Document:

EXHIBIT 10.1

 

AMENDMENT NO. 1

TO

EQUITY PURCHASE AGREEMENT

 

THIS AMENDMENT NO. 1 TO EQUITY PURCHASE AGREEMENT
(this "AMENDMENT") is entered into as of December 9, 2016 by and between RIVER NORTH EQUITY, LLC ("INVESTOR"),
and EL CAPITAN PRECIOUS METALS, INC., a Nevada corporation (the "COMPANY").

 

WHEREAS, Investor and the
Company are parties to that certain Equity Purchase Agreement dated as of March 16, 2016 (the "AGREEMENT") pursuant to
which the Company may, in its discretion, issue and sell to Investor, from time to time as provided in the Agreement, and Investor
shall purchase up to Five Million Dollars ($5,000,000) of the Company’s Common Stock, all upon the terms and subject to the
conditions contained in the Agreement; and

 

WHEREAS, Investor and the
Company desire to enter into this Amendment to reflect changes to certain provisions of the Agreement.

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual promises set forth below, the parties agree as follows:

 

1.       CAPITALIZED
TERMS. Capitalized terms used in this Amendment and not otherwise defined have the meanings given to them in the Agreement.

 

2.       AMENDMENT
TO DEFINITION OF INVESTMENT AMOUNT. The definition of "Investment Amount" set forth in Section 1.1 of the Agreement is
hereby amended to read as follows:

 

"INVESTMENT AMOUNT"
shall mean the dollar amount to be invested by the Investor with respect to any Put, which is equal to the number of Put Shares
referenced in such Put Notice, multiplied by the Purchase Price.

 

3.       AMENDMENT
TO DEFINITION OF PRICING PERIOD. The definition of “Pricing Period” set forth in Section 1.1 of the Agreement is hereby
amended to read as follows:

 

"PRICING PERIOD"
shall be the five (5) consecutive Trading Days including and immediately prior to the Settlement Date.

 

4.       AMENDMENT
TO DEFINITION OF PURCHASE PRICE. The definition of "Purchase Price" set forth in Section 1.1 of the Agreement is hereby
amended to read as follows:

 

"PURCHASE PRICE"
shall mean 85% of the Market Price; provided, however, (i) if either (A) the Closing Price of the Common Stock on the Put Date
is less than $0.10 per share, or (B) the average daily trading volume in dollar amount for the Common Stock during the ten (10)
Trading Days including and immediately preceding the Put Date is less than $50,000, then an additional 10% will be added to the
discount of such Put, (ii) if the Company is not Deposit/Withdrawal at Custodian (“DWAC”) eligible on the Settlement
Date for any Put, an additional 5% will be added to the discount of such Put; and (iii) if the Company is under a DTC “Chill”
status on the Settlement Date for any Put, an additional 10% will be added to the discount of such Put.  

 

5.       AMENDMENT
TO DEFINITION OF PRICING PERIOD. The definition of "Settlement Date" set forth in Section 1.1 of the Agreement is hereby
amended to read as follows:

 

"SETTLEMENT DATE"
shall mean the 1st Trading Day after each Put Date.

 

6.       AMENDMENT
TO SECTION 2.2. Section 2.2 is hereby amended in its entirety to read as follows:

 

    	1

    	 

    

 

 

Section 2.2           MECHANICS.

 

(a)          
PUT NOTICE. At any time and from time to time during the Commitment Period, the Company may require Investor to purchase Put Shares
by delivering a Put Notice to Investor, subject to the conditions set forth in Section 7.2; provided, however, that (i) the Investment
Amount for each Put shall not be less than the Minimum Put Amount, nor more than the Maximum Put Amount, (ii) the aggregate Investment
Amount of all Puts pursuant to this Agreement shall not exceed the Commitment Amount, and (iii) there shall be a minimum of ten
(10) Trading Days between each Put Date.

 

(b)          
DATE OF DELIVERY OF PUT NOTICE. A Put Notice shall be deemed delivered on (i) the Trading Day it is received by email by Investor,
or (ii) the immediately succeeding Trading Day if it is received by email on a day which is not a Trading Day.

 

7.       AMENDMENT
TO SECTION 2.3. Section 2.3 is hereby amended in its entirety to read as follows:

 

Section 2.3           CLOSINGS.
On each Settlement Date, (i) the Company shall deliver to Investor such number of shares of the Common Stock registered in the
name of Investor as specified in the corresponding Put Notice delivered pursuant to Section 2.1 herein, and (ii) upon receipt of
such Common Stock, Investor shall deliver to the Company the Investment Amount by wire transfer of immediately available funds;
provided, however, that if the shares of Common Stock are received by Investor later than 1:30 p.m. New York time on the Settlement
Date, then Investor shall be permitted to deliver the Investment Amount by wire transfer of immediately available funds on the
next day. In addition, on or prior to the Settlement Date, each of the Company and Investor shall deliver to the other all documents,
instruments and writings required to be delivered by either of them pursuant to this Agreement in order to implement and effect
the transactions contemplated herein. If the Company delivers a number of Put Shares pursuant to this Section 2.3 on the Settlement
Date and either (i) the Investment Amount of such Put Shares (which may calculated in part based on the closing bid price on the
Principal Market, as reported by Bloomberg Finance L.P., on the Settlement Date) exceeds the Maximum Put Amount, or (ii) the aggregate
Investment Amount of all Puts pursuant to this Agreement exceeds the Commitment Amount, then the number of Put Shares shall be
reduced to the maximum number that does not exceed the such thresholds and Investor shall promptly deliver the excess shares to
the Company.

 

8.       ENTIRE
AGREEMENT. The Agreement, as amended by this Amendment, and the instruments referenced herein and therein contain the entire understanding
of the Company and Investor with respect to the matters covered herein and therein and, except as specifically set forth herein
or therein, neither the Company nor Investor makes any representation, warranty, covenant or undertaking with respect to such matters. 

 

9.       COUNTERPARTS.
This Amendment may be executed in multiple counterparts, each of which may be executed by less than all of the parties and shall
be deemed to be an original instrument which shall be enforceable against the parties actually executing such counterparts and
all of which together shall constitute one and the same instrument. This Amendment may be delivered to the other parties hereto
by email of a copy of this Amendment bearing the signature of the parties so delivering this Amendment.

 

10.       SEVERABILITY.
In the event that any provision of this Amendment becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Amendment shall continue in full force and effect without said provision; provided that such severability shall be
ineffective if it materially changes the economic benefit of this Amendment to any party.

 

 

[-Signature page follows-]

 

    	2

    	 

    

 

 

 

 

 

 

IN WITNESS WHEREOF, the
parties hereto have caused this Amendment No. 1 to Equity Purchase Agreement to be executed by the undersigned, thereunto duly
authorized, as of the date first set forth above.

 

 

	RIVER NORTH EQUITY LLC	 
	 	 
	 	 
	By: 	/s/ Edward M. Liceaga	 
	 	Name: Edward M. Liceaga
Title: President	 

 

	 	EL CAPITAN PRECIOUS METALS, INC.
	 	 
	 	 
	 	By: 	/s/ John F. Stapleton
	 	 	Name: John F. Stapleton
Title: President and Chief
Executive Officer

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature page to Amendment No. 1 to Equity
Purchase Agreement-]

 

    	3EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 THIRD
AMENDMENT 
 THIRD AMENDMENT, dated as of December 8, 2016 (this “Amendment”), to the Second Amended and Restated
Credit Agreement, dated as of September 10, 2014 (as amended, supplemented or otherwise modified prior to the date hereof, including as amended by the First Amendment, dated as of June 26, 2015, and the Second Amendment, dated as of
April 1, 2016, the “Credit Agreement”), among Marriott Vacations Worldwide Corporation, a Delaware corporation (“MVWC”), Marriott Ownership Resorts, Inc., a Delaware corporation (the
“Borrower”), the several banks and other financial institutions or entities from time to time party thereto (the “Lenders”), Bank of America, N.A. and Deutsche Bank Securities Inc., as co-syndication agents, Bank of
America, N.A. and Deutsche Bank Securities Inc. as co-documentation agents and JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”). 

W I T N E S S E T H 

WHEREAS, MVWC, the Borrower, the Lenders and the Administrative Agent are parties to the Credit Agreement; 

WHEREAS, MVWC and the Borrower have requested that the Credit Agreement be amended as set forth herein; and 

WHEREAS, Lenders constituting the Required Lenders and the Administrative Agent are willing to agree to this Amendment on the terms set forth
herein. 
 NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, the parties hereto agree as follows: 

SECTION 1. Capitalized Terms. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the
Credit Agreement. 
 SECTION 2. Amendments. (a) The Credit Agreement is hereby amended as of the Third Amendment Effective Date
to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the
double-underlined text (indicated textually in the same manner as the following example: double-underlined text) as set forth in the pages of the Credit Agreement attached as Exhibit A hereto. 
 (b)
The Credit Agreement is further amended as of the Third Amendment Effective Date by deleting Schedule 1.1E in its entirety and replacing it with a new Schedule 1.1E in the form of Exhibit B hereto. 

SECTION 3. Conditions to Effectiveness of Amendment. This Amendment shall become effective on the date on which the following
conditions precedent have been satisfied or waived (the “Third Amendment Effective Date”): 
 (a) The Administrative Agent
shall have received a counterpart of this Amendment, executed and delivered by a duly authorized officer of each of (A) MWVC, (B) the Borrower, (C) Lenders constituting the Required Lenders and (D) the Administrative Agent. 

(b) After giving effect to this Amendment, each of the representations and warranties made by any Loan Party in or pursuant to the Loan
Documents shall be true and correct in all material 

  
 2 

 

 respects (and in all respects if qualified by materiality) on and as of the Third Amendment Effective Date as if
made on and as of the Third Amendment Effective Date (or to the extent such representations and warranties expressly relate to an earlier date, as of such earlier date). 

(c) No Default or Event of Default shall have occurred and be continuing on the Third Amendment Effective Date or after giving effect to the
amendments contemplated herein and any extensions of credit requested to be made on the Third Amendment Effective Date. 
 (d) All
governmental and third party approvals necessary in connection with the transactions contemplated hereby and by the Credit Agreement shall have been obtained and be in full force and effect, and all applicable waiting periods shall have expired
without any action being taken or, to the Borrower’s knowledge, threatened by any competent authority that would restrain, prevent or otherwise impose adverse conditions on the financing contemplated hereby. 

(e) The Lenders and the Administrative Agent shall have received all fees required to be paid, and all expenses for which invoices have been
presented to the Borrower on or before the Third Amendment Effective Date. 
 (f) The Administrative Agent and the other Lenders shall have
received, at least 5 days prior to the Third Amendment Effective Date, all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations,
including the Patriot Act, previously requested of the Borrower by the Administrative Agent. 
 SECTION 4. Representations and
Warranties. Each of the Borrower and MVWC hereby represents and warrants that, after giving effect to this Amendment, (a) each of the representations and warranties made by any Loan Party in or pursuant to the Credit Agreement or the other
Loan Documents are true and correct in all material respects (and in all respects if qualified by materiality) on and as of the Third Amendment Effective Date as if made on and as of the Third Amendment Effective Date (or to the extent such
representations and warranties expressly relate to an earlier date, as of such earlier date); provided, that each reference to the Credit Agreement therein shall be deemed to be a reference to the Credit Agreement after giving effect to this
Amendment and (b) no Default or Event of Default has occurred and is continuing and no Default or Event of Default will occur after giving effect to the amendments contemplated herein and any extensions of credit requested to be made on the
Third Amendment Effective Date . 
 SECTION 5. Effects on Credit Documents. (a) Except as specifically amended herein, all Loan
Documents shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. 
 (b) The execution,
delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of the Loan Documents. 

SECTION 6. Expenses. The Borrower agrees to pay and reimburse the Administrative Agent for all of its reasonable out-of-pocket
costs and expenses incurred in connection with the preparation and delivery of this Amendment, and any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and
disbursements of legal counsel. 
 SECTION 7. GOVERNING LAW; WAIVER OF JURY TRIAL. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF
THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF 

  
 3 

 

 NEW YORK. EACH PARTY HERETO HEREBY AGREES AS SET FORTH FURTHER IN SECTION 10.16 OF THE CREDIT AGREEMENT AS IF
SUCH SECTION WERE SET FORTH IN FULL HEREIN. 
 SECTION 8. Amendments; Execution in Counterparts. (a) This Amendment shall not
constitute an amendment of any other provision of the Credit Agreement not referred to herein and shall not be construed as a waiver or consent to any further or future action on the part of the Loan Parties that would require a waiver or consent of
the Lenders or the Administrative Agent. Except as expressly amended hereby, the provisions of the Credit Agreement are and shall remain in full force and effect. 

(b) This Amendment may not be amended nor may any provision hereof be waived except pursuant to a writing signed by the Borrower, MVWC, the
Administrative Agent and the Required Lenders. This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and
the same instrument. Delivery of an executed signature page of this Amendment by email or facsimile transmission shall be effective as delivery of a manually executed counterpart hereof. A set of the copies of this Amendment signed by all the
parties shall be lodged with the Borrower and the Administrative Agent. 
 [Remainder of page intentionally left blank] 

 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their respective proper and duly authorized officers as of the day and year first above written. 
  

			
	MARRIOTT VACATIONS WORLDWIDE CORPORATION
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name: Joseph J. Bramuchi
		 	Title: Vice President

  

			
	MARRIOTT OWNERSHIP RESORTS, INC.
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name: Joseph J. Bramuchi
		 	Title: Vice President

 [Signature Page to Third Amendment to MVW Second Amended and Restated Credit Agreement] 

 
			
	 .JPMORGAN CHASE BANK, N.A.,
 as
Administrative Agent and a Lender

		
	By:	 	 /s/ Nadeige Dang

		 	Name: Nadeige Dang
		 	Title: Vice President

  

			
	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	 /s/ Will T. Bowers, Jr.

		 	Name: Will T. Bowers, Jr.
		 	Title: Senior Vice President

  

			
	 DEUTSCHE BANK AG NEW YORK BRANCH,

as a Lender

		
	By:	 	 /s/ Joanna Soliman

		 	Name: Joanna Soliman
		 	Title: Vice President
		
	By:	 	 /s/ Alexander Johnson

		 	Name: Alexander Johnson
		 	Title: Managing Director

  

			
	SUNTRUST BANK, as a Lender
		
	By:	 	 /s/ David A. Ernst

		 	Name: David A. Ernst
		 	Title: Vice President

 [Signature Page to Third Amendment to MVW Second Amended and Restated Credit Agreement] 

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender
		
	By:	 	 /s/ William O’Daly

		 	Name: William O’Daly
		 	Title: Authorized Signatory
		
	By:	 	 /s/ Karim Rahimtoola

		 	Name: Karim Rahimtoola
		 	Title: Authorized Signatory

  

			
	 WELLS FARGO CAPITAL FINANCE, LLC,

as a Lender

		
	By:	 	 /s/ Ajay Jagsi

		 	Name: Ajay Jagsi
		 	Title: Vice President

  

			
	BANK OF HAWAII, as a Lender
		
	By:	 	 /s/ Rod Peroff

		 	Name: Rod Peroff
		 	Title: Vice President

  

			
	 THE BANK OF NEW YORK MELLON,
 as a
Lender

		
	By:	 	 /s/ Abdullah Dahman

		 	Name: Abdullah Dahman
		 	Title: Vice President

  

			
	FIRST HAWAIIAN BANK, as a Lender
		
	By:	 	 /s/ Derek Chang

		 	Name: Derek Chang
		 	Title: Vice President

 [Signature Page to Third Amendment to MVW Second Amended and Restated Credit Agreement] 

 
			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
a Lender

		
	By:	 	 /s/ Steven L. Sawyer

		 	Name: Steven L. Sawyer
		 	Title: Senior Vice President

 [Signature Page to Third Amendment to MVW Second Amended and Restated Credit Agreement] 

 

 Exhibit A 

[See attached.] 

 CONFORMED COPY REFLECTING 

FIRST AMENDMENT, DATED AS OF JUNE 26, 2015, 

SECOND AMENDMENT, DATED AS OF APRIL 1, 2016, 

AND THIRD AMENDMENT, DATED AS OF DECEMBER 8, 2016 
  

 
  

$200,000,000 
 SECOND AMENDED AND
RESTATED CREDIT AGREEMENT 
 among 

MARRIOTT VACATIONS WORLDWIDE CORPORATION, 

MARRIOTT OWNERSHIP RESORTS, INC., 

as Borrower, 
 The Several Lenders
from Time to Time Parties Hereto, 
 BANK OF AMERICA, N.A. and DEUTSCHE BANK SECURITIES INC., 

as Co-Syndication Agents and Co-Documentation Agents, 

and 
 JPMORGAN CHASE BANK, N.A.,

 as Administrative Agent 

Dated as of September 10, 2014 
  

 
  

J.P. MORGAN SECURITIES LLC, as Lead Arranger and Bookrunner 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED and DEUTSCHE BANK 

SECURITIES INC., as Joint Lead Arrangers and Joint Bookrunners 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 SECTION 1.
	 	DEFINITIONS	  	 	2	  
			
	  1.1  	 	Defined Terms	  	 	2	  
	  1.2  	 	Other Definitional Provisions	  	 	36	  
	  1.3  	 	Conversion of Foreign Currencies	  	 	37	  
			
	 SECTION 2.
	 	AMOUNT AND TERMS OF COMMITMENTS	  	 	3738	  
			
	  2.1  	 	Commitments	  	 	3738	  
	  2.2  	 	Procedure for Borrowing	  	 	38	  
	  2.3  	 	Commitment Fees, etc	  	 	39	  
	  2.4  	 	Termination or Reduction of Commitments	  	 	3940	  
	  2.5  	 	Optional Prepayments	  	 	40	  
	  2.6  	 	Mandatory Prepayments and Commitment Reductions	  	 	40	  
	  2.7  	 	Conversion and Continuation Options	  	 	41	  
	  2.8  	 	Limitations on Eurocurrency Tranches	  	 	4142	  
	  2.9  	 	Interest Rates and Payment Dates	  	 	4142	  
	  2.10	 	Computation of Interest and Fees	  	 	42	  
	  2.11	 	Market Disruption; Inability to Determine Interest Rate; Illegality	  	 	4243	  
	  2.12	 	Pro Rata Treatment and Payments	  	 	4445	  
	  2.13	 	Requirements of Law	  	 	4647	  
	  2.14	 	Taxes	  	 	4849	  
	  2.15	 	Indemnity	  	 	5152	  
	  2.16	 	Change of Lending Office	  	 	52	  
	  2.17	 	Replacement of Lenders	  	 	52	  
	  2.18	 	Defaulting Lenders	  	 	5253	  
	  2.19	 	Accordion	  	 	54	  
	  2.20	 	Refunding of Dollar Loans Made by Foreign Currency Lenders	  	 	5556	  
	  2.21	 	Loan Conversion and Participation	  	 	56	  
			
	 SECTION 3.
	 	LETTERS OF CREDIT	  	 	5657	  
			
	  3.1  	 	L/C Commitment	  	 	5657	  
	  3.2  	 	Procedure for Issuance of Letter of Credit	  	 	5758	  
	  3.3  	 	Fees and Other Charges	  	 	58	  
	  3.4  	 	L/C Participations	  	 	5859	  
	  3.5  	 	Reimbursement Obligation of the Borrower	  	 	5960	  
	  3.6  	 	Obligations Absolute	  	 	5960	  
	  3.7  	 	Letter of Credit Payments	  	 	60	  
	  3.8  	 	Applications	  	 	6061	  
	  3.9  	 	Termination of Issuing Bank	  	 	6061	  
			
	 SECTION 4.
	 	REPRESENTATIONS AND WARRANTIES	  	 	6061	  
			
	  4.1  	 	Financial Condition	  	 	6061	  
	  4.2  	 	No Change	  	 	61	  
	  4.3  	 	Existence; Compliance with Law	  	 	6162	  

							
	  4.4  	 	Power; Authorization; Enforceable Obligations	  	 	6162	  
	  4.5  	 	No Legal Bar	  	 	62	  
	  4.6  	 	Litigation	  	 	62	  
	  4.7  	 	No Default	  	 	62	  
	  4.8  	 	Ownership of Property; Liens	  	 	6263	  
	  4.9  	 	Intellectual Property	  	 	6263	  
	  4.10	 	Taxes	  	 	6263	  
	  4.11	 	Federal Regulations	  	 	6263	  
	  4.12	 	Labor Matters	  	 	63	  
	  4.13	 	ERISA	  	 	63	  
	  4.14	 	Investment Company Act; Other Regulations	  	 	6364	  
	  4.15	 	Subsidiaries	  	 	6364	  
	  4.16	 	Use of Proceeds	  	 	6364	  
	  4.17	 	Environmental Matters	  	 	6364	  
	  4.18	 	Accuracy of Information, etc	  	 	6465	  
	  4.19	 	Security Documents	  	 	65	  
	  4.20	 	Solvency	  	 	6566	  
	  4.21	 	Regulation H	  	 	66	  
	  4.22	 	Certain Documents	  	 	66	  
	  4.23	 	Anti-Corruption Laws and Sanctions	  	 	66	  
	  4.24	 	EEA Financial Institutions	  	 	6667	  
			
	 SECTION 5.
	 	CONDITIONS PRECEDENT	  	 	6667	  
			
	  5.1  	 	Conditions to Initial Extension of Credit	  	 	6667	  
	  5.2  	 	Conditions to Each Extension of Credit	  	 	70	  
			
	 SECTION 6.
	 	AFFIRMATIVE COVENANTS	  	 	7071	  
			
	  6.1  	 	Financial Statements	  	 	7071	  
	  6.2  	 	Certificates; Other Information	  	 	7172	  
	  6.3  	 	Compliance and Borrowing Base Certificates	  	 	73	  
	  6.4  	 	Payment of Obligations	  	 	7374	  
	  6.5  	 	Maintenance of Existence; Compliance	  	 	74	  
	  6.6  	 	Maintenance of Property; Insurance	  	 	74	  
	  6.7  	 	Inspection of Property; Books and Records; Discussions	  	 	7576	  
	  6.8  	 	Notices	  	 	7576	  
	  6.9  	 	Environmental Laws	  	 	76	  
	  6.10	 	Additional Collateral, etc	  	 	7677	  
	  6.11	 	Accounts	  	 	7879	  
	  6.12	 	Credit Rating	  	 	79	  
	  6.13	 	Compliance with Anti-Corruption Laws and Sanctions	  	 	79	  
			
	 SECTION 7.
	 	NEGATIVE COVENANTS	  	 	7980	  
			
	  7.1  	 	Financial Condition Covenants	  	 	7980	  
	  7.2  	 	Borrowing Base	  	 	80	  
	  7.3  	 	Indebtedness	  	 	80	  
	  7.4  	 	Liens	  	 	8283	  
	  7.5  	 	Fundamental Changes	  	 	8384	  
	  7.6  	 	Disposition of Property	  	 	8485	  

							
	  7.7  	 	Restricted Payments	  	 	8586	  
	  7.8  	 	Capital Expenditures	  	 	8586	  
	  7.9  	 	Investments	  	 	8687	  
	  7.10	 	Transactions with Affiliates	  	 	8788	  
	  7.11	 	Sales and Leasebacks	  	 	8889	  
	  7.12	 	Swap Agreements	  	 	8889	  
	  7.13	 	Changes in Fiscal Periods	  	 	8889	  
	  7.14	 	Negative Pledge Clauses	  	 	8889	  
	  7.15	 	Clauses Restricting Subsidiary Distributions	  	 	8889	  
	  7.16	 	Lines of Business	  	 	8889	  
	  7.17	 	Amendments to Intercompany and Other Agreements	  	 	8990	  
	  7.18	 	Optional Payments and Modifications of Subordinated Debt	  	 	8990	  
	  7.19	 	Use of Proceeds	  	 	8990	  
			
	 SECTION 8.
	 	EVENTS OF DEFAULT	  	 	8990	  
			
	 SECTION 9.
	 	THE AGENTS	  	 	9293	  
			
	  9.1  	 	Appointment	  	 	9293	  
	  9.2  	 	Delegation of Duties	  	 	9293	  
	  9.3  	 	Exculpatory Provisions	  	 	9293	  
	  9.4  	 	Reliance by Administrative Agent	  	 	9394	  
	  9.5  	 	Notice of Default	  	 	9394	  
	  9.6  	 	Non-Reliance on Agents and Other Lenders	  	 	9394	  
	  9.7  	 	Indemnification	  	 	9495	  
	  9.8  	 	Agent in Its Individual Capacity	  	 	9495	  
	  9.9  	 	Successor Administrative Agent	  	 	9495	  
	  9.10	 	Documentation Agents and Syndication Agents	  	 	9596	  
			
	 SECTION 10.
	 	MISCELLANEOUS	  	 	9596	  
			
	10.1  	 	Amendments and Waivers	  	 	9596	  
	10.2  	 	Notices	  	 	9697	  
	10.3  	 	No Waiver; Cumulative Remedies	  	 	9798	  
	10.4  	 	Survival of Representations and Warranties	  	 	9798	  
	10.5  	 	Payment of Expenses and Taxes	  	 	9799	  
	10.6  	 	Successors and Assigns; Participations and Assignments	  	 	98100	  
	10.7  	 	Adjustments; Set-off	  	 	101103	  
	10.8  	 	Counterparts	  	 	102103	  
	10.9  	 	Severability	  	 	102103	  
	10.10	 	Integration	  	 	102103	  
	10.11	 	GOVERNING LAW	  	 	102103	  
	10.12	 	Submission To Jurisdiction; Waivers	  	 	102104	  
	10.13	 	Acknowledgements	  	 	103104	  
	10.14	 	Releases of Guarantees and Liens	  	 	103104	  
	10.15	 	Confidentiality	  	 	104105	  
	10.16	 	WAIVERS OF JURY TRIAL	  	 	105106	  
	10.17	 	USA Patriot Act	  	 	105106	  
	10.18	 	Effect of Amendment and Restatement of the Existing Credit Agreement	  	 	105106	  
	10.19	 	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	105107	  

 SCHEDULES: 
  

			
	1.1A	 	Commitments**
		
	1.1B	 	Borrowing Base****
		
	1.1C	 	Mortgaged Property**
		
	1.1D	 	Description of Singapore LC
		
	1.1E	 	Fiscal Periods*****
		
	1.1F	 	Excluded Property*
		
	4.4	 	Consents, Authorizations, Filings and Notices
		
	4.15	 	Subsidiaries***
		
	4.19(a)	 	UCC Filing Jurisdictions*
		
	4.19(b)	 	Mortgage Filing Jurisdictions*
		
	4.21	 	Real Property in Flood Area**
		
	7.3(d)	 	Existing Indebtedness
		
	7.4(f)	 	Existing Liens
	  
 EXHIBITS:

 

	A	 	[Reserved]
		
	B	 	Form of Compliance Certificate*
		
	C	 	Form of Closing Certificate
		
	D	 	Form of Mortgage
		
	E	 	Form of Assignment and Assumption*
		
	F	 	Form of Borrowing Base Certificate*
		
	G-1	 	Form of Legal Opinion of Greenberg Traurig LLP
		
	G-2	 	Form of In-House Legal Opinion
		
	G-3	 	Form of Land Trust Legal Opinion
		
	H	 	Forms of U.S. Tax Certificate*
		
	J-1	 	Form of Increased Facility Activation Notice*
		
	J-2	 	Form of New Lender Supplement*
		
	K	 	Power of Attorney
		
	L	 	Form of Marriott Comfort Letter
		
	M	 	Form of Ritz-Carlton Comfort Letter
		
	N	 	Form of Notice of Borrowing*

  

	*	As amended on the Second Amendment and Restatement Effective Date. 

  

	**	As amended on the First Amendment Effective Date. 

  

	***	As amended on the Second Amendment Effective Date. 

  

	****	Schedule 1.1B, as amended on the Second Amendment and Restatement Effective Date, and Annex 1 thereto, as amended on the Second Amendment Effective Date. 

 

	*****	As amended on the Third Amendment Effective Date. 

  
 6 

 

 “Collateral”: all property of the Loan Parties, now owned or hereafter acquired,
upon which a Lien is purported to be created by any Security Document. For the avoidance of doubt it is understood that Excluded Property is not “Collateral”. 

“Collection Account”: any deposit or securities account of a Loan Party designated by the Borrower as a “Collection
Account” in which the Administrative Agent has a valid, perfected and enforceable security interest and over which the Administrative Agent has “control” (as defined in the Uniform Commercial Code) pursuant to an account control
agreement satisfactory in form and substance to the Administrative Agent. 
 “Collateralized”: with respect to any Letter
of Credit, means that such Letter of Credit is secured by cash collateral arrangements and/or backstop letters of credit entered into on terms and in amounts reasonably satisfactory to the relevant Issuing Lender or, in the case of Section 2.6,
to the Administrative Agent; and the terms “Collateralize” and “Collateralization” shall have correlative meanings. 

“Commitment”: the obligation of a Lender, if any, to make Loans and participate in Letters of Credit in an aggregate
principal and/or face amount not to exceed the amount set forth under the heading “Commitment” opposite such Lender’s name on Schedule 1.1A or in the Assignment and Assumption pursuant to which such Lender became a party hereto
after the Second Amendment and Restatement Effective Date, or in an Increased Facility Activation Notice or in a New Lender Supplement pursuant to which such Lender became a party hereto, as applicable, as the same may be changed from time to time
pursuant to the terms hereof. As of the Second Amendment and Restatement Effective Date, the total amount of Commitments is $200,000,000. 

“Commitment Fee Rate”: at any date, the rate per annum set forth under the relevant column heading in the Pricing Grid based
upon the Borrower’s Level at such date. 
 “Commitment Period”: the period from and including the Closing Date (or, in
the case of a Lender that becomes a party hereto after the Closing Date pursuant to Section 2.19, the date on which such Lender becomes a party hereto) to but excluding the Termination Date. 

“Commodity Exchange Act”: the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any
successor statute. 
 “Compliance Certificate”: a certificate duly executed by a Responsible Officer substantially in the
form of Exhibit B. 
 “Consolidated Adjusted EBITDA”: for any period, Consolidated EBITDA for such period, 

plus (to the extent taken into account in calculating Consolidated EBITDA for such period) 

(a) any extraordinary or non-recurring non-cash expenses or losses, including, for the avoidance of doubt, any extraordinary or non-recurring
non-cash expenses disclosed in the form 8-K filed by Marriott with the SEC on September 9, 2011, and extraordinary or non-recurring cash charges to the extent such cash charges are incurred on or after the First Amendment and Restatement
Effective Date but on or before the end of the fourth full
fFiscal
 qQuarter following the First Amendment and Restatement Effective Date and do not exceed an aggregate amount of $45,000,000; 

  
 9 

 

 Unrestricted cash and Cash Equivalents held by MVWC, the Borrower and the Subsidiary Guarantors at such date
minus $50,000,000 and (ii) $0 and (y) $100,000,000, and (B) any Specified Cash on deposit in a prefunding account established and maintained for the benefit of an Indenture Trustee in connection with Qualified Securitization
Transactions. 
 “Continuing Directors”: the directors of MVWC on the Closing Date, after giving effect to the Spin-Off and
the other transactions contemplated by the Original Credit Agreement, and each other director, if, in each case, such other director’s nomination for election to the board of directors of MVWC is recommended by at least 66-2/3% of the then
Continuing Directors. 
 “Contractual Obligation”: as to any Person, any provision of any security issued by such Person or
of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

“Conversion Date”: any date on which either (a) an Event of Default under Section 8(g) has occurred or (b) the
Commitments shall have been terminated and/or the Loans shall have been declared immediately due and payable pursuant to Section 8. 

“Converted Loans”: as defined in Section 2.21(a). 

“Credit Party”: the Administrative Agent, the Issuing Lender or any other Lender. 

“Default”: any of the events specified in Section 8, whether or not any requirement for the giving of notice, the lapse
of time, or both, has been satisfied. 
 “Defaulting Lender”: any Lender that (a) has failed, within two Business Days
of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or (iii) pay over to any Credit Party any other amount required to be paid by it
hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically
identified and including the particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of
its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the
particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after request by a Credit Party, acting
in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations to fund prospective Loans and participations in then outstanding Letters of Credit under this Agreement,
provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, (d) has
become the subject of a Bankruptcy Event or (e) has become the subject of a Bail-In Action. 
 “Deferred Compensation Plan”: the Marriott Vacations Worldwide Corporation Deferred Compensation Plan, effective as of July 1,
2013, for certain employees and non-employee directors of MVWC and its Subsidiaries, as the same may from time to time be amended, modified or otherwise supplemented. 

“Deferred Compensation
Plan Assets”: assets acquired by MVWC or its Subsidiaries specifically for the purpose of satisfying the obligations of MVWC and its Subsidiaries under the

  
 10 

 

Deferred Compensation Plan, together with
earnings or gains on such assets, all of which will be held in a Deferred Compensation Plan Trust.  

“Deferred Compensation
Plan Trust”: any trust established by MVWC as grantor to support MVWC’s ability to make payments to participants in accordance with the terms of the Deferred Compensation Plan.

 “Destination Club Competitor Brand”: (i) a branded timeshare, fractional or vacation ownership resort chain
with both (x) one thousand (1,000) or more timeshare units or villas and (y) five (5) or more timeshare, fractional or vacation ownership resorts; or (ii) a timeshare, fractional or vacation ownership exchange program with
both (x) ten thousand (10,000) or more timeshare weeks (or weeks-equivalents, if denominated in points) affiliated with the exchange program and (y) such affiliated weeks represent three (3) or more timeshare, fractional or
vacation ownership resorts. 
 “Developer Capital Spending”: for any period, the sum of (i) Capital Expenditures of
MVWC and its Subsidiaries on a consolidated basis that are attributable to the acquisition of completed Time Share Interests or development of Time Share Interests (excluding, for the avoidance of doubt, any Time Share Development Property Capital
Expenditures) during such period and (ii) the portion of any Time Share Development Property Capital Expenditures made during such period or in any prior period which is attributable to the portion of any Time Share Development Property (or any
In-Process Property that was formerly categorized as Time Share Development Property) which is converted to Time Share Interests during such period. 

“Direct Competitor”: any Person, or any Person that controls or is under common control with or that is controlled by a
Person, that (i) owns, directly or indirectly, a Lodging Competitor Brand or a Destination Club Competitor Brand or (ii) is a master franchisee, master franchisor or sub-franchisor for a Lodging Competitor Brand or a Destination Club
Competitor Brand (for the purposes hereof, the terms master franchisee, master franchisor, and sub-franchisor each mean a Person that has been granted the right by a franchisor to offer and sell subfranchises for such Person’s own
account); provided that any prospective Assignee that is a commercial bank shall not constitute a Direct Competitor if it acquired its interest in a Person that is a Direct Competitor as a consequence of having been a lender to a Person that
is a Direct Competitor. For purposes of this definition, “control” of a Person means the power, directly or indirectly, to direct or to cause the direction of the management and policies of such Person, whether by contract or otherwise.

 “Direct-from-Consumer Time Share Interests”: any Time Share Interests which any Loan Party repurchases directly from
consumers, forecloses on or obtains through an exchange, deed-in-lieu of foreclosure or similar process after the Closing Date. 

“Disposition”: with respect to any property, any sale, lease, sale and leaseback, assignment, conveyance, transfer or other
disposition thereof. The terms “Dispose” and “Disposed of” shall have correlative meanings. 

“Documentation Agents”: as defined in the preamble hereto. 

“Dollars” and “$”: dollars in lawful currency of the United States. 

“Dollar Equivalent”: on any date of determination, (a) with respect to any amount denominated in Dollars, such amount
and (b) with respect to an amount denominated in any other currency, the equivalent in Dollars of such amount determined by the Administrative Agent in accordance with normal banking industry practice using the Exchange Rate on the most recent
Calculation Date (or if 

  
 14 

 

 “Exchange Rate”: for any day with respect to any currency (other than Dollars),
the rate at which such currency may be exchanged into Dollars in the London foreign exchange market for delivery two Business Days later (or, with respect to Pounds Sterling, such other Business Day as the Administrative Agent shall reasonably deem
applicable with respect to such currency), as set forth at 11:00 A.M., London time, on such day on the applicable Reuters WRLD page (or equivalent) with respect to such currency. In the event that such rate does not appear on the applicable Reuters
WRLD page (or equivalent), the Exchange Rate with respect to such currency shall be determined by reference to such other publicly available service for displaying exchange rates as may be agreed upon by the Administrative Agent and the Borrower or,
in the absence of such agreement, such Exchange Rate shall instead be the spot rate of exchange of the Administrative Agent in the London interbank market or other market where its foreign currency exchange operations in respect of such currency are
then being conducted, at or about 11:00 A.M., London time, on such day for the purchase of Dollars with such currency, for delivery two Business Days later (or, with respect to Pounds Sterling, such other Business Day as the Administrative Agent
shall reasonably deem applicable with respect to such currency); provided, however, that if at the time of any such determination, for any reason, no such spot rate is being quoted, the Administrative Agent may use any method it
reasonably deems appropriate to determine such rate, and such determination shall be conclusive absent manifest error. 
 “Excluded
Foreign Subsidiary”: any Foreign Subsidiary in respect of which either (a) the pledge of all of the Capital Stock of such Subsidiary as Collateral or (b) the guaranteeing by such Subsidiary of the Obligations, would, in the good
faith judgment of the Borrower, result in adverse tax consequences to the Borrower. 
 “Excluded Property”: (i) raw
land, (ii) real property that is not yet at a stage of development such that it would be classified as In-Process Property, (iii) Time Share Receivables and Related Assets that constitute collateral for the Receivables Warehouse Facility
or that secure a Qualified Securitization Transaction, (iv) any property (excluding In-Process Property, Time Share Receivables, residual interests in Qualified Securitization Transactions and any Intercompany Agreement) to the extent that such
grant of a security interest in such property is prohibited by any Requirements of Law, requires a consent not obtained of any Governmental Authority pursuant to such Requirement of Law or is prohibited by, or constitutes a breach or default under
or results in the termination of, or requires any consent not obtained under, any contract, license, agreement, instrument or other document evidencing or giving rise to such property (provided that at the time such contract, license, agreement,
instrument or other document became effective it did not violate Section 7.14) or, in the case of any such property that constitutes Investment Property, Pledged Stock or Pledged Notes, any applicable shareholder or similar agreement (provided
that at the time such agreement became effective it did not violate Section 7.14), except to the extent that such Requirement of Law or the term in such contract, license, agreement, instrument or other document or shareholder or similar
agreement providing for such prohibition, breach, default or termination or requiring such consent is ineffective under applicable law, (v) any real property (a) with respect to which no management contract exists with any Group Member or
(b) to the extent that no Group Member has the contractual right to name the Administrative Agent as an additional insured or loss payee on any insurance policies insuring such real property, as contemplated by Section 6.6(b)(iii),
(vi) any Direct-from-Consumer Time Share Interests (other than any Direct-from-Consumer Time Share Interests that the Borrower elects to include in the Borrowing Base as Eligible Time Share Interests pursuant to Section 6.10(c)(iii)),
(vii) any other real property (other than In-Process Property, Time Share Receivables or Time Share Interests), if such real property is not subject to a Mortgage as of the Second Amendment and Restatement Effective Date and,
(viii) the properties listed on Schedule 1.1F hereto and
(ix) Deferred Compensation Plan Assets. 
 “Excluded Swap
Obligation”: with respect to any Guarantor, (a) any Swap Obligation if, and to the extent that, and only for so long as, all or a portion of the guarantee of such Guarantor of, or the 

  
 20 

 

 or otherwise, to be secured by) any Lien on property (including accounts and contract rights) owned by such
Person, whether or not such Person has assumed or become liable for the payment of such obligation; and 
 (j) for the purposes of
Section 8(e) only, all obligations of such Person in respect of Swap Agreements and related derivatives. 
 The Indebtedness of any
Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other
relationship with such entity, except to the extent the terms of such Indebtedness expressly provide that such indebtedness is non-recourse to such Person. For the avoidance of doubt, Indebtedness of the type described in the preceding sentence
shall not be considered to be recourse to a Person if recourse is contingent upon the occurrence of specified events that have not yet occurred in circumstances in which the occurrence of such events is within the control of such Person
(e.g., provisions commonly known as “bad boy” provisions). Notwithstanding anything herein to the contrary, Indebtedness shall not include (i) any payment obligation or other liability of such Person under the Marriott International, Inc. Executive Deferred Compensation Plan or the Marriott Vacations Worldwide CorporationInternational,
Inc. Executive Deferred Compensation Plan, each a non-qualified deferred compensation plan within the meaning of IRC Section 409A, and (ii) any amounts relating to full membership
agreements in The Ritz-Carlton Golf Club & Spa, Jupiter (Florida) which are refundable, without interest, to full members in good standing after thirty years of continuous membership and which do not, in any case, have a redemption date
earlier than the year 2029. 
 “Indemnified Liabilities”: as defined in Section 10.5. 

“Indemnified Taxes”: (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by any Loan
Party under any Loan Document and (b) Other Taxes. 
 “Indemnitee”: as defined in Section 10.5. 

“Indenture Trustee”: with respect to a Qualified Securitization Transaction, any entity designated as trustee or indenture
trustee in the documents relating to such Qualified Securitization Transaction. 
 “Independent Financial Advisor”: an
accounting, appraisal, investment banking firm or consultant to Persons engaged in similar businesses of nationally recognized standing that is, in the good faith judgment of the Borrower, qualified to perform the task for which it has been engaged.

 “In-Process Property”: real property owned by a Loan Party that such Loan Party intends to convert into Time Share
Interests for which the Preliminary Construction Stage has commenced; provided that for the avoidance of doubt, raw land shall not be considered In-Process Property. For purposes of this definition, the “Preliminary Construction Stage
has commenced” when each of the following is true regarding the applicable real property: (a) the engineering and design work is complete; (b) all material construction contracts relating to the applicable real property have been
executed; (c) the portion of the site related to the real property has been cleared, prepared and excavated; and (d) construction of the building substructure has commenced. 

“Insolvent”: with respect to any Multiemployer Plan, the condition that such plan is insolvent within the meaning of
Section 4245 of ERISA. 

  
 35 

 

 “Swap Obligation”: with respect to any person, any obligation to pay or perform
under any Swap. 
 “Syndication Agents”: as defined in the preamble hereto. 

“TARGET Day”: any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) payment
system (or, if such payment system ceases to be operative, such other payment system (if any) reasonably determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euros. 

“Taxes”: any present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges
imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
 “Termination
Date”: September 10, 2019. 

“Third Amendment”:
the Third Amendment, dated as of December 8, 2016, among the Borrower, Marriott Vacations Worldwide Corporation, the Administrative Agent and the Lenders party thereto. 

“Third Amendment
Effective Date”: as defined in the Third Amendment. 
 “Time Share
Development Property”: any portion of any existing hotel or resort property acquired by any Group Member, which has not been dedicated to any time share arrangement, plan, scheme or similar device and which such Group Member intends
primarily to convert into Time Share Interests. For the avoidance of doubt, any real property interest that qualifies as Time Share Development Property shall be deemed not to qualify as In-Process Property or a Time Share Interest. 

“Time Share Development Property Capital Expenditures”: any Capital Expenditures of MVWC and its Subsidiaries on a
consolidated basis attributable to the acquisition, renovation and/or improvement of any Time Share Development Property. 
 “Time
Share Interest”: (i) inventory available to occupy as a dwelling or accommodation, and which may be coupled with an estate in real estate or limited to a right to use real estate without an estate or ownership interest, pursuant to any
time share arrangement, plan, scheme, or similar device, in any legal form or structure (including units physically located within a project that are currently used for sales and/or administrative purposes and that have received certificates of
occupancy for such use) or (ii) any real property interest completed and available to occupy as a dwelling or accommodation and intended by Borrower to be dedicated to any such time share arrangement (including units physically located within a
project that are currently used for sales and/or administrative purposes and that have received certificates of occupancy for such use). 

“Time Share Receivable”: a note receivable arising from the financing of the sale of timeshare intervals and fractional
products to a retail customer. 
 “Time Share SPV”: an entity intended to be bankruptcy-remote and which is formed for the
purpose of engaging in securitization transactions with respect to Time Share Receivables and the indebtedness of which is Non-Recourse Debt. 

“Title Insurance Company”: as defined in Section 5.1(k)(ii). 

  
 71 

 

 (b) No Default. No Default or Event of Default shall have occurred and be
continuing on such date or after giving effect to the extensions of credit requested to be made on such date. 
 (c)
Borrowing Base. The Administrative Agent shall have received a Borrowing Base Certificate demonstrating pro forma compliance with Section 7.2 after giving effect to the extensions of credit requested to be made on such date (it
being understood that (x) the Borrowing Base Certificate delivered pursuant to clause (vi) of Section 5.1(g) satisfies this requirement on the Closing Date and (y) that such Borrowing Base Certificate shall be based on the most
recent Borrowing Base Certificate delivered pursuant to Section 6.3(b) adjusted only for the requested extension of credit); provided that no such certificate shall be required in connection with an extension of credit that does not
result in an increase in the Total Extensions of Credit. 
 Each borrowing by and issuance of a Letter of Credit on behalf of the Borrower hereunder shall
constitute a representation and warranty by the Borrower as of the date of such extension of credit that the conditions contained in this Section 5.2 have been satisfied. 

SECTION 6. AFFIRMATIVE COVENANTS 

Each of MVWC and the Borrower agrees that, so long as the Commitments remain in effect, any Letter of Credit remains outstanding or any Loan
or other amount is owing to any Lender or the Administrative Agent hereunder, each of MVWC and the Borrower shall and shall cause each of their respective Subsidiaries, as applicable, to: 

6.1 Financial Statements. Furnish to the Administrative Agent and each Lender: 

(a) as soon as available, but in any event within 90 days after the end of each Fiscal Year, a copy of the audited
consolidated balance sheet of MVWC and its consolidated Subsidiaries as at the end of such Fiscal Year and the related audited consolidated statements of income and of cash flows for such Fiscal Year, setting forth in each case in comparative form
the figures for the previous Fiscal yYear, reported on without a “going concern” or like qualification or
exception, or qualification arising out of the scope of the audit, by Ernst & Young LLP or other independent certified public accountants of nationally recognized standing; 

(b) as soon as available, but in any event not later than 45 days after the end of each of the first three Fiscal Quarters of
each Fiscal Year (except in the case of the third Fiscal Quarter of Fiscal Year 2011, not later than 45 days after the effective date of the Spin-Off), the unaudited consolidated balance sheet of MVWC and its consolidated Subsidiaries as at the end
of such Fiscal Quarter and the related unaudited consolidated statements of income and of cash flows for such Fiscal Quarter and the portion of the Fiscal Year through the end of such Fiscal Quarter, setting forth in each case in comparative form
the figures for the previous Fiscal Year, certified by a Responsible Officer as being fairly stated in all material respects (subject to normal year-end audit adjustments); and 

All such financial statements shall be complete and correct in all material respects and shall be prepared in reasonable detail and in accordance with GAAP
applied (except as approved by such accountants or officer, as the case may be, and disclosed in reasonable detail therein) consistently throughout the periods reflected therein and with prior periods. 

  
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 (a) concurrently with the delivery of any financial statements pursuant to Section 6.1, a
Compliance Certificate of a Responsible Officer (i) stating that, to the best of such Responsible Officer’s knowledge, no Default or Event of Default has occurred and is continuing as of the date of such certificate, except as specified in
such certificate, (ii) containing all information and calculations necessary for determining compliance by each Group Member with the provisions of this Agreement referred to therein as of the last day of the Fiscal Quarter or Fiscal Year, as
the case may be, and (iii) to the extent not previously disclosed to the Administrative Agent, (1) a description of any change in the jurisdiction of organization of any Loan Party, (2) a list of any Intellectual Property in the
categories set forth in Schedule 6 to the Guarantee and Collateral Agreement acquired or exclusively licensed by any Loan Party and (3) a description of any Person that has become a Group Member, in each case since the date of the most recent
report delivered pursuant to this clause (iii) (or, in the case of the first such report so delivered, since the Effective Date); 

(b) within 20 days (or if such twentieth day is not a Business Day, the next such day that is a Business Day) following the end of each Fiscal
Month, a Borrowing Base Certificate duly executed by the Chief Financial Officer, Controller or a Company Vice President setting forth a calculation of the Borrowing Base as of the end of such
fFiscal
 periodMonth; provided, that, MVWC shall deliver an interim Borrowing Base Certificate to the Administrative Agent upon (i) any Material Disposition (it being understood and agreed that such Borrowing Base
Certificate shall be calculated after giving pro forma effect to such Material Disposition) and (ii) as required by Section 5.2(c); and 

(c) within 20 days (or if such twentieth day is not a Business Day, the next such day that is a Business Day) following the end of each Fiscal
Month the Borrower will provide certification to the Title Insurance Company of the quantum of beneficial interests in the Land Trust subject to a Mortgage. 

6.4 Payment of Obligations. Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may
be, all its material obligations of whatever nature, except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on
the books of the relevant Group Member. 
 6.5 Maintenance of Existence; Compliance. (a)(i) Preserve, renew and keep in full force
and effect its organizational existence and (ii) take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business, except, in each case, as otherwise permitted by
Section 7.5 and except, in the case of clause (ii) above, to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and (b) comply with all Contractual Obligations and Requirements of Law
except to the extent that failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 

6.6 Maintenance of Property; Insurance. (a) (i) Keep all property useful and necessary in its business in good working order
and condition, ordinary wear and tear excepted and (ii) maintain with financially sound and reputable companies insurance on all its property in at least such amounts and against at least such risks (but including in any event public liability,
product liability and business interruptions) as are usually insured against in the same general area by companies engaged in the same or a similar business. 

(b) Without limiting the requirements in Section 6.6(a), maintain, with financially sound and reputable companies, insurance policies
(i) insuring the Collateral (including any Collateral that is owned through the Beneficial Interests (as defined in the Mortgages)) against loss by fire, explosion, theft and such other casualties as is consistent with that carried by other
reasonably prudent 

  
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 7.6 Disposition of Property. Dispose of any of its property, whether now owned or
hereafter acquired, or, in the case of any Subsidiary, issue or sell any shares of such Subsidiary’s Capital Stock to any Person, except: 

(a) the Disposition of obsolete or worn out property in the ordinary course of business; 

(b) the sale of inventory (including Time Share Interests) in the ordinary course of business; 

(c) Dispositions permitted by clause (i) (A) or (ii)(A) of Section 7.5(b); 

(d) the sale or issuance of any Subsidiary’s Capital Stock to MVWC or the Borrower or any Wholly Owned Subsidiary
Guarantor; 
 (e)(i) the Disposition of Time Share Receivables in the ordinary course of business (which may include the
Disposition of disputed or written down Time Share Receivables in a manner determined to be prudent by MVWC), (ii) Dispositions of Time Share Receivables and Related Assets or an interest therein of the type specified in the definition of
“Qualified Securitization Transaction” to a Time Share SPV, in each case provided that, after giving pro forma effect to such Disposition and application of proceeds thereof, the Borrower is in compliance with Section 7.2 and
(iii) the Disposition of Time Shares Receivables by Foreign Subsidiaries for fair value; 
 (f) the Disposition of Time
Share Interests (other than in the ordinary course of business) not to exceed $50,000,000 in gross proceeds in any Fiscal Year; 

(g) the Disposition of real property (other than Time Share Interests) not to exceed $150,000,000 in gross proceeds in any
Fiscal Year; 
 (h) Dispositions resulting from any casualty or other insured damage to, or any taking under power of
eminent domain or by condemnation or similar proceeding of, any property or asset of any Group Member; 
 (i) Dispositions
in connection with and contemplated by the Separation and Distribution Agreement and the Intercompany Agreements; 
 (j) the
Disposition of property having a fair market value not to exceed $5,000,000 in the aggregate for any Fiscal Year; 
 (k) the
issuance of Preferred Stock; 
 (l) the Disposition in the ordinary course of business of interests in the entities which
hold the interests in inventory used in the operation of the Marriott Vacation Club, Asia Pacific business to an independent trustee or administrative third parties subject to regulatory provisions of the laws of the jurisdictions governing such
entities; and 

(m) any operating or capital lease entered into by any Group Member (as lessor) in the ordinary course of business.; and

  
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(n)
Dispositions of Deferred Compensation Plan Assets, the proceeds of which are used (i) to acquire other Deferred Compensation Plan Assets, (ii) to make payments to current and former employees and non-employee directors of MVWC and its
Subsidiaries pursuant to the Deferred Compensation Plan or (iii) as otherwise permitted by the Deferred Compensation Plan Trust in which such Deferred Compensation Plan Assets are held. 

 7.7 Restricted Payments. Declare or pay any dividend (other than dividends payable solely in common stock of the Person
making such dividend) on, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition of, any Capital Stock of any Group Member, whether now
or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of any Group Member (collectively, “Restricted Payments”), except that: 

(a) any Subsidiary may make Restricted Payments to MVWC, the Borrower or any Wholly Owned Subsidiary Guarantor; 

(b) so long as no Default or Event of Default shall have occurred and be continuing, MVWC may purchase MVWC’s common
stock or common stock options from present or former officers or employees of any Group Member upon the death, disability or termination of employment of such officer or employee, provided, that the aggregate amount of payments under this
clause (b) after the Effective Date (net of any proceeds received by MVWC after the Effective Date in connection with resales of any common stock or common stock options so purchased) shall not exceed $5,000,000 in any Fiscal Year; 

(c) any Foreign Subsidiary may make Restricted Payments to any Foreign Subsidiary that is a Wholly Owned Subsidiary; 

(d) so long as no Default or Event of Default shall have occurred and be continuing, the issuer thereof may pay ordinary
dividends on the Preferred Stock; and 
 (e) MVWC and the Borrower may make Restricted Payments so long as after giving
effect to such Restricted Payment, (i) no Default or Event of Default has occurred and is continuing or would result therefrom, (ii) the Consolidated Leverage Ratio as of the last day of the most recent Reference Period (after giving
effect to such Restricted Payment as if such Restricted Payment occurred on such date) is less than or equal to 5.00 to 1.00 on a pro forma basis and (iii) MVWC and the Borrower are in compliance on a pro forma basis with
(x) the financial covenants contained in Section 7.1(b) and (c) of this Agreement as of the last day of the most recent Reference Period (after giving effect to such Restricted Payment as if such Restricted Payment occurred on such
date) and (y) the Borrowing Base Coverage Ratio contained in Section 7.2 as of the date of such Restricted Payment. 
 7.8
Capital Expenditures. Make or commit to make any Capital Expenditure, except Capital Expenditures of MVWC and its Subsidiaries in the ordinary course of business not exceeding $350,000,000 in any Fiscal Year; provided, that (a) up
to $50,000,000 of any such amount referred to above, if not so expended in the Fiscal Year for which it is permitted, may be carried over for expenditure in the next succeeding Fiscal Year and (b) Capital Expenditures made pursuant to this
Section 7.8 during any Fiscal Year shall be deemed made, first, in respect of amounts permitted for such Fiscal Year as provided above and, second, in respect of amounts carried over from the prior Fiscal Year pursuant to clause
(a) above. 

  
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 and contributed or sold to such Time Share SPV in connection with a Qualified Securitization Transaction; or
(ii) by a Group Member in any Time Share SPV in connection with its exercise of any rights under clean up call provisions of 15% or less in any Qualified Securitization Transaction; 

(i) provided that after giving effect thereto no Default or Event of Default will exist, Investments by MVWC, the Borrower or a Wholly Owned
Subsidiary Guarantor constituting either the acquisition of (x) all or substantially all of the assets, or all or substantially all of the assets constituting a business, division or product line, of any Person not already a Subsidiary of MVWC
or (y) 100% of the Capital Stock of any such Person, which Person shall, as a result of the acquisition of such Capital Stock, become a Wholly Owned Subsidiary Guarantor (or shall be merged with and into the Borrower or another Wholly Owned
Subsidiary Guarantor, with the Borrower or such Wholly Owned Subsidiary Guarantor being the surviving or continuing Person) in an aggregate amount (valued at cost, including any Indebtedness assumed in connection with such acquisition) not to exceed
$225,000,000 during the term of this Agreement; 
 (j) in addition to Investments otherwise expressly permitted by this Section 7.9,
Investments by MVWC, the Borrower or any of their respective Subsidiaries in an aggregate amount (valued at cost) not to exceed $5,000,000 during the term of this
Agreement75,000,000 outstanding at any one time ; 

(k) Investments constituting Restricted Payments permitted by
Section 7.7; and 

(l) to the extent constituting an Investment, any Swap Agreement permitted by Section 7.12.; and

 (m) Investments
made by MVWC and its Subsidiaries in Deferred Compensation Plan Assets in an amount not to exceed at any time 110% of the aggregate amount of compensation payable to current and former employees and non-employee directors of MVWC and its
Subsidiaries that is deferred pursuant to the Deferred Compensation Plan (plus amounts equal to the earnings or gains on such investment assets). 

7.10 Transactions with Affiliates. Enter into any transaction, including any purchase, sale, lease or exchange of property, the
rendering of any service or the payment of any management, advisory or similar fees, with any Affiliate (other than MVWC, the Borrower or any Wholly Owned Subsidiary Guarantor) unless such transaction is (a) otherwise permitted under this
Agreement, (b) in the ordinary course of business of the relevant Group Member, and (c) upon fair and reasonable terms no less favorable to the relevant Group Member than it would obtain in a comparable arm’s length transaction with a
Person that is not an Affiliate. The restrictions contained in this Section 7.10 shall not apply to (i) any transaction between or among Subsidiaries of the Borrower (other than MVWC, the Borrower or any Wholly Owned Subsidiary Guarantor)
in the ordinary course of business, (ii) transactions between or among Group Members in the ordinary course of business not to exceed $10,000,000 in the aggregate, (iii) transactions in which the Borrower or any Subsidiary delivers to the
Administrative Agent a letter from an Independent Financial Advisor stating that such transaction is fair to the Borrower or such Subsidiary from a financial point of view or stating that the terms are not materially less favorable, when taken as a
whole, than those that might reasonably have been obtained by the Borrower or such Subsidiary in a comparable transaction at such time on an arms’ length basis from a Person that is not an Affiliate, (iv) any transaction (including any
working capital true-up payment) entered into in connection with the Spin-Off, including the Separation and Distribution Agreement and the Intercompany Agreements, (v) to any sale or other transfer of Time Share Receivables and other Related
Assets or other transactions customarily effected as part of (A) a Qualified Securitization Transaction (including, without limitation, servicing agreements and other similar arrangements customary in Qualified Securitization

  
 89 

 

 Transactions) or (B) the Receivables Warehouse Facility, (vi) timeshare and fractional sales
commissioned services provided through operations in Mexico, Latin America or the Caribbean or (vii) owner services activities provided through Promociones Marriott, S.A. de C.V. 

7.11 Sales and Leasebacks. Enter into any arrangement with any Person providing for the leasing by any Group Member of real or personal
property that has been or is to be sold or transferred by such Group Member to such Person or to any other Person to whom funds have been or are to be advanced by such Person on the security of such property or rental obligations of such Group
Member. 
 7.12 Swap Agreements. Enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or
mitigate risks to which the Borrower or any Subsidiary has actual exposure (other than those in respect of Capital Stock), (b) Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating
rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of the Borrower or any Subsidiary, (c) back-to-back Swap Agreements between MVWC, the Borrower or any Subsidiary
and a counterparty which constitutes, in all material respects, a mirror Swap Agreement to any swap transaction described in clauses (a) and (b) of this Section 7.12 in connection with the Receivables Warehouse Facility or any
Qualified Securitization Transaction and (d) any accelerated share repurchase agreement, prepaid forward purchase agreement or similar contract and all other agreements related thereto with respect to the purchase by MVWC of its Capital Stock
to the extent permitted by Section 7.7(e). 
 7.13 Changes in Fiscal Periods. Permit a Fiscal Year to end on a day other than as
specified for such Fiscal Year in Schedule 1.1E or change the method for determining Fiscal Quarters or Fiscal Months. 
 7.14 Negative
Pledge Clauses. Enter into or suffer to exist or become effective any agreement that prohibits or limits the ability of any Group Member (other than a Special Purpose Subsidiary) to create, incur, assume or suffer to exist any Lien upon any of
its property or revenues, whether now owned or hereafter acquired, to secure its obligations under the Loan Documents to which it is a party other than (a) this Agreement and the other Loan Documents and,
(b) any agreements governing any purchase money Liens or Capital Lease Obligations otherwise permitted hereby (in which case, any prohibition or limitation shall only be effective against the assets financed thereby) and (c) restrictions on the ability of MVWC to create Liens on Deferred Compensation Plan Assets. 
 7.15 Clauses Restricting Subsidiary Distributions. Enter into or suffer to exist or
become effective any consensual encumbrance or restriction on the ability of any Subsidiary of MVWC (other than a Special Purpose Subsidiary with respect to the Qualified Securitization Transaction to which such Special Purpose Subsidiary is a
party) to (a) make Restricted Payments in respect of any Capital Stock of such Subsidiary held by, or pay any Indebtedness owed to, MVWC or any other Subsidiary, (b) make loans or advances to, or other Investments in, MVWC or any
Subsidiary or (c) transfer any of its assets to MVWC, except for such encumbrances or restrictions existing under or by reason of (i) any restrictions existing under the Loan Documents and (ii) any restrictions with respect to a
Subsidiary imposed pursuant to an agreement that has been entered into in connection with the Disposition of all or substantially all of the Capital Stock or assets of such Subsidiary. 

7.16 Lines of Business. Enter into any business, either directly or through any Subsidiary, except for those businesses in which the
Borrower and its Subsidiaries are engaged on the date of this Agreement (after giving effect to the Spin-Off) or that are reasonably related thereto; provided that, for avoidance of doubt, the operation by any Loan Party of any Time Share
Development Property prior to or during the conversion of such Time Share Development Property to Time Share Interests shall 

  
 90 

 

 be deemed to be reasonably related to the businesses in which the Borrower and its Subsidiaries were engaged on
or prior to the date of this Agreement. 
 7.17 Amendments to Intercompany
and Other Agreements. (a) Amend, supplement or otherwise modify (pursuant to a waiver or otherwise) the
terms and conditions of the Intercompany Agreements or the Separation and Distribution Agreement if the effect of any such amendment, supplement or modification (individually or when taken cumulatively with all prior such amendments, supplements and
modifications) (a) would make the terms of any such agreement (including any of the indemnities or licenses contained therein or any fees payable thereunder) taken as a whole, materially less favorable to the interests of the Borrower, the
Borrower and its Subsidiaries taken as a whole, the Group Members taken as a whole or the Lenders with respect thereto or (b) could reasonably be expected to have a Material Adverse Effect. 

(b) Amend, supplement or
otherwise modify (pursuant to a waiver or otherwise) the terms and conditions of the Deferred Compensation Plan if after giving effect to any such amendment, supplement or modification (individually or when taken cumulatively with all prior such
amendments, supplements and modifications) the Deferred Compensation Plan would fail to meet the requirements for non-qualified deferred compensation plans contained in IRC Section 409A.

 7.18 Optional Payments and Modifications of Subordinated Debt. (a) Permit any Group Member to make any optional or
voluntary payment, prepayment, repurchase or redemption of, or otherwise voluntarily or optionally defease the principal of or interest on, or any other amount owing in respect of, any Subordinated Debt except pursuant to a Permitted Refinancing.

 (b) Permit any Group Member to amend, modify or otherwise change, or consent or agree to any amendment, modification, waiver or other
change to, any of the terms of any agreement or instrument governing or evidencing Subordinated Debt in any manner that is, taken as a whole with all such changes, materially adverse to the Lenders without the prior consent of the Administrative
Agent (with the approval of the Required Lenders). 
 7.19 Use of Proceeds. The Borrower will not request any Loan or Letter of
Credit, and the Borrower shall not use, and shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Loan or Letter of Credit (a) in furtherance of an offer,
payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (b) for the purpose of funding, financing or facilitating any activities, business
or transaction of or with any Sanctioned Person, or in any Sanctioned Country, to the extent such activities, businesses or transactions would be prohibited by Sanctions if conducted by a corporation incorporated in the United States or in a
European Union member state, or (c) in any manner that would result in the violation of any Sanctions applicable to any party hereto. 

SECTION 8. EVENTS OF DEFAULT 
 If
any of the following events shall occur and be continuing: 
 (a) the Borrower shall fail to pay any principal of any Loan
or Reimbursement Obligation when due in accordance with the terms hereof; or the Borrower shall fail to pay any interest on any Loan or Reimbursement Obligation, or any other amount payable hereunder or under any other Loan Document, within three
Business Days after any such interest or other amount becomes due in accordance with the terms hereof; or 

 Exhibit B 

Schedule 1.1E 
 [See
attached.] 

 Schedule 1.1E 

Fiscal Periods 
  

													
	 	 	 	 	 	 	 
	
PERIOD/   

FISCAL   
MONTH*   
	 	 FISCAL 2008

Leap Year;
 53 Weeks
	 	FISCAL 2009	 	FISCAL 2010	 	FISCAL 2011	 	 FISCAL 2012

Leap Year
	 	 FISCAL
2013
 53 Weeks

	 	 	 	 	 	 	 
	
  1    

  2    

  3    

 

  4    

  5    

  6    

 

  7    

  8    

  9    

 

10    

11    

12    

13    
	 	 January 25

February 22
 March 21

 
 April 18

May 16
 June 13

 
 July 11

August 8
 September 5

 
 October 3

October 31
 November 28

January 2, 2009** 
  
	 	 January 30

February 27
 March 27

 
 April 24

May 22
 June 19

 
 July 17

August 14
 September 11

 
 October 9

November 6
 December 4

January 1, 2010 
	 	 January 29

February 26
 March 26

 
 April 23

May 21
 June 18

 
 July 16

August 13
 September 10

 
 October 8

November 5
 December 3

December 31, 2010 
	 	 January 28

February 25
 March 25

 
 April 22

May 20
 June 17

 
 July 15

August 12
 September 9

 
 October 7

November 4
 December 2

December 30, 2011 
	 	 January 27

February 24
 March 23

 
 April 20

May 18
 June 15

 
 July 13

August 10
 September 7

 
 October 5

November 2
 November 30

December 28, 2012 
	 	 January 25

February 22
 March 22

 
 April 19

May 17
 June 14

 
 July 12

August 9
 September 6

 
 October 4

November 1
 November 29

January 3, 2014** 

							
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	PERIOD/   
FISCAL   
MONTH*   	 	FISCAL 2014	 	FISCAL 2015	 	 FISCAL 2016

Leap Year
	 	FISCAL 2017	 	FISCAL 2018	 	FISCAL 2019
	 	 	 	 	 	 	 
	
  1    

  2    

  3    

 

  4    

  5    

  6    

 

  7    

  8    

  9    

 

10    

11    

12    

13    

 
	 	 January 31

February 28
 March 28

 
 April 25

May 23
 June 20

 
 July 18

August 15
 September 12

 
 October 10

November 7
 December 5

January 2, 2015 
	 	 January 30

February 27
 March 27

 
 April 24

May 22
 June 19

 
 July 17

August 14
 September 11

 
 October 9

November 6
 December 4

January 1, 2016 
	 	 January 29

February 26
 March 25

 
 April 22

May 20
 June 17

 
 July 15

August 12
 September 9

 
 October 7

November 4
 December 2

December 30, 2016 
	 	 January 31

February 28
 March 31

 
 April 30

May 31
 June 30

 
 July 31

August 31
 September 30

 
 October 31

November 30

December 31, 2017 

N/A
	 	 January 31

February 28
 March 31

 
 April 30

May 31
 June 30

 
 July 31

August 31
 September 30

 
 October 31

November 30

December 31, 2018 

N/A
	 	 January 31

February 28
 March 31

 
 April 30

May 31
 June 30

 
 July 31

August 31
 September 30

 
 October 31

November 30

December 31, 2019 

N/A

 * With respect to Fiscal Years 2008 through 2016, each of Periods 1 through 3, Periods 4 through 6, Periods 7 through 9 and
Periods 10 through 13 is a Fiscal Quarter. With respect to Fiscal Years 2017 through 2019, each of Periods 1 through 3, Periods 4 through 6, Periods 7 through 9 and Periods 10 through 12 is a Fiscal Quarter. 

** Includes 5 weeks.

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