Document:

Exhibit 10.1

  
  
  
  
 EXHIBIT 10.1 

  
 [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: 

  
 (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 

  
 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        
 

	  	 	 Title:    Senior Vice President, Finance and Treasurer
 

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

	  	 	 Title:    Director
 

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

	  	 	   Title:    Director
 

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

	  	 	   Title:    Director
 

 

 
 3 

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

	  	 	 Title:    Director
 

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

	  	 	 Title:    Principal
 

 
  
  
 
	 JPMORGAN CHASE BANK
 
	 
	 By
 	 	 /s/    JOHN F. MIX         

	  	 	 Title:    Vice President
 

 
  
  
 
	 FLEET NATIONAL BANK
 
	 
	 By
 	 	 /s/    ROGER C. BOUCHER
        
 

	  	 	 Title:    Director
 

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

	  	 	 Title:    Vice President
 

 

 
 4 

  
 
	 MERRILL LYNCH BANK USA 
 
	 
	 By
 	 	 /s/    LOUIS ALDER    
 

	  	 	 Title:    Vice President
 

 
  
 
	 SUNTRUST BANK
 
	 
	 By
 	 	 /s/    ANDREW J. HINES    
 

	  	 	 Title:    Director
 

 
  
 
	 HSBC BANK USA
 
	 
	 By
 	 	 /s/    ALAN VITULICH      
 

	  	 	 Title:    Vice President
 

 
  
 
	 COMERICA BANK
 
	 
	 By
 	 	 /s/    JEFFREY LAFFERTY    
 

	  	 	 Title:    
 

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

	  	 	 Title:    Director
 

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

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

	  	 	 Title:    Vice President
 

 

 
 5 

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

	  	 	 Title:    
  
 

 
 
	 BARCLAYS BANK PLC
 
	 
	 By
 	 	 /s/    NICHOLAS BELL
 

	  	 	 Title:    Director
 

 
 
	 
	 THE BANK OF NEW YORK
 
	 
	 By
 	 	 /s/    STEVEN CAVALUZZO
 

	  	 	 Title:    Vice President
 

 
 
	 
	 CREDIT SUISSE FIRST BOSTON
 
	 
	 By
 	 	 

	  	 	 Title:    
 

 
 
	 
	 WACHOVIA BANK, NATIONAL ASSOCIATION
 
	 
	 By
 	 	 /s/     MICHAEL ROMANZO
 

	  	 	 Title:    Assistant Vice President
 

 

 
 6 

  
 
	 FUJI BANK
 
	 
	 By
 	 	 

	  	 	 Title:    
 

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

	  	 	 Title:    Joint General Manager
 

 
 
	 
	 BANK OF HAWAII
 
	 
	 By
 	 	 /s/    LUKE YEH
 

	  	 	 Title:    Vice President
 

 
 
	 
	 ALLFIRST BANK
 
	 
	 By
 	 	 /s/    SHELLY M. TRIMBLE
 

	  	 	 Title:    Vice President
 

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

	  	 	 Title:    Director, Capital Markets
 

 

 
 7 

  
 
	 FIRST HAWAIIAN BANK
 
	 
	 By
 	 	 /s/    CHARLES L. JENKINS
 

	  	 	 Title:    Vice President, Manager
 

 
  
 
	 CREDIT LYONNAIS NEW YORK BRANCH
 
	 
	 By
 	 	 

	  	 	 Title:
 

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

	  	 	 Title:    Authorized Signatory
 

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

	  	 	 Title:
 

 
  
 
	 SANWA BANK LIMITED
 
	 
	 By
 	 	 

	  	 	 Title:
 

 

 
 8 

  
 
	 WELLS FARGO BANK, NATIONAL ASSOCIATION
 
	 
	 By
 	 	 

	  	 	 Title:
 

 

 
 9 

 EXHIBIT H 
  
 Marriott International 
 Compliance Certificate Addition 
 Forecast Income Statement for [specific period] 
 $ in millions 
  
 
	  	    	 As Reported
 
	    	 Impact of Synfuel
 
	    	 Excluding Synfuel
 

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

 

 
 10Exhibit 10.2

  
  
  
  
 EXHIBIT 10.2 

  
 [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”); CITIBANK, N.A., as administrative agent for
the Lenders (in such capacity, the “Administrative Agent”), THE BANK OF NOVA SCOTIA, as syndication agent for the Lenders (in such capacity, the “Syndication Agent”), and JPMORGAN CHASE BANK (successor to The Chase Manhattan
Bank), as documentation agent for the Lenders (in such capacity, the “Documentation Agent”). 
  
 The
Company, the Lenders, the Administrative Agent, the Syndication Agent and the Documentation Agent are parties to a $500,000,000 5-Year Credit Agreement dated as of February 2, 1999 (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
Administrative Agent, the Syndication Agent and the Documentation 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: 
  
 (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 

  
 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         
 

	  	 	 Name:    C.B. Handlon
 Title:      Senior Vice President, Finance and
           Treasurer   
 

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

	  	 	 Name:    Diane Pockaj
 Title:      Director
 

 
 
	 
	 The Syndication Agent
 
	 
	 THE BANK OF NOVA SCOTIA,
as
Syndication Agent
 
	 
	 By
 	 	 /s/    T.J. MCNAUGHT
        
 

	  	 	 Name:    T.J. McNaught
 Title:      Director
 

 

 
 3 

  
  
  
  
 
	 The Documentation Agent
 
	 
	 JPMORGAN CHASE BANK (successor to THE
CHASE
MANHATTAN BANK), as Documentation Agent
 
	 
	 By
 	 	 /s/    JOHN F. MIX        

	  	 	 Name:    John F. Mix
 Title:     Vice
President
 

 
  
  
 
	 BANKS
 
	 
	 CITIBANK, N.A.
 
	 
	 By
 	 	 /s/    DIANE POCKAJ        

	  	 	 Name:    Diane Pockaj
 Title:    Director
 

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

	  	 	 Name:    T.J. McNaught
 Title:    Director
 

 

 
 4 

  
 
	 JPMORGAN CHASE BANK
 
	 
	 By
 	 	 /s/    JOHN F. MIX        

	  	 	 Name:    John F. Mix
 Title:      Vice President
 

 
  
 
	 THE BANK OF NEW YORK
 
	 
	 By
 	 	 /s/    STEVEN CAVALUZZO      
 

	  	 	 Name:    Steven Cavaluzzo
 Title:      Vice President
 

 
  
 
	 DEUTSCHE BANK AG NEW YORK AND/OR
CAYMAN
ISLANDS BRANCHES
 
	 
	 By
 	 	 

	  	 	 Name:
 Title:
 

 
  
 
	  
	 
	 By
 	 	 

	  	 	 Name:
 Title:
 

 

 
 5 

  
 
	 WACHOVIA BANK, NATIONAL ASSOCIATION
 
	 
	 By
 	 	 /s/    MICHAEL ROMANZO
 

	  	 	 Name:    Michael Romanzo
 Title:      Assistant Vice President
 

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

	  	 	 Name:    Maria N. Sisto
 Title:      Vice President
 

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

	  	 	 Name:    Ansel L. Mc Dowell
 Title:      Principal
 

 
  
 
	 BANCA COMMERCIALE ITALIANA-NEW YORK BRANCH

	 
	 By
 	 	 

	  	 	 Name:
 Title:
 

 
  
 
	 
	 By
 	 	 

	  	 	 Name:
 Title:
 

 

 
 6 

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

	  	 	 Name:    Dennis J. Redpath
 Title:      Director, Capital Markets
 

 
 
	 
	 SUNTRUST BANK, CENTRAL FLORIDA, N.A.
 
	 
	 By
 	 	 

	  	 	 Name:    
 Title:
 

 
 
	 
	 ALLFIRST BANK
 
	 
	 By
 	 	 /s/    SHELLY M. TRIMBLE
 

	  	 	 Name:    Shelly M. Trimble
 Title:      Vice President
 

 

 
 7 

  
 
	 FIRST HAWAIIAN BANK
 
	 
	 By
 	 	 /s/    CHARLES L.
JENKINS        
 

	  	 	 Name:    Charles L. Jenkins
 Title:    Vice
President, Manager
 

 
  
 
	 THE NORTHERN TRUST COMPANY
 
	 
	 By
 	 	 

	  	 	 Name:
 Title:
 

 

 
 8 

 EXHIBIT H 
  
 Marriott International 
 Compliance Certificate Addition 
 Forecast Income Statement for [specific period] 
 $ in millions 
  
 
	  	    	 As
Reported
 
	    	 Impact of
Synfuel
 
	    	 Excluding
Synfuel
 

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

 

 
 9

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