MEMORANDUM OF RIGHT OF FIRST REFUSAL. This Memorandum of Right of First Refusal (“Memorandum”) is effective as of the day of , 2011 (“Effective Date”) among Marriott International, Inc., a Delaware corporation (“MII”), and Marriott Worldwide Corporation, a Maryland corporation (“MWC”) (MII and MWC are referred to collectively herein as “Licensor”), and , a (“Owner”).
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Sources: License Agreement (Marriott International Inc /Md/), License, Services and Development Agreement (Marriott Vacations Worldwide Corp)