Document:

FNLC-2014.09.30-EX10.10

    
Exhibit 10.10

EXECUTIVE DEFERRED COMPENSATION AGREEMENT

THE AGREEMENT, made and entered into this 30th day of September, 2014 by and between THE FIRST N.A., a national bank with its principal offices in Damariscotta, Maine (the "Bank"), and Daniel R. Daigneault of East Boothbay, Maine (the "Executive").

WITNESSETH:

WHEREAS, the Executive has been a valued management employee of the Bank, serving the Bank as its President & CEO; and,

WHEREAS, the Executive's past services to the Bank have been extraordinary and  of exceptional merit and have made an invaluable contribution to the success of the Bank and in bringing it to its present status of operating efficiency, and its present position in its field of activity; and,

WHEREAS, it is the desire of the Bank and the Executive to enter into this Agreement under which the Bank will make certain payments to the Executive in recognition of his service to the Bank,

WHEREAS, the parties hereto intend this agreement to be considered an unfunded arrangement maintained primarily to provide deferred compensation for the Executive, as a member of a select group of management or highly compensated employees of the Bank for the purposes of the Employee Retirement Income Security Act of 1974, as amended ("ERISA").

NOW, THEREFORE, in consideration of the past services performed and the mutual promises and covenants contained herein, it is agreed as follows:

		
	I.
	A.     General

The benefits provided by this Agreement are granted by the Bank as a deferred compensation arrangement for the benefit of the Executive and are not part of any salary reduction plan or an arrangement deferring a bonus or a salary increase. The Executive has no option to take any current payment or bonus in lieu of these salary continuation benefits except as set forth hereinafter.

B.    Benefits

		
	i.
	Except as otherwise provided in this Agreement, the Bank shall pay Executive an annual benefit of $170,000 for each of the calendar years 2015 and 2016.  The benefits shall be payable in equal bi-weekly installments beginning on January 22, 2015.  

		
	ii.
	Except as otherwise provided in this Agreement, the Bank shall allow Executive to continue to participate in the Bank’s health benefits plan on the same terms and conditions as if Executive remained as an employee of the Bank during 2015 and 2016.

The benefits payable under subparagraphs (i) and (ii) of this Section I. B. are collectively referred to as the “Benefits.”

Payment of the Benefits attributable to Section I.B.(i) above are intended to be pursuant to Internal Revenue Code (the “Code”) Section 409A(a)(2)(A)(iv) as a payment at a specified time and not as a payment resulting from a separation from service (as such term is defined in Section 409A of the Code).

		
	II.
	Early Termination of Benefits

If the Executive dies at any time before January 1, 2017, the Benefits provided pursuant to this Agreement shall terminate and the Bank shall have no further obligations to pay any Benefits under this Agreement.  If the Executive dies after December 31, 2014 but before January 1, 2017, the last installment payment due to the Executive (or his estate) shall be for the month in which the Executive dies without regard to whether such death occurs before or after the 15th day of such month.

		
	III.
	Vesting

The Executive shall be 100% vested in the benefit as of January 1, 2015. 

		
	IV.
	Benefits Accounting

The Bank shall account for these benefits using the regulatory accounting principles of the Bank's primary federal regulator.  The Bank shall establish an accrued liability retirement account for the Executive into which appropriate reserves shall be accrued. All amounts credited to the account of the Executive shall be credited as of the date of the signing of this agreement.

		
	V.
	Benefits Unfunded; No Security Interest

The rights of the Executive under this Agreement and of any beneficiary of the Executive shall be solely those of an unsecured creditor of the Bank.  The Bank shall have no obligation to set aside, earmark, or entrust any fund or money with which to pay its obligations under this Agreement. The Bank reserves the absolute right at its sole discretion to either fund the obligations undertaken by this Agreement or to refrain from funding the same and determine the extent, nature, and method of such funding.

		
	VI.
	Plan Administrator

For purposes of this Agreement, the Board of Directors of The First N.A., (or such subcommittee of the Board as the Board designates) shall be the "plan administrator" for this Agreement. The Plan Administrator shall be responsible for the management, control, interpretation and administration of the Agreement as established herein, and may delegate certain aspects of the management and operation responsibilities including the employment of advisors and the delegation of ministerial duties to qualified individuals.  The Plan Administrator shall, in its sole discretion, have the final authority in the interpretation of the Agreement and/or any claim made with respect to the Agreement.

		
	VII.
	Miscellaneous

		
	A.
	Participation in Other Plans

The Benefits provided hereunder shall be in addition to Executive's annual salary as determined by the Board of Directors, and shall not affect the right of Executive to participate in any current or future Bank retirement plan, group insurance, bonus, or in any supplemental compensation arrangement which constitutes a part of the Bank's regular compensation structure.

		
	B.
	409A

This Agreement is intended to comply with the provisions of Section 409A of the Code and shall be interpreted at all times consistent with Section 409A and the regulations thereunder.  If any term or terms of this Agreement are found to be inconsistent with the requirements of Section 409A, the Bank and Executive agree to work in good faith to amend the Agreement so as to comply with Section 409A.

		
	C.
	Non-Alienability

It is agreed that neither Executive, nor his spouse, nor any other assignee, shall have any right to commute, sell, assign, transfer or otherwise convey the right to receive any payments hereunder, which payments and the right thereto are expressly declared to be non-assignable and non-transferable; and, in the event of any attempted assignment or transfer, the Bank shall have no further liability hereunder.

		
	D.
	Amendment

This Agreement may be amended in whole or in part from time to time by the Bank, but only in writing; provided, however, that no amendment may reduce or impair the benefits or rights of the Executive hereunder without the written consent of the Executive.

		
	E.
	No Guarantee of Continued Employment

This Agreement shall not be deemed to constitute a contract of employment between the parties hereto, nor shall any provision hereof restrict the right of the Bank to discharge the Executive, or restrict the right of the Executive to terminate his employment.

		
	F.
	Headings

Headings and subheadings of this Agreement are inserted for reference and convenience only and shall not be deemed a part of this Agreement.

                    F.    Applicable law

The validity and interpretation of this Agreement shall be governed by the laws of the State of Maine.

                    G.  Agreement Binding Upon the Parties

This Agreement shall bind the Executive and the Bank, their heirs, successors, personal representatives and assigns.

                    H.  Effective date

The effective date of this agreement shall be September 30, 2014.

Signature Page Follows on Next Page

IN WITNESS WHEREOF, the Bank has caused this Agreement to be signed in its corporate name by its duly authorized officer, and Executive hereunto set his hand and seal, all on the day and year first above written.

                                                                           THE FIRST N.A.

___________________________                        By: _______________________
 Witness                                                                        Bruce B. Tindal                                                                         

                                                                                    Its: Compensation Committee Chairman                            

____________________________            _________________________
Witness                        Daniel R. DaigneaultExhibit 10.1

 

SECOND AMENDMENT TO CREDIT AGREEMENT

 

Dated as of November 6, 2014

 

This SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made by and among INTERVAL ACQUISITION CORP., a Delaware corporation (the “Borrower”), INTERVAL LEISURE GROUP, INC., a Delaware corporation (“Holdings”), certain subsidiaries of the Borrower, as guarantors, the lenders who are party to this Amendment (the “Lenders”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”).

 

PRELIMINARY STATEMENTS

 

WHEREAS, the Borrower, the Lenders and the Administrative Agent entered into that certain Amended and Restated Credit Agreement dated as of June 21, 2012 (as amended by that certain First Amendment to Credit Agreement and Incremental Revolving Commitment Agreement dated as of April 8, 2014 and as further amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); and

 

WHEREAS, the Borrower has requested to amend the Credit Agreement as specifically set forth herein; and

 

WHEREAS, subject to the terms of this Amendment, the Administrative Agent and the Lenders have agreed to amend the Credit Agreement as specifically set forth herein;

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

Section 1.              Capitalized Terms.  All capitalized terms not otherwise defined in this Amendment (including without limitation in the introductory paragraph and the Preliminary Statements hereto) shall have the meanings as specified in the Credit Agreement.

 

Section 2.              Amendments to Credit Agreement.  Effective as of the Second Amendment Effective Date and subject to the terms and conditions set forth herein and in reliance upon representations and warranties set forth herein, the Credit Agreement is hereby amended as follows:

 

(a)           the definition of “Consolidated Interest Expense” in Section 1.01 of the Credit Agreement is hereby replaced in its entirety as follows:

 

“ ‘Consolidated Interest Expense’ means, for any period, the sum of the total interest expense of the Consolidated Group (calculated without regard to any limitations on the payment thereof) plus, without duplication, the interest component under capital leases determined on a consolidated basis, minus interest income determined on a consolidated basis; provided that there shall be excluded from Consolidated Interest Expense the following: (a) the amortization of deferred financing, legal and accounting costs with respect to this Credit Agreement and the Senior Notes, (b) the interest expense with respect to Non-Recourse Debt incurred in connection with Accounts Receivable Facilities and (c) the interest income derived from Time Share Receivables, in each case to the extent the same would otherwise have been included therein.  Consolidated Interest Expense shall be calculated on a Pro Forma Basis pursuant to Section 1.03(b).”

 

 

(b)           the definition of “Excluded Property” in Section 1.01 of the Credit Agreement is hereby amended by adding the following new clause (i) immediately following clause (h) therein:

 

“and (i)  the Capital Stock of HTS-Sedona, Inc. if, and to the extent that, and for so long as the pledge thereof is prohibited by or would violate any contractual obligation applicable to such Capital Stock.”

 

(c)           the definition of “L/C Issuer” in Section 1.01 of the Credit Agreement is hereby replaced in its entirety as follows:

 

“ ‘L/C Issuer’ means Wells Fargo in its capacity as issuer of Letters of Credit hereunder, together with its successors in such capacity and any other Revolving Lender approved by the Administrative Agent and the Borrower; provided that no other Lender shall be obligated to become an L/C Issuer hereunder and provided, further, that the Outstanding Amount of L/C Obligations where JPMorgan Chase Bank, N.A. (together with its successors) acts as L/C Issuer shall not exceed $3,000,000 at any time (as such amount may be increased from time to time in the sole discretion of JPMorgan Chase Bank, N.A. so long as such amount does not exceed the L/C Sublimit and notice of such increase is provided to the Administrative Agent).  References herein and in the other Credit Documents to the L/C Issuer shall be deemed to refer to the L/C Issuer in respect of the applicable Letter of Credit or to all L/C Issuers, as the context requires.”

 

(d)           Section 2.03(a) of the Credit Agreement is hereby amended to add the following sentence at the end of such clause (a):

 

“Notwithstanding anything herein to the contrary, the L/C Issuer shall have no obligation hereunder to issue, and shall not issue, any Letter of Credit the proceeds of which would be made available to any Person (i) to fund any activity or business of or with any Sanctioned Person, or in any Sanctioned Country that, at the time of such funding, is the subject of any economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government (including those administered by OFAC), the European Union, Her Majesty’s Treasury, or other relevant sanctions authority or (ii) in any manner that would result in a violation of any such sanctions or trade embargoes by any party to this Agreement.”

 

(e)           Section 2.03(c)(ii) of the Credit Agreement is hereby replaced in its entirety as follows:

 

“Each Revolving Lender shall upon any notice pursuant to Section 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral for this purpose) to the Administrative Agent for the account of the L/C Issuer, in Dollars at the Administrative Agent’s Office for payments in Dollars in an amount equal to its Revolving Commitment Percentage of the Unreimbursed Amount if such notice is received (A) prior to 1:00 p.m. (New York time) on any Business Day, on such Business Day and (B) after 1:00 p.m. (New York time) on any Business Day, on the following Business Day, whereupon in each case, subject to the provisions of Section 2.03(c)(iii), each Revolving Lender that so makes funds available shall be deemed to have made a Revolving Loan that is a Base Rate Loan, to the Borrower.”

 

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(f)            Section 2.03(e)(iv) of the Credit Agreement is hereby amended by deleting the word “strictly” in such clause (iv);

 

(g)           Section 7.12 of the Credit Agreement is hereby amended by inserting “)” immediately after the reference to “25.0 million” therein;

 

(h)           Section 8.11 of the Credit Agreement is hereby amending by replacing clause (11) therein in its entirety as follows:

 

“(11)     in the case of any Subsidiary that is not a Wholly Owned Subsidiary in respect of any matters referred to in clause (a) above, customary restrictions in such person’s Organization Documents or pursuant to any joint venture agreement or stockholders agreements entered into in the ordinary course of business solely to the extent of such Capital Stock of or property held in the subject joint venture or other entity;”

 

Section 3.              Conditions of Effectiveness.  The effectiveness of this Amendment shall be subject to the satisfaction of each of the following conditions precedent (the date on which all such conditions are satisfied, the “Second Amendment Effective Date”):

 

(a)           the Administrative Agent shall have received counterparts of this Amendment executed by the Borrower, each other Credit Party, the Administrative Agent and the Required Lenders;

 

(b)           the representations and warranties of the Borrower contained in Section 5 shall be true and correct in all material respects (other than Section 4(d), which representations and warranties shall be true in all respects); and

 

(c)           all reasonable out-of-pocket costs and expenses incurred by the Administrative Agent in connection with the preparation, negotiation, execution and delivery of this Amendment and the other instruments and documents to be delivered hereunder (including, without limitation, the reasonable fees, charges and disbursements of legal counsel for the Administrative Agent in connection with the preparation, negotiation, execution and delivery of this Amendment) shall have been paid by the Borrower.

 

Section 4.              Representations and Warranties of the Borrower.  The Borrower represents and warrants as follows:

 

(a)           The execution, delivery and performance by the Borrower of the Amendment has been duly authorized by all necessary corporate or other organizational action and does not (a) contravene the terms of the Borrower’s Organization Documents; (b) conflict with or result in any breach or contravention of (i) any Contractual Obligation to which the Borrower is party or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the Borrower or its Property is subject; (c) result in the creation of any Lien (other than Permitted Liens); or (d) violate any Law applicable to the Borrower and the Amendment, except, in the case of clause (b) or (d) only, as would not reasonably be expected to have a Material Adverse Effect.

 

(b)           The Amendment has been duly executed and delivered by the Borrower.  The Amendment constitutes legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with its terms, except to the extent the enforceability thereof may be limited by applicable Debtor Relief Laws affecting creditors’ rights generally and by equitable principles of law (regardless of whether enforcement is sought in equity or at law) and implied covenants of good faith and fair dealing.

 

3

 

(c)           No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, the Borrower of this Amendment (other than (a) as have already been obtained and are in full force and effect, (b) filings to perfect security interests granted pursuant to the Amendment and (c) approvals, consents, exemptions, authorizations, or other actions, notices or filings the failure to procure which would not reasonably be expected to have a Material Adverse Effect).

 

(d)           After giving effect to this Amendment, the representations and warranties contained in each of the Credit Documents are true and correct in all material respects on and as of the date hereof as though made on and as of such date except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects on and as of such earlier date (provided that representations and warranties that are qualified by materiality or reference to Material Adverse Effect shall be true and correct in all respects), and except that the representations and warranties contained in Section 6.05 of the Credit Agreement shall be deemed to refer to the most recent financial statements furnished pursuant to Section 7.01(a) and (b) of the Credit Agreement and to the date of such financial statements.

 

(e)           No Default or Event of Default shall exist immediately prior to and after giving effect to (i) this Amendment and (ii) any Credit Extension made in connection herewith.

 

Section 5.              Reference to and Effect on the Credit Documents.  (a) On and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the Notes and each of the other Credit Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Amendment and this Amendment shall constitute a Credit Document.

 

(b)           The Credit Agreement and each of the other Credit Documents, as specifically amended by this Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.

 

(c)           The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Credit Documents, nor constitute a waiver of any provision of any of the Credit Documents.

 

Section 6.              Acknowledgement of Subsidiary Guarantors.  Each Subsidiary Guarantor (a) acknowledges and consents to all of the terms and conditions of this Amendment, (b) affirms all of its obligations under the Credit Documents and (c) agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge such Person’s obligations under the Credit Documents.

 

Section 7.              Execution in Counterparts.  This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Amendment.

 

Section 8.              Governing Law.  This Amendment and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this

 

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Amendment and the transactions contemplated hereby and thereby shall be governed by, and construed in accordance with, the law of the State of New York.

 

Section 9.              Entire Agreement.  This Amendment and the other Credit Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent, the Lenders and/or Wells Fargo Securities, LLC constitute the entire agreement among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.

 

[Signature Pages Follow]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.

 

 

	
 
    	
INTERVAL   ACQUISTION CORP., as Borrower
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jeanette E. Marbert
    
	
 
    	
Name:
    	
Jeanette   E. Marbert 
    
	
 
    	
Title:
    	
Executive   Vice President
    
	
 
    	
 
    
	
 
    	
INTERVAL   LEISURE GROUP, INC., as Holdings and a Guarantor
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jeanette E. Marbert
    
	
 
    	
Name:
    	
Jeanette   E. Marbert 
    
	
 
    	
Title:
    	
Executive   Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
IIC   HOLDINGS, INCORPORATED
    
	
 
    	
INTERVAL   EUROPEAN HOLDINGS LIMITED
    
	
 
    	
INTERVAL   HOLDINGS, INC.
    
	
 
    	
INTERVAL   INTERNATIONAL HOLDINGS, INC.
    
	
 
    	
INTERVAL   INTERNATIONAL, INC.
    
	
 
    	
INTERVAL INTERNATIONAL OVERSEAS   HOLDINGS, INC.
    
	
 
    	
INTERVAL   RESORT & FINANCIAL SERVICES, INC.
    
	
 
    	
INTERVAL   SOFTWARE SERVICES, LLC
    
	
 
    	
INTERVAL   VACATION EXCHANGE, INC.
    
	
 
    	
MANAGEMENT   ACQUISITION HOLDINGS, LLC
    
	
 
    	
MERIDIAN   FINANCIAL SERVICES, INC.
    
	
 
    	
OWNERS’   RESORTS AND EXCHANGE, INC.
    
	
 
    	
VACATION   HOLDINGS HAWAII, INC.
    
	
 
    	
VACATION   RESORTS INTERNATIONAL
    
	
 
    	
WORLDEX   CORPORATION
    
	
 
    	
WORLDWIDE   VACATION & TRAVEL, INC.
    
	
 
    	
XYZII,   INC. as Guarantors
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jeanette E. Marbert
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
Name:   Jeanette E. Marbert 
    
	
 
    	
Title:
    	
Executive   Vice President
    

 

Interval Leisure Group, Inc.

Second Amendment to Credit Agreement

Signature Page

 

 

	
 
    	
ASTON   HOTELS & RESORTS, LLC
    
	
 
    	
MAUI   CONDO AND HOME, LLC
    
	
 
    	
RQI   HOLDINGS, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Victoria J. Kincke
    
	
 
    	
Name:
    	
Victoria   J. Kincke
    
	
 
    	
Title:
    	
Manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
RESORT   MANAGEMENT FINANCE SERVICES, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michele L. Keusch
    
	
 
    	
Name:
    	
Michele   L. Keusch
    
	
 
    	
Title:
    	
President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
MERAGON   FINANCIAL SERVICES, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Gregory Sheperd
    
	
 
    	
Name:
    	
Gregory   Sheperd
    
	
 
    	
Title:
    	
President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
PARADISE   VACATION ADVENTURES, LLC
    
	
 
    	
 
    
	
 
    	
By:   Trading Places International, LLC, as sole member
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   William L. Harvey
    
	
 
    	
Name:
    	
William   L. Harvey
    
	
 
    	
Title:
    	
Executive   Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
REP   HOLDINGS, LTD.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ John A. Galea
    
	
 
    	
Name:
    	
John   A.  Galea
    
	
 
    	
Title:
    	
Chief   Financial Officer
    

 

Interval Leisure Group, Inc.

Second Amendment to Credit Agreement

Signature Page

 

 

	
 
    	
TRADING   PLACES INTERNATIONAL, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ William L. Harvey
    
	
 
    	
Name:
    	
William   L. Harvey
    
	
 
    	
Title:
    	
Executive   Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
VRI-ORE,   LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jeanette E. Marbert
    
	
 
    	
Name:
    	
Jeanette   E. Marbert
    
	
 
    	
Title:
    	
Manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ILG   INTERNATIONAL HOLDINGS, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jeanette E. Marbert
    
	
 
    	
Name:
    	
Jeanette   E. Marbert
    
	
 
    	
Title:
    	
Executive   Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ASTON   HOTELS & RESORTS FLORIDA, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Victoria J. Kincke
    
	
 
    	
Name:
    	
Victoria   J. Kincke
    
	
 
    	
Title:
    	
Manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
AQUA   HOTELS AND RESORTS, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jeanette E. Marbert
    
	
 
    	
Name:
    	
Jeanette   E. Marbert
    
	
 
    	
Title:
    	
Executive   Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
AQUA   HOSPITALITY LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Victoria J. Kincke
    
	
 
    	
Name:
    	
Victoria   J. Kincke
    
	
 
    	
Title:
    	
Manager
    

 

Interval Leisure Group, Inc.

Second Amendment to Credit Agreement

Signature Page

 

 

	
 
    	
AQUA   HOTELS AND RESORTS OPERATOR LLC
    
	
 
    	
AQUA LUANA OPERATOR LLC
    
	
 
    	
DIAMOND   HEAD MANAGEMENT LLC
    
	
 
    	
AQUA   HOTELS & RESORTS, LLC
    
	
 
    	
HOTEL   MANAGEMENT SERVICES LLC
    
	
 
    	
KAI   MANAGEMENT SERVICES LLC
    
	
 
    	
 
    
	
 
    	
By:
    	
Aqua   Hospitality LLC, as Manager/Managing Member, as applicable
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Victoria J. Kincke
    
	
 
    	
 
    	
Name:
    	
Victoria   J. Kincke 
    
	
 
    	
 
    	
Title:
    	
Manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
S.O.I. ACQUISITION CORP.
    
	
 
    	
CDP   GP, INC.
    
	
 
    	
CERROMAR   DEVELOPMENT PARTNERS GP, INC.
    
	
 
    	
HTS-BC,   L.L.C.
    
	
 
    	
HTS-GROUND   LAKE TAHOE, INC.
    
	
 
    	
VACATION   OWNERSHIP LENDING GP, INC.
    
	
 
    	
VOL   GP, INC.
    
	
 
    	
HTS-KW,   INC.
    
	
 
    	
HTS-COCONUT   POINT, INC.
    
	
 
    	
HTS   SEDONA, INC.
    
	
 
    	
HTS SAN-ANTONIO, L.L.C.
    
	
 
    	
HTS-BEACH   HOUSE, INC.
    
	
 
    	
HV   GLOBAL GROUP, INC.
    
	
 
    	
HTS-MAIN   STREET STATION, INC.
    
	
 
    	
HTS-KEY   WEST, INC.
    
	
 
    	
HV   GLOBAL MARKETING CORPORATION
    
	
 
    	
HTS   LOAN SERVICING
    
	
 
    	
WINDWARD   POINTE II, L.L.C.
    
	
 
    	
HTS-WINDWARD   POINTE PARTNER, L.L.C.
    
	
 
    	
HT   HIGHLANDS, INC.
    
	
 
    	
GRAND   ASPEN HOLDINGS, LLC
    
	
 
    	
GRAND   ASPEN LODGING, LLC
    
	
 
    	
HTS-LAKE   TAHOE, INC.
    
	
 
    	
HV   GLOBAL MANAGEMENT CORPORATION
    
	
 
    	
HTS-SAN   ANTONIO, INC.
    
	
 
    	
HTS   BEACH HOUSE PARTNER, L.L.C.
    
	
 
    	
HTS-SUNSET   HARBOR PARTNER, L.L.C.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jeanette E. Marbert
    
	
 
    	
Name:
    	
Jeanette   E. Marbert
    
	
 
    	
Title:
    	
Executive   Vice President
    
					

 

Interval Leisure Group, Inc.

Second Amendment to Credit Agreement

Signature Page

 

 

	
 
    	
HTS-WILD   OAK RANCH BEVERAGE, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Victoria J. Kincke 
    
	
 
    	
Name:
    	
Victoria   J. Kincke
    
	
 
    	
Title:
    	
Senior   Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
KEY   WESTER LIMITED
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
HTS-KW,   Inc. as general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Jeanette E. Marbert
    
	
 
    	
 
    	
Name:
    	
Jeanette   E. Marbert
    
	
 
    	
 
    	
Title:
    	
Executive   Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
VACATION   OWNERSHIP LENDING, L.P.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
Vacation   Ownership Lending GP, Inc. as general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Jeanette E. Marbert 
    
	
 
    	
 
    	
Name:
    	
Jeanette   E. Marbert
    
	
 
    	
 
    	
Title:
    	
Executive   Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
HTS-SAN ANTONIO, L.P.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
HTS-San   Antonio, Inc. as general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Jeanette E. Marbert 
    
	
 
    	
 
    	
Name:
    	
Jeanette   E. Marbert
    
	
 
    	
 
    	
Title:
    	
Executive   Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
VOL   INVESTORS, L.P.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
VOL   GP, Inc. as general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Jeanette E. Marbert 
    
	
 
    	
 
    	
Name:
    	
Jeanette   E. Marbert
    
	
 
    	
 
    	
Title:
    	
Executive   Vice President
    
					

 

Interval Leisure Group, Inc.

Second Amendment to Credit Agreement

Signature Page

 

 

 

	
 
    	
HIGHLANDS   INN INVESTORS II, L.P.
    
	
 
    	
 
    
	
 
    	
By:   HT Highlands, Inc. as general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Jeanette E. Marbert
    
	
 
    	
Name:
    	
Jeanette   E. Marbert
    
	
 
    	
Title:
    	
Executive   Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
HVC-HIGHLANDS,   L.L.C.
    
	
 
    	
 
    
	
 
    	
By: HT-Highlands, Inc. as general partner of 
   Highlands Inn Investors II, L.P., sole member
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Jeanette E. Marbert
    
	
 
    	
Name:
    	
Jeanette   E. Marbert
    
	
 
    	
Title:
    	
Executive   Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
HTS-MAUI,   LLC
    
	
 
    	
 
    
	
 
    	
By:   S.O.I. Acquisition Corp., as member
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By 
    	
/s/ Jeanette E. Marbert
    
	
 
    	
Name:
    	
Jeanette   E. Marbert
    
	
 
    	
Title:
    	
Executive   Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
SUNSET   HARBOR DEVELOPMENT PARTNERSHIP
    
	
 
    	
 
    
	
 
    	
By:   HTS-Key West, Inc. as general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Jeanette E. Marbert
    
	
 
    	
Name:
    	
Jeanette   E. Marbert
    
	
 
    	
Title:
    	
Executive   Vice President
    

 

Interval Leisure Group, Inc.

Second Amendment to Credit Agreement

Signature Page

 

 

	
 
    	
BEACH   HOUSE DEVELOPMENT PARTNERSHIP
    
	
 
    	
 
    
	
 
    	
By:   HTS-Beach House, Inc. as general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Jeanette E. Marbert
    
	
 
    	
Name:
    	
Jeanette   E. Marbert
    
	
 
    	
Title:
    	
Executive   Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
CDP   DEVELOPMENT PARTNERS, L.P., S.E.
    
	
 
    	
 
    
	
 
    	
By: Cerromar Development Partners GP, Inc. as general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Jeanette E. Marbert
    
	
 
    	
Name:
    	
Jeanette   E. Marbert
    
	
 
    	
Title:
    	
Executive   Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
CDP   INVESTORS, L.P.
    
	
 
    	
 
    
	
 
    	
By:   CDP GP, Inc. as general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Jeanette E. Marbert
    
	
 
    	
Name:
    	
Jeanette   E. Marbert
    
	
 
    	
Title:
    	
Executive   Vice President
    

 

Interval Leisure Group, Inc.

Second Amendment to Credit Agreement

Signature Page

 

 

ADMINISTRATIVE AGENT AND LENDERS:

 

	
 
    	
WELLS FARGO BANK, NATIONAL ASSOCIATION, as   Administrative Agent and Collateral Agent, L/C Issuer, Swingline Lender and a   Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kay Reedy
    
	
 
    	
 
    	
Name:   Kay Reedy
    
	
 
    	
 
    	
Title:   Managing Director
    

 

1

 

	
 
    	
BANK OF AMERICA, N.A., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Julia Rocawich
    
	
 
    	
 
    	
Name:   Julia Rocawich
    
	
 
    	
 
    	
Title:   Senior Vice President
    

 

Interval Leisure Group, Inc.

Second Amendment to Credit Agreement

Signature Page

 

 

	
 
    	
PNC   BANK, NATIONAL ASSOCIATION, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Adam Sheehan 
    
	
 
    	
 
    	
Name:   Adam Sheehan 
    
	
 
    	
 
    	
Title:   Senior Vice President
    

 

Interval Leisure Group, Inc.

Second Amendment to Credit Agreement

Signature Page

 

 

	
 
    	
SUNTRUST   BANK, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Sharon Y. White
    
	
 
    	
 
    	
Name:   Sharon Y. White
    
	
 
    	
 
    	
Title:   First Vice President
    

 

Interval Leisure Group, Inc.

Second Amendment to Credit Agreement

Signature Page

 

 

	
 
    	
FIFTH   THIRD BANK, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   David C. Jackson
    
	
 
    	
 
    	
Name:   David C. Jackson
    
	
 
    	
 
    	
Title:   Senior Vice President
    

 

Interval Leisure Group, Inc.

Second Amendment to Credit Agreement

Signature Page

 

 

	
 
    	
MUFG UNION   BANK, N.A. f/k/a Union Bank, N.A., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Pierce Bury
    
	
 
    	
 
    	
Name:   Pierce Bury
    
	
 
    	
 
    	
Title:   Director
    

 

Interval Leisure Group, Inc.

Second Amendment to Credit Agreement

Signature Page

 

 

	
 
    	
JPMORGAN CHASE BANK, N.A., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Antje Focke
    
	
 
    	
 
    	
Name:   Antje Focke
    
	
 
    	
 
    	
Title:   Senior Underwriter
    

 

Interval Leisure Group, Inc.

Second Amendment to Credit Agreement

Signature Page

 

 

	
 
    	
SYNOVUS BANK, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Mike Sawicki
    
	
 
    	
 
    	
Name:   Mike Sawicki
    
	
 
    	
 
    	
Title:   Corporate Banking
    

 

Interval Leisure Group, Inc.

Second Amendment to Credit Agreement

Signature Page

 

 

	
 
    	
SUMITOMO MITSUI BANKING CORPORATION, 
   as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   David W. Kee
    
	
 
    	
 
    	
Name:   David W. Kee
    
	
 
    	
 
    	
Title:   Managing Director
    

 

Interval Leisure Group, Inc.

Second Amendment to Credit Agreement

Signature Page

 

 

	
 
    	
HSBC BANK USA, NATIONAL ASSOCIATION, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Derick Duchodni
    
	
 
    	
 
    	
Name:   Derick Duchodni
    
	
 
    	
 
    	
Title:   Vice President
    

 

Interval Leisure Group, Inc.

Second Amendment to Credit Agreement

Signature Page

 

 

	
 
    	
BRANCH BANKING AND TRUST COMPANY, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kelly Attayek
    
	
 
    	
 
    	
Name:   Kelly Attayek
    
	
 
    	
 
    	
Title:   Banking Officer
    

 

Interval Leisure Group, Inc.

Second Amendment to Credit Agreement

Signature Page

 

 

	
 
    	
CITY NATIONAL BANK, N.A., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Maiko A. Xavier
    
	
 
    	
 
    	
Name:   Maiko A. Xavier
    
	
 
    	
 
    	
Title:   Senior Vice President
    

 

Interval Leisure Group, Inc.

Second Amendment to Credit Agreement

Signature Page

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