Document:

EXHIBIT (10)(A)

 EXHIBIT 10(a) 

Consent of Independent Registered Public Accounting Firm 

 CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 

We hereby consent to the use in this Post-Effective Amendment No. 6 to the Registration Statement on Form N-4, File No. 333-185574 under the Securities Act of
1933 and Amendment No. 94 to the Registration Statement on Form N-4, File No. 811-08750 under the Securities Act of 1940 of Separate Account VA BNY of our report dated April 24, 2015 relating to the financial statements of Separate Account VA BNY
and to the use of our report dated April 29, 2015 with respect to the financial statements of Transamerica Financial Life Insurance Company, which appears in such Registration Statement. We also consent to the reference to us under the heading
“Independent Registered Public Accounting Firm” in such Registration Statement. 
 /s/ PricewaterhouseCoopers LLP 

PricewaterhouseCoopers LLP 
 Chicago, Illinois  

April 29, 2015 

 Consent of Independent Registered Public Accounting Firm 

We consent to the reference to our firm under the caption “Independent Registered Public Accounting Firm” in the Statement of Additional Information
and to the use of our reports: (1) dated February 6, 2015, with respect to the statutory-basis financial statements and schedules of Transamerica Financial Life Insurance Company, (2) dated April 25, 2014, with respect to the statutory-basis
financial statements and schedules of Transamerica Life Insurance Company and (3) dated April 25, 2014, with respect to the financial statements of the subaccounts of Separate Account VA BNY and Separate Account VA B, included in Post-Effective
Amendment No. 6 to the Registration Statement (Form N-4, No. 333-185574) and related Prospectus of Transamerica Variable Annuity Series and Partners Variable Annuity Series. 

/s/ Ernst & Young LLP 
 Des Moines, IA 

April 29, 2015Exhibit 4.4

 

McDonald’s Latin America, LLC

 

July 31, 2014

 

LatAm, LLC

c/o Forrestal Capital Limited Company

1450 Brickell Avenue #2530

Miami, Florida 33131

Attention:  Carlos Hernandez

 

Ladies and Gentlemen:

 

Reference is made to the Amended and Restated Master Franchise Agreement, dated as of November 10, 2008, among McDonald’s Latin America, LLC (“MLA”), LatAm, LLC (“Master Franchisee”) and the other parties named therein (as amended, the “MFA”). Capitalized terms used in this letter agreement and not defined herein have the meanings ascribed to them in the MFA.

 

1.  Background.  Pursuant to Section 7.13 of the MFA, Master Franchisee is required to maintain a Fixed Charge Ratio of at least equal to 1.50 and a Leverage Ratio of no more than 4.25 (the “Financial Covenants”). The difficult economic environment in Venezuela and the recent decision of Arcos Dorados to transition to a new exchange rate, referred to as the SICAD II floating exchange rate, for the remeasurement of its bolivar-denominated assets and liabilities in Venezuela, will result in a one-time write-off of approximately $100 million dollars and negatively impact the EBITDAR of Master Franchisee during the second quarter of 2014. Accordingly, Master Franchisee anticipates that it will be unable to comply with the Financial Covenants for the second, third and fourth fiscal quarters of 2014.

 

2.  Relief Requested.  You have requested that the obligation to comply with the Financial Covenants be modified on a temporary basis as set forth in clause 3 below.

 

3.  Grant of Waiver.  We hereby agree that the Financial Covenants sets forth in 7.13 of the MFA are waived, from and as of June 30, 2014, until and including December 31, 2014. Except as expressly stated herein, this letter agreement does not modify or amend, or constitute a waiver by MLA of any rights or remedies under, the MFA and the MFA shall remain in full force and effect.

 

4.  Informational Conference Calls.  Master Franchisee hereby agrees that, between the date hereof and until December 31, 2014, at the request of MLA, to provide an update regarding its financial situation in Venezuela and provide MLA with any information it may reasonably request with respect thereto.

 

5.  Term; Future Waivers.  The limited waiver included herein will expire in accordance with its terms on December 31, 2014. MLA will consider any subsequent requests for waiver on a quarter-by-quarter basis in light of the circumstances existing at the time. Master Franchisee acknowledges that MLA shall have no obligation to extend the grant of waiver contemplated hereunder.

 

  

  

  

 

6.  Miscellaneous.

 

A.           Survival.  The obligations in this Section 6 of this letter agreement shall survive termination of this letter agreement.

 

B.           Representations and Warranties.  Each party hereby represents, warrants and acknowledges to the other party as of the date hereof that the execution, delivery and performance of this letter agreement have been duly authorized by all necessary action on the part of such party.

 

C.           Notices.  Any notices to be given hereunder shall be provided in the manner set forth in the MFA.

 

D.           Governing Law; Dispute Resolution.  This letter agreement shall be governed by and construed in accordance with the substantive laws of the State of Illinois, United States of America, without giving effect to principles of conflicts of laws. Any dispute, controversy or claim arising out of, relating to or in connection with this letter agreement, including any dispute regarding its validity or termination, or the performance or breach thereof, shall be finally settled pursuant to the dispute resolution mechanism set forth in the MFA.

 

E.           Counterparts.  This letter agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

F.           Assignment. This letter agreement may not be assigned by either party without the prior written consent of the other party. Any such assignment made without such consent shall be null and void for all purposes.

 

G.           Entire Agreement. This letter agreement contains the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral or written, with respect to such matters.

 

H.           Amendment and Waivers. No interpretation, change, termination or waiver of any of the provisions of this letter agreement shall be binding upon either party unless in writing and duly executed by both parties, and any such interpretation, change, termination or waiver made without such a writing shall be null and void for all purposes. No modification, waiver, termination, rescission, discharge or cancellation of this letter agreement shall affect the right of any party to enforce any claim or right under this letter agreement, whether or not liquidated, which occurred prior to the date of such modification, waiver, termination, rescission, discharge or cancellation.

 

*           *           *

 

(Signature page follows)

 

  

2

  

 

If the foregoing is consistent with your understanding, please indicate your agreement by executing the enclosed counterpart and returning it to my attention.

 

Regards,

 

	
McDonald’s Latin America, LLC

	 
	 	 
	 	 
	
By:

	/s/ Edgardo A. Navarro	 
	  	Name:	
Edgardo A. Navarro

	 
	  	Title: 	
President, McDonald's Latin America

	 
	  	Date: 	
July 31, 2014

	 

 

 

Accepted and agreed as of the date first written above:

 

	
LatAm, LLC

	 
	 	 
	 	 
	
By:

	/s/ Woods Staton	 
	  	Name: 	
Woods Staton

	 
	  	Title:	
Director

	 
	  	Date:	
July 31, 2014

	 

 

  

3Exhibit 4.21

 

 

Goldman Sachs International | Peterborough Court | 133 Fleet Street | London EC4A 2BB | Tel:  020-7774-1000 | Telex:  887902 | Cable:  GOLDSACHS LONDON | Registered in England No. 2263951 | Registered Office as Above | Authorised and Regulated by the Financial Services Authority

 

	
To:

	
Arcos Dorados B.V.

Prins Bernhardplein 200 1097 JB

Amsterdam, The Netherlands

	 	 
	
From:

	
Goldman Sachs International

	 	 
	
Re:

	
Amendment No. 5 to Share Swap Transaction

	 	 
	
Ref. No:

	
SDB4174646513

	 	 
	
Date:

	
September 12, 2014

 

 

Reference is made to the Share Swap Transaction Confirmation dated as of August 13, 2012, among Goldman Sachs International (“Dealer”), Arcos Dorados B.V., a besloten vennootschap met beperkte aansprakelijkheid duly organized and validly existing under the laws of the Netherlands and having its corporate seat in Amsterdam, the Netherlands (“Counterparty”), and Arcos Dorados Holdings Inc. (“Holdings”), as amended by the Amendment to Share Swap Transaction dated as of October 22, 2012, Amendment No. 2 to Share Swap Transaction dated as of November 28, 2012, Amendment No. 3 to Share Swap Transaction dated as of April 4, 2013 and Amendment No. 4 to Share Swap Transaction dated as of August 15, 2013 (such amendments, collectively, the “Amendments”), in each case, among Dealer, Counterparty and Holdings (as so amended, the “Confirmation”). The purpose of this letter agreement (this “Amendment Agreement”) is to amend certain terms set forth in the Confirmation as described below. All capitalized terms used, but not defined herein, shall have the meanings assigned thereto in the Confirmation. Except as expressly modified herein, the Confirmation shall remain in full force and effect. Notwithstanding anything in the Confirmation to the contrary, each of Dealer, Holdings and Counterparty hereby agrees as follows:

 

1.             Amendments.

 

(a)           Amendments to the Confirmation. The following amendments to the Confirmation shall be deemed to be effective as of the date of this Amendment Agreement:

 

(i)           The dates “August 12, 2014” and “September 12, 2014” in the fourth line of the provision opposite the caption “Valuation Period” in Section 2 of the Confirmation are hereby deleted and replaced with the dates “August 26, 2014” and “September 26, 2014”, respectively.

 

(ii)           The provision opposite the caption “Valuation Date(s)” in Section 2 of the Confirmation is hereby deleted in its entirety and replaced with “(i) November 20, 2012, February 20, 2013, May 20, 2013, August 15, 2013, November 20, 2013, February 20, 2014, May 20, 2014 and September 12, 2014 (each, a “Quarterly Valuation Date”) and (ii) each Equity Valuation Date”.

 

(b)          Counterparty Guaranty.

 

(i)           Counterparty shall deliver to Dealer on or before September 19, 2014 a counterparty guaranty (the “Counterparty Guaranty”), to be dated as of a date no later than September 19, 2014, by each of the subsidiary guarantors set forth in Annex B to the Confirmation in favor of Dealer as beneficiary thereof and substantially in the form of Annex B to the Confirmation; provided that the Counterparty Guaranty shall reference the obligations and liabilities of Counterparty under the Confirmation as amended by each of the Amendments; provided, further, that Counterparty shall use its commercially reasonable best efforts to ensure that the Counterparty Guaranty becomes enforceable in accordance with its terms against

  

  

  

 

each of the subsidiary guarantors set forth in Annex B to the Confirmation in each of their respective jurisdictions to the satisfaction of Dealer as promptly as possible. The parties hereto agree and acknowledge that the failure by Counterparty to so deliver the Counterparty Guaranty shall constitute an Additional Termination Event, with Counterparty as the sole Affected Party and the Transaction as the sole Affected Transaction.

 

(c)           Additional Termination Events. An Additional Termination Event (with the Transaction being the Affected Transaction and Counterparty being the sole Affected Party) shall be deemed to have occurred if none of the following occurs on or before September 19, 2014:

 

(i)           the Counterparty Guaranty shall have become effective and enforceable in accordance with its terms against each of the subsidiary guarantors set forth in Annex B to the Confirmation in each of their respective jurisdictions to the satisfaction of Dealer;

 

(ii)           Counterparty shall have delivered to Dealer the “Delivery Amount” as determined by Dealer, as if Dealer and Counterparty had entered into a Form CSA with: (A) Dealer as the sole  “Secured Party”, (B) Counterparty as the sole “Pledgor”, (C) “Cash” as the sole “Eligible Collateral” and (D) a “Threshold” with respect to Counterparty of USD3,000,000.00 (in each case as defined in the Form CSA); or

 

(iii)           Dealer and Counterparty shall have entered into a letter agreement incorporating the 1994 ISDA Credit Support Annex (Bilateral Form – New York Law) (the “Form CSA”) and including the parties’ elections with respect to Paragraph 13 of the Form CSA to the reasonable satisfaction of Dealer, which shall constitute a Credit Support Document in relation to Counterparty with respect to the Transaction for purposes of the Agreement.

 

2.            Representations and Warranties.  Each party hereto represents to the other parties hereto, as of the date hereof, as to the matters set forth in Section 3(a) of the Agreement; provided that references in such Section to the Agreement shall be to this Amendment Agreement. Counterparty hereby repeats, as of the date of this Amendment Agreement, all the representations, warranties and acknowledgments contained in Sections 3 and 4 of the Confirmation (other than Sections 4(d), 4(l) and 4(m) of the Confirmation), as if such representations, warranties and acknowledgments were made with respect to the Confirmation and the Transaction as amended by this Amendment Agreement and the Amendments. Counterparty hereby represents and warrants to Dealer that, as of the date hereof, the copies of resolutions provided by Counterparty and Holdings, as adopted by their respective boards of directors and, in the case of Counterparty, its sole shareholder, to Dealer on the Trade Date authorize the Transaction as amended by this Amendment Agreement and the Amendments, and such resolutions have been duly adopted and remain in effect on the date hereof.

 

3.            Governing Law and Jurisdiction.  This Amendment Agreement and all matters and all non-contractual obligations arising out of in connection with the Amendment Agreement, shall be governed by, and construed and enforced in accordance with, the laws of the State of New York (without reference to its choice of law doctrine other than Title 14 of Article 5 of the General Obligations Law of New York). This Amendment Agreement is also subject to, and incorporates, the jurisdiction provisions contained in Section 13(b) of the Agreement; provided that in the first line of Section 13(b) the following shall be inserted after the word, “Agreement”, “including, without limitation, disputes relating to any non-contractual obligations arising out of or in connection with this Agreement”.

 

5.            Counterparts.  This Amendment Agreement may be executed in any number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Amendment Agreement by signing and delivering one or more counterparts.

 

[Signature page follows.]

  

-2-

  

 

Counterparty and Holdings hereby agree (i) to check this Amendment Agreement carefully and promptly upon receipt so that errors or discrepancies can be promptly identified and rectified and (ii) to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the Amendment Agreement, by manually signing this Amendment Agreement or this page hereof as evidence of agreement to such terms and providing the other information requested herein and immediately returning an executed copy to Goldman, Sachs & Co., Equity Derivatives Documentation Department, Facsimile No. 212-428-1980/83.

 

	 	Yours faithfully,	 
	 	 	 
	 	GOLDMAN SACHS INTERNATIONAL	 
	 	 	 	 
	 	 	 	 
	 	
By:

	
/s/ Celine Assouline

	 
	 	 	 Authorized Signatory	 
	 	 	 	 
	 	 	Celine Assouline 

Managing Director

	 

 

 

Agreed and Accepted By:

 

	
ARCOS DORADOS B.V.

	 
	 	 
	 	 
	
By:

	/s/ Miguel Sanchez de Bustamante	 
	  	Name:	
Miguel Sanchez de Bustamante

	 
	  	Title: 	
Attorney-in-fact

	 

 

 

	
ARCOS DORADOS HOLDINGS INC.

	 
	 	 
	 	 
	
By:

	/s/ Miguel Sanchez de Bustamante	 
	  	Name:	
Miguel Sanchez de Bustamante

	 
	  	Title: 	
Attorney-in-fact

	 

 

 

 

Signature Page to Share Swap Transaction Confirmation Amendment No. 5

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