Document:

ISDA Novation Agreement

 Exhibit 10.36 
 ISDA® 
 International Swaps and Derivatives
Association, Inc. 
 NOVATION AGREEMENT 
 dated as of February 4, 2010 among: 
 NATIONAL CINEMEDIA, LLC (the
“Remaining Party”), 
 LEHMAN BROTHERS SPECIAL FINANCING INC. (the “Transferor”) 
 AND 
 BARCLAYS BANK
PLC (the “Transferee”). 
 The Transferor and the Remaining Party have entered into a Transaction (the “Old
Transaction”), evidenced by a Confirmation, dated as of September 14, 2007, a copy of which is attached hereto as Annex A (the “Old Confirmation”), and subject to an ISDA Master Agreement dated as of March 2, 2007
(as amended and supplemented, the “Old Agreement”). 
 With effect from and including the date hereof (the “Novation
Date”), the Transferor wishes to transfer by novation to the Transferee, and the Transferee wishes to accept the transfer by novation of, all the rights, liabilities, duties and obligations of the Transferor under and in respect of the Old
Transaction, with the effect that the Remaining Party and the Transferee enter into a new transaction (the “New Transaction”) between them having terms identical to those of the Old Transaction, as more particularly described below.

 The Remaining Party wishes to accept the Transferee as its sole counterparty with respect to the New Transaction. 
 The Transferor and the Remaining Party wish to have released and discharged, as a result of the transfer described above, their respective obligations under
and in respect of the Old Transaction. 
 Accordingly, the parties agree as follows: — 
  

	1.	Definitions. 

 Terms defined in the ISDA
Master Agreement (Multicurrency-Cross Border) as published in 1992 by the International Swaps and Derivatives Association, Inc. (the “1992 ISDA Master Agreement”) are used herein as so defined, unless otherwise provided herein.

	2.	Transfer, Release, Discharge and Undertakings. 

 On February 8, 2010, and as consideration (the “Consideration”) for the novation described herein, the Transferee agrees to pay the Transferor, by wire transfer to the account specified on Annex B attached hereto, the
amount specified in that certain fee letter agreement (the “Fee Letter Agreement”) dated as of February 4, 2010 between the Transferee and the Transferor without deduction, set-off or counterclaim in immediately available
funds. This Novation Agreement shall not be effective, and no party shall have any rights or obligations hereunder, unless and until the Transferor has received the Consideration. Promptly after Transferor has received the Consideration, it shall
notify Transferee and Remaining Party of its receipt thereof. With effect from and including the Novation Date and in consideration of the mutual representations, warranties and covenants contained in this Novation Agreement and other good and
valuable consideration (the receipt and sufficiency of which are hereby acknowledged by each of the parties): 
  

	 	(a)	upon payment by the Remaining Party to the Transferor, by wire transfer to the account specified on Annex B attached hereto, of the “Agreed Amount” (as
defined in that certain letter agreement, dated as of the date hereof, between the Transferor and the Remaining Party (the “Release Agreement”)), each of the Remaining Party and the Transferor are each released and discharged from
further obligations to each other with respect to the Old Transaction and their respective rights against each other thereunder are cancelled; 

  

	 	(b)	in respect of the New Transaction, the Remaining Party and the Transferee each undertake liabilities and obligations towards the other and acquire rights against each
other identical in their terms to the Old Transaction (and, for the avoidance of doubt, as if the Transferee were the Transferor and with the Remaining Party remaining the Remaining Party); 

  

	 	(c)	without limitation of the foregoing, the terms of that certain Order Approving Consensual Assumption and Assignment of Prepetition Derivative Contracts (the
“Order”), which Order was entered by the bankruptcy court having jurisdiction over the Transferor’s Chapter 11 bankruptcy case (the “Bankruptcy Case”), shall be binding in all respects upon, shall govern the
acts of and shall inure to the benefit of, the Transferor, the Remaining Party, the Transferee, each of their respective affiliates, successors and assigns and any affected third parties; 

  

	 	(d)	the New Transaction shall be governed by and shall be evidenced either (i) by means of the relevant Old Confirmation (as deemed modified to be consistent with this
Novation Agreement); or (ii) by the Transferee and the Remaining Party entering into a Confirmation specifying the terms of the New Transaction (provided, however, that any failure of either the Transferee or the Remaining Party to enter in to
such Confirmation shall not affect the rights and obligations of the Transferor pursuant to this Novation Agreement), and the office of the Remaining Party for purposes of the New Transaction shall be as set forth in the Old Agreement, and the
office of the Transferee for purposes of the New Transaction shall be as set forth in Annex C attached hereto; and 

  

	 	(e)	immediately after receiving notice from Transferor of the receipt of the Consideration, as required above, the Remaining Party shall amend the Proofs of Claim (Claim
Numbers 28641 and 28643) and the related Derivative Questionnaires (in each case, as defined in the Order Pursuant to Section 502(b)(9) of the Bankruptcy Code and Bankruptcy Rules 3003(c)(3) Establishing the Deadline for Filing Proofs of Claim,
Approving the Form and Manner of Notice Thereof and Approving the Proof of Claim Form (the “Bar Date Order”) entered in the Bankruptcy Case on July 2, 2009) filed by Remaining Party in respect of the Old Transaction against
Transferor and Lehman Brothers Holdings Inc. to the extent necessary to reflect the withdrawal of the claims reflected in such Proofs of Claim. 

  

	3.	Representations and Warranties. 

  

	 	(a)	On the Novation Date: 

  

	 	(i)	Except as may be otherwise set forth in clause (vi)(B) below, each of the parties makes to each of the other parties those representations and warranties set forth in
Section 3(a) of the 1992 ISDA Master Agreement with references in such Section to “this Agreement” or “any Credit Support Document” being deemed references to this Novation Agreement alone. 

  

 2 

	 	(ii)	Each of the parties represents and warrants to each of the other parties that this Novation Agreement is being executed and performed in the ordinary course of such
party’s business and that it is not required to obtain the approval of any court or regulatory agency as a condition to such execution and performance. Notwithstanding the foregoing, the Transferor represents and warrants that this Novation
Agreement is being entered into in accordance and pursuant to the Order. 

  

	 	(iii)	The Remaining Party and the Transferee each makes to the other the representation set forth in Section 3(b) of the 1992 ISDA Master Agreement with respect to the
New Transaction and taking into account the parties entering into and performing their obligations under this Novation Agreement. 

  

	 	(iv)	The Remaining Party and the Transferor each represents to the Transferee that, immediately prior to the execution of this Novation Agreement, the Old Transaction had
not terminated in whole or in part and the Old Transaction was in full force and effect and that any purported termination prior to the execution of this Novation Agreement was of no force and effect. 

  

	 	(v)	The Transferor represents and warrants to the Remaining Party and the Transferee that, after consultation with its bankruptcy counsel, it has determined that no order
of the Court is necessary or required to authorize or empower the Transferor to enter into this Novation Agreement or to be bound hereby, other than the Order, the terms of which permit the Transferor to enter into, this Novation Agreement. The
Transferor hereby further represents and warrants that the execution and delivery of this Novation Agreement (i) has been consented to by the Committee (as defined in the Order) and (ii) is otherwise in compliance with the Order.

  

	 	(vi)	Each of the Transferor and the Remaining Party represents and warrants to each other and to the Transferee that: 

  

	 	(A)	as of the date hereof, no other party has any interest or obligation in or under the Old Agreement in respect of the Old Transaction (whether by way of security or
otherwise), other than the security interest in the Old Agreement, the Old Confirmation and the Old Transaction granted to Lehman Commercial Paper Inc. pursuant to the terms of the Collateral Documents (as defined in the Old Agreement).

  

	 	(B)	as of the Novation Date, all obligations of the Transferor and the Remaining Party under the Old Transaction required to be performed on or before the Novation Date
have been fulfilled; provided, that one or more Events of Default and/or Termination Events have occurred in respect of the bankruptcy, ratings and/or other credit standing of the Transferor and Transferor’s Credit Support Provider and
any other applicable Specified Entity of the Transferor, which Event(s) of Default or Termination Event(s) shall be deemed to have been cured by the terms of this Novation Agreement and pursuant to the Order. 

  

	 	(b)	The Transferor makes no representation or warranty and does not assume any responsibility with respect to the legality, validity, effectiveness, adequacy or
enforceability of the New Transaction or any documents relating thereto and assumes no responsibility for the condition, financial or otherwise, of the Remaining Party, the Transferee or any other person or for the performance and observance by the
Remaining Party, the Transferee or any other person of any of its obligations under the New Transaction or any document relating thereto and any and all such conditions and warranties, whether express or implied by law or otherwise, are hereby
excluded. 

  

 3 

	 	(c)	Each party to this Novation Agreement represents to the other parties (i) that it is acting for its own account, and it has made its own independent decisions to
enter into this Novation Agreement and the transactions contemplated hereby (collectively, the “Novation Transaction”) and as to whether the Novation Transaction is appropriate or proper for it based upon its own judgment and upon
advice from such advisers as it has deemed necessary; (ii) it is not relying on any communication (written or oral) of the other party as investment advice or as a recommendation to enter into the Novation Transaction, it being understood that
information and explanations related to the terms and conditions of the Novation Transaction will not be considered investment advice or a recommendation to enter into the Novation Transaction; and (iii), it is capable of assessing the merits of and
understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of the Novation Transaction and is capable of assuming, and assumes, the risks of the Novation Transaction. No
communication (written or oral) received from any party will be deemed to be an assurance or guarantee as to the expected results of the Novation Transaction, and no party to the Novation Transaction is acting as a fiduciary for or an advisor to any
other party with respect to the Novation Transaction. 

  

	 	(d)	With the exception of the representations and warranties made under this Section 3 and the representations set forth in the NCM Letter Agreement, each of the
Transferor, the Remaining Party and the Transferee represents and warrants to each other that none of the other parties to this Novation Agreement nor their respective Affiliates have made, as of the Novation Date, any representation on which it is
relying or is entitled to rely. 

  

	4.	Counterparts. 

 This
Novation Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (including by facsimile transmission), each of which will be deemed an original. 
  

	5.	Costs and Expenses. 

 The
parties will each pay their own costs and expenses (including legal fees) incurred in connection with this Novation Agreement and as a result of the negotiation, preparation and execution of this Novation Agreement. 
  

	6.	Amendments. 

 No
amendment, modification or waiver in respect of this Novation Agreement will be effective unless in writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an exchange of telexes or
electronic messages on an electronic messaging system. 
  

	7.	(a) Governing Law. 

 This
Novation Agreement will be governed by, and construed in accordance with, the laws of the State of New York without reference to the conflict of laws provisions thereof. 
  

	 	(b)	Jurisdiction. 

 The terms
of Section 13(b) of the 1992 ISDA Master Agreement shall apply to this Novation Agreement with references in such Section to “this Agreement” being deemed references to this Novation Agreement alone. 
  

	8.	Waiver of Jury Trial. 

 The parties waive, to the fullest extend permitted by applicable law, any right they may have to a trial by jury in respect of any suit, action or proceeding relating to this Novation Agreement. The parties certify that no representative,
agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and acknowledge that they have been induced to
enter into this Novation Agreement by, among other things, the mutual waivers and certifications in this Section 8. 
  

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 IN WITNESS WHEREOF the parties have executed this Novation Agreement on the respective dates specified below
with effect from and including the Novation Date. 
  

									
	 NATIONAL CINEMEDIA, LLC
     By: National CineMedia, Inc., its Manager
	 		 	LEHMAN BROTHERS SPECIAL FINANCING INC.
					
	By:	 	/s/ Gary W. Ferrera	 		 	By:	 	/s/ Daniel J. Ehrmann
		 	 Name: Gary W. Ferrera
 Title:
EVP & CFO
 Date: February 4, 2010
	 		 		 	 Name: Daniel J. Ehrmann
 Title: Vice President
 Date: February 4, 2010

			
	BARCLAYS BANK PLC	 		 	
					
	By:	 	/s/ Linda Alexander	 		 		 	
		 	 Name: Linda Alexander
 Title:
AVP
 Date: February 4, 2010
	 		 		 	

  

 5 

 ANNEX A 
 OLD CONFIRMATION 
 Confirmation, dated September 14, 2007, between Remaining
Party and Transferor (Global ID 2910522) 
 SEE ATTACHED 

 ANNEX B 
 PAYMENT INSTRUCTIONS FOR CONSIDERATION PAYMENT IN 
 USD TO LEHMAN BROTHERS
SPECIAL FINANCING INC.: 
 Citibank NA New York 
 388 Greenwich Street 
 New York, New York 10013 
 Swift CITIUS33 
 ABA No. 021-000-089 
 Acc’t No. 3078-4731 (Lehman Brothers Special Financing Inc. – DIP) 
 Reference: National CineMedia LLC (Global ID 2910522) 

 ANNEX C 
 TRANSFEREE CONTACT INFORMATION 
  

			
	 Address:
	  	Barclays Bank PLC
		  	c/o Barclays Capital
		  	Legal Department
		  	745 Seventh Avenue
		  	New York, NY 10019, United States
		
	 Attention:
	  	General Counsel
	 Facsimile No.:
	  	+1 (212) 412-3544
	 Telephone No.:
	  	+1 (212) 412-7519Confirmation of Swap

 Exhibit 10.37 
  

					
		 		 	 5 The North Colonnade
 Canary Wharf
 London E14 4BB

		 		 	 United Kingdom
  
 Tel +44 (0)20 7623 2323

  

			
	 To:
	 	NATIONAL CINEMEDIA LLC (the “Counterparty”)
		
	 Attn:
	 	David Oddo
		
	 Fax No:
	 	0013037928829
		
	 From:
	 	BARCLAYS BANK PLC (LONDON HEAD OFFICE) (“Barclays”)
		
	 Date:
	 	February 16, 2010
		
	 Reference:
	 	3700890B

 Amended Rate Swap
Confirmation 
 The purpose of this facsimile (this “Confirmation”) is to confirm the terms and conditions of the Transaction
entered into between us on the Trade Date specified below (the “Transaction”). This Confirmation supersedes any previous Confirmation or other written communication with respect to the Transaction described below and evidences a complete
binding agreement between you and us as to the terms of the Transaction described below. This Confirmation constitutes a Confirmation as referred to in the Agreement specified below. 
 The definitions and provisions contained in the 2006 ISDA Definitions (the “2006 Definitions”), as published by the International Swaps and Derivatives Association, Inc. (“ISDA”) are
incorporated into this Confirmation. In the event of any inconsistency between the 2006 Definitions and this Confirmation, this Confirmation will govern for the purposes of the Transaction. References herein to a “Transaction” shall be
deemed to be references to a “Swap Transaction” for the purposes of the 2006 Definitions. Capitalized terms used in this Confirmation and not defined in this Confirmation or the 2006 Definitions shall have the respective meanings assigned
in the Agreement (defined below). Each party hereto agrees to make payment to the other party hereto in accordance with the provisions of this Confirmation and of the Agreement. 
 1. This Confirmation evidences a complete binding agreement between you and us as to the terms of the Transaction to which this Confirmation relates. You and we agree to use all reasonable efforts
promptly to negotiate, execute and deliver an agreement in the form of the ISDA Master Agreement (Multicurrency-Cross Border) (the “ISDA Form”), with such

 
modifications as you and we in good faith agree (when so agreed, executed and delivered, the “Agreement”). Upon the execution by you and us of such Agreement, this Confirmation will
supplement, form a part of, and be subject to that agreement. All provisions contained or incorporated by reference in that agreement upon its execution will govern this Confirmation except as expressly modified below. Until we execute and deliver
that agreement, this Confirmation, together with all other confirmations referring to the ISDA Form confirming transactions entered into between us, shall supplement, form a part of, and be subject to an agreement in the form of the ISDA Form as if
we had executed an agreement in such form (but without any Schedule) on the Trade Date of the first such Transaction between us, governed by New York law with the Termination Currency being USD, and including as Section 6(f) thereof the
provisions of Section V(A) of ISDA’s User’s Guide to the 1992 Master Agreements. In the event of any inconsistency between the provisions of that agreement and this Confirmation, this Confirmation will prevail for the purpose of this
Transaction. 
 Each party represents to the other party that (absent a written agreement between the parties that expressly imposes affirmative
obligations to the contrary): 
 (a) Non-Reliance. It is acting for its own account, and it has made its own independent decisions to
enter into the Transaction and as to whether the Transaction is appropriate or proper based upon its own judgment and upon advice from such advisers as it has deemed necessary. It is not relying on any communication (written or oral) of the other
party as investment advice or as a recommendation to enter into the Transaction: it being understood that information and explanations related to the terms and conditions of the Transaction shall not he considered investment advice or a
recommendation to enter into the Transaction. No communication (written or oral) received from the other party shall be deemed to be an assurance or guarantee as to the expected results of the Transaction. 
 (b) Assessment and Understanding. It is capable of assessing the merits of and understanding (on its own behalf or through independent professional
advice), and understands and accepts, the terms, conditions and risks of the Transaction. It is also capable of assuming, and assumes, the risks of the Transaction. 
 (c) Status of Parties. The other party is not acting as a fiduciary for or an adviser to it in respect of the Transaction. 
 (d) Purpose. It is entering into the Transaction for the purposes of hedging its assets or liabilities or in connection with a line of business. 
 The terms of the particular Transaction to which this Confirmation relates are as follows: 
  

			
	 2.
	  	TRADE DETAILS
	 Notional Amount:
	  	USD 137,500,000.00
		
	 Trade Date:
	  	February 4, 2010
		
	 Effective Date:
	  	December 14, 2009
		
	 Termination Date:
	  	February 13, 2015; subject to adjustment in accordance with the Modified Following Business Day Convention
		
	 Fixed Amounts:
	  	
	 Fixed Rate Payer:
	  	Counterparty
		
	Fixed Rate Payer Payment Date(s):	  	The 13th of June, September, December and March in each year

  

 2 

			
		  	from (and including) March 13, 2010 to (and including) December 13, 2014 with a Final Payment on the Termination Date; subject to adjustment in accordance with the
Modified Following Business Day Convention.
		
	Fixed Rate:	  	4.984% per annum
		
	Fixed Rate Day Count Fraction:	  	Actual/360
		
	Floating Amounts:	  	
		
	Floating Rate Payer:	  	Barclays
		
	Floating Rate Payer Payment Date(s):	  	The 13th of June, September, December and March in each year from (and including) March 13, 2010 to (and including) December 13, 2014 with a Final Payment on the Termination
Date; subject to adjustment in accordance with the Modified Following Business Day Convention.
		
	Floating Rate for initial Calculation Period:	  	0.25425%
		
	Floating Rate Option:	  	USD-LIBOR-BBA
		
	Spread:	  	None
		
	Floating Rate Day Count Fraction:	  	Actual/360
		
	Designated Maturity:	  	3 Months
		
	Reset Dates:	  	The first day in each Calculation Period
		
	Compounding:	  	Inapplicable
		
	Business Days:	  	London and New York
		
	Calculation Agent:	  	Barclays
		
	3.	  	 ADDITIONAL PROVISIONS
  
 The following provisions will apply to this Transaction as if such terms constitute the entire Schedule to the 1992 ISDA Master Agreement referenced in the
third paragraph of this Confirmation. Any reference to the “Agreement” shall be deemed a reference to such 1992 ISDA Master Agreement supplemented and amended by the following terms.

		
	Specified Entity:	  	Specified Entity means in relation to Barclays and Counterparty: Not Applicable
		
	Cross Default:	  	Provisions of Section 5(a)(vi) will apply to Counterparty and Barclays.
		
		  	In connection with 5(a)(vi), the following terms shall have the meaning set forth below:
		
		  	“Specified Indebtedness” has the meaning specified in Section 14 of this Agreement, except that with respect to Barclays, indebtedness or obligations in respect
of deposits received in the ordinary course of the banking business of such party shall not constitute Specified Indebtedness and with respect to

  

 3 

			
		  	Counterparty. “Specified Indebtedness” shall include, without limitation, the obligations of Counterparty under that certain Credit Agreement dated as of
February 13, 2007, made by and between Party B, Lehman Brothers Inc. and J.P. Morgan Securities, Inc., as Arrangers, Credit Suisse (USA) LLC and Morgan Stanley Senior Funding, Inc., as Co-Documentation Agents, Lehman Commercial Paper Inc., as
Administrative Agent; and the other Lenders party thereto, as the same may be amended, modified, supplemented or replaced from time to time (the “Credit Agreement”) (and to which other lenders, borrowers or other persons may be or
become party).
		
		  	“Threshold Amount” means, (1) with respect to Barclays, an amount equal to three percent (3%) of its shareholders’ equity, determined in accordance with
generally acceptable accounting principles in its jurisdiction or incorporation or organization as at the end of its most recently completed fiscal year, and (2) with respect to Counterparty, $25,000,000.
		
	Automatic Early Termination:	  	The “Automatic Early Termination” provision of Section 6 (a) will not apply to Barclays and will not apply to Counterparty.
		
	Payments on Early Termination:	  	For the purpose of Section 6 (e), the Second Method and Market Quotation will apply.
		
	Credit Event Upon Merger:	  	Provisions of Section 5(b)(iv) will apply to Barclays and Counterparty. Section 5(b)(iv) of the Agreement is replaced with the following:
		
		  	“The term “Credit Event Upon Merger” shall mean that a Designated Event (as defined below) occurs with respect to a party, any Credit Support
Provider of such party or any applicable Specified Entity of such party (in each case, “X”) and such Designated Event does not constitute an event described in Section 5(a)(viii) of this Agreement and the creditworthiness of X or, if
applicable, the successor, surviving or transferee entity of X, after taking into account any applicable Credit Support Document, is, in the reasonable opinion of the other party, materially weaker immediately after the occurrence of such Designated
Event than that of X immediately prior to the occurrence of such Designated Event (and, in any such event, such party or its successor, surviving or transferee entity, as appropriate, will be the Affected Party).
		
		  	A “Designated Event” with respect to X means that:
		
		  	(i) X consolidates or amalgamates with or merges with or into, or transfers all or substantially all its assets (or any substantial part of the assets comprising the business
conducted by X as of the date of this Agreement) to, or reorganizes, reincorporates or reconstitutes into or as another entity; or
		
		  	(ii) any person or related group of persons or entity acquires directly or indirectly the beneficial ownership of (A) equity securities having the power to elect a majority of
the board of directors (or its equivalent) of X or (B) any other ownership interest enabling it to exercise control of X; or

  

 4 

			
		  	(iii) X effects any substantial change in its capital structure by means of the issuance, incurrence or guarantee of debt or the issuance of (A) preferred stock or other
securities convertible into, or exchangeable for, debt or preferred stock; or (B) in the case of entities other than corporations, any other form of ownership interest.
		
	Certain Defined Terms and Representations	  	Counterparty represents and warrants to Barclays at all times until the termination of this Confirmation that (i) this Confirmation is a Specified Hedge Agreement that is
permitted under the Credit Agreement and under its other contractual obligations and (ii) this Confirmation is an Obligation (as defined in the Credit Agreement and Collateral Documents). Counterparty represents and warrants to Barclays at all times
until the execution and delivery of the Agreement that the obligations of Counterparty to Barclays with respect to this Confirmation is secured under, and in accordance with, the terms of the Credit Agreement and Collateral Documents and rank at
least pari passu and equal in right and priority of payment and liquidation with the Loans under the Loan Documents (and, to the extent the Loans consist of multiple tranches, the most senior tranche thereof).
		
		  	Barclays represents and warrants to Counterparty that, as of the Effective Date, the Trade Date and the date hereof, it is a Lender (as defined in the Credit Agreement) or an
affiliate of a Lender.
		
		  	The following terms shall have the meanings set forth below for purposes of this Confirmation:
		
		  	“Collateral Documents” means the Credit Agreement and the “Security Documents” as defined in the Credit Agreement.
		
		  	“Lender” means any lender under the Credit Agreement holding the most senior security interest in the Collateral relative to the other Secured Parties.
		
		  	“Loan” means any loan made by a Lender to a borrower under the Credit Agreement.
		
		  	“Loan Documents” shall have the meaning as set forth in the Credit Agreement.
		
		  	“Secured Party” means a secured party under the Collateral Documents.
		
	Assignment:	  	Except as expressly provided in the Agreement, the Transaction may not be assigned by either party hereto without the consent of the other party hereto, and any purported
assignment of the Transaction without such consent shall be void.

  

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	Telephone Recording:	  	Each party to this Transaction:
		
		  	 (i) consents to the recording of telephone conversations between the trading, marketing and other relevant personnel of the parties in
connection with this Transaction;
  
 (ii) agrees to obtain any necessary
consent of, and give any necessary notice of such recording to, its relevant personnel; and
  
 (iii) agrees, to the extent permitted by applicable law, that recordings may be submitted in evidence in any court or legal proceedings for the purpose of establishing any matters relating to this
Transaction.

		
	Special Provisions	  	
		
	Early Termination:	  	If the Counterparty has not executed an ISDA Master Agreement, in a form reasonably acceptable to Barclays, on or before the sixtieth (60th) calendar day following February 8, 2010,
then the following Optional Early Termination provisions shall apply; provided that from and after the date that the Counterparty has executed an ISDA Master Agreement, in a form reasonably acceptable to Barclays, Optional Early Termination shall no
longer apply.
		
	Optional Early Termination:	  	Applicable
		
	Option Style:	  	Bermuda
		
	Seller:	  	Counterparty
		
	Buyer:	  	Barclays
		
	Business Days for Payments:	  	New York
		
	Exercise business Days:	  	New York
		
	 Calculation Agent:
  
 Procedure for Exercise:
	  	Barclays
		
	Bermuda Option Exercise Dates:	  	Any day that is sixty-one (61) or more calendar days following February 8, 2010.
		
	Expiration Date:	  	None
		
	Earliest Exercise Time:	  	9:00 a.m. local time in New York
		
	Latest Exercise Time on the Option Exercise Date:	  	11:00 a.m. local time in New York
	
	Contact Details for Purpose of Giving Notice of Exercise:
		
	Barclays:	  	To Be Advised

  

 6 

			
	Counterparty:	  	To Be Advised
		
	Settlement Terms:	  	
		
	Cash Settlement:	  	Applicable
		
	Cash Settlement Valuation Time:	  	11:00 a.m. New York time
		
	Valuation Business Days:	  	New York
		
	Cash Settlement Payment Date:	  	Two Business Days following the Exercise Date
		
	 Business Day Convention for
 Cash Settlement Payment Date:
	  	Modified Following
		
	Cash Settlement Method:	  	Cash Price
		
	Cash Settlement Currency:	  	USD
		
	Quotation Rate:	  	Mid
		
	Governing Law:	  	The Transaction and this Confirmation will be governed by and construed in accordance with the laws of the state of New York without reference to choice of law
doctrine
		
	Waiver of Right to Trial by Jury:	  	Each of the parties hereby irrevocably waives any and all right to a trial by jury with respect to any legal proceeding or counterclaim arising out of or relating to the ISDA Form
or this Confirmation.
		
	4.	  	ACCOUNT DETAILS
		
	Payments to Barclays:	  	 Correspondent: BARCLAYS BANK PLC-NEW YORK
 BIC:BARCUS33XXX
 Account: 050019228
 Beneficiary: BARCLAYS BANK PLC

		
	Payments to Counterparty:	  	Please advise
		
	5.	  	OFFICES
		
	Barclays:	  	 Address for Notices:
  
 BARCLAYS CAPITAL
 5 THE NORTH COLONNADE

CANARY WHARF
 LONDON
 El4 4BB
 ENGLAND
 Telephone: +44 207 773 0177/0178
 Facsimile: +44 207
773 6810/6857

		
	Counterparty:	  	Details for giving notices to be advised separately in writing.

  

 7 

 The time of dealing will be confirmed by Barclays upon written request. Barclays is regulated by the
Financial Services Authority. Barclays is acting for its own account in respect of this Transaction. 
 Please confirm that the foregoing
correctly sets forth all the terms and conditions of our agreement with respect to the Transaction by responding within three (3) Business Days by promptly signing in the space provided below and both (i) faxing the signed copy to Incoming
Transaction Documentation, Barclays Capital Global OTC Transaction Documentation & Management, Global Operations, Fax +(44) 20-7773-6810/6045, Tel +(44) 20-7773-0177/0178, and (ii) mailing the signed copy to Barclays Bank PLC, 5 The
North Colonnade, Canary Wharf, London E14 4BB Attention of Incoming Transaction Documentation, Barclays Capital Global OTC Transaction Documentation & Management, Global Operations. Your failure to respond within such period shall not
affect the validity or enforceability of the Transaction as against you. This facsimile shall be the only documentation in respect of the Transaction and accordingly no hard copy versions of this Confirmation for this Transaction shall be provided
unless the Counterparty requests. 
  

					
	For and on behalf of	 		 	For and on behalf of
	BARCLAYS BANK PLC	 		 	NATIONAL CINEMEDIA LLC
			
	/s/ Linda Alexander	 		 	/s/ Gary W. Ferrera
	2/17/10	 		 	2/17/10
			
	NAME:	 		 	NAME:
	Authorised Signatory	 		 	Authorised Signatory
	Date:	 		 	Date:

 Barclays Bank PLC and its affiliates, including
Barclays Capital Inc., may share with each other information, including non-public credit information, concerning its clients and prospective clients. If you do not want such information to be shared, you must write to the Director of Compliance,
Barclays Bank PLC, 222 Broadway, New York, N.Y. 10038. 
  

 8

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