Document:

ENPH 03.31.2015 EX 10.3

Exhibit 10.3

AMENDMENT NO. 2 TO CREDIT AGREEMENT

AMENDMENT NO. 2 TO CREDIT AGREEMENT (this “Amendment”), dated as of February 2, 2015, among ENPHASE ENERGY, INC., a Delaware corporation (“Borrower”), the lenders identified on the signature pages hereto (together with their respective successors and assigns, each individually a “Lender” and collectively, the “Lenders”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as administrative agent for each member of the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity, “Agent”), and is made with reference to that certain Credit Agreement, dated as of November 7, 2012 (the “Credit Agreement”), by and among Borrower, the Lenders and Agent, as amended by Amendment No. 1 to Credit Agreement dated as of February 14, 2014.  Capitalized terms used herein without definition shall have the same meanings herein as set forth in the Credit Agreement.  
RECITALS
WHEREAS, Agent, the Lenders and Borrower have entered into financing arrangements pursuant to which Lenders (or Agent on behalf of Lenders) have made and provided and may hereafter make and provide loans, advances and other financial accommodations to Borrower as set forth in the Credit Agreement and the other agreements, documents and instruments referred to therein or any time executed and/or delivered in connection therewith or related thereto; 
WHEREAS, Borrower has requested that Agent and the Lenders make certain amendments to the Credit Agreement, and Agent and the Lenders are willing to make such amendments, subject to the terms and conditions set forth herein; and
WHEREAS, by this Amendment, Borrower, Agent and the Lenders desire and intend to evidence such amendments.
NOW, THEREFORE, in consideration of the foregoing, and the respective agreements and covenants contained herein, the parties hereto agree as follows:
		
	Section 1.
	AMENDMENTS TO THE CREDIT AGREEMENT

A.    Section 5.15 of the Credit Agreement is hereby amended to read as follows:  
“5.15    Location of Inventory.  Borrower will, and will cause each of the other Loan Parties to keep (i) its and their Inventory, to the extent located within the United States, only at the Flextronics Facility and the locations identified on Schedule 4.24 of the Disclosure Letter, in each case subject to a bailee agreement in form and substance satisfactory to Agent; provided that Borrower and the other Loan Parties may keep up to $50,000 in the aggregate at any time at other locations located within the United States; provided further that up 

17355043.4

to $3,000,000 of Inventory may be transferred by Borrower to an international Flextronics location or to an Expeditors International Pty Ltd. location for the sale of such Inventory by a Subsidiary of Borrower organized outside of the United States in the ordinary course of business and (ii) its and their chief executive offices only at the locations identified on Schedule 7 of the Guaranty and Security Agreement; provided further, that Borrower may amend Schedule 4.24 of the Disclosure Letter or Schedule 7 of the Guaranty and Security Agreement so long as such amendment occurs by written notice to Agent not less than 15 days prior to the date on which such Inventory is moved to such new location or such chief executive office is relocated and so long as such new location is within the continental United States and such chief executive office is relocated within the continental United States; provided further that Borrower may maintain (A) (i) test equipment, (ii) up to $3,000,000 at any one time of raw materials and (iii) other Equipment, in each case in transit from Borrower’s suppliers to the Flextronics Facility and (B) test equipment and other Equipment disposed of in accordance with clause (p) of the definition of Permitted Dispositions and re-acquired in accordance with clause (s) of the definition of “Permitted Investments”, at any Flextronics facility in the People’s Republic of China.” 
B.    The definition of Permitted Dispositions set forth in Schedule 1.1 of the Credit Agreement hereby amended by deleting the “and” at the end of clause (o), re-designating the existing clause (p) as clause (q) and adding the following clause (p) after clause (o):
“(p) dispositions of assets constituting Equipment sold to Flextronics so long as: (i) it is maintained at one of Flextronic’s facilities located in the People’s Republic of China, (ii) such Equipment is re-acquired by Borrower within 30 days after its arrival to the relevant facility, (iii) at the time of any such disposition of such Equipment and immediately after giving effect to the same, Liquidity is equal to or greater than $25,000,000 and Availability is equal to or greater than $12,500,000, and”  
C.    The definition of Permitted Investments set forth in Schedule 1.1 of the Credit Agreement hereby amended by deleting the “and” at the end of clause (q), deleting the “.” At the end of clause (r) and replacing it with a “, and”, and  adding the following clause (s) after clause (r):   
(s) Investments resulting from the re-purchase of Equipment disposed of pursuant to clause (p) of the definition of “Permitted Dispositions”. 
D.    Schedule 1.1 (Definitions) to the Credit Agreement is hereby amended by inserting the following defined terms in alphabetical order:

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“Amendment No. 2” means that certain Amendment No. 2 to Credit Agreement, dated as of February 2, 2015, by and among Borrower, the Lenders and Agent.  
“Amendment No. 2 Effective Date” has the meaning specified therefor in Amendment No. 2.  
		
	Section 2.
	CONDITIONS PRECEDENT 

This Amendment shall become effective on the first date upon which each of the following conditions precedent has been waived or satisfied in a manner satisfactory to Agent (such date being the “Amendment No. 2 Effective Date”): 
(i)    Agent shall have received this Amendment, duly authorized, executed and delivered by Borrower, Agent and the Lenders (the Credit Agreement, Exhibits and Schedules as so amended by this Amendment being referred to herein as the “Amended Credit Agreement”);
(ii)    Agent shall have received evidence that the Hercules Facility has been paid in full and all liens securing the same have been terminated;
(iii)    on the date of this Amendment and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing, nor shall either result from the entry into this Amendment;
(iv)    the representations and warranties contained in Section 3 of this Amendment shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date of this Amendment and on the Amendment No. 2 Effective Date (except, in each case, to the extent that such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of such earlier date); and 
(v)    Borrower shall have paid all Lender Group Expenses incurred in connection with the transactions evidenced by this Amendment (to the extent incurred on or prior to the Amendment No. 2 Effective Date).
		
	Section 3.
	BORROWER’S REPRESENTATIONS AND WARRANTIES

Borrower hereby represents and warrants to the Lender Group the following (which shall survive execution and delivery of this Amendment), the truth and accuracy of which representations and warranties are a continuing condition of the making of Revolving Loans and providing Letters of Credit to Borrower:    

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A.    Due Organization.  Borrower (i) is duly organized and existing and in good standing under the laws of the jurisdiction of its organization (ii) is qualified to do business in any state where the failure to be so qualified could reasonably be expected to result in a Material Adverse Effect, and (iii) has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted, and, with respect to the Borrower, to enter into this Amendment and to carry out the transactions contemplated by the Amended Credit Agreement.
B.    Binding Obligations. This Amendment, when duly executed and delivered by Borrower, will be the legally valid and binding obligation of Borrower, enforceable against Borrower in accordance with its respective terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally.
C.    Due Authorization; No Conflict.  
(i)    The execution and delivery by Borrower of this Amendment and the performance by Borrower of the Amended Credit Agreement have been duly authorized by all necessary action on the part of Borrower.
(ii)    The execution and delivery by Borrower of this Amendment, and the performance by Borrower of the Amended Credit Agreement do not and will not (a) violate any material provision of federal, state, or local law or regulation applicable to Borrower or its Subsidiaries, the Governing Documents of Borrower or its Subsidiaries, or any order, judgment, or decree of any court or other Governmental Authority binding on Borrower or its Subsidiaries, (b) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any material agreement of Borrower or its Subsidiaries where any such conflict, breach or default could individually or in the aggregate reasonably be expected to have a Material Adverse Effect, (c) result in or require the creation or imposition of any Lien of any nature whatsoever upon any assets of Borrower or its Subsidiaries, other than Permitted Liens, or (d) require any approval of any holder of Equity Interests of Borrower or any approval or consent of any Person under any material agreement of Borrower, other than consents or approvals that have been obtained and that are still in force and effect and except, in the case of material agreements, for consents or approvals, the failure to obtain could not individually or in the aggregate reasonably be expected to cause a Material Adverse Effect.
D.    Governmental Consents.  The execution and delivery by Borrower of this Amendment, and the performance by Borrower of the Amended Credit Agreement and the consummation of the transactions contemplated hereby do not and will not require any registration with, consent, or approval of, or notice to, or other action with or by, any Governmental Authority, other than registrations, consents, approvals, notices, or other actions that (i) have been obtained and that are still in force and effect or (ii) the failure of which to obtain or perform could not reasonably be expected to result in a Material Adverse Effect.
E.    Incorporation of Representations and Warranties From Amended Credit Agreement.  The representations and warranties of the Loan Parties contained in the Credit 

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Agreement, the Amended Credit Agreement and the other Loan Documents are true, correct and complete in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the Amendment No. 2 Effective Date as though made on and as the date hereof (except to the extent such representations and warranties specifically relate to an earlier date). 
F.    No Default. No event has occurred and is continuing or will result from the consummation of the transactions contemplated by this Amendment that would constitute a Default or an Event of Default.
		
	Section 4.
	MISCELLANEOUS

A.    Effect of this Amendment.  
(i)    On and after the Amendment No. 2 Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference in the other Loan 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 Amended Credit Agreement.
(ii)    Except as expressly amended pursuant hereto, no other changes, waiver or modifications to the Loan Documents are intended or implied, and in all other respects the Loan Documents are hereby specifically ratified and confirmed by all parties hereto as of the date hereof.  To the extent that any provision of the Credit Agreement or any of the other Loan Documents are inconsistent with the provisions of this Amendment, the provisions of this Amendment shall control.  
B.    Further Assurances.  The Loan Parties shall execute and deliver such additional documents and take such additional action as may be reasonably requested by Agent to effectuate the provisions and purposes hereof.
C.    Governing Law.  The validity of this Amendment, the construction, interpretation and enforcement hereof, and the rights of the parties hereto with respect to all matters arising hereunder or related thereto shall be determined under, governed by, and construed in accordance with the laws of the State of California.
D.    Binding Effect.  This Amendment shall bind and inure to the benefit of the respective successors and assigns of each of the parties hereto.
E.    Counterparts; Electronic Execution.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same agreement.  Delivery of an executed counterpart of this Amendment by telefacsimile or other electronic method of transmission (including .pdf format) shall be equally as effective as delivery of an original executed counterpart of this Amendment.  Any party delivering an executed counterpart of this Amendment by telefacsimile or other electronic method of transmission (including .pdf format) also shall deliver an original executed counterpart 

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of this Amendment but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment.  
[Remainder of page intentionally left blank]

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

	
		
	By:
	/s/ Kris Sennesael

	 
	Name: Kris Sennesael

	 
	Title:   CFO

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Agent and as a Lender 

	
		
	By:
	/s/ Patrick McCormack

	 
	Name: Patrick McCormack

	 
	Title:   Authorized SignatoryExhibit 10.1

 

FOURTH AMENDMENT TO CREDIT AGREEMENT

 

Dated as of May 5, 2015

 

This FOURTH 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, as amended by that certain Second Amendment to Credit Agreement dated as of November 6, 2014, as amended by that certain Third Amendment to Credit Agreement dated as of April 10, 2015 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 Fourth Amendment Effective Date, the Credit Agreement is hereby amended by:

 

(a)                                 deleting clause (b) of the definition of “Change of Control” in Section 1.01 of the Credit Agreement in its entirety;

 

(b)                                 amending and restating clause (c) of the definition of “Change of Control” in Section 1.01 of the Credit Agreement in its entirety and replacing such clause (c) with the following:

 

“(c)                            a “change of control” or any comparable term under, and as defined in, the New Senior Notes Indenture or any of the other documentation relating to the New Senior Notes shall have occurred; or”;

 

(c)                                  replacing the reference to “Senior Notes” in clause (f) of the definition of “Consolidated EBITDA” in Section 1.01 of the Credit Agreement with “New Senior Notes”;

 

 

(d)                                 replacing the reference to “Senior Notes” in clause (a) of the definition of “Consolidated Interest Expense” in Section 1.01 of the Credit Agreement with “New Senior Notes”;

 

(e)                                  amending the defined term of “Sanctioned Authorities” in Section 1.01 of the Credit Agreement by changing the name thereof to “Sanctioning Authorities” and moving the term to the proper alphabetical order;

 

(f)                                   adding the following defined terms to Section 1.01 of the Credit Agreement in proper alphabetical order:

 

““Fourth Amendment Effective Date” means May 5, 2015.”

 

““New Senior Notes” means (i) the $350.0 million in initial aggregate principal amount of 5.625% Senior Notes due 2023 issued by the Borrower pursuant to the New Senior Notes Indenture, and any exchange notes issued in exchange therefor pursuant to the registration rights agreement executed in connection with the issuance thereof, or any refinancing thereof permitted pursuant to, and in accordance with, Section 8.03(l), or (ii) any other senior notes incurred pursuant to, and in accordance with, Section 8.03(f), or any refinancing thereof permitted pursuant to, and in accordance with, Section 8.03(l).”

 

““New Senior Notes Indenture” means the Indenture dated as of April 10, 2015 between the Borrower, as issuer, and HSBC Bank USA, National Association, as trustee, or any other indenture governing any other issuance of any New Senior Notes.”;

 

(g)                                  deleting Section 2.01(h) of the Credit Agreement in its entirety;

 

(h)                                 replacing the references to “Senior Notes” in clauses (a) and (b) of Section 7.01 of the Credit Agreement with “New Senior Notes”;

 

(i)                                     replacing the references to “Senior Notes” and “Senior Notes Indenture” in Section 8.03(k) of the Credit Agreement with “New Senior Notes” and “New Senior Notes Indenture” respectively;

 

(j)                                    amending and restating the parenthetical at the end Section 8.06(d) of the Credit Agreement in its entirety and replacing such parenthetical with the following:

 

“(which shall be deemed to be 100% for so long as Holdings owns no material assets other than the Capital Stock of the Borrower and does not have any material obligations other than the Obligations and the guarantee of the New Senior Notes)”;

 

(k)                                 replacing the references to “Senior Notes” and “Senior Notes Indenture” in clause (3) of Section 8.11 of the Credit Agreement with “New Senior Notes” and “New Senior Notes Indenture” respectively; and

 

(l)                                     amending and restating clause (13) of Section 8.11 of the Credit Agreement in its entirety and replacing such clause with the following:

 

“(13) any restrictions imposed by any agreement relating to Indebtedness incurred pursuant to Section 8.03(f) to the extent such restrictions are not more restrictive, taken as a whole, than the restrictions contained in the New Senior Notes as in effect on the Fourth Amendment Effective Date;”

 

 

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 “Fourth 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; and

 

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

 

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.

 

(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 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]

 

 

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
    

 

 

AHR HOSPITALITY PARTNERS, INC.

AQUA HOSPITALITY LLC

AQUA HOTELS AND RESORTS, INC.

CDP GP, INC.

CERROMAR DEVELOPMENT PARTNERS GP, INC.

GRAND ASPEN HOLDINGS, LLC

GRAND ASPEN LODGING, LLC

HT-HIGHLANDS, INC.

HTS-BC, L.L.C.

HTS-BEACH HOUSE, INC.

HTS-BEACH HOUSE PARTNER, L.L.C.

HTS COCONUT POINT, INC.

HTS-GROUND LAKE TAHOE, INC.

HTS-KEY WEST, INC.

HTS-KW, INC.

HTS-LAKE TAHOE, INC.

HTS-LOAN SERVICING, INC.

HTS-MAIN STREET STATION, INC.

HTS-MAUI, L.L.C.

HTS-SAN ANTONIO, L.L.C.

HTS-SEDONA, INC.

HTS-SUNSET HARBOR PARTNER, L.L.C.

HTS-WINDWARD POINTE PARTNER, L.L.C.

HV GLOBAL GROUP, INC.

HV GLOBAL MANAGEMENT CORPORATION

HV GLOBAL MARKETING CORPORATION

INTERVAL HOLDINGS, INC.

INTERVAL INTERNATIONAL, INC.

INTERVAL RESORT & FINANCIAL SERVICES, INC.

OWNERS’ RESORTS AND EXCHANGE, INC.

S.O.I. ACQUISITION CORP.

VACATION OWNERSHIP LENDING GP, INC.

VACATION RESORTS INTERNATIONAL

VOL GP, INC.

WINDWARD POINTE II, L.L.C.

WORLDWIDE VACATION & TRAVEL, INC.

XYZII, INC.

 

 

	
By   
    	
/s/   Jeanette E. Marbert
    	
 
    
	
Name:   Jeanette E. Marbert
    	
 
    
	
Title:   Executive   Vice President
    	
 
    

 

 

IIC HOLDINGS, INCORPORATED

ILG INTERNATIONAL HOLDINGS, INC.

INTERVAL SOFTWARE SERVICES, LLC

MANAGEMENT ACQUISITION HOLDINGS, LLC

RESORT SALES SERVICES, INC.

 

 

	
By   
    	
/s/ Jeanette E. Marbert
    	
 
    
	
Name:   Jeanette E. Marbert
    	
 
    
	
Title:   President
    	
 
    

 

ILG MANAGEMENT, LLC

VRI-ORE, LLC

 

 

	
By   
    	
/s/ Jeanette E. Marbert
    	
 
    
	
Name:   Jeanette E. Marbert
    	
 
    
	
Title:   Manager
    	
 
    

 

AQUA HOTELS & RESORTS, LLC

DIAMOND HEAD MANAGEMENT, LLC

HOTEL MANAGEMENT SERVICES, LLC

KAI MANAGEMENT SERVICES LLC

 

By:  Aqua Hospitality LLC, as manager

 

 

	
By   
    	
/s/ Jeanette E. Marbert
    	
 
    
	
Name:   Jeanette E. Marbert
    	
 
    
	
Title:   Executive   Vice President
    	
 
    

 

AQUA HOTELS AND RESORTS OPERATOR LLC

AQUA LUANA OPERATOR LLC

 

By:  Aqua Hospitality LLC, as managing member

 

 

	
By   
    	
/s/ Jeanette E. Marbert
    	
 
    
	
Name:   Jeanette E. Marbert
    	
 
    
	
Title:   Executive   Vice President
    	
 
    

 

 

ASTON HOTELS & RESORTS, LLC

ASTON HOTELS & RESORTS FLORIDA, LLC

MAUI CONDO AND HOME, LLC

RQI HOLDINGS, LLC

 

 

	
By:
    	
/s/ Victoria J. Kincke
    	
 
    
	
Name:   Victoria J. Kincke
    	
 
    
	
Title:   Manager
    	
 
    

 

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 INVESTORS L.P.

 

By:  CDP GP, Inc., as general partner

 

 

	
By   
    	
/s/ Jeanette E. Marbert
    	
 
    
	
Name:   Jeanette E. Marbert
    	
 
    
	
Title:   Executive   Vice President
    	
 
    

 

CERROMAR 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
    	
 
    

 

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
    	
 
    

 

 

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
    	
 
    

 

HTS-WILD OAK RANCH BEVERAGE, LLC

HTS-SAN ANTONIO, INC.

MERIDIAN FINANCIAL SERVICES, INC.

TRADING PLACES INTERNATIONAL, LLC

 

 

	
By   
    	
/s/ Victoria J. Kincke
    	
 
    
	
Name:   Victoria J. Kincke
    	
 
    
	
Title:   Senior   Vice President and Secretary
    	
 
    

 

HVC-HIGHLANDS, L.L.C.

 

By:  HT-Highlands, Inc., as general partner of Highlands Inn Investors II, L.P., the sole member

 

 

	
By   
    	
/s/ Jeanette E. Marbert
    	
 
    
	
Name:   Jeanette E. Marbert
    	
 
    
	
Title:   Executive   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
    	
 
    

 

 

MERAGON FINANCIAL SERVICES, INC.

 

 

	
By   
    	
/s/ Gregory B. Sheperd
    	
 
    
	
Name:   Gregory B. Sheperd
    	
 
    
	
Title:   President
    	
 
    

 

 

PARADISE VACATION ADVENTURES, LLC

 

By:  Trading Places International, LLC, as sole member

 

 

	
By   
    	
/s/ Victoria J. Kincke
    	
 
    
	
Name:   Victoria J. Kincke
    	
 
    
	
Title:   Senior   Vice President and Secretary
    	
 
    

 

REP HOLDINGS, LTD.

 

 

	
By   
    	
/s/ Victoria J. Kincke
    	
 
    
	
Name:   Victoria J. Kincke
    	
 
    
	
Title:   Secretary
    	
 
    

 

RESORT MANAGEMENT FINANCE SERVICES, INC.

 

 

	
By   
    	
/s/ Michele L. Keusch
    	
 
    
	
Name:   Michele Keusch
    	
 
    
	
Title:   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
    	
 
    

 

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
    	
 
    

 

VOL INVESTORS, L.P.

By:  VOL GP, Inc., as general partner

 

 

	
By   
    	
/s/ Jeanette E. Marbert
    	
 
    
	
Name:   Jeanette E. Marbert
    	
 
    
	
Title:   Executive   Vice President
    	
 
    

 

 

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
    

 

 

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

 

 

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

 

 

	
 
    	
SUNTRUST BANK, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ James R Spaulding
    
	
 
    	
 
    	
Name:   James R Spaulding
    
	
 
    	
 
    	
Title:   FVP
    

 

 

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

 

 

	
 
    	
JPMORGAN CHASE BANK, N.A., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Antje B. Focke
    
	
 
    	
 
    	
Name:   Antje B. Focke
    
	
 
    	
 
    	
Title:   Vice President
    

 

 

	
 
    	
SYNOVUS BANK, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Susan Richards
    
	
 
    	
 
    	
Name:   Susan Richards
    
	
 
    	
 
    	
Title:   Corporate Portfolio Manager
    

 

 

	
 
    	
BANKUNITED, N.A., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Vanessa Civalero
    
	
 
    	
 
    	
Name:   Vanessa Civalero
    
	
 
    	
 
    	
Title:   Senior Vice President
    

 

 

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

 

 

	
 
    	
BRANCH BANKING AND TRUST COMPANY, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Anthony D. Nigro
    
	
 
    	
 
    	
Name:   Anthony D. Nigro
    
	
 
    	
 
    	
Title:   Senior Vice President
    

 

 

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

 

 

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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00244-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00244-of-00352.parquet"}]]