Document:

Exhibit 4.1

 

FIRST SUPPLEMENTAL INDENTURE

 

First Supplemental Indenture (this “First Supplemental Indenture”), dated as of September 22, 2011, among ClubCorp CGCC, Inc., a Nevada corporation, ClubCorp Ridge Club, Inc., a Nevada corporation, and ClubCorp Hartefeld, Inc., a Nevada corporation (collectively, the “Guaranteeing Subsidiaries”), which are subsidiaries of ClubCorp Club Operations, Inc., a Delaware corporation (the “Company”), and Wilmington Trust, National Association (successor by merger to Wilmington Trust FSB), as trustee (the “Trustee”).

 

W I T N E S S E T H

 

WHEREAS, each of the Company and the Guarantors (as defined in the Indenture referred to below) has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of November 30, 2010, providing for the issuance of an unlimited aggregate principal amount of 10% Senior Notes due 2018 (the “Notes”);

 

WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiaries shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiaries shall unconditionally Guarantee all of the Company’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under the Indenture; and

 

WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.

 

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the Holders as follows:

 

1.                                       Capitalized Terms.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

2.                                       Guarantor.  The Guaranteeing Subsidiaries each hereby agrees to be a Guarantor under the Indenture and to be bound by the terms of the Indenture applicable to Guarantors, including Article 10 thereof.

 

3.                                       Governing Law.  THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS FIRST SUPPLEMENTAL INDENTURE.

 

4.                                       Waiver of Jury Trial.  EACH OF THE GUARANTEEING SUBSIDIARIES AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS FIRST SUPPLEMENTAL INDENTURE, THE INDENTURE,

 

 

THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

5.                                       Counterparts.  The parties may sign any number of copies of this First Supplemental Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.

 

6.                                       Headings.  The headings of the Sections of this First Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part of this First Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof.

 

7.                                       Trustee Makes No Representation. The Trustee makes no representation or warranty as to the validity or sufficiency of this First Supplemental Indenture or with respect to the recitals contained herein, all of which recitals are made solely by the other parties hereto.

 

[Signature Page Follows]

 

 

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

 

 

	
 
    	
CLUBCORP   CGCC, INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Curtis D. McClellan
    
	
 
    	
 
    	
Name:   Curtis D. McClellan
    
	
 
    	
 
    	
Title:   Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
CLUBCORP   RIDGE CLUB, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Curtis D. McClellan
    
	
 
    	
 
    	
Name:   Curtis D. McClellan
    
	
 
    	
 
    	
Title:   Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
CLUBCORP   HARTEFELD, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Curtis D. McClellan
    
	
 
    	
 
    	
Name:   Curtis D. McClellan
    
	
 
    	
 
    	
Title:   Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
WILMINGTON   TRUST, NATIONAL ASSOCIATION (SUCCESSOR BY MERGER TO WILMINGTON TRUST FSB), as   Trustee
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Joseph P. O’Donnell
    
	
 
    	
 
    	
Name:   Joseph P. O’Donnell
    
	
 
    	
 
    	
Title:   Vice President
    

 

[Signature Page to First Supplemental Indenture]Exhibit 4.1

 

AMENDMENT NO. 1

 

TO

 

CREDIT AGREEMENT

 

This AMENDMENT NO. 1 to CREDIT AGREEMENT (this “Amendment”), dated as of August 26, 2011, is entered into by and among AAR Corp. (the “Company”), the financial institutions party hereto (the “Lenders”), and Bank of America, N.A., as Administrative Agent (the “Administrative Agent”).  Each capitalized term used herein and not otherwise defined herein shall have the meaning given to it in the below-defined Credit Agreement.

 

WITNESSETH

 

WHEREAS, the Company, the Lenders and the Administrative Agent are parties to that certain Credit Agreement dated as of April 12, 2011 (as the same has been or may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); and

 

WHEREAS, the Company wishes to amend the Credit Agreement in certain respects and the Required Lenders and the Administrative Agent are willing to amend the Credit Agreement on the terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company, the Administrative Agent and the Required Lenders hereby agree as follows:

 

SECTION 1.           Amendment to Credit Agreement.  Effective as of the date first above written, and subject to the satisfaction of the conditions to effectiveness set forth in Section 2 below, the Credit Agreement shall be and hereby is amended as follows:

 

(a)           Section 1.1 of the Credit Agreement is hereby amended to delete the definition of “Avborne IRB Documents” now contained therein and substitute the following therefor:

 

“Avborne IRB Documents” means (i) that certain Letter of Credit Reimbursement Agreement dated as of September 1, 2011 between AAR Aircraft Services, Inc., an Illinois corporation, as successor by merger with Avborne Heavy Maintenance, Inc., a Florida corporation (formerly known as Professional Modification Services, Inc.) and Wells Fargo Bank, National Association, a national banking association; (ii) that certain Loan Agreement dated as of August 1, 1998, between the Miami-Dade Industrial Development Authority, a public body corporate and politic created and existing under the laws of the State of Florida (particularly Chapter 159, Part III, Florida Statutes), and AAR Aircraft Services, Inc., an Illinois corporation, as successor by merger with Avborne Heavy Maintenance,

 

 

Inc., a Florida corporation (formerly known as Professional Modification Services, Inc.), as amended by that certain First Amendment and Supplement to Loan Agreement, dated as of May 1, 2000 and (iii) that certain Guaranty of Payment and Performance dated as of September 1, 2011 by AAR CORP., a Delaware corporation, to and for the benefit of Wells Fargo Bank, National Association, a national banking association, each as amended, restated, supplemented or otherwise modified from time to time, and any replacements, substitutions or refinancing of any of the foregoing.

 

SECTION 2.           Condition of Effectiveness.  This Amendment shall become effective and be deemed effective as of the date hereof, subject to the satisfaction of the conditions precedent that the Administrative Agent shall have received each of the following:

 

(a)           counterparts of this Amendment executed by the Company and those Lenders that are required to be signatories hereto; and

 

(b)           such other documents as the Administrative Agent may reasonably request, all in form and substance reasonably satisfactory to the Administrative Agent.

 

SECTION 3.           Representations and Warranties of the Company. The Company hereby represents and warrants as follows:

 

(a)           The Credit Agreement, as amended by this Amendment constitutes the legal, valid and binding obligation of the Company and is enforceable against the Company in accordance with its terms, subject to bankruptcy, insolvency and similar laws affecting the enforceability of creditors’ rights generally and to general principles of equity.

 

(b)           Upon the effectiveness of this Amendment, the Company hereby (i) represents that no Event of Default or Unmatured Event of Default exists under the terms of the Credit Agreement, (ii) reaffirms all covenants, representations and warranties made in the Credit Agreement, and (iii) agrees that all such covenants, representations and warranties shall be deemed to have been remade as of the effective date of this Amendment.  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 the Lenders or the Administrative Agent under the Credit Agreement or any related document, instrument or agreement.  The Administrative Agent and the Lenders expressly reserve all of their rights and remedies, including the right to institute enforcement actions in consequence of any existing Events of Default or Unmatured Events of Default not waived hereunder or otherwise at any time without further notice, under the Credit Agreement, all other documents, instruments and agreements executed in connection therewith, and applicable law.

 

SECTION 4.           Effect on the Credit Agreement.

 

(a)           Upon the effectiveness of this Amendment, on and after the date hereof, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import shall mean and be a reference to the Credit Agreement, as amended and modified hereby.

 

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(b)           Except as specifically amended and modified above, the Credit Agreement and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect, and are hereby ratified and confirmed.

 

(c)           The execution, delivery and effectiveness of this Amendment shall neither, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Lenders or the Administrative Agent, nor constitute a waiver of any provision of the Credit Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith.

 

SECTION 5.           Costs and Expenses.  The Company agrees to pay on demand all reasonable costs, fees and out-of-pocket expenses (including attorneys’ fees, costs and expenses charged to the Administrative Agent) incurred by the Administrative Agent and the Lenders in connection with the preparation, arrangement, execution and enforcement of this Amendment.

 

SECTION 6.           Governing Law.  This Amendment shall be governed by and construed in accordance with the internal laws of the State of Illinois without regard to conflicts of law provisions of the State of Illinois.

 

SECTION 7.           Headings.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

 

SECTION 8.           Counterparts.  This Amendment may be executed by one or more of the parties to the Amendment on any number of separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  A facsimile copy of a signature hereto shall have the same effect as the original thereof.

 

SECTION 9.           No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Amendment.  In the event an ambiguity or question of intent or interpretation arises, this Amendment shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Amendment.

 

The remainder of this page is intentionally blank.

 

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IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above written.

 

 

	
 
    	
AAR   CORP.,
    
	
 
    	
as   Borrower
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Michael K. Carr
    
	
 
    	
Name:   
    	
Michael   K. Carr
    
	
 
    	
Title:   
    	
Vice   President-Tax
    

 

Signature Page to Amendment No. 1 to

AAR Corp. Credit Agreement

 

 

	
 
    	
BANK   OF AMERICA, N.A.,
    
	
 
    	
as   Administrative Agent, a Lender, a L/C Issuer
    
	
 
    	
and   Swing Line Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Robert Hamman
    
	
 
    	
Name:   
    	
Robert   W. Hamman
    
	
 
    	
Title:   
    	
Senior   Vice President
    

 

Signature Page to Amendment No. 1 to

AAR Corp. Credit Agreement

 

 

	
 
    	
WELLS   FARGO BANK, N.A.,
    
	
 
    	
as   a Lender and a L/C Issuer
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Andrew T. Cavallari
    
	
 
    	
Name:
    	
Andrew   T. Cavallari
    
	
 
    	
Title:   
    	
Vice   President
    

 

Signature Page to Amendment No. 1 to

AAR Corp. Credit Agreement

 

 

	
 
    	
RBS   CITIZENS, N.A.,
    
	
 
    	
as   a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Stephen A Maenhout
    
	
 
    	
Name:   
    	
Stephen   A. Maenhout
    
	
 
    	
Title:   
    	
Vice   President
    

 

Signature Page to Amendment No. 1 to

AAR Corp. Credit Agreement

 

 

	
 
    	
U.S.   BANK NATIONAL ASSOCIATION,
    
	
 
    	
as   a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kathleen Schurr
    
	
 
    	
Name:   
    	
Kathleen   Schurr
    
	
 
    	
Title:   
    	
Vice   President
    

 

Signature Page to Amendment No. 1 to

AAR Corp. Credit Agreement

 

 

	
 
    	
PNC   BANK, NATIONAL ASSOCIATION,
    
	
 
    	
as   a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jon R. Hinard
    
	
 
    	
Name:   
    	
Jon   R. Hinard
    
	
 
    	
Title:   
    	
Senior   Vice President
    

 

Signature Page to Amendment No. 1 to

AAR Corp. Credit Agreement

 

 

	
 
    	
THE   PRIVATEBANK AND TRUST
    
	
 
    	
COMPANY,
    
	
 
    	
as   a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Chris O’Hara
    
	
 
    	
Name:   
    	
Chris   O’Hara
    
	
 
    	
Title:   
    	
Managing   Director
    

 

Signature Page to Amendment No. 1 to

AAR Corp. Credit Agreement

 

 

	
 
    	
MORGAN   STANLEY BANK, N.A.,
    
	
 
    	
as   a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Scott Taylor
    
	
 
    	
Name:   
    	
Scott   Taylor
    
	
 
    	
Title:   
    	
Authorized   Signatory
    

 

Signature Page to Amendment No. 1 to

AAR Corp. Credit Agreement

 

 

	
 
    	
ASSOCIATED   BANK, N.A.,
    
	
 
    	
as   a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jake Goldstein
    
	
 
    	
Name:   
    	
Jake   Goldstein
    
	
 
    	
Title:   
    	
Vice   President
    

 

Signature Page to Amendment No. 1 to

AAR Corp. Credit Agreement

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