EXHIBIT 10.1

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[Conformed Copy]
 
AMENDMENT NO. 1
 
AMENDMENT NO. 1 dated as of July 23, 2002 among MARRIOTT INTERNATIONAL, INC., a
Delaware corporation (the “Company”); the lenders party to the Credit Agreement
referred to below (the “Lenders”); THE BANK OF NOVA SCOTIA, as Letter of Credit
Agent (in such capacity, the “Letter of Credit Agent”), and CITIBANK, N.A., as
administrative agent for the Lenders (in such capacity, the “Administrative
Agent”).
 
The Company, the Lenders, the Letter of Credit Agent, and the Administrative
Agent are parties to the Credit Agreement dated as of July 31, 2001 (as from
time to time amended, the “Credit Agreement”). The Company has requested the
Lenders to amend the Credit Agreement in certain respects, and the Required
Lenders are willing so to amend the Credit Agreement, all on the terms and
conditions set forth herein. Accordingly, the parties hereto hereby agree as
follows:
 
SECTION 1.  Definitions.    Except as otherwise defined in this Amendment No. 1,
terms defined in the Credit Agreement are used herein as defined therein.
 
SECTION 2.  Amendments.    Subject to the Administrative Agent’s receipt of
counterparts this Amendment No. 1, duly executed by the Company, the Required
Lenders, the Letter of Credit Agent, and the Administrative Agent, but effective
as of the date hereof, the Credit Agreement shall be amended as follows:
 
A.  Leverage Ratio.    The definition of “Leverage Ratio” in Section 1.01 of the
Credit Agreement is amended to read in its entirety as follows:
 
“Leverage Ratio” means, as at the last day of any fiscal quarter of the Company
ending on or after the date hereof, the ratio of:
 
(a)  Adjusted Total Debt as of such day, to
 
(b)  Consolidated EBITDA for the period of four fiscal quarters ending on such
day; provided that amounts reflected on the consolidated statements of income
and cash flows of the Company and its Subsidiaries that are directly
attributable to the acquisition, pre-commencement and operation of Synthetic
Fuel Facilities shall be excluded from the calculation of Consolidated EBITDA
for purposes of determining the Leverage Ratio; and provided further that
“Synthetic Fuel Facility” means any interest of the Company and its Subsidiaries
in a facility which produces synthetic fuel that qualifies for tax credits based
on Section 29 of the Code.
 
B.  Compliance Certificate.    Section 6.01(i) is amended by deleting the word
“and” at the end of clause (ix) thereof, changing the period at the end of
clause (x) thereof to a semicolon, and adding thereto a clause (xi) to read in
its entirety as follows:

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(xi)  contemporaneously with and as part of the certificates of compliance
provided for under clauses (i) and (ii) above, a written statement signed by the
Company substantially in the form of Exhibit H.
 
C.  Exhibit H.    A new Exhibit H is added to the Credit Agreement to be in the
form of Exhibit H attached hereto.
 
D.  General.    References in the Credit Agreement to “this Agreement”
(including indirect references such as “hereunder”, “hereby”, “herein” and
“hereof”) shall be deemed to be references to the Credit Agreement as amended
hereby.
 
SECTION 3.  Representations and Warranties.    The Borrower hereby represents
and warrants to the Administrative Agent and the Lenders that:
 
(a)  the representations and warranties contained in Section 5.01 of the Credit
Agreement (except the Excluded Representations) are correct on and as of the
date hereof as though made on and as of such date (other than any such
representations or warranties that, by their terms, refer to a specific date);
and
 
(b)  no event has occurred and is continuing that constitutes a Default.
 
SECTION 4.  Miscellaneous.    Except as herein provided, the Credit Agreement
and each of the other Loan Documents shall remain unchanged and in full force
and effect. This Amendment No. 1 may be executed in any number of counterparts,
all of which taken together shall constitute one and the same instrument and any
of the parties hereto may execute this Amendment No. 1 by signing any such
counterpart. This Amendment No. 1 shall be governed by, and construed in
accordance with, the law of the State of New York.

2

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to be
executed by their respective officers thereunto duly authorized, as of the date
first above written.
 
The Borrower
MARRIOTT INTERNATIONAL, INC.
By
 
/s/    C.B. HANDLON        

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Title:    Senior Vice President, Finance and Treasurer

 
Administrative Agent
CITIBANK, N.A.,
    as Administrative Agent
By
 
/s/    DIANE POCKAJ         

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Title:    Director

 
Letter of Credit Agent
THE BANK OF NOVA SCOTIA,
    as Letter of Credit Agent
By
 
/s/    T.J. MCNAUGHT         

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  Title:    Director

 
The Lenders
CITIBANK, N.A.
By
 
/s/    DIANE POCKAJ         

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  Title:    Director

3

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THE BANK OF NOVA SCOTIA
By
 
/s/    T.J. MCNAUGHT         

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Title:    Director

 
 
BANK OF AMERICA, N.A.
By
 
/s/    ANSEL L. MC DOWELL         

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Title:    Principal

 
 
JPMORGAN CHASE BANK
By
 
/s/    JOHN F. MIX         

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Title:    Vice President

 
 
FLEET NATIONAL BANK
By
 
/s/    ROGER C. BOUCHER         

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Title:    Director

 
 
MELLON BANK, N.A.
By
 
/s/    MARIA N. SISTO         

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Title:    Vice President

4

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MERRILL LYNCH BANK USA
By
 
/s/    LOUIS ALDER    

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Title:    Vice President

 
SUNTRUST BANK
By
 
/s/    ANDREW J. HINES    

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Title:    Director

 
HSBC BANK USA
By
 
/s/    ALAN VITULICH      

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Title:    Vice President

 
COMERICA BANK
By
 
/s/    JEFFREY LAFFERTY    

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Title:    

 
DEUTSCHE BANK AG, NEW YORK BRANCH
By
 
/s/    STEVEN P. LAPHAM      

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Title:    Director

 
BANCA DI ROMA—NEW YORK BRANCH
By
 
/s/    A. PAOLI

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Title:    Asst. Treasurer
By
 
/s/    C. STRIKE  

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Title:    Vice President

5

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BANCA NAZIONALE DEL LAVORO S.P.A.
New York Branch
By
 

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Title:    
 

BARCLAYS BANK PLC
By
 
/s/    NICHOLAS BELL

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Title:    Director

THE BANK OF NEW YORK
By
 
/s/    STEVEN CAVALUZZO

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Title:    Vice President

CREDIT SUISSE FIRST BOSTON
By
 

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Title:    

WACHOVIA BANK, NATIONAL ASSOCIATION
By
 
/s/     MICHAEL ROMANZO

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Title:    Assistant Vice President

6

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FUJI BANK
By
 

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Title:    

SUMITOMO MITSUBISHI BANKING CORPORATION
By
 
/s/    EDWARD D. HENDERSON, JR.

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Title:    Joint General Manager

BANK OF HAWAII
By
 
/s/    LUKE YEH

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Title:    Vice President

ALLFIRST BANK
By
 
/s/    SHELLY M. TRIMBLE

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Title:    Vice President

BANK ONE, NA
By
 
/s/    DENNIS J. REDPATH

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Title:    Director, Capital Markets

7

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FIRST HAWAIIAN BANK
By
 
/s/    CHARLES L. JENKINS

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Title:    Vice President, Manager

 
CREDIT LYONNAIS NEW YORK BRANCH
By
 

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Title:

 
LEHMAN COMMERCIAL PAPER, INC.
By
 
/s/    MICHELE SWANSON

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Title:    Authorized Signatory

 
RIGGS BANK N.A.
By
 
/s/    D.H. KENNETH

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Title:

 
SANWA BANK LIMITED
By
 

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Title:

8

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WELLS FARGO BANK, NATIONAL ASSOCIATION
By
 

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Title:

9

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EXHIBIT H
 
Marriott International
Compliance Certificate Addition
Forecast Income Statement for [specific period]
$ in millions
 

      
As Reported

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Impact of Synfuel

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Excluding Synfuel

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Operating Profit
                    
Synfuel Losses
                    
Reported Op Profit
                                           
Interest Expense
                    
Interest Income
                    
Corporate Admin
                    
Non-Operating
                                           
Pretax Income
                                           
Taxes
                                           
Net Income
                                           
Effective Tax Rate
                    

10