Attached please find a copy of the Second Amended and Restated Reservation Procedures for The Ritz-Carlton Club Membership Program, which will be effective as of Monday, January 1, 2018.

These reservation procedures for The Ritz-Carlton Club, Vail have been amended and restated by the Program Manager, The Cobalt Travel Company, L.L.C., to address the following:

• Provide for the designation of a Primary Member for fractional interests owned either by multiple individuals or by entities for reserving usage of Allocation
• Provide that a Member may designate another individual or entity to make or change reservations on behalf of the Member
• Provide the ability for each Member of a fractional interest owned by other than individuals to provide the Program Manager with the names of up to four individuals (including the Primary Member) to exercise the membership privileges of that Member
• Incorporate language regarding the Sister Club Exchange Cap
• Provide that the ability to release Allocation in lieu of payment of a per diem fee for Space Available Time (at other than a Member's Home Club) will be limited by the Sister Club Exchange Cap
• Provide that if a dispute or conflict arises out of instructions given to the Program Manager or reservations made for a fractional interest owned by either multiple individuals or entities, Program Manager may treat the instructions given by the Primary Member as definitive
• Change the definition of "Member in Good Standing" to include that a Member must not be in default under any of the Club Documents
• Add a new section on occupancy of Club Units to provide that the Member is responsible for damages to a Club Unit (regardless of whether at the Home Club or a Sister Club)
• Clarify that in the event of a casualty there is no responsibility for the unavailability of Club Units, amenities and facilities

Please check the Member website at www.myritzcarltonclub.com for notification regarding whether the Sister Club Exchange Cap has been reached for any of The Ritz-Carlton Clubs.