Exhibit 10.3
Execution Copy

OMNIBUS AMENDMENT No. 2
THIS OMNIBUS AMENDMENT, dated September 26, 2014 (this “Amendment”) is entered
into by and among the Transaction Parties (defined below) and relates to the
following transaction documents (the “Transaction Documents”), each as amended
by that certain Omnibus Amendment, dated October 18, 2013, by and among the
parties hereto: (1) the Fifth Amended and Restated Note Funding Agreement, dated
as of April 1, 2013, by and among Diamond Resorts Issuer 2008 LLC, as issuer
(the “Issuer”), Diamond Resorts Depositor 2008 LLC, as depositor (the
“Depositor”), Diamond Resort Corporation (“DRC”), Diamond Resorts Holdings, LLC
(“DRH”) and Diamond Resorts International, Inc. (f/k/a Diamond Resorts Parent,
LLC) (“DRII”), each in its capacity as performance guarantor (the “Performance
Guarantors”), the Purchasers (as defined in the Transaction Documents) and
Funding Agents (as defined in the Transaction Documents) from time to time party
thereto and Credit Suisse AG, New York Branch, as Administrative Agent (the
“Administrative Agent”) (the “Note Funding Agreement”); (2) the Fifth Amended
and Restated Indenture, dated as of April 1, 2013, by and among the Issuer,
Diamond Resorts Financial Services, Inc., as servicer (the “Servicer”), Wells
Fargo Bank, National Association, as indenture trustee (the “Indenture
Trustee”), as custodian (the “Custodian”) and as back-up servicer (the “Back-Up
Servicer”), and the Administrative Agent (the “Indenture”); (3) the Fourth
Amendment and Restated Purchase Agreement, dated as of April 1, 2013, by and
between Diamond Resorts Finance Holding Company, as seller (“DRFHC”, and
together with the Issuer, the Depositor, the Performance Guarantors, the
Purchasers, the Funding Agents, the Administrative Agent, the Servicer, the
Indenture Trustee, the Custodian and the Back-Up Servicer, the “Transaction
Parties”), and the Depositor; (4) the Fourth Amended and Restated Sale
Agreement, dated as of April 1, 2013, by and between the Depositor and the
Issuer; (5) the Fourth Amended and Restated Custodial Agreement, dated as of
April 1, 2013, by and among the Custodian, the Indenture Trustee, the Issuer,
the Servicer and the Administrative Agent; (6) the Fourth Amended and Restated
Undertaking Agreement, dated as of April 1, 2013, by and among the Performance
Guarantors, the Issuer, the Indenture Trustee and the Administrative Agent; and
(7) any other ancillary documents, agreements, supplements and/or certificates
entered into or delivered in connection with the foregoing.
RECITALS
WHEREAS, the Transaction Parties desire to amend the Fifth Amended and Restated
Standard Definitions attached or incorporated into each of the Transaction
Documents (the “Fifth Amended and Restated Standard Definitions”) in the manner
set forth herein.
WHEREAS, the Transaction Parties desire to amend the Note Funding Agreement and
the Indenture in the manner set forth herein.
WHEREAS, the undersigned Purchasers and Funding Agents together constitute 100%
of the Purchasers and Funding Agents.

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NOW, THEREFORE, in consideration of the mutual promises hereinafter set forth,
and for other good and adequate consideration, the receipt and sufficiency of
which are hereby acknowledged, the Transaction Parties hereby agree as follows:
Section 1.01.    Amendment to the Fifth Amended and Restated Standard
Definitions
The following definitions shall replace the corresponding definition in the
Fifth Amended and Restated Standard Definitions:
““Amendment Closing Date” means September 26, 2014.”
““Maximum Facility Balance” shall equal $175,000,000 unless a higher or lower
amount as shall be agreed to pursuant to Section 2.2 of the Note Funding
Agreement.”
““Minimum Hedge Notational Amount” shall mean (i) on and prior to November 30,
2014, so long as no Amortization Event shall have occurred, 90% of the
Outstanding Note Balance of the Notes up to $125,000,000, and (ii) upon the
earlier of December 1, 2014 and the occurrence of an Amortization Event, 90% of
the Outstanding Note Balance of the Notes.”
Section 1.02.    Amendment of the Note Funding Agreement
Schedule I to the Note Funding Agreement shall be amended by deleting the same
in its entirety and replacing it with the document attached as Exhibit A hereto.
Section 1.03.    Amendments to the Indenture
Section 3.4(i) of the Indenture shall be amended by adding “, including
indemnities,” after “expenses,” and by replacing “clause (ii)” with “clause
(i).”
Section 3.4(xiv) of the Indenture shall be amended by adding “and indemnities”
after “any expenses.”
Section 5.15 of the Indenture shall be amended:
(i)
by adding “the Backup Servicer,” after “the Indenture Trustee,” in the first
line thereof; and

(ii)
by adding the following paragraph as a second paragraph to Section 5.15:

“The Issuer agrees to indemnify, defend, and hold harmless the Indenture
Trustee, the Servicer, the Custodian and the Back-up Servicer and each of their
respective officers, directors, employees and agents from and against all costs,
expenses, losses, claims, damages and liabilities (including reasonable
attorneys’ fees and expenses) arising out of or incurred in connection with the
acceptance or performance of the trusts and duties herein contained, except,
with respect to any such indemnified party, to the extent that such cost,
expense, loss, claim, damage, or liability shall be due to the willful
misconduct, bad faith or negligence of such indemnified party. Indemnification
under this paragraph of Section 5.15 by the Issuer shall

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survive the termination of this Indenture. The indemnified parties in this
paragraph of Section 5.15 agree that any indemnification by the Issuer shall be
subject to the priority of distributions in Sections 3.4 and 6.6, and such
obligations are limited recourse obligations of the Issuer payable solely from
the Trust Estate.”

Section 2.01.    Representations and Warranties
DRC, DRH, DRII, DRFHC, the Servicer, the Depositor and the Issuer hereby
represent and warrant to each of the other Transaction Parties that, after
giving effect to this Amendment: (a) the representations and warranties set
forth in each of the Transaction Documents by each of DRC, DRH, DRII, DRFHC, the
Servicer, the Depositor and the Issuer are true and correct in all material
respects on and as of the date hereof, with the same effect as though made on
and as of such date (except to the extent that any representation and warranty
expressly relates to an earlier date, then such earlier date), (b) on the date
hereof, no Default has occurred and is continuing, (c) the execution, delivery
and performance of this Amendment in accordance with its terms and the
consummation of the transactions contemplated hereby by any of them do not and
will not (i) require any consent or approval of any Person, except for consents
and approvals that have already been obtained, (ii) violate any applicable law,
or (iii) contravene, conflict with, result in a breach of, or constitute a
default under their organization documents, as the same may have been amended or
restated, or contravene, conflict with, result in a breach of or constitute a
default under (with or without notice or lapse of time or both) any indenture,
agreement or other instrument, to which such entity is a party or by which it or
any of its properties or assets may be bound, and (d) for purposes of
determining withholding taxes imposed under the Sections 1471 through 1474 of
the US Internal Revenue Code (“FATCA”), DRC, DRH, DRII, DRFHC, the Servicer, the
Depositor, the Issuer, the Administrative Agent, the Indenture Trustee and the
Custodian shall treat  this Amendment as a modification that is not a “material
modification” under Treasury Regulation section 1.1471-2(b)(2)(iv).  The Issuer
agrees to provide to the Indenture Trustee prompt written notice of any material
modification of the Notes (for FATCA purposes) of which it becomes aware. The
Indenture Trustee shall assume that no material modification for FATCA purposes
has occurred regarding the Notes, unless the Indenture Trustee receives written
notice of such modification from the Issuer.
Section 2.02.    References in all Transaction Documents.
To the extent any Transaction Document contains a provision that conflicts with
the intent of this Amendment, the parties agree that the provisions herein shall
govern.
Section 2.03.    Counterparts.
This Amendment may be executed (by facsimile or otherwise) in any number of
counterparts, each of which counterparts shall be deemed to be an original, and
such counterparts shall constitute but one and the same instrument.

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Section 2.04.    Governing Law.
THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE
SUBSTANTIVE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO
BE PERFORMED IN THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES
OF THE TRANSACTION PARTIES SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.
Section 2.05.    Severability of Provisions.
If any one or more of the covenants, agreements, provisions or terms of this
Amendment shall be for any reason whatsoever held invalid, then such covenants,
agreements, provisions or terms shall be deemed severable from the remaining
covenants, agreements, provisions or terms of this Amendment and shall in no way
affect the validity or enforceability of the other provisions of this Amendment.
Section 2.06.    Continuing Effect.
Except as expressly amended hereby, each Transaction Document shall continue in
full force and effect in accordance with the provisions thereof and each
Transaction Document is in all respects hereby ratified, confirmed and
preserved.
Section 2.07.    Successors and Assigns.
This Amendment shall be binding upon and inure to the benefit of the Transaction
Parties and their respective successors and permitted assigns.
Section 2.08    No Bankruptcy Petition.
(a)    Each of the parties to this Amendment hereby covenants and agrees that,
prior to the date which is one year and one day after the payment in full of all
outstanding indebtedness for borrowed money of any Conduit, it will not
institute against, or join any other Person in instituting against any Conduit
any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings or other similar proceeding under the laws of the United States or
any state of the United States. The provisions of this Section 2.09(a) shall
survive the termination of this Amendment.
(b)    Each of the parties to this Amendment hereby covenants and agrees that,
prior to the date which is one year and one day after the payment in full of all
Notes, it will not institute against, or join any other Person in instituting
against the Issuer or the Depositor any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings or other similar proceeding under the laws
of the United States or any state of the United States. The provisions of this
Section 2.09(b) shall survive the termination of this Amendment.
[Signature pages follow]

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IN WITNESS WHEREOF, the parties below have caused this Amendment to be duly
executed by their respective duly authorized officers of the day and year first
above written.
DIAMOND RESORTS ISSUER 2008 LLC, as Issuer
By:    /s/ David F. Palmer____________________
Name: David F. Palmer
Title: President
Address for notices:
c/o Diamond Resorts Corporation
10600 West Charleston Boulevard
Las Vegas, NV 89135
Attention: General Counsel
Telecopy: 702-765-8615
 

DIAMOND RESORTS CORPORATION,
as Performance Guarantor

By:    /s/ David F. Palmer____________________
Name: David F. Palmer
Title: President
Address for notices:
c/o Diamond Resorts Corporation
10600 West Charleston Boulevard
Las Vegas, NV 89135
Attention: General Counsel
Telecopy: 702-765-8615

September 2014 Omnibus Amendment

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DIAMOND RESORTS HOLDINGS, LLC,
as Performance Guarantor

By:    /s/ David F. Palmer____________________
Name: David F. Palmer
Title: President
Address for notices:
c/o Diamond Resorts Corporation
10600 West Charleston Boulevard
Las Vegas, NV 89135
Attention: General Counsel
Telecopy: 702-765-8615

DIAMOND RESORTS INTERNATIONAL, INC.,
as Performance Guarantor

By:    /s/ David F. Palmer____________________
Name: David F. Palmer
Title: President
Address for notices:
c/o Diamond Resorts Corporation
10600 West Charleston Boulevard
Las Vegas, NV 89135
Attention: General Counsel
Telecopy: 702-765-8615

September 2014 Omnibus Amendment

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DIAMOND RESORTS DEPOSITOR 2008 LLC, as Depositor

By:    /s/ David F. Palmer____________________
Name: David F. Palmer
Title: President
Address for notices:
c/o Diamond Resorts Corporation
10600 West Charleston Boulevard
Las Vegas, NV 89135
Attention: General Counsel
Telecopy: 702-765-8615

DIAMOND RESORTS FINANCE HOLDING COMPANY

By:    /s/ David F. Palmer____________________
Name: David F. Palmer
Title: President
Address for notices:
c/o Diamond Resorts Corporation
10600 West Charleston Boulevard
Las Vegas, NV 89135
Attention: General Counsel
Telecopy: 702-765-8615
DIAMOND RESORTS FINANCIAL SERVICES, INC., as Servicer
By:    /s/ David Womer______________________
Name: David Womer
Title: Treasurer
Address for notices:
c/o Diamond Resorts Corporation
10600 West Charleston Boulevard
Las Vegas, NV 89135
Attention: General Counsel
Telecopy: 702-765-8615

September 2014 Omnibus Amendment

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WELLS FARGO BANK, NATIONAL ASSOCIATION, as Indenture Trustee, Custodian and
Back-Up Servicer

By:     /s/ Sue Larson________________________
Name: Sue Larson
Title: Vice President
Address for notices:
Wells Fargo Bank, National Association
MAC N9311-161
Sixth Street & Marquette Avenue
Minneapolis, Minnesota 55479
Attention: Corporate Trust Services/Asset-Backed Administration
Facsimile Number: 612-667-3464

September 2014 Omnibus Amendment

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CREDIT SUISSE AG, NEW YORK BRANCH,
as Administrative Agent

By:     /s/ Oliver Nisenson___________________
Name: Oliver Nisenson
Title: Director
By:     /s/ Jason Muncy______________________
Name: Jason Muncy
Title: Director
Address for notices:
Eleven Madison Avenue
New York, NY 10010
Attention: Conduits and Credit Products Group
Telephone: 212-325-6688
Facsimile: 212-325-4599
Bank Name: Bank of New York, NY
ABA Number: 021-000-018
Account Number: 890-038-7025
Attention: Fred Mastromarino
Reference: Credit Suisse AG, New York Branch

September 2014 Omnibus Amendment

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GIFS CAPITAL COMPANY, LLC
as a Conduit

By:     /s/ Thomas J. Irvin____________________
Name: Thomas J. Irvin
Title: Manager
Address for notices:
GIFS Capital Company, LLC
Suite 4900
277 West Monroe St.
Chicago, IL 60606
Attention: Operations
Telephone: 312-977-4560
Facsimile: 312-977-1967
with a copy to:
Credit Suisse AG, New York Branch, as Administrative Agent
Eleven Madison Avenue
New York, NY 10010
Attention: Asset Finance
Telephone: 212-325-6688
Facsimile:212-325-4599
Bank Name: Deutsche Bank Trust Company Americas
ABA Number: 021 001 033
Name of Crediting Account: GIFS Capital Company, LLC
Account Number: 00-471-283
Reference: Diamond Resorts Warehouse

September 2014 Omnibus Amendment

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CREDIT SUISSE AG, NEW YORK BRANCH,
 
as a Funding Agent
 
 
 
 
 
 
 
By:
/s/ Oliver Nisenson
 
 
Name: Oliver Nisenson
 
 
Title: Director
 
 
 
 
 
 
 
By:
/s/ Jason Muncy__________________
 
 
Name: Jason Muncy
 
 
Title: Director
 
 
 
Address for notices:
 
Eleven Madison Avenue
 
New York, NY 10010
 
Attention: Conduits and Credit Products Group
 
Telephone: 212-325-6688
 
Telecopy: 212-325-4599
 
 
 
Bank Name: Bank of New York, NY
 
ABA Number: 021-000-018
 
Account Number: 890-038-7025
 
Attention: Fred Mastromarino
 
Reference: Credit Suisse AG, New York Branch

September 2014 Omnibus Amendment

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Exhibit A
SCHEDULE I
Conduit or Non-Conduit Committed Purchaser
Alternate Purchaser
Funding Agent
Commitment Percentage
Commitment Amount
GIFS Capital Company, LLC (Conduit)
Credit Suisse AG, Cayman Islands Branch
Credit Suisse AG, New York Branch
100%
$175,000,000

Exhibit A