Wyndham Worldwide entered three amendments to its credit agreements, with Bank of America serving as administrative agent on two of them and JPMorgan Chase serving as administrative agent on the other.

Among other things, the amendments allow Wyndam Worldwide’s subsidiary Wyndham Hotels & Resorts to incur indebtedness in connection with the spin-off and acquisition of La Quinta Holdings’ franchising and management businesses prior to the consummation of the spin-off and acquire the ability for such indebtedness to be secured by a lien on the assets of Wyndham Hotels and its subsidiaries.

Following the completion of the spin-off of Wyndham Hotels from Wyndham Worldwide, Wyndham Hotels will be an independent, publicly traded company. Accordingly, the 2017 credit agreement will terminate upon the occurrence of the spin-off, the 2016 credit agreement will be prepaid upon the later occurrence of the sale of Wyndham Worldwide’s European vacation rental business, the 2015 credit agreement will terminate upon Wyndham Worldwide’s incurrence of a new senior secured revolving loan facility on or after the date of the spin-off and commitments under the 2015 credit agreement will be reduced to $1,000 million from $1,500 million upon the sale of Wyndham Worldwide’s European vacation rental business.