Document:

Exhibit 4.2

 

Execution Version

 

REGISTRATION
RIGHTS AGREEMENT

by and among

Interval Acquisition Corp.

Interval Leisure Group, Inc.

and

the Subsidiary Guarantors listed,

on Schedule I hereto

and

Wells Fargo Securities, LLC

Dated as of April 10, 2015

 

    	 

    	 

    

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights Agreement (this
“Agreement”) is made and entered into as of April 10, 2015, by and among Interval Acquisition Corp., a Delaware corporation
(the “Company”), Interval Leisure Group, Inc., a Delaware corporation (“Parent”), the subsidiary guarantors
listed on Schedule I hereto (the “Subsidiary Guarantors” and, together with Parent, the “Guarantors”),
and Wells Fargo Securities, LLC, as representative (the “Representative”) of the several initial purchasers named on
Exhibit A to the Purchase Agreement referenced below (collectively, the “Initial Purchasers”), each of whom has agreed
to purchase the Company’s 5.625% Senior Notes due 2023 (the “Initial Notes”) fully and unconditionally guaranteed
by the Guarantors (the “Guarantees”) pursuant to the Purchase Agreement (as defined below). The Initial Notes and the
Guarantees attached thereto are herein collectively referred to as the “Initial Securities.”

 

This Agreement is made pursuant to the Purchase
Agreement, dated April 2, 2015 (the “Purchase Agreement”), by and among the Company, the Guarantors and the Representative
(i) for the benefit of the Initial Purchasers and (ii) for the benefit of the holders from time to time of the Initial Securities,
including the Initial Purchasers. In order to induce the Initial Purchasers to purchase the Initial Securities, the Company has
agreed to provide the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition
to the obligations of the Initial Purchasers set forth in Section 5(i) of the Purchase Agreement.

 

The parties hereby agree as follows:

 

Section
1.Definitions. As used in this Agreement, the following capitalized terms shall have the following meanings:

 

Additional Interest: As defined in
Section 5 hereof.

 

Additional Interest Payment Date: With
respect to the Initial Securities, each Interest Payment Date.

 

Broker-Dealer: Any broker or dealer
registered under the Exchange Act.

 

Business Day: Any day other than
a Saturday, Sunday or U.S. federal holiday or a day on which banking institutions or trust companies located in New York, New York
are authorized or obligated to be closed.

 

Closing Date: The date of this Agreement.

 

Commission: The Securities and Exchange
Commission.

 

Consummate: A registered Exchange
Offer shall be deemed “Consummated” for purposes of this Agreement upon the occurrence of (i) the filing and effectiveness
under the Securities Act of the Exchange Offer Registration Statement relating to the Exchange Securities to be issued in the Exchange
Offer, (ii) the maintenance of such Registration Statement continuously effective and the keeping of the Exchange Offer open for
a period not less than the minimum period required pursuant to Section 3(b) hereof, and (iii) the delivery by the Company to the
Registrar under the Indenture of Exchange Securities in the same aggregate principal amount as the aggregate principal amount of
Initial Securities that were tendered by Holders thereof pursuant to the Exchange Offer.

 

    	 

    	 

    

 

Exchange Act: The Securities Exchange
Act of 1934, as amended, including the rules and regulations promulgated thereunder.

 

Exchange Offer: The registration
by the Company under the Securities Act of the Exchange Securities pursuant to a Registration Statement pursuant to which the Company
offers the Holders of all outstanding Transfer Restricted Securities the opportunity to exchange all such outstanding Transfer
Restricted Securities held by such Holders for Exchange Securities in an aggregate principal amount equal to the aggregate principal
amount of the Transfer Restricted Securities tendered in such exchange offer by such Holders.

 

Exchange Offer Registration Statement:
The Registration Statement relating to the Exchange Offer, including the related Prospectus.

 

Exchange Securities: The 5.625% Senior
Notes due 2023, of the same series under the Indenture as the Initial Notes and the Guarantees attached thereto, to be issued to
Holders in exchange for Transfer Restricted Securities pursuant to this Agreement.

 

FINRA: Financial Industry Regulatory
Authority.

 

Holders: As defined in Section 2(b)
hereof.

 

Indemnified Holder: As defined in
Section 8(a) hereof.

 

Indenture: The Indenture, dated as
of April 10, 2015, as supplemented or modified from time to time, by and among the Company, the Guarantors and HSBC Bank USA, National
Association, as trustee (the “Trustee”), pursuant to which the Securities are to be issued, as such Indenture is amended
or supplemented from time to time in accordance with the terms thereof.

 

Initial Purchaser: As defined in
the preamble hereto.

 

Initial Notes: As defined in the
preamble hereto.

 

Initial Placement: The issuance and
sale by the Company of the Initial Securities to the Initial Purchasers pursuant to the Purchase Agreement.

 

Initial Securities: As defined in
the preamble hereto.

 

Interest Payment Date: As defined
in the Indenture and the Securities.

 

Person: An individual, partnership,
corporation, trust or unincorporated organization, or a government or agency or political subdivision thereof.

 

Prospectus: The prospectus included
in a Registration Statement, as amended or supplemented by any prospectus supplement and by all other amendments thereto, including
post-effective amendments, and all material incorporated by reference into such Prospectus.

 

Registration Default: As defined
in Section 5 hereof.

 

Registration Statement: Any registration
statement of the Company relating to (a) an offering of Exchange Securities pursuant to an Exchange Offer or (b) the registration
for resale of Transfer Restricted Securities pursuant to the Shelf Registration Statement, which is filed pursuant to the provisions
of this Agreement, in each case, including the Prospectus included therein, all amendments and supplements thereto (including post-effective
amendments) and all exhibits and material incorporated by reference therein.

 

    	2

    	 

    

 

Securities: The Initial Securities
and the Exchange Securities.

 

Securities Act: The Securities Act
of 1933, as amended, including the rules and regulations promulgated thereunder.

 

Shelf Filing Deadline: As defined
in Section 4(a) hereof.

 

Shelf Registration Statement: As
defined in Section 4(a) hereof.

 

Transfer Restricted Securities: Each
Initial Security, until the earliest to occur of (a) the date on which such Initial Security is exchanged in the Exchange Offer
for an Exchange Security entitled to be resold to the public by the Holder thereof without complying with the prospectus delivery
requirements of the Securities Act, (b) the date on which such Initial Security has been effectively registered under the Securities
Act and disposed of in accordance with a Shelf Registration Statement and (c) the date on which such Initial Security is distributed
to the public by a Broker-Dealer pursuant to the “Plan of Distribution” contemplated by the Exchange Offer Registration
Statement (including delivery of the Prospectus contained therein).

 

Trust Indenture Act: The Trust Indenture
Act of 1939, as amended.

 

Underwritten Registration or Underwritten
Offering: A registration in which securities of the Company are sold to an underwriter for reoffering to the public.

 

Section
2.Securities Subject to this Agreement.

 

(a)Transfer Restricted Securities.
The securities entitled to the benefits of this Agreement are the Transfer Restricted Securities.

 

(b)Holders of Transfer Restricted
Securities. A Person is deemed to be a holder of Transfer Restricted Securities (each, a “Holder”) whenever such
Person owns Transfer Restricted Securities.

 

Section
3.Registered Exchange Offer.

 

(a)Unless the Exchange Offer shall not
be permissible under applicable law or Commission policy (after the procedures set forth in Section 6(a) hereof have been complied
with), each of the Company and the Guarantors shall use its commercially reasonable efforts to (i) cause to be filed with the Commission
a Registration Statement under the Securities Act relating to the Exchange Securities and the Exchange Offer, (ii) cause such Registration
Statement to become effective, (iii) in connection with the foregoing, file (A) all pre-effective amendments to such Registration
Statement as may be necessary in order to cause such Registration Statement to become effective, (B) if applicable, a post-effective
amendment to such Registration Statement pursuant to Rule 430A under the Securities Act and (C) cause all necessary filings in
connection with the registration and qualification of the Exchange Securities to be made under the state securities or blue sky
laws of such jurisdictions as are necessary to permit Consummation of the Exchange Offer, and (iv) upon the effectiveness of such
Registration Statement, commence the Exchange Offer. The Exchange Offer shall be on the appropriate form permitting registration
of the Exchange Securities to be offered in exchange for the Transfer Restricted Securities and to permit resales of Initial Securities
held by Broker-Dealers as contemplated by Section 3(c) hereof.

 

    	3

    	 

    

 

(b)The Company and the Guarantors shall
use their commercially reasonable efforts to cause the Exchange Offer Registration Statement to be effective continuously and shall
keep the Exchange Offer open for a period of not less than the minimum period required under applicable federal and state securities
laws to Consummate the Exchange Offer; provided, however, that in no event shall such period be less than 30 days after
the date notice of the Exchange Offer is mailed to the Holders. The Company shall cause the Exchange Offer to comply with all applicable
federal and state securities laws. No securities other than the Exchange Securities shall be included in the Exchange Offer Registration
Statement. The Company shall use its commercially reasonable efforts to cause the Exchange Offer to be Consummated on the earliest
practicable date after the Exchange Offer Registration Statement has become effective, but in no event later than 425 days after
the Closing Date (or if such 425th day is not a Business Day, the next succeeding Business Day).

 

(c)The Company shall indicate in a “Plan
of Distribution” section contained in the Prospectus forming a part of the Exchange Offer Registration Statement that any
Broker-Dealer who holds Initial Securities that are Transfer Restricted Securities and that were acquired for its own account as
a result of market-making activities or other trading activities (other than Transfer Restricted Securities acquired directly from
the Company), may exchange such Initial Securities pursuant to the Exchange Offer; however, such Broker-Dealer may be deemed to
be an “underwriter” within the meaning of the Securities Act and must, therefore, deliver a prospectus meeting the
requirements of the Securities Act in connection with any resales of the Exchange Securities received by such Broker-Dealer in
the Exchange Offer, which prospectus delivery requirement may be satisfied by the delivery by such Broker-Dealer of the Prospectus
contained in the Exchange Offer Registration Statement. Such “Plan of Distribution” section shall also contain all
other information with respect to such resales by Broker-Dealers that the Commission may require in order to permit such resales
pursuant thereto, but such “Plan of Distribution” shall not name any such Broker-Dealer or disclose the amount of Initial
Securities held by any such Broker-Dealer except to the extent required by the Commission as a result of a change in policy after
the date of this Agreement.

 

Each of the Company and the Guarantors shall
use its commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously effective, supplemented
and amended as required by the provisions of Section 6(c) hereof to the extent necessary to ensure that it is available for resales
of Initial Securities acquired by Broker-Dealers for their own accounts as a result of market-making activities or other trading
activities, and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules
and regulations of the Commission as announced from time to time, for a period ending on the earlier of (i) 90 days from the date
on which the Exchange Offer Registration Statement is declared effective and (ii) the date on which a Broker-Dealer is no longer
required to deliver a prospectus in connection with market-making or other trading activities.

 

The Company shall provide sufficient copies
of the latest version of such Prospectus to Broker-Dealers promptly upon request at any time during such 90-day (or shorter as
provided in the foregoing sentence) period in order to facilitate such resales.

 

    	4

    	 

    

 

Section
4.Shelf Registration.

 

(a)Shelf Registration. If (i)
the Company is not required to file an Exchange Offer Registration Statement or to consummate the Exchange Offer because the Exchange
Offer is not permitted by applicable law or Commission policy (after the procedures set forth in Section 6(a) hereof have been
complied with), (ii) for any reason the Exchange Offer is not Consummated within 425 days after the Closing Date (or if such 425th
day is not a Business Day, the next succeeding Business Day), or (iii) with respect to any Holder of Transfer Restricted Securities
(A) such Holder is prohibited by applicable law or Commission policy from participating in the Exchange Offer, or (B) such Holder
may not resell the Exchange Securities acquired by it in the Exchange Offer to the public without delivering a prospectus and that
the Prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such
Holder, or (C) such Holder is a Broker-Dealer and holds Initial Securities acquired directly from the Company or one of its affiliates,
then, upon such Holder’s request, the Company and the Guarantors shall:

 

(x)use their commercially
reasonable efforts to cause to be filed a shelf registration statement pursuant to Rule 415 under the Securities Act, which may
be an amendment to the Exchange Offer Registration Statement (in either event, the “Shelf Registration Statement”)
on or prior to the earliest to occur of (1) the 30th day after the date on which the Company determines that it is not required
to file the Exchange Offer Registration Statement, (2) the 30th day after the date on which the Company receives notice from a
Holder of Transfer Restricted Securities as contemplated by clause (iii) above, and (3) the 425th day after the Closing Date (or
if such 425th day is not a Business Day, the next succeeding Business Day) (such earliest date being the “Shelf Filing Deadline”),
which Shelf Registration Statement shall provide for resales of all Transfer Restricted Securities the Holders of which shall have
provided the information required pursuant to Section 4(b) hereof; provided, however, that the Shelf Filing Deadline shall be no
earlier than the 425th day after the Closing Date (or if such 425th day is not a Business Day, the next succeeding Business Day);
and

 

(y)use their commercially
reasonable efforts to cause such Shelf Registration Statement to be declared effective by the Commission on or before the 60th
day after the Shelf Filing Deadline (or if such 60th day is not a Business Day, the next succeeding Business Day).

 

Each of the Company and the Guarantors shall
use its commercially reasonable efforts to keep such Shelf Registration Statement continuously effective, supplemented and amended
as required by the provisions of Sections 6(b) and (c) hereof to the extent necessary to ensure that it is available for resales
of Initial Securities by the Holders of Transfer Restricted Securities entitled to the benefit of this Section 4(a), and to ensure
that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission
as announced from time to time, until the earlier of (a) the second anniversary of the effective date of such Shelf Registration
Statement (or (b) the date all of the Initial Securities covered by such Shelf Registration Statement have been sold pursuant to
such Shelf Registration Statement).

 

(b)Provision by Holders of Certain
Information in Connection with the Shelf Registration Statement. No Holder of Transfer Restricted Securities may include any
of its Transfer Restricted Securities in any Shelf Registration Statement pursuant to this Agreement unless and until such Holder
furnishes to the Company in writing, within 20 Business Days after receipt of a request therefor, such information as the Company
may reasonably request for use in connection with any Shelf Registration Statement or Prospectus or preliminary Prospectus included
therein. Each Holder as to which any Shelf Registration Statement is being effected agrees to furnish promptly to the Company all
information required to be disclosed in order to make the information previously furnished to the Company by such Holder not materially
misleading.

 

    	5

    	 

    

 

Section
5.Additional Interest. If (i) any Shelf Registration Statement required by this Agreement has not been filed
with the Commission on or prior to the Shelf Filing Date, (ii) any Shelf Registration Statement has not been declared effective
by the Commission on or prior to the date specified for such effectiveness in Section 4(a) of this Agreement, (iii) the Exchange
Offer has not been Consummated within 425 days after the Closing Date (or if such 425th day is not a Business Day, the next succeeding
Business Day) or (iv) any Registration Statement required by this Agreement is filed and declared effective but shall thereafter
cease to be effective or fail to be usable for its intended purpose without being succeeded immediately by a post-effective amendment
to such Registration Statement that cures such failure and that is itself immediately declared effective (each such event referred
to in clauses (i) through (iv), a “Registration Default”), the Company hereby agrees that the interest rate borne by
the Transfer Restricted Securities shall be increased by 0.25% per annum during the 90-day period immediately following the occurrence
of any Registration Default and shall increase by 0.25% per annum at the end of each subsequent 90-day period, but in no event
shall such increase exceed 1.00% per annum (“Additional Interest”). Following the cure of all Registration Defaults
relating to any particular Transfer Restricted Securities, the interest rate borne by the relevant Transfer Restricted Securities
will be reduced to the original interest rate borne by such Transfer Restricted Securities; provided, however, that, if
after any such reduction in interest rate, a different Registration Default occurs, the interest rate borne by the relevant Transfer
Restricted Securities shall again be increased pursuant to the foregoing provisions.

 

All obligations of the Company and the Guarantors
set forth in the preceding paragraph that are outstanding with respect to any Transfer Restricted Security at the time such security
ceases to be a Transfer Restricted Security shall survive until such time as all such obligations with respect to such security
shall have been satisfied in full.

 

Notwithstanding the foregoing, (i) the amount
of Additional Interest payable shall not increase because more than one Registration Default has occurred and is continuing and
(ii) a Holder of Transfer Restricted Securities who is not entitled to the benefits of the Shelf Registration Statement shall not
be entitled to Additional Interest with respect to a Registration Default that pertains to the Shelf Registration Statement.

 

The Additional Interest described in this
Section 5 is the sole and exclusive remedy available to the Holders of the Transfer Restricted Securities due to a Registration
Default.

 

Section
6.Registration Procedures.

 

(a)Exchange Offer Registration Statement.
In connection with the Exchange Offer, the Company and the Guarantors shall comply with all of the provisions of Section 6(c)
hereof, shall use their commercially reasonable efforts to effect such exchange to permit the sale of Transfer Restricted Securities
being sold in accordance with the intended method or methods of distribution thereof, and shall comply with all of the following
provisions:

 

(i)If in the reasonable opinion
of counsel to the Company there is a question as to whether the Exchange Offer is permitted by applicable law, each of the Company
and the Guarantors hereby agrees to seek a no-action letter or other favorable decision from the Commission allowing the Company
and the Guarantors to Consummate an Exchange Offer for such Initial Securities. Each of the Company and the Guarantors hereby agrees
to pursue the issuance of such a decision to the Commission staff level but shall not be required to take commercially unreasonable
action to effect a change of Commission policy. Each of the Company and the Guarantors hereby agrees, however, to (A) participate
in telephonic conferences with the Commission, (B) deliver to the Commission staff an analysis prepared by counsel to the Company
setting forth the legal bases, if any, upon which such counsel has concluded that such an Exchange Offer should be permitted and
(C) diligently pursue a favorable resolution by the Commission staff of such submission.

 

    	6

    	 

    

 

(ii)As a condition to its
participation in the Exchange Offer pursuant to the terms of this Agreement, each Holder of Transfer Restricted Securities shall
furnish, upon the request of the Company, prior to the Consummation thereof, a written representation to the Company (which may
be contained in the letter of transmittal contemplated by the Exchange Offer Registration Statement) to the effect that (A) it
is not an affiliate (as such term is defined in Rule 405 under the Securities Act) of the Company, (B) it is not engaged in, and
does not intend to engage in, and has no arrangement or understanding with any Person to participate in, a distribution (within
the meaning of the Securities Act) of the Exchange Securities to be issued in the Exchange Offer, (C) it is acquiring the Exchange
Securities in its ordinary course of business and (D) it shall have made such other representations as may be reasonably necessary
under applicable Commission rules, regulations or interpretations to render the use of Form S-4 or other appropriate form under
the Securities Act available or for the Exchange Offer Registration Statement to be declared effective. In addition, all such Holders
of Transfer Restricted Securities shall otherwise cooperate in the Company’s preparations for the Exchange Offer. Each Holder
hereby acknowledges and agrees that any Broker-Dealer and any such Holder using the Exchange Offer to participate in a distribution
of the securities to be acquired in the Exchange Offer (1) could not under Commission policy as in effect on the date of this Agreement
rely on the position of the Commission enunciated in Morgan Stanley and Co., Inc. (available June 5, 1991) and Exxon
Capital Holdings Corporation (available May 13, 1988), as interpreted in the Commission’s letter to Shearman & Sterling
dated July 2, 1993, and similar no-action letters (which may include any no-action letter obtained pursuant to clause (i) above),
and (2) must comply with the registration and prospectus delivery requirements of the Securities Act in connection with a secondary
resale transaction and that such a secondary resale transaction should be covered by an effective registration statement containing
the selling security holder information required by Item 507 or 508, as applicable, of Regulation S-K if the resales are of Exchange
Securities obtained by such Holder in exchange for Initial Securities acquired by such Holder directly from the Company.

 

(b)Shelf Registration Statement.
In connection with the Shelf Registration Statement, each of the Company and the Guarantors shall comply with all the provisions
of Section 6(c) hereof and shall use its commercially reasonable efforts to effect such registration to permit the sale of the
Transfer Restricted Securities being sold in accordance with the intended method or methods of distribution thereof, and pursuant
thereto each of the Company and the Guarantors will as expeditiously as possible prepare and file with the Commission a Registration
Statement relating to the registration on any appropriate form under the Securities Act, which form shall be available for the
sale of the Transfer Restricted Securities in accordance with the intended method or methods of distribution thereof.

 

    	7

    	 

    

 

(c)General Provisions. In connection
with any Registration Statement and any Prospectus required by this Agreement to permit the sale or resale of Transfer Restricted
Securities (including, without limitation, any Registration Statement and the related Prospectus required to permit resales of
Initial Securities by Broker-Dealers), each of the Company and the Guarantors shall:

 

(i)use its commercially reasonable
efforts to keep such Registration Statement continuously effective and provide all requisite financial statements (including, if
required by the Securities Act or any regulation thereunder, financial statements of the Guarantors for the period specified in
Section 3 or 4 hereof, as applicable; upon the occurrence of any event that would cause any such Registration Statement or the
Prospectus contained therein (A) to contain a material misstatement or omission or (B) not to be effective and usable for resale
of Transfer Restricted Securities during the period required by this Agreement, the Company shall file promptly an appropriate
amendment to such Registration Statement, in the case of clause (A), correcting any such misstatement or omission, and, in the
case of either clause (A) or (B), use its commercially reasonable efforts to cause such amendment to be declared effective and
such Registration Statement and the related Prospectus to become usable for their intended purpose(s) as soon as practicable thereafter;

 

(ii)prepare and file with
the Commission such amendments and post-effective amendments to the applicable Registration Statement as may be necessary to keep
the Registration Statement effective for the applicable period set forth in Section 3 or 4 hereof, as applicable, or such shorter
period as will terminate when all Transfer Restricted Securities covered by such Registration Statement have been sold; cause the
Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under
the Securities Act, and to comply fully with the applicable provisions of Rules 424 and 430A under the Securities Act in a timely
manner; and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such
Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the sellers
thereof set forth in such Registration Statement or supplement to the Prospectus;

 

(iii)advise the underwriter(s),
if any, and selling Holders promptly and, if requested by such Persons, to confirm such advice in writing, (A) when the Prospectus
or any Prospectus supplement or post-effective amendment has been filed, and, with respect to any Registration Statement or any
post-effective amendment thereto, when the same has become effective, (B) of any request by the Commission for amendments to the
Registration Statement or amendments or supplements to the Prospectus or for additional information relating thereto, (C) of the
issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement under the Securities Act
or of the suspension by any state securities commission of the qualification of the Transfer Restricted Securities for offering
or sale in any jurisdiction, or the initiation of any proceeding for any of the preceding purposes, (D) of the existence of any
fact or the happening of any event that makes any statement of a material fact made in the Registration Statement, the Prospectus,
any amendment or supplement thereto, or any document incorporated by reference therein untrue, or that requires the making of any
additions to or changes in the Registration Statement or the Prospectus in order to make the statements therein not misleading.
If at any time the Commission shall issue any stop order suspending the effectiveness of the Registration Statement, or any state
securities commission or other regulatory authority shall issue an order suspending the qualification or exemption from qualification
of the Transfer Restricted Securities under state securities or blue sky laws, each of the Company and the Guarantors shall use
its commercially reasonable efforts to obtain the withdrawal or lifting of such order at the earliest possible time;

 

    	8

    	 

    

 

(iv)furnish without charge
to each of the Initial Purchasers, each selling Holder named in any Registration Statement, and each of the underwriter(s), if
any, before filing with the Commission, copies of any Registration Statement or any Prospectus included therein or any amendments
or supplements to any such Registration Statement or Prospectus (including all documents incorporated by reference after the initial
filing of such Registration Statement), which documents will be subject to the review and comment of such Holders and underwriter(s)
in connection with such sale, if any, for a period of at least five Business Days, and the Company will not file any such Registration
Statement or Prospectus or any amendment or supplement to any such Registration Statement or Prospectus (including all such documents
incorporated by reference) to which an Initial Purchaser of Transfer Restricted Securities covered by such Registration Statement
or the underwriter(s), if any, shall reasonably object in writing within five Business Days after the receipt thereof (such objection
to be deemed timely made upon confirmation of telecopy transmission within such period). The objection of an Initial Purchaser
or underwriter, if any, shall be deemed to be reasonable if such Registration Statement, amendment, Prospectus or supplement, as
applicable, as proposed to be filed, contains a material misstatement or omission;

 

(v)make available at reasonable
times for inspection by the Initial Purchasers, the managing underwriter(s), if any, participating in any disposition pursuant
to such Registration Statement and any attorney or accountant retained by such Initial Purchasers or any of the underwriter(s),
all financial and other records, pertinent corporate documents and properties of each of the Company and the Guarantors and cause
the Company’s and the Guarantors’ officers, directors and employees to supply all information reasonably requested
by any such Holder, underwriter, attorney or accountant in connection with such Registration Statement or any post-effective amendment
thereto subsequent to the filing thereof and prior to its effectiveness and to participate in meetings with investors to the extent
requested by the managing underwriter(s), if any, in each case as is reasonable and customary for “due diligence” examinations
of issuers of similar size and business as the Company; provided that such Persons shall first agree with the Company that any
information that is designated by the Company as confidential at the time of delivery shall be kept confidential by such Persons
and shall be used solely for the purposes of exercising rights under this Agreement and satisfying “due diligence”
obligations under the Securities Act and such Persons shall not engage in trading any securities of the Company until any material
non-public information becomes properly publicly available; provided that such Person may disclose such confidential information
to the extent (v) disclosure of such information is required by court or administrative order or is requested by regulatory authorities,
(w) disclosure of such information is required by law, including any disclosure requirements pursuant to federal securities laws
in connection with the filing of any Shelf Registration Statement or the use of any Prospectus or Prospectus Supplement referred
to in this Agreement, upon a customary opinion of counsel for such Persons delivered and reasonably satisfactory to the Company,
(x) such information becomes generally available to the public other than as a result of a disclosure or failure to safeguard by
any such Person, (y) such information becomes available to any such Person from a source other than the Company and such source
is not known by such Person to be bound by a confidentiality obligation to the Company or (z) such information is necessary to
establish a due diligence defense; provided, further, that the inspection and information gathering shall be coordinated by a single
party (or a single counsel) on behalf of the parties so inspecting and gathering;

 

    	9

    	 

    

 

(vi)if requested by any selling
Holders or the underwriter(s), if any, promptly incorporate in any Registration Statement or Prospectus, pursuant to a supplement
or post-effective amendment if necessary, such information as such selling Holders and underwriter(s), if any, may reasonably request
to have included therein, including, without limitation, information relating to the “Plan of Distribution” of the
Transfer Restricted Securities, information with respect to the principal amount of Transfer Restricted Securities being sold to
such underwriter(s), the purchase price being paid therefor and any other terms of the offering of the Transfer Restricted Securities
to be sold in such offering; and make all required filings of such Prospectus supplement or post-effective amendment as soon as
practicable after the Company is notified of the matters to be incorporated in such Prospectus supplement or post-effective amendment;

 

(vii)use commercially reasonable
efforts to cause the Transfer Restricted Securities covered by the Registration Statement to be rated with the appropriate rating
agencies, if so requested by the Holders of a majority in aggregate principal amount of Transfer Restricted Securities covered
thereby or the underwriter(s), if any;

 

(viii)furnish to each Initial
Purchaser, each selling Holder and each of the underwriter(s), if any, without charge, at least one copy of the Registration Statement,
as first filed with the Commission, and of each amendment thereto, including financial statements and schedules, all documents
incorporated by reference therein and all exhibits (including exhibits incorporated therein by reference);

 

(ix)deliver to each selling
Holder and each of the underwriter(s), if any, without charge, as many copies of the Prospectus (including each preliminary prospectus)
and any amendment or supplement thereto as such Persons reasonably may request; each of the Company and the Guarantors hereby consents
to the use of the Prospectus and any amendment or supplement thereto by each of the selling Holders and each of the underwriter(s),
if any, in connection with the offering and the sale of the Transfer Restricted Securities covered by the Prospectus or any amendment
or supplement thereto;

 

(x)in connection with any
Underwritten Offering, enter into such agreements (including an underwriting agreement), and make such customary representations
and warranties, and take all such other actions in connection therewith in order to expedite or facilitate the disposition of the
Transfer Restricted Securities pursuant to any Shelf Registration Statement contemplated by this Agreement with respect to such
Underwritten Offering, all to such extent as may be reasonably requested by any Initial Purchaser or by the Holders of a majority
in aggregate principal amount of Transfer Restricted Securities or underwriter in connection with any sale or resale pursuant to
any Shelf Registration Statement contemplated by this Agreement:

 

    	10

    	 

    

 

(A)furnish to each Initial Purchaser,
each selling Holder and each underwriter, if any, in such substance and scope as they may request and as are customarily made by
issuers to underwriters in primary underwritten offerings, upon the date of the Consummation of the Exchange Offer or, if applicable,
the effectiveness of the Shelf Registration Statement:

 

(1)a certificate, dated the
date of Consummation of the Exchange Offer or the date of effectiveness of the Shelf Registration Statement, as the case may be,
signed by (y) the President or any Vice President and (z) a principal financial or accounting officer of each of the Company and
the Guarantors, confirming, as of the date thereof, the matters set forth in clauses (i), (ii) and (iii) of Section 5(c) of the
Purchase Agreement and such other matters as such parties may reasonably request;

 

(2)an opinion or opinions,
dated the date of effectiveness of the Shelf Registration Statement of counsel for the Company and the Guarantors, covering the
matters set forth in Section 5(a) of the Purchase Agreement as such matters are applicable in the context of the effectiveness
of the Shelf Registration Statement, if applicable, and such other matter as such parties may reasonably request, and in any event
including a customary statement substantially to the effect that such counsel has participated in conferences with officers and
other representatives of the Company and the Guarantors, representatives of the independent public accountants for the Company
and the Guarantors, representatives of the underwriter(s), if any, and counsel to the underwriter(s), if any, in connection with
the preparation of such Registration Statement and the related Prospectus and have considered the matters required to be stated
therein and the statements contained therein, although such counsel has not independently verified the accuracy, completeness or
fairness of such statements; and that such counsel advises that, on the basis of the foregoing, no facts came to such counsel’s
attention that caused such counsel to believe that the applicable Shelf Registration Statement, at the time such Shelf Registration
Statement or any post-effective amendment thereto became effective, contained an untrue statement of a material fact or omitted
to state a material fact required to be stated therein or necessary to make the statements therein not misleading, or that the
Prospectus contained in such Shelf Registration Statement as of its date, contained an untrue statement of a material fact or omitted
to state a material fact necessary in order to make the statements therein not misleading. Without limiting the foregoing, such
counsel may state further that such counsel assumes no responsibility for, and has not independently verified, the accuracy, completeness
or fairness of the financial statements, notes and schedules and other financial data included in any Shelf Registration Statement
contemplated by this Agreement or the related Prospectus and such other customary matters; and

 

(3)a customary comfort letter,
dated the date of effectiveness of the Shelf Registration Statement, from the Company’s independent accountants, in the customary
form and covering matters of the type customarily requested to be covered in comfort letters by underwriters in connection with
primary underwritten offerings, and covering or affirming the matters set forth in the comfort letters delivered pursuant to Section
5(e) of the Purchase Agreement, without exception;

 

    	11

    	 

    

 

(B)set forth in full or incorporate
by reference in the underwriting agreement, if any, the indemnification provisions and procedures of Section 8 hereof with respect
to all parties to be indemnified pursuant to said Section; and

 

(C)deliver such other documents
and certificates as may be reasonably requested by such parties to evidence compliance with Section 6(c)(xi)(A) hereof and with
any customary conditions contained in the underwriting agreement or other agreement entered into by the Company or any of the Guarantors
pursuant to this Section 6(c)(xi), if any.

 

If at any time the representations
and warranties of the Company and the Guarantors contemplated in Section 6(c)(xi)(A)(1) hereof cease to be true and correct, the
Company or the Guarantors shall so advise the Initial Purchasers and the underwriter(s), if any, and each selling Holder promptly
and, if requested by such Persons, shall confirm such advice in writing;

 

(xi)prior to any public offering
of Transfer Restricted Securities pursuant to a Shelf Registration Statement, cooperate with the selling Holders, the underwriter(s),
if any, and their respective counsel in connection with the registration and qualification of the Transfer Restricted Securities
under the state securities or blue sky laws of such jurisdictions as the selling Holders or underwriter(s), if any, may reasonably
request and do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Transfer
Restricted Securities covered by the Shelf Registration Statement; provided, however, that none of the Company or the Guarantors
shall be required to register or qualify as a foreign corporation where it is not then so qualified or to take any action that
would subject it to the service of process in suits or to taxation, other than those arising out of the offering or sale of the
Transfer Restricted Securities, in any juris-diction where it is not then so subject;

 

(xii)shall issue, upon the
request of any Holder of Initial Securities covered by the Shelf Registration Statement, Exchange Securities having an aggregate
principal amount equal to the aggregate principal amount of Initial Securities surrendered to the Company by such Holder in exchange
therefor or being sold by such Holder; such Exchange Securities to be registered in the name of such Holder or in the name of the
purchaser(s) of such Securities, as the case may be; in return, the Initial Securities held by such Holder shall be surrendered
to the Company for cancellation;

 

(xiii)cooperate with the selling
Holders and the underwriter(s), if any, to facilitate the timely preparation and delivery of certificates representing Transfer
Restricted Securities to be sold and not bearing any restrictive legends; and enable such Transfer Restricted Securities to be
in such denominations and registered in such names as the Holders or the underwriter(s), if any, may request at least two Business
Days prior to any sale of Transfer Restricted Securities made by such Holders or underwriter(s);

 

(xiv)use its commercially
reasonable efforts to cause the Transfer Restricted Securities covered by the Registration Statement to be registered with or approved
by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter(s),
if any, to consummate the disposition of such Transfer Restricted Securities, subject to the proviso contained in Section 6(c)(xii)
hereof;

 

    	12

    	 

    

 

(xv)if any fact or event contemplated
by Section 6(c)(iii)(D) hereof shall exist or have occurred, prepare a supplement or post-effective amendment to the Registration
Statement or related Prospectus or any document incorporated therein by reference or file any other required document so that,
as thereafter delivered to the purchasers of Transfer Restricted Securities, the Prospectus will not contain an untrue statement
of a material fact or omit to state any material fact necessary in order to make the statements therein not misleading;

 

(xvi)provide a CUSIP number
for all Securities not later than the effective date of the Registration Statement covering such Securities and provide the Trustee
under the Indenture with printed certificates for such Securities which are in a form eligible for deposit with the Depository
Trust Company and take all other action necessary to ensure that all such Securities are eligible for deposit with the Depository
Trust Company;

 

(xvii)cooperate and assist
in any filings required to be made with FINRA and in the performance of any due diligence investigation by any underwriter (including
any “qualified independent underwriter”) that is required to be retained in accordance with the rules and regulations
of FINRA;

 

(xviii)otherwise use its commercially
reasonable efforts to comply with all applicable rules and regulations of the Commission, and make generally available to its security
holders, as soon as practicable, a consolidated earnings statement meeting the requirements of Rule 158 (which need not be audited)
for the twelve-month period (A) commencing at the end of any fiscal quarter in which Transfer Restricted Securities are sold to
underwriters in a firm commitment or commercially reasonable efforts Underwritten Offering or (B) if not sold to underwriters in
such an offering, beginning with the first month of the Company’s first fiscal quarter commencing after the effective date
of the Registration Statement;

 

(xix)cause the Indenture to
be qualified under the Trust Indenture Act not later than the effective date of the first Registration Statement required by this
Agreement, and, in connection therewith, cooperate with the Trustee and the Holders of Securities to effect such changes to the
Indenture as may be required for such Indenture to be so qualified in accordance with the terms of the Trust Indenture Act; and
to execute and use its commercially reasonable efforts to cause the Trustee to execute, all documents that may be required to effect
such changes and all other forms and documents required to be filed with the Commission to enable such Indenture to be so qualified
in a timely manner;

 

(xx)cause all Securities covered
by the Registration Statement to be listed on each securities exchange or automated quotation system on which similar securities
issued by the Company are then listed if requested by the Holders of a majority in aggregate principal amount of Initial Securities
or the managing underwriter(s), if any; and

 

(xxi)provide promptly to each
Holder upon request each document filed with the Commission pursuant to the requirements of Section 13 and Section 15 of the Exchange
Act.

 

    	13

    	 

    

 

Each Holder agrees by acquisition of a Transfer
Restricted Security that, upon receipt of any notice from the Company of the existence of any fact of the kind described in Section
6(c)(iii)(D) hereof, such Holder will forthwith discontinue disposition of Transfer Restricted Securities pursuant to the applicable
Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by
Section 6(c)(xvi) hereof, or until it is advised in writing (the “Advice”) by the Company that the use of the Prospectus
may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus.
If so directed by the Company, each Holder will deliver to the Company (at the Company’s expense) all copies, other than
permanent file copies then in such Holder’s possession, of the Prospectus covering such Transfer Restricted Securities that
was current at the time of receipt of such notice. In the event the Company shall give any such notice, the time period regarding
the effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended by the number
of days during the period from and including the date of the giving of such notice pursuant to Section 6(c)(iii)(D) hereof to and
including the date when each selling Holder covered by such Registration Statement shall have received the copies of the supplemented
or amended Prospectus contemplated by Section 6(c)(xvi) hereof or shall have received the Advice; provided, however, that
no such extension shall be taken into account in determining whether Additional Interest is due pursuant to Section 5 hereof or
the amount of such Additional Interest, it being agreed that the Company’s option to suspend use of a Registration Statement
pursuant to this paragraph shall be treated as a Registration Default for purposes of Section 5 hereof.

 

Section
7.Registration Expenses.

 

(a)All expenses incident to the Company’s
and the Guarantors’ performance of or compliance with this Agreement will be borne by the Company and the Guarantors, jointly
and severally, regardless of whether a Registration Statement becomes effective, including, without limitation: (i) all registration
and filing fees and expenses (including filings made by any Initial Purchaser or Holder with FINRA (and, if applicable, the fees
and expenses of any “qualified independent underwriter” and its counsel that may be required by the rules and regulations
of FINRA)); (ii) all fees and expenses of compliance with federal securities and state securities or blue sky laws; (iii) all expenses
of printing (including printing certificates for the Exchange Securities to be issued in the Exchange Offer and printing of Prospectuses),
messenger and delivery services and telephone; (iv) all fees and disbursements of counsel for the Company, the Guarantors and,
subject to Section 7(b) hereof, the Holders of Transfer Restricted Securities; (v) all application and filing fees in connection
with listing the Exchange Securities on a securities exchange or automated quotation system pursuant to the requirements thereof;
and (vi) all fees and disbursements of independent certified public accountants of the Company and the Guarantors (including the
expenses of any special audit and comfort letters required by or incident to such performance).

 

Each of the Company and the Guarantors will,
in any event, bear its internal expenses (including, without limitation, all salaries and expenses of its officers and employees
performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any Person, including special
experts, retained by the Company or the Guarantors.

 

(b)In connection with any Registration
Statement required by this Agreement (including, without limitation, the Exchange Offer Registration Statement and the Shelf Registration
Statement), the Company and the Guarantors, jointly and severally, will reimburse the Initial Purchasers and the Holders of Transfer
Restricted Securities being tendered in the Exchange Offer and/or resold pursuant to the “Plan of Distribution” contained
in the Exchange Offer Registration Statement or registered pursuant to the Shelf Registration Statement, as applicable, for the
reasonable fees and disbursements of not more than one counsel, who shall be Cahill Gordon & Reindel llp
or such other counsel as may be chosen by the Holders of a majority in principal amount of the Transfer Restricted Securities for
whose benefit such Registration Statement is being prepared.

 

    	14

    	 

    

 

Section
8.Indemnification.

 

(a)The Company and the Guarantors, jointly
and severally, agree to indemnify and hold harmless (i) each Holder and (ii) each Person, if any, who controls (within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act) any Holder (any of the Persons referred to in this clause
(ii) being hereinafter referred to as a “controlling person”) and (iii) the respective officers, directors, partners,
employees, representatives and agents of any Holder or any controlling person (any Person referred to in clause (i), (ii) or (iii)
may hereinafter be referred to as an “Indemnified Holder”), to the fullest extent lawful, from and against any and
all losses, claims, damages, liabilities, judgments, actions and expenses (including, without limitation, and as incurred, reimbursement
of all reasonable costs of investigating, preparing, pursuing, settling, compromising, paying or defending any claim or action,
or any investigation or proceeding by any governmental agency or body, commenced or threatened, including the reasonable fees and
expenses of counsel to any Indemnified Holder), joint or several, directly or indirectly caused by, related to, based upon, arising
out of or in connection with any untrue statement or alleged untrue statement of a material fact contained in any Registration
Statement or Prospectus (or any amendment or supplement thereto), or any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such losses, claims,
damages, liabilities or expenses are caused by an untrue statement or omission or alleged untrue statement or omission that is
made in reliance upon and in conformity with information relating to any of the Holders furnished in writing to the Company by
any of the Holders expressly for use therein. This indemnity agreement shall be in addition to any liability which the Company
or any of the Guarantors may otherwise have.

 

In case any action or proceeding (including
any governmental or regulatory investigation or proceeding) shall be brought or asserted against any of the Indemnified Holders
with respect to which indemnity may be sought against the Company or the Guarantors, such Indemnified Holder (or the Indemnified
Holder controlled by such controlling person) shall promptly notify the Company and the Guarantors in writing; provided, however,
that the failure to give such notice shall not relieve any of the Company or the Guarantors of its obligations pursuant to this
Agreement. Such Indemnified Holder shall have the right to employ its own counsel in any such action and the fees and expenses
of such counsel shall be paid, as incurred, by the Company and the Guarantors (regardless of whether it is ultimately determined
that an Indemnified Holder is not entitled to indemnification hereunder). The Company and the Guarantors shall not, in connection
with any one such action or proceeding or separate but substantially similar or related actions or proceedings in the same jurisdiction
arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate
firm of attorneys (in addition to any local counsel) at any time for such Indemnified Holders, which firm shall be designated by
the Holders. The Company and the Guarantors shall be liable for any settlement of any such action or proceeding effected with the
Company’s and the Guarantors’ prior written consent, which consent shall not be withheld unreasonably, and each of
the Company and the Guarantors agrees to indemnify and hold harmless any Indemnified Holder from and against any loss, claim, damage,
liability or expense by reason of any settlement of any action effected with the written consent of the Company and the Guarantors.
The Company and the Guarantors shall not, without the prior written consent of each Indemnified Holder, settle or compromise or
consent to the entry of judgment in or otherwise seek to terminate any pending or threatened action, claim, litigation or proceeding
in respect of which indemnification or contribution may be sought hereunder (whether or not any Indemnified Holder is a party thereto),
unless such settlement, compromise, consent or termination includes an unconditional release of each Indemnified Holder from all
liability arising out of such action, claim, litigation or proceeding.

 

    	15

    	 

    

 

(b)Each Holder of Transfer Restricted
Securities agrees, severally and not jointly, to indemnify and hold harmless the Company, the Guarantors and their respective directors,
officers of the Company and the Guarantors who sign a Registration Statement, and any Person controlling (within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act) the Company or any of the Guarantors, and the respective officers,
directors, partners, employees, representatives and agents of each such Person, to the same extent as the foregoing indemnity from
the Company and the Guarantors to each of the Indemnified Holders, but only with respect to claims and actions based on information
relating to such Holder furnished in writing by such Holder expressly for use in any Registration Statement. In case any action
or proceeding shall be brought against the Company, the Guarantors or their respective directors or officers or any such controlling
person in respect of which indemnity may be sought against a Holder of Transfer Restricted Securities, such Holder shall have the
rights and duties given the Company and the Guarantors, and the Company, the Guarantors, their respective directors and officers
and such controlling person shall have the rights and duties given to each Holder by the preceding paragraph.

 

(c)If the indemnification provided for
in this Section 8 is unavailable to an indemnified party under Section 8(a) or (b) hereof (other than by reason of exceptions provided
in those Sections) in respect of any losses, claims, damages, liabilities, judgments, actions or expenses referred to therein,
then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or
payable by such indemnified party as a result of such losses, claims, damages, liabilities or expenses in such proportion as is
appropriate to reflect the relative benefits received by the Company and the Guarantors, on the one hand, and the Holders, on the
other hand, from the Initial Placement (which in the case of the Company and the Guarantors shall be deemed to be equal to the
total gross proceeds to the Company and the Guarantors from the Initial Placement), the amount of Additional Interest which did
not become payable as a result of the filing of the Registration Statement resulting in such losses, claims, damages, liabilities,
judgments actions or expenses, and such Registration Statement, or if such allocation is not permitted by applicable law, the relative
fault of the Company and the Guarantors, on the one hand, and the Holders, on the other hand, in connection with the statements
or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations.
The relative fault of the Company on the one hand and of the Indemnified Holder on the other shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state
a material fact relates to information supplied by the Company or any of the Guarantors, on the one hand, or the Indemnified Holders,
on the other hand, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses
referred to above shall be deemed to include, subject to the limitations set forth in the second paragraph of Section 8(a) hereof,
any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action
or claim.

 

    	16

    	 

    

 

The Company, the Guarantors and each Holder
of Transfer Restricted Securities agree that it would not be just and equitable if contribution pursuant to this Section 8(c) were
determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation
which does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid
or payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably
incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the
provisions of this Section 8, none of the Holders (and its related Indemnified Holders) shall be required to contribute, in the
aggregate, any amount in excess of the amount by which the total discount received by such Holder with respect to the Initial Securities
exceeds the amount of any damages which such Holder has otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.
The Holders’ obligations to contribute pursuant to this Section 8(c) are several in proportion to the respective principal
amount of Initial Securities held by each of the Holders hereunder and not joint.

 

Section
9.Rule 144A. Each of the Company and the Guarantors hereby agrees with each Holder, for so long as any Transfer
Restricted Securities remain outstanding, to make available to any Holder or beneficial owner of Transfer Restricted Securities
in connection with any sale thereof and any prospective purchaser of such Transfer Restricted Securities from such Holder or beneficial
owner, the information required by Rule 144A(d)(4) under the Securities Act in order to permit resales of such Transfer Restricted
Securities pursuant to Rule 144A under the Securities Act.

 

Section
10.Participation in Underwritten Registrations. No Holder may participate in any Underwritten Registration hereunder
unless such Holder (a) agrees to sell such Holder’s Transfer Restricted Securities on the basis provided in any underwriting
arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all reasonable
questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up letters and other documents required under the
terms of such underwriting arrangements.

 

Section
11.Selection of Underwriters. The Holders of Transfer Restricted Securities covered by the Shelf Registration
Statement who desire to do so may sell such Transfer Restricted Securities in an Underwritten Offering. In any such Underwritten
Offering, the investment banker(s) and managing underwriter(s) that will administer such offering will be selected by the Holders
of a majority in aggregate principal amount of the Transfer Restricted Securities included in such offering; provided, however,
that such investment banker(s) and managing underwriter(s) must be reasonably satisfactory to the Company.

 

Section
12.Miscellaneous.

 

(a)Remedies. Each of the Company
and the Guarantors hereby agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a
breach by it of the provisions of this Agreement and hereby agree to waive the defense in any action for specific performance that
a remedy at law would be adequate.

 

    	17

    	 

    

 

(b)No Inconsistent Agreements. Each
of the Company and the Guarantors will not on or after the date of this Agreement enter into any agreement with respect to its
securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions
hereof. Neither the Company nor any of the Guarantors has not previously entered into any agreement granting any registration rights
with respect to its securities to any Person. The rights granted to the Holders hereunder do not in any way conflict with and are
not inconsistent with the rights granted to the holders of the Company’s or any of the Guarantors’ securities under
any agreement in effect on the date hereof.

 

(c)Adjustments Affecting the Securities.
The Company will not take any action, or permit any change to occur, with respect to the Securities that would materially and
adversely affect the ability of the Holders to Consummate any Exchange Offer.

 

(d)Amendments and Waivers. The
provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to or departures from the provisions
hereof may not be given unless the Company has (i) in the case of Section 5 hereof and this Section 12(d)(i), obtained the written
consent of Holders of all outstanding Transfer Restricted Securities and (ii) in the case of all other provisions hereof, obtained
the written consent of Holders of a majority of the outstanding principal amount of Transfer Restricted Securities (excluding any
Transfer Restricted Securities held by the Company or its Affiliates). Notwithstanding the foregoing, a waiver or consent to departure
from the provisions hereof that relates exclusively to the rights of Holders whose securities are being tendered pursuant to the
Exchange Offer and that does not affect directly or indirectly the rights of other Holders whose securities are not being tendered
pursuant to such Exchange Offer may be given by the Holders of a majority of the outstanding principal amount of Transfer Restricted
Securities being tendered or registered; provided, however, that, with respect to any matter that directly or indirectly
affects the rights of any Initial Purchaser hereunder, the Company shall obtain the written consent of each such Initial Purchaser
with respect to which such amendment, qualification, supplement, waiver, consent or departure is to be effective.

 

(e)Notices. All notices and other
communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class mail (registered or certified,
return receipt requested), telex, telecopier, or air courier guaranteeing overnight delivery:

 

(i)if to a Holder, at the
address set forth on the records of the Registrar under the Indenture, with a copy to the Registrar under the Indenture; and

 

	 	(ii) if to the Company: 
	 	 	 
	 	 	Interval Acquisition Corp.
	 	 	6262 Sunset Drive
	 	 	Miami, Florida 33143
	 	 	Telecopier No.: (305) 667-2072
	 	 	Attention: Victoria J. Kincke
	 	 	 
	 	 	With a copy to:
	 	 	 
	 	 	Holland & Knight LLP
	 	 	515 East Las Olas Boulevard, Suite 1200
	 	 	Fort Lauderdale, FL 33301
	 	 	Telecopier No.: (954) 463-2030
	 	 	Attention: Tammy Knight

 

    	18

    	 

    

 

All such notices and communications shall
be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited
in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt acknowledged, if telecopied; and on the next
Business Day, if timely delivered to an air courier guaranteeing overnight delivery.

 

Copies of all such notices, demands or other
communications shall be concurrently delivered by the Person giving the same to the Trustee at the address specified in the Indenture.

 

(f)Successors and Assigns. This
Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties, including, without
limitation, and without the need for an express assignment, subsequent Holders of Transfer Restricted Securities; provided,
however, that this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless
and to the extent such successor or assign acquired Transfer Restricted Securities from such Holder.

 

(g)Counterparts. This Agreement
may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

(h)Headings. The headings in
this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

(i)Governing Law. THIS AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW
RULES THEREOF.

 

(j)Severability. In the event
that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal
or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions
contained herein shall not be affected or impaired thereby.

 

(k)Entire Agreement. This Agreement
is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the
agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions,
promises, warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights
granted by the Company with respect to the Transfer Restricted Securities. This Agreement supersedes all prior agreements and understandings
between the parties with respect to such subject matter.

 

    	19

    	 

    

 

IN WITNESS WHEREOF, the parties have executed
this Agreement as of the date first written above.

 

	 	Interval Acquisition Corp.
	 	 	 
	 	By  	/s/ Jeanette E. Marbert
	 	 	Name:  Jeanette E. Marbert
	 	 	Title:    Executive Vice President and
	 	 	Chief Operating Officer
	 	 	 
	 	INTERVAL LEISURE GROUP, INC.
	 	 	 
	 	By  	/s/ Jeanette E. Marbert
	 	 	Name:  Jeanette E. Marbert
	 	 	Title:    Executive Vice President and
	 	 	Chief Operating Officer

 

    	[Signature Page to the Registration Rights Agreement]

    	 

    

 

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.

 

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

 

    	[Signature Page to the Registration Rights Agreement]

    	 

    

 

	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	 
	 	 	 
	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	 

 

    	[Signature Page to the Registration Rights Agreement]

    	 

    

 

	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	 

 

    	[Signature Page to the Registration Rights Agreement]

    	 

    

 

	HTS-SAN ANTONIO, L.P.	 
	 	 	 
	By:  HTS-San Antonio, Inc., as general partner	 
	 	 	 
	By 	/s/ Victoria J. Kincke	 
	Name: 	 Victoria J. Kincke	 
	Title:    	Senior Vice President and Secretary	 
	 	 	 
	HTS-SAN ANTONIO, INC.	 
	HTS-WILD OAK RANCH BEVERAGE, LLC	 
	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	 
	 	 	 

  

    	[Signature Page to the Registration Rights Agreement]

    	 

    

 

	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 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	 

 

    	[Signature Page to the Registration Rights Agreement]

    	 

    

 

Execution Version

The foregoing Registration Rights Agreement
is hereby confirmed and accepted as of the date first above written:

	WELLS FARGO SECURITIES, LLC	 
	 	 	 
	By:  	/s/ Nicholas Grocholski	 
	 	Name:  Nicholas Grocholski	 
	 	Title:   Vice President	 

 

    	 

    	 

    

 

Schedule I

 

Subsidiary GuarantorsExhibit 10.1

 

Execution Version

	 

 

 

 

$350,000,000

 

Interval
Acquisition Corp.

 

5.625% Senior Notes due 2023

  

PURCHASE AGREEMENT

  

Dated: April 2, 2015

 

	 

 

    	 

    	 

    

 

Table of Contents

 

	 	 	Page
	 	 	 
	SECTION 1. Representations and Warranties	 	2
	 	 	 
	SECTION 2. Sale and Delivery to Initial Purchasers; Closing; Agreements to Sell, Purchase and Resell	 	17
	 	 	 
	SECTION 3. Covenants of the Company and the Guarantors	 	18
	 	 	 
	SECTION 4. Payment of Expenses	 	22
	 	 	 
	SECTION 5. Conditions of Initial Purchasers’ Obligations	 	23
	 	 	 
	SECTION 6. Indemnification	 	25
	 	 	 
	SECTION 7. Contribution	 	28
	 	 	 
	SECTION 8. Representations, Warranties and Agreements to Survive Delivery	 	29
	 	 	 
	SECTION 9. Termination of Agreement	 	29
	 	 	 
	SECTION 10. Default by One or More of the Initial Purchasers	 	30
	 	 	 
	SECTION 11. Notices	 	31
	 	 	 
	SECTION 12. Parties	 	31
	 	 	 
	SECTION 13. GOVERNING LAW AND TIME	 	31
	 	 	 
	SECTION 14. Effect of Headings	 	31
	 	 	 
	SECTION 15. Definitions	 	31
	 	 	 
	SECTION 16. Permitted Free Writing Documents	 	33
	 	 	 
	SECTION 17. Absence of Fiduciary Relationship	 	33
	 	 	 
	SECTION 18. Research Analyst Independence and Other Activities of the Initial Purchasers	 	34
	 	 	 
	SECTION 19. Waiver of Jury Trial	 	35
	 	 	 
	SECTION 20. Consent to Jurisdiction	 	35
	 	 	 
	SECTION 21. Counterparts	 	35

 

    	i

    	 

    

 

EXHIBITS

Exhibit A – Initial Purchasers

Exhibit B – Subsidiary Guarantors

Exhibit C – Subsidiaries
of Parent

Exhibit D – Form of Pricing
Term Sheet

Exhibit E – Amendments;
Issuer Free Writing Documents

Exhibit F-1 – Form of Opinion
of Company Counsel

Exhibit F-2 – Form of Opinion
of Goodsill Anderson Quinn & Stifel

Exhibit F-3 – Form of Opinion
of Buchanan Ingersoll & Rooney PC

 

    	ii

    	 

    

 

$350,000,000

 

INTERVAL ACQUISITION CORP.

 

5.625% Senior Notes due 2023

 

PURCHASE AGREEMENT

April 2, 2015

 

Wells Fargo Securities, LLC

As Representative of the several Initial Purchasers

c/o Wells Fargo Securities, LLC

550 S. Tryon Street

Charlotte, North Carolina 28202

 

Ladies and Gentlemen:

 

Interval Acquisition Corp.,
a Delaware corporation (the “Company”), Interval Leisure Group, Inc., a Delaware corporation (“Parent”),
and each of the Company’s Subsidiaries (as defined below) listed on Exhibit B attached hereto (the “Subsidiary
Guarantors” and, together with Parent, the “Guarantors”), confirm their agreement with Wells Fargo
Securities, LLC (“Wells Fargo”) and each of the other Initial Purchasers named on Exhibit A
hereto (collectively, the “Initial Purchasers,” which term shall also include any person substituted for an
Initial Purchaser pursuant to Section 10 hereof), for whom Wells Fargo is acting as representative (in such capacity,
the “Representative”), with respect to the issue and sale by the Company and the purchase by the Initial Purchasers,
acting severally and not jointly, of $350,000,000 in aggregate principal amount of the Company’s 5.625% Senior Notes due
2023 (the “Securities”). The Securities will be issued pursuant to an Indenture, to be dated as of April 10,
2015 (the “Indenture”), among the Company, the Guarantors and HSBC Bank USA, National Association, as trustee
(the “Trustee”). The Company’s obligations under the Securities, including the due and punctual payment
of interest on the Securities, will be irrevocably and unconditionally guaranteed on an unsecured senior basis (the “Guarantees”)
by the Guarantors. As used herein, the term “Securities” shall include the Guarantees, unless the context otherwise
requires. Certain terms used in this purchase agreement (this “Agreement”) are defined in Section 15 hereof.

 

The Securities will be
offered and sold to the Initial Purchasers without registration under the 1933 Act, in reliance on the exemption provided by Section
4(a)(2) of the 1933 Act. The Company and the Guarantors have prepared a preliminary offering memorandum, dated March 27, 2015 (the
“Preliminary Offering Memorandum”) and a pricing term sheet substantially in the form attached hereto as Exhibit
D (the “Pricing Term Sheet”) setting forth the terms of the Securities omitted from the Preliminary Offering
Memorandum. Promptly after the Applicable Time, the Company and the Guarantors will prepare an offering memorandum, dated April
2, 2015 (the “Offering Memorandum”), setting forth information regarding the Company, the Guarantors and the
Securities. The Preliminary Offering Memorandum, as supplemented and amended as of the Applicable Time, together with the Pricing
Term Sheet and any of the documents listed on Exhibit E hereto are collectively referred to as the “General Disclosure
Package.” The Company and the Guarantors hereby confirm that they have authorized the use of the General Disclosure
Package and the Offering Memorandum in connection with the offering and resale of the Securities by the Initial Purchasers.

 

    	 

    	 

    

 

You have advised the Company
that you will offer and resell (the “Exempt Resales”) the Securities purchased by you hereunder on the terms
set forth in each of the General Disclosure Package and the Offering Memorandum, as amended or supplemented, solely to (i) persons
whom you reasonably believe to be “qualified institutional buyers” as defined in Rule 144A under the 1933 Act (“QIBs”),
and (ii) in compliance with Regulation S under the 1933 Act (“Regulation S”). Those persons specified in clauses
(i) and (ii) of this paragraph are referred to herein as “Eligible Purchasers.”

 

Holders (including subsequent
transferees) of the Securities will have the benefit of the registration rights set forth in a registration rights agreement (the
“Registration Rights Agreement”) among the Company, the Guarantors and the Initial Purchasers to be dated the
Closing Date (as defined herein). Pursuant to the Registration Rights Agreement, the Company and the Guarantors will agree to file
with the Commission under the circumstances set forth therein, a registration statement under the 1933 Act relating to the Company’s
5.625% Senior Notes due 2023 (the “Exchange Notes”) and the Guarantors’ Guarantees of the Exchange Notes
(the “Exchange Guarantees”) to be offered in exchange for the Securities and the Guarantees (the “Exchange
Offer”).

 

SECTION 1. Representations
and Warranties.

 

(a)          Representations
and Warranties by the Company and the Guarantors. The Company and each Guarantor, jointly and severally, represent and
warrant to each Initial Purchaser as of the date hereof, as of the Applicable Time, and as of the Closing Date referred to in Section 2(b)
hereof, and agree with each Initial Purchaser, as follows:

 

(1)         Rule
144A Information. Each of the Preliminary Offering Memorandum, the General Disclosure Package and the Offering Memorandum,
each as of its respective date, contains all the information required by Rule 144A(d)(4) under the 1933 Act.

 

(2)         No
Stop Orders. The Preliminary Offering Memorandum, the General Disclosure Package and the Offering Memorandum have been prepared
by the Company and the Guarantors for use by the Initial Purchasers in connection with the Exempt Resales. No order or decree preventing
the use of the Preliminary Offering Memorandum, the General Disclosure Package or the Offering Memorandum, or any order asserting
that the transactions contemplated by this Agreement are subject to the registration requirements of the 1933 Act has been issued,
and no proceeding for that purpose has commenced or is pending or, to the knowledge of the Company or any of the Guarantors is
contemplated.

 

    	2

    	 

    

 

(3)         No
Material Misstatement or Omission. (i) The Preliminary Offering Memorandum, as of the date thereof, did not include any untrue
statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading, (ii) the General Disclosure Package, as of the Applicable Time, did not and, at the
Closing Date, will not include any untrue statement of a material fact or omit to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading, (iii) the Offering Memorandum, as of the
date thereof, did not and, at the Closing Date, will not include any untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading and
(iv) each Issuer Free Writing Document (as defined below), when taken together with the General Disclosure Package, as of the Applicable
Time, did not and, at the Closing Date, will not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 

The representations
and warranties in the preceding paragraph do not apply to statements in or omissions from the Preliminary Offering Memorandum,
the Offering Memorandum, the General Disclosure Package, any Issuer Free Writing Document or any amendment or supplement to any
of the foregoing made in reliance upon and in conformity with written information relating to any Initial Purchaser furnished to
the Company by such Initial Purchaser through the Representatives expressly for use therein, it being understood and agreed that
the only such information furnished by the Initial Purchasers as aforesaid consists of the information described as such in Section 6(b)
hereof.

 

(4)         Reporting
Compliance. Parent is subject to, and is in full compliance in all material respects with, the reporting requirements
of Section 13 and Section 15(d), as applicable, of the 1934 Act.

 

(5)         Independent
Accountants. Ernst & Young LLP, who has expressed its opinion with respect to the financial statements (including
the related notes thereto) and supporting schedules included in the General Disclosure Package and the Final Offering Memorandum,
are independent registered public accountants with respect to Parent and its subsidiaries within the meaning of the 1933 Act and
the 1934 Act and the rules and regulations thereunder.

 

(6)         Financial
Statements. The financial statements of Parent and its subsidiaries included in the General Disclosure Package and the Offering
Memorandum, together with the related schedules (if any) and notes thereto, present fairly the financial position of Parent and
its consolidated subsidiaries at the dates indicated and the results of operations, changes in stockholders’ equity and cash
flows of Parent and its consolidated subsidiaries for the periods specified. All of such financial statements have been prepared
in conformity with GAAP, applied on a consistent basis throughout the periods involved and comply with all applicable accounting
requirements under the 1933 Act and the 1933 Act Regulations, or the 1934 Act and the 1934 Act Regulations, as applicable. The
supporting schedules, if any, included or incorporated by reference in the General Disclosure Package and Offering Memorandum present
fairly, in accordance with GAAP, the information required to be stated therein. The information in the Preliminary Offering Memorandum
and the Offering Memorandum under the captions “Summary Historical Consolidated Financial Data of ILG” and “Selected
Historical Consolidated Financial Data” presents fairly the information shown therein and has been prepared on a basis consistent
with that of the audited financial statements of Parent and its subsidiaries included in the General Disclosure Package and the
Offering Memorandum.

 

    	3

    	 

    

 

(7)         No
Material Adverse Change in Business. Since the respective dates as of which information is given in the Preliminary Offering
Memorandum, the General Disclosure Package and the Offering Memorandum (in each case exclusive of any amendments or supplements
thereto subsequent to the date of this Agreement), (A) there has been no material adverse change or any development that could
reasonably be expected to result in a material adverse change, in the condition (financial or other), results of operations, business,
properties, management or prospects of Parent and its subsidiaries taken as a whole, whether or not arising in the ordinary course
of business (in any such case, a “Material Adverse Effect”); (B) except as otherwise disclosed in the General
Disclosure Package and the Offering Memorandum (in each case exclusive of any amendments or supplements thereto subsequent to the
date of this Agreement), neither Parent nor any of its subsidiaries has incurred any liability or obligation, direct or contingent,
or entered into any transaction or agreement that, individually or in the aggregate, is material with respect to Parent and its
subsidiaries taken as a whole, and neither Parent nor any of its subsidiaries has sustained any loss or interference with its business
or operations from fire, explosion, flood, earthquake or other natural disaster or calamity, whether or not covered by insurance,
or from any labor dispute or disturbance or court or governmental action, order or decree which could reasonably be expected, individually
or in the aggregate, to result in a Material Adverse Effect; and (C) except for regular quarterly cash dividends on the Common
Stock in amounts per share that are consistent with past practice, there has been no dividend or distribution of any kind declared,
paid or made by Parent on any class of its capital stock.

 

(8)         Good
Standing of Parent, the Company and its Guarantors. Each of Parent, the Company and the Guarantors has been duly organized
and is validly existing as a corporation or limited liability company, as applicable, in good standing or its status is active
under the laws of the state of its jurisdiction of organization and has power and authority to own, lease and operate its properties
and to conduct its business as described in the Preliminary Offering Memorandum, the General Disclosure Package and the Offering
Memorandum and to enter into and perform its obligations under the Transaction Documents. Each of Parent, the Company and the Guarantors
is duly qualified as a foreign corporation or limited liability company, as applicable, to transact business and is in good standing
or its status is active in the state of its principal place of business and in each other jurisdiction in which such qualification
is required, whether by reason of the ownership or leasing of property or the conduct of business, except (solely in the case of
jurisdictions other than its principal place of business) where the failure so to qualify or to be in good standing would not,
individually or in the aggregate, result in a Material Adverse Effect.

 

    	4

    	 

    

 

(9)         Ownership
of Subsidiaries. All of the issued and outstanding shares of capital stock of each wholly-owned subsidiary of the Company that
is a corporation, all of the issued and outstanding partnership interests of each subsidiary of the Company that is a limited or
general partnership and all of the issued and outstanding limited liability company interests, membership interests or other similar
interests of each wholly-owned subsidiary of the Company that is a limited liability company have been duly authorized and validly
issued, are fully paid and (except in the case of general partnership interests) non-assessable and are owned by the Company, directly
or through subsidiaries, free and clear of any Lien. None of the issued and outstanding shares of capital stock of any such subsidiary
that is a corporation, none of the issued and outstanding partnership interests of any such subsidiary that is a limited or general
partnership, and none of the issued and outstanding limited liability company interests, membership interests or other similar
interests of any such subsidiary that is a limited liability company was issued in violation of any preemptive rights, rights of
first refusal or other similar rights of any securityholder of such subsidiary or any other person. The only subsidiaries of Parent
are the subsidiaries listed on Exhibit C hereto and Exhibit C accurately sets forth whether each such subsidiary
is a corporation, limited or general partnership or limited liability company and the jurisdiction of organization of each such
subsidiary and, in the case of any subsidiary which is a partnership or limited liability company, its general partners and managing
members, respectively.

 

(10)        Capitalization.
The authorized, issued and outstanding capital stock of the Company as of the date of this Agreement is as set forth in the column
entitled “Actual” and in the corresponding line items under the caption “Capitalization” in the Preliminary
Offering Memorandum and the Offering Memorandum (except for subsequent issuances, if any, pursuant to employee or director stock
option, stock purchase or other equity incentive plans described in the Preliminary Offering Memorandum and the Offering Memorandum
or upon the exercise of options issued under such plans). The shares of issued and outstanding capital stock of the Company have
been duly authorized and validly issued and are fully paid and non-assessable and were issued in compliance with all applicable
state and federal securities and “Blue Sky” laws. None of the outstanding shares of capital stock of the Company was
issued in violation of any preemptive rights, rights of first refusal or other similar rights of any securityholder of the Company
or any other person.

 

(11)        No
Other Securities of Same Class. When the Securities and Guarantees are issued and delivered pursuant to this Agreement, such
Securities and Guarantees will not be of the same class (within the meaning of Rule 144A under the 1933 Act) as securities of Parent
and its subsidiaries that are listed on a national securities exchange registered under Section 6 of the 1934 Act or that are quoted
in a United States automated inter-dealer quotation system.

 

(12)        No
Registration. No registration under the 1933 Act of the Securities or the Guarantees, and no qualification of the Indenture
under the 1939 Act with respect thereto, is required for the sale of the Securities and the Guarantees to the Initial Purchasers
as contemplated hereby or for the initial resale of Securities by the Initial Purchasers to the Eligible Purchasers, assuming the
accuracy of the Initial Purchasers’ representations in this Agreement and the compliance by the Initial Purchasers with the
offering and transfer limitations and restrictions set forth under the heading “Transfer Restrictions” in the General
Disclosure Package and the Offering Memorandum.

 

    	5

    	 

    

 

(13)        No
General Solicitation. No form of general solicitation or general advertising within the meaning of Regulation D under the 1933
Act (including, but not limited to, advertisements, articles, notices or other communications published in any newspaper, magazine
or similar medium or broadcast over television or radio, or any seminar or meeting whose attendees have been invited by any general
solicitation or general advertising) was or will be used by Parent, its subsidiaries or any of their respective affiliates or any
of their respective representatives (other than the Initial Purchasers, as to whom the Company and the Guarantors make no representation)
in connection with the offer and sale of the Securities.

 

(14)        Regulation
S Compliance. The Company is a Category 2 issuer for purposes of Regulation S. No directed selling efforts within the meaning
of Rule 902 under the 1933 Act were or will be used by the Company and its subsidiaries or any of their representatives (other
than the Initial Purchasers, as to whom the Company and the Guarantors makes no representation) with respect to Securities sold
in reliance on Regulation S, and the Company, any affiliate of the Company and any person acting on its or their behalf (other
than the Initial Purchasers, as to whom the Company and the Guarantors make no representation) has complied with and will implement
the “offering restrictions” required by Rule 902 under the 1933 Act.

 

(15)        No
Integration. Neither the Company, any Guarantor, any of their respective affiliates nor any other person acting on behalf of
the Company or any Guarantor has sold or issued any securities that would be integrated with the offering of the Securities contemplated
by this Agreement pursuant to the 1933 Act, the 1933 Act Regulations or the interpretations thereof by the Commission.

 

(16)        Authorization
of Agreement. This Agreement has been duly authorized, executed and delivered by the Company and each Guarantor.

 

(17)        Full
Power. The Company and each Guarantor has full right, power and authority to execute, deliver and perform its obligations under
the Transaction Documents.

 

(18)        The
Indenture. The Indenture has been duly authorized by the Company and each Guarantor and, on the Closing Date, will have been
duly executed and delivered by the Company and each Guarantor and will constitute a valid and binding agreement of the Company
and each Guarantor, enforceable against the Company and each Guarantor in accordance with its terms, except as enforcement thereof
may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting enforcement of creditors’
rights generally or by general principles of equity. No qualification of the Indenture under the 1939 Act is required in connection
with the offer and sale of the Securities contemplated hereby or in connection with the Exempt Resales.

 

    	6

    	 

    

 

(19)        The
Registration Rights Agreement. The Registration Rights Agreement has been duly authorized by the Company and each Guarantor.
When the Registration Rights Agreement has been executed and delivered in accordance with the terms hereof and thereof, it will
constitute a valid and binding agreement of the Company and each Guarantor, enforceable against the Company and each Guarantor
in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting enforcement of creditors’ rights generally or by general principles of equity.

 

(20)        The
Securities. The Securities have been duly authorized by the Company and, at the Closing Date, will have been duly executed
by the Company and, when authenticated by the Trustee in the manner provided for in the Indenture and delivered against payment
of the purchase price therefor as provided in this Agreement, will constitute valid and binding obligations of the Company, enforceable
against the Company in accordance with their terms, except as enforcement thereof may be limited by bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium or similar laws affecting enforcement of creditors’ rights generally or by general principles
of equity, and will be in the form contemplated by, and entitled to the benefits of, the Indenture.

 

(21)        The
Exchange Notes. The Exchange Notes have been duly authorized by the Company. When issued and authenticated in accordance with
the terms of the Indenture and delivered in accordance with the Exchange Offer provided in the Registration Rights Agreement, will
be validly issued and will constitute valid and binding obligations of the Company, enforceable against the Company in accordance
with their terms, except as enforcement thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium or similar laws affecting enforcement of creditors’ rights generally or by general principles of equity, and will
be in the form contemplated by, and entitled to the benefits of, the Indenture.

 

(22)        The
Guarantees. The Guarantees have been duly authorized by the Guarantors and, at the Closing Date, the Indenture (which includes
the Guarantees) will have been duly executed by the Guarantors. When the Securities are issued and authenticated by the Trustee
in accordance with the terms of the Indenture and delivered against payment therefor as provided in this Agreement, the Guarantees
will constitute valid and binding obligations of the Guarantors, enforceable against each Guarantor in accordance with their terms,
except as enforcement thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar
laws affecting enforcement of creditors’ rights generally or by general principles of equity, and will be in the form contemplated
by, and entitled to the benefits of, the Indenture.

 

(23)        The
Exchange Guarantees. The Exchange Guarantees have been duly authorized by the Guarantors. When the Exchange Notes are issued
and authenticated in accordance with the terms of the Indenture and delivered in accordance with the Exchange Offer provided in
the Registration Rights Agreement, the Exchange Guarantees will be validly issued and will constitute valid and binding obligations
of the Guarantors, enforceable against each Guarantor in accordance with their terms, except as enforcement thereof may be limited
by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws affecting enforcement of creditors’
rights generally or by general principles of equity, and will be in the form contemplated by, and entitled to the benefits of,
the Indenture.

 

    	7

    	 

    

 

(24)        Description
of the Securities and Agreements. The Securities, the Exchange Notes, the Guarantees, the Exchange Guarantees, the Registration
Rights Agreement and the Indenture conform and will conform in all material respects to the respective statements relating thereto
contained in the Preliminary Offering Memorandum, the General Disclosure Package and the Offering Memorandum.

 

(25)        Absence
of Defaults and Conflicts. None of the Company or any of the Guarantors is (i) in violation of its Organizational Documents,
(ii) in violation of any applicable law, statute, rule, regulation, judgment, order, writ or decree of any government, government
instrumentality or court, domestic or foreign, having jurisdiction over Parent or any of the Guarantors or any of their respective
assets, properties or operations or (iii) in breach or default (or with or without the giving of notice or the passage of time
or both, would be in breach or default) in the performance or observance of any obligation, agreement, covenant or condition contained
in any Company Document, except in the case of clauses (ii) or (iii) for such violations, breaches or defaults that would not,
individually or in the aggregate, result in a Material Adverse Effect. The execution, delivery and performance of the Transaction
Documents and the consummation of the transactions contemplated therein and in the Preliminary Offering Memorandum, the General
Disclosure Package and the Offering Memorandum (including the issuance and sale of the Securities and the use of the proceeds from
the sale of the Securities as described in the Preliminary Offering Memorandum and the Offering Memorandum under the caption “Use
of Proceeds”) and compliance by the Company and the Guarantors with their respective obligations under the Transaction Documents
do not and will not, whether with or without the giving of notice or passage of time or both, conflict with or constitute a breach
of, or default, Termination Event or Repayment Event under, or result in the creation or imposition of any Lien upon any property
or assets of the Company or any of the Guarantors pursuant to, any Company Documents. Such actions will not result in any violation
of (i) the provisions of the Organizational Documents of the Company or any of the Guarantors or (ii) any applicable law, statute,
rule, regulation, judgment, order, writ or decree of any government, government instrumentality or court, domestic or foreign,
having jurisdiction over the Company or any of the Guarantors or any of its or their respective assets, properties or operations.

 

(26)        Transactions
with Related Persons. No relationship, direct or indirect, that would be required to be described in a registration statement
of Parent pursuant to Item 404 of Regulation S-K, exists between or among Parent and its subsidiaries, on the one hand, and the
directors, officers, affiliates, stockholders, customers or suppliers of Parent and its subsidiaries, on the other hand, that has
not been described in the General Disclosure Package and the Offering Memorandum.

 

    	8

    	 

    

 

(27)        Absence
of Labor Dispute. No labor dispute with the employees of Parent or any of its subsidiaries exists or, to the knowledge of the
Company or any of the Guarantors, is imminent, and neither Parent nor any of its subsidiaries are aware of any existing or imminent
labor disturbance by the employees of any of the principal suppliers, manufacturers, customers or contractors of Parent or any
of its subsidiaries which could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.

 

(28)        Absence
of Proceedings. There is no action, suit, proceeding, inquiry or investigation before or brought by any court or governmental
agency or body, domestic or foreign, now pending, or, to the knowledge of the Company or any of the Guarantors, threatened, against
or affecting Parent or any of its subsidiaries (other than as disclosed in the Preliminary Offering Memorandum, the General Disclosure
Package or the Offering Memorandum) or which could reasonably be expected, individually or in the aggregate, to result in a Material
Adverse Effect or to materially and adversely affect the consummation of the transactions contemplated in the Transaction Documents
or the performance by the Company or the Guarantors of their obligations under the Transaction Documents. The aggregate of all
pending legal or governmental proceedings to which Parent or any of its subsidiaries is a party or of which any of their respective
property or assets is the subject which are not described in the Preliminary Offering Memorandum or the Offering Memorandum, including
ordinary routine litigation incidental to the business, would not reasonably be expected, individually or in the aggregate, to
result in a Material Adverse Effect.

 

(29)        Description
of Contracts. There are no contracts or other documents that would be required to be described in a registration statement
filed under the 1933 Act or filed as exhibits to a registration statement of the Company pursuant to Item 601(b)(10) of Regulation
S-K that have not been described in the General Disclosure Package and the Offering Memorandum. The statements made in the General
Disclosure Package and the Offering Memorandum, insofar as they purport to constitute summaries of the terms of the contracts and
other documents that are so described, constitute accurate summaries of the terms of such contracts and documents in all material
respects. Neither Parent nor any of its subsidiaries has knowledge that any other party to any such contract or other document
has any intention not to render full performance as contemplated by the terms thereof.

 

    	9

    	 

    

 

(30)        Solvency.
All indebtedness represented by the Securities is being incurred for proper purposes and in good faith. On the Closing Date, after
giving pro forma effect to the Offering and the use of proceeds therefrom described under the caption “Use of Proceeds”
in the General Disclosure Package and the Offering Memorandum, the Company and each Guarantor (i) will be Solvent (as hereinafter
defined), (ii) will have sufficient capital for carrying on its business and (iii) will be able to pay its debts as they mature.
As used in this paragraph, the term “Solvent” means, with respect to a particular date, that on such date (i) the
present fair market value (or present fair saleable value) of the assets of the Company and each Guarantor is not less than the
total amount required to pay the liabilities of the Company and each Guarantor on its total existing debts and liabilities (including
contingent liabilities) as they become absolute and matured; (ii) the Company and each Guarantor is able to pay its debts
and other liabilities, contingent obligations and commitments as they mature and become due in the normal course of business; (iii) assuming
consummation of the issuance of the Securities as contemplated by this Agreement and the General Disclosure Package and the Offering
Memorandum, neither the Company nor any Guarantor is incurring debts or liabilities beyond its ability to pay as such debts and
liabilities mature; (iv) neither the Company nor any Guarantor is engaged in any business or transaction, and does not propose
to engage in any business or transaction, for which its property would constitute unreasonably small capital after giving due consideration
to the prevailing practice in the industry in which the Company or any Guarantor is engaged; and (v) neither the Company nor
any Guarantor is otherwise insolvent under the standards set forth in applicable laws.

 

(31)        Possession
of Intellectual Property. Parent and its subsidiaries own and possess or have valid and enforceable licenses to use, all patents,
patent rights, patent applications, licenses, copyrights, inventions, know-how (including trade secrets and other unpatented and/or
unpatentable proprietary or confidential information, systems or procedures), trademarks, service marks, trade names, service names,
software, internet addresses, domain names and other intellectual property (collectively, “Intellectual Property”)
that is described in the General Disclosure Package or the Offering Memorandum or that is necessary and material for the conduct
of their respective businesses as currently conducted, as proposed to be conducted and as described in the General Disclosure Package
and the Offering Memorandum. Neither Parent nor any of its subsidiaries has received any written notice or is otherwise aware of
any infringement of or conflict with rights of others with respect to any Intellectual Property or of any facts or circumstances
which would render any material Intellectual Property invalid or inadequate to protect the interests of Parent or any of its subsidiaries
therein. There are no third parties who have or, to the knowledge of the Company or any of the Guarantors, will be able to establish
rights to any Intellectual Property of Parent or any of its subsidiaries, except for, and to the extent of, the ownership rights
of the owners of the Intellectual Property which the General Disclosure Package and the Offering Memorandum disclose is licensed
Parent or any of its subsidiaries. There is no pending or, to the knowledge of the Company or any of the Guarantors, threatened
action, suit, proceeding or claim by others challenging Parent’s or any subsidiary’s rights in or to any such Intellectual
Property, or challenging the validity, enforceability or scope of any such Intellectual Property, or asserting that Parent or any
subsidiary of Parent infringes or otherwise violates, or would, upon the commercialization of any product or service described
in the General Disclosure Package or the Offering Memorandum, infringe or violate, any Intellectual Property of others, and Parent
and its subsidiaries are unaware of any facts which could form a reasonable basis for any such action, suit, proceeding or claim.
Parent and its subsidiaries have complied with the terms of each agreement pursuant to which any Intellectual Property has been
licensed to Parent and its subsidiaries or any Parent subsidiary, all such agreements are in full force and effect, and no event
or condition has occurred or exists that gives or, with notice or passage of time or both, would give any person the right to terminate
any such agreement. There is no patent or patent application that contains claims that interfere with the issued or pending claims
of any such Intellectual Property of Parent or any of its subsidiaries or that challenges the validity, enforceability or scope
of any such Intellectual Property.

 

    	10

    	 

    

 

(32)        Absence
of Further Requirements. (A) No filing with, or authorization, approval, consent, license, order, registration, qualification
or decree of, any court or governmental authority or agency, domestic or foreign, (B) no authorization, approval, vote or
consent of any holder of capital stock or other securities of the Company or any Guarantor or creditor of Parent or any of its
subsidiaries, (C) no authorization, approval, waiver or consent under any Company Document, and (D) no authorization,
approval, vote or consent of any other person or entity, is necessary or required for the execution, delivery or performance by
the Company or the Guarantors of their obligations under the Transaction Documents, for the offering, issuance, sale or delivery
of the Securities or the Guarantees hereunder, or for the consummation of any of the other transactions contemplated by this Agreement,
in each case on the terms contemplated by the General Disclosure Package and the Offering Memorandum, except that no representation
is made as to such as may be required under state or foreign securities laws.

 

(33)        Possession
of Licenses and Permits. Parent and its subsidiaries possess such permits, licenses, approvals, consents and other authorizations
(collectively, “Governmental Licenses”) issued by the appropriate federal, state, local or foreign regulatory
agencies or bodies necessary to conduct the business as described in each of the General Disclosure Package and Offering Memorandum.
Parent and its subsidiaries are in compliance with the terms and conditions of all such Governmental Licenses, except where the
failure so to comply would not, individually or in the aggregate, result in a Material Adverse Effect. All of the Governmental
Licenses are valid and in full force and effect. Neither Parent nor any of its subsidiaries has received any notice of proceedings
relating to the revocation or modification of any such Governmental Licenses.

 

(34)        Title
to Property. Parent and each of its subsidiaries have good and marketable title in fee simple to all real property owned by
any of them (if any) and good title to all other properties and assets owned by any of them, in each case, free and clear of all
Liens except such as (a) are described in the General Disclosure Package and the Offering Memorandum or (b) do not, individually
or in the aggregate, materially affect the value of such property or interfere with the use made and proposed to be made of such
property by Parent or any of its subsidiaries. All real property, buildings and other improvements, and all equipment and other
property, held under lease or sublease by Parent or any of its subsidiaries is held by them under valid, subsisting and enforceable
leases or subleases, as the case may be, with, solely in the case of leases or subleases relating to real property, buildings or
other improvements, such exceptions as are not material to the operations of the business of Parent and its subsidiaries, and all
such leases and subleases are in full force and effect. Neither Parent nor any of its subsidiaries has any notice of any claim
of any sort that has been asserted by anyone adverse to the rights of Parent or any of its subsidiaries under any of the leases
or subleases mentioned above or affecting or questioning the rights of Parent or any of its subsidiaries to the continued possession
of the leased or subleased premises or the continued use of the leased or subleased equipment or other property, except for such
claims which, if successfully asserted against Parent, or any of its subsidiaries, would not, individually or in the aggregate,
result in a Material Adverse Effect.

 

    	11

    	 

    

 

(35)        Investment
Company Act. Neither Parent nor any of its subsidiaries is, and upon the issuance and sale of the Securities as herein contemplated
and the receipt and application of the net proceeds therefrom as described in the General Disclosure Package and the Offering Memorandum
under the caption “Use Of Proceeds,” will be, an “investment company” or an entity “controlled”
by an “investment company” as such terms are defined in the 1940 Act.

 

(36)        Environmental
Laws. Except as described in the General Disclosure Package and the Offering Memorandum and except as would not, individually
or in the aggregate, result in a Material Adverse Effect, (A) neither Parent nor any of its subsidiaries is in violation of
any federal, state, local or foreign statute, law, rule, regulation, ordinance, code, policy or rule of common law or any judicial
or administrative interpretation thereof, including any judicial or administrative order, consent, decree or judgment, relating
to pollution or protection of human health, the environment (including, without limitation, ambient air, surface water, groundwater,
land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the release or
threatened release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum
products (collectively, “Hazardous Materials”) or to the manufacture, processing, distribution, use, treatment,
storage, disposal, transport or handling of Hazardous Materials (collectively, “Environmental Laws”), (B) Parent
and its subsidiaries have all permits, authorizations and approvals required under any applicable Environmental Laws and are each
in compliance with their requirements, (C) there are no pending or threatened administrative, regulatory or judicial actions,
suits, demands, demand letters, claims, Liens, notices of noncompliance or violation, investigation or proceedings relating to
any Environmental Law against Parent or any of its subsidiaries and (D) there are no events or circumstances that could reasonably
be expected to form the basis of an order for clean-up or remediation, or an action, suit or proceeding by any private party or
governmental body or agency, against or affecting Parent or any of its subsidiaries relating to Hazardous Materials or any Environmental
Laws.

 

(37)        Tax
Returns. Parent and its subsidiaries have filed all foreign, federal, state, local and franchise tax returns that are required
to be filed or have obtained extensions thereof, except where the failure so to file would not, individually or in the aggregate,
result in a Material Adverse Effect, and have paid all taxes (including, without limitation, any estimated taxes) required to be
paid and any other assessment, fine or penalty, to the extent that any of the foregoing is due and payable, except for any such
tax, assessment, fine or penalty that is currently being contested in good faith by appropriate actions and except for such taxes,
assessments, fines or penalties the nonpayment of which would not, individually or in the aggregate, result in a Material Adverse
Effect.

 

    	12

    	 

    

 

(38)        Insurance.
Parent and its subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in
such amounts as are prudent and customary in the businesses in which they are engaged; all policies of insurance and any fidelity
or surety bonds insuring Parent or any of its subsidiaries or their respective businesses, assets, employees, officers and directors
are in full force and effect; Parent and its subsidiaries are in compliance with the terms of such policies and instruments in
all material respects; there are no claims by Parent, or any of its subsidiaries under any such policy or instrument as to which
any insurance company is denying liability or defending under a reservation of rights clause; none of Parent nor any of its subsidiaries
has been refused any insurance coverage sought or applied for; and none of Parent, nor any of its subsidiaries has any reason to
believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar
coverage from similar insurers at a cost that would not, individually or in the aggregate, result in a Material Adverse Effect.

 

(39)        Accounting
and Disclosure Controls. Parent and its subsidiaries maintain a system of internal accounting controls sufficient to provide
reasonable assurance that (A) transactions are executed in accordance with management’s general or specific authorizations;
(B) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain
asset accountability; (C) access to assets is permitted only in accordance with management’s general or specific authorization;
and (D) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate
action is taken with respect to any differences. Since the first day of Parent’s earliest fiscal year for which audited financial
statements are included in the General Disclosure Package and the Offering Memorandum, there has been (1) no material weakness
or significant deficiency (as defined in Rule 1-02 of Regulation S-X of the Commission) in Parent’s internal control
over financial reporting (whether or not remediated), which has not been disclosed to Parent’s auditors and the audit committee
of the Board, and (2) no fraud, whether or not material, involving management or other employees who have a role in Parent’s
internal control over financial reporting and, since the end of Parent’s earliest fiscal year for which audited financial
statements are included in the General Disclosure Package and the Offering Memorandum, there has been no change in Parent’s
internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, Parent’s
internal control over financial reporting. Parent and its subsidiaries have established, maintained and periodically evaluate the
effectiveness of “disclosure controls and procedures” (as defined in Rules 13a-15 and 15d-15 under the 1934 Act). Such
disclosure controls and procedures are designed to ensure that information required to be disclosed by Parent in the reports that
it will be required to file or submit under the 1934 Act is recorded, processed, summarized and reported, within the time periods
specified in the Commission’s rules and forms, and is accumulated and communicated to Parent’s management, including
its principal executive officer or officers and principal financial officer or officers, as appropriate, to allow timely decisions
regarding disclosure.

 

Parent’s
independent public accountants and the audit committee of Parent’s board of directors have been advised of all material weaknesses,
if any, and significant deficiencies (as defined in Rule 1-02 of Regulation S-X of the Commission), if any, in Parent’s
internal control over financial reporting and of all fraud, if any, whether or not material, involving management or other employees
who have a role in Parent’s internal controls, in each case that occurred or existed, or was first detected, at any time
during the three most recent fiscal years covered by Parent’s audited financial statements included in the General Disclosure
Package and the Offering Memorandum or at any time subsequent thereto.

 

    	13

    	 

    

 

(40)        Compliance
with the Sarbanes-Oxley Act. There is and has been no failure on the part of Parent or any of Parent’s directors or officers,
in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act with which any of them is required to comply,
including Section 402 related to loans.

 

(41)        Margin
Requirements. None of the transactions contemplated by this Agreement (including, without limitation, the use of the proceeds
from the sale of the Securities) will violate or result in a violation of Section 7 of the 1934 Act, or any regulation promulgated
thereunder, including, without limitation, Regulations T, U and X of the Board of Governors of the Federal Reserve System.

 

(42)        Absence
of Manipulation. Neither the Company or any of the Guarantors nor any of their respective subsidiaries has taken and or will
take, directly or indirectly, any action designed to or that would constitute or that could reasonably be expected to cause or
result in the stabilization or manipulation of the price of any security to facilitate the sale or resale of the Securities.

 

(43)        Statistical
and Market-Related Data. Any statistical, demographic, market-related and similar data included in the General Disclosure Package
or the Offering Memorandum are based on or derived from sources that the Company believes to be reliable and accurate and accurately
reflect the materials upon which such data is based or from which it was derived, and the Company has delivered true, complete
and correct copies of such materials to the Representative.

 

(44)        Foreign
Corrupt Practices Act. Neither Parent nor any of its subsidiaries nor, to the knowledge of Parent or any of its subsidiaries,
any director, officer, agent, employee, affiliate or other person associated with or acting on behalf of Parent or any of its subsidiaries
(i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political
activity, (ii) is aware of or has taken any action, directly or indirectly, that has resulted or would result in a violation by
any such person of the FCPA or any other anti-bribery or anti-corruption law, including, without limitation, any offer, payment,
promise to pay, or authorization of the payment of any money or other property, gift, promise to give or authorization of the giving
of anything of value to any “foreign official” (as such term is defined in the FCPA) or any foreign political party
or official thereof or any candidate for foreign political office, in contravention of the FCPA or any other anti-bribery or anti-corruption
law or (iii) has made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit,
including, without limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper payment or benefit.
Parent and its subsidiaries, and, to the knowledge of Parent and its subsidiaries, its and their other affiliates have conducted
their businesses in compliance with the FCPA or any other anti-bribery or anti-corruption law and have instituted and maintain
policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.

 

    	14

    	 

    

 

(45)        Money
Laundering Laws. The operations of Parent and its subsidiaries are and have been conducted at all times in compliance with
applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as
amended, the money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder and any related or
similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money
Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body
or any arbitrator involving Parent or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge
of Parent or any of its subsidiaries, threatened.

 

(46)        OFAC.
None of Parent or any of its subsidiaries nor, to the knowledge of Parent or any of its subsidiaries, any director, officer, agent,
employee, affiliate or other person acting on behalf of Parent or any of its subsidiaries, is currently subject to any Sanctions
administered or enforced by the U.S. government (including, without limitation, by OFAC or the U.S. Department of State), the United
Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively,
“Sanctions”), nor is Parent or any of the subsidiaries located, organized or resident in a country or territory
that is the subject of Sanctions (including, without limitation, Cuba, Iran, North Korea, Sudan and Syria) (each, a “Sanctioned
Country”)). None of Parent or any of its subsidiaries will directly or indirectly use any of the proceeds from the sale
of Securities by the Company in the offering contemplated by this Agreement, or lend, contribute or otherwise make available any
such proceeds to any subsidiary, joint venture, partner or other person or entity, for the purpose of financing the activities
of any person, or in any country or territory, that, at the time of such funding or facilitating, is the subject of Sanctions administered
by OFAC or in any other manner that will result in a violation by any person participating in the offering (whether as an Initial
Purchaser or otherwise) of Sanctions.

 

(47)        ERISA
Compliance. None of the following events has occurred or exists: (A) a failure to fulfill the obligations, if any,
under the minimum funding standards of Section 302 of ERISA with respect to a Plan determined without regard to any waiver
of such obligations or extension of any amortization period; (B) an audit or investigation by the Internal Revenue Service,
the U.S. Department of Labor, the Pension Benefit Guaranty Corporation or any other federal, state or foreign governmental
or regulatory agency with respect to the employment or compensation of employees by Parent or any of its subsidiaries that could
reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect; or (C) any breach of any
contractual obligation, or any violation of law or applicable qualification standards, with respect to the employment or compensation
of employees by Parent or any of its subsidiaries that could reasonably be expected, individually or in the aggregate, to result
in a Material Adverse Effect. None of the following events has occurred or is reasonably likely to occur: (i) a material increase
in the aggregate amount of contributions required to be made to all Plans in the current fiscal year of Parent and its subsidiaries
compared to the amount of such contributions made in the Company’s most recently completed fiscal year; (ii) a material
increase in the “accumulated post-retirement benefit obligations” (within the meaning of Statement of Financial Accounting
Standards 106) of Parent and its subsidiaries compared to the amount of such obligations in Parent’s most recently completed
fiscal year; (iii) any event or condition giving rise to a liability under Title IV of ERISA that could reasonably be
expected, individually or in the aggregate, to result in a Material Adverse Effect; or (iv) the filing of a claim by one or
more employees or former employees of Parent or any of its subsidiaries related to its or their employment that could reasonably
be expected, individually or in the aggregate, to result in a Material Adverse Effect. For purposes of this paragraph and the definition
of ERISA, the term “Plan” means a plan (within the meaning of Section 3(3) of ERISA) with respect to which
Parent or any of its subsidiaries may have any liability.

 

    	15

    	 

    

 

(48)        Changes
in Management. Except as disclosed in the General Disclosure Package and the Offering Memorandum, none of the persons who were
officers or directors of Parent as of the date of the Preliminary Offering Memorandum has given oral or written notice to Parent
or any of its subsidiaries of his or her resignation (or otherwise indicated to Parent or any of its subsidiaries an intention
to resign within the next 6 months), nor has any such officer or director been terminated by Parent or otherwise removed from
his or her office or from the board of directors, as the case may be (including, without limitation, any such termination or removal
which is to be effective as of a future date) nor is any such termination or removal under consideration by Parent or its board
of directors.

 

(49)        No
Restrictions on Dividends. No wholly-owned subsidiary of Parent is a party to or otherwise bound by any instrument or agreement
that limits or prohibits or could limit or prohibit, directly or indirectly, any subsidiary of the Company from paying any dividends
or making any other distributions on its capital stock, limited or general partnership interests, limited liability company interests,
or other equity interests, as the case may be, or from repaying any loans or advances from, or (except for instruments or agreements
that by their express terms prohibit the transfer or assignment thereof or of any rights thereunder) transferring any of its properties
or assets to, Parent or any other subsidiary, in each case except as described in the General Disclosure Package and the Offering
Memorandum.

 

(50)        Brokers.
There is not a broker, finder or other party that is entitled to receive from Parent or any of its subsidiaries any brokerage or
finder’s fee or other fee or commission as a result of any of the transactions contemplated by this Agreement, except for
underwriting discounts and commissions payable to the Initial Purchasers in connection with the sale of the Securities pursuant
to this Agreement.

 

(b)          Certificates.
Any certificate signed by any officer of Parent, or any of its subsidiaries (whether signed on behalf of such officer, Parent,
or such subsidiary) and delivered to the Representative or to counsel for the Initial Purchasers shall be deemed a representation
and warranty by the Company or such Guarantor to each Initial Purchaser as to the matters covered thereby.

 

    	16

    	 

    

 

SECTION 2. Sale and
Delivery to Initial Purchasers; Closing; Agreements to Sell, Purchase and Resell

 

(a)          The
Securities. On the basis of the representations and warranties herein contained and subject to the terms and conditions
herein set forth, the Company and each of the Guarantors agree to sell to each Initial Purchaser, severally and not jointly, and
each Initial Purchaser, severally and not jointly, agrees to purchase from the Company and each of the Guarantors, the aggregate
principal amount of Securities set forth opposite such Initial Purchaser’s name in Exhibit A hereto plus any additional
principal amount of Securities which such Initial Purchaser may become obligated to purchase pursuant to the provisions of Section 10
hereof, in each case at a price equal to 98.50% of the principal amount thereof.

 

(b)          Payment.
Payment of the purchase price for, and delivery of, the Securities shall be made at the offices of Cahill Gordon &
Reindel LLP, 80 Pine Street, New York, New York, 10005, or at such other place as shall
be agreed upon by the Representative and the Company, at 9:00 A.M. (New York City time) on April 10, 2015 (unless postponed
in accordance with the provisions of Section 10), or such other time not later than five business days after such date as
shall be agreed upon by the Representative and the Company (such time and date of payment and delivery being herein called the
“Closing Date”).

 

Payment shall be made to
the Company by wire transfer of immediately available funds to a single bank account designated by the Company against delivery
to the Representative for the respective accounts of the Initial Purchasers of the Securities to be purchased by them. It is understood
that each Initial Purchaser has authorized the Representative, for its account, to accept delivery of, receipt for, and make payment
of the purchase price for, the Securities which it has agreed to purchase. Wells Fargo, individually and not as representative
of the Initial Purchasers, may (but shall not be obligated to) make payment of the purchase price for the Securities to be purchased
by any Initial Purchaser whose funds have not been received by the Closing Date, but such payment shall not relieve such Initial
Purchaser from its obligations hereunder.

 

(c)          Delivery
of Securities. The Company shall make one or more global certificates (collectively, the “Global Securities”)
representing the Securities available for inspection by the Representative not later than 1:00 p.m., New York City time, on the
business day prior to the Closing Date and, on or prior to the Closing Date, the Company shall deliver the Global Securities to
DTC or to the Trustee, acting as custodian for DTC, as applicable. Delivery of the Securities to the Initial Purchasers on the
Closing Date shall be made through the facilities of DTC unless the Representative shall otherwise instruct.

 

    	17

    	 

    

 

(d)          Representations
of the Initial Purchasers. Each of the Initial Purchasers, severally and not jointly hereby represents and warrants to the
Company that it intends to offer the Securities for sale upon the terms and conditions set forth in this Agreement and in the General
Disclosure Package. Each of the Initial Purchasers, severally and not jointly, hereby represents and warrants to, and agrees with,
the Company, on the basis of the representations, warranties and agreements of the Company and the Guarantors, that such Initial
Purchaser: (i) is a QIB; (ii) in connection with the Exempt Resales, will solicit offers to buy the Securities only from,
and will offer to sell the Securities only to, the Eligible Purchasers; and (iii) will not offer or sell the Securities, nor has
it offered or sold the Securities by, or otherwise engaged in, any form of general solicitation or general advertising (within
the meaning of Regulation D under the 1933 Act, including, but not limited to, advertisements, articles, notices or other communications
published in any newspaper, magazine, or similar medium or broadcast over television or radio, or any seminar or meeting whose
attendees have been invited by any general solicitation or general advertising) and will not engage in any directed selling efforts
within the meaning of Rule 902 under the 1933 Act, in connection with the offering of the Securities. The Initial Purchasers have
advised the Company that they will offer the Securities to Eligible Purchasers at a price initially equal to 100% of the principal
amount thereof, plus accrued interest, if any, from April 10, 2015. Such price may be changed by the Initial Purchasers at any
time without notice. Each of the Initial Purchasers understands that the Company and, for purposes of the opinions to be delivered
to the Initial Purchasers pursuant to this Agreement, counsel to the Company and counsel to the Initial Purchasers, will rely upon
the accuracy and truth of the foregoing representations, warranties and agreements, and the Initial Purchasers hereby consent to
such reliance.

 

SECTION 3. Covenants
of the Company and the Guarantors. The Company and the Guarantors, jointly and
severally, covenant and agree with each Initial Purchaser as follows:

 

(a)          Securities
Law Compliance. The Company will (i) advise each Initial Purchaser promptly after obtaining knowledge (and, if requested by
any Initial Purchaser, confirm such advice in writing) of (A) the issuance by any U.S. or non-U.S. federal or state securities
commission of any stop order suspending the qualification or exemption from qualification of any of the Securities for offer or
sale in any jurisdiction, or the initiation of any proceeding for such purpose by any U.S. or non-U.S. federal or state securities
commission or other regulatory authority, or (B) the happening of any event that makes any statement of a material fact made in
the General Disclosure Package, any Issuer Free Writing Document or the Offering Memorandum, untrue or that requires the making
of any additions to or changes in the General Disclosure Package, any Issuer Free Writing Document or the Offering Memorandum,
to make the statements therein, in the light of the circumstances under which they were made, not misleading, (ii) use its
reasonable best efforts to prevent the issuance of any stop order or order suspending the qualification or exemption from qualification
of any of the Securities under any securities or “Blue Sky” laws of U.S. state or non-U.S. jurisdictions and (iii) if,
at any time, any U.S. or non-U.S. federal or state securities commission or other regulatory authority shall issue an order suspending
the qualification or exemption from qualification of any of the Securities under any such laws, use its reasonable best efforts
to obtain the withdrawal or lifting of such order at the earliest possible time.

 

(b)          Amendments.
The Company will give the Representative notice of its intention to prepare any amendment, supplement or revision to the Preliminary
Offering Memorandum, the Offering Memorandum or any Issuer Free Writing Document, and the Company will furnish the Representative
with copies of any such documents within a reasonable amount of time prior to such proposed use, and will not use any such document
to which the Representative or counsel for the Initial Purchasers shall object. The Company will give the Representative notice
of any filings made pursuant to the 1934 Act or the 1934 Act Regulations within 48 hours prior to the Applicable Time. The Company
will give the Representative notice of its intention to make any such filing from and after the Applicable Time through the Closing
Date (or, if later, through the completion of the distribution of the Securities by the Initial Purchasers to Eligible Purchasers)
and will furnish the Representative with copies of any such documents a reasonable amount of time prior to such proposed filing,
as the case may be, and will not file or use any such document to which the Representative or counsel for the Initial Purchasers
shall object.

 

    	18

    	 

    

 

(c)          Delivery
of Disclosure Documents to the Representative. The Company will, without charge, deliver to the Representative and counsel
for the Initial Purchasers such number of copies of the Preliminary Offering Memorandum, the Pricing Term Sheet and the Offering
Memorandum and any amendment or supplement to any of the foregoing as they reasonably request.

 

(d)          Continued
Compliance with Securities Laws. The Company will comply with the 1933 Act, the 1933 Act Regulations, the 1934 Act and
the 1934 Act Regulations so as to permit the completion of the distribution of the Securities as contemplated by this Agreement,
the General Disclosure Package and the Offering Memorandum. If at any time prior to the completion of the distribution of the Securities
by the Initial Purchasers to Eligible Purchasers, any event shall occur or condition shall exist as a result of which it is necessary
(or if the Representative or counsel for the Initial Purchasers shall notify the Company that, in their judgment, it is necessary)
to amend or supplement the General Disclosure Package or the Offering Memorandum so that the General Disclosure Package or the
Offering Memorandum, as the case may be, will not include any untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made or then prevailing,
not misleading or if it is necessary (or, if the Representative or counsel for the Initial Purchasers shall notify the Company
that, in their judgment, it is necessary) to amend or supplement the General Disclosure Package or the Offering Memorandum in order
to comply with applicable securities laws, the Company will promptly notify the Representative of such event or condition and of
its intention to prepare such amendment or supplement (or, if the Representative or counsel for the Initial Purchasers shall have
notified the Company as aforesaid, the Company will promptly notify the Representative of its intention to prepare such amendment
or supplement) and will promptly prepare, subject to Section 3(b) hereof, such amendment or supplement as may be necessary
to correct such untrue statement or omission or to comply with applicable securities laws, and the Company will furnish to the
Initial Purchasers such number of copies of such amendment or supplement as the Initial Purchasers may reasonably request. If at
any time an event shall occur or condition shall exist as a result of which it is necessary (or if the Representative or counsel
for the Initial Purchasers shall notify the Company that, in their judgment, it is necessary) to amend or supplement any Issuer
Free Writing Document so that it will not include an untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made or then prevailing, not misleading,
or if it is necessary (or, if the Representative or counsel for the Initial Purchasers shall notify the Company that, in their
judgment, it is necessary) to amend or supplement such Issuer Free Writing Document in order to comply with applicable securities
laws, the Company will promptly notify the Representative of such event or condition and of its intention to prepare such amendment
or supplement (or, if the Representative or counsel for the Initial Purchasers shall have notified the Company as aforesaid, the
Company will promptly notify the Representative of its intention to prepare such amendment or supplement) and will promptly prepare
and, subject to Section 3(b) hereof, distribute such amendment or supplement as may be necessary to eliminate or correct such
conflict, untrue statement or omission or to comply with such requirements, and the Company will furnish to the Initial Purchasers
such number of copies of such amendment or supplement as the Initial Purchasers may reasonably request.

 

    	19

    	 

    

 

(e)          Use
of Offering Materials. The Company and each of the Guarantors consent to the use of the General Disclosure Package and the
Offering Memorandum in accordance with the securities or “Blue Sky” laws of the jurisdictions in which the Securities
are offered by the Initial Purchasers and by all dealers to whom Securities may be sold, in connection with the offering and sale
of the Securities.

 

(f)          “Blue
Sky” and Other Qualifications. The Company will use its reasonable best efforts, in cooperation with the Initial
Purchasers, to qualify the Securities for offering and sale, or to obtain an exemption for the Securities to be offered and sold,
under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as the Representative may designate
and to maintain such qualifications and exemptions in effect for so long as required for the distribution of the Securities (but
in no event for a period of not less than one year from the date of this Agreement); provided, however, that the
Company shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation or as a
dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing business
in any jurisdiction in which it is not otherwise so subject. In each jurisdiction in which the Securities have been so qualified
or exempt, the Company will file such statements and reports as may be required by the laws of such jurisdiction to continue such
qualification or exemption, as the case may be, in effect for so long as required for the distribution of the Securities (but in
no event for a period of not less than one year from the date of this Agreement).

 

(g)          Use
of Proceeds. The Company will use the net proceeds received by it from the sale of the Securities in the manner specified in
the Preliminary Offering Memorandum and the Offering Memorandum under “Use of Proceeds.”

 

(h)          Restriction
on Sale of Securities. From and including the date of this Agreement through and including the 90th day after
the date of this Agreement, the Company and the Guarantors will not, without the prior written consent of Wells Fargo, directly
or indirectly issue, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract
to sell, grant any option or right to sell or otherwise transfer or dispose of any debt securities of or guaranteed by the Company
or any Guarantor (other than the Securities issued under this Agreement) or any securities convertible into or exercisable
or exchangeable for any debt securities of or guaranteed by the Company.

 

    	20

    	 

    

 

(i)          Rule
144A Information. So long as any of the Securities are outstanding, the Company and the Guarantors will, furnish at their expense
to the Initial Purchasers, and, upon request, to the holders of the Securities and prospective purchasers of the Securities the
information required by Rule 144A(d)(4) under the 1933 Act (if any).

 

(j)          Preparation
of the Offering Memorandum. Immediately following the execution of this Agreement, the Company will, subject to Section 3(b)
hereof, prepare the Offering Memorandum, which shall contain the public offering price and terms of the Securities, the plan of
distribution thereof and such other information as the Representative and the Company may deem appropriate.

 

(k)          DTC.
The Company will use its reasonable best efforts to permit the Securities to be eligible for clearance and settlement through DTC.

 

(l)          No
Stabilization. The Company, the Guarantors and their respective affiliates (as defined in Rule 144 under the 1933 Act) will
not take, directly or indirectly, any action designed to or that has constituted or that reasonably could be expected to cause
or result in the stabilization or manipulation of the price of any security of the Company or the Guarantors in connection with
the offering of the Securities.

 

(m)          No
Affiliate Resales. During the period of one year after the Closing Date, the Company and the Guarantors will not, and will
not permit any of their respective affiliates (as defined in Rule 144 under the 1933 Act) to, resell any of the Securities that
have been acquired by any of them, except for Securities purchased by the Company, the Guarantors or any of their respective affiliates
and resold in a transaction registered under the 1933 Act.

 

(n)          No
Integration. The Company will not, and will ensure that no affiliate of the Company will, sell, offer for sale or solicit offers
to buy or otherwise negotiate in respect of any “security” (as defined in the 1933 Act) that would be integrated with
the sale of the Securities in a manner that would require the registration under the 1933 Act of the sale to the Initial Purchasers
or to the Eligible Purchasers of the Securities.

 

(o)          No
General Solicitation or Directed Selling Efforts. The Company will not, and will ensure that no affiliate of the Company will,
solicit offers for, or offer or sell the Securities, nor has it offered or sold the Securities by, or otherwise engaged in, any
form of general solicitation or general advertising (within the meaning of Regulation D under the 1933 Act, including, but not
limited to, advertisements, articles, notices or other communications published in any newspaper, magazine, or similar medium or
broadcast over television or radio, or any seminar or meeting whose attendees have been invited by any general solicitation or
general advertising) and will not engage in any directed selling efforts within the meaning of Rule 902 under the 1933 Act, in
connection with the offering of the Securities.

 

(p)          Transaction
Documents. The Company and the Guarantors will do and perform all things required or necessary to be done and performed under
the Transaction Documents by them prior to the Closing Date, and to satisfy all conditions precedent to the Initial Purchasers’
obligations hereunder to purchase the Securities.

 

    	21

    	 

    

 

SECTION 4. Payment
of Expenses.

 

(a)          Expenses.
The Company and the Guarantors, jointly and severally, agree to pay all expenses incident to the performance of their respective
obligations under this Agreement, including (i) the preparation and printing of the Preliminary Offering Memorandum, the General
Disclosure Package and the Offering Memorandum and each amendment thereto (in each case including exhibits) and any costs associated
with electronic delivery of any of the foregoing, (ii) the word processing and delivery to the Initial Purchasers of each
of the Transaction Documents and such other documents as may be required in connection with the offering, purchase, sale, issuance
or delivery of the Securities, (iii) the preparation, issuance and delivery of the certificates for the Securities and the
issuance and delivery of the Securities to the Initial Purchasers, including any issue or other transfer taxes and any stamp or
other taxes or duties payable in connection with the sale, issuance or delivery of the Securities to the Initial Purchasers, (iv) the
fees and disbursements of the counsel, accountants and other advisors to the Company and the Guarantors, (v) the qualification
or exemption of the Securities under securities laws in accordance with the provisions of Section 3(f) hereof, including the
reasonable fees and disbursements of counsel for the Initial Purchasers in connection therewith and in connection with the preparation
of the Blue Sky Survey and any supplements thereto and the reasonable fees and disbursements of special Canadian counsel for the
Initial Purchasers in connection with the preparation of any Canadian “wrapper”, (vi) the preparation, printing
and delivery to the Initial Purchasers of copies of the Preliminary Offering Memorandum, the General Disclosure Package, the Offering
Memorandum, and any Issuer Free Writing Documents and any amendments or supplements to any of the foregoing and any costs associated
with electronic delivery of any of the foregoing, (vii) the preparation, printing and delivery to the Initial Purchasers of
copies of the Blue Sky Survey and any Canadian “wrapper” and any supplements thereto and any costs associated with
electronic delivery of any of the foregoing, (viii) the fees and expenses of the Trustee, including the fees and disbursements
of counsel for the Trustee in connection with the Transaction Documents, (ix) all fees charged by any rating agencies for
rating the Securities and all expenses and application fees incurred in connection with the approval of the Securities for clearance,
settlement and book-entry transfer through DTC, and (x) all reasonable and documented travel expenses (including expenses
related to any chartered aircraft) of each Initial Purchaser and the Company and any of its officers, directors, counsel or other
representatives and any other expenses of each Initial Purchaser and the Company in connection with attending or hosting presentations
or meetings with prospective purchasers of the Securities, including, without limitation, expenses associated with the production
of road show slides and graphics and the production and hosting of any electronic road shows; provided, that except as expressly
provided in this Section 4(a) and Section 4(b), the Initial Purchasers shall pay their own costs and expenses, including the costs
and expenses of their counsel.

 

(b)          Termination
of Agreement. If this Agreement is terminated by the Representative in accordance with the provisions of Section 5,
Section 9(a)(i), Section 9(a)(iii)(A), or Section 9(a)(v), the Company and the Guarantors, jointly and severally, will reimburse
the Initial Purchasers for all of their out-of-pocket expenses, reasonably incurred in connection with the proposed purchase and
the offering and sale of the Securities, including the reasonable fees and disbursements of counsel for the Initial Purchasers.

 

    	22

    	 

    

 

SECTION 5. Conditions
of Initial Purchasers’ Obligations. The obligations of the several Initial
Purchasers hereunder are subject to the accuracy of the representations and warranties of the Company and the Guarantors contained
in this Agreement, or in certificates signed by any officer of the Company, any Guarantor or any subsidiary of Parent (whether
signed on behalf of such officer, Parent or such subsidiary) delivered to the Representative or counsel for the Initial Purchasers,
to the performance by the Company and the Guarantors of their respective covenants and other obligations hereunder, and to the
following further conditions:

 

(a)          Opinion
of Counsel for Company and the Guarantors. At the Closing Date, the Representative shall have received the favorable
opinion, dated as of the Closing Date, of (x) Holland & Knight LLP, counsel for the Company and the Guarantors (“Company
Counsel”), to the effect set forth in Exhibit F-1 hereto, and to such further effect as the Representative may reasonably
request, (y) Goodsill Anderson Quinn & Stifel, special Hawaii counsel for the Company and the Guarantors, to the effect set
forth in Exhibit F-2 hereto, and (z) Buchanan Ingersoll & Rooney PC, special North Carolina counsel to the Company and the
Guarantors, to the effect set forth in Exhibit F-3 hereto, in any case, in form and substance satisfactory to the Representative,
together with signed or reproduced copies of such opinion for each of the other Initial Purchasers.

 

(b)          Opinion
of Counsel for Initial Purchasers. At the Closing Date, the Representative shall have received the favorable letter,
dated as of the Closing Date, of Cahill Gordon & Reindel LLP, counsel for the Initial
Purchasers, together with signed or reproduced copies of such letter for each of the other Initial Purchasers, with respect to
the Securities to be sold by the Company pursuant to this Agreement, the Indenture, the General Disclosure Package and the Offering
Memorandum, and any amendments or supplements thereto and such other matters as the Representative may reasonably request.

 

(c)          Officers’
Certificate. At the Closing Date, there shall not have been, since the date hereof or since the respective dates as
of which information is given in the General Disclosure Package and the Offering Memorandum (in each case exclusive of any amendments
or supplements thereto subsequent to the date of this Agreement), any material adverse change or any development that could
reasonably be expected to result in a material adverse change, in the condition (financial or other), results of operations, business,
properties, management or prospects of Parent and its subsidiaries taken as a whole, whether or not arising in the ordinary course
of business. At the Closing Date, the Representative shall have received a certificate, signed on behalf of the Company and each
Guarantor by the President or the Chief Executive Officer of Parent and the Company and the Chief Financial Officer or Chief Accounting
Officer of Parent and the Company, dated as of the Closing Date, to the effect that (i) there has been no such material adverse
change, (ii) the representations and warranties of the Company and the Guarantors in this Agreement are true and correct at
and as of the Closing Date with the same force and effect as though expressly made at and as of the Closing Date (except to the
extent any such representation and warranty expressly relates to an earlier date (in which case on and as of such earlier date))
and (iii) the Company and the Guarantors have complied with all agreements and satisfied all conditions on their part to be
performed or satisfied at or prior to the Closing Date under or pursuant to this Agreement.

 

    	23

    	 

    

 

(d)          CFO
Certificate. At the time of the execution of this Agreement, the Representative shall have received a certificate, dated the
date hereof (with respect to certain financial information contained in the General Disclosure Package) and, at the Closing Date,
the Representative shall have received a certificate, dated the Closing Date (with respect to certain financial information contained
in the General Disclosure Package and the Offering Memorandum), of the Chief Financial Officer of the Company as to the accuracy
of such certain financial information contained in the General Disclosure Package and the Offering Memorandum, as applicable, in
form and substance reasonably satisfactory to the Representative.

 

(e)          Ernst
& Young LLP Comfort Letter. At the time of the execution of this Agreement, the Representative shall have received
from Ernst & Young LLP a letter, dated the date of this Agreement and in form and substance satisfactory to the Representative,
together with signed or reproduced copies of such letter for each of the other Initial Purchasers, containing statements and information
of the type ordinarily included in accountants’ “comfort letters” to initial purchasers with respect to the financial
statements and certain financial information of Parent contained in the General Disclosure Package, any Issuer Free Writing Documents
(other than any electronic road show) and the Offering Memorandum and any amendments or supplements to any of the foregoing.

 

(f)          Bring-down
Comfort Letter. At the Closing Date, the Representative shall have received from Ernst & Young LLP a letter,
dated as of the Closing Date and in form and substance satisfactory to the Representative, to the effect that they reaffirm the
statements made in the letter furnished pursuant to subsection (d) of this Section, except that the specified date referred
to shall be a date not more than three business days prior to the Closing Date.

 

(g)          No
Downgrade. There shall not have occurred, on or after the date of this Agreement, any downgrading in the rating of any
debt securities of or guaranteed by Parent, any preferred stock of Parent or any debt securities, preferred stock or trust preferred
securities of any subsidiary or subsidiary trust of Parent by any “nationally recognized statistical rating organization”
(as defined by the Commission in Section 3(a)(62) of the 1934 Act) or any public announcement that any such organization has
placed its rating on Parent or any such debt securities, preferred stock or other securities under surveillance or review or on
a so-called “watch list” (other than an announcement with positive implications of a possible upgrading, and no implication
of a possible downgrading, of such rating) or any announcement by any such organization that Parent or any such debt securities,
preferred stock or other securities has been placed on negative outlook.

 

    	24

    	 

    

 

(h)          The
Indenture. The Company and each Guarantor shall have executed and delivered the Indenture, in form and substance reasonably
satisfactory to the Initial Purchasers, and the Initial Purchasers shall have received executed copies thereof.

 

(i)          The
Registration Rights Agreement. The Company and each Guarantors shall have executed and delivered the Registration Rights Agreement,
in form and substance reasonably satisfactory to the Initial Purchasers, and the Initial Purchasers shall have received such executed
counterparts.

 

(j)          The
Securities. The Company shall have executed and delivered the Securities, in form and substance reasonably satisfactory to
the Initial Purchasers, and the Initial Purchasers shall have received executed copies thereof.

 

(k)          Additional
Documents. At the Closing Date, counsel for the Initial Purchasers shall have been furnished with such documents and
opinions as they may require for the purpose of enabling them to pass upon the issuance and sale of the Securities as herein contemplated,
or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions,
contained in this Agreement, or as the Representative or counsel for the Initial Purchasers may otherwise reasonably request; and
all proceedings taken by the Company or any Guarantor in connection with the issuance and sale of the Securities as herein contemplated
and in connection with the other transactions contemplated by this Agreement shall be satisfactory in form and substance to the
Representative.

 

(l)          Termination
of Agreement. If any condition specified in this Section 5 shall not have been fulfilled when and as required to
be fulfilled, this Agreement may be terminated by the Representative by notice to the Company and the Guarantors at any time on
or prior to the Closing Date and such termination shall be without liability of any party to any other party except as provided
in Section 4 hereof and except that Sections 1, 6, 7, 8, 11, 12, 13, 14, 15, 17, 18, 19 and 20 hereof shall survive any
such termination of this Agreement and remain in full force and effect.

 

SECTION 6. Indemnification.

 

(a)          Indemnification
by the Company and the Guarantors. The Company and each Guarantor agree, jointly and severally, to indemnify and hold
harmless each Initial Purchaser, its affiliates, and its and their officers, directors, employees, agents, partners and members
and each person, if any, who controls any Initial Purchaser within the meaning of Section 15 of the 1933 Act or Section 20
of the 1934 Act as follows:

 

(i)          against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of or based upon any untrue statement
or alleged untrue statement of a material fact in the Preliminary Offering Memorandum, any Issuer Free Writing Document, the General
Disclosure Package or the Offering Memorandum (or any amendment or supplement to any of the foregoing), or in any materials, presentations
or information provided to investors by, or with the approval in writing of, the Company or any Guarantor in connection with the
marketing of the offering of the Securities, including any road show or investor presentations made to investors by the Company
(whether in person or electronically), or the omission or alleged omission therefrom of a material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading;

 

    	25

    	 

    

 

(ii)         against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement
of, or pursuant to a judgment or other disposition in, any litigation, or any investigation or proceeding by any governmental or
self-regulatory agency or body, commenced or threatened, or of any claim whatsoever arising out of or based upon any such untrue
statement or omission, or any such alleged untrue statement or omission; provided that (subject to Section 6(d) below)
any such settlement is effected with the written consent of the Company and the Guarantors; and

 

(iii)        against
any and all expense whatsoever, as incurred (including the fees and disbursements of counsel), reasonably incurred in investigating,
preparing or defending against any litigation, or any investigation or proceeding by any governmental or self-regulatory agency
or body, commenced or threatened, or any claim whatsoever arising out of or based upon any such untrue statement or omission, or
any such alleged untrue statement or omission, to the extent that any such expense is not paid under (i) or (ii) above,

 

provided, however, that this
indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of or based upon
any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information
about any Initial Purchaser furnished to the Company or any Guarantor by such Initial Purchaser through the Representative expressly
for use in the Preliminary Offering Memorandum, any Issuer Free Writing Document, the General Disclosure Package or the Offering
Memorandum (or in any amendment or supplement to any of the foregoing), it being understood and agreed that the only such information
furnished by the Initial Purchasers as aforesaid consists of the information described as such in Section 6(b) hereof.

 

(b)          Indemnification
by the Initial Purchasers. Each Initial Purchaser agrees, severally and not jointly, to indemnify and hold harmless the Company
and the Guarantors, their respective directors and each person, if any, who controls the Company within the meaning of Section 15
of the 1933 Act or Section 20 of the 1934 Act against any and all loss, liability, claim, damage and expense described in
the indemnity contained in subsection (a) of this Section 6, as incurred, but only with respect to untrue statements
or omissions, or alleged untrue statements or omissions, made in the Preliminary Offering Memorandum, any Issuer Free Writing Document
or the Offering Memorandum (or any amendment or supplement to any of the foregoing), in reliance upon and in conformity with written
information relating to such Initial Purchaser furnished to the Company or any Guarantor by such Initial Purchaser through the
Representative expressly for use therein. The Company and the Guarantors hereby acknowledge and agree that the information furnished
to the Company and any Guarantor by the Initial Purchasers through the Representative expressly for use in the Preliminary Offering
Memorandum, any Issuer Free Writing Document or the Offering Memorandum (or any amendment or supplement to any of the foregoing),
consists exclusively of the following information appearing under the caption “Plan of Distribution” in the Preliminary
Offering Memorandum and the Offering Memorandum: the information in the second sentence of the second paragraph, the fourth paragraph,
and the third and fourth sentences of the seventh paragraph under such caption (but only insofar as such information concerns the
Initial Purchasers).

 

    	26

    	 

    

 

(c)          Actions
Against Parties; Notification. Each indemnified party shall give notice as promptly as reasonably practicable to each
indemnifying party of any action commenced against it in respect of which indemnity may be sought hereunder; provided, however,
that the failure to so notify an indemnifying party shall not relieve such indemnifying party from any liability that it may have
under this Section 6 or otherwise. Counsel to the indemnified parties shall be selected as follows: counsel to the Initial Purchasers
and the other indemnified parties referred to in Section 6(a) above shall be selected by Wells Fargo; and counsel to the Company
and the Guarantors, their respective directors, each of their respective officers and each person, if any, who controls the Company
within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall be selected by the Company and the
Guarantors. An indemnifying party may participate at its own expense in the defense of any such action; provided, however,
that counsel to the indemnifying party shall not (except with the consent of the indemnified party) also be counsel to the indemnified
party. In no event shall the indemnifying party be liable for the fees and expenses of more than one counsel (in addition to any
local counsel) separate from their own counsel for the Initial Purchasers and the other indemnified parties referred to in Section 6(a)
above; and the fees and expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for
the Company and the Guarantors, their respective directors and each person, if any, who controls the Company within the meaning
of Section 15 of the 1933 Act or Section 20 of the 1934 Act, in each case in connection with any one action or separate
but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances. No indemnifying
party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any
judgment with respect to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened,
or any claim whatsoever in respect of which indemnification or contribution could be sought under this Section 6 or Section 7
hereof (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or
consent (i) includes an unconditional release of each indemnified party from all liability arising out of such litigation,
investigation, proceeding or claim and (ii) does not include a statement as to or an admission of fault, culpability or a
failure to act by or on behalf of any indemnified party.

 

(d)          Settlement
Without Consent if Failure to Reimburse. If at any time an indemnified party shall have requested an indemnifying party
to reimburse the indemnified party for fees and expenses of counsel as contemplated by this Section 6, such indemnifying party
agrees that it shall be liable for any settlement of the nature contemplated by Section 6(a)(ii) effected without its written
consent if (i) such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid
request, (ii) such indemnifying party shall have received notice of the terms of such settlement at least 30 days prior
to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in
accordance with such request prior to the date of such settlement.

 

    	27

    	 

    

  

SECTION 7. Contribution.
If the indemnification provided for in Section 6 hereof is for any reason unavailable to or insufficient to hold harmless
an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying
party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified
party, as incurred, (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and
the Guarantors on the one hand and the Initial Purchasers on the other hand from the offering of the Securities pursuant to this
Agreement or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as
is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the
Company and the Guarantors on the one hand and of the Initial Purchasers on the other hand in connection with the statements or
omissions which resulted in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable considerations.

 

The relative benefits
received by the Company and the Guarantors on the one hand and the Initial Purchasers on the other hand in connection with the
offering of the Securities pursuant to this Agreement shall be deemed to be in the same respective proportions as the total net
proceeds from the offering of the Securities pursuant to this Agreement (before deducting expenses) received by the Company and
the Guarantors and the total underwriting discounts and commissions received by the Initial Purchasers, in each case as determined
pursuant to this Agreement, bear to the aggregate initial offering price of the Securities as set forth on the cover of the Offering
Memorandum.

 

The relative fault
of the Company and the Guarantors on the one hand and the Initial Purchasers on the other hand shall be determined by reference
to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission
to state a material fact relates to information supplied by the Company and the Guarantors on the one hand or by the Initial Purchasers
on the other hand and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.

 

The Company and the
Guarantors and the Initial Purchasers agree that it would not be just and equitable if contribution pursuant to this Section 7
were determined by pro rata allocation (even if the Initial Purchasers were treated as one entity for such purpose) or by
any other method of allocation which does not take account of the equitable considerations referred to above in this Section 7.
The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above
in this Section 7 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in
investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged
omission.

 

Notwithstanding the
provisions of this Section 7, no Initial Purchaser shall be required to contribute any amount in excess of the amount by which
the total underwriting discounts, commissions and other compensation received by such Initial Purchaser from the sale to Eligible
Purchasers of the Securities initially purchased by it exceed the amount of any damages which such Initial Purchaser has otherwise
been required to pay by reason of any such untrue or alleged untrue statement or omission or alleged omission.

 

    	28

    	 

    

 

No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation.

 

For purposes of this
Section 7, each affiliate, officer, director, employee, partner and member of each Initial Purchaser and each person,
if any, who controls any Initial Purchaser within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934
Act shall have the same rights to contribution as such Initial Purchaser, and each director of the Company and of each Guarantor,
each officer of the Company and of each Guarantor, and each person, if any, who controls the Company within the meaning of Section 15
of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to contribution as the Company and the Guarantors.
The Initial Purchasers’ respective obligations to contribute pursuant to this Section 7 are several in proportion to
the principal amount of Securities set forth opposite their respective names in Exhibit A hereto and not joint.

 

SECTION 8. Representations,
Warranties and Agreements to Survive Delivery. All representations, warranties and agreements contained in this Agreement
or in certificates signed by any officer of the Company or any of its subsidiaries (whether signed on behalf of such officer,
the Company, or such subsidiary) and delivered to the Representative or counsel to the Initial Purchasers, shall remain operative
and in full force and effect, regardless of any investigation made by or on behalf of any Initial Purchaser, its affiliates and
any of its or their officers, directors, employees, partners, members or agents or any person controlling any Initial Purchaser,
or by or on behalf of the Company, any Guarantor, any officer, director or employee of the Company or any Guarantor or any person
controlling the Company or any Guarantor, and shall survive delivery of and payment for the Securities.

 

SECTION 9. Termination
of Agreement.

 

(a)          Termination;
General. The Representative may terminate this Agreement, by notice to the Company and the Guarantors, at any time on
or prior to the Closing Date (i) if there has been, at any time on or after the date of this Agreement or since the respective
dates as of which information is given in the General Disclosure Package or the Offering Memorandum (in each case exclusive of
any amendments or supplements thereto subsequent to the date of this Agreement), any material adverse change or any development
that could reasonably be expected to result in a material adverse change, in the condition (financial or other), results of operations,
business, properties, management or prospects of Parent and its subsidiaries taken as a whole, whether or not arising in the ordinary
course of business, or (ii) if there has occurred any material adverse change in the financial markets in the United States
or the international financial markets, any declaration of a national emergency or war by the United States, any outbreak of hostilities
or escalation thereof or other calamity or crisis or any change or development involving a prospective change in national or international
political, financial or economic conditions (including, without limitation, as a result of terrorist activities), in each case
the effect of which is such as to make it, in the judgment of the Representative, impracticable or inadvisable to proceed with
the offering, sale or delivery of the Securities or to enforce contracts for the sale of the Securities, or (iii) (A) if
trading in any securities of the Company has been suspended or materially limited by the Commission or the Nasdaq Global Market,
or (B) if trading generally on the NYSE, the Nasdaq Global Select Market or the Nasdaq Global Market has been suspended or
limited, or minimum or maximum prices for trading have been fixed, or maximum ranges for prices have been required, by any of said
exchanges or by order of the Commission or any other governmental authority, or (C) if a material disruption has occurred
in commercial banking or securities settlement or clearance services in the United States or in Europe, or (iv) if a banking
moratorium has been declared by either Federal or New York authorities or (v) if there shall have occurred, on or after the
date of this Agreement, any downgrading in the rating of any debt securities of or guaranteed by Parent or any of its subsidiaries,
any preferred stock of Parent or any of its subsidiaries or any debt securities, preferred stock or trust preferred securities
of any subsidiary or subsidiary trust of Parent by any “nationally recognized statistical rating organization” (as
defined by the Commission in Section 3(a)(62) of the 1934 Act) or any public announcement that any such organization has placed
its rating on Parent or any of its subsidiaries or any such debt securities, preferred stock or other securities under surveillance
or review or on a so-called “watch list” (other than an announcement with positive implications of a possible upgrading,
and no implication of a possible downgrading, of such rating) or any announcement by any such organization that Parent or any of
its subsidiaries or any such debt securities, preferred stock or other securities has been placed on negative outlook.

 

    	29

    	 

    

 

(b)          Liabilities.
If this Agreement is terminated pursuant to this Section 9, such termination shall be without liability of any party to
any other party except as provided in Section 4 hereof, and except that Sections 1, 6, 7, 8, 11, 12, 13, 14, 15, 17,
18, 19 and 20 hereof shall survive such termination and remain in full force and effect.

 

SECTION 10. Default
by One or More of the Initial Purchasers. (a) If one or more of the Initial Purchasers shall fail at the Closing Date to purchase
the aggregate principal amount of Securities which it or they are obligated to purchase under this Agreement (the “Defaulted
Securities”), the Representative shall have the right, within 24 hours thereafter, to make arrangements for one or
more of the non-defaulting Initial Purchasers, or any other purchaser, to purchase all, but not less than all, of the Defaulted
Securities in such amounts as may be agreed upon and upon the terms herein set forth; if, however, the Representative shall not
have completed such arrangements within such 24-hour period, then:

 

(i)          if
the aggregate principal amount of Defaulted Securities does not exceed 10% of the aggregate principal amount of Securities, each
of the non-defaulting Initial Purchasers shall be obligated, severally and not jointly, to purchase the full amount of such Defaulted
Securities in the proportions that their respective underwriting obligations hereunder bear to the underwriting obligations of
all non-defaulting Initial Purchasers; or

 

(ii)          if
the number of Defaulted Securities exceeds 10% of the aggregate principal amount of Securities, this Agreement shall terminate
without liability on the part of any non-defaulting Initial Purchaser.

 

No action taken pursuant
to this Section 10 shall relieve any defaulting Initial Purchaser from liability in respect of its default.

 

    	30

    	 

    

 

In the event of any
such default which does not result in a termination of this Agreement, the Representative shall have the right to postpone the
Closing Date for a period not exceeding seven days in order to effect any required changes in the General Disclosure Package or
Offering Memorandum or in any other documents or arrangements. As used herein, the term “Initial Purchaser” includes
any person substituted for an Initial Purchaser under this Section 10.

 

SECTION 11. Notices.
All notices and other communications hereunder shall be in writing, shall be effective only upon receipt and shall be mailed,
delivered by hand or overnight courier, or transmitted by fax (with the receipt of any such fax to be confirmed by telephone).
Notices to the Initial Purchasers shall be directed to the Representative at Wells Fargo Securities, LLC, 550 S. Tryon Street,
5th Floor, Charlotte, North Carolina 28202, Attention: High Yield Syndicate, fax no. (704) 410-4874 (with
such fax to be confirmed by telephone to (704) 383-0550); and notices to the Company or any Guarantor shall be directed to it
at Interval Leisure Group, Inc., 6262 Sunset Drive, Miami, Florida 33143, Attention: Victoria Kincke, fax no. (305) 667-2072 (with
such fax to be confirmed by telephone to (305) 925-7067).

 

SECTION 12. Parties.
This Agreement shall each inure to the benefit of and be binding upon the Initial Purchasers, the Company, the Guarantors and
their respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person,
firm or corporation, other than the Initial Purchasers and, the Company, the Guarantors and their respective successors and the
controlling persons and other indemnified parties referred to in Sections 6 and 7 and their successors, heirs and legal representatives,
any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision herein contained. This Agreement
and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of the Initial Purchasers, the
Company, the Guarantors and their respective successors, and said controlling persons and other indemnified parties and their
successors, heirs and legal representatives, and for the benefit of no other person or entity. No purchaser of Securities from
any Initial Purchaser shall be deemed to be a successor by reason merely of such purchase.

 

SECTION 13. GOVERNING
LAW AND TIME. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH HEREIN, SPECIFIED
TIMES OF DAY REFER TO NEW YORK CITY TIME.

 

SECTION 14. Effect
of Headings. The Section and Exhibit headings herein are for convenience only and shall not affect the construction hereof.

 

SECTION 15. Definitions.
As used in this Agreement, the following terms have the respective meanings set forth below:

 

“Applicable
Time” means 12:35 p.m. (New York City time) on April 2, 2015 or such other time as agreed by the Company, the Guarantors
and the Representative.

 

“Common Stock”
means the Parent’s common stock, par value $0.01 per share.

 

“Commission”
means the Securities and Exchange Commission.

 

    	31

    	 

    

 

“Company Documents”
means all contracts, indentures, mortgages, deeds of trust, loan or credit agreements, bonds, notes, debentures, evidences of indebtedness,
swap agreements, leases or other instruments or agreements to which Parent or any of its subsidiaries is a party or by which Parent
or any of its subsidiaries is bound or to which any of the property or assets of Parent or any of its subsidiaries is subject.

 

“DTC”
means The Depository Trust Company.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder.

 

“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder.

 

“GAAP”
means generally accepted accounting principles in the United States.

 

“Lien”
means any security interest, mortgage, pledge, lien, encumbrance, claim or equity.

 

“NYSE”
means the New York Stock Exchange.

 

“OFAC”
means the Office of Foreign Assets Control of the U.S. Treasury Department.

 

“Organizational
Documents” means (a) in the case of a corporation, its charter and by-laws; (b) in the case of a limited or
general partnership, its partnership certificate, certificate of formation or similar organizational document and its partnership
agreement; (c) in the case of a limited liability company, its articles of organization, certificate of formation or similar
organizational documents and its operating agreement, limited liability company agreement, membership agreement or other similar
agreement; (d) in the case of a trust, its certificate of trust, certificate of formation or similar organizational document
and its trust agreement or other similar agreement; and (e) in the case of any other entity, the organizational and governing
documents of such entity.

 

“Repayment
Event” means any event or condition which, either immediately or with notice or passage of time or both, (i) gives
the holder of any bond, note, debenture or other evidence of indebtedness (or any person acting on such holder’s behalf)
the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by Parent or any subsidiary
of Parent, or (ii) gives any counterparty (or any person acting on such counterparty’s behalf) under any swap agreement,
hedging agreement or similar agreement or instrument to which Parent or any subsidiary of Parent is a party the right to liquidate
or accelerate the payment obligations or designate an early termination date under such agreement or instrument, as the case may
be.

 

“Sarbanes-Oxley
Act” means the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder or implementing the provisions
thereof.

 

“Termination
Event” means any event or condition which gives any person the right, either immediately or with notice or passage of
time or both, to terminate or limit (in whole or in part) any Company Documents or any rights of Parent, or any of its subsidiaries
thereunder, including, without limitation, upon the occurrence of a change of control of the Company or any Guarantor or other
similar events.

 

    	32

    	 

    

 

“Transaction
Documents” means this Agreement, the Indenture, the Registration Rights Agreement, the Securities, the Guarantees, the
Exchange Notes and the Exchange Guarantees collectively.

 

“1933 Act”
means the Securities Act of 1933, as amended.

 

“1933 Act
Regulations” means the rules and regulations of the Commission under the 1933 Act.

 

“1934 Act”
means the Securities Exchange Act of 1934, as amended.

 

“1934 Act
Regulations” means the rules and regulations of the Commission under the 1934 Act.

 

“1939 Act”
means the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Commission thereunder.

 

“1940 Act”
means the Investment Company Act of 1940, as amended.

 

All references in this
Agreement to the Preliminary Offering Memorandum and the Offering Memorandum, any Issuer Free Writing Document or any amendment
or supplement to any of the foregoing shall be deemed to include all versions thereof delivered (physically or electronically)
to the Representative or the Initial Purchasers.

 

SECTION 16. Permitted
Free Writing Documents. The Company and each Guarantor represents, warrants and agrees that it has not made and, unless it
obtains the prior written consent of the Representative, it will not make, and each Initial Purchaser, severally and not jointly,
represents, warrants and agrees that it has not made and, unless it obtains the prior written consent of the Company, the Guarantors
and the Representative, it will not make, any offer relating to the Securities that (if the offering of the Securities was made
pursuant to a registered offering under the 1933 Act) would constitute an “Issuer Free Writing Prospectus” (as defined
in Rule 433 under the 1933 Act) (any such document, together with any electronic road show, a “Issuer Free Writing
Document”) or that would constitute a “free writing prospectus” (as defined in Rule 405 under the 1933
Act) which would be required to be filed with the Commission in connection with an offering registered under the 1933 Act, in
the case of any Initial Purchasers; provided that the prior written consent of the Company, the Guarantors and the Representative
shall be deemed to have been given in respect of the Issuer Free Writing Documents, if any, listed on Exhibit E hereto.

 

SECTION 17. Absence
of Fiduciary Relationship. The Company and each Guarantor acknowledge and agree that:

 

    	33

    	 

    

 

(a)          each of the
Initial Purchasers is acting solely as an initial purchaser in connection with the sale of the Securities and no fiduciary, advisory
or agency relationship between the Company and any Guarantor, on the one hand, and any of the Initial Purchasers, on the other
hand, has been created in respect of any of the transactions contemplated by this Agreement, irrespective of whether or not any
of the Initial Purchasers has advised or is advising the Company or any Guarantor on other matters (it being understood that in
any event that no Initial Purchaser shall be deemed to have provided legal, accounting or tax advice to the Company, any Guarantor
or any of their respective subsidiaries);

 

(b)          the offering
price of the Securities and the price to be paid by the Initial Purchasers for the Securities set forth in this Agreement were
established by the Company and the Guarantors following discussions and arms-length negotiations with the Representative;

 

(c)          they are capable
of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated
by this Agreement;

 

(d)          they are aware
that the Initial Purchasers and their respective affiliates are engaged in a broad range of transactions which may involve interests
that differ from those of the Company and the Guarantors and that none of the Initial Purchasers has any obligation to disclose
such interests and transactions to the Company or the Guarantors by virtue of any fiduciary, advisory or agency relationship or
otherwise;

 

(e)          the Company
and the Guarantors have consulted their own legal and financial advisors to the extent they deemed appropriate; and

 

(f)          they waive,
to the fullest extent permitted by law, any claims they may have against any of the Initial Purchasers for breach of fiduciary
duty or alleged breach of fiduciary duty and agrees that none of the Initial Purchasers shall have any liability (whether direct
or indirect, in contract, tort or otherwise) to them in respect of such a fiduciary duty claim or to any person asserting a fiduciary
duty claim on their behalf or in right of them or the Company, the Guarantors or any stockholders, employees or creditors of Company
or any Guarantor.

 

SECTION 18. Research
Analyst Independence and Other Activities of the Initial Purchasers. The Company and the Guarantors acknowledge that the Initial
Purchasers’ research analysts and research departments are required to be separate from, and not influenced by, their respective
investment banking divisions and are subject to certain regulations and internal policies, and that such Initial Purchasers’
research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect
to the Company or the Guarantors and/or the offering that differ from the views of their respective investment banking divisions.
The Company and the Guarantors hereby waive and release, to the fullest extent permitted by applicable law, any claims that the
Company or the Guarantors may have against the Initial Purchasers arising from the fact that the views expressed by their research
analysts and research departments may be different from or inconsistent with the views or advice communicated to the Company or
the Guarantors by such Initial Purchasers’ investment banking divisions. The Company and the Guarantors also acknowledge
that each of the Initial Purchasers is a full service securities firm and as such from time to time, subject to applicable securities
laws, may effect transactions for its own account or the account of its customers, may make recommendations and provide other
advice, and may hold long or short positions in debt or equity securities of, or derivative products related to, the companies
that may be the subject of the transactions contemplated by this Agreement and the Company and the Guarantors hereby waive and
release, to the fullest extent permitted by applicable law, any claims that the Company or the Guarantors may have against the
Initial Purchasers with respect to any such other activities.

 

    	34

    	 

    

 

SECTION 19. Waiver
of Jury Trial. The Company, the Guarantors and each of the Initial Purchasers hereby irrevocably waive, 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 Agreement
or the transactions contemplated hereby.

 

SECTION 20. Consent
to Jurisdiction. The Company and the Guarantors hereby submit to the exclusive jurisdiction of any U.S. federal or state
court located in the Borough of Manhattan, the City and County of New York in any action, suit or proceeding arising out of or
relating to or based upon this Agreement or any of the transactions contemplated hereby, and the Company and the Guarantors irrevocably
and unconditionally waive any objection to the laying of venue of any action, suit or proceeding in any such court arising out
of or relating to this Agreement or the transactions contemplated hereby and irrevocably and unconditionally waive and agree not
to plead or claim in any such court that any such action, suit or proceeding has been brought in an inconvenient forum. Each party
agrees that any service of process or other legal summons in connection with any proceeding (whether based upon contract, tort
or otherwise) in any way arising out of or relating to this Agreement may be served on it by mailing a copy thereof by registered
mail, or a form of mail substantially equivalent thereto, postage prepaid, addressed to the served party at its address as provided
in Section 11 hereof. Nothing in this Section shall affect the right of the parties to serve process in any other manner permitted
by law.

 

SECTION 21. Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by telecopier,
facsimile, email or other electronic transmission (i.e., “pdf” or “tif”) shall be effective as delivery
of a manually executed counterpart of this Agreement.

 

[Signature
Pages Follow]

 

    	35

    	 

    

 

If the foregoing is
in accordance with your understanding of our agreement, please sign and return to the Company and the Guarantors a counterpart
hereof, whereupon this instrument, along with all counterparts, will become a binding agreement among the Initial Purchasers, the
Company and the Guarantors in accordance with its terms. 

 

	 	Very truly yours,
	 	 	 
	 	Interval Acquisition Corp.
	 	 	 
	 	By	/s/  Jeanette E. Marbert
	 	 	Name: Jeanette E. Marbert
	 	 	Title:   Executive Vice President and Chief 

            Operating Officer
	 	 	 
	 	INTERVAL LEISURE GROUP, INC.
	 	 	 
	 	By 	/s/ Jeanette E. Marbert
	 	 	Name: Jeanette E. Marbert
	 	 	Title:   Executive Vice President and Chief 

            Operating Officer

 

    	[Signature Page to the Purchase Agreement]

    	 

    

 

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.

 

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

    	[Signature Page to the Purchase Agreement]

    	 

    

 

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	 
	 	 	 
	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	 

 

    	[Signature Page to the Purchase Agreement]

    	 

    

 

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	 

    	[Signature Page to the Purchase Agreement]

    	 

    

 

HTS-SAN ANTONIO, L.P.

 

By: HTS-San Antonio, Inc., as general partner

 

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

 

HTS-SAN ANTONIO, INC.

HTS-WILD OAK RANCH BEVERAGE, LLC

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	 

    	[Signature Page to the Purchase Agreement]

    	 

    

 

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 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	 

 

    	[Signature Page to the Purchase Agreement]

    	 

    

 

CONFIRMED AND ACCEPTED, as
of the 

date first above written:

 

WELLS FARGO SECURITIES, LLC

 

	By	/s/ Nicholas J. Grocholski	 
	 	Name: Nicholas Grocholski	 
	 	Title:   Vice President	 

 

For itself and as Representative of the Initial Purchasers named
in Exhibit A hereto.

 

    	 

    	 

    

 

EXHIBIT A

 

	Name of Initial Purchaser	 	Principal 

Amount of
 Securities	 
	 	 	 	 
	Wells Fargo Securities, LLC	 	$	140,000,000	 
	Merrill Lynch, Pierce, Fenner & Smith Incorporated	 	$	52,500,000	 
	PNC Capital Markets LLC	 	$	52,500,000	 
	SunTrust Robinson Humphrey, Inc.	 	$	52,500,000	 
	Fifth Third Securities, Inc.	 	$	17,500,000	 
	J.P. Morgan Securities LLC	 	$	17,500,000	 
	Mitsubishi UFJ Securities (USA), Inc.	 	$	17,500,000	 
	Total	 	$	350,000,000	 

 

    	A-1

    	 

    

 

EXHIBIT B

 

	Subsidiary Guarantors	 	 
	 	 	 
	AHR Hospitality Partners, Inc.	 	Delaware
	 	 	 
	Aqua Hospitality LLC	 	Delaware
	 	 	 
	Aqua Hotels and Resorts, Inc.	 	Delaware
	 	 	 
	Aqua Hotels & Resorts, LLC	 	Hawaii
	 	 	 
	Aqua Hotels and Resorts Operator LLC	 	Delaware
	 	 	 
	Aqua Luana Operator LLC	 	Hawaii
	 	 	 
	Aston Hotels & Resorts, LLC	 	Hawaii
	 	 	 
	Aston Hotels & Resorts Florida, LLC	 	Florida
	 	 	 
	Beach House Development Partnership	 	Florida
	 	 	 
	CDP GP, Inc.	 	Delaware
	 	 	 
	CDP Investors, L.P.	 	Delaware
	 	 	 
	Cerromar Development Partners GP, Inc.	 	Delaware
	 	 	 
	Cerromar Development Partners, L.P., S.E.	 	Delaware
	 	 	 
	Diamond Head Management LLC	 	Hawaii
	 	 	 
	Grand Aspen Holdings, LLC	 	Delaware
	 	 	 
	Grand Aspen Lodging, LLC	 	Delaware
	 	 	 
	Highlands Inn Investors II, L.P.	 	Delaware
	 	 	 
	Hotel Management Services LLC	 	Hawaii
	 	 	 
	HT-Highlands, Inc.	 	Delaware
	 	 	 
	HTS-BC, L.L.C.	 	Delaware
	 	 	 
	HTS-Beach House, Inc.	 	Delaware
	 	 	 
	HTS-Beach House Partner, L.L.C.	 	Delaware
	 	 	 
	HTS-Coconut Point, Inc.	 	Delaware
	 	 	 
	HTS-Ground Lake Tahoe, Inc.	 	Delaware
	 	 	 
	HTS-Key West, Inc.	 	Delaware
	 	 	 
	HTS-KW, Inc.	 	Delaware
	 	 	 
	HTS-Lake Tahoe, Inc.	 	Delaware
	 	 	 
	HTS-Loan Servicing, Inc.	 	Delaware
	 	 	 
	HTS-Main Street Station, Inc.	 	Delaware

 

    	B-1

    	 

    

 

	 	 	 
	HTS-Maui, L.L.C.	 	Delaware
	 	 	 
	HTS-San Antonio, Inc.	 	Delaware
	 	 	 
	HTS-San Antonio, L.L.C.	 	Delaware
	 	 	 
	HTS-San Antonio, L.P.	 	Delaware
	 	 	 
	HTS-Sedona, Inc.	 	Delaware
	 	 	 
	HTS-Sunset Harbor Partner, L.L.C.	 	Delaware
	 	 	 
	HTS-Wild Oak Ranch Beverage, LLC	 	Texas
	 	 	 
	HTS-Windward Pointe Partner, L.L.C.	 	Delaware
	 	 	 
	HVC-Highlands, L.L.C.	 	Delaware
	 	 	 
	HV Global Group, Inc.	 	Delaware
	 	 	 
	HV Global Management Corporation	 	Delaware
	 	 	 
	HV Global Marketing Corporation	 	Florida
	 	 	 
	IIC Holdings, Incorporated	 	Delaware
	 	 	 
	ILG International Holdings, Inc.	 	Florida
	 	 	 
	ILG Management, LLC	 	Florida
	 	 	 
	Interval Holdings, Inc.	 	Delaware
	 	 	 
	Interval International, Inc.	 	Florida
	 	 	 
	Interval Resort & Financial Services, Inc.	 	Florida
	 	 	 
	Interval Software Services, LLC	 	Florida
	 	 	 
	Kai Management Services LLC	 	Hawaii
	 	 	 
	Key Wester Limited	 	Florida
	 	 	 
	Management Acquisition Holdings, LLC	 	Delaware
	 	 	 
	Maui Condo and Home, LLC	 	Hawaii
	 	 	 
	Meragon Financial Services, Inc.	 	North Carolina
	 	 	 
	Meridian Financial Services, Inc.	 	North Carolina
	 	 	 
	Owners' Resorts & Exchange, Inc.	 	Utah
	 	 	 
	Paradise Vacation Adventures, LLC	 	Hawaii
	 	 	 
	REP Holdings, Ltd.	 	Hawaii
	 	 	 
	Resort Management Finance Services, Inc.	 	Florida
	 	 	 
	Resort Sales Services, Inc.	 	Delaware
	 	 	 
	RQI Holdings, LLC	 	Hawaii
	 	 	 
	S.O.I. Acquisition Corp.	 	Florida
	 	 	 
	Sunset Harbor Development Partnership	 	Florida
	 	 	 

 

    	B-2

    	 

    

 

	Trading Places International, LLC	 	California
	 	 	 
	Vacation Ownership Lending GP, Inc.	 	Delaware
	 	 	 
	Vacation Ownership Lending, L.P.	 	Delaware
	 	 	 
	Vacation Resorts International	 	California
	 	 	 
	VOL GP, Inc.	 	Delaware
	 	 	 
	VOL Investors L.P.	 	Delaware
	 	 	 
	Windward Pointe II, L.L.C.	 	Delaware
	 	 	 
	Worldwide Vacation & Travel, Inc.	 	Florida

 

    	B-3

    	 

    

 

EXHIBIT C

 

SUBSIDIARIES OF PARENT

 

	Name	 	Jurisdiction of Organization 
	 	 	 
	AHR Hospitality Partners, Inc.	 	Delaware
	Aqua Hospitality LLC	 	Delaware
	Aqua Hotels & Resorts, LLC	 	Hawaii
	Aqua Hotels and Resorts, Inc.	 	Delaware
	Aqua Hotels and Resorts Operator, LLC	 	Delaware
	Aqua Luana Operator LLC	 	Hawaii
	Aston Hotels & Resorts, LLC	 	Hawaii
	Aston Hotels & Resorts Florida, LLC	 	Florida
	Beach House Development Partnership	 	Florida
	CDP Investors L.P.	 	Delaware
	CDP GP, Inc.	 	Delaware
	Cerromar Development Partners GP, Inc.	 	Delaware
	Cerromar Development Partners, LP, S.E.	 	Delaware
	Diamond Head Management, LLC	 	Hawaii
	Grand Aspen Holdings, L.L.C.	 	Delaware
	Grand Aspen Lodging, L.L.C.	 	Delaware
	Highlands Inn Investors II, L.P.	 	Delaware
	Hotel Management Services, LLC	 	Hawaii
	HT Highlands, Inc.	 	Delaware
	HTS-Beach House, Inc.	 	Delaware
	HTS-Beach House Partner, L.L.C.	 	Delaware
	HTS-BC, L.L.C.	 	Delaware
	HTS-CHC (Sedona), L.L.C.	 	Delaware
	HTS Coconut Point, Inc.	 	Delaware
	HTS Ground Lake Tahoe, Inc.	 	Delaware
	HTS-Key West, Inc.	 	Delaware
	HTS-KW, Inc.	 	Delaware
	HTS-Lake Tahoe, Inc.	 	Delaware
	HTS-Loan Servicing, Inc.	 	Delaware
	HTS-Main Street Station, Inc.	 	Delaware
	HTS-Maui, L.L.C.	 	Delaware
	HTS-San Antonio, Inc.	 	Delaware
	HTS-San Antonio, L.L.C.	 	Delaware
	HTS-San Antonio, L.P.	 	Delaware
	HTS-Sedona, Inc.	 	Delaware
	HTS-Sunset Harbor Partner, L.L.C.	 	Delaware
	HTS-Wild Oak Ranch Beverage, LLC	 	Texas
	HTS-Windward Pointe Partner, L.L.C.	 	Delaware
	HVC-Highlands, L.L.C.	 	Delaware
	HV Global Group, Inc.	 	Delaware

 

    	C-1

    	 

    

 

	HV Global Management Corporation	 	Delaware
	HV Global Marketing Corporation	 	Florida
	Interval Acquisition Corp. 	 	Delaware
	IIC Holdings Incorporated 	 	Delaware
	ILG International Holdings, Inc. 	 	Florida
	ILG Lux Holdings S.a.r.l. 	 	Luxembourg
	ILG Lux Holdings II S.a.r.l. 	 	Luxembourg
	ILG Lux Finance S.a.r.l.	 	Luxembourg
	ILG Management, LLC	 	Florida
	Intercambios Intemacionales de Vacaciones Interval International Espaiia SA	 	Spain
	Intercambios Intemacionales de Vacaciones S.A. de C.V. 	 	Mexico
	Interval Holdings, Inc. 	 	Delaware
	Interval International Argentina S.A. 	 	Argentina
	Interval International Brasil Servifos Ltda. 	 	Brazil
	Interval International de Colombia, S.A.S. 	 	Colombia
	Interval International Eastern Canada, Inc. 	 	Canada (Ontario)
	Interval International Egypt Ltd. 	 	Egypt
	Interval International Finland Oy 	 	Finland
	Interval International FZE	 	United Arab Emirates (Dubai)
	Interval International GmbH	 	Germany
	Interval International Greece Ltd.	 	Greece
	Interval International Holdings, LLC	 	Florida
	Interval International Holdings Mexico, S.A. de C.V.	 	Mexico
	Interval International, Inc.	 	Florida
	Interval International India Private Limited	 	India
	Interval International Italia SRL	 	Italy
	Interval International Limited	 	England and Wales
	Interval International Overseas Holdings, LLC	 	Florida
	Interval International Singapore (Pte) Ltd.	 	Singapore
	Interval International South Africa (Pty) Ltd.	 	South Africa
	Interval Leisure Group Management Limited	 	England and Wales
	Interval Leisure Group UK Holdings Limited	 	England and Wales
	Interval Leisure Group UK Holdings (No. 2) Limited	 	England and Wales
	Interval Resort & Financial Services, Inc.	 	Florida
	Interval Servicios de Mexico S.A. de C.V.	 	Mexico
	Interval Software Services, LLC	 	Florida
	Interval Travel Limited	 	England and Wales
	Interval UK Holdings Limited	 	England and Wales
	Interval Vacation Exchange, LLC	 	Delaware
	Intervalo Internacional Prestaçao da Serviços Lda	 	Portugal
	Kai Management Services, LLC	 	Hawaii
	Key Wester Limited	 	Florida
	Management Acquisition Holdings, LLC	 	Delaware
	Maui Condo and Home, LLC	 	Hawaii
	Meragon Financial Services, Inc.	 	North Carolina

 

    	C-2

    	 

    

 

	Meridian Financial Services, Inc.	 	North Carolina
	Organizacion Interval International, C.A.	 	Venezuela
	Owners' Resorts & Exchange, Inc.	 	Utah
	Paradise Vacation Adventures, LLC	 	Hawaii
	REP Holdings, Ltd.	 	Hawaii
	Resort Management Finance Services, Inc.	 	Florida
	RQI Holdings, LLC	 	Hawaii
	Resort Sales Services, Inc.	 	Delaware
	Resort Solutions Holdings Limited	 	England and Wales
	Resort Solutions Limited	 	England and Wales
	S.O.I. Acquisition Corp.	 	Florida
	Sunset Harbor Development Partnership	 	Florida
	TA Resort Servicing Mexico, S.A. de C.V. 	 	Mexico
	TPI Management—Canada, Inc.	 	Canada (British Columbia) 
	Trading Places International, LLC 	 	California 
	Vacation Resorts International	 	California
	Vacation Ownership Lending GP, Inc.	 	Delaware
	Vacation Ownership Lending L.P.	 	Delaware
	VOL GP, Inc.	 	Delaware
	VOL Investors, L.P.	 	Delaware
	VRI Europe Limited	 	England and Wales
	VRI Management Canarias S.L.	 	Spain
	VRI Management Espana S.L.	 	Spain
	VRI-ORE, LLC	 	Utah
	Windward Pointe II, L.L.C.	 	Delaware
	Worldex Corporation	 	Florida
	Worldwide Vacation & Travel, Inc.	 	Florida
	XYZII, Inc.	 	Washington

 

    	C-3

    	 

    

 

EXHIBIT D

 

FORM OF PRICING TERM
SHEET

 

	PRICING SUPPLEMENT	Confidential

 

 

 

Interval Acquisition Corp.

$350,000,000

5.625% Senior Notes due 2023 

 

 

  

Pricing Supplement dated April 2, 2015

(the “Pricing Supplement”)

to the

Preliminary Offering Memorandum dated
March 27, 2015

(the “Preliminary
Offering Memorandum”)

of Interval Acquisition Corp.

 

This Pricing Supplement is qualified in its entirety by reference
to the Preliminary Offering Memorandum.

 

The information in this Pricing Supplement supplements the Preliminary
Offering Memorandum and supersedes the information in the Preliminary Offering Memorandum to the extent inconsistent with the information
in the Preliminary Offering Memorandum. Capitalized terms used herein but not defined shall have the meanings assigned to them
in the Preliminary Offering Memorandum.

 

The Notes (as defined below) have not been registered under
the Securities Act of 1933, as amended (the “Securities Act”) or the securities laws of any other jurisdiction
and are being offered and sold in the United States only to qualified institutional buyers in reliance on Rule 144A under the Securities
Act and to certain non-U.S. person in transactions outside the United States in reliance on Regulation S under the Securities Act.

 

Other information (including financial information) presented
in the Preliminary Offering Memorandum is deemed to have changed to the extent affected by the changes described herein.

 

Change in Size of Offering

 

The aggregate principal amount of Notes to be issued in the
offering increased from $300,000,000 to $350,000,000. The net proceeds received from the increase of $50,000,000 will be used to
repay indebtedness outstanding under the Credit Facility. Other corresponding changes will be made where applicable throughout
the Preliminary Offering Memorandum.

 

    	D-1

    	 

    

 

Terms Applicable to the 5.625% Senior
Notes due 2023

 

	Issuer:	Interval Acquisition Corp. (the “Issuer”)
	 	 
	Principal Amount:	$350,000,000
	 	 
	Title of Securities:	5.625% Senior Notes due 2023 (the “Notes”)
	 	 
	Final Maturity Date:	April 15, 2023
	 	 
	Issue Price:	100.000%, plus accrued interest, if any, from April 10, 2015
	 	 
	Coupon: 	5.625%
	 	 
	Yield to Maturity:	5.625%
	 	 
	Interest Payment Dates:	April 15 and October 15
	 	 
	Record Dates:	April 1 and October 1
	 	 
	First Interest Payment Date:	October 15, 2015
	 	 
	Optional Redemption:	On or after April 15, 2018, the Issuer may, at its option, redeem all or any portion of the Notes, at once or over time, upon not less than 30 days nor more than 60 days prior notice. The Notes may be redeemed at the redemption prices set forth below, plus accrued and unpaid interest, if any, to, but not including, the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date). The following prices are for Notes redeemed during the 12-month period commencing on April 15 of the years set forth below, and are expressed as percentages of principal amount:

 

	 	Redemption Year	 	Price	 
	 	2018	 	104.219	%
	 	2019	 	102.813	%
	 	2020	 	101.406	%
	 	2021 and thereafter	 	100.000	%

  

    	D-2

    	 

    

 

	Optional Redemption with Equity Proceeds:	At any time and from time to time, prior to April 15, 2018, the Issuer may, on any one or more occasions, redeem up to a maximum of 35% of the original aggregate principal amount of the Notes (including additional notes, if any) with the proceeds of one or more Equity Offerings, at a redemption price equal to 105.625% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date); provided, however, that immediately after giving effect to any redemption of this kind, at least 65% of the original aggregate principal amount of Notes (including additional notes, if any) remains outstanding.  Any redemption of this kind shall be made within 90 days of such Equity Offering upon not less than 30 and no more than 60 days’ prior notice.
	 	 
	Make-Whole Redemption:	Make-whole redemption at Treasury Rate + 50 bps until April 15, 2018.
	 	 
	Change of Control:	Putable at 101% of aggregate principal amount thereof, plus accrued and unpaid interest.
	 	 
	Initial Purchasers: 	
        Wells Fargo Securities, LLC

        Merrill Lynch, Pierce, Fenner & Smith

        Incorporated

        PNC Capital Markets LLC

        SunTrust Robinson Humphrey, Inc.

        Fifth Third Securities, Inc.

        J.P. Morgan Securities LLC

        Mitsubishi UFJ Securities (USA), Inc.

	 	 
	Trade Date:	April 2, 2015
	 	 
	Settlement Date:	
        April 10, 2015 (T+5)

         

        The Issuer expects to deliver the Notes against payment for
        the Notes on or about April 10, 2015, which will be the 5th business day following the date of the pricing of the Notes,
        or “T+5”. Under Rule 15c6-1 of the Exchange Act, trades in the secondary market generally are required to settle in
        three business days, unless parties to a trade expressly agree otherwise. Accordingly, purchasers who wish to trade Notes on the
        date of pricing or the next succeeding business day will be required, by virtue of the fact that the Notes initially will settle
        in T+5, to specify an alternative cycle at the time of any such trade to prevent a failed settlement. Purchasers of notes who wish
        to trade notes on the date of pricing or the next succeeding business days should consult their own advisors.

 

    	D-3

    	 

    

  

	Distribution:	144A and Reg S with registration rights as set forth in the Preliminary Offering Memorandum.
	 	 
	CUSIP  Numbers/ISINs:	46113V AC2 / US46113VAC28 (144A)
	 	 
	 	U46077 AB6 / USU46077AB68 (Reg S)

 

This material is confidential and is for your information
only and is not intended to be used by anyone other than you. This information does not purport to be a complete description of
the Notes or the offering.  Please refer to the Preliminary Offering Memorandum for a complete description.

 

This communication is being distributed in the United States
solely to qualified institutional buyers, as defined in Rule 144A under the Securities Act, and outside the United States solely
to non-U.S. persons, as defined under Regulation S under the Securities Act.

 

This communication does not constitute an offer to sell the
Notes and is not a solicitation of an offer to buy the Notes in any jurisdiction where the offer or sale is not permitted. 

 

Any disclaimers or other notices that may appear below are
not applicable to this communication and should be disregarded. Such disclaimers or other notices were automatically generated
as a result of this communication being sent via Bloomberg email or another communication system.

  

    	D-4

    	 

    

 

EXHIBIT E

 

ISSUER FREE WRITING
DOCUMENTS

 

Pricing Term Sheet containing
the terms of the Securities, substantially in the form of Exhibit D hereto.

 

    	E-1

    	 

    

 

EXHIBIT F-1

 

FORM OF OPINION OF COMPANY COUNSEL

 

[See attached.]

 

    	F-1

    	 

    

 

EXHIBIT F-2

 

FORM OF OPINION OF Goodsill
Anderson Quinn & Stifel

 

[See attached.]

 

    	F-2

    	 

    

 

EXHIBIT F-3

 

FORM OF OPINION OF Buchanan
Ingersoll & Rooney PC

 

[See attached.]

 

    	F-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00243-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00243-of-00352.parquet"}]]