H Hunter, IV

      James H Hunter, IV

      ManagerJune 23, 2020

      II-35


      Table of Contents



      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      HTS-WINDWARD POINTE PARTNER, L.L.C. Registrant

      By:
       WORLDWIDE VACATION & TRAVEL, INC.HTS-KW, Inc.

      Its:
      Sole Member
      By: 

      By:/s/ Joseph J. Bramuchi

       

      /s/ JEANETTE E. MARBERT


      Jeanette E. Marbert
      Joseph J. Bramuchi
      ExecutiveTreasurer and Vice President

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title

      Date




      /s/ Ralph Lee Cunningham

      Ralph Lee Cunningham


        

      Chief Executive Officer and President

      (Principal Executive Officer)

      June 23, 2020

      /s/ Joseph J. Bramuchi

      Joseph J. Bramuchi

      Treasurer and Vice President

      (Principal Financial Officer and Principal Accounting Officer)

      June 23, 2020
      /s/ CRAIG M. NASH
      HTS-KW,

      Craig M. Nash Inc.
        Chairman and DirectorSole Member March 31, 2016June 23, 2020

      /s/ DAVID C. GILBERT

      David C. Gilbert


      President (Principal executive officer)


      March 31, 2016

      /s/ JOHN A. GALEA


      John A. GaleaRalph Lee Cunningham

      Ralph Lee Cunningham

      Chief Executive Officer & President


        

      Senior Vice President, Chief Financial Officer, Treasurer (Principal financial officer and principal accounting officer) and Director

       

      March 31, 2016

      /s/ JEANETTE E. MARBERT

      Jeanette E. Marbert


      Executive Vice President and Director


      March 31, 2016

      II-36


      Table of Contents



      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      HVO KEY WEST HOLDINGS, LLC

      Registrant

      By: AQUA HOSPITALITY LLCHV Global Marketing Corporation

      Its:
      Sole Member
      By: 

      By:/s/ Joseph J. Bramuchi

       

      /s/ JOHN A. GALEA


      John A. Galea
      Joseph J. Bramuchi
      SeniorTreasurer and Vice President

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ CRAIG M. NASH

      Craig M. Nash

        Chairman

      Title

       March 31, 2016

      Date


      /s/ MATTHEW BAILEY

      Matthew Bailey


      President and Chief Operating Officer (Principal executive officer)


      March 31, 2016

      /s/ JOHN A. GALEA


      John A. GaleaRalph Lee Cunningham

      Ralph Lee Cunningham


        

      Senior Vice

      Chief Executive Officer and President and Manager (Principal financial officer and principal accounting officer)

      (Principal Executive Officer)


       

      March 31, 2016June 23, 2020

      /s/ KELVIN M. BLOOM

      Kelvin M. Bloom


      Executive Vice President and Manager


      March 29, 2016

      /s/ VICTORIAJoseph J. KINCKE


      VictoriaBramuchi

      Joseph J. KinckeBramuchi


        

      Senior

      Treasurer and Vice President Secretary

      (Principal Financial Officer and ManagerPrincipal Accounting Officer)


       

      March 31, 2016June 23, 2020
      HV Global Marketing CorporationSole MemberJune 23, 2020

      /s/ Ralph Lee Cunningham

      Ralph Lee Cunningham

      Chief Executive Officer & President


      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrants have duly caused this registration statement to be signed on their behalf by the undersigned, thereunto duly authorized, in the City of Orlando, State of Florida, on June 23, 2020.

      INTERVAL INTERNATIONAL, INC.
      INTERVAL RESORT & FINANCIAL SERVICES, INC.
      RESORT SALES SERVICES, INC.
      Each a Registrant
      By:

      /s/ Joseph J. Bramuchi

      Joseph J. Bramuchi
      Treasurer and Vice President

      II-37


      Know all persons by these presents, that each person whose signature appears below constitutes and appoints Joseph J. Bramuchi, John E. Geller, Jr. and James H Hunter, IV as such person’s true and lawfulTableattorneys-in-fact and agents, with full power to act separately and full power of Contentssubstitution and resubstitution, for such person and in such person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each saidattorney-in-fact and agent full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or each such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof.


      SIGNATURES
      Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated below.

       

      Signature

      Title

      Date

      /s/ Jeanette E. Marbert

      Jeanette E. Marbert

      President and Director

      (Principal Executive Officer)

      June 23, 2020

      /s/ Joseph J. Bramuchi

      Joseph J. Bramuchi

      Treasurer and Vice President

      (Principal Financial Officer and Principal Accounting Officer)

      June 23, 2020

      /s/ John E. Geller, Jr.

      John E. Geller, Jr.

      DirectorJune 23, 2020

      /s/ James H Hunter, IV

      James H Hunter, IV

      DirectorJune 23, 2020


      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrants have duly caused this registration statement to be signed on their behalf by the undersigned, thereunto duly authorized, in the City of Orlando, State of Florida, on June 23, 2020.

      IIC HOLDINGS, INCORPORATED
      Registrant
      By:

      /s/ Joseph J. Bramuchi

      Joseph J. Bramuchi
      Treasurer

      Know all persons by these presents, that each person whose signature appears below constitutes and appoints Joseph J. Bramuchi, John E. Geller, Jr. and James H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, with full power to act separately and full power of substitution and resubstitution, for such person and in such person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each saidattorney-in-fact and agent full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or each such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated below.

      Signature

      Title

      Date

      /s/ Jeanette E. Marbert

      Jeanette E. Marbert

      President and Director

      (Principal Executive Officer)

      June 23, 2020

      /s/ Joseph J. Bramuchi

      Joseph J. Bramuchi

      Treasurer

      (Principal Financial Officer and Principal Accounting Officer)

      June 23, 2020

      /s/ John E. Geller, Jr.

      John E. Geller, Jr.

      DirectorJune 23, 2020

      /s/ James H Hunter, IV

      James H Hunter, IV

      DirectorJune 23, 2020


      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      ILG MANAGEMENT, LLC
      Registrant

      AQUA HOTELS & RESORTS, LLC

      By: Aqua Hospitality LLC, as manager

      /s/ James H Hunter, IV

       

      By:

      James H Hunter, IV
       

      /s/ JOHN A. GALEA


      John A. Galea
      Senior Vice PresidentManager

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ CRAIG M. NASH

      Craig M. Nash

        Chairman

      Title

       March 31, 2016

      Date


      /s/ MATTHEW BAILEY

      Matthew Bailey


      President and Chief Operating Officer (Principal executive officer)


      March 31, 2016

      /s/ JOHN A. GALEA


      John A. GaleaJames H Hunter, IV

      James H Hunter, IV


        

      Senior Vice President and Manager (Principal financial officer and principal accounting officer)

       

      March 31, 2016June 23, 2020

      /s/ KELVIN M. BLOOM

      Kelvin M. Bloom


      Executive Vice President and Manager


      March 29, 2016

      /s/ VICTORIA J. KINCKE


      Victoria J. KinckeJeanette E. Marbert

      Jeanette E. Marbert


        

      Senior Vice President, Secretary and Manager

       

      March 31, 2016June 23, 2020

      II-38



      SIGNATURES

      Table of Contents


      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      INTERVAL HOLDINGS, INC.
      Registrant
      DIAMOND HEAD MANAGEMENT, LLC
      HOTEL MANAGEMENT SERVICES, LLC
      KAI MANAGEMENT SERVICES LLC
      By: Aqua Hospitality LLC, as manager

      /s/ Joseph J. Bramuchi



       

      By:Joseph J. Bramuchi

       

      /s/ JOHN A. GALEA

      John A. Galea
      SeniorTreasurer and Vice President

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ CRAIG M. NASH

      Craig M. Nash

        Chairman

      Title

       March 31, 2016

      Date


      /s/ MATTHEW BAILEY


      Matthew BaileyJeanette E. Marbert

      Jeanette E. Marbert


        

      President and Chief Operating Officer (Principal executive officer)Director

      (Principal Executive Officer)


       

      March 31, 2016June 23, 2020

      /s/ JOHN A. GALEA

      John A. Galea


      Senior Vice President and Manager (Principal financial officer and principal accounting officer)


      March 31, 2016

      /s/ KELVIN M. BLOOM


      Kelvin M. BloomJoseph J. Bramuchi

      Joseph J. Bramuchi


        

      Executive

      Treasurer and Vice President

      (Principal Financial Officer and ManagerPrincipal Accounting Officer)


       

      March 29, 2016June 23, 2020

      /s/ VICTORIA J. KINCKE


      Victoria J. KinckeJohn E. Geller, Jr.

      John E. Geller, Jr.


        

      Senior Vice President, Secretary and ManagerDirector

       

      March 31, 2016June 23, 2020

      /s/ James H Hunter, IV

      James H Hunter, IV

      DirectorJune 23, 2020

      /s/ Stephen P. Weisz

      Stephen P. Weisz

      DirectorJune 23, 2020

      II-39


      Table of Contents



      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      INTERVAL SOFTWARE SERVICES, LLC
      Registrant
      AQUA HOTELS AND RESORTS OPERATOR LLC
      AQUA LUANA OPERATOR LLC
      By: Aqua Hospitality LLC, as managing member

      /s/ Joseph J. Bramuchi



       

      By:Joseph J. Bramuchi

       

      /s/ JOHN A. GALEA

      John A. Galea
      SeniorTreasurer and Vice President

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ CRAIG M. NASH

      Craig M. Nash

        Chairman

      Title

       March 31, 2016

      Date


      /s/ MATTHEW BAILEY


      Matthew BaileyJeanette E. Marbert

      Jeanette E. Marbert


        

      President, and Chief Operating Officer (Principal executive officer)and Manager

      (Principal Executive Officer)


       

      March 31, 2016June 23, 2020

      /s/ JOHN A. GALEA

      John A. Galea


      Senior Vice President and Manager (Principal financial officer and principal accounting officer)


      March 31, 2016

      /s/ KELVIN M. BLOOM


      Kelvin M. BloomJoseph J. Bramuchi

      Joseph J. Bramuchi


        

      Executive

      Treasurer and Vice President

      (Principal Financial Officer and ManagerPrincipal Accounting Officer)


       

      March 29, 2016June 23, 2020

      /s/ VICTORIA J. KINCKE


      Victoria J. KinckeJames H Hunter, IV

      James H Hunter, IV


        

      Senior Vice President, Secretary and Manager

       

      March 31, 2016June 23, 2020

      II-40


      Table of Contents



      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      KAUAI LAGOONS HOLDINGS LLC
      Registrant
      By: AQUA-ASTON HOSPITALITY, LLC
      ASTON HOTELS & RESORTS, FLORIDA LLC
      MAUI CONDO AND HOME, LLC
      RQI HOLDINGS, LLC

      /s/ Joseph J. Bramuchi



       

      By:Joseph J. Bramuchi

       

      /s/ VICTORIA J. KINCKE

      Victoria J. Kincke
      ManagerTreasurer and Vice President

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date


        

      Title


       

      Date

      /s/ KELVIN M. BLOOM


      Kelvin M. BloomStephen P. Weisz

      Stephen P. Weisz

      President and Manager

      (Principal Executive Officer)

      June 23, 2020

      /s/ Joseph J. Bramuchi

      Joseph J. Bramuchi

      Treasurer and Vice President

      (Principal Financial Officer)

      June 23, 2020

      /s/ Laurie A. Sullivan

      Laurie A. Sullivan

      Assistant Treasurer and Vice President

      (Principal Accounting Officer)

      June 23, 2020

      /s/ Ralph Lee Cunningham

      Ralph Lee Cunningham

        Manager (Principal executive officer) March 29, 2016June 23, 2020

      /s/ JOHN A. GALEA

      John A. Galea


      Manager (Principal financial officer and principal accounting officer)


      March 31, 2016

      /s/ VICTORIA J. KINCKE


      Victoria J. KinckeJohn E. Geller, Jr.

      John E. Geller, Jr.


        

      Manager

       

      March 31, 2016June 23, 2020

      /s/ James H Hunter, IV

      James H Hunter, IV

      ManagerJune 23, 2020

      II-41


      Table of Contents



      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      KEY WESTER LIMITED
      Registrant
      By: BEACH HOUSE DEVELOPMENT PARTNERSHIPHTS-KW, Inc.
      Its: General Partner
      By: HTS-Beach House, Inc., as general partner

      /s/ Joseph J. Bramuchi



       

      By:Joseph J. Bramuchi

       

      /s/ JEANETTE E. MARBERT

      Jeanette E. Marbert
      ExecutiveTreasurer and Vice President

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ JOHN BURLINGAME

      John Burlingame

        President (Principal executive officer)

      Title

       March 31, 2016

      Date


      /s/ JOHN A. GALEA

      John A. Galea


      Senior Vice President and Treasurer (Principal accounting officer)


      March 31, 2016

      /s/ WILLIAM L. HARVEY


      William L. HarveyRalph Lee Cunningham

      Ralph Lee Cunningham


        

      Director,Executive Vice President and Director (Principal financial officer)HTS-KW, Inc.

       

      March 31, 2016June 23, 2020

      /s/ JEANETTEJohn E. MARBERT


      JeanetteGeller, Jr.

      John E. MarbertGeller, Jr.


        

      Director,Executive Vice President and DirectorHTS-KW, Inc.

       

      June 23, 2020

      /s/ James H Hunter, IV

      James H Hunter, IV

      Director,March 31, 2016HTS-KW, Inc.June 23, 2020

      II-42



      SIGNATURES

      Table of Contents


      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      MANAGEMENT��ACQUISITION HOLDINGS, LLC
      Registrant
      CDP INVESTORS, L.P.
      By: CDP GP, Inc., as general partner

      /s/ Joseph J. Bramuchi



       

      By:Joseph J. Bramuchi

       

      /s/ JEANETTE E. MARBERT

      Jeanette E. Marbert
      ExecutiveTreasurer and Vice President

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ JOHN BURLINGAME

      John Burlingame

        President (Principal executive officer)

      Title

       March 31, 2016

      Date


      /s/ WILLIAM L. HARVEY

      William L. Harvey


      Executive Vice President (Principal financial officer) and Director


      March 31, 2016

      /s/ JOHN A. GALEA


      John A. Galea


      Senior Vice President and Treasurer (Principal accounting officer)


      March 31, 2016

      /s/ JEANETTE E. MARBERT

      Jeanette E. Marbert

      Jeanette E. Marbert


        

      President and Manager

      (Principal Executive Officer)

      June 23, 2020

      /s/ Joseph J. Bramuchi

      Joseph J. Bramuchi

      Treasurer and Vice President

      (Principal Financial Officer and Principal Accounting Officer)

      June 23, 2020

      /s/ James H Hunter, IV

      James H Hunter, IV

      ManagerJune 23, 2020


      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrants have duly caused this registration statement to be signed on their behalf by the undersigned, thereunto duly authorized, in the City of Orlando, State of Florida, on June 23, 2020.

      MARRIOTT KAUAI OWNERSHIP RESORTS, INC.
      MARRIOTT RESORTS SALES COMPANY, INC.
      MORI RESIDENCES, INC.
      MTSC, INC.
      MVW SERVICES CORPORATION
      MVW SSC, INC.
      MVW VACATIONS, LLC
      THE RITZ-CARLTON DEVELOPMENT COMPANY, INC.
      THE RITZ-CARLTON SALES COMPANY, INC.
      THE RITZ-CARLTON TITLE COMPANY, INC.
      VOLT MERGER SUB, LLC
      Each a Registrant
      By:

      /s/ Joseph J. Bramuchi

      Joseph J. Bramuchi
      Treasurer and Vice President

      Know all persons by these presents, that each person whose signature appears below constitutes and appoints Joseph J. Bramuchi, John E. Geller, Jr. and James H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, with full power to act separately and full power of substitution and resubstitution, for such person and in such person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each saidattorney-in-fact and agent full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or each such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated below.

      Signature

      Title

      Date

      /s/ Stephen P. Weisz

      Stephen P. Weisz

      President and Director

      (Principal Executive Officer)


       

      March 31, 2016June 23, 2020

      /s/ Joseph J. Bramuchi

      Joseph J. Bramuchi

      Treasurer and Vice President

      (Principal Financial Officer)

      June 23, 2020

      /s/ Laurie A. Sullivan

      Laurie A. Sullivan

      Assistant Treasurer and Vice President

      (Principal Accounting Officer)

      June 23, 2020

      /s/ John E. Geller, Jr.

      John E. Geller, Jr.

      DirectorJune 23, 2020

      /s/ James H Hunter, IV

      James H Hunter, IV

      DirectorJune 23, 2020

      II-43


      Table of Contents



      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      MARRIOTT OWNERSHIP RESORTS PROCUREMENT, LLC

      Registrant
      By: CERROMAR DEVELOPMENT PARTNERS, L.P., S.E.Marriott Ownership Resorts, Inc.
      Its: Sole Member
      By: Cerromar Development Partners GP, Inc., as general partner

      /s/ Joseph J. Bramuchi



       

      By:Joseph J. Bramuchi

       

      /s/ JEANETTE E. MARBERT

      Jeanette E. Marbert
      ExecutiveTreasurer and Vice President

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ JOHN BURLINGAME

      John Burlingame

        President (Principal executive officer)

      Title

       March 31, 2016

      Date


      /s/ WILLIAM L. HARVEY

      William L. Harvey


      Executive Vice President (Principal financial officer) and Director


      March 31, 2016

      /s/ JOHN A. GALEA


      John A. GaleaStephen P. Weisz

      Stephen P. Weisz


        

      Senior Vice

      President and Treasurer (Principal accounting officer)

      (Principal Executive Officer)


       

      March 31, 2016June 23, 2020

      /s/ JEANETTE E. MARBERT


      Jeanette E. MarbertJoseph J. Bramuchi

      Joseph J. Bramuchi


        

      Executive

      Treasurer and Vice President

      (Principal Financial Officer)

      June 23, 2020

      /s/ Laurie A. Sullivan

      Laurie A. Sullivan

      Assistant Treasurer and DirectorVice President

      (Principal Accounting Officer)


       

      March 31, 2016June 23, 2020

      Marriott Ownership Resorts, Inc.

      /s/ Stephen P. Weisz

      Stephen P. Weisz

      President

      Sole MemberJune 23, 2020

      II-44


      Table of Contents



      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      MARRIOTT RESORTS HOSPITALITY CORPORATION
      Registrant
      By: GRAND ASPEN HOLDINGS, LLC
      GRAND ASPEN LODGING, LLC
      HTS-MAUI, L.L.C.
      WINDWARD POINTE II, L.L.C.

      /s/ Joseph J. Bramuchi



       

      By:Joseph J. Bramuchi

       

      /s/ JEANETTE E. MARBERT

      Jeanette E. Marbert
      ExecutiveTreasurer and Vice President

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ JOHN BURLINGAME

      John Burlingame

        President (Principal executive officer)

      Title

       March 31, 2016

      Date


      /s/ WILLIAM L. HARVEY

      William L. Harvey


      Executive Vice President (Principal financial officer)


      March 31, 2016

      /s/ JOHN A. GALEA


      John A. GaleaStephen P. Weisz

      Stephen P. Weisz


        

      Senior Vice

      President and Treasurer (Principal accounting officer)Director

      (Principal Executive Officer)


       

      March 31, 2016June 23, 2020

      /s/ JEANETTEJoseph J. Bramuchi

      Joseph J. Bramuchi

      Treasurer and Vice President

      (Principal Financial Officer and Principal Accounting Officer)

      June 23, 2020

      /s/ John E. MARBERT


      JeanetteGeller, Jr.

      John E. MarbertGeller, Jr.


        

      ExecutiveDirector
      June 23, 2020

      /s/ James H Hunter, IV

      James H Hunter, IV

      DirectorJune 23, 2020


      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrants have duly caused this registration statement to be signed on their behalf by the undersigned, thereunto duly authorized, in the City of Orlando, State of Florida, on June 23, 2020.

      MH KAPALUA VENTURE, LLC
      MORI GOLF (KAUAI), LLC
      MORI MEMBER (KAUAI), LLC
      RCDC 942, L.L.C.
      THE LION & CROWN TRAVEL CO., LLC
      Each a Registrant
      By:

      /s/ Joseph J. Bramuchi

      Joseph J. Bramuchi
      Treasurer and Vice President

      March 31, 2016

      II-45


      Know all persons by these presents, that each person whose signature appears below constitutes and appoints Joseph J. Bramuchi, John E. Geller, Jr. and James H Hunter, IV as such person’s true and lawfulTableattorneys-in-fact and agents, with full power to act separately and full power of Contentssubstitution and resubstitution, for such person and in such person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each saidattorney-in-fact and agent full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or each such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof.


      SIGNATURES
      Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated below.

       

      Signature

      Title

      Date

      /s/ Stephen P. Weisz

      Stephen P. Weisz

      President and Manager

      (Principal Executive Officer)

      June 23, 2020

      /s/ Joseph J. Bramuchi

      Joseph J. Bramuchi

      Treasurer and Vice President

      (Principal Financial Officer)

      June 23, 2020

      /s/ Laurie A. Sullivan

      Laurie A. Sullivan

      Assistant Treasurer and Vice President

      (Principal Accounting Officer)

      June 23, 2020

      /s/ John E. Geller, Jr.

      John E. Geller, Jr.

      ManagerJune 23, 2020

      /s/ James H Hunter, IV

      James H Hunter, IV

      ManagerJune 23, 2020


      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 20209.

      MORI WAIKOLOA HOLDING COMPANY, LLC
      Registrant
      By: HTS-B.C., LLC
      HTS-BEACH HOUSE PARTNER, L.L.C.
      HTS- SUNSET HARBOR PARTNER, L.L.C.
      HTS-WINDWARD POINTE PARTNER, L.L.C.
      Marriott Ownership Resorts, Inc.

      Its:

       

      By:Sole Member

      By:

      /s/ JEANETTE E. MARBERT


      Jeanette E. Marbert
      Joseph J. Bramuchi

      Joseph J. Bramuchi
      ExecutiveTreasurer and Vice President

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ JOHN BURLINGAME

      John Burlingame

        President (Principal executive officer)

      Title

       March 31, 2016

      Date


      /s/ WILLIAM L. HARVEY

      William L. Harvey


      Executive Vice President (Principal financial officer) and Manager


      March 31, 2016

      Marriott Ownership Resorts, Inc.

      /s/ JOHN A. GALEA


      John A. Galea


      SeniorJoseph J. Bramuchi

      Joseph J. Bramuchi

      Treasurer and Vice President and Treasurer (Principal accounting officer)


        

      March 31, 2016

      /s/ JEANETTE E. MARBERT

      Jeanette E. MarbertSole Member

       

      Executive Vice President and Manager


      March 31, 2016June 23, 2020

      II-46



      SIGNATURES

      Table of Contents


      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      MVW OF HAWAII, INC.
      Registrant
      HIGHLANDS INN INVESTORS II, L.P.
      By: HT-Highlands, Inc., as general partner

      /s/ Clifford M. Delorey



       

      By:Clifford M. Delorey

       

      /s/ JEANETTE E. MARBERT

      Jeanette E. Marbert
      Executive Vice President

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ JOHN BURLINGAME

      John Burlingame

        President (Principal executive officer)

      Title

       March 31, 2016

      Date


      /s/ WILLIAM L. HARVEY

      William L. Harvey


      Executive Vice President (Principal financial officer) and Director


      March 31, 2016

      /s/ JOHN A. GALEA


      John A. GaleaClifford M. Delorey

      Clifford M. Delorey


        

      Senior Vice President and Treasurer (Principal accounting officer)


      March 31, 2016

      /s/ JEANETTE E. MARBERT

      Jeanette E. Marbert


      Executive Vice

      President and Director

      (Principal Executive Officer)


       
      June 23, 2020

      /s/ Joseph J. Bramuchi

      Joseph J. Bramuchi

      Treasurer
      March 31, 2016(Principal Financial Officer and Principal Accounting Officer)
      June 23, 2020

      /s/ Edgar Gum

      Edgar Gum

      Secretary and DirectorJune 23, 2020

      II-47


      Table of Contents



      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      MVW US HOLDINGS LLC
      Registrant
      By: CDP GP, INC.
      CERROMAR DEVELOPMENT PARTNERS GP, INC.
      HT-HIGHLANDS, INC.
      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-SEDONA, INC.
      HV GLOBAL MANAGEMENT CORPORATION
      HV GLOBAL MARKETING CORPORATION
      VACATION OWNERSHIP LENDING GP, INC.
      VOL GP, INC.

      /s/ Joseph J. Bramuchi



       

      By:Joseph J. Bramuchi

       

      /s/ JEANETTE E. MARBERT

      Jeanette E. Marbert
      ExecutiveTreasurer and Vice President

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ JOHN BURLINGAME

      John Burlingame

        President (Principal executive officer)

      Title

       March 31, 2016

      Date

      II-48


      Table of Contents

      Signature
      Title
      Date





      /s/ WILLIAM L. HARVEY


      William L. HarveyStephen P. Weisz

      Stephen P. Weisz

        

      President, Chief Executive Vice President (Principal financial officer)Officer and Director

      (Principal Executive Officer)

      June 23, 2020

      /s/ Joseph J. Bramuchi

      Joseph J. Bramuchi

      Treasurer

      (Principal Financial Officer)

      June 23, 2020

      /s/ Laurie A. Sullivan

      Laurie A. Sullivan

      Assistant Treasurer

      (Principal Accounting Officer)

      June 23, 2020

      /s/ John E. Geller, Jr.

      John E. Geller, Jr.

      Director March 31, 2016June 23, 2020

      /s/ JOHN A. GALEA

      John A. Galea


      Senior Vice President and Treasurer (Principal accounting officer)


      March 31, 2016

      /s/ JEANETTE E. MARBERT


      Jeanette E. MarbertJames H Hunter, IV

      James H Hunter, IV


        

      Executive Vice President and Director

       

      March 31, 2016June 23, 2020

      II-49


      Table of Contents



      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      MVW US SERVICES, LLC
      Registrant
      By: HTS-SAN ANTONIO, INC.MVW SSC, Inc.

      Its:

       

      By:Sole Member

      By:

      /s/ VICTORIAJoseph J. KINCKE


      VictoriaBramuchi

      Joseph J. Kincke
      Bramuchi
      SeniorTreasurer and Vice President and Secretary

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ JOHN BURLINGAME

      John Burlingame

        President (Principal executive officer)

      Title

       March 31, 2016

      Date


      /s/ WILLIAM L. HARVEY

      William L. Harvey


      Executive Vice President (Principal financial officer) and Director


      March 31, 2016

      /s/ JOHN A. GALEA

      John A. Galea

      MVW SSC, Inc.


        

      Senior Vice President and Treasurer (Principal accounting officer)Sole Member

       

      March 31, 2016June 23, 2020

      /s/ VICTORIAJoseph J. KINCKE


      VictoriaBramuchi

      Joseph J. Kincke



      SeniorBramuchi

      Treasurer and Vice President Secretary and Director


        

      March 31, 2016

      II-50



      SIGNATURES

      Table of Contents


      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      PELICAN LANDING TIMESHARE VENTURES LIMITED PARTNERSHIP

      Registrant
      By: TRADING PLACES INTERNATIONAL, LLCHTS-Coconut Point, Inc.

      Its:

       

      By:


      /s/ VICTORIA J. KINCKE

      Victoria J. Kincke
      Senior Vice President and SecretaryGeneral Partner



      PARADISE VACATION ADVENTURES, LLC
      By: Trading Places International, LLC, as sole member

      /s/ Joseph J. Bramuchi



       

      By:Joseph J. Bramuchi

       

      /s/ VICTORIA J. KINCKE

      Victoria J. Kincke
      SeniorTreasurer and Vice President and Secretary

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      II-51


      Table of Contents

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ LOREN V. GALLAGHER

      Loren V. Gallagher

        President and Chief Executive Officer (Principal executive officer)

      Title

       March 31, 2016

      Date


      /s/ WILLIAM L. HARVEY

      William L. Harvey


      Executive Vice President (Principal financial officer) and Director


      March 31, 2016

      /s/ JOHN A. GALEA


      John A. GaleaRalph Lee Cunningham

      Ralph Lee Cunningham


        

      Director,Senior Vice President, Treasurer (Principal accounting officer) and DirectorHTS-Coconut Point, Inc.


       

      March 31, 2016June 23, 2020

      /s/ VICTORIA J. KINCKE


      Victoria J. KinckeJohn E. Geller, Jr.

      John E. Geller, Jr.


        

      Director,Senior Vice President, General Counsel, Secretary and DirectorHTS-Coconut Point, Inc.


       

      June 23, 2020

      /s/ James H Hunter, IV

      James H Hunter, IV

      Director,March 31, 2016HTS-Coconut Point, Inc.

      June 23, 2020

      II-52


      Table of Contents



      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      R.C. CHRONICLE BUILDING, L.P.
      By: HTS-SAN ANTONIO, L.L.C.RCC (GP) Holdings LLC

      Its:

       

      By:General Partner

      By:
      RCC (LP) Holdings L.P.
      Its:Sole Member
      By:RCDC Chronicle LLC
      Its:General Partner
      By:

      /s/ JEANETTE E. MARBERT


      Jeanette E. Marbert
      Joseph J. Bramuchi

      Joseph J. Bramuchi
      ExecutiveTreasurer and Vice President

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ JOHN BURLINGAME

      John Burlingame

        President (Principal executive officer)

      Title

       March 31, 2016

      Date


      /s/ WILLIAM L. HARVEY

      William L. Harvey


      Executive Vice President (Principal financial officer)


      March 31, 2016

      RCC (GP) Holdings LLC

      By: RCC (LP) Holdings L.P., its sole member

      By: RCDC Chronicle LLC, its general partner

      /s/ JOHN A. GALEA


      John A. GaleaStephen P. Weisz

      Stephen P. Weisz

      President


        

      Senior Vice President and Treasurer (Principal accounting officer)

      General Partner


       

      March 31, 2016

      /s/ JEANETTE E. MARBERT

      Jeanette E. Marbert


      Executive Vice President


      March 31, 2016June 23, 2020

      II-53


      Table of Contents



      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      RBF, LLC
      Registrant
      By: HTS-SAN ANTONIO, L.P.The Ritz-Carlton Development Company, Inc.
      Its: Sole Member
      By: HTS-San Antonio, Inc., as general partner

      /s/ Joseph J. Bramuchi



       

      By:Joseph J. Bramuchi

       

      /s/ VICTORIA J. KINCKE

      Victoria J. Kincke
      SeniorTreasurer and Vice President and Secretary

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ JOHN BURLINGAME

      John Burlingame

        President (Principal executive officer)

      Title

       March 31, 2016

      Date


      /s/ WILLIAM L. HARVEY

      William L. Harvey


      Executive Vice President (Principal financial officer)


      March 31, 2016

      /s/ JOHN A. GALEA


      John A. GaleaStephen P. Weisz

      Stephen P. Weisz


        

      Senior Vice

      President and Treasurer (Principal accounting officer)

      (Principal Executive Officer)


       

      March 31, 2016June 23, 2020

      /s/ VICTORIAJoseph J. KINCKE


      VictoriaBramuchi

      Joseph J. KinckeBramuchi


        

      Senior

      Treasurer and Vice President

      (Principal Financial Officer)

      June 23, 2020

      /s/ Laurie A. Sullivan

      Laurie A. Sullivan

      Assistant Treasurer and SecretaryVice President

      (Principal Accounting Officer)


       

      March 31, 2016June 23, 2020

      The Ritz-Carlton Development Company, Inc.

      /s/ Stephen P. Weisz

      Stephen P. Weisz

      President

      Sole Member

      June 23, 2020

      II-54


      Table of Contents



      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      RCC (GP) Holdings LLC
      Registrant
      By: HTS-WILD OAK RANCH BEVERAGE, LLCRCC (LP) Holdings L.P.

      Its:

       

      By:Sole Member

      By:
      RCDC Chronicle LLC
      Its:General Partner
      By:

      /s/ VICTORIAJoseph J. KINCKE


      VictoriaBramuchi

      Joseph J. Kincke
      Bramuchi
      SeniorTreasurer and Vice President and Secretary

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ WILLIAM L. HARVEY

      William L. Harvey

        President (Principal executive officer, principal financial officer and principal accounting officer) and Manager

      Title

       March 31, 2016

      Date


      /s/ VICTORIAStephen P. Weisz

      Stephen P. Weisz

      President

      (Principal Executive Officer)

      June 23, 2020

      /s/ Joseph J. KINCKE


      VictoriaBramuchi

      Joseph J. KinckeBramuchi


        

      Senior

      Treasurer and Vice President Secretary

      (Principal Financial Officer)

      June 23, 2020

      /s/ Laurie A. Sullivan

      Laurie A. Sullivan

      Assistant Treasurer and ManagerVice President

      (Principal Accounting Officer)


       

      March 31, 2016June 23, 2020

      RCC (LP) Holdings L.P.

      By: RCDC Chronicle LLC, its general partner

      /s/ Stephen P. Weisz

      Stephen P. Weisz

      President

      Sole Member

      June 23, 2020

      II-55



      SIGNATURES

      Table of Contents


      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      RCC (LP) HOLDINGS L.P.
      Registrant
      By: HVC-HIGHLANDS, L.L.C.RCDC Chronicle LLC
      Its: General Partner
      By: HT-Highlands,The Ritz-Carlton Development Company, Inc., as general partner of Highlands Inn Investors II, L.P., the sole member

      Its:

       

      By:Sole Member

      By:

      /s/ JEANETTE E. MARBERT


      Jeanette E. Marbert
      Joseph J. Bramuchi

      Joseph J. Bramuchi
      ExecutiveTreasurer and Vice President

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ JOHN BURLINGAME

      John Burlingame

        President (Principal executive officer)

      Title

        March 31, 2016

      Date


      /s/ WILLIAM L. HARVEY

      William L. Harvey


      Executive Vice President (Principal financial officer) and Director


      March 31, 2016

      RCDC Chronicle LLC

      By: The Ritz-Carlton Development Company, Inc., its sole member

      /s/ JOHN A. GALEA


      John A. GaleaStephen P. Weisz

      Stephen P. Weisz

      President


        

      Senior Vice President and Treasurer (Principal accounting officer)

      General Partner


        

      March 31, 2016

      /s/ JEANETTE E. MARBERT

      Jeanette E. Marbert


      Executive Vice President and Director


      March 31, 2016June 23, 2020

      II-56


      Table of Contents



      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      RCDC CHRONICLE LLC
      Registrant
      By: HV GLOBAL GROUP, INC.

      /s/ Joseph J. Bramuchi



       

      By:Joseph J. Bramuchi

       

      /s/ JEANETTE E. MARBERT

      Jeanette E. Marbert
      ExecutiveTreasurer and Vice President

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ JOHN BURLINGAME

      John Burlingame

        President (Principal executive officer)

      Title

       March 31, 2016

      Date


      /s/ WILLIAM L. HARVEY

      William L. Harvey


      Executive Vice President (Principal financial officer) and Director


      March 31, 2016

      /s/ JOHN A. GALEA


      John A. GaleaStephen P. Weisz

      Stephen P. Weisz


        

      Senior Vice

      President Treasurer (Principal accounting officer) and Director

      (Principal Executive Officer)


       

      March 31, 2016June 23, 2020

      /s/ JEANETTE E. MARBERT


      Jeanette E. MarbertJoseph J. Bramuchi

      Joseph J. Bramuchi


        

      Executive

      Treasurer and Vice President

      (Principal Financial Officer)

      June 23, 2020

      /s/ Laurie A. Sullivan

      Laurie A. Sullivan

      Assistant Treasurer and DirectorVice President

      (Principal Accounting Officer)


       

      March 31, 2016June 23, 2020

      The Ritz-Carlton Development Company, Inc.

      /s/ Stephen P. Weisz

      Stephen P. Weisz

      President

      Sole Member

      June 23, 2020

      II-57


      Table of Contents



      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      REP HOLDINGS, LTD.

      Registrant
      By: ILG MANAGEMENT, LLC



      By:


      /s/ JEANETTE E. MARBERT


      Jeanette E. Marbert

      Jeanette E. Marbert
      ManagerSenior Vice President

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date


        

      Title


       

      Date

      /s/ JEANETTE E. MARBERT


      Denis Ebrill

      Denis Ebrill

      President and Director

      (Principal Executive Officer)

      June 23, 2020

      /s/ Jeanette E. Marbert

      Jeanette E. Marbert

        Manager (Principal executive officer)

      Senior Vice President
      (Principal Financial Officer and Principal Accounting Officer)

       March 31, 2016June 23, 2020

      /s/ WILLIAM L. HARVEY

      William L. Harvey


      Manager (Principal financial officer)


      March 31, 2016

      /s/ JOHN A. GALEA


      John A. GaleaE. Geller, Jr.

      John E. Geller, Jr.


        

      Manager (Principal accounting officer)

      Director


       

      March 31, 2016June 23, 2020

      II-58


      Table of Contents



      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      RESORT MANAGEMENT FINANCE SERVICES, INC.

      Registrant
      KEY WESTER LIMITED
      By: HTS-KW, Inc., as general partner

      /s/ Joseph J. Bramuchi



       

      By:Joseph J. Bramuchi

       

      /s/ JEANETTE E. MARBERT

      Jeanette E. Marbert
      Executive Vice PresidentTreasurer

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ JOHN BURLINGAME

      John Burlingame

        President (Principal executive officer)

      Title

       March 31, 2016

      Date


      /s/ WILLIAM L. HARVEY

      William L. Harvey


      Executive Vice President (Principal financial officer) and Director


      March 31, 2016

      /s/ JOHN A. GALEA


      John A. GaleaJames H Hunter, IV

      James H Hunter, IV


        

      Senior Vice President and Treasurer (Principal accounting officer)


      March 31, 2016

      /s/ JEANETTE E. MARBERT

      Jeanette E. Marbert


      Executive Vice

      President and Director

      (Principal Executive Officer)


       

      March 31, 2016June 23, 2020

      /s/ Joseph J. Bramuchi

      Joseph J. Bramuchi

      Treasurer

      (Principal Financial Officer and Principal Accounting Officer)

      June 23, 2020

      /s/ John E. Geller, Jr.

      John E. Geller, Jr.

      DirectorJune 23, 2020

      II-59



      SIGNATURES

      Table of Contents


      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      S.O.I. ACQUISITION CORP.
      Registrant
      By: RESORT MANAGEMENT FINANCE SERVICES, INC.

      /s/ John E. Geller, Jr.



       

      By:John E. Geller, Jr

       

      /s/ MICHELE KEUSCH

      Michele Keusch
      Executive Vice President and Chief Financial Officer

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ MICHELE KEUSCH

      Michele Keusch

        

      Title

      Date

      /s/ Jeanette E. Marbert

      Jeanette E. Marbert

      President, (Principal executive officer)Chief Executive Officer and Director

      (Principal Executive Officer)

      June 23, 2020

      /s/ John E. Geller, Jr.

      John E. Geller, Jr.

      Executive Vice President, Chief Financial Officer and Director

      (Principal Financial Officer and Principal Accounting Officer)

      June 23, 2020

      /s/ James H Hunter, IV

      James H Hunter, IV

      Director March 31, 2016June 23, 2020


      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrants have duly caused this registration statement to be signed on their behalf by the undersigned, thereunto duly authorized, in the City of Orlando, State of Florida, on June 23, 2020.


      /s/ JILL TILTON SILVERMAN

      Jill Tilton Silverman


      Treasurer (Principal financial officer and principal accounting officer) and Director


      March 31, 2016

      THE COBALT TRAVEL COMPANY, LLC


      THE RITZ-CARLTON MANAGEMENT COMPANY, L.L.C.

      Each a Registrant

      By:The Ritz-Carlton Development Company, Inc.
      Its:Sole Member
      By:

      /s/ JENNIFER A. WEST


      Jennifer A. WestJoseph J. Bramuchi


       

      SecretaryJoseph J. Bramuchi
      Treasurer and Director

      March 31, 2016Vice President

      II-60


      Know all persons by these presents, that each person whose signature appears below constitutes and appoints Joseph J. Bramuchi, John E. Geller, Jr. and James H Hunter, IV as such person’s true and lawfulTableattorneys-in-fact and agents, with full power to act separately and full power of Contentssubstitution and resubstitution, for such person and in such person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each saidattorney-in-fact and agent full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or each such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof.


      SIGNATURES
      Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated below.

       

      Signature

      Title

      Date

      The Ritz-Carlton Development Company, Inc.Sole MemberJune 23, 2020

      /s/ Joseph J. Bramuchi

      Joseph J. Bramuchi

      Treasurer and Vice President


      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      VACATION OWNERSHIP LENDING, L.P.
      Registrant
      By: WORLDEX CORPORATIONVacation Ownership Lending GP, Inc.

      Its:

       

      By:General Partner

      By:

      /s/ JEANETTE E. MARBERT


      Jeanette E. Marbert
      Joseph J. Bramuchi

      Joseph J. Bramuchi
      Treasurer and Vice President

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ JEANETTE E. MARBERT

      Jeanette E. Marbert

        President (Principal executive officer) and Director

      Title

       March 31, 2016

      Date


      /s/ WILLIAM L. HARVEY

      William L. Harvey


      Executive Vice President (Principal financial officer) and Director


      March 31, 2016

      /s/ JOHN A. GALEA


      Ralph Lee Cunningham

      Ralph Lee Cunningham

      Director, Vacation Ownership Lending GP, Inc.June 23, 2020

      /s/ John A. GaleaE. Geller, Jr.

      John E. Geller, Jr.


        

      Senior Vice President, Chief Financial Officer, Treasurer (Principal accounting officer) and Director, Vacation Ownership Lending GP, Inc.

       

      March 31, 2016June 23, 2020

      /s/ James H Hunter, IV

      James H Hunter, IV

      Director, Vacation Ownership Lending GP, Inc.June 23, 2020

      II-61


      Table of Contents



      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      VOL INVESTORS, L.P.
      Registrant
      By: HVO KEY WEST HOLDINGS, LLCVOL GP, Inc.
      Its: General Partner
      By: HV Global Marketing Corporation, its sole member

      /s/ Joseph J. Bramuchi



       

      By:Joseph J. Bramuchi

       

      /s/ JEANETTE E. MARBERT

      Jeanette E. Marbert
      ExecutiveTreasurer and Vice President

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ JOHN BURLINGAME

      John Burlingame

        President (Principal executive officer)

      Title

       March 31, 2016

      Date


      /s/ WILLIAM L. HARVEY

      William L. Harvey


      Executive Vice President (Principal financial officer) and Director


      March 31, 2016

      /s/ JOHN A. GALEA


      John A. GaleaRalph Lee Cunningham

      Ralph Lee Cunningham


        

      Senior Vice President (Principal accounting officer) and TreasurerDirector, VOL GP, Inc.

       

      March 31, 2016June 23, 2020

      /s/ JEANETTEJohn E. MARBERT


      JeanetteGeller, Jr.

      John E. MarbertGeller, Jr.


        

      Executive Vice President and Director, VOL GP, Inc.

       

      March 31, 2016June 23, 2020

      /s/ James H Hunter, IV

      James H Hunter, IV

      Director, VOL GP, Inc.June 23, 2020

      II-62


      Table of Contents



      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami,Orlando, State of Florida, on March 31, 2016.June 23, 2020.

      WINDWARD POINTE II, L.L.C.
      Registrant
      By: SUNSET HARBOR DEVELOPMENT PARTNERSHIPKey Wester Limited
      Its: Sole Member
      By: HTS-Key West,HTS-KW, Inc., as general partner

      Its:

       

      By:General Partner

      By:

      /s/ JEANETTE E. MARBERT


      Jeanette E. Marbert
      Joseph J. Bramuchi

      Joseph J. Bramuchi
      ExecutiveTreasurer and Vice President

              TheKnow all persons by these presents, that each person whose signature appears below constitutes and appoints Craig M. Nash, JeanetteJoseph J. Bramuchi, John E. MarbertGeller, Jr. and William L. Harvey and each of them, his or herJames H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, each with full power to act separately and full power of substitution and resubstitution, severally, for him or hersuch person and in his or hersuch person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement any subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-factattorney-in-fact and agents, and each of them,agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or any of them or their or his or hereach such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney may be executed in counterparts.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statementregistration statement has been signed below by the following persons in the capacities and on the dates indicated.indicated below.

      Signature

      Title
      Date





      /s/ WILLIAM L. HARVEY

      William L. Harvey

        Executive Vice President (Principal executive officer and principal financial officer) and Director

      Title

       March 31, 2016

      Date


      /s/ JOHN A. GALEA

      John A. Galea


      Senior Vice President and Treasurer (Principal accounting officer)


      March 31, 2016

      /s/ JEANETTE E. MARBERT


      Jeanette E. MarbertRalph Lee Cunningham

      Ralph Lee Cunningham


        

      Chief Executive Officer and President

      (Principal Executive Officer)

      June 23, 2020

      /s/ Joseph J. Bramuchi

      Joseph J. Bramuchi

      Treasurer and Vice President

      (Principal Financial Officer and DirectorPrincipal Accounting Officer)


       

      June 23, 2020

      Key Wester Limited

      By:March 31, 2016HTS-KW, Inc., its general partner

      Sole MemberJune 23, 2020

      /s/ Ralph Lee Cunningham

      Ralph Lee Cunningham

      Chief Executive Officer & President


      SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Orlando, State of Florida, on June 23, 2020.

      WORLDWIDE VACATION & TRAVEL, INC.
      Registrant
      By:

      /s/ Joseph J. Bramuchi

      Joseph J. Bramuchi
      Treasurer and Vice President

      II-63


      Know all persons by these presents, that each person whose signature appears below constitutes and appoints Joseph J. Bramuchi, John E. Geller, Jr. and James H Hunter, IV as such person’s true and lawfulattorneys-in-fact and agents, with full power to act separately and full power of substitution and resubstitution, for such person and in such person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each saidattorney-in-fact and agent full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that saidattorneys-in-fact and agents or each such person’s substitute or substitutes may lawfully do or cause to be done by virtue hereof.

      Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated below.

      Table of Contents


      EXHIBIT INDEX

      ExhibitDescriptionIncorporated By Reference Location
      2.1

      Signature

        Business Transfer Deed, dated August 3, 2013, among CLC Resort Management Limited, Gorvines Limited, VRI Europe Limited and the other parties thereto

      Title

       ILG's Quarterly Report on Form 10-Q filed on November 5, 2013

      Date

      2.2Equity Interest Purchase Agreement, dated May 6, 2014 among Hyatt Corporation, HTS-Aspen, L.L.C., S.O.I. Acquisition Corp. and Interval Leisure Group.ILG's Quarterly Report on Form 10-Q filed on August 6, 2014
      2.3Agreement and Plan of Merger, dated as of October 27, 2015, by and among Interval Leisure Group, Inc., Iris Merger Sub, Inc., Starwood Hotels & Resorts Worldwide, Inc. and Vistana Signature Experiences, Inc.Exhibit 2.1 to the Current Report on Form 8-K/A filed by Starwood Hotels & Resorts Worldwide, Inc. on November 3, 2015
      2.4Separation Agreement, dated as of October 27, 2015, by and among Interval Leisure Group, Inc., Starwood Hotels & Resorts Worldwide, Inc. and Vistana Signature Experiences, Inc.Exhibit 2.2 to the Current Report on Form 8-K/A filed by Starwood Hotels & Resorts Worldwide, Inc. on November 3, 2015
      3.1Amended and Restated Certificate of Incorporation of Interval Leisure Group, Inc.ILG's Current Report on Form 8-K filed on August 25, 2008
      3.2Fourth Amended and Restated By-laws of Interval Leisure Group, Inc.ILG's Current Report on Form 8-K filed on December 12, 2014
      3.3Certificate of Designation, Preferences and Rights of Series A Junior Participating Preferred Stock of Interval Leisure Group, Inc.ILG's Quarterly Report on Form 10-Q filed on August 11, 2009
      3.4*Certificate of Incorporation of Vacation Holdings Hawaii, Inc. (now Aqua-Aston Holdings, Inc.)
      3.5*By-laws of Vacation Holdings Hawaii, Inc. (now Aqua-Aston Holdings, Inc.)
      3.6*Certificate of Formation of Aqua Hospitality LLC
      3.7*Amended and Restated Limited Liability Company Agreement of Aqua Hospitality LLC
      3.8*Articles of Organization of Aqua Hotels & Resorts, LLC
      3.9*Second Amended Operating Agreement of Aqua Hotels & Resorts, LLC
      3.10*Second Amended and Restated Certificate of Incorporation of Aqua Hotels and Resorts, Inc.
      3.11*By-laws of Aqua Hotels and Resorts, Inc.
      3.12*Certificate of Formation of Aqua Hotels and Resorts Operator LLC

      II-64


      Table of Contents

      ExhibitDescriptionIncorporated By Reference Location
      3.13*Limited Liability Company Agreement of Aqua Hotels and Resorts Operator LLC

      /s/ Jeanette E. Marbert

      Jeanette E. Marbert

        

      President, Chief Executive Officer and Director

      (Principal Executive Officer)

       June 23, 2020
      3.14*Articles of Organization of Aqua Luana Operator LLC
      3.15*Operating Agreement of Aqua Luana Operator LLC
      3.16Articles of Organization of ResortQuest Hawaii, LLC (now Aqua-Aston Hospitality, LLC)ILG's Registration Statement on Form S-4 filed on October 3, 2008
      3.17Amended and Restated Operating Agreement of ResortQuest Hawaii, LLC (now Aqua-Aston Hospitality, LLC)ILG's Registration Statement on Form S-4 filed on October 3, 2008
      3.18*Articles of Organization of Aston Hotels & Resorts Florida, LLC
      3.19*Operating Agreement of Aston Hotels & Resorts Florida, LLC
      3.20*Certificate of Incorporation of CDP GP, Inc.
      3.21*By-laws of CDP GP, Inc.
      3.22*Certificate of Limited Partnership of CDP Investors, L.P.
      3.23*Agreement of Limited Partnership of CDP Investors, L.P.
      3.24*Certificate of Incorporation of Cerromar Development Partners GP, Inc.
      3.25*By-laws of Cerromar Development Partners GP, Inc.
      3.26*Certificate of Limited Partnership of Cerromar Development Partners, L.P., S.E.
      3.27*Agreement of Limited Partnership of Cerromar Development Partners, L.P., S.E.
      3.28*Articles of Organization of Diamond Head Management LLC
      3.29*First Amended Operating Agreement of Diamond Head Management LLC
      3.30*Certificate of Formation of Grand Aspen Holdings, LLC
      3.31*Second Amended and Restated Limited Liability Company Operating Agreement of Grand Aspen Holdings, LLC
      3.32*Certificate of Formation of Grand Aspen Lodging, LLC
      3.33*Limited Liability Company Operating Agreement of Grand Aspen Lodging, LLC
      3.34*Certificate of Limited Partnership of Highlands Inn Investors II, L.P.
      3.35*Agreement of Limited Partnership of Highlands Inn Investors II, L.P.

      II-65


      Table of Contents

      ExhibitDescriptionIncorporated By Reference Location
      3.36*Articles of Organization of Hotel Management Services LLC

      /s/ Joseph J. Bramuchi

      Joseph J. Bramuchi

        

      Treasurer and Vice President

      (Principal Financial Officer and Principal Accounting Officer)

       June 23, 2020
      3.37*First Amended Operating Agreement of Hotel Management Services LLC
      3.38*Certificate of Incorporation of H-Sub 68, Inc. (now HT-Highlands, Inc.)
      3.39*By-laws of HT-Highlands, Inc.
      3.40*Certificate of Formation of HTS-BC, L.L.C.
      3.41*Limited Liability Company Operating Agreement of HTS-BC, L.L.C.
      3.42*Certificate of Incorporation of HTS-Beach House, Inc.
      3.43*By-laws of HTS-Beach House, Inc.
      3.44*Certificate of Formation of HTS-Beach House Partner, L.L.C.
      3.45*Limited Liability Company Operating Agreement of HTS-Beach House Partner, L.L.C.
      3.46*Certificate of Incorporation of HTS-Coconut Point, Inc.
      3.47*By-laws of HTS-Coconut Point, Inc.
      3.48*Certificate of Incorporation of HTS-Ground Lake Tahoe, Inc.
      3.49*By-laws of HTS-Ground Lake Tahoe, Inc.
      3.50*Certificate of Incorporation of H-Sub 65, Inc. (now HTS-Key West, Inc.)
      3.51*By-laws of HTS-Key West, Inc.
      3.52*Certificate of Incorporation of HTS-KW, Inc.
      3.53*By-laws of HTS-KW, Inc.
      3.54*Certificate of Incorporation of HT-New Dulles Airport Hotel, Inc. (now HTS-Lake Tahoe, Inc.)
      3.55*By-laws of HTS-Lake Tahoe, Inc.
      3.56*Certificate of Incorporation of HTS-Loan Servicing, Inc.
      3.57*By-laws of HTS-Loan Servicing, Inc.
      3.58*Certificate of Incorporation of HTS-Main Street Station, Inc.
      3.59*By-laws of HTS-Main Street Station, Inc.
      3.60*Certificate of Formation of HTS-Maui, L.L.C.
      3.61*Limited Liability Company Operating Agreement of HTS-Maui, L.L.C.

      II-66


      Table of Contents

      ExhibitDescriptionIncorporated By Reference Location
      3.62*Certificate of Incorporation of HTS-San Antonio, Inc.

      /s/ John E. Geller, Jr.

      John E. Geller, Jr.

        
      Director June 23, 2020
      3.63*By-laws of HTS-San Antonio, Inc
      3.64*Certificate of Formation of HTS-San Antonio, L.L.C.
      3.65*Operating Agreement of HTS-San Antonio, L.L.C.
      3.66*Certificate of Limited Partnership of HTS-San Antonio, L.P.
      3.67*Agreement of Limited Partnership of HTS-San Antonio, L.P.
      3.68*Certificate of Incorporation of HTS-Sedona, Inc.
      3.69*By-laws of HTS-Sedona, Inc.
      3.70*Certificate of Formation of HTS-Sunset Harbor Partner, L.L.C.
      3.71*Limited Liability Company Operating Agreement of HTS-Sunset Harbor Partner, L.L.C.
      3.72*Articles of Organization of HTS-Wild Oak Ranch Beverage, LLC
      3.73*Regulations of HTS-Wild Oak Ranch Beverage, LLC
      3.74*Certificate of Formation of HTS-Windward Pointe Partner, L.L.C.
      3.75*Limited Liability Company Operating Agreement of HTS-Windward Pointe Partner, L.L.C.
      3.76*Certificate of Incorporation of H-Sub 54, Inc. (now HV Global Group, Inc.)
      3.77*By-laws of Hyatt Vacation Ownership, Inc. (now HV Global Group, Inc.)
      3.78*Certificate of Incorporation of H-Sub 67, Inc. (now HV Global Management Corporation)
      3.79*By-laws of Hyatt Vacation Management Corporation (now HV Global Management Corporation)
      3.80*Articles of Incorporation of Key West Vacation Marketing Company (now HV Global Marketing Corporation)
      3.81*By-laws of Key West Vacation Marketing Company (now HV Global Marketing Corporation)
      3.82*Certificate of Formation of HVC-Highlands, L.L.C.
      3.83*Articles of Organization of HVO Key West Holdings, LLC
      3.84*Limited Liability Company Agreement of HVO Key West Holdings, LLC

      II-67


      Table of Contents

      ExhibitDescriptionIncorporated By Reference Location
      3.85

      /s/ James H Hunter, IV

      James H Hunter, IV

        Certificate of Incorporation of Interval International, Inc. (now IIC Holdings, Incorporated)Director ILG's Registration Statement on Form S-4 filed on October 3, 2008
      3.86By-laws of Interval International, Inc. (now IIC Holdings, Incorporated)ILG's Registration Statement on Form S-4 filed on October 3, 2008
      3.87*Articles of Incorporation of ILG International Holdings, Inc.
      3.88*By-laws of ILG International Holdings, Inc.
      3.89*Articles of Organization of ILG Management, LLC
      3.90*Operating Agreement of ILG Management, LLC
      3.91Certificate of Incorporation of Interval Holdings, Inc.ILG's Registration Statement on Form S-4 filed on October 3, 2008
      3.92By-laws of Interval Holdings, Inc.ILG's Registration Statement on Form S-4 filed on October 3, 2008
      3.93Articles of Incorporation of New Interval International, Inc. (now Interval International, Inc.)ILG's Registration Statement on Form S-4 filed on October 3, 2008
      3.94*Amended and Restated By-laws of Interval International, Inc.
      3.95Articles of Incorporation of Tenstar Corporation (now Interval Resort & Financial Services, Inc.)ILG's Registration Statement on Form S-4 filed on October 3, 2008
      3.96By-laws of Tenstar Corporation (now Interval Resort & Financial Services, Inc.)ILG's Registration Statement on Form S-4 filed on October 3, 2008
      3.97Amended and Restated Articles of Organization of Interval Software Services, LLCILG's Registration Statement on Form S-4 filed on October 3, 2008
      3.98Operating Agreement of Resort Solutions, LLC (now Interval Software Services, LLC)ILG's Registration Statement on Form S-4 filed on October 3, 2008
      3.99*Articles of Organization Kai Management Services LLC
      3.100*First Amended Operating Agreement of Kai Management Services LLC
      3.101*Certificate of Partnership of Key Wester Limited
      3.102*Agreement of Limited Partnership of Key Wester Limited

      June 23, 2020

      II-68


      Table of Contents

      ExhibitDescriptionIncorporated By Reference Location
      3.103Amended and Restated Articles of Organization of ResortQuest Real Estate of Hawaii, LLC (now Maui Condo and Home, LLC)ILG's Registration Statement on Form S-4 filed on October 3, 2008
      3.104Amended and Restated Operating Agreement of ResortQuest Real Estate of Hawaii, LLC (now Maui Condo and Home, LLC)ILG's Registration Statement on Form S-4 filed on October 3, 2008
      3.105*Certificate of Formation of TPI Acquisition Holdings, LLC (now Management Acquisition Holdings, LLC)
      3.106*Limited Liability Company Agreement of TPI Acquisition Holdings, LLC (now Management Acquisition Holdings, LLC)
      3.107Articles of Incorporation of Meragon Financial Services, Inc.ILG's Registration Statement on Form S-4 filed on October 3, 2008
      3.108By-laws of Meragon Financial Services, Inc.ILG's Registration Statement on Form S-4 filed on October 3, 2008
      3.109Articles of Incorporation of Meridian Financial Services, Inc.ILG's Registration Statement on Form S-4 filed on October 3, 2008
      3.110By-laws of Meridian Financial Services, Inc.ILG's Registration Statement on Form S-4 filed on October 3, 2008
      3.111*Amended and Restated Articles of Incorporation of Owners' Resorts and Exchange, Inc.
      3.112*Amended and Restated By-laws of Owners' Resorts and Exchange, Inc.
      3.113*Articles of Organization of Paradise Vacation Adventures, LLC
      3.114*Articles of Incorporation of ICR Finance Services, Inc. (now Resort Management Finance Services, Inc.)
      3.115*By-laws of ICR Finance Services, Inc. (now Resort Management Finance Services, Inc.)
      3.116Articles of Incorporation of REP Holdings, Ltd.ILG's Registration Statement on Form S-4 filed on October 3, 2008
      3.117By-laws of REP Holdings, LTD.ILG's Registration Statement on Form S-4 filed on October 3, 2008
      3.118*Certificate of Incorporation of Resort Sales Services, Inc.
      3.119*By-laws of Resort Sales Services, Inc.

      II-69


      Table of Contents

      ExhibitDescriptionIncorporated By Reference Location
      3.120Amended and Restated Articles of Organization of RQI Holdings, LLCILG's Registration Statement on Form S-4 filed on December 24, 2008
      3.121Amended and Restated Operating Agreement of RQI Holdings, LLCILG's Registration Statement on Form S-4 filed on October 3, 2008
      3.122*Articles of Incorporation of S.O.I. Acquisition Corp.
      3.123*By-laws of S.O.I. Acquisition Corp.
      3.124*Articles of Incorporation of Laguna Niguel Travel, Inc. (now Trading Places International, LLC)
      3.125*Limited Liability Company Agreement of Trading Places International, LLC
      3.126*Certificate of Incorporation of Vacation Ownership Lending GP, Inc.
      3.127*By-laws of Vacation Ownership Lending GP, Inc.
      3.128*Certificate of Limited Partnership of Vacation Ownership Lending, L.P.
      3.129*Articles of Incorporation of Vacation Resorts International
      3.130*By-laws of Vacation Resorts International
      3.131*Certificate of Incorporation of VOL GP, Inc.
      3.132*By-laws of VOL GP, Inc.
      3.133*Certificate of Limited Partnership of VOL Investors, L.P.
      3.134*Agreement of Limited Partnership of VOL Investors, L.P.
      3.135*Certificate of Formation of Windward Pointe II, L.L.C.
      3.136*Operating Agreement of Windward Pointe II, L.L.C.
      3.137Articles of Incorporation of Worldex CorporationILG's Registration Statement on Form S-4 filed on October 3, 2008
      3.138By-laws of Worldex CorporationILG's Registration Statement on Form S-4 filed on October 3, 2008
      3.139Articles of Incorporation of Interval Travel, Inc. (now Worldwide Vacation & Travel, Inc.)ILG's Registration Statement on Form S-4 filed on October 3, 2008
      3.140By-laws of Interval Travel, Inc. (now Worldwide Vacation & Travel, Inc.)ILG's Registration Statement on Form S-4 filed on October 3, 2008

      II-70


      Table of Contents

      ExhibitDescriptionIncorporated By Reference Location
      4.1Rights Agreement dated as of June 10, 2009, between Interval Leisure Group, Inc. and the Bank of New York Mellon, as Rights Agent, which includes the Form of Certificate of Designation, Preferences and Rights of Series A Junior Participating Preferred Stock as Exhibit A, the Form of Rights Certificate as Exhibit B and the Summary of Rights to Purchase Preferred Stock as Exhibit CILG's Current Report on Form 8-K filed on June 11, 2009
      4.2Indenture, dated April 10, 2015, among Interval Acquisition Corp., Interval Leisure Group, Inc., the other Guarantors party thereto and HSBC Bank USA, National AssociationILG's Current Report on Form 8-K filed on April 10, 2015
      4.3Registration Rights Agreement among Interval Acquisition Corp., Interval Leisure Group, Inc., the other Guarantors party thereto, and Wells Fargo Securities, LLC, dated April 10, 2015ILG's Current Report on Form 8-K filed on April 10, 2015
      4.4Form of 5.625% Senior Note due 2023Exhibit A to Exhibit 4.2
      5.1***Opinion of Holland & Knight LLC
      5.2***Opinion of Goodsill Anderson Quinn & Stifel
      12.1*Computation of Ratio of Earnings to Fixed Charges
      21.1Subsidiaries of Interval Leisure Group, Inc.ILG's Annual Report on Form 10-K filed on February 26, 2016
      23.1*Consent of Ernst & Young LLP
      23.2*Consent of Ernst & Young LLP
      23.3***Consent of Holland & Knight LLP (included in Exhibit 5.1)
      25.1*Form T-1 Statement of Eligibility of The Bank of New York Mellon to act as Trustee
      99.1*Letter of Transmittal
      99.2*Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees
      99.3*Letter to Clients
      99.4*Notice of Guaranteed Delivery

      Reflects management contracts and management and director compensatory plans

      *
      Filed Herewith.

      **
      Furnished Herewith

      ***
      To be filed by amendment.

      II-71