Marriott Vacations Worldwide Corporation (NYSE:VAC) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
Company) and certain of its subsidiaries entered into Omnibus
Amendment No. 5 (the Amendment) to certain of the agreements
associated with the $250 million warehouse credit facility that
the Company and certain of its subsidiaries amended and restated
in September 2014 (as amended by the Amendment, the Warehouse
Credit Facility), including, among others: (1) the Third Amended
and Restated Indenture and Servicing Agreement, dated as of
September 1, 2014 (the Indenture), by and among Marriott
Vacations Worldwide Owner Trust 2011-1 (the Trust), Marriott
Ownership Resorts, Inc. (MORI), and Wells Fargo Bank, National
Association (Wells Fargo); and (2) the Second Amended and
Restated Sale Agreement, dated as of September 1, 2014 (the Sale
Agreement), by and between MORI SPC Series Corp. and the Trust;
and (3) the Third Amended and Restated Standard Definitions
attached or incorporated into certain of the agreements
associated with the Warehouse Credit Facility (the Standard
Definitions).
vacation ownership notes receivable on a non-recourse basis. From
time to time, MORI SPC Series Corp., a subsidiary of the Company,
will sell to the Trust vacation ownership notes receivable that
it purchases from MORI. to the Indenture, the Trust will pledge
such vacation ownership notes receivable to the Trustee to secure
notes issued by the Trust. The advance rate for vacation
ownership notes receivable securitized using the Warehouse Credit
Facility varies based on the characteristics of the securitized
vacation ownership notes receivable. As a result of the
Amendment, the revolving period for the Warehouse Credit Facility
has been extended to March 7, 2019. In addition, among other
things, the Amendment reduced certain fees payable by the Company
with respect to amounts available under the Warehouse Credit
Facility and removed reserve requirements associated with the
Companys obligation to, in certain circumstances, enter into
hedging arrangements.
back-up servicer with respect to certain other transactions
involving the securitization of vacation ownership notes
receivable undertaken by the Companys subsidiaries. In addition,
from time to time, the financial institutions that provide
funding to the Company to the Warehouse Credit Facility or their
affiliates have performed, and may in the future perform, various
commercial banking, investment banking and other financial
advisory services for the Company and its affiliates for which
they have received, and will receive, customary fees and
expenses. In particular, these financial institutions or their
affiliates are party to the Companys revolving corporate credit
facility and may also have participated in transactions involving
the securitization of vacation ownership notes receivable
undertaken by the Companys subsidiaries.
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Exhibit 10.1
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Omnibus Amendment No. 5, dated March 8, 2017, relating
to, among other agreements, the Third Amended and Restated Indenture, by and among Marriott Vacations Worldwide Owner Trust 2011-1, Marriott Ownership Resorts, Inc., Wells Fargo Bank, National Association, MORI SPC Series Corp., Marriott Vacations Worldwide Corporation, the Purchasers signatory thereto, Deutsche Bank AG, New York Branch, Wilmington Trust, National Association, and MVCO Series LLC. |
About Marriott Vacations Worldwide Corporation (NYSE:VAC)
Marriott Vacations Worldwide Corporation is a developer, marketer, seller and manager of vacation ownership and related products under the Marriott Vacation Club and Grand Residences by Marriott brands. The Company is a developer, marketer and seller of vacation ownership and related products under The Ritz-Carlton Destination Club brand. The Company develops, markets and sells whole ownership residential products under The Ritz-Carlton Residences brand. The Company operates through three segments: North America, Europe and Asia Pacific. The Company’s portfolio consists of approximately 60 properties in the United States and over eight other countries and territories. The Company’s brands include The Marriott Vacation Club, Grand Residences by Marriott, The Ritz-Carlton Destination Club and The Ritz-Carlton Residences. The Company also offers purchase money financing for purchasers of its vacation ownership products. Marriott Vacations Worldwide Corporation (NYSE:VAC) Recent Trading Information
Marriott Vacations Worldwide Corporation (NYSE:VAC) closed its last trading session down -0.39 at 92.49 with 77,759 shares trading hands.
