Document:

Exhibit 4.1

 

SUPPLEMENTAL INDENTURE

 

dated as of June 29, 2016,

among

 

INTERVAL ACQUISITION CORP.

 

THE SUBSIDIARY GUARANTORS PARTY HERETO

 

and

 

HSBC BANK USA, NATIONAL ASSOCIATION,

as Trustee

 

5.625% Senior Notes due 2023

 

THIS SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), entered into as of June 29, 2016, among INTERVAL ACQUISITION CORP., a Delaware corporation (the “Issuer”), THE GUARANTORS PARTY HERETO (the “Undersigned”), and HSBC BANK USA, NATIONAL ASSOCIATION, as trustee (the “Trustee”).

 

RECITALS

 

WHEREAS, the Issuer, the Guarantors party thereto and the Trustee entered into an Indenture, dated as of April 10, 2015 (the “Indenture”), relating to the Issuer’s 5.625% Senior Notes due 2023 (the “Notes”);

 

WHEREAS, as a condition to the Trustee entering into the Indenture and the purchase of the Notes by the Holders, the Issuer agreed pursuant to the Indenture to cause any Restricted Subsidiary that guarantees or becomes an obligor under the Issuer’s Credit Agreement following the Issue Date to provide Note Guarantees.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and intending to be legally bound, the parties to this Supplemental Indenture hereby agree as follows:

 

Section 1.                                           Capitalized terms used herein and not otherwise defined herein are used as defined in the Indenture.

 

Section 2.                                           Each of the Undersigned, by its execution of this Supplemental Indenture, agrees to be a Guarantor under the Indenture and to be bound by the terms of the Indenture applicable to Guarantors, including, but not limited to, Article 10 thereof.

 

1

 

Section 3.                                           This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York.

 

Section 4                                              This Supplemental Indenture may be signed in various counterparts which together will constitute one and the same instrument.

 

Section 5                                              This Supplemental Indenture is an amendment supplemental to the Indenture, and the Indenture and this Supplemental Indenture will henceforth be read together.

 

Section 6                                              The recitals and statements herein are deemed to be those of the Issuer and the Undersigned and not the Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or the Guarantees provided by the Guarantors party to this Supplemental Indenture.

 

[Signature Page Follows]

 

2

 

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written.

 

	
 
    	
INTERVAL   ACQUISITION CORP.,   as Issuer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jeanette E. Marbert
    
	
 
    	
 
    	
Name: Jeanette E. Marbert
    
	
 
    	
 
    	
Title: Executive Vice President and Chief Operating Officer
    

 

	
 
    	
VISTANA   SIGNATURE EXPERIENCES, INC., pro se and as sole member and manager of
    
	
 
    	
FOH HOSPITALITY, LLC
    
	
 
    	
VISTANA   VACATION OWNERSHIP, INC., pro se and as sole member of
    
	
 
    	
SHERATON FLEX   VACATIONS, LLC, and
    
	
 
    	
VSE MYRTLE BEACH, LLC, and as sole member and   manager of
    
	
 
    	
VSE BAHAMAS HOLDINGS LLC
    
	
 
    	
FIFTH   AND FIFTY-FIFTH HOLDINGS, INC.
    
	
 
    	
LAGUNAMAR   CANCUN MEXICO, INC.
    
	
 
    	
SCOTTSDALE   RESIDENCE CLUB, INC.
    
	
 
    	
ST.   REGIS RESIDENCE CLUB OF COLORADO, INC.
    
	
 
    	
ST.   REGIS RESIDENCE CLUB, NEW YORK INC.
    
	
 
    	
VISTANA   PSL, INC.
    
	
 
    	
VISTANA   VACATION REALTY, INC.
    
	
 
    	
VISTANA   SCOTTSDALE, INC.
    
	
 
    	
VSE   ARIZONA DEVELOPMENT, INC.
    
	
 
    	
VSE   PACIFIC, INC.
    
	
 
    	
VSE VILLAS   ARIZONA, INC.
    
	
 
    	
VSE   DEVELOPMENT, INC.
    
	
 
    	
VSE   EAST, INC.
    
	
 
    	
VSE   INTERNATIONAL, INC.
    
	
 
    	
VSE   TRADEMARK, INC.
    
	
 
    	
VSE   WEST, INC.
    
	
 
    	
WESTIN   SHERATON VACATION SERVICES, INC.
    
	
 
    	
WVC   RANCHO MIRAGE, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jeanette E. Marbert
    
	
 
    	
Name:
    	
Jeanette E. Marbert
    
	
 
    	
Title:
    	
Executive Vice   President
    

 

 

	
 
    	
DATA MARKETING ASSOCIATES   EAST, INC.
    
	
 
    	
HAWAII VACATION TITLE   SERVICES, INC.
    
	
 
    	
KAUAI BLUE, INC.
    
	
 
    	
POINTS OF COLORADO, INC.,   pro se and as sole member and manager of
    
	
 
    	
STEAMBOAT   RESORT VILLAGE LLC, and as sole member of
    
	
 
    	
SUCCESS   DEVELOPMENTS, L.L.C.
    
	
 
    	
SCOTTSDALE RESIDENCE CLUB   SALES, INC.
    
	
 
    	
ST. REGIS COLORADO   MANAGEMENT, INC.
    
	
 
    	
ST. REGIS NEW YORK   MANAGEMENT, INC.
    
	
 
    	
VACATION TITLE   SERVICES, INC.
    
	
 
    	
VCH COMMUNICATIONS, INC.
    
	
 
    	
VCH CONSULTING, INC.
    
	
 
    	
VCH SYSTEMS, INC.
    
	
 
    	
VISTANA ACCEPTANCE CORP.
    
	
 
    	
VISTANA ARIZONA   MANAGEMENT, INC.
    
	
 
    	
VISTANA CALIFORNIA   MANAGEMENT, INC.
    
	
 
    	
VISTANA COLORADO   MANAGEMENT, INC.
    
	
 
    	
VISTANA DEVELOPMENT, INC.
    
	
 
    	
VISTANA HAWAII   MANAGEMENT, INC.
    
	
 
    	
VISTANA MANAGEMENT, INC.
    
	
 
    	
VISTANA MB   MANAGEMENT, INC.
    
	
 
    	
VISTANA PORTFOLIO   SERVICES, INC.
    
	
 
    	
VISTANA RESIDENTIAL   MANAGEMENT, INC.
    
	
 
    	
VISTANA SCOTTSDALE   MANAGEMENT, INC.
    
	
 
    	
VISTANA SCOTTSDALE   DEVELOPMENT, INC.
    
	
 
    	
VISTANA SIGNATURE   NETWORK, INC.
    
	
 
    	
VISTANA VACATION SERVICES   HAWAII, INC.
    
	
 
    	
VSE ARIZONA REALTY, INC.
    
	
 
    	
VSE CALIFORNIA SALES, INC.
    
	
 
    	
VSE MEXICO PORTFOLIO   SERVICES, INC.
    
	
 
    	
VSE RESIDENCE CLUB SALES OF NEW   YORK, INC.
    
	
 
    	
VSE RESIDENCE CLUB   SALES, INC.
    
	
 
    	
VSE VISTANA VILLAGES, INC.
    
	
 
    	
WESTIN VACATION MANAGEMENT CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jeanette E. Marbert
    
	
 
    	
Name:
    	
Jeanette E. Marbert
    
	
 
    	
Title:
    	
President, CEO
    

 

 

	
 
    	
COCONUT   PLANTATION PARTNER, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jeanette E. Marbert
    
	
 
    	
 
    	
Name: Jeanette E. Marbert
    
	
 
    	
 
    	
Title: President
    

 

 

	
 
    	
HSBC   BANK USA, NATIONAL ASSOCIATION, as Trustee
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Annette Kos-Culkin
    
	
 
    	
 
    	
Name: Annette Kos-Culkin
    
	
 
    	
 
    	
Title: Vice Presidenta280letterfinal

 Exhibit 10.1 American Capital, Ltd.  Two Bethesda Metro Center, 12th Floor  Bethesda, MD 20814  (301) 951-6122  (301) 654-6714 fax  www.AmericanCapital.com                                                                                                                        Nasdaq: ACAS    Annapolis ▪ Chicago ▪ London ▪ New York ▪ Paris ▪ Washington, D.C. 1002075511v1    June 27, 2016  Malon Wilkus American Capital, Ltd. Two Bethesda Metro Center Bethesda, MD 20814   Re:  Letter Agreement Regarding 280G   Dear Malon:  Reference is made to that certain Amended and Restated Employment Agreement entered into and effective as of March 27, 2009 by and between you and American Capital, Ltd. (the “Company”), as amended (the “Employment Agreement”).  This letter (“Letter Agreement”) is subject to the consummation of the transactions (the “Merger”) contemplated under that certain Agreement and Plan of Merger, dated as of May 23, 2016, by and among Ares Capital Corporation, a Maryland corporation (“Parent”), Orion Acquisition Sub, Inc., a Delaware corporation and a direct wholly owned Subsidiary of Parent (“Acquisition Sub”), American Capital, Ltd., a Delaware corporation (the “Company”), and certain other parties, as set forth therein (the “Merger Agreement”), and in the event the Merger is not consummated will have no force or effect.  Capitalized terms used in this Letter Agreement have the same meaning they have in the Employment Agreement unless otherwise defined herein.  The purpose of this Letter Agreement is to address the treatment of certain payments and benefits to which you may become entitled in connection with the Merger that could potentially be classified as “parachute payments” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”).  Accordingly, this Letter Agreement confirms our mutual agreement that, notwithstanding anything contained in the Employment Agreement or any other agreement between you and the Company to the contrary, and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by both parties hereto, the parties have agreed as follows: In the event that the payments and other benefits provided for in the Employment Agreement or otherwise payable to you, including, without limitation, any acceleration of vesting of any equity awards or other incentive awards of the Company (all such payments and benefits, including the payments and benefits provided under the Employment Agreement, being hereinafter referred to as the “Total Payments”) would be subject (in whole or part), to the excise tax imposed under Section 4999 of the Code (the “Excise Tax”), then, the cash payments otherwise payable under the Employment Agreement shall be reduced (with amounts not subject to Section 409A of the Code being reduced prior to amounts that are subject to Section 409A of the Code) to the extent necessary so that no portion of the Total Payments is subject to the Excise Tax, but only if the reduction required to avoid the imposition of such Excise Tax 

 

   www.AmericanCapital.com                                                                                                                        Nasdaq: ACAS    Annapolis ▪ Chicago ▪ London ▪ New York ▪ Paris ▪ Washington, D.C.  does not exceed $6,325,879.00.  If the amount of the reduction required to avoid the imposition of the Excise Tax exceeds such amount, then no reduction shall be effected.   Unless you and the Company otherwise agree in writing, any determination required under this Letter Agreement will be made in writing by an independent public accounting firm chosen by the Company (the “Accountants”), whose determination will be conclusive and binding upon you and the Company for all purposes.  For purposes of making the calculations required by this Letter Agreement, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code.  You and the Company will furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Letter Agreement.  The Company will bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this Letter Agreement. Both parties acknowledge that this Letter Agreement has been entered into after the execution of the Employment Agreement and accordingly agree that, to the extent this Letter Agreement is inconsistent with any provisions in the Employment Agreement, this Letter Agreement will supersede the Employment Agreement.  This Letter Agreement and, to the extent not amended hereby, the Employment Agreement, represent the entire agreement and understanding between the parties as to the subject matter herein and supersedes all prior or contemporaneous agreements whether written or oral.  No waiver, alteration, or modification of any of the provisions of this Letter Agreement will be binding unless in writing and signed by duly authorized representatives of the parties hereto. This Letter Agreement may be signed in counterparts, each of which will be an original, with the same effect as if the signature thereto were upon the same Letter Agreement.  This Letter Agreement will be governed by the laws of the State of Maryland (with the exception of its conflict of laws provisions) (consistent with Section 7.11 of the Employment Agreement).  Please sign below to indicate your agreement to the terms of this Letter Agreement.   Sincerely,  AMERICAN CAPITAL, LTD.        By:  /s/ Samuel A. Flax Samuel A. Flax Executive Vice President and General Counsel   AGREED TO AND ACCEPTED:  MALON WILKUS  /s/ Malon Wilkus Malon Wilkus

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