SEC Contract Filing

Filing Date: 2022-04-06

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d303083dex101.htm
<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INCREMENTAL FACILITY AMENDMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS <B>INCREMENTAL FACILITY AMENDMENT,</B> dated as of March 31, 2022 (this &#147;<U>Agreement</U>&#148;), is made by and among MARRIOTT
VACATIONS WORLDWIDE CORPORATION, a Delaware corporation (&#147;<U>MVWC</U>&#148;), MARRIOTT OWNERSHIP RESORTS, INC., a Delaware corporation (the &#147;<U>Borrower</U>&#148;), the 2022 Incremental Lenders (as defined below) and JPMORGAN CHASE BANK,
N.A., as administrative agent and collateral agent (in such capacities, the &#147;<U>Administrative Agent</U>&#148;). Capitalized terms not otherwise defined herein shall have the meanings set forth in the Credit Agreement referred to below. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>PRELIMINARY STATEMENTS </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Borrower, MVWC, the Lenders, and the Administrative Agent have heretofore entered into that certain Credit Agreement, dated as of
August&nbsp;31, 2018 (as amended by that certain Amendment No.&nbsp;1 to Credit Agreement, dated as of December&nbsp;3, 2019 and as amended, supplemented or otherwise modified prior to the date hereof, the &#147;<U>Existing Credit
Agreement</U>&#148;, and as the same may be further amended, supplemented, amended and restated or otherwise modified from time to time, the &#147;<U>Credit Agreement</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Borrower has requested to terminate all existing Revolving Credit Commitments (the &#147;<U>Initial Revolving Credit
Commitments</U>&#148;) immediately prior to the effectiveness of this Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, pursuant to Section&nbsp;2.14(a), the Borrower
has requested Incremental Revolving Commitments in an aggregate amount equal to $750&nbsp;million, consisting of $630&nbsp;million of US Revolving Credit Commitment and $120&nbsp;million of Multicurrency Revolving Credit Commitments on the terms set
forth herein; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, each Revolving Credit Lender set forth on <U>Annex A</U> (each, a &#147;<U>2022 Incremental Lender</U>&#148; and
collectively, the &#147;<U>2022 Incremental Lenders</U>&#148;) hereto hereby commits to provide Incremental Revolving Credit Commitments in an aggregate principal amount not to exceed the amount of its &#147;2022 Incremental Revolving Credit
Commitment&#148; set forth next to such 2022 Incremental Lender&#146;s name on <U>Annex A</U>; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, pursuant to Section&nbsp;2.14(e)
of the Existing Credit Agreement, the Existing Credit Agreement may be amended in connection with an Incremental Facility Amendment as necessary or appropriate to effect the provisions of Section&nbsp;2.14 of the Existing Credit Agreement; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, in furtherance thereof, each party hereto hereby consents to the modifications to the Existing Credit Agreement as set forth in
Section&nbsp;1 below; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the premises and agreements, provisions and covenants herein contained, the
parties hereto hereby covenant and agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1. <U>Amendments to Existing Credit Agreement</U>. The Existing Credit
Agreement is, as of the Incremental Facility Effective Date and subject to the satisfaction of the applicable conditions precedent set forth in Section&nbsp;2 of this Agreement, hereby amended to: (i)&nbsp;delete the
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stricken text (indicated textually in the same manner as the following example: <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff4338"><STRIKE>stricken text</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman">) and to add the double-underlined text (indicated textually in the same manner as the following example:
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">double-underlined text</U></FONT><FONT STYLE="font-family:Times New Roman">) as set forth in the Credit
Agreement attached as <U>Annex B</U> hereto (ii)&nbsp;add the schedule of 2022 Incremental Revolving Credit Commitments attached as <U>Annex A</U> hereto to the end of Schedule 2.01 of the Existing Credit Agreement and (iii)&nbsp;amend and restate
Exhibit B to the Credit Agreement in its entirety in the form attached as <U>Annex C</U> hereto. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-