SEC Contract Filing

Filing Date: 2023-12-22

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d30872dex101.htm
<DESCRIPTION>EX-10.1
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<TITLE>EX-10.1</TITLE>
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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="right"><B><I>Execution Version </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this &#147;<B><I>First Amendment</I></B>&#148;) dated as of
December&nbsp;22, 2023, by and among Playa Resorts Holding B.V., a Dutch <I>besloten vennootschap met beperkte aansprakelijkheid</I> with its corporate seat in Amsterdam, the Netherlands (the &#147;<B><I>Borrower</I></B>&#148;), Playa
Hotels&nbsp;&amp; Resorts N.V., a Dutch <I>naamloze vennootschap </I>with its corporate seat in Amsterdam, the Netherlands (&#147;<B><I>Holdings</I></B>&#148;), each other Guarantor party hereto, Deutsche Bank AG New York Branch as administrative
agent (in such capacity, including any successor thereto, the &#147;<B><I>Administrative Agent</I></B>&#148;) under the Loan Documents and each lender party hereto (collectively, the &#147;<B><I>Term Lenders</I></B>&#148; and, individually, a
&#147;<B><I>Term Lender</I></B>&#148;). Unless otherwise indicated, all capitalized terms used herein and not otherwise defined herein shall have the respective meanings provided to such terms 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>W</U><U></U><U>&nbsp;I</U><U></U><U>&nbsp;T</U><U></U><U>&nbsp;N</U><U></U><U>&nbsp;E</U><U></U><U>&nbsp;S</U><U></U><U>&nbsp;
S</U><U></U><U>&nbsp;E</U><U></U><U>&nbsp;T</U><U></U><U>&nbsp;H</U>: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Borrower, Holdings, the Lenders from time to time party
thereto and the Administrative Agent, among others, are parties to that certain Credit Agreement, dated as of August&nbsp;9, 2013 (as amended and restated as of April&nbsp;27, 2017, as further amended and restated as of December&nbsp;16, 2022 and as
further amended, restated, supplemented or otherwise modified to, but not including, the date hereof, the &#147;<B><I>Credit Agreement</I></B>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, on the date hereof, there are outstanding 2022 Term Loans under the Credit Agreement in an aggregate principal amount of
$1,091,750,000.00; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, subject to the terms and conditions of this First Amendment, the parties hereto wish to amend the Credit
Agreement to decrease the interest rate applicable to the 2022 Term Loans and to make certain other changes as herein provided. </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 the agreements contained herein, the parties hereto agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION 1. <U>Amendments to the
Credit Agreement</U>. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Section 1.01</U> of the Credit Agreement is hereby amended by adding in the appropriate alphabetical
order the following new definitions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Consolidated First Lien Net Leverage Ratio</B>&#148; means, with respect to
any Test Period, the ratio of (a)&nbsp;Consolidated Secured Net Debt consisting of Obligations that are then secured by first-priority Liens and any other Consolidated Secured Net Debt that is secured on a <I>pari passu</I> or senior basis with such
Obligations, in each case, as of the last day of such Test Period to (b)&nbsp;Consolidated EBITDA for such Test Period. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>First Amendment</B>&#148; means the First Amendment to the Agreement, dated as of December&nbsp;22, 2023, by and among
the Borrower, Holdings, the other Guarantors party thereto, the Administrative Agent and the Lenders. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>First
Amendment Effective Date</B>&#148; shall have the meaning provided in the First Amendment. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The definition of &#147;Applicable Rate&#148; in <U>Section</U><U></U><U>&nbsp;1.01</U> of
the Credit Agreement is hereby amended and restated in its entirety as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;&#147;<B>Applicable Rate</B>&#148; means a
percentage per annum equal to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) with respect to 2022 Term Loans, (x)&nbsp;prior to the First Amendment Effective Date, (i)&nb