EX-4.10 7 d597652dex410.htm EX-4.10 EX-4.10

Exhibit 4.10

JOINDER AGREEMENT

This JOINDER AGREEMENT (this “Agreement”), dated as of September 1, 2018, by Interval Acquisition Corp., a Delaware corporation (the “ILG Borrower”), to the Credit Agreement dated as of August 31, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) among Marriott Vacations Worldwide Corporation, a Delaware corporation (“MVWC”), Marriott Ownership Resorts, Inc., a Delaware corporation (the “MVW Borrower” or the “ Borrower Representative”) on and after the ILG Joinder Date, Interval Acquisition Corp., a Delaware corporation (the “ILG Borrower” and, together with the MVW Borrower, the “Borrowers”), each Lender from time to time party thereto and JPMorgan Chase Bank, N.A. (“JPMorgan”), as administrative agent and collateral agent (in such capacity, the “Administrative Agent”).

A. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.

B. MVWC, the Borrower Representative, the Lenders and the Administrative Agent have entered into the Credit Agreement whereby the Lenders have agreed to provide certain credit facilities and financial accommodations to the Borrowers thereunder.

C. The ILG Borrower desires that the ILG Borrower join the Credit Agreement as a “Borrower” thereunder.

Accordingly, the Administrative Agent and the ILG Borrower agree as follows:

SECTION 1. Credit Agreement; Representations and Warranties. The ILG Borrower by its signature below becomes a Borrower under the Credit Agreement and the other Loan Documents with the same force and effect as if originally named therein as a Borrower and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and liabilities of a Borrower thereunder and hereby becomes, jointly and severally, for all purposes, and with all rights and obligations of, a Borrower under the Credit Agreement and the other Loan Documents. The ILG Borrower hereby (a) agrees to all the terms and provisions of the Credit Agreement and other Loan Documents applicable to it as a Borrower thereunder and (b) represents and warrants that the representations and warranties made by it as a Borrower under the Credit Agreement and the other Loan Documents, each of which is hereby incorporated herein by reference, are true and correct on and as of the date hereof and the Administrative Agent, the Collateral Agent and each other Secured Party shall be entitled to rely on each of them as if they were fully set forth herein. Each reference to a “Borrower” in the Credit Agreement and the other Loan Documents shall be deemed to include the ILG Borrower. The Credit Agreement is hereby incorporated herein by reference. For the avoidance of doubt, this Agreement shall constitute a Loan Document under the terms of the Credit Agreement.

SECTION 2. Covenants. The ILG Borrower hereby covenants and agrees with the Administrative Agent, the Collateral Agent and each other Secured Party that, from and after the date of this Agreement until the Maturity Date, the ILG Borrower shall take, or shall refrain from taking, as the case may be, all actions that are necessary to be taken or not taken so that no violation of any provision, covenant or agreement contained in Article VI or Article VII of the Credit Agreement and so that no Default or Event of Default is caused by any act or failure to act of the ILG Borrower.

SECTION 3. No Default. The ILG Borrower hereby represents and warrants that no Default or Event of Default has occurred and is continuing or would result from the ILG Borrower becoming a Borrower.


SECTION 4. Due Authorization, Execution and Delivery. The ILG Borrower represents and warrants to the Agents and the Lenders that this Agreement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws and by general principles of equity.

SECTION 5. Counterparts. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement shall become effective when the Administrative Agent shall have received a counterpart of this Agreement that bears the signature of the ILG Borrower, and the Administrative Agent has executed a counterpart hereof. Delivery of an executed signature page to this Supplement by facsimile transmission or other electronic communication (including “.pdf” or “.tiff” files) shall be as effective as delivery of a manually signed counterpart of this Supplement.

SECTION 6. Schedules. The information set forth in Annex 1 is hereby added to the information set forth in the corresponding Schedules to the Credit Agreement.

SECTION 7. No Waiver. The execution of this Agreement shall not operate as a waiver of any right, power or remedy of the Agents or the Lenders, nor constitute a waiver of any provision of any of the Loan Documents. Except as expressly modified hereby, the Credit Agreement and other Loan Documents shall remain in full force and effect.

SECTION 8. Further Assurances. The ILG Borrower agrees to execute and deliver such further instruments and documents and take such further actions as the Administrative Agent may reasonably require to carry out more effectively the purposes of this Agreement.

SECTION 9. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

SECTION 10. SUBMISSION TO JURISDICTION; WAIVERS. THE PROVISIONS OF SECTION 10.14 AND SECTION 10.15 OF THE CREDIT AGREEMENT ARE HEREBY INCORPORATED HEREIN, MUTATIS MUTANDIS, AND APPLY WITH LIKE EFFECT TO THIS AGREEMENT.

SECTION 11. Severability. In case any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Credit Agreement shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

SECTION 12. Notices. All communications and notices hereunder shall be in writing and given as provided in Section 10.02 of the Credit Agreement.

SECTION 13. Section Headings. The Section headings used in this Agreement are for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof.

 

2


SECTION 11. Successors and Assigns. This Agreement shall be binding upon the successors and assigns of the ILG Borrower and shall inure to the benefit of the Administrative Agent, the Collateral Agent and the other Secured Parties and their respective successors and assigns except that the ILG Borrower may not assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written consent of the Administrative Agent and the Collateral Agent or as otherwise permitted by the Credit Agreement.

[Remainder of Page Intentionally Blank]

 

3


IN WITNESS WHEREOF, the ILG Borrower and the Administrative Agent have duly executed this Joinder Agreement to the Credit Agreement as of the day and year first above written.

 

INTERVAL ACQUISITION CORP.,

as the ILG Borrower

 

By:  

/s/ John E. Geller, Jr.

Name:   John E. Geller, Jr.
Title:   Executive Vice President and Chief Financial Officer

[Signature Page to Joinder Agreement]


JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

 

By:  

/s/ Mohammad Hasan

  Name:   Mohammad Hasan
  Title:   Executive Director

[Signature Page to Joinder Agreement]


ANNEX 1

Schedules to Credit Agreement

[Attached.]


Schedule 1.01A

Guarantors

 

    

Guarantor Name

  

Jurisdiction

1.    Aqua Hospitality LLC    Delaware
2.    Aqua Hotels & Resorts, LLC    Hawaii
3.    Aqua Hotels and Resorts Operator LLC    Delaware
4.    Aqua Hotels and Resorts, Inc.    Delaware
5.    Aqua Luana Operator LLC    Hawaii
6.    Aqua-Aston Holdings, Inc.    Delaware
7.    Aqua-Aston Hospitality, LLC    Hawaii
8.    Aston Hotels & Resorts Florida, LLC    Florida
9.    Beach House Development Partnership    Florida
10.    CDP GP, Inc.    Delaware
11.    CDP Investors, L.P.    Delaware
12.    Cerromar Development Partners GP, Inc.    Delaware
13.    Cerromar Development Partners, L.P., S.E.    Delaware
14.    Coconut Plantation Partner, Inc.    Florida
15.    Data Marketing Associates East, Inc.    Florida
16.    Diamond Head Management LLC    Hawaii
17.    Flex Collection, LLC    Florida
18.    FOH Holdings, LLC    Delaware
19.    FOH Hospitality, LLC    Delaware
20.    Grand Aspen Holdings, LLC    Delaware
21.    Grand Aspen Lodging, LLC    Delaware
22.    Hawaii Vacation Title Services, Inc.    Hawaii


    

Guarantor Name

  

Jurisdiction

23.    Hotel Management Services LLC    Hawaii
24.    HPC Developer, LLC    Delaware
25.    HT-Highlands, Inc.    Delaware
26.    HTS-BC, L.L.C.    Delaware
27.    HTS-Beach House Partner, L.L.C.    Delaware
28.    HTS-Beach House, Inc.    Delaware
29.    HTS-Coconut Point, Inc.    Delaware
30.    HTS-Ground Lake Tahoe, Inc.    Delaware
31.    HTS-Key West, Inc.    Delaware
32.    HTS-KW, Inc.    Delaware
33.    HTS-Lake Tahoe, Inc.    Delaware
34.    HTS-Loan Servicing, Inc.    Delaware
35.    HTS-Main Street Station, Inc.    Delaware
36.    HTS-Maui, L.L.C.    Delaware
37.    HTS-San Antonio, Inc.    Delaware
38.    HTS-San Antonio, L.L.C.    Delaware
39.    HTS-San Antonio, L.P.    Delaware
40.    HTS-Sedona, Inc.    Delaware
41.    HTS-Sunset Harbor Partner, L.L.C.    Delaware
42.    HTS-Windward Pointe Partner, L.L.C.    Delaware
43.    HV Global Group, Inc.    Delaware
44.    HV Global Management Corporation    Delaware
45.    HV Global Marketing Corporation    Florida
46.    HVO Key West Holdings, LLC    Florida


    

Guarantor Name

  

Jurisdiction

47.    IIC Holdings, Incorporated    Delaware
48.    ILG, LLC    Delaware
49.    ILG Management, LLC    Florida
50.    ILG Shared Ownership, Inc.    Delaware
51.    Interval Acquisition Corp.    Delaware
52.    Interval Holdings, Inc.    Delaware
53.    Interval International, Inc.    Florida
54.    Interval Resort & Financial Services, Inc.    Florida
55.    Interval Software Services, LLC    Florida
56.    Kai Management Services LLC    Hawaii
57.    Kauai Blue, Inc.    Delaware
58.    Key Wester Limited    Florida
59.    Lagunamar Cancun Mexico, Inc.    Florida
60.    Management Acquisition Holdings, LLC    Delaware
61.    Maui Condo and Home, LLC    Hawaii
62.    Pelican Landing Timeshare Ventures Limited Partnership    Delaware
63.    REP Holdings, Ltd.    Hawaii
64.    Resort Management Finance Services, Inc.    Florida
65.    Resort Sales Services, Inc.    Delaware
66.    RQI Holdings, LLC    Hawaii
67.    S.O.I. Acquisition Corp.    Florida
68.    Scottsdale Residence Club, Inc.    Florida
69.    Sheraton Flex Vacations, LLC    Florida


    

Guarantor Name

  

Jurisdiction

70.    St. Regis New York Management, Inc.    Florida
71.    St. Regis Residence Club, New York Inc.    Florida
72.    Vacation Ownership Lending GP, Inc.    Delaware
73.    Vacation Ownership Lending, L.P.    Delaware
74.    Vacation Title Services, Inc.    Florida
75.    VCH Communications, Inc.    Florida
76.    VCH Consulting, Inc.    Florida
77.    VCH Systems, Inc.    Florida
78.    Vistana Acceptance Corp.    Florida
79.    Vistana Aventuras, Inc.    Florida
80.    Vistana Development, Inc.    Florida
81.    Vistana Hawaii Management, Inc.    Hawaii
82.    Vistana Management, Inc.    Florida
83.    Vistana MB Management, Inc.    South Carolina
84.    Vistana Portfolio Services, Inc.    Florida
85.    Vistana PSL, Inc.    Florida
86.    Vistana Residential Management, Inc.    Florida
87.    Vistana Signature Experiences, Inc.    Delaware
88.    Vistana Signature Network, Inc.    Delaware
89.    Vistana Vacation Ownership, Inc.    Florida
90.    Vistana Vacation Realty, Inc.    Florida
91.    Vistana Vacation Services Hawaii, Inc.    Hawaii
92.    VOL GP, Inc.    Delaware


    

Guarantor Name

  

Jurisdiction

93.    VOL Investors, L.P.    Delaware
94.    VSE Development, Inc.    Florida
95.    VSE East, Inc    Florida
96.    VSE Mexico Portfolio Services, Inc.    Florida
97.    VSE Myrtle Beach, LLC    South Carolina
98.    VSE Pacific, Inc.    Florida
99.    VSE Trademark, Inc.    Florida
100.    VSE Vistana Villages, Inc.    Florida
101.    VSE West, Inc.    Florida
102.    Westin Sheraton Vacation Services, Inc.    Florida
103.    Windward Pointe II, L.L.C.    Delaware
104.    Worldwide Vacation & Travel, Inc.    Florida
105.    WVC Rancho Mirage, Inc.    Delaware


Schedule 1.01B

Excluded Subsidiaries

 

    

Subsidiary Name

  

Jurisdiction

1.    Great Destinations, Inc.    Nevada
2.    GDVI, LLC    Delaware
3.    XYZII, Inc.    Washington
4.    Meridian Financial Services, Inc.    North Carolina
5.    Meragon Financial Services, Inc.    North Carolina
6.    Trading Places International, Inc.    California
7.    Paradise Vacation Adventures, LLC    Hawaii
8.    TPI Management - Canada Inc    British Columbia
9.    Vacation Resorts International    California
10.    VRI-ORE, LLC    Utah
11.    Owners’ Resorts and Exchange, Inc    Utah
12.    Aqua - Aston Hospitalidad, Limitada    Costa Rica
13.    Organización Interval International, C.A.    Venezuela
14.    Worldex Corporation    Florida
15.    ILG International Holdings, Inc.    Florida
16.    Interval Leisure Group UK Holdings Limited    England & Wales
17.    ILG Lux Holdings S.a.r.l.    Luxembourg
18.    ILG Lux Holdings II S.a.r.l    Luxembourg
19.    ILG Lux Finance S.a.r.l.    Luxembourg


    

Subsidiary Name

  

Jurisdiction

20.    FMRH Limited    Isle of Man
21.    Interval Leisure Group UK Holdings (No.2) Limited    England & Wales
22.    Interval UK Holdings Limited    England & Wales
23.    Interval International Limited    England & Wales
24.    Interval International Greece Ltd.    Greece
25.    Interval International Singapore (Pte) Ltd    Singapore
26.    Aqua-Aston Management Holdings, LLC    Delaware
27.    Interval Leisure Group Management Limited    England & Wales
28.    VRI Europe Limited    England & Wales
29.    VRI Management Canarias S.L.    Spain
30.    VRI Management España S.L.    Spain
31.    Resort Solutions Holdings Limited    England & Wales
32.    Resort Solutions Limited    England & Wales
33.    Interval Vacation Exchange, LLC    Delaware
34.    Interval Vacation Exchange S.A.    Spain
35.    Interval International Italia SRL    SRL
36.    Interval International Finland Oy    Finland
37.    Interval International GmbH    Germany
38.    Intervalo International Prestacao de Servicos Lda    Portugal
39.    Interval International Overseas Holdings, LLC    Florida


    

Subsidiary Name

  

Jurisdiction

40.    Interval International Holdings, LLC    Florida
41.    Interval International Holdings Mexico S.A. de C.V.    Mexico
42.    Intercambios Internacionales de Vacaciones SA de CV    Mexico
43.    Interval Servicios de Mexico S.A. de C.V.    Mexico
44.    TA Resort Servicing Mexico S.A. de C.V.    Mexico
45.    Interval International Argentina S.A.    Argentina
46.    Interval International de Colombia, S.A.S.    Colombia
47.    Interval International Eastern Canada Inc.    Canada
48.    Interval International Egypt Ltd    Egypt
49.    Interval International Brasil Servicos Ltda.    Brazil
50.    Interval International FZE    UAE
51.    Maui Timeshare Venture, LLC    Delaware
52.    HKB Beverage, L.L.C.    Delaware
53.    Maui Timeshare Loan Servicing, LLC    Delaware
54.    Sunset Harbor Development Partnership    Florida
55.    HTS-CHC (Sedona), LLC    Delaware
56.    Highlands Inn Investors II, L.P.    Delaware
57.    HVC-Highlands, L.L.C.    Delaware
58.    Highlands Inn Wastewater Treatment Plant Association, Inc.    California
59.    HTS-Wild Oak Ranch Beverage, LLC    Texas
60.    Westin St. John Hotel Company, Inc. (USVI)    USVI
61.    Westin Vacation Management Company (USVI)    USVI
62.    WVC St. John, Inc. (USVI)    USVI


    

Subsidiary Name

  

Jurisdiction

63.    WSJ Intermediate Corp.    Delaware
64.    Fifth and Fifty-Fifth Holdings, Inc.    New York
65.    Scottsdale Residence Club Sales, Inc.    Arizona
66.    Points of Colorado, Inc.    Colorado
67.    Steamboat Resort Village LLC    Delaware
68.    Success Developments, L.L.C.    Arizona
69.    POC Intermediate Corp.    Delaware
70.    VDI Intermediate Corp.    Delaware
71.    St. Regis Colorado Management, Inc.    Colorado
72.    St. Regis Residence Club of Colorado, Inc.    Colorado
73.    Vistana Arizona Management, Inc.    Arizona
74.    Vistana California Management, Inc.    California
75.    Vistana Colorado Management, Inc.    Colorado
76.    SVO 2011-A VOI Mortgage Corp.    Delaware
77.    SVO 2011-A VOI Mortgage LLC    Delaware
78.    SVO 2012-A VOI Mortgage Corp.    Delaware
79.    SVO 2012-A VOI Mortgage LLC    Delaware
80.    VSE 2016-A VOI Mortgage, Inc.    Delaware
81.    VSE 2016-A VOI Mortgage LLC    Delaware
82.    VSE 2017-A VOI Mortgage, Inc.    Delaware
83.    VSE 2017-A VOI Mortgage LLC    Delaware
84.    VSE 2018-A VOI Mortgage, Inc.    Delaware
85.    VSE 2018-A VOI Mortgage, LLC    Delaware
86.    PSL Intermediate Corp.    Delaware


    

Subsidiary Name

  

Jurisdiction

87.    Vistana Scottsdale Management, Inc.    Arizona
88.    VSE Arizona Development, Inc.    Arizona
89.    VSE Arizona Realty, Inc.    Arizona
90.    VSE California Sales, Inc.    California
91.    Vistana Scottsdale, Inc.    Arizona
92.    Vistana Scottsdale Development, Inc.    Arizona
93.    VSI Intermediate Corp.    Delaware
94.    MB Intermediate Corp.    Delaware
95.    SVOP Intermediate Corp.    Delaware
96.    VSE Residence Club Sales of New York, Inc.    New York
97.    VSE Residence Club Sales, Inc.    Colorado
98.    VSE Villas Arizona, Inc.    Arizona
99.    WAZ Intermediate Corp.    Delaware
100.    SVV Intermediate Corp.    Delaware
101.    RM Intermediate Corp.    Delaware
102.    VSE Cayman Holdings Limited    Cayman Islands
103.    VSE Bahamas Holdings, LLC    Delaware
104.    VSE International, Inc.    Florida
105.    Overseas Promotions, Inc.    Cayman Island
106.    Overseas Promotions Venezuela, S.A.    Venezuela
107.    Vistana Bahamas Sales and Marketing Limited    Bahamas
108.    Brendsland, S.A    Uruguay
109.    Vistana Bahamas Investments Limited    Bahamas


    

Subsidiary Name

  

Jurisdiction

110.    Promociones Iternacionales Colombia, S.A.    Colombia
111.    Harborside at Atlantis Joint Venture Limited    Bahamas
112.    Harborside at Atlantis Development Limited    Bahamas
113.    Harborside at Atlantis Management Limited    Bahamas
114.    Vacation Portfolio Services Limited    Bahamas
115.    VSE UK Holdings Ltd.    England & Wales
116.    VSE International Holdco, LLC    Florida
117.    VSE Azteca Holdings, S. de R. L. de C.V.    Mexico
118.    VVO International Holdco, LLC    Florida
119.    Hoteles Cabos K22.5, S. de R. L. de C.V.    Mexico
120.    Hoteles Cancún K20, S. de R. L. de C.V.    Mexico
121.    Turistica Cancún, S. de R. L. de C.V.    Mexico
122.    Hoteles Vallarta 205, S. de R. L. de C.V.    Mexico
123.    Empresa de Servicios Cancun, S.A. de R. L. de C.V.    Mexico
124.    Empresa de Servicios K20 Cancun, S. de R. L. de C.V.    Mexico
125.    Empresa de Servicios Los Cabos, S.A. de C.V.    Mexico
126.    VSE Mexico Holding, S. de R. L. de C.V    Mexico
127.    Cancun Intermediate Corp.    Delaware
128.    Empresa de Servicios Vallarta 205, S. de R. L. de C.V.    Mexico
129.    Los Cabos Villa Management, S. de R. L. de C.V.    Mexico
130.    VSE Cancun Sales, S. de R. L. de C.V.    Mexico
131.    VSE Mexico PLC, S. de R. L. de C.V.    Mexico
132.    VSE Servicios de Mexico, S. de R. L. de C.V.    Mexico
133.    VSE Villas Los Cabos, S. de R. L. de C.V.    Mexico


Schedule 1.01C

Existing Hedge Banks

None.


Schedule 2.03(a)(i)

US Existing Letters of Credit

 

    

Issuer

  

Principal Name

  

Beneficiary

  

Number

  

Amount

  

Effective
Date

  

Expiration
Date

  

Description

1.    Wells Fargo Bank    HVC-Highlands, LLC    Bureau of Real Estate, CA    IS0246688U    $323,109.15    10/01/14    10/01/18    Escrow Agent
2.    Wells Fargo Bank    ILG, LLC (f/k/a Interval Leisure Group, Inc.)    National Union Fire Ins Co of Pittsburgh, PA et all    IS0254587U    $397,482.00    10/29/14    10/01/18    LOC requirement for AIG Workers Comp program
3.    Wells Fargo Bank    ILG, LLC (f/k/a Interval Leisure Group, Inc.)    Liberty Mutual Insurance Company H.O. Financial    IS0498593U    $1,150,000.00    03/15/17    12/31/18    LOC requirement for Liberty Mutual Workers Comp program
4.    Wells Fargo Bank    Worldwide Vacation & Travel, Inc    Airline Reporting Corp    SC-102004U    $70,000.00    08/15/14    08/15/19    Travel Agency Guarantee Miami Office
5.    Wells Fargo Bank    ILG, LLC (f/k/a Interval Leisure Group, Inc.)    AIG Multibeneficiaries    IS-0419789U    $1,098,735.00    05/11/16    05/11/19    OCIP 2/Contract #615350-53 Escrow Balance
6.    Wells Fargo Bank    ILG, LLC (f/k/a Interval Leisure Group, Inc.)    AIG Multibeneficiaries    IS-0419690U    $1,002,607.00    05/11/16    05/11/19    OCIP 3/Contract #327175-78 Escrow Balance
7.    Wells Fargo Bank    Cerromar Development Partners    Carmen Fortier and PR Tourism Company    IS0246690U    $250,000.00    10/01/14    10/01/18    Escrow Agent


Schedule 2.03(a)(ii)

Multicurrency Existing Letters of Credit

 

    

Issuer

  

Principal Name

  

Beneficiary

  

Number

  

Amount

  

Effective
Date

  

Expiration
Date

  

Description

1.    Wells Fargo Bank    Interval International GMBH    Joh. Berenberg Gossler and Co. Berenberg Bank    IS-000016843U    EUR 16,827.00    10/11/17    10/10/18    Rent guarantee covering lease agreement for German office


Schedule 5.06

Litigation

None, other than as previously disclosed in Target’s SEC filings.

 

16


Schedule 5.11

Subsidiaries and Other Equity Investments

 

Subsidiary

   Jurisdiction of
Organization
  

Owner of Subsidiary

   Percentage of
Outstanding
Equity Interests
Held, Directly
or Indirectly,
by the Owner
    % of Total Issued
Interests Pledged
 

ILG, LLC

   Delaware    Volt Merger Sub, LLC      100     100

Interval Acquisition Corp.

   Delaware    ILG, LLC      100     100

IIC Holdings, Incorporated

   Delaware    Interval Acquisition Corp.      100     100

Resort Sales Services, Inc.

   Delaware    IIC Holdings, Incorporated      100     100

Great Destinations, Inc.

   Nevada    Resort Sales Services, Inc      50     100
      Andrew Gennuso      50     N/A  

Resort Management Finance Services, Inc.

   Florida    IIC Holdings, Incorporated      100     100

Interval Holdings, Inc.

   Delaware    IIC Holdings, Incorporated      100 %     100
      Worldex Corporation      100 % (preferred stock)      N/A  

Interval International, Inc.

   Florida    Interval Holdings, Inc.      100     100

Interval Resort & Financial Services, Inc.

   Florida    Interval International, Inc.      100     100

XYZII, Inc.

   Washington    Interval Resort & Financial Services, Inc.      100     N/A  

Meridian Financial Services, Inc.

   North
Carolina
   Interval Resort & Financial Services, Inc.      100     N/A  

Worldwide Vacation & Travel, Inc.

   Florida    Interval International, Inc.      100     100

Interval Software Services, LLC

   Florida    Interval International, Inc.      100     100

Management Acquisition Holdings, LLC

   Delaware    Interval International, Inc.      100     100

Trading Places International, Inc.

   California    Management Acquisition Holdings, LLC      100     N/A  

ILG Management, LLC

   Florida    Management Acquisition Holdings, LLC      100     100

Vacation Resorts International

   California    Management Acquisition Holdings, LLC      100     N/A  

Aqua-Aston Holdings, Inc.

   Delaware    Interval International, Inc.      99.5     100
      Minority Shareholder (subject to annual put)      Less than 0.5     N/A  

Aqua Hotels and Resorts, Inc.

   Delaware    Aqua-Aston Holdings, Inc.      100     100

Aqua Hospitality LLC

   Delaware    Aqua-Aston Holdings, Inc.      100     100

Aqua Hotels and Resorts Operator LLC

   Delaware    Aqua Hotels and Resorts, Inc.      50     100
      Aqua Hospitality LLC      50     100

Diamond Head Management LLC

   Hawaii    Aqua Hotels and Resorts Operator LLC      100     100

Hotel Management Services LLC

   Hawaii    Aqua Hotels and Resorts Operator LLC      100     100

Aqua Hotels and Resorts, LLC

   Hawaii    Aqua Hotels and Resorts Operator LLC      100     100

Kai Management Services LLC

   Hawaii    Aqua Hotels and Resorts Operator LLC      100     100

Aqua Luana Operator LLC

   Hawaii    Aqua Hospitality LLC      100     100

RQI Holdings, LLC

   Hawaii    Aqua-Aston Holdings, Inc.      100     100

Aqua-Aston Hospitality, LLC

   Hawaii    RQI Holdings, LLC      100     100

Aston Hotels & Resorts Florida, LLC

   Florida    Aqua-Aston Hospitality, LLC      100     100

 

17


Subsidiary

   Jurisdiction of
Organization
  

Owner of Subsidiary

   Percentage of
Outstanding
Equity Interests
Held, Directly
or Indirectly,
by the Owner
    % of Total Issued
Interests Pledged
 

Aqua - Aston Hospitalidad, Limitada

   Costa Rica    Aqua-Aston Hospitality, LLC      100     65

REP Holdings, Ltd.

   Hawaii    Aqua-Aston Hospitality, LLC      100     100

Maui Condo and Home, LLC

   Hawaii    Aqua-Aston Holdings, Inc.      100     100

Organización Interval International, C.A.

   Venezuela    Interval International, Inc.      50     65
      Worldex Corporation      50     N/A  

ILG International Holdings, Inc.

   Florida    Interval International, Inc.      100     65

ILG Shared Ownership, Inc.

   Delaware    IIC Holdings, Incorporated      100     100

S.O.I Acquisition Corp.

   Florida    ILG Shared Ownership, Inc.      100     100

HPC Developer, LLC

   Delaware    S.O.I. Acquisition Corp.      100     100

HTS-Maui, L.L.C.

   Delaware    S.O.I. Acquisition Corp.      100     100

Cerromar Development Partners GP, Inc.

   Delaware    S.O.I. Acquisition Corp.      100     100

Cerromar Development Partners, L.P., S.E.

   Delaware    Cerromar Development Partners GP, Inc.      1 % GP      100
      CDP Investors, L.P.      99 % LP      100

CDP Investors, L.P.

   Delaware    CDP GP, Inc.      1 % GP      100
      HTS-BC, L.L.C.      99 % LP      100

CDP GP, Inc

   Delaware    S.O.I. Acquisition Corp.      100     100

Vacation Ownership Lending GP, Inc.

   Delaware    S.O.I. Acquisition Corp.      100     100

Vacation Ownership Lending, L.P.

   Delaware    Vacation Ownership Lending GP, Inc.      1 % GP      100
      VOL Investors, L.P.      99 % LP      100

VOL GP, Inc.

   Delaware    S.O.I. Acquisition Corp.      100     100

VOL Investors, L.P.

   Delaware    HTS-Loan Servicing, Inc.      99 % LP      100
      VOL GP, Inc.      1     100

HTS-BC, L.L.C.

   Delaware    S.O.I. Acquisition Corp.      100     100

HV Global Group, Inc.

   Delaware    HTS-BC, L.L.C.      100     100

HV Global Marketing Corporation

   Florida    HV Global Group, Inc.      100     100

HTS-Loan Servicing, Inc.

   Delaware    HV Global Group, Inc.      100     100

HVO Key West Holdings, LLC

   Florida    HV Global Marketing Corporation      100     100

HTS-Beach House, Inc.

   Delaware    HTS-BC, L.L.C      100     100

HTS-Beach House Partner, L.L.C

   Delaware    HTS-Beach House, Inc.      100     100

Beach House Development Partnership

   Florida    HTS-Beach House, Inc.      50 % GP      100
      HTS-Beach House Partner, L.L.C      50 % LP      100

HTS-Key West, Inc.

   Delaware    HTS-BC, L.L.C      100     100

HTS-Sunset Harbor Partner, L.L.C

   Delaware    HTS-Key West, Inc.      100     100

Sunset Harbor Development Partnership

   Florida    HTS-Key West, Inc.      50 % GP      100
      HTS-Sunset Harbor Partner, L.L.C.      50 % LP      100

HTS-Main Street Station, Inc.

   Delaware    HTS-BC, L.L.C      100     100

HTS-Ground Lake Tahoe, Inc.

   Delaware    S.O.I. Acquisition Corp.      100     100

 

18


Subsidiary

   Jurisdiction of
Organization
  

Owner of Subsidiary

   Percentage of
Outstanding
Equity Interests
Held, Directly
or Indirectly,
by the Owner
    % of Total Issued
Interests Pledged
 

HTS-Lake Tahoe, Inc.

   Delaware    S.O.I. Acquisition Corp.      100     100

HV Global Management Corporation

   Delaware    S.O.I. Acquisition Corp.      100     100

Grand Aspen Holdings, LLC

   Delaware    S.O.I. Acquisition Corp.      100     100

Grand Aspen Lodging, LLC

   Delaware    Grand Aspen Holdings, LLC      100     100

HTS-Coconut Point, Inc.

   Delaware    S.O.I. Acquisition Corp.      100     100

Coconut Plantation Partner, Inc.

   Florida    HTS-Coconut Point, Inc.      100     100

Pelican Landing Timeshare Ventures Limited Partnership

   Delaware    HTS-Coconut Point, Inc.      49 % GP      100
      Coconut Plantation Partner, Inc.      51 % LP      100

HTS-Sedona, Inc.

   Delaware    S.O.I. Acquisition Corp.      100     100

HTS-CHC (Sedona), LLC

   Delaware    HTS-Sedona, Inc.      50     100
      Sedona CHC Investors LP (Third Party)      50     N/A  

HT-Highlands, Inc.

   Delaware    S.O.I. Acquisition Corp.      100     100

Highlands Inn Investors II, L.P.

   Delaware    HT-Highlands, Inc.      90 % GP      100
      Highlands Inn Investors (Third Party)        N/A  

HTS-KW, Inc.

   Delaware    S.O.I. Acquisition Corp.      100     100

HTS-Windward Pointe Partner, L.L.C.

   Delaware    HTS-KW, Inc.      100     100

Key Wester Limited

   Florida    HTS-KW, Inc.      50 % GP      100
      HTS-Windward Pointe Partner, L.L.C.      50 % LP      100

Windward Pointe II, L.L.C.

   Delaware    Key Wester Limited      100     100

HTS-San Antonio, L.L.C.

   Delaware    S.O.I. Acquisition Corp.      100     100

HTS-San Antonio, Inc.

   Delaware    S.O.I. Acquisition Corp.      100     100

HTS-San Antonio, L.P.

   Delaware    HTS-San Antonio, L.L.C.      99 % LP      100
      HTS-San Antonio, Inc.      1 % GP      100

HTS-Wild Oak Ranch Beverage LLC

   Texas    HTS-San Antonio, L.P.      100     N/A  

Vistana Signature Experiences, Inc.

   Delaware    ILG Shared Ownership, Inc.      100     100

Vistana Signature Network, Inc.

   Delaware    Vistana Signature Experiences, Inc.      100     100

FOH Holdings, LLC

   Delaware    Vistana Signature Experiences, Inc.      100     100

FOH Hospitality, LLC

   Delaware    FOH Holdings, LLC      100     100

Kauai Blue, Inc.

   Delaware    Vistana Signature Experiences, Inc.      100     100

Westin St. John Hotel Company, Inc.

   USVI    Vistana Signature Experiences, Inc.      100     65

Vistana Vacation Ownership, Inc.

   Florida    Vistana Signature Experiences, Inc.      100     100

Data Marketing Associates East, Inc.

   Florida    Vistana Vacation Ownership, Inc.      100     100

Fifth and Fifty-Fifth Holdings, Inc.

   New York    Vistana Vacation Ownership, Inc.      100     N/A  

Scottsdale Residence Club, Inc.

   Florida    Vistana Vacation Ownership, Inc.      100     100

Scottsdale Residence Club Sales, Inc.

   Arizona    Vistana Vacation Ownership, Inc.      100     N/A  

Sheraton Flex Vacations, LLC

   Florida    Vistana Vacation Ownership, Inc.      100     100

 

19


Subsidiary

   Jurisdiction of
Organization
  

Owner of Subsidiary

   Percentage of
Outstanding
Equity Interests
Held, Directly
or Indirectly,
by the Owner
    % of Total Issued
Interests Pledged
 

St. Regis New York Management, Inc.

   Florida    Vistana Vacation Ownership, Inc.      100     100

St. Regis Residence Club, New York Inc.

   Florida    Vistana Vacation Ownership, Inc.      100     100

Hawaii Vacation Title Services, Inc.

   Hawaii    Vistana Vacation Ownership, Inc.      100     100

Points of Colorado, Inc.

   Colorado    Vistana Vacation Ownership, Inc.      100     N/A  

VDI Intermediate Corp.

   Delaware    Vistana Development, Inc.      100     N/A  

Vistana Development, Inc.

   Florida    Vistana Vacation Ownership, Inc.      100     100

Vacation Title Services, Inc.

   Florida    Vistana Vacation Ownership, Inc.      100     100

VCH Communications, Inc.

   Florida    Vistana Vacation Ownership, Inc.      100     100

VCH Consulting, Inc.

   Florida    Vistana Vacation Ownership, Inc.      100     100

VCH Systems, Inc.

   Florida    Vistana Vacation Ownership, Inc.      100     100

Vistana Management, Inc.

   Florida    Vistana Vacation Ownership, Inc.      100     100

Vistana MB Management, Inc.

   South Carolina    Vistana Vacation Ownership, Inc.      100     100

Vistana Portfolio Services, Inc.

   Florida    Vistana Vacation Ownership, Inc.      100     100

St. Regis Colorado Management, Inc.

   Colorado    Vistana Vacation Ownership, Inc.      100     N/A  

St. Regis Residence Club of Colorado, Inc.

   Colorado    Vistana Vacation Ownership, Inc.      100     N/A  

Vistana Arizona Management, Inc.

   Arizona    Vistana Vacation Ownership, Inc.      100     N/A  

Vistana California Management, Inc.

   California    Vistana Vacation Ownership, Inc.      100     N/A  

Vistana Colorado Management, Inc.

   Colorado    Vistana Vacation Ownership, Inc.      100     N/A  

Vistana Hawaii Management, Inc.

   Hawaii    Vistana Vacation Ownership, Inc.      100     100

Vistana Acceptance Corp.

   Florida    Vistana Vacation Ownership, Inc.      100     100

SVO 2011-A VOI Mortgage Corp.

   Delaware    Vistana Acceptance Corp.      100     N/A  

SVO 2012-A VOI Mortgage Corp.

   Delaware    Vistana Acceptance Corp.      100     N/A  

VSE 2016-A VOI Mortgage, Inc.

   Delaware    Vistana Acceptance Corp.      100     N/A  

VSE 2017-A VOI Mortgage, Inc.

   Delaware    Vistana Acceptance Corp.      100     N/A  

VSE 2018-A VOI Mortgage, Inc.

   Delaware    Vistana Acceptance Corp.      100     N/A  

Vistana PSL, Inc.

   Florida    Vistana Vacation Ownership, Inc.      100     100

PSL Intermediate Corp.

   Delaware    Vistana PSL, Inc.      100     N/A  

Vistana Residential Management, Inc.

   Florida    Vistana Vacation Ownership, Inc.      100     100

Vistana Vacation Realty, Inc.

   Florida    Vistana Vacation Ownership, Inc.      100     100

VSE East, Inc

   Florida    Vistana Vacation Ownership, Inc.      100     100

Westin Sheraton Vacation Services, Inc.

   Florida    Vistana Vacation Ownership, Inc.      100     100

Vistana Scottsdale Management, Inc.

   Arizona    Vistana Vacation Ownership, Inc.      100     N/A  

Vistana Vacation Services Hawaii, Inc.

   Hawaii    Vistana Vacation Ownership, Inc.      100     100

VSE Arizona Development, Inc.

   Arizona    Vistana Vacation Ownership, Inc.      100     N/A  

VSE Arizona Realty, Inc.

   Arizona    Vistana Vacation Ownership, Inc.      100     N/A  

VSE California Sales, Inc.

   California    Vistana Vacation Ownership, Inc.      100     N/A  

Vistana Scottsdale, Inc.

   Arizona    Vistana Vacation Ownership, Inc.      100     N/A  

 

20


Subsidiary

   Jurisdiction of
Organization
  

Owner of Subsidiary

   Percentage of
Outstanding
Equity Interests
Held, Directly
or Indirectly,
by the Owner
    % of Total Issued
Interests Pledged
 

VSE Myrtle Beach, LLC

   South Carolina    Vistana Vacation Ownership, Inc.      100     100

MB Intermediate Corp.

   Delaware    VSE Myrtle Beach, LLC      100     N/A  

VSE Pacific, Inc.

   Florida    Vistana Vacation Ownership, Inc.      100     100

SVOP Intermediate Corp.

   Delaware    VSE Pacific, Inc.      100     N/A  

VSE Mexico Portfolio Services, Inc.

   Florida    Vistana Vacation Ownership, Inc.      100     100

VSE Residence Club Sales of New York, Inc.

   New York    Vistana Vacation Ownership, Inc.      100     N/A  

VSE Trademark, Inc.

   Florida    Vistana Vacation Ownership, Inc.      100     100

VSE Residence Club Sales, Inc.

   Colorado    Vistana Vacation Ownership, Inc.      100     N/A  

VSE Villas Arizona, Inc.

   Arizona    Vistana Vacation Ownership, Inc.      100     N/A  

VSE West, Inc.

   Florida    Vistana Vacation Ownership, Inc.      100     100

VSE Vistana Villages, Inc.

   Florida    Vistana Vacation Ownership, Inc.      100     100

SVV Intermediate Corp.

   Delaware    VSE Vistana Villages, Inc.      100     N/A  

WVC Rancho Mirage, Inc.

   Delaware    Vistana Vacation Ownership, Inc.      100     100

RM Intermediate Corp.

   Delaware    WVC Rancho Mirage, Inc.      100     N/A  

VSE Cayman Holdings Limited

   Cayman
Islands
   Vistana Vacation Ownership, Inc.      100     65

VSE Development, Inc.

   Florida    Vistana Vacation Ownership, Inc.      100     100

Flex Collection, LLC

   Florida    Vistana Vacation Ownership, Inc.      100     100

VSE Bahamas Holdings, LLC

   Delaware    Vistana Vacation Ownership, Inc.      100     65

VSE International, Inc.

   Florida    Vistana Vacation Ownership, Inc.      100     65

VSE UK Holdings Ltd.

   England & Wales    Vistana Signature Experiences, Inc.      100     65

Vistana Aventuras, Inc.

   Florida    Vistana Vacation Ownership, Inc.      100     100

Lagunamar Cancun Mexico, Inc.

   Florida    Vistana Vacation Ownership, Inc.      100     100

VSE Mexico Holding, S. de R. L. de C.V

   Mexico    Lagunamar Cancun Mexico, Inc.      99.7     65
      Vistana Vacation Ownership, Inc.      0.3     65

Cancun Intermediate Corp.

   Delaware    Lagunamar Cancun Mexico, Inc.      100     N/A  

 

21


Schedule 7.01(b)

Existing Liens

 

JURISDICTION

   DEBTOR    SECURED PARTY    TYPE
OF UCC
     DATE
FILED
     FILE NO.      DESCRIPTION  

Florida - Department of State

   INTERVAL
INTERNATIONAL,
INC. 6262 Sunset
Drive Miami, FL
33143
   IBM CREDIT LLC

1 North Castle Drive
Armonk, NY 10504

     UCC-1        01/29/15        201502998872        Equipment  

Florida - Department of State

   INTERVAL
INTERNATIONAL,
INC. 9995 North
Kendall Drive
Miami, FL 33176
   North American
Communications
Resource, Inc. 3344
Hwy 149 Eagan, MN
55121
     UCC-1        03/02/15        201503183627        Equipment  

Florida - Department of State

   INTERVAL
INTERNATIONAL,
INC. 9240 NW 12th
Street Miami, FL
33172
   Canon Financial
Services, Inc. 158
Gaither Drive, Suite
200 Mt. Laurel, NJ
08054
     UCC-1        04/08/15        201503430683        Equipment  

Florida - Department of State

   INTERVAL
INTERNATIONAL,
INC. 6262 Sunset
Drive Miami, FL
33143
   IBM Credit LLC
One North Castle Drive
Armonk, NY 10504
     UCC-1        01/02/16        201506123102        Equipment  

 

22


Schedule 7.02

Existing Investments

Schedule 5.11 is hereby incorporated by reference.

 

Description

   as of August 31, 2018      Date  

Loan by Resort Management Services, Inc. to Newdo Limited

   $ 15,146,917        11/4/13  

ILG Minority Investments:

Maui Timeshare Venture, L.L.C. – HTS-Maui, L.L.C. has 33% interest

Harborside at Atlantis Joint Venture Limited – Vistana Bahamas Investments Limited has 50% interest

American Pacific Hotels, LLC – Aqua Hotels & Resorts, LLC has 25% interest

Tanlin, LLC – Aqua Hotels & Resorts, LLC has 25% interest

 

23


Schedule 7.03(c)

Surviving Indebtedness

Schedules 2.03(a)(i), 2.03(a)(ii) and 7.01(b) are hereby incorporated by reference.

 

  1.

Indenture, dated as of April 10, 2015, by and among Interval Acquisition Corp., the guarantors party thereto and HSBC Bank USA, National Association related to 5.625% Senior Notes due 2023.

 

  2.

Supplemental Indenture, dated as of June 29, 2016, by and among Interval Acquisition Corp., the subsidiary guarantors party hereto, and HSBC Bank USA, National Association related to 5.625% Senior Notes due 2023.

 

  3.

Amended and Restated Loan Sale Agreement, dated as of October 2, 2017, by and between GDVI, LLC, a Delaware limited liability company and Quorum Federal Credit Union.

 

24


Schedule 7.07

Transactions with Affiliates

 

1.

ILG and its subsidiaries have entered into customary separation agreements with former directors and officers.

 

2.

Loans from Resort Sales Services, Inc. to Great Destinations (a consolidated 50% owned subsidiary) to fund working capital in accordance with past practices.

 

3.

Amended and Restated Exchange Services Agreement between Interval International, Inc., and Marriott Ownership Resorts, Inc., with an effective date of January 1, 2014, as amended by that certain First Amendment to Amended and Restated Exchange Services Agreement dated September 11, 2014, as further amended by that certain Second Amendment to Amended and Restated Exchange Services Agreement dated December 31, 2014, and as further amended by that certain Third Amendment to Amended and Restated Exchange Services Agreement dated June 15, 2015, and as further amended by that certain Fourth Amendment to Amended and Restated Exchange Services Agreement dated October 28, 2016, and as further amended by that certain Fifth Amendment to Amended and Restated Exchange Services Agreement dated October 28, 2016.

 

4.

Resort Affiliation Agreement between Interval International, Inc. and Marriott Ownership Resorts, Inc., dated as of February 26, 2010, as amended by that certain Amendment to Resort Affiliation Agreement, dated January 1, 2014, as further amended by that certain Second Amendment to Resort Affiliation Agreement, dated December 31, 2014, as further amended by that certain Third Amendment to Resort Affiliation Agreement, dated June 15, 2015.

 

5.

Sales and Marketing Agreement, dated November 9, 2012, between HV Global Marketing Corporation, HV Global Group, Inc. and Maui Timeshare Venture LLC.

 

6.

Timeshare Consulting, Technical, and Administrative Services Agreement, dated November 9, 2012, between HV Global Group, Inc. and Maui Timeshare Venture LLC.

 

7.

Developer Property Management Agreement, dated November 9, 2012, between HV Global Management Corporation and Maui Timeshare Venture LLC.

 

8.

Loan Servicing Agreement, dated November 9, 2012, between HTS-Loan Servicing, Inc. and Maui Timeshare Venture LLC.

 

9.

Servicing Agreement, dated August 9, 2017, between ZB, N.A. (dba National Bank of Arizona), HTS-Loan Servicing, Inc. and Maui Timeshare Venture LLC.

 

10.

Remarketing Agreement, dated August 9, 2017, between ZB, N.A. (dba National Bank of Arizona), HTS-Loan Servicing, Inc., Maui Timeshare Venture LLC, and HV Global Marketing Corporation and Maui Timeshare Venture LLC.

 

11.

Shared Services Agreement, dated November 4, 2013 between VRI Europe Limited, and CLC Resort Management.

 

25


12.

Co-operation Agreement dated November 4, 2013 between VRI Europe Limited, CLC Resort Management Limited, VRI Management España S.L. and VRI Management Canarias S.L.

 

13.

ICT Services Agreement, dated November 4, 2013 between VRI Europe Limited, and European Resorts & Hotels, S.L.

 

14.

Shareholders’ Deed, dated November 4, 2013 among Interval Leisure Group Management Limited, CLC Resort Management Limited and VRI Europe Limited.

 

15.

Pre-emption Deed, dated November 4, 2013, among ILG Lux Finance S.a. r.l., and specified affiliates of CLC Holdings Limited.

 

16.

Shareholders’ Deed, dated November 4, 2013, among CLC Resort Developments Limited, ILG Lux Finance S.a r.l. and FMRH Limited.

 

17.

Agreement for Resort Management Services relating to Santa Cruz, dated November 4, 2013, between Remisol S.A. and VRI Management España S.L.

 

18.

Agreement for Resort Management Services relating to Monterey Royale, dated November 4, 2013, between Mantenerife S.L. and VRI Management Canarias S.L.

 

19.

Loan Agreement among Resort Management Finance Services, Inc., Newdo Limited, Tenerife Owning, S.L., Duchally House Leisure Limited and Remisol S.A. and related security agreements.

 

20.

Master Affiliation Agreement, dated October 25, 2012, as amended, between Interval International, Inc. and CLC Resort Developments Limited.

 

21.

Master Services Agreement, dated October 25, 2012, as amended, between Interval International, Inc. and CLC Resort Developments Limited.

 

22.

Owner Services Agreement, dated October 25, 2012, as amended, between Interval Resort Financial Services, Inc. and CLC Resort Developments Limited.

 

23.

Marketing arrangements and other mixed-use property operations with Host re: Westin Kierland, Westin Mission Hills and Westin Riverfront.

 

 

26