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derma_ex101.htm

EXHIBIT 10.1

 

 

 

 

	 
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4Exhibit

CHOICE HOTELS INTERNATIONAL, INC.

and

WOODSPRING HOTELS FRANCHISE SERVICES LLC

FOURTH SUPPLEMENTAL INDENTURE

Dated as of February 2, 2018

to

Indenture

Dated as of August 25, 2010

WELLS FARGO BANK, National Association

Trustee

FOURTH SUPPLEMENTAL INDENTURE

Fourth Supplemental Indenture (this “Fourth Supplemental Indenture”), dated as of February 2, 2018, between CHOICE HOTELS INTERNATIONAL, INC., a corporation organized under the laws of Delaware (the “Company”), the party listed on Schedule A hereto (the “Additional Guarantor”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, as trustee (the “Trustee”).

WITNESSETH:

WHEREAS, the Company and the Trustee have heretofore executed and delivered the Indenture dated as of August 25, 2010 (the “Original Indenture,” and as supplemented by the Supplemental Indentures and the Third Supplemental Indenture (in each case, as defined below), the “Indenture”) to provide for the issuance from time to time of Notes (as defined in the Original Indenture) of the Company, to be issued in one or more Series;

WHEREAS, Sections 2.2 and 9.1 of the Original Indenture provide, among other things, that the Company and the Trustee may enter into indentures supplemental to the Original Indenture for, among other things, the purpose of establishing the designation, form, terms and conditions of Notes of any Series permitted by Sections 2.1 and 9.1 of the Original Indenture; 

WHEREAS, the Company and the Trustee have heretofore executed and delivered the First Supplemental Indenture (the “First Supplemental Indenture”) dated as of August 25, 2010, to provide for the issuance of the Company’s 5.70% Senior Notes due 2020 (the “2020 Notes”), the Second Supplemental Indenture (the “Second Supplemental Indenture,” and collectively with the First Supplemental Indenture, the “Supplemental Indentures”) dated as of June 27, 2012, to provide for the issuance of the Company’s 5.750% Senior Notes due 2022 (the “2022 Notes” and, together with the 2020 Notes, the “Notes”) and the Third Supplemental Indenture (the “Third Supplemental Indenture”) dated as of August 4, 2017, to provide for the guarantee of the Notes by Choice Privileges Loyalty Services, LLC; 

WHEREAS, Section 6.5 of each of the Supplemental Indentures provides that, if in accordance with the provisions of the Bank Credit Agreement a Subsidiary of the Company becomes a Bank Credit Agreement Guarantor, the Company will execute and deliver and cause such Subsidiary to execute and deliver to the Trustee a supplemental indenture pursuant to which such Subsidiary will unconditionally guarantee, on a joint and several basis with the other Guarantors thereto, the full and prompt payment of the principal of, premium, if any, and interest on the applicable Notes on an unsecured and unsubordinated basis and become a party to the applicable Supplemental Indenture as a Guarantor for all purposes of the Indenture; 

WHEREAS, desiring to become a Guarantor under the Indenture as described above, the Additional Guarantor has duly authorized the execution and delivery of this Fourth Supplemental Indenture to provide for the issuance of its Guarantee and is executing and delivering this Fourth Supplemental Indenture;

WHEREAS, this Fourth Supplemental Indenture shall not result in a material modification of the Notes for purposes of compliance with the Foreign Account Tax Compliance Act; and

WHEREAS, the consent of Holders to the execution and delivery of this Fourth Supplemental Indenture is not required, and all other actions required to be taken under the Indenture with respect to this Fourth Supplemental Indenture have been taken. 

NOW, THEREFORE, THIS FOURTH SUPPLEMENTAL INDENTURE WITHNESSETH:  in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

ARTICLE I
DEFINITIONS

Section 1.1 Definitions.

(a) Capitalized terms used herein and not otherwise defined herein shall have the respective meanings ascribed thereto in the Indenture.

(b) The rules of interpretation set forth in the Indenture shall be applied hereto as if set forth in full herein.

ARTICLE II
GUARANTEE

Section 2.1 Guarantee. The Additional Guarantor agrees that by entering into this Fourth Supplemental Indenture, it hereby unconditionally guarantees, on a joint and several basis with the other Guarantors thereto, the full and prompt payment of the principal of, premium, if any, and interest on the 2020 Notes and the 2022 Notes on an unsecured and unsubordinated basis and becomes a party to each of the Supplemental Indentures as a Guarantor for all purposes of the Indenture.

ARTICLE III
MISCELLANEOUS

Section 3.1 Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Fourth Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder heretofore or hereafter authenticated and delivered shall be bound hereby.

Section 3.2 Concerning the Trustee. The recitals contained herein shall be taken as the statements of the Company and the Additional Guarantor, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this Fourth Supplemental Indenture.

Section 3.3 Multiple Originals; Electronic Signatures. The parties may sign any number of copies of this Fourth Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Fourth Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Fourth Supplemental Indenture as to the parties hereto and may be used in lieu of the original Fourth Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

Section 3.4 Effect of Headings. The section headings herein are for convenience only and shall not affect the construction hereof.

Section 3.5 Successors and Assigns. All covenants and agreements in this Fourth Supplemental Indenture by the Additional Guarantor shall bind the Additional Guarantor’s successors and assigns, whether so expressed or not.

Section 3.6 Severability. If any one or more of the provisions contained in this Fourth Supplemental Indenture shall for any reason be held to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired hereby. 

Section 3.7 GOVERNING LAW. THIS FOURTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

IN WITNESS WHEREOF, the parties have caused this Fourth Supplemental Indenture to be duly executed by their respective officers thereunto duly authorized as of the date first above written.

	
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Trustee

	By:
	/s/ Tina D. Gonzalez

	Name:
	Tina D. Gonzalez

	Title:
	Vice President

IN WITNESS WHEREOF, the parties have caused this Fourth Supplemental Indenture to be duly executed by their respective officers thereunto duly authorized as of the date first above written.

	
			
	CHOICE HOTELS INTERNATIONAL, INC.

	By:
	/s/ Scott Oaksmith

	Name:         
	Scott Oaksmith

	Title:
	SVP, Finance & CAO

         AS ADDITIONAL GUARANTOR

	
			
	

WOODSPRING HOTELS FRANCHISE SERVICES LLC

By:  CHOICE HOTELS INTERNATIONAL, INC.,
        its Sole Member

	By:
	/s/ Scott Oaksmith

	Name:
	Scott Oaksmith

	Title:
	SVP, Finance & CAO

Schedule A

		
	1.
	WoodSpring Hotels Franchise Services LLCExhibit

GUARANTEE AGREEMENT SUPPLEMENT
THIS GUARANTEE AGREEMENT SUPPLEMENT, dated as of February 1, 2018, (this “Supplement”) is made by WOODSPRING HOTELS FRANCHISE SERVICES LLC, a Kansas limited liability company (the “New Subsidiary Guarantor”) in favor of DEUTSCHE BANK AG NEW YORK BRANCH, as Administrative Agent for the Lender Parties party to the Credit Agreement (as defined in the Guarantee Agreement referred to below).
1.    Reference is hereby made to the Guarantee Agreement dated as of July 21, 2015, made by certain Restricted Subsidiaries of Choice Hotels International, Inc. party thereto, as guarantors, in favor of the Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”).  This Supplement supplements the Guarantee Agreement, forms a part thereof and is subject to the terms thereof.  Capitalized terms used and not defined herein shall have the meanings given thereto or referenced in the Credit Agreement or the Guaranty, as applicable.
2.    The New Subsidiary Guarantor hereby agrees to unconditionally guarantee to the Administrative Agent for the ratable benefit of itself and the other Lender Parties and their respective permitted successors, endorsees, transferees and assigns, the prompt payment (whether at stated maturity, by acceleration or otherwise) and performance of all Obligations of the Borrower (exclusive of all Excluded Swap Obligations) to the same extent and upon the same terms and conditions as are contained in the Guarantee Agreement.
3.    The New Subsidiary Guarantor hereby agrees that by executing this Supplement it is a Guarantor (as defined in the Guaranty) under the Guaranty as if a signatory thereto on the Closing Date, and the New Subsidiary Guarantor shall comply with, and be subject to, all of the terms, covenants, conditions and agreements and hereby makes each representation and warranty, in each case set forth therein.  The New Subsidiary Guarantor agrees that the “Guarantee Agreement”, “Guarantee” or “Guaranty” as used herein or in any other Loan Documents shall mean the Guaranty as supplemented hereby.
4.    The New Subsidiary Guarantor hereby acknowledges it has received a copy of the Credit Agreement and the Guaranty and that it has read and understands the terms thereof.
5.    Attached hereto as Annex A is a schedule setting forth all information of the type required to be provided pursuant to Section 3.08 to the Credit Agreement therein with respect to the New Subsidiary Guarantor.
6.    All notices and communications to the New Subsidiary Guarantor shall be given to the addresses and otherwise made in accordance with Section 9.01 of the Credit Agreement; provided that notices and communications to the New Subsidiary Guarantor shall be directed to the New Subsidiary Guarantor at the address of the Borrower set forth in Section 9.01 of the Credit Agreement.  
7.    The New Subsidiary Guarantor hereby waives acceptance by the Administrative Agent and the other Lender Parties of the guaranty by the New Subsidiary Guarantor under the Guaranty upon the execution of this Supplement by the New Subsidiary Guarantor.  
8.    This Supplement may be executed in any number of counterparts, each of which shall be an original and all of which, when taken together, shall constitute one agreement.  This Supplement may be delivered by facsimile or other electronic transmission of the relevant signature pages hereof.  
9.    This Supplement shall be governed by and construed and interpreted in accordance with the laws of the State of New York.  
[Signature Page to Follow]

    
     

IN WITNESS WHEREOF, the undersigned hereby causes this Guarantee Agreement Supplement to be executed and delivered as of the date first above written.
WOODSPRING HOTELS FRANCHISE LLC, a Kansas limited liability company
By: Choice Hotels International, Inc., its sole member

By:  ____/s/ Scott Oaksmith_________________________________
Name:    Scott Oaksmith
Title:    Senior Vice President, Finance and Chief Accounting Officer

Annex A

Supplemental Schedule 3.08 to Credit Agreement

	
				
	Entity Name
	Country (State) of Incorporation
	Equity Interest
	Restricted/Unrestricted

	WoodSpring Hotels Franchise Services LLC
	U.S. (KS)
	100%
	Restricted

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