SEC Contract Filing

Filing Date: 2015-07-23

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>3
<FILENAME>d947787dex103.htm
<DESCRIPTION>EX-10.3
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<TITLE>EX-10.3</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.3 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right"><B>EXECUTION VERSION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">FIRST
AMENDMENT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:11pt; font-family:Times New Roman">FIRST AMENDMENT, dated as of June&nbsp;26, 2015 (this &#147;<U>Amendment</U>&#148;), to the Second Amended and Restated Credit
Agreement, dated as of September&nbsp;10, 2014 (as amended, supplemented or otherwise modified prior to the date hereof, the &#147;<U>Credit Agreement</U>&#148;), 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 several banks and other financial institutions or entities from time to time party thereto (the &#147;<U>Lenders</U>&#148;),
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 &#147;<U>Administrative
Agent</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><U>W</U> <U>I</U> <U>T</U> <U>N</U> <U>E</U> <U>S</U> <U>S</U> <U>E</U> <U>T</U> <U>H</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:11pt; font-family:Times New Roman">WHEREAS, MVWC, the Borrower, the Lenders and the Administrative Agent are parties to the Credit Agreement; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:11pt; font-family:Times New Roman">WHEREAS, MVWC and the Borrower have requested that the Credit Agreement be amended as set forth herein and the Lenders and the Administrative
Agent have agreed to enter into this Amendment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:11pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein,
the parties hereto agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman">SECTION 1.&nbsp;<U>Capitalized Terms</U>. Capitalized terms used but not defined herein shall have
the meanings assigned to such terms in the Credit Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman">SECTION 2.&nbsp;<U>Amendments</U>. (a)&nbsp;The Credit Agreement is hereby
amended as of the First Amendment Effective Date to delete the stricken text (indicated textually in the same manner as the following example: <FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><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" 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 pages of the Credit Agreement
attached as <U>Exhibit A</U> hereto. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:11pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp; The Credit Agreement is further amended as of the First
Amendment Effective Date by (i)&nbsp;deleting Schedule 1.1A in its entirety and replacing it with a new Schedule 1.1A in the form of <U>Exhibit B</U> hereto, (ii)&nbsp;deleting Schedule 1.1C in its entirety and replacing it with a new Schedule 1.1C
in the form of <U>Exhibit C</U> hereto and (iii)&nbsp;deleting Schedule 4.21 in its entirety and replacing it with a new Schedule 4.21 in the form of <U>Exhibit D</U> hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman">SECTION 3.&nbsp;<U>Conditions to Effectiveness of Amendment</U>. This Amendment shall become effective on the date on which the following
conditions precedent have been satisfied or waived (the &#147;<U>First Amendment Effective Date</U>&#148;): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:11pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;
The Administrative Agent shall have received a counterpart of this Amendment, executed and delivered by a duly authorized officer of each of (A)&nbsp;MWVC, (B)&nbsp;the Borrower, (C)&nbsp;the Lenders and (D)&nbsp;the Administrative Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:11pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp; 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 respects on and as of the First Amendment Effective Date (except to the extent such representations and warranties expressly relate to an earlier date, in which case such
representations and warranties shall be true and correct in all material respects as of such earlier date), except that any representation and warranty that is qualified as to &#147;materiality&#148; or &#147;Material Adverse Effect&#148; shall be
true and correct in all respects. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:12%; font-size:11pt; font-family:Times New Roman">(c)&nb