Document:

amendmentnotwelvetocredi

 7943054v6 7/8/2016 5:33 PM  6/21/2016 12:43 pm AMENDMENT NUMBER TWELVE TO CREDIT AGREEMENT THIS AMENDMENT NUMBER TWELVE TO CREDIT AGREEMENT (this "Amendment"), dated as of July 8, 2016, is entered into by and among the lenders identified on the signature pages hereof (such Lenders, together with their respective successors and permitted assigns, are referred to hereinafter each individually as a "Lender" and, collectively, as the "Lenders"), WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association ("Wells Fargo"), as administrative agent for each member of the Lender Group and the Bank Product Providers (as such terms are defined in the below referenced Credit Agreement) (in such capacity, together with its successors and assigns in such capacity, "Agent"), ERICKSON INCORPORATED (formerly known as Erickson Air-Crane Incorporated), a Delaware corporation ("EAC"), ERICKSON HELICOPTERS, INC. (formerly known as Evergreen Helicopters, Inc.), an Oregon corporation ("Helicopters") (Helicopters, together with EAC, are referred to hereinafter each individually as a "Borrower", and individually and collectively, jointly and severally, as the "Borrowers"), the Subsidiaries of Borrowers identified on the signature pages hereof (such Subsidiaries are referred to hereinafter each individual as a "Guarantor", and individually and collectively, jointly and severally, as the "Guarantors"), and in light of the following: WITNESSETH WHEREAS, Lenders, Agent, Wells Fargo, as lead arranger, book runner, syndication agent, and documentation agent, and Borrowers are parties to that certain Credit Agreement, dated as of May 2, 2013 (as amended, restated, supplemented, or otherwise modified from time to time, the "Credit Agreement"); WHEREAS, Borrowers have requested that Agent and Lenders make certain amendments to the Credit Agreement; WHEREAS, upon the terms and conditions set forth herein, Agent and Required Lenders are willing to accommodate Borrowers' requests. NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 1. Defined Terms.  All initially capitalized terms used herein (including the preamble and recitals hereof) without definition shall have the meanings ascribed thereto in the Credit Agreement (including Schedule 1.1 thereto), as amended hereby. 2. Amendments to Credit Agreement.  Subject to the satisfaction (or waiver in writing by Agent) of the conditions precedent set forth in Section 4 hereof, the Credit Agreement is hereby amended as follows:  (a) Clause (c) of Article 7 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

 

 -2- (c) Excess Availability.  Borrowers shall have Excess Availability at all times of at least (i) as of any date of determination during the period from July 8, 2016 through and including July 24, 2016, $11,500,000, (ii) as of any date of determination during the period from July 25, 2016 through and including October 2, 2016, $17,500,000, and (iii) as of any date of during the period from October 3, 2016 through and including December 31, 2016, $20,000,000. (b) Section 11 of the Credit Agreement is hereby amended by replacing the reference to "with copies to: PAUL HASTINGS LLP  515 S. Flower Street  Twenty-fifth Floor  Los Angeles, CA 90071  Attn:  Jennifer St. John Yount, Esq. Fax No.:  213-996-3008" with a reference to the following: "with copies to: GOLDBERG KOHN LTD  55 E. Monroe  Suite 3300  Chicago, IL 60603  Attn:  Randall L. Klein, Esq. Fax No.: 312-863-7474"  (c) Schedule 5.2 to the Credit Agreement is hereby amended and restated in its entirety in the form of Schedule 5.2 attached hereto. 3. [Reserved.] 4. Conditions Precedent to Amendment.  The satisfaction (or waiver in writing by Agent) of each of the following shall constitute conditions precedent to the effectiveness of the Amendment (such date being the "Twelfth Amendment Effective Date"): (a) The Twelfth Amendment Effective Date shall occur on or prior to July 8, 2016. (b) Agent shall have received this Amendment, duly executed by the parties hereto, and the same shall be in full force and effect. (c) Agent shall have received an amendment fee letter, dated as of the date hereof, by and among Agent and Borrowers, in form and substance satisfactory to Agent, duly executed and delivered by the parties thereto. (d) The representations and warranties herein and in the Credit Agreement and the other Loan Documents as amended hereby shall be true, correct and complete in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text 

 

 -3- thereof) on and as of the date hereof, as though made on such date (except to the extent that such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall be true, correct and complete in all material respects as of such earlier date). (e) No Default or Event of Default shall have occurred and be continuing or shall result from the consummation of the transactions contemplated herein. (f) No injunction, writ, restraining order, or other order of any nature prohibiting, directly or indirectly, the consummation of the transactions contemplated herein shall have been issued and remain in force by any Governmental Authority against any Loan Party, Agent, or any Lender. (g) Borrowers shall pay concurrently with the closing of the transactions evidenced by this Amendment, all fees, costs, expenses and taxes then payable pursuant to the Credit Agreement and Section 6 of this Amendment. (h) All other documents and legal matters in connection with the transactions contemplated by this Amendment shall have been delivered, executed, or recorded and shall be in form and substance satisfactory to Agent. 5. Representations and Warranties.  Each Loan Party hereby represents and warrants to Agent and the Lenders as follows: (a) It (i) is duly organized and existing and in good standing under the laws of the jurisdiction of its organization, (ii) is qualified to do business in any state where the failure to be so qualified could reasonably be expected to result in a Material Adverse Effect, and (iii) has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to enter into this Amendment and the other Loan Documents to which it is a party and to carry out the transactions contemplated hereby and thereby. (b) The execution, delivery, and performance by it of this Amendment and the other Loan Documents to which it is a party (i) have been duly authorized by all necessary action on the part of such Loan Party and (ii) do not and will not (A) violate any material provision of federal, state, or local law or regulation applicable to such Loan Party, the Governing Documents of Borrower, or any order, judgment, or decree of any court or other Governmental Authority binding on such Loan Party, (B) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any Material Contract of such Loan Party except to the extent that any such conflict, breach or default could not individually or in the aggregate reasonably be expected to have a Material Adverse Effect, (C) result in or require the creation or imposition of any Lien of any nature whatsoever upon any assets of such Loan Party, other than Permitted Liens, (D) require any approval of such Loan Party's interest holders or any approval or consent of any Person under any Material Contract of such Loan Party, other than consents or approvals that have been obtained and that are still in force and effect and except, in the case of Material Contracts, for consents or approvals, the failure to obtain could not individually or in the aggregate reasonably be expected to cause a Material Adverse Effect, or (E) require any registration with, consent, or approval of, or notice to, or other action with or by, any 

 

 -4- Governmental Authority, other than registrations, consents, approvals, notices, or other actions that have been obtained and that are still in force and effect and except for filings and recordings with respect to the Collateral to be made, or otherwise delivered to Agent for filing or recordation in connection with this Amendment. (c) This Amendment has been duly executed and delivered by each Loan Party.  This Amendment and each Loan Document to which such Loan Party is a party is the legally valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its respective terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors' rights generally. (d) No injunction, writ, restraining order, or other order of any nature prohibiting, directly or indirectly, the consummation of the transactions contemplated herein has been issued and remains in force by any Governmental Authority against any Loan Party, Agent or any Lender. (e) No Default or Event of Default has occurred and is continuing as of the date of the effectiveness of this Amendment, and no condition exists which constitutes a Default or an Event of Default. (f) The representations and warranties in the Credit Agreement and the other Loan Documents as amended hereby are true, correct and complete in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date hereof, as though made on such date (except to the extent that such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall be true, correct and complete in all material respects as of such earlier date). 6. Payment of Costs and Fees.  Borrowers agree to pay all out-of-pocket costs and expenses of Agent (including, without limitation, the reasonable fees and disbursements of outside counsel to Agent) in connection with the preparation, negotiation, execution and delivery of this Amendment and any documents and instruments relating hereto. 7. Release. (a) Each Loan Party hereby acknowledges and agrees that the Obligations under the Credit Agreement and the other Loan Documents are payable pursuant to the Credit Agreement and the other Loan Documents as modified hereby without defense, offset, withholding, counterclaim, or deduction of any kind. (b) Effective on the date hereof, each Loan Party, for itself and on behalf of its successors, assigns, and officers, directors, employees, agents and attorneys, and any Person acting for or on behalf of, or claiming through it, hereby waives, releases, remises and forever discharges each member of the Lender Group, each Bank Product Provider, and each of their respective Affiliates, and each of their respective successors in title, past, present and future officers, directors, employees, limited partners, general partners, investors, attorneys, assigns, subsidiaries, shareholders, trustees, agents and other professionals and all other persons and 

 

 -5- entities to whom any member of the Lenders would be liable if such persons or entities were found to be liable to such Loan Party (each a "Releasee" and collectively, the "Releasees"), from any and all past, present and future claims, suits, liens, lawsuits, adverse consequences, amounts paid in settlement, debts, deficiencies, diminution in value, disbursements, demands, obligations, liabilities, causes of action, damages, losses, costs and expenses of any kind or character, whether based in equity, law, contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law (each a "Claim" and collectively, the "Claims"), whether known or unknown, fixed or contingent, direct, indirect, or derivative, asserted or unasserted, matured or unmatured, foreseen or unforseen, past or present, liquidated or unliquidated, suspected or unsuspected, which such Loan Party ever had from the beginning of the world to the date hereof, or now has, against any such Releasee which relates, directly or indirectly to the Credit Agreement, any other Loan Document, or to any acts or omissions of any such Releasee with respect to the Credit Agreement or any other Loan Document, or to the lender-borrower relationship evidenced by the Loan Documents, except for the duties and obligations set forth in any of the Loan Documents or in this Amendment. As to each and every Claim released hereunder, each Loan Party hereby represents that it has received the advice of legal counsel with regard to the releases contained herein, and having been so advised, specifically waives the benefit of the provisions of Section 1542 of the Civil Code of California which provides as follows: "A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH A CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM, MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR." As to each and every Claim released hereunder, each Loan Party also waives the benefit of each other similar provision of applicable federal or state law (including without limitation the laws of the state of California), if any, pertaining to general releases after having been advised by its legal counsel with respect thereto.  Each Loan Party each acknowledges that it may hereafter discover facts different from or in addition to those now known or believed to be true with respect to such Claims and agrees that this instrument shall be and remain effective in all respects notwithstanding any such differences or additional facts. Each Loan Party understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release.  (c) Each Loan Party, for itself and on behalf of its successors, assigns, and officers, directors, employees, agents and attorneys, and any Person acting for or on behalf of, or claiming through it, hereby absolutely, unconditionally and irrevocably, covenants and agrees with and in favor of each Releasee above that it will not sue (at law, in equity, in any regulatory proceeding or otherwise) any Releasee on the basis of any Claim released, remised and discharged by such Person pursuant to the above release, If any Loan Party or any of its respective successors, assigns, or officers, directors, employees, agents or attorneys, or any Person acting for or on behalf of, or claiming through it violate the foregoing covenant, such Person, for itself and its successors, assigns and legal representatives, agrees to pay, in addition 

 

 -6- to such other damages as any Releasee may sustain as a result of such violation, all attorneys' fees and costs incurred by such Releasee as a result of such violation. 8. Choice of Law and Venue; Jury Trial Waiver; Judicial Reference.  THIS AMENDMENT SHALL BE SUBJECT TO THE PROVISIONS REGARDING CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE SET FORTH IN SECTION 12 OF THE CREDIT AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS. 9. Amendments.  This Amendment cannot be altered, amended, changed or modified in any respect or particular unless each such alteration, amendment, change or modification is made in accordance with the terms and provisions of  Section 14.1 of the Credit Agreement. 10. Counterpart Execution.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, taken together shall constitute but one and the same agreement. Delivery of an executed counterpart of this Amendment by facsimile or other electronic method of transmission shall be equally effective as delivery of an original executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment by facsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Amendment, but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment. 11. Effect on Loan Documents. (a) The Credit Agreement, as amended hereby, and each of the other Loan Documents, as amended as of the date hereof, shall be and remain in full force and effect in accordance with their respective terms and hereby are ratified and confirmed in all respects. The execution, delivery, and performance of this Amendment shall not operate, except as expressly set forth herein, as a waiver of, consent to, or a modification or amendment of, any right, power, or remedy of Agent or any Lender under the Credit Agreement or any other Loan Document. Except for the amendments to the Credit Agreement expressly set forth herein, the Credit Agreement and the other Loan Documents shall remain unchanged and in full force and effect. (b) Upon and after the effectiveness of this Amendment, each reference in the Credit Agreement to "this Agreement", "hereunder", "herein", "hereof" or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to "the Credit Agreement", "thereunder", "therein", "thereof' or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as modified and amended hereby. (c) To the extent that any of the terms and conditions in any of the Loan Documents shall contradict or be in conflict with any of the terms or conditions of the Credit Agreement, after giving effect to this Amendment, such terms and conditions are hereby deemed 

 

 -7- modified or amended accordingly to reflect the terms and conditions of the Credit Agreement as modified or amended hereby. (d) This Amendment is a Loan Document. (e) Unless the context of this Amendment clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the terms "includes" and "including" are not limiting, and the term "or" has, except where otherwise indicated, the inclusive meaning represented by the phrase "and/or". The words "hereof', "herein", "hereby", "hereunder", and similar terms in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement. Section, subsection, clause, schedule, and exhibit references herein are to this Agreement unless otherwise specified. Any reference in this Agreement to any agreement, instrument, or document shall include all alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements, thereto and thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth herein). The words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts, and contract rights. Any reference herein to any Person shall be construed to include such Person's successors and assigns. 12. Entire Agreement.  This Amendment, and the terms and provisions hereof, the Credit Agreement and the other Loan Documents constitute the entire understanding and agreement between the parties hereto with respect to the subject matter hereof and supersede any and all prior or contemporaneous amendments or understandings with respect to the subject matter hereof, whether express or implied, oral or written. 13. Reaffirmation of Obligations.  Each Loan Party hereby reaffirms its obligations under each Loan Document to which it is a party. Each Loan Party hereby further ratifies and reaffirms the validity and enforceability of all of the Liens and security interests heretofore granted, pursuant to and in connection with the Guaranty and Security Agreement, the Aircraft and Engine Security Agreement, or any other Loan Document, to Agent, as collateral security for the obligations under the Loan Documents in accordance with their respective terms, and acknowledges that all of such Liens and security interests, and all collateral heretofore pledged as security for such obligations, continue to be and remain collateral for such obligations from and after the date hereof. Each Loan Party hereby further does grant to Agent, for the benefit of each member of the Lender Group and the Bank Product Providers, a perfected security interest in the Collateral (as defined in the Guaranty and Security Agreement) and the Collateral (as defined in the Aircraft and Engine Security Agreement) in order to secure all of its present and future obligations under the Loan Documents. 14. Severability.  In case any provision in this Amendment shall be invalid, illegal or unenforceable, such provision shall be severable from the remainder of this Amendment and the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

 

 -8- 15. Guarantors.  Each of the undersigned Guarantors consent to the amendments to the Loan Documents contained herein. Although the undersigned Guarantors have been informed of the matters set forth herein and have consented to same, each Guarantor understands that no member of the Lender Group has any obligation to inform it of such matters in the future or to seek its acknowledgement or agreement to future consents, waivers, or amendments related to the Credit Agreement, and nothing herein shall create such a duty. [signature pages follow] 

 

 

 

 

 

   Schedule 5.2  Provide Agent (and if so requested by Agent, with copies for each Lender) with each of the documents set forth below at the following times in form satisfactory to Agent:  Weekly until January 4, 2017 (not later than Wednesday of each week)  (a) a 13 week cash flow forecast model, in the form provided to Agent on April 27, 2016 and for the forthcoming 13 weeks. Monthly (not later than the 25th day of each month); provided that, if, as of any date of determination on or after January 5, 2017, Excess Availability is less than $20,000,000, the reports specified in clauses (a) – (p) shall be delivered on a weekly basis (not later than Wednesday of each week) until such time as Excess Availability shall have been at least $20,000,000 at all times during each of the preceding 30 days (b) a report regarding Borrowers’ and their Subsidiaries’ cash and Cash Equivalents, including (i) daily cash collections, (ii) an indication of which amounts constitute Qualified Cash, (iii) account numbers, and (iv) balances for such account numbers, (c) notice of all claims, offsets, or disputes asserted by Account Debtors with respect to Borrowers’ Accounts, (d) a Borrowing Base Certificate, (e) a detailed aging and roll-forward, by total, of Borrowers’ Accounts, together with a reconciliation and supporting documentation for any reconciling items noted (delivered electronically in an acceptable format, if Borrowers have implemented electronic reporting),  (f) a summary aging, by vendor, of the Loan Parties’ accounts payable and any book overdraft (delivered electronically in an acceptable format, if Borrowers have implemented electronic reporting) and an aging, by vendor, of any held checks, (g) an Account roll-forward, in a format acceptable to Agent in its discretion,  with supporting details supplied from sales journals, collection journals, credit registers and any other records, tied to the beginning and ending account receivable balances of the Loan Parties’ general ledger, (h) a reconciliation of Accounts, Inventory and trade accounts payable of the Loan Parties’ general ledger to its monthly financial statements including any book reserves related to each category, (m)  a detailed PPO Inventory system/perpetual report (which shall include a list of all PPO Inventory of each Loan Party as of each such day and includes the owner, serial parts, item numbers, item names, location codes, warehouse codes, country code, amount, and any other information reasonably requested by Agent) (delivered electronically in an acceptable format, if the Borrowers have implemented electronic reporting), (n)  a detailed Spare Parts Inventory system/perpetual report (which shall include a list of all Spare Parts by of each Loan Party as of each such day and includes the owner, item numbers and names, country codes, item group codes, status codes, warehouse codes, on hand amount, inventory value, and any other information reasonably requested by Agent) (delivered electronically in an acceptable format, if the Borrowers 

 

   have implemented electronic reporting), (o)  a detailed work-in-process Inventory system/perpetual report (which shall include material and labor cost, and any other information reasonably requested by Agent (delivered electronically in an acceptable format, if the Borrowers have implemented electronic reporting), (p) a report showing (i) all deferred revenues as set forth in the Loan Parties’ balance sheet for the prior month, and (ii) the portion of such deferred revenues that will be earned during the next four fiscal quarters,  (q)  a detailed description by type and current location of  all of the Inventory, Aircrafts, and Engines, owned by any Loan Party located both in and outside the United States, and for each Aircraft and each Engine that is located outside of the United States an indication of whether the country of its location is a signatory to either (i) the Geneva Convention, or (ii) the Cape Town Convention,  (r)  a detailed calculation of Inventory, Aircrafts, and Engines that are not eligible for the Borrowing Base (delivered electronically in an acceptable format, if Borrowers have implemented electronic reporting),  (s)  a detailed report regarding any Inventory (i) with no usage in the immediately preceding seven years, (ii) with more than ten years of usage in the aggregate, or (iii) that has become obsolete due to engineering advances,  (t)  a detailed report regarding any write down or obsolete adjustment of any Loan Party’s Inventory, Aircrafts, and Engines, and  (u)  a 13 week cash flow forecast model, in the form provided to Agent on April 27, 2016 and for the forthcoming 13 weeks. Quarterly (not later than the 45th day after each fiscal quarter) (v)  a report regarding the Loan Parties’ accrued, but unpaid, ad valorem taxes, and (w)  a Perfection Certificate or a supplement to the Perfection Certificate. Semi-annually (not later than February 15th and August 15th of each fiscal year)  (x)  a schedule of the Maintenance Program for each Aircraft and Engine and a report detailing any scheduled long-term maintenance or overhaul for any Aircraft or Engine.  On each anniversary of the Closing Date if requested by Agent (y)  an opinion of FAA counsel, in form and substance reasonably satisfactory to Agent, dated as of a date not more than 30 days prior to such anniversary, that, with respect to all Collateral consisting of Aircraft, Engines, and Spare Parts, based on FAA's review of the Aviation Registry of the FAA and the International Registry, Agent has a perfected first priority security interest thereon and International Interest therein, free and clear of all Liens (other than Permitted Liens), and attaching thereto the related "priority search certificates" from the Aviation Registry of the FAA, the International Registry, and the Spare Parts perfection locations.  

 

   Contemporaneously with the consummation of the applicable sale or other disposition, (z)  if the aggregate amount of any asset sales or other dispositions (or series of asset sales or dispositions) of Eligible Accounts, Eligible Inventory, or Eligible Aircraft since the date of delivery of the most recently delivered Borrowing Base Certificate pursuant to clause (c) above exceeds $2,500,000, an updated Borrowing Base Certificate excluding such disposed of assets from the Borrowing Base; provided that Borrowers may, in their discretion, update through the date of such sale or disposition all of the other calculations of the Borrowing Base Certificate in accordance with the terms and definitions of the Agreement.  For the avoidance of doubt, nothing contained in this clause (t) shall permit any Borrower or any of its Subsidiaries to sell or otherwise dispose of any assets other than in accordance with Section 6.4 of the Agreement. Within 10 days after a request by Agent (aa)  such other reports as to the Collateral or the financial condition of Borrowers and their Subsidiaries, as Agent may reasonably request. Promptly, but in any event within 10 days prior to any such action (bb)  written notice that any Aircraft or Engine will be deregistered with the FAA or any Aircraft or Engine will be taken to a country that is not a signatory to the Geneva Convention or the Cape Town Convention, and  (cc)  written notice of any Engine being removed from any Aircraft.Exhibit 10.1

 

EXECUTION VERSION

 

CITIGROUP GLOBAL MARKETS INC.

390 Greenwich Street

New York, New York 10013

 

July 12, 2016

 

AMC Entertainment Holdings, Inc.

One AMC Way

11500 Ash Street

Leawood, Kansas 66211

Attention: Craig Ramsey, Chief Financial Officer

 

Project Nola

Commitment Letter

 

Ladies and Gentlemen:

 

AMC Entertainment Holdings, Inc. (the “Borrower” or “you”) has advised Citi (as defined below, “Citi” and, together with any Additional Lead Arrangers and Additional Agents appointed in accordance with the terms set forth herein (if any), the “Commitment Parties”, the “Agents”, “we” or “us”) that it intends to consummate the Transactions (such term and each other capitalized term used but not defined herein having the meaning assigned to such term in the Transaction Description attached hereto as Exhibit A (the “Transaction Description”), in the Summary of Principal Terms and Conditions attached hereto as Exhibit B (the “Incremental Term Loan B Term Sheet”) or in the Summary of Principal Terms and Conditions attached hereto as Exhibit C (the “Senior Subordinated Bridge Facility Term Sheet” and, together with the Incremental Term Loan B Term Sheet and the Summary of Conditions Precedent attached as Exhibit D hereto, the “Term Sheets”; and together with this commitment letter, collectively, this “Commitment Letter”)).

 

For purposes of this Commitment Letter, “Citi” shall mean Citigroup Global Markets Inc., Citibank, N.A., Citicorp USA, Inc., Citicorp North America, Inc. and/or any of their affiliates as Citi shall determine to be appropriate to provide the services contemplated herein.

 

1.             Commitments.

 

In connection with the foregoing, Citi (and together with each Additional Initial Lender (as defined below), if any, the “Initial Lenders”) is pleased to advise you of its commitment to provide (a) 100% of the Incremental Term Loan B Facility (as defined in the Transaction Description) in an aggregate principal amount of up to $525 million, upon the terms set forth herein and subject only to the conditions set forth or referred to in Exhibit D, and (b) 100% of the principal amount of the Senior Subordinated Bridge Facility (as defined in the Transaction Description) in an aggregate principal amount of up to $800 million, upon the terms

 

 

set forth herein and subject only to the conditions set forth or referred to in Exhibit D (excluding, solely with respect to the Senior Subordinated Bridge Facility, any conditions expressly relating to collateral or security interests in respect of the Incremental Term Loan B Facility).

 

2.             Titles and Roles.

 

You hereby appoint (i) Citi to act, and Citi hereby agrees to act, as a lead bookrunner and a lead arranger for the Incremental Term Loan B Facility, (ii) Citi to act, and Citi hereby agrees to act, as a lead bookrunner and a lead arranger for the Senior Subordinated Bridge Facility (in each of clauses (i) and (ii) in such capacities, and together with any Additional Lead Arrangers appointed pursuant to the immediately succeeding paragraph (if any), the “Lead Arrangers”) in connection with the proposed arrangement and subsequent syndication of the Facilities and (iii) Citi to act, and Citi hereby agrees to act, as sole administrative agent for the Senior Subordinated Bridge Facility, in each case upon the terms and subject to the conditions set forth or referred to in this Commitment Letter.  It is agreed that Citi shall have “left” placement in any and all marketing materials or other documentation used in connection with the Facilities and shall hold the leading role and responsibility conventionally associated with such “left” placement and Citi will perform the duties and exercise the authority customarily performed and exercised by it in the foregoing roles.  You further agree that no other titles will be awarded and no compensation (other than that expressly contemplated by this Commitment Letter and the Fee Letter referred to below) will be paid in order to obtain commitments to participate in the Facilities unless you and the Commitment Parties shall so agree.

 

On or prior to the 10th business day following the date of this Commitment Letter, you may (in consultation with Citi) appoint up to four (4) additional joint lead arrangers and joint bookrunners (the “Additional Lead Arrangers”) and appoint additional agents or co-agents or confer other titles in a manner and with economics determined by you and reasonably acceptable to Citi for each of the Facilities (the “Additional Agents”); provided that (i) the aggregate economics payable to such Additional Lead Arrangers and Additional Agents in the aggregate for each of the Facilities shall not exceed 56% of the total economics that would otherwise be payable to the Lead Arrangers and the Agents pursuant to the Fee Letter (exclusive of any fees payable to an agent for its own account in its capacity as such), (ii) Citi shall receive no less than 44% of the aggregate economics under each Facility, (iii) each such Additional Lead Arranger’s and Additional Agent’s aggregate commitment shall be allocated pro rata among the Facilities (each Additional Lead Arranger or Additional Agent in its capacity as a provider of commitments, an “Additional Initial Lender”), (iv) the commitments of Citi will be reduced, on a pro rata basis among the Facilities, by the amount of the commitments of each such Additional Lead Arranger and Additional Agent (or its relevant affiliate) under the applicable Facility, upon the execution of customary joinder documentation satisfactory to the Lead Arrangers and the Borrower (which joinder documentation shall provide that the commitments of such Additional Initial Lender shall be subject to the same terms and conditions as are applicable to the commitments of the other Initial Lenders under this Commitment Letter), (v) the commitments assumed by such Additional Lead Arranger or Additional Agent for each of the Facilities will be in proportion to the economics allocated to such Additional Lead Arranger or Additional Agent and (vi) no Additional Lead Arranger (nor any affiliates thereof) nor Additional Agents (nor any affiliates thereof) shall receive greater economics in respect of either Facility than that received by Citi in respect of such Facility.

 

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3.             Syndication.

 

We reserve the right, prior to and/or after the execution of the applicable definitive documentation for the respective Facilities (the “Credit Documentation”), to syndicate all or a portion of our commitments with respect to the Facilities to a group of banks, financial institutions and other lenders identified by us in consultation with you and subject to your consent (such consent not to be unreasonably withheld, delayed or conditioned) (together with the Initial Lenders, the “Lenders”) pursuant to a syndication to be managed exclusively by the Lead Arrangers; provided that we will not syndicate the Facilities to (i) those persons identified by you in writing to us prior to the date hereof, (ii) any person identified by name by you in writing to us from time to time that is or becomes a competitor of the Borrower, the Target or any of their respective subsidiaries (each such person, a “Competitor”), (iii) any affiliates (other than any Debt Fund Affiliate (as defined below)) of any person described in clause (i) or (ii) above that are clearly identifiable as affiliates solely on the basis of their name (provided that the Lead Arrangers shall have no obligation to carry out due diligence in order to identify such affiliates) and (iv) any other affiliate (other than any Debt Fund Affiliate) of any person described in clause (i) or (ii) above that is identified by name by you in writing to us from time to time (such persons, collectively, the “Disqualified Institutions”).  Subject to the foregoing rights, the Lead Arrangers will manage all aspects of the syndication of the Facilities in consultation with you, including, without limitation, timing, potential syndicate members to be approached, titles and allocations and division of fees.  For purposes of the foregoing, “Debt Fund Affiliate” means, with respect to any person, a bona fide debt fund that is an affiliate of such person and that is primarily engaged in, or advises fund or other investment vehicles that are engaged in, making, purchasing, holding or otherwise investing in commercial loans, notes, bonds and similar extensions of credit or securities in the ordinary course of its business, whose managers have fiduciary duties to the investors independent of their duties to such person or other affiliates, and with respect to which such person and its other affiliates do not, directly or indirectly, possess the power to direct or cause the direction of the investment policies of such entity.

 

We intend to commence our syndication efforts with respect to the Facilities promptly upon your execution and delivery to us of this Commitment Letter, and, until the earlier to occur of (i) a Successful Syndication (as defined in the Fee Letter) and (ii) 60 days after the Closing Date (such period, the “Syndication Period”), you agree actively to assist us in completing a syndication that is reasonably satisfactory to us.  Such assistance shall include (i) your using commercially reasonable efforts to ensure that any syndication and marketing efforts benefit from your (and, to the extent practical and appropriate, the Target’s) existing lending and investment banking relationships, (ii) direct contact between appropriate members of senior management, certain representatives and certain non-legal advisors of you (and your using commercially reasonable efforts to cause direct contact between appropriate members of senior management, certain representatives and certain non-legal advisors of the Target), on the one hand, and the proposed Lenders and rating agencies identified by the Lead Arrangers, on the other hand, at times and places mutually agreed, (iii) assistance by you (and your using commercially reasonable efforts to cause the assistance by the Target) in the prompt preparation of (x) a customary Confidential Information Memorandum for each of the Facilities and other customary marketing materials and information reasonably deemed necessary by the Lead Arrangers to complete a successful syndication (collectively, the “Information Materials”) for

 

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delivery to potential syndicate members and participants, including, without limitation, estimates, forecasts, projections and other forward-looking financial information regarding the future performance of the Borrower, the Target and their respective subsidiaries subject to limitations on your rights to request information concerning the Target and its subsidiaries set forth in the Acquisition Agreement (such estimates, forecasts, projections and other forward-looking information, collectively, the “Projections”), provided that you shall use your commercially reasonable efforts to ensure that the Lead Arrangers shall have been afforded a period (the “Bank Marketing Period”) of (1) prior to the date of delivery of the information required pursuant to paragraph 4 and paragraph 5 of Exhibit D (the “Required Bank Information”) with respect to the fiscal quarter ending September 30, 2016, at least 15 consecutive business days prior to the Closing Date following receipt by the Lead Arrangers of the Required Bank Information or (2) on or after such date, at least 8 consecutive business days prior to the Closing Date following receipt by the Lead Arrangers of the Required Bank Information; it being understood and agreed that the provision of any information described in clause (b) of paragraph 4 and clause (b) of paragraph 5 of Exhibit D shall result in the “restart” of the Bank Marketing Period; provided that (A) for purposes of calculating the Bank Marketing Period, November 24, 2016, and November 25, 2016 shall be disregarded as business days, (B) to the extent the Bank Marketing Period has not been completed on or prior to August 23, 2016, the Bank Marketing Period shall not be deemed to have commenced prior to September 5, 2016 and (C) to the extent the Bank Marketing Period has not been completed on or prior to December 20, 2016, the Bank Marketing Period shall not be deemed to have commenced prior to January 2, 2017, and (y) a draft preliminary offering memorandum or preliminary private placement memorandum (collectively, the “Offering Documents”) suitable for use in a customary “high-yield road show” relating to the Senior Subordinated Notes, in each case, which contains all financial statements and other data to be included therein (including all audited financial statements, all unaudited financial statements (which shall have been reviewed by the independent accountants as provided in Statement on Auditing Standards No. 100) and all appropriate pro forma financial statements prepared in accordance with generally accepted accounting principles in the United States (or, in the case of the financial statements of the Target, reconciled to U.S. GAAP) and prepared in accordance with Regulation S-X under the Securities Act of 1933, as amended, unless otherwise agreed, and, except as otherwise agreed by the Investment Bank (as defined in the Fee Letter), all other data (including selected financial data) that is customarily included in preliminary offering memoranda for non-registered “high yield” debt offerings (it being understood that none of such information need include (1) any financial statements or information required by Rule 3-09, Rule 3-10 or Rule 3-16 of Regulation S-X, (2) Compensation Discussion and Analysis or other information required by Item 402 of Regulation S-K, (3) the executive compensation and related person disclosure rules related to SEC Release Nos. 33-8732A, 34-54302A and IC-27444A or (4) a business description (other than in summary form) or Management Discussion and Analysis of Financial Condition and Results of Operations relating to Target and its consolidated subsidiaries), or that would be necessary for the Investment Bank to receive customary (for high yield debt securities) “comfort” (including “negative assurance” comfort) from Borrower’s independent accountants and the independent accountants for the Target in connection with the offering of the Senior Subordinated Notes (and the Borrower shall have made commercially reasonable efforts to arrange for the delivery of such comfort or, if no Senior Subordinated Notes were issued, a draft thereof) (“Required Notes Information”)); provided, that you shall use your commercially

 

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reasonable efforts to ensure that the Investment Bank shall have been afforded a period (the “Bond Marketing Period”) of (x) prior to the date of delivery of the Required Notes Information with respect to the fiscal quarter ending September 30, 2016, at least 15 consecutive business days prior to the Closing Date following receipt by the Lead Arrangers of the Required Notes Information or (y) on or after such date, at least 8 consecutive business days prior to the Closing Date following receipt by the Lead Arrangers of the Required Notes Information; it being understood and agreed that the provision of any information described in clause (b) of paragraph 4 and clause (b) of paragraph 5 of Exhibit D shall result in the “restart” of the Bond Marketing Period; provided that (A) for purposes of calculating the Bond Marketing Period, November 24, 2016 and November 25, 2016 shall be disregarded as business days, (B) to the extent the Bond Marketing Period has not been completed on or prior to August 23, 2016, the Bond Marketing Period shall not be deemed to have commenced prior to September 5, 2016 and (C) to the extent the Bond Marketing Period has not been completed on or prior to December 20, 2016, the Bond Marketing Period shall not be deemed to have commenced prior to January 2, 2017, (iv) the hosting, with the Lead Arrangers, of one or more meetings with prospective Lenders at reasonable times and locations to be mutually agreed and (v) your using commercially reasonable efforts to obtain (or maintain, to the extent already in effect as of the date hereof), prior to the launch of the syndication of the Facilities and the marketing of the Senior Subordinated Notes (as defined below), public ratings (but no specific ratings) for the Incremental Term Loan B Facility and the Senior Subordinated Notes from each of Standard & Poor’s Ratings Services (“S&P”) and Moody’s Investors Service, Inc. (“Moody’s”) and a public corporate credit rating (but no specific rating) of the Borrower from S&P and a public corporate family rating (but no specific rating) of the Borrower from Moody’s.  If at any time the Borrower in good faith reasonably believes that it has delivered the Offering Documents, it may deliver to the Lead Arrangers written notice to that effect (stating when it believes it completed the applicable delivery), in which case the  Offering Documents  shall  be  deemed  to  have  been  delivered  on  the  date  the applicable notice is received by the Lead Arrangers, unless the Lead Arrangers in good faith reasonably believe that the Borrower has not completed delivery of the Offering Documents, and, within 2 business days after receipt of such notice from the Borrower, the Lead Arrangers deliver a written notice to the Borrower to that effect (stating with specificity the Offering Documents that have not been delivered).  If at any time the Borrower in good faith reasonably believes that it has delivered the Required Bank Information, it may deliver to the Lead Arrangers written notice to that effect (stating when it believes it completed the applicable delivery), in which case the  Required Bank Information shall be deemed to have been delivered on the date the applicable notice is received by the Lead Arrangers, unless the Lead Arranger in good faith reasonably believes that the Borrower has not completed delivery of the Required Bank Information, and, within 2 business days after receipt of such notice from the Borrower, the Lead Arrangers deliver a written notice to the Borrower to that effect (stating with specificity the Required Bank Information that has not been delivered).

 

You hereby acknowledge that (i) the Lead Arrangers and the Agents will make available Information (as defined below) and Projections, and the documentation relating to the Facilities referred to in the paragraph below, to the proposed syndicate of Lenders by transmitting such Information, Projections and documentation through Intralinks, SyndTrak Online, the internet, email or similar electronic transmission systems and (ii) certain of the Lenders may be “public side” Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the Borrower, the Target and their respective subsidiaries or

 

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securities) (“Public Lenders”).  You agree, at the request of the Lead Arrangers, to assist in the prompt preparation of a version of the Confidential Information Memorandum and other marketing materials and presentations to be used in connection with the syndication of the Facilities, consisting exclusively of information and documentation that is either (a) publicly available or (b) not material with respect to the Borrower, the Target or their respective subsidiaries or any of their respective securities for purposes of United States Federal securities laws (all such information and documentation being “Public Lender Information” and with any information and documentation that is not Public Lender Information being referred to herein as “Private Lender Information”).

 

It is understood that in connection with your assistance described above, customary authorization letters will be included in any such Confidential Information Memorandum that authorize the distribution thereof to prospective Lenders, represent that the additional version of the Confidential Information Memorandum does not include any Private Lender Information and exculpate us with respect to any liability related to the use of the contents of such Confidential Information Memorandum or any related offering and marketing materials by the recipients thereof and exculpate you and the Acquired Business with respect to any liability related to the misuse of the contents of such Confidential Information Memorandum or any related offering and marketing materials by the recipients thereof.  You agree that such Confidential Information Memorandum or related offering and marketing materials to be disseminated by the Lead Arrangers to any prospective Lender in connection with the Facilities will be identified by you as either (A) containing Private Lender Information or (B) containing solely Public Lender Information.

 

You acknowledge that the following documents may be distributed to Public Lenders, unless you notify the Lead Arrangers in writing (including by email) within a reasonable period of time prior to the intended distribution that any such document contains Private Lender Information (provided that such materials have been provided to you for review a reasonable period of time prior thereto): (x) drafts and final versions of the Credit Documentation; (y) administrative materials prepared by the Lead Arrangers for prospective Lenders (such as a lender meeting invitation, allocation, if any, customary marketing term sheets and funding and closing memoranda); and (z) notification of changes in the terms and conditions of the Facilities.

 

You hereby agree that, prior to the later of (x) the Closing Date and (y) the completion of the Syndication Period, there shall be no competing issues, offerings or placements of debt securities or commercial bank or other credit facilities by or on behalf of the Borrower or its subsidiaries (and you will use commercially reasonable efforts to ensure that there are no competing issues, offerings or placements of debt securities or commercial bank or other credit facilities by or on behalf of the Target or its subsidiaries) being offered, placed or arranged (other than the transactions contemplated by the Project Carl Commitment Letter (the “Project Carl Commitment Letter”), dated as of March 3, 2016, as amended, in connection with the Agreement and Plan of Merger, dated as of March 3, 2016, as amended, between Carmike Cinemas, Inc., the Borrower and Congress Merger Subsidiary, Inc. (the acquisition contemplated thereby, the “Carl Acquisition”), the Facilities, the Senior Subordinated Notes, ordinary course working capital facilities, ordinary course capital leases, purchase money indebtedness and equipment financings or any indebtedness of the Target and its subsidiaries permitted to be

 

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incurred or outstanding pursuant to the Acquisition Agreement), without the consent of the Lead Arrangers, if such issuance, offering, placement or arrangement would reasonably be expected to materially impair the primary syndication of the Facilities or the offering of the Senior Subordinated Notes.

 

Notwithstanding anything to the contrary in this Commitment Letter or the Fee Letter or the Credit Documentation or any agreement or undertaking concerning the financing of the Acquisition to the contrary, it is understood and agreed that (i) neither the obtaining of the ratings referenced above nor the compliance with any of the foregoing provisions set forth in this Section 3 shall constitute a condition to the Initial Lenders’ commitments hereunder or the funding of the Facilities on the Closing Date; (ii) none of the commencement nor the completion of the syndication of the Facilities shall constitute a condition to the commitments hereunder or the funding of the Facilities on the Closing Date, nor syndication of, or receipt of commitments or participations in respect of, all or any portion of an Initial Lender’s commitments hereunder prior to the Closing Date shall be a condition to such Initial Lender’s commitments; (iii) except as provided above with respect to appointment of and the commitments of Additional Initial Lenders, no Initial Lender shall be relieved, released or novated from its obligations hereunder (including its obligation to fund the Facilities on the Closing Date) in connection with any syndication, assignment or participation of the Facilities, including its commitments in respect thereof, until after the initial funding of the Facilities has occurred; (iv) no assignment or novation shall become effective with respect to all or any portion of any Initial Lender’s commitments in respect of any Facility until after the initial funding of the Facilities; and (v) unless you otherwise agree in writing, each Initial Lender shall retain exclusive control over all rights and obligations with respect to its commitments in respect of the Facilities, including all rights with respect to consents, modifications, supplements, waivers and amendments, until the Closing Date has occurred.

 

4.             Information.

 

You represent (with respect to Information and Projections and any forward-looking information relating to the Acquired Business, to your knowledge) that (a) all written information that has been or is hereafter furnished by you or on your behalf in connection with the transactions contemplated hereby (other than the Projections, other forward-looking information and information of a general economic or industry specific nature) (such information being referred to herein collectively as the “Information”), when taken as a whole, as of the time it was (or, in the case of Information furnished after the date hereof, hereafter is) furnished, does not (or will not) contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein taken as a whole not materially misleading, in light of the circumstances under which they were (or hereafter are) made, and (b) the Projections and other forward-looking information that have been or will be made available to the Lead Arrangers and the Agents by you or any of your representatives have been or will be prepared in good faith based upon assumptions that you believe to be reasonable at the time made and at the time such Projections or other forward-looking information are made available to the Lead Arrangers and the Agents, it being recognized by the Lead Arrangers and the Agents that such Projections and other forward-looking information are as to future events and are not to be viewed as facts, such Projections and other forward-looking information are subject to significant uncertainties and contingencies and that actual results during the period or periods

 

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covered by any such Projections or other forward-looking information may differ significantly from the projected results, and that no assurance can be given that the projected results will be realized.  You agree that if at any time prior to the later of (x) the Closing Date and (y) the completion of the Syndication Period, you become aware that any of the representations in the preceding sentence would be incorrect in any material respect if the Information and Projections were being furnished, and such representations were being made, at such time, then you will promptly advise the Lead Arrangers and the Agents and supplement (or, prior to the Acquisition, use commercially reasonable efforts to supplement, in the case of Information and Projections and any forward-looking information relating to the Acquired Business) the Information and the Projections so that such representations will be (prior to the Acquisition, to your knowledge as to Information and Projections and any forward-looking information relating to the Acquired Business) correct in all material respects under those circumstances. You understand that, in arranging and syndicating the Facilities, we will be entitled to use and rely on the Information and the Projections without responsibility for independent verification thereof and do not assume responsibility for the accuracy or completeness of the Information or the Projections.  Notwithstanding anything to the contrary, the only financial statements that shall be required to be provided to us in connection with the syndication of the Facilities will be those required to be delivered pursuant to paragraphs 4 and 5 of Exhibit D.

 

5.             Conditions Precedent.

 

Notwithstanding anything set forth in this Commitment Letter, the Term Sheets, the Fee Letter or the Credit Documentation, or any other agreement or other undertaking concerning the financing of the Acquisition to the contrary (other than the Funding Conditions (as defined below)), each Initial Lender’s commitment hereunder to fund the Facilities on the Closing Date, and the agreement of each Agent to perform the services described herein, are subject solely to the satisfaction or waiver by each of the Initial Lenders of the applicable conditions expressly set forth in Exhibit D attached hereto (excluding, solely with respect to the Senior Subordinated Bridge Facility, any conditions expressly relating to collateral or security interests in respect of the Incremental Term Loan B Facility) (the “Funding Conditions”); it being understood and agreed that there are no conditions (implied or otherwise) to the commitments hereunder including compliance with the terms of this Commitment Letter, the Fee Letter, the Credit Documentation, the Existing Credit Agreement or any other agreement or undertaking concerning the financing of the Acquisition, other than the Funding Conditions (and upon satisfaction or waiver of the Funding Conditions, the initial funding under the Facilities shall occur).

 

Notwithstanding anything set forth in this Commitment Letter, the Term Sheets, the Fee Letter or the Credit Documentation, or any other agreement or other undertaking concerning the financing of the Acquisition to the contrary, (i) the only representations and warranties the accuracy of which shall be a condition to availability of the Facilities on the Closing Date shall be the Specified Representations (as defined below) made by the Borrower in the Credit Documentation and (ii) the terms of the Credit Documentation shall be in a form such that they do not impair the availability of the Facilities on the Closing Date if the conditions set forth in Exhibit D attached hereto are satisfied or waived (it being understood and agreed that, subject to exceptions included in the Existing Credit Agreement, including without limitation for Foreign Subsidiaries (as defined in the Existing Credit Agreement, “Foreign Subsidiaries”), to

 

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the extent any Collateral (as defined in and referred to in the Incremental Term Loan B Facility Term Sheet) (other than Collateral that may be perfected by (A) the filing of a UCC financing statement or (B) taking delivery and possession of stock certificates (other than with respect to any immaterial subsidiary or any subsidiary not organized or incorporated in the United States or any state thereof) is not or cannot be delivered or a security interest therein is not or cannot be provided or perfected on the Closing Date after your use of commercially reasonable efforts to do so and without undue burden and expense, then the provision and/or perfection of the security interest in such Collateral shall not constitute a condition precedent to the availability of the Incremental Term Loan B Facility on the Closing Date but, instead, may be accomplished within 90 days after the Closing Date (subject to extensions to be agreed upon by the Administrative Agent in its sole discretion)). For purposes hereof, “Specified Representations” means the representations and warranties of the Borrower with respect to itself set forth (or referred to) in the Term Sheets relating to its legal existence; corporate power and authority relating to the entering into and performance of the Credit Documentation by the Borrower; the due authorization, execution, delivery and validity of the Credit Documentation by the Borrower, in each case related to (x) the borrowing under and the performance of the obligations under the Credit Documentation and (y) the granting and perfection of the Administrative Agent’s security interests in the Collateral (subject to the parenthetical beginning “it being understood and agreed” appearing in the preceding sentence) pursuant to, the Credit Documentation against the Borrower; the enforceability of the Credit Documentation against the Borrower; the incurrence of the loans to be made under the Facilities and the provision of the Guarantees (as defined in Term Sheets), in each case under the Facilities, the granting of the security interests in the Collateral to secure the Incremental Term Loan B Facility, the issuance of the Senior Subordinated Notes and the payment of consideration in respect of the Acquisition not conflicting with or violating the Borrower’s organizational documents; Federal Reserve margin regulations; the Investment Company Act of 1940, as amended; solvency of the Borrower and its Subsidiaries (as defined in the Existing Credit Agreement) on a consolidated basis as of the Closing Date (after giving effect to the Transactions) (solvency to be determined in a manner consistent with the manner in which solvency is determined in the solvency certificate to be delivered pursuant to paragraph 1 of Exhibit D); the USA PATRIOT Act; the use of proceeds on the Closing Date not violating OFAC or FCPA (or other similar applicable laws or regulations); subject to the parenthetical beginning “it being understood and agreed” appearing in the preceding sentence and subject to permitted liens, the creation, validity and perfection of the security interests, if any, granted in the proposed Collateral of the Acquired Business (subject to exceptions included in the Existing Credit Agreement, including without limitation for Foreign Subsidiaries). The provisions of this Section 5 are referred to as the “Funds Certain Provisions”.

 

6.             Fees.

 

As consideration for each Initial Lender’s commitment hereunder, and the agreement of each Agent to perform the services described herein, you agree to pay (or cause to be paid) to each Agent the fees to which such Agent is entitled, as set forth in this Commitment Letter and in the fee letter dated the date hereof and delivered herewith with respect to the Facilities or any agency fee letters related to the Facilities (collectively, the “Fee Letter”).

 

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7.             Expenses; Indemnification.

 

To induce the Lead Arrangers and the Agents to issue this Commitment Letter and to proceed with the Credit Documentation, you hereby agree that all reasonable and documented out-of-pocket fees and expenses (but limited, in the case of legal fees and expenses to the reasonable fees and expenses of (x) Latham & Watkins LLP as primary counsel for all Lead Arrangers and Agents, taken as a whole, subject to the proviso below and (y) one local counsel for each relevant jurisdiction as may be reasonably necessary or advisable in the reasonable judgment of the Lead Arrangers for all Lead Arrangers and Agents, taken as a whole) of the Agents and their affiliates arising in connection with the Facilities and the preparation, negotiation, execution, delivery and enforcement of this Commitment Letter, the Fee Letter and the Credit Documentation (including in connection with our due diligence and syndication efforts) shall be for your account and that, if the Closing Date occurs, you shall from time to time from and after the Closing Date upon request from such Agent, reimburse it and its affiliates for all such reasonable and documented out-of-pocket fees and expenses paid or incurred by them; provided that, in the event that the Closing Date does not occur, you agree to reimburse the reasonable fees and expenses of Latham & Watkins LLP paid or incurred by the Lead Arrangers and Agents in an amount not to exceed the aggregate of (i) $150,000 in connection with this Commitment Letter, the Fee Letter and the Credit Documentation and (ii) $75,000 in connection with legal due diligence.  The provisions of Section 11.3 of the Existing Credit Agreement shall continue to apply, without limitation, to any other fees and expenses, including fees and expenses incurred in connection with the amendment to the Existing Credit Agreement to implement the Incremental Term Loan B Facility.

 

You further agree to indemnify and hold harmless each Lead Arranger, each Agent and each other agent or co-agent (if any) designated by the Lead Arrangers in consultation with you with respect to the Facilities (each, a “Co-Agent”) and the Initial Lenders and all of their respective affiliates and each director, officer, employee, advisor, representative and agent thereof (each, an “Indemnified Person”) from and against any and all actions, suits, proceedings (including any investigations or inquiries), claims, losses, damages, liabilities or expenses of any kind or nature whatsoever that may be incurred by or asserted against or involve any Lead Arranger, any Agent, any Co-Agent, any Initial Lender, or any other such Indemnified Person as a result of or arising out of or in any way related to or resulting from the Transactions, this Commitment Letter or the Fee Letter and, upon demand, to pay and reimburse each Lead Arranger, each Agent, each Co-Agent, the Initial Lenders, and each other Indemnified Person for any reasonable legal expenses of one firm of counsel for all such Indemnified Persons, taken as a whole (and, in the case of an actual or perceived conflict of interest, where the Indemnified Person affected by such conflict informs you of such conflict and thereafter retains its own counsel, of another firm of counsel for such affected Indemnified Person), and, if necessary, of a single local counsel in each appropriate jurisdiction (which may include a single special counsel acting in multiple jurisdictions) for all such Indemnified Persons, taken as a whole, or other reasonable and documented out-of-pocket expenses paid or incurred in connection with investigating, defending or preparing to defend any such action, suit, proceeding (including any inquiry or investigation) or claim (whether or not any Lead Arranger, any Agent, any Co-Agent, the Initial Lenders, or any other such Indemnified Person is a party to any action or proceeding out of which any such expenses arise or such matter is initiated by a third party or by you or any of your affiliates); provided, however, that you shall not have to indemnify any Indemnified

 

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Person against any loss, claim, damage, expense or liability to the extent same resulted from (x) the gross negligence or willful misconduct of such Indemnified Person (as determined by a court of competent jurisdiction in a final and non-appealable judgment), (y) a material breach by the relevant Indemnified Person (as determined by a court of competent jurisdiction in a final and non-appealable judgment) of the express contractual obligations of such Indemnified Person under this Commitment Letter or (z) any disputes among the Indemnified Parties (other than disputes involving claims against any Lead Arranger, Agent or other agent in their capacities as such) and not arising from any act or omission by the Borrower or any of its affiliates.

 

No Lead Arranger, Agent or any other Indemnified Person shall be responsible or liable to you or any other person or entity for any damages arising from the use by others of information or other materials obtained through electronic, telecommunications or other information transmission systems (including IntraLinks, Syndtrak Online or email) other than as a result of such person’s gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable decision.  No party hereto shall be responsible or liable for any indirect, special, exemplary, incidental, punitive or consequential damages (including, without limitation, any loss of profits, business or anticipated savings) that may be alleged as a result of this Commitment Letter, the Fee Letter or the Transactions even if advised of the possibility thereof (except in respect of any such damages incurred or paid by an Indemnified Party to a third party), other than as a result of such party’s gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable decision; provided that the foregoing shall not in any way limit your indemnification obligations hereunder.

 

You agree that, without each Lead Arranger’s and each Agent’s prior written consent (such consent not to be unreasonably withheld or delayed), neither you nor any of your subsidiaries will settle, compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding in respect of which indemnification could be sought under the indemnification provision of this Commitment Letter (whether or not any Agent or any other Indemnified Person is an actual or potential party to such claim, action or proceeding), unless such settlement, compromise or consent includes an unconditional release of each Indemnified Person from all liability arising out of such claim, action or proceeding and does not include a statement as to or an admission of fault, culpability or failure to act by or on behalf of any Indemnified Person.

 

8.             Sharing Information; Absence of Fiduciary Relationship; Affiliate Activities.

 

Each Commitment Party reserves the right to employ the services of its affiliates and branches in providing services contemplated by this Commitment Letter and to allocate, in whole or in part, to its affiliates certain fees payable to such Commitment Party in such manner as such Commitment Party and its affiliates may agree in their sole discretion. You acknowledge that (i) each Commitment Party may share with any of its affiliates and its and their respective directors, officers, employees, representatives, agents and advisors that are providing services contemplated by this Commitment Letter (including, without limitation, attorneys, accountants, consultants, bankers and financial advisors) (collectively, “Related Persons”), any information related to the Transactions, the Borrower, and the Target (and its and their respective subsidiaries and affiliates) or any of the matters contemplated hereby subject to the confidentiality provisions

 

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hereof and (ii) each Commitment Party and its affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which you, the Target or your or its affiliates may have conflicting interests regarding the transactions described herein or otherwise. We will not, however, furnish confidential information obtained from you by virtue of the transactions contemplated by this Commitment Letter or our other relationships with you to other persons (other than your affiliates). You also acknowledge that each Commitment Party has no obligation to use in connection with the Transactions, this Commitment Letter, the Fee Letter or to furnish to you, confidential information obtained by us from other companies.

 

You further acknowledge and agree that (i) no fiduciary, advisory or agency relationship between you and us is intended to be or has been created in respect of the Transactions, this Commitment Letter or the Fee Letter, irrespective of whether we or our affiliates have advised or are advising you on other matters, (ii) we, on the one hand, and you, on the other hand, have an arms-length business relationship that does not directly or indirectly give rise to, nor do you rely on, any fiduciary duty on our part in respect of the transactions contemplated by this Commitment Letter, (iii) you are capable of evaluating and understanding, and you understand and accept, the terms, risks and conditions of the transactions contemplated by this Commitment Letter and the Fee Letter, (iv) you have been advised that we and our affiliates are engaged in a broad range of transactions that may involve interests that differ from your interests and that we and our affiliates have no obligation to disclose such interests and transactions to you by virtue of any fiduciary, advisory or agency relationship, and (v) you waive, to the fullest extent permitted by law, any claims you may have against us or our affiliates for breach of fiduciary duty or alleged breach of fiduciary duty in respect of the financing transactions contemplated by this Commitment Letter and agree that we and our affiliates shall have no liability (whether direct or indirect) to you in respect of such a fiduciary duty claim or to any person asserting such a fiduciary duty claim on behalf of or in right of you, including your stockholders, employees or creditors. Additionally, you acknowledge and agree that neither we nor any of our affiliates has, except as expressly contemplated in the preceding paragraph, advised or is advising you as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction in connection with the Transactions, this Commitment Letter and the Fee Letter. You shall consult with your own advisors concerning such matters and shall be responsible for making your own independent investigation and appraisal of the transactions contemplated by this Commitment Letter, and neither we nor any of our affiliates shall have any responsibility or liability to you with respect thereto. Accordingly, it is specifically understood that you will base your decisions regarding whether and how to pursue the Transactions or any portion thereof based on the advice of your legal, tax and other business advisors and such other factors that you consider appropriate. We are serving as an independent contractor hereunder, and in connection with the Transactions, in respect of its services hereunder and in such connection and not as a fiduciary or trustee of any party. The Borrower further acknowledges and agrees that any review by the Lead Arrangers of it, the Acquired Business, the Facilities, any offering of Securities (as defined in the Fee Letter), the terms of any Securities and other matters relating thereto in connection with the financing transactions contemplated by this Commitment Letter will be performed solely for the benefit of the Lead Arrangers and shall not be on behalf of the Borrower or any other person.

 

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You further acknowledge that each Commitment Party is a full service securities firm engaged in securities trading and brokerage activities as well as providing investment banking and other financial services. In the ordinary course of business, any Commitment Party or its affiliates may provide investment banking and other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations) of, you, the Acquired Business and your and their respective subsidiaries and other companies with which you, the Target or your or its subsidiaries may have commercial or other relationships. With respect to any securities and/or financial instruments so held by any Commitment Party or any of its affiliates or any of their respective customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion.

 

Each Agent or its affiliates may also co-invest with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of you, the Acquired Business or other companies that may be the subject of the arrangements contemplated by this Commitment Letter or engage in commodities trading with any thereof.

 

9.             Confidentiality.

 

This Commitment Letter is delivered to you on the understanding that neither this Commitment Letter nor the Fee Letter nor any of their terms or substance shall be disclosed, directly or indirectly, by you to any other person or entity except (a) to your subsidiaries and your and their officers, directors, affiliates, employees, equityholders, attorneys, accountants, agents and advisors who are directly involved in the consideration of this matter and on a confidential basis, (b) in connection with any pending legal or administrative proceeding or otherwise as required by applicable law or compulsory legal process (in which case you agree, to the extent permitted by applicable law, to inform us promptly thereof) or regulatory review or (c) if the Agents consent in writing to such proposed disclosure (such consent not to be unreasonably withheld); provided that (i) you may disclose this Commitment Letter and the contents hereof and the Fee Letter and the contents thereof (subject to usual and customary redactions reasonably satisfactory to the Agents) to the Acquired Business and the officers, directors, employees, equityholders, attorneys, accountants and advisors, controlling persons and equity holders thereof, in each case who are directly involved in the consideration of this matter and on a confidential basis, (ii) you may disclose this Commitment Letter and the contents hereof (but you may not disclose the Fee Letter or the contents thereof) in any prospectus or other offering memorandum relating to the Senior Subordinated Notes or in any filing with the SEC in connection with the Transactions, (iii) you may disclose the Term Sheets and the other exhibits and annexes to the Commitment Letter, and the contents thereof, to any rating agencies in connection with obtaining ratings for the Borrower and the Facilities, (iv) you may disclose the aggregate fee amounts contained in the Fee Letter as part of a generic disclosure of aggregate sources and uses related to fee amounts applicable to the Transactions to the extent customary or required in offering and marketing materials for the Facilities and/or the Senior Subordinated Notes or in any public release or filing relating to the Transactions, (v) in connection with the enforcement of your rights hereunder and (vi) in consultation with the existing Lead Arrangers,

 

13

 

you may disclose this Commitment Letter and the Fee Letter and the contents thereof to any prospective Additional Lead Arranger or Additional Agent and to such Additional Lead Arranger’s or Additional Agent’s respective officers, directors, employees, attorneys, accountants and advisors, in each case on a confidential basis.  Your obligations under this paragraph (other than in respect of the Fee Letter) shall expire on the date occurring 12 months after the date hereof.

 

The Agents and their respective affiliates will use all confidential information provided to them or such affiliates by or on behalf of you hereunder solely for the purpose of providing the services that are the subject of this Commitment Letter and shall treat confidentially all such information; provided that nothing herein shall prevent the Agents from disclosing any such information (a) pursuant to the order of any court or administrative agency or in any pending legal or administrative proceeding, or otherwise as required by applicable law or compulsory legal process (in which case the Agents, to the extent permitted by law, agree to inform you promptly thereof), (b) upon the request or demand of any regulatory authority or self-regulatory body having jurisdiction or oversight over the Agents or any of their respective affiliates, their business or operations, (c) to the extent that such information becomes publicly available other than by reason of improper disclosure by the Agents or any of their affiliates, (d) to the extent that such information is received by the Agents from a third party that is not to their knowledge subject to confidentiality obligations to you or the Acquired Business, (e) to the extent that such information is independently developed by the Agents, (f) to the Agents’ respective affiliates and their and their affiliates’ respective officers, directors, employees, legal counsel, independent auditors and other experts or agents who need to know such information in connection with the Transactions and are informed of the confidential nature of such information and are directed to maintain the confidentiality of same as provided herein, (g) to potential Lenders, participants or assignees (other than Disqualified Institutions) or any potential counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower, the Acquired Business or any of their respective affiliates or any of their respective obligations, in each case who agree that they shall be bound by the terms of this paragraph (or language substantially similar to this paragraph), including in any confidential information memorandum or other marketing materials, in accordance with our standard syndication processes or customary market standards for dissemination of such type of information, (h) for purposes of establishing a “due diligence” defense, (i) to enforce their respective rights hereunder or under the Fee Letter or (j) to rating agencies on a confidential basis in connection with their evaluation of any debt securities issued or sold in connection with the Transactions or in any offering documentation to prospective investors of such securities.  The Agents’ obligations under this paragraph shall automatically terminate and be superseded by the confidentiality provisions in the Credit Documentation upon the execution and delivery of the Credit Documentation and initial funding thereunder or shall expire on the date occurring 12 months after the date hereof, whichever occurs earlier.

 

10.          Assignments; Etc.

 

This Commitment Letter and the Fee Letter (and your rights and obligations hereunder and thereunder) shall not be assignable by you without the prior written consent of each Lead Arranger and each Agent (and any attempted assignment without such consent shall be null and void), are intended to be solely for the benefit of the parties hereto and thereto (and

 

14

 

Indemnified Persons), are not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto and thereto (and Indemnified Persons) and may not be relied upon by any person or entity other than you.  Each Initial Lender may assign its commitment hereunder to one or more prospective Lenders (other than to a Disqualified Institution); provided that, except with respect to assignments to Additional Lead Arrangers or Additional Agents as provided herein, (a) no Initial Lender shall be relieved or novated from its obligations hereunder (including its obligation to fund the Facilities on the Closing Date) in connection with any syndication, assignment or participation of the Facilities (including its commitments in respect thereof) until after the initial funding of the Facilities on the Closing Date, (b) no assignment or novation shall become effective with respect to all or any portion of any Initial Lender’s commitment in respect of the Facilities until the initial funding of the Facilities on the Closing Date, and (c) unless you agree in writing, the Initial Lenders shall retain exclusive control over all rights and obligations with respect to their respective commitments in respect of the applicable Facilities, including all rights with respect to consents, modifications, supplements and amendments, until the initial funding of the Facilities on the Closing Date has occurred. Any and all obligations of, and services to be provided by an Agent hereunder (including, without limitation, the commitment of such Agent) may be performed and any and all rights of the Agents hereunder may be exercised by or through any of their respective affiliates or branches; provided that with respect to the commitments, any assignments thereof to an affiliate will not relieve the Agents from any of their obligations hereunder unless and until such affiliate shall have funded the portion of the commitment so assigned.

 

11.          Amendments; Governing Law; Etc.

 

This Commitment Letter and the Fee Letter may not be amended or modified, or any provision hereof or thereof waived, except by an instrument in writing signed by you and each Agent. Each of this Commitment Letter and the Fee Letter 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. Delivery of an executed signature page of this Commitment Letter or the Fee Letter by facsimile (or other electronic, i.e. a “pdf” or “tif”) transmission shall be effective as delivery of a manually executed counterpart hereof or thereof, as the case may be. Section headings used herein and in the Fee Letter are for convenience of reference only, are not part of this Commitment Letter or the Fee Letter, as the case may be, and are not to affect the construction of, or to be taken into consideration in interpreting, this Commitment Letter or the Fee Letter, as the case may be. Notwithstanding anything to the contrary set forth herein, each Agent may, in consultation with you, place customary advertisements in financial and other newspapers and periodicals or on a home page or similar place for dissemination of customary information on the Internet or worldwide web as it may choose, and circulate similar promotional materials, after the Closing Date in the form of a “tombstone” or otherwise describing the names of the Borrower, the Acquired Business and their respective affiliates (or any of them), and the amount, type and closing date of the transactions contemplated hereby, all at the expense of such Agent. This Commitment Letter and the Fee Letter set forth the entire agreement between the parties hereto as to the matters set forth herein and therein and supersede all prior understandings, whether written or oral, between us with respect to the matters herein and therein.  Each of the parties hereto agrees that (i) this Commitment Letter is a binding and enforceable agreement with respect to the subject matter contained herein, including an agreement to negotiate in good faith the Credit Documentation by the parties hereto in a manner

 

15

 

consistent with this Commitment Letter, it being acknowledged and agreed that the funding of the Incremental Term Loan B Facility is subject only to the Funding Conditions as provided herein and (ii) the Fee Letter is a binding and enforceable agreement with respect to the subject matter contained therein.  THIS COMMITMENT LETTER AND THE FEE LETTER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAW PROVISIONS THEREOF); provided, however, that (a) whether the Acquisition has been consummated as contemplated by the Acquisition Documents and (b) the determination of whether the representations made by the Acquired Business or any of its affiliates are accurate and whether as a result of any inaccuracy of any such representations the Borrower or any of its affiliates have the right to terminate its (or their) obligations, or has the right not to consummate the Acquisition, under the Acquisition Documents, in each case, shall be governed by, and construed in accordance with, the English law.

 

12.          Jurisdiction.

 

Each of the parties hereto hereby irrevocably and unconditionally (a) submits, for itself and its property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in the County of New York, Borough of Manhattan, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Commitment Letter, the Fee Letter or the transactions contemplated hereby or thereby, or for recognition or enforcement of any judgment, and agrees that all claims in respect of any such action or proceeding shall be heard and determined only in such courts located within New York County, (b) waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Commitment Letter, the Fee Letter or the transactions contemplated hereby or thereby in any such New York State or Federal court, as the case may be, (c) waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court and (d) agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Service of any process, summons, notice or document by registered mail or overnight courier addressed to you at the address above shall be effective service of process against you for any suit, action or proceeding brought in any such court. Nothing in this paragraph shall affect the right of any Commitment Party, any of its affiliates or any Indemnified Party to serve process in any manner permitted by law.

 

13.          Waiver of Jury Trial.

 

EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, SUIT, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THIS COMMITMENT LETTER, THE FEE LETTER OR THE PERFORMANCE OF SERVICES HEREUNDER OR THEREUNDER.

 

16

 

14.          Surviving Provisions.

 

The provisions of Sections 3, 6, 7, 8, 9, 11, 12, 13 and 14 of this Commitment Letter and the provisions of the Fee Letter shall remain in full force and effect regardless of whether definitive Credit Documentation shall be executed and delivered (other than those provisions relating to syndication which shall terminate upon the expiration or termination of this Commitment Letter if no definitive Credit Documentation shall have been executed and delivered) and notwithstanding the termination of this Commitment Letter or the commitments of the Agents hereunder and our agreements to perform the services described herein; provided that your obligations under this Commitment Letter and the Fee Letter (other than those provisions relating to confidentiality, the syndication of the Facilities and the payment of agency fees to any Agent) shall automatically terminate and be superseded by (to the extent covered by comparable provisions in) the definitive Credit Documentation relating to the Facilities upon the initial funding thereunder and the payment of all amounts owing at such time hereunder and under the Fee Letter.  You may terminate the Initial Lenders’ commitments with respect to the Facilities hereunder at any time in their entirety (but not in part), subject to the provisions of the preceding sentence, by written notice to the Initial Lenders.

 

15.          PATRIOT Act Notification.

 

Each Agent hereby notifies you that each Agent and each Lender subject to the USA PATRIOT ACT (Title III of Pub. Law 107-56 (signed into law October 26, 2001)) (as amended from time to time, the “PATRIOT Act”) is required to obtain, verify and record information that identifies the Borrower and any other obligor under the Facilities and any related Credit Documentation and other information that will allow such Lender to identify the Borrower and any other obligor in accordance with the PATRIOT Act. This notice is given in accordance with the requirements of the PATRIOT Act and is effective as to each Agent and each Lender. You hereby acknowledge and agree that the Agents shall be permitted to share any or all such information with the Lenders.

 

16.          Termination and Acceptance.

 

Each Initial Lender’s commitments with respect to the Facilities as set forth above, and each Agent’s agreements to perform the services described herein, will automatically terminate (without further action or notice and without further obligation to you) on the first to occur of (i) 5:00 p.m. New York City time on January 31, 2017, (ii) any time after the execution of the Acquisition Agreement and prior to the consummation of the Transactions, the date of the termination of the Acquisition Agreement in accordance with its terms (other than with respect to terms that survive such termination), (iii) with respect to any portion of the Incremental Term Loan B Facility, if and to the extent the consummation of the Acquisition occurs without the use of such portion of the Incremental Term Loan B Facility or (iv) the earliest date on which you release a written public statement of your intention not to consummate the Transactions.  In addition, our commitment hereunder to provide and arrange the Senior Subordinated Bridge Facility will terminate upon, and to the extent of, the issuance of the Senior Subordinated Notes or the Securities (as defined in the Fee Letter) in lieu thereof.  Moreover, to the extent that the Borrower (i) consummates an issuance of common stock (an “Equity Offering”) in a public offering and/or (ii) sells equity interests it holds in National CineMedia, L.L.C to finance all or a

 

17

 

portion of the Acquisition (as defined in Exhibit A), then there shall be a dollar-for-dollar reduction in the total commitment amount hereunder in respect of the Senior Subordinated Bridge Facility for aggregate net cash proceeds realized in an amount such that the Total Net Leverage Ratio (as defined below), on a pro forma basis (after giving effect to the Transactions), is equal to 4.25:1.00 (the “Equity-Funded Reduction”); except to the extent such proceeds are required to be utilized pursuant to prepayment requirements under the Existing Credit Agreement and any prepayment requirements in connection with the Carl Acquisition.

 

For purposes of this Commitment Letter, “Total Net Leverage Ratio” shall mean as of any date of determination, on a Pro Forma Basis, the ratio of (i) all Indebtedness of the Borrower and its Subsidiaries (determined on a Consolidated basis) as of such date; provided, however, that Indebtedness will not include: (a) any obligation of the Borrower to any Subsidiary or any obligation of a Subsidiary to the Borrower or another Subsidiary, (b) any liability for Federal, state, foreign, local or other taxes owed or owing by the Borrower or any of its Subsidiaries, (c) any accounts payable or other liability to trade creditors arising in the ordinary course of business (including guarantees thereof or instruments evidencing such liabilities), or (d) any Stock, to (ii) Annualized EBITDA for the Borrower and its Subsidiaries for the period of four consecutive Fiscal Quarters of the Borrower ended March 31, 2016 (where each such term not defined herein shall have the meaning given to it in the Existing Credit Agreement).

 

If the foregoing correctly sets forth our agreement with you, please indicate your acceptance of the terms of this Commitment Letter and of the Fee Letter by returning to us executed counterparts hereof and of the Fee Letter not later than 11:59 p.m., New York City time, on July 19, 2016.  The commitments of the Initial Lenders hereunder, and the Agents’ agreements to perform the services described herein, will expire automatically (and without further action or notice and without further obligation to you) at such time in the event that we have not received such executed counterparts in accordance with the immediately preceding sentence.

 

[Remainder of this page intentionally left blank]

 

18

 

We are pleased to have been given the opportunity to assist you in connection with this important financing.

 

	
 
    	
Very   truly yours,
    
	
 
    	
 
    
	
 
    	
CITIGROUP   GLOBAL MARKETS INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/   Matthew S. Burke
    
	
 
    	
Name:   Matthew S. Burke
    
	
 
    	
Title:    Managing Director
    

 

 

	
Accepted   and agreed to as of the date first above written:
    	
 
    
	
 
    	
 
    
	
AMC ENTERTAINMENT HOLDINGS, INC.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/   Craig Ramsey
    	
 
    
	
Name:   Craig R. Ramsey
    	
 
    
	
Title:   Executive Vice President and CFO
    	
 
    

 

[Commitment Letter]

 

 

EXHIBIT A

 

Project Nola

Transaction Description

 

Capitalized terms used but not defined in this Exhibit A shall have the meanings set forth in the commitment letter to which this Exhibit A is attached (the “Commitment Letter”) and in the other Exhibits to the Commitment Letter.

 

The Borrower intends to (i) acquire all of the outstanding equity of a company identified to us and code-named “Nola” (“Target” and, together with its subsidiaries , the “Acquired Business”) on the Closing Date (as defined below), by way of (a) the purchase of the entire issued share capital of the Target by a newly-formed direct or indirect wholly-owned subsidiary (such subsidiary, “Acquisition Sub”) of the Borrower and (b) the purchase by the Target of certain shares held by the Management Shareholders (as defined in the Acquisition Agreement) in Odeon and UCI Cinemas Group Limited in accordance with the Acquisition Documents (the “Acquisition”); and (ii) refinance in full all outstanding indebtedness of the Target, including its £90.0 million Revolving Credit Facility Agreement, £300.0 million Senior Secured Notes due 2018 and its €200m Senior Secured Notes due 2018 (such refinancings, the “Refinancing”).

 

You have further advised us that in connection with the Acquisition:

 

(A)          on the date of the consummation of the Acquisition, the Borrower shall borrow incremental term loans (the “Incremental Term Loan B Facility”) under the Borrower’s existing credit agreement dated April 30, 2013 (as amended by that certain First Amendment to Credit Agreement dated December 11, 2015, the “Existing Credit Agreement”) in an aggregate amount of up to $525 million, which may, at the Borrower’s option, be decreased by the proceeds of Senior Subordinated Notes in accordance with clause (B) below; and

 

(B)          the Borrower will, at its option, either (i) issue in one or more Offerings (as defined below) an aggregate principal amount of its senior subordinated notes (the “Senior Subordinated Notes”) that, taken together, generate gross proceeds on or prior to the Closing Date of not less than $800 million with the proceeds deposited into an escrow account pending release on the Closing Date; or (ii) to the extent the Borrower receives gross proceeds from the Offerings on or prior to the Closing Date in an amount less than $800 million, then the Borrower will borrow on the Closing Date senior subordinated bridge loans (the “Senior Subordinated Bridge Loans”) under a senior increasing rate bridge facility (the “Senior Subordinated Bridge Facility” and, together with the Incremental Term Loan B Facility, the “Facilities”) in an aggregate principal amount of up to $800 million (subject to the Equity-Funded Reduction); provided, for the avoidance of doubt, that at the Borrower’s option, a portion of the Incremental Term Loan B Facility may be allocated to the issuance of the Senior Subordinated Notes.

 

“Offerings” means, collectively, any Rule 144A or other private placement of Senior Subordinated Notes and any offering or placement of Securities (as defined in the Fee Letter), in each case that is consummated after the date hereof and on or prior to the Closing Date (it being understood that the terms “Offerings” and “Senior Subordinated Notes” as used

 

 

herein exclude any offering or placement of securities contemplated by, or that reduces any commitment or is required to repay or refinance any indebtedness contemplated by, the Project Carl Commitment Letter and/or related fee letter).

 

“Transactions” means, collectively, the Acquisition, the Refinancing and the other transactions described above in clauses (A) through (C).

 

A-2

 

EXHIBIT B

 

Project Nola

$525 million Incremental Term Loan B Facility

Summary of Principal Terms and Conditions(1)

 

	
Borrower:
    	
 
    	
AMC Entertainment   Holdings, Inc., a Delaware corporation (the “Borrower”).
    
	
 
    	
 
    	
 
    
	
Administrative Agent:
    	
 
    	
Same as the Existing   Credit Agreement.
    
	
 
    	
 
    	
 
    
	
Lead Arranger and Bookrunner:
    	
 
    	
Citi will act as lead   arranger and bookrunner for the Incremental Term Loan B Facility (as defined   below), and will perform the duties customarily associated with such roles   (together with any Additional Lead Arrangers appointed in accordance with the   terms set forth in the Commitment Letter (if any), the “Lead Arrangers”).
    
	
 
    	
 
    	
 
    
	
Incremental Term Loan B Facility:
    	
 
    	
1. Amount: “B”   incremental term loan facility in an aggregate principal amount of up to $525   million, which amount may be reduced as described in paragraph (A) of   Exhibit A to the Commitment Letter (the “Incremental Term Loan B   Facility”).
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
2. Currency:   U.S. dollars.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
3. Use of Proceeds:   The loans made pursuant to the Incremental Term Loan B Facility (the “Incremental   Term Loans”) may only be incurred on the Closing Date and the proceeds   thereof shall be utilized, together with the proceeds of the Senior   Subordinated Notes, the Securities or the Senior Subordinated Bridge   Facility, as applicable, solely (i) to finance, in part, the Acquisition   and the Refinancing and to pay the fees, premiums, expenses and other   transaction costs in connection with the Transactions, including OID and   upfront fees and (ii) to the extent any portion of the Incremental Term   Loan B Credit Facility remains available following application of proceeds   pursuant to preceding clause (i), for general corporate purposes.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
4. Maturity: The   final maturity date of the Incremental Term Loan B Facility shall be December 15,   2022 (the “Incremental Term Loan Maturity Date”).
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
5. Amortization:   (i) Annual amortization (payable in four equal quarterly installments)   of the Incremental Term Loans shall be required in an amount equal to 1.00%   of the initial aggregate principal amount of the Incremental Term Loans.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(ii) The remaining   aggregate principal amount of Incremental Term 
    

 

(1)  All capitalized terms used but not defined herein have the meanings given to them in the Commitment Letter to which this term sheet is attached, including the other Exhibits thereto.

 

 

	
 
    	
 
    	
Loans originally   incurred shall be due and payable in full on the Incremental Term Loan   Maturity Date.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
6. Availability:   Incremental Term Loans may only be incurred on the Closing Date. Once repaid,   no amount of Incremental Term Loans may be reborrowed.
    
	
 
    	
 
    	
 
    
	
Guarantees and Security:
    	
 
    	
Same as the Existing Credit Agreement subject in   each case to the Funds Certain Provisions. “Guaranties”, “Guarantors”   and “Collateral” shall be as defined in the Existing Credit Agreement;   provided that the exceptions included in the Existing Credit Agreement,   including without limitation for Foreign Subsidiaries, shall apply.
    
	
 
    	
 
    	
 
    
	
Documentation:
    	
 
    	
The definitive documentation governing the   Incremental Term Loan B Credit Facility (the “Incremental Credit   Documentation”) will be the Existing Credit Agreement as amended by the   Incremental Amendment (as defined in the Existing Credit Agreement) (the “Documentation   Principles”); and the funding under the Incremental Credit Documentation   on the Closing Date will be subject only to the Funding Conditions.
    
	
 
    	
 
    	
 
    
	
Voluntary Prepayments:
    	
 
    	
101% soft call protection shall be applicable to the   Incremental Term Loan B Facility from the Closing Date until the six-month   anniversary thereof; provided that, in the event the Incremental Term   Loan B Facility is, at the option of the Lead Arrangers, structured as a   “tack on” to the existing Term Loans under and as defined in the Existing   Credit Agreement, soft call protection shall be applicable to the Incremental   Term Loan B Facility as set forth in the Existing Credit Agreement with   respect to the existing Term Loans.
    
	
 
    	
 
    	
 
    
	
Mandatory Repayments and Commitment Reductions:
    	
 
    	
Same as the Existing Credit Agreement.
    
	
 
    	
 
    	
 
    
	
Interest Rates:
    	
 
    	
At the Borrower’s option, Incremental Term   Loans may be maintained from time to time as (x) Base Rate Loans, which   shall bear interest at the Base Rate (or, if greater at any time, the Base   Rate Floor (as defined below)) in effect from time to time plus the   Applicable Margin (as defined below) or (y) LIBOR Loans, which shall   bear interest at LIBOR (adjusted for statutory reserve requirements) as   determined by the Administrative Agent for the respective interest period   (or, if greater at any time, the LIBOR Floor (as defined below)), plus   the Applicable Margin.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
“Applicable Margin” shall mean a percentage   per annum equal to (i) in the case of (A) Base Rate Loans, 2.25%,   and (B) LIBOR Loans, 3.25%.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
“Base Rate Floor” shall mean 1.75% per annum.
    

 

B-2

 

	
 
    	
 
    	
“LIBOR Floor” shall mean 0.75% per annum.

 

“Base Rate” shall mean the highest of   (x) the rate that the Administrative Agent announces from time to time   as its prime lending rate, as in effect from time to time, (y) 1/2 of 1%   in excess of the overnight federal funds rate, and (z) LIBOR for an   interest period of one month plus 1.00%.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Interest periods of 1, 2, 3 and 6 months or, to the   extent agreed to by all Lenders with commitments and/or Incremental Term   Loans under a given tranche of the Incremental Term Loan B Facility, 12   months or periods shorter than 1 month shall be available in the case of   LIBOR Loans.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Interest in respect of Base Rate Loans shall be   payable quarterly in arrears on the last business day of each calendar   quarter. Interest in respect of LIBOR Loans shall be payable in arrears at   the end of the applicable interest period and every three months in the case   of interest periods in excess of three months. Interest will also be payable   at the time of repayment of any Loans and at maturity. All interest on Base   Rate Loans, LIBOR Loans and commitment fees and any other fees shall be based   on a 360-day year and actual days elapsed (or, in the case of Base Rate Loans   determined by reference to the prime lending rate, a 365/366-day year and   actual days elapsed).
    
	
 
    	
 
    	
 
    
	
Default Interest:
    	
 
    	
Same as the Existing Credit Agreement.
    
	
 
    	
 
    	
 
    
	
Yield Protection:
    	
 
    	
Same as the Existing Credit Agreement.
    
	
 
    	
 
    	
 
    
	
Agent/Lender Fees:
    	
 
    	
The Administrative Agent, the Lead Arrangers and the   Lenders shall receive such fees as have been separately agreed upon.
    
	
 
    	
 
    	
 
    
	
Conditions Precedent:
    	
 
    	
Only those conditions precedent on Exhibit D   to the Commitment Letter, subject in each case to the Funds Certain   Provisions.
    
	
 
    	
 
    	
 
    
	
Representations and Warranties:
    	
 
    	
Same as the Existing Credit Agreement.
    
	
 
    	
 
    	
 
    
	
Affirmative, Negative and Financial Covenants:
    	
 
    	
Same as the Existing Credit Agreement.
    
	
 
    	
 
    	
 
    
	
Unrestricted Subsidiaries:
    	
 
    	
Same as the Existing Credit Agreement.
    
	
 
    	
 
    	
 
    
	
Events of Default:
    	
 
    	
Same as the Existing Credit Agreement.
    
	
 
    	
 
    	
 
    
	
Assignments and
    	
 
    	
Same as the Existing Credit Agreement (other than   Disqualified
    

 

B-3

 

	
Participations:
    	
 
    	
 Institutions).
    
	
 
    	
 
    	
 
    
	
Waivers and Amendments:
    	
 
    	
Same as the Existing Credit Agreement.
    
	
 
    	
 
    	
 
    
	
Defaulting Lenders:
    	
 
    	
Same as the Existing Credit Agreement.
    
	
 
    	
 
    	
 
    
	
Indemnification; Expenses:
    	
 
    	
Same as the Existing Credit Agreement.
    
	
 
    	
 
    	
 
    
	
Governing Law and Forum; Submission to Exclusive   Jurisdiction:
    	
 
    	
Same as the Existing Credit Agreement (New York).
    
	
 
    	
 
    	
 
    
	
Counsel to the Administrative Agent and the Lead   Arrangers:
    	
 
    	
Latham & Watkins LLP.
    

 

B-4

 

EXHIBIT C

 

Project Nola

$800 million Senior Subordinated Bridge Facility

Summary of Principal Terms and Conditions

 

	
Borrower:
    	
 
    	
AMC Entertainment Holdings, Inc., a Delaware   corporation (the “Borrower”).
    
	
 
    	
 
    	
 
    
	
Agent:
    	
 
    	
Citi, acting through one or more of its branches or   affiliates, will act as sole administrative agent (in such capacity, the “Bridge   Facility Administrative Agent”) and Citi will act as syndication agent   for a syndicate of banks, financial institutions and other lenders, excluding   any Disqualified Institutions (the “Bridge Lenders”), and will perform   the duties customarily associated with such roles.
    
	
 
    	
 
    	
 
    
	
Joint Lead Arrangers and Joint Bookrunners:
    	
 
    	
Citi will act as lead arranger and bookrunner for   the Senior Subordinated Bridge Facility, and will perform the duties   customarily associated with such roles (together with any Additional Lead   Arrangers appointed in accordance with the terms set forth in the Commitment   Letter (if any), the “Lead Bridge Arrangers”).
    
	
 
    	
 
    	
 
    
	
Senior Subordinated Bridge Facility:
    	
 
    	
Senior subordinated unsecured bridge loans in an   aggregate principal amount of up to $800 million, less   the aggregate gross cash proceeds from any Senior Subordinated Notes and   Securities (as defined in the Fee Letter) issued (i) on the Closing Date   or (ii) prior to the Closing Date, with the proceeds thereof deposited   into an escrow account pending release on the Closing Date, and subject to   the Equity-Funded Reduction (the “Senior Subordinated Bridge Loans”)   provided that the escrow agreement shall be in form and substance acceptable   to the Borrower and the Lead Arrangers and the escrow arrangement and release   condition of such proceeds from the escrow account shall be subject to the   Funds Certain Provisions and not be more restrictive to the Borrower than the   Funding Conditions.
    
	
 
    	
 
    	
 
    
	
Purpose:
    	
 
    	
The proceeds of the Senior Subordinated Bridge Loans   will be used by the Borrower on the Closing Date, together with the proceeds   from the Incremental Term Loan B Facility, and the issuance of Senior   Subordinated Notes and/or Securities (if any), solely to finance, in part,   the Acquisition and the Refinancing and to pay the fees, premiums, expenses   and other transaction 
    

 

 

	
 
    	
 
    	
costs.
    
	
 
    	
 
    	
 
    
	
Availability:
    	
 
    	
The Bridge Lenders will make the Senior Subordinated   Bridge Loans on the Closing Date in a single drawing. Amounts borrowed under   the Senior Subordinated Bridge Facility that are repaid or prepaid may not be   reborrowed.
    
	
 
    	
 
    	
 
    
	
Guarantees:
    	
 
    	
Same as the Borrower’s existing 5.75% Senior   Subordinated Notes due 2025 (the “Existing Subordinated Notes”);   provided that the exceptions included in the Existing Credit Agreement,   including without limitation for Foreign Subsidiaries, shall apply.
    
	
 
    	
 
    	
 
    
	
Security:
    	
 
    	
None.
    
	
 
    	
 
    	
 
    
	
Interest Rates:
    	
 
    	
The Senior Subordinated Bridge Loans shall bear   interest, reset quarterly, at the rate of the Adjusted LIBOR plus 6.00% per   annum (the “Interest Rate”) and such spread over Adjusted LIBOR shall   automatically increase by 0.50% for each period of three months (or portion   thereof) after the Closing Date that Senior Subordinated Bridge Loans are   outstanding; provided, however, that the interest rate   determined in accordance with the foregoing shall not exceed the Total Bridge   Loan Cap (as defined in the Fee Letter) (excluding interest at the default   rate as described below).

 

“Adjusted LIBOR” on any date, means the   greater of (i) 1.00% and (ii) the rate (adjusted for statutory   reserve requirements for eurocurrency liabilities) for eurodollar deposits   for a three-month period appearing on the LIBOR 01 page published by   Reuters two business days prior to such date.

 

Upon the occurrence of a Demand Failure Event (as   defined in the Fee Letter), the outstanding Senior Subordinated Bridge Loans   shall automatically begin to accrue interest at the Total Bridge Loan Cap.
    
	
 
    	
 
    	
 
    
	
Interest Payments:
    	
 
    	
Interest on the Senior Subordinated Bridge Loans   will be payable in cash, quarterly in arrears.
    
	
 
    	
 
    	
 
    
	
Default Rate:
    	
 
    	
Overdue principal, interest and other amounts shall   bear interest, after as well as before judgment, at a rate per annum equal to   2.00% plus the Interest Rate.
    
	
 
    	
 
    	
 
    
	
Conversion and Maturity:
    	
 
    	
Any outstanding amount under the Senior Subordinated   Bridge Loans will be required to be repaid on the earlier of (a) the   closing date(s) of any permanent financing(s), but only to the extent of   the net cash proceeds realized therefrom, and (b) the 
    

 

C-2

 

	
 
    	
 
    	
one-year anniversary of the initial funding date of   the Senior Subordinated Bridge Loans (the “Bridge Loan Maturity Date”);   provided, however, that if the Borrower has failed to raise   permanent financing before the date set forth in clause (b) above, the   Senior Subordinated Bridge Loans shall be converted, subject to the   conditions outlined under “Conditions to Conversion” on Annex C-I   hereto, to a senior subordinated unsecured term loan facility (the “Senior   Subordinated Extended Term Loans”) with a maturity of seven years after   the Conversion Date (as defined in Annex C-I hereto). At any time or   from time to time on or after the Conversion Date, upon reasonable prior   written notice from the Bridge Lenders and in a minimum principal amount of   at least $100.0 million (or such lesser principal amount as represents all   outstanding Senior Subordinated Extended Term Loans), the Senior Subordinated   Extended Term Loans may be exchanged in whole or in part for senior   subordinated unsecured exchange notes (the “Senior Subordinated Exchange   Notes”) having an equal principal amount and having the terms set forth   in Annex C-II hereto.

 

The Senior Subordinated Extended Term Loans will be   governed by the provisions of the Senior Subordinated Bridge Documentation   (as defined below) and will have the same terms as the Senior Subordinated   Bridge Loans except as expressly set forth in Annex C-I hereto. The   Senior Subordinated Exchange Notes will be issued pursuant to an indenture   that will have the terms set forth on Annex C-II hereto.
    
	
 
    	
 
    	
 
    
	
Mandatory Prepayments:
    	
 
    	
The Borrower will prepay the Senior Subordinated   Bridge Loans at par, together with accrued interest to the prepayment date,   with any of the following: (i) the net proceeds from the issuance of the   Securities (as defined in the Fee Letter); provided that in the event   any Bridge Lender or affiliate of a Bridge Lender purchases debt securities   from the Borrower pursuant to a “Securities Demand” under the Fee Letter at   an issue price above the level at which such Bridge Lender or affiliate has   reasonably determined such Securities can be resold by such Bridge Lender or   affiliate to a bona fide third party at the time of such purchase (and   notifies the Borrower thereof), the net proceeds received by the Borrower in   respect of such Securities may, at the option of such Bridge Lender or   affiliate, be applied first to repay the Senior Subordinated Bridge Loans   held by such Bridge Lender or affiliate (provided that if there is   more than one such Bridge Lender or affiliate then such net proceeds will be   applied pro rata to repay the Senior Subordinated Bridge Loans of all such   Bridge Lenders or affiliates in proportion to such Bridge Lenders’ or   affiliates’ principal amount of Securities purchased 
    

 

C-3

 

	
 
    	
 
    	
from the Borrower) prior to being applied to prepay   the Senior Subordinated Bridge Loans held by other Bridge Lenders;   (ii) subject to prepayment requirements under the Existing Credit   Agreement and any prepayment requirements in connection with the Carl   Acquisition, the net proceeds from any other indebtedness (including   subordinated indebtedness) for borrowed money incurred by the Borrower and   its restricted subsidiaries (other than purchase money and other similar   indebtedness permitted under the Existing Credit Agreement);   (iii) subject to prepayment requirements in connection with the Carl   Acquisition, the net cash proceeds from the issuance of equity interests by,   or equity contributions to, Borrower (other than equity contributed pursuant   to employee stock plans); and (iv) subject to certain customary and   other exceptions, reinvestment rights to be agreed upon and prepayment   requirements under the Existing Credit Agreement and the Carl Acquisition,   the net proceeds from non-ordinary course asset sales by, and casualty events   related to the property of, Borrower or any of its restricted subsidiaries   (including sales of equity interests of any restricted subsidiary of the   Borrower).
    
	
 
    	
 
    	
 
    
	
Voluntary Prepayments:
    	
 
    	
The Senior Subordinated Bridge Loans may be prepaid   at par prior to the Bridge Loan Maturity Date, in whole or in part, upon   written notice, at the option of the Borrower, at any time, together with   accrued interest to the prepayment date and break funding payments, if   applicable.
    
	
 
    	
 
    	
 
    
	
Change of Control:
    	
 
    	
In the event of a Change of Control (to be defined   in a manner consistent with the Existing Subordinated Notes, each Bridge   Lender will have the right to require the Borrower, and the Borrower must   offer, to prepay at par the outstanding principal amount of the Senior   Subordinated Bridge Loans plus accrued and unpaid interest thereon to the   date of prepayment.
    
	
 
    	
 
    	
 
    
	
Assignments and Participations:
    	
 
    	
The Bridge Lenders shall have the right to assign   their interest in the Senior Subordinated Bridge Loans in whole or in part   without the consent of the Borrower (other than to Disqualified   Institutions); provided, however, that (i) prior to the   date that is one year after the Closing Date and unless a Demand Failure   Event in respect of the Senior Subordinated Bridge Loans has occurred or a   payment or bankruptcy event of default shall have occurred and be continuing,   the consent of the Borrower shall be required with respect to any assignment   (such consent not to be unreasonably withheld, delayed or conditioned) if,   subsequent thereto, the Commitment Parties (together with their respective   affiliates) would hold, in the aggregate, less than 50.1% of the outstanding   Senior Subordinated Bridge Loans and (ii) the 
    

 

C-4

 

	
 
    	
 
    	
Borrower shall be notified of such assignment. For   any assignments for which the Borrower’s consent is required, such consent   shall be deemed to have been given if the Borrower has not responded within   five business days of a written request for such consent.

 

The Bridge Lenders shall have the right to   participate their interest in the Senior Subordinated Bridge Loans without   restriction, other than customary voting limitations and, to the extent the   list of Disqualified Institutions is made available to all Bridge Lenders to   Disqualified Institutions. Participants will have the same benefits as the   selling Bridge Lenders would have (and will be limited to the amount of such   benefits) with regard to cost and yield protection, subject to customary   limitations and restrictions.
    
	
 
    	
 
    	
 
    
	
Documentation:
    	
 
    	
The definitive credit documentation for the Senior   Subordinated Bridge Facility (the “Senior Subordinated Bridge   Documentation”) will be consistent with the indenture governing the   Existing Subordinated Notes, as modified to (i) reflect the terms and   conditions set forth herein and in the Commitment Letter, (ii) take   account of differences related to the operational requirements of the   Borrower, the Acquired Business and their respective subsidiaries in light of   their size, industries, businesses, business practices (after giving effect   to the Transactions and, if consummated, the Carl Acquisition); provided that   “baskets” may be greater than those contained in the Existing Subordinated   Notes after giving due consideration to the pro forma metrics of the Borrower   and (iii) operational and administrative changes reasonably required by   the Bridge Facility Administrative Agent, the definitive terms of which will   be negotiated in good faith (the “Bridge Documentation Principles”);   and the Senior Subordinated Bridge Documentation will be subject only to the   Funding Conditions. Notwithstanding the foregoing, the Senior Subordinated   Bridge Documentation will contain only those mandatory repayments,   representations, warranties, covenants and events of default expressly set   forth (or referred to) in this Term Sheet, and only the conditions to   borrowing set forth or referred to in Exhibit D to the Commitment Letter   (subject to the Funds Certain Provisions).
    
	
 
    	
 
    	
 
    
	
Conditions Precedent to Borrowing:
    	
 
    	
Only the conditions precedent on Exhibit D to   the Commitment Letter, subject in each case to the Funds Certain Provisions.
    
	
 
    	
 
    	
 
    
	
Representations and Warranties:
    	
 
    	
The Senior Subordinated Bridge Documentation will   contain representations and warranties relating to the Borrower and its   subsidiaries substantially similar to those contained in the 
    

 

C-5

 

	
 
    	
 
    	
Existing Credit Agreement, with such changes as are   appropriate to reflect the bridge loan nature of the Senior Subordinated   Bridge Loans (and in any event such representations and warranties shall be   no more restrictive to the Borrower and its subsidiaries than those set forth   in the Existing Credit Agreement).
    
	
 
    	
 
    	
 
    
	
Covenants:
    	
 
    	
The Senior Subordinated Bridge Documentation will   contain affirmative and incurrence-based negative covenants relating to the   Borrower and its restricted subsidiaries consistent, to the extent   applicable, with the Bridge Documentation Principles. The negative covenants   governing restricted payments, liens and limitations on indebtedness shall be   no more restrictive than those set forth in the Existing Credit Agreement   prior to the Conversion Date. The Senior Subordinated Bridge Documentation   shall not contain any financial maintenance covenants.
    
	
 
    	
 
    	
 
    
	
Events of Default:
    	
 
    	
Customary for transactions of this type and   consistent with the Bridge Documentation Principles, including, without   limitation, payment defaults, covenant defaults, bankruptcy and insolvency,   monetary judgments in an amount in excess of an amount to be agreed, cross   acceleration of and failure to pay at final maturity other indebtedness   aggregating an amount in excess of an amount to be agreed, subject to, in   certain cases, customary thresholds and grace periods.
    
	
 
    	
 
    	
 
    
	
Voting:
    	
 
    	
Amendments and waivers of the Senior Subordinated   Bridge Documentation will require the approval of Bridge Lenders holding at   least a majority of the outstanding Senior Subordinated Bridge Loans, except   that the consent of each affected Bridge Lender will be required for, among   other things, (i) reductions of principal, interest rates or fees,   (ii) extensions of the Bridge Loan Maturity Date, (iii) additional   restrictions on the right to exchange Senior Subordinated Extended Term Loans   for Senior Subordinated Exchange Notes or any amendment of the rate of such exchange   or (iv) any amendment to the Senior Subordinated Exchange Notes that   requires (or would, if any Senior Subordinated Exchange Notes were   outstanding, require) the approval of all holders of Senior Subordinated   Exchange Notes.
    
	
 
    	
 
    	
 
    
	
Cost and Yield Protection:
    	
 
    	
To conform to the Existing Credit Agreement.
    
	
 
    	
 
    	
 
    
	
Expenses and Indemnification:
    	
 
    	
To conform to the Existing Credit Agreement.
    
	
 
    	
 
    	
 
    
	
Governing Law and Forum; 
    	
 
    	
All Senior Subordinated Bridge Documentation shall   be 
    

 

C-6

 

	
Submission to Exclusive Jurisdiction:
    	
 
    	
governed by the internal laws of the State of New   York. The Borrower and the Guarantors will submit to the exclusive   jurisdiction and venue of any New York State court or Federal court sitting   in the County of New York, Borough of Manhattan, and appellate courts   thereof.
    
	
 
    	
 
    	
 
    
	
Counsel to the Bridge Facility Administrative Agent   and the Lead Bridge Arrangers:
    	
 
    	
Latham & Watkins LLP.
    

 

C-7

 

ANNEX C-I

 

Senior Subordinated Extended Term Loans

 

	
Borrower:
    	
 
    	
Same as Senior Subordinated Bridge Loans.
    
	
 
    	
 
    	
 
    
	
Guarantees:
    	
 
    	
Same as Senior Subordinated Bridge Loans.
    
	
 
    	
 
    	
 
    
	
Security:
    	
 
    	
None.
    
	
 
    	
 
    	
 
    
	
Facility:
    	
 
    	
Subject to “Conditions to Conversion” below, the   Senior Subordinated Bridge Loans will convert into senior subordinated   unsecured extended loans (the “Senior Subordinated Extended Term Loans”)   in an initial principal amount equal to 100% of the outstanding principal   amount of the Senior Subordinated Bridge Loans on the one-year anniversary of   the Closing Date (the “Conversion Date”). Subject only to the   conditions precedent set forth below, the Senior Subordinated Extended Term   Loans will be available to the Borrower to refinance the Senior Subordinated   Bridge Loans on the Conversion Date. The Senior Subordinated Extended Term   Loans will be governed by the Senior Subordinated Bridge Documentation and,   except as set forth below, shall have the same terms as the Senior   Subordinated Bridge Loans.
    
	
 
    	
 
    	
 
    
	
Maturity:
    	
 
    	
Seven years from the Conversion Date (the “Final   Maturity Date”).
    
	
 
    	
 
    	
 
    
	
Interest Rate:
    	
 
    	
The Senior Subordinated Extended Term Loans shall   bear interest, payable in cash semi-annually, in arrears at a fixed rate per   annum equal to the Total Bridge Loan Cap.
    
	
 
    	
 
    	
 
    
	
Covenants, Events of Default and Prepayments:
    	
 
    	
From and after the Conversion Date, the covenants,   events of default and mandatory prepayment provisions applicable to the   Senior Subordinated Extended Term Loans will conform to those applicable to   the Senior Subordinated Exchange Notes (described on Annex C-II),   except with respect to the right to exchange Senior Subordinated Extended   Term Loans for Senior Subordinated Exchange Notes; provided that the   optional prepayment provisions applicable to the Senior Subordinated Bridge   Loans shall remain applicable to the Senior Subordinated Extended Term Loans.
    
	
 
    	
 
    	
 
    
	
Conditions to Conversion:
    	
 
    	
One year after the Closing Date, unless (A) the   Borrower is subject to a bankruptcy or other insolvency proceeding or   (B) there exists a payment default (whether or not matured) with respect   to the Senior Subordinated Bridge Loans or any fees 
    

 

 

	
 
    	
 
    	
payable thereunder, the Senior Subordinated Bridge   Loans shall convert into the Senior Subordinated Extended Term Loans; provided,   however, that if an event described in clause (B) is continuing   at the scheduled Conversion Date but the applicable grace period, if any, set   forth in the events of default provision of the Senior Subordinated Bridge   Documentation has not expired, the Conversion Date shall be deferred until   the earlier to occur of (i) the cure of such event or (ii) the   expiration of any applicable grace period.
    

 

C-I-2

 

ANNEX C-II

 

Senior Subordinated Exchange Notes

 

	
Issuer:
    	
 
    	
Same as Borrower under Senior Subordinated Extended   Term Loans.
    
	
 
    	
 
    	
 
    
	
Guarantees:
    	
 
    	
Same as Senior Subordinated Extended Term Loans.
    
	
 
    	
 
    	
 
    
	
Maturity:
    	
 
    	
Seven years from the Conversion Date.
    
	
 
    	
 
    	
 
    
	
Security:
    	
 
    	
None.
    
	
 
    	
 
    	
 
    
	
Interest Rate; Redemption:
    	
 
    	
Each Senior Subordinated Exchange Note will bear   interest, payable in cash semi-annually in arrears, at a fixed rate per annum   equal to the Total Bridge Loan Cap. Except as set forth below, the Senior   Subordinated Exchange Notes will be non-callable until the third anniversary   of the Closing Date and will be callable thereafter at par plus accrued   interest plus a premium equal to three-fourths of the coupon of the Senior   Subordinated Exchange Notes, declining ratably to par on the date that is two   years prior to maturity of the Senior Subordinated Exchange Notes. The Senior   Subordinated Exchange Notes will provide for mandatory repurchase offers   consistent with the Existing Subordinated Notes.

 

Prior to the third anniversary of the Closing Date,   the Borrower may redeem up to 35% of such Senior Subordinated Exchange Notes   with the proceeds from an equity offering at a redemption price equal to par   plus accrued interest plus a premium equal to 100% of the coupon in effect on   such Senior Subordinated Exchange Notes.

 

Prior to the third anniversary of the Closing Date,   the Borrower may redeem such Senior Subordinated Exchange Notes at a   make-whole price based on U.S. Treasury notes with a maturity closest to the   third anniversary of the Closing Date plus 50 basis points plus accrued   interest.

 

Prior to a Demand Failure Event, any Senior   Subordinated Exchange Notes held by the Commitment Parties or their   respective affiliates (other than (x) asset management affiliates   purchasing Senior Subordinated Exchange Notes in the ordinary course of their   business as part of a regular distribution of the Senior Subordinated   Exchange Notes (“Asset Management Affiliates”) and (y) Senior   Subordinated Exchange Notes acquired pursuant to bona fide open market   purchases from third 
    

 

 

	
 
    	
 
    	
parties or market making activities), shall be   prepayable and/or subject to redemption in whole or in part at par plus   accrued interest on a non-ratable basis so long as such Senior Subordinated   Exchange Notes are held by them.
    
	
 
    	
 
    	
 
    
	
Offer to Repurchase Upon a Change of Control:
    	
 
    	
The Issuer will be required to make an offer to   repurchase the Senior Subordinated Exchange Notes following the occurrence of   a “change of control” at a price in cash equal to 101% of the outstanding   principal amount thereof, plus accrued and unpaid interest to the date of   repurchase; provided that Senior Subordinated Exchange Notes held by   the Commitment Parties or their respective affiliates (other than Asset   Management Affiliates or Senior Subordinated Exchange Notes acquired pursuant   to bona fide open market purchases from third parties or market making   activities) shall be subject to prepayment at par, plus accrued and unpaid   interest to the date of repurchase.
    
	
 
    	
 
    	
 
    
	
Defeasance and Discharge Provisions:
    	
 
    	
Consistent with the Existing Subordinated Notes.
    
	
 
    	
 
    	
 
    
	
Modification:
    	
 
    	
Consistent with the Existing Subordinated Notes.
    
	
 
    	
 
    	
 
    
	
Registration Rights:
    	
 
    	
Within 270 days after the issue date of the Senior   Subordinated Exchange Notes, the Borrower shall file a shelf registration   statement with the Securities and Exchange Commission and/or effect an   exchange offer whereby the Borrower has offered registered notes having terms   identical to the Senior Subordinated Exchange Notes (“Substitute Notes”)   in exchange for all outstanding Senior Subordinated Exchange Notes (it being   understood that a shelf registration statement is required to be made   available in respect of Senior Subordinated Exchange Notes the holders of   which could not receive Substitute Notes through the exchange offer that, in   the opinion of counsel, would be freely saleable by such holders without   registration or requirement for delivery of a current prospectus under the   Securities Act of 1933, as amended). If a shelf registration statement is   filed or required to be filed, the Borrower shall use its reasonable best   efforts to cause such shelf registration statement to be declared effective   within 90 days of such filing and keep such shelf registration statement   effective, with respect to resales of the Senior Subordinated Exchange Notes,   until the earlier of the date all Senior Subordinated Exchange Notes   registered thereby have been resold and the date that is two years from the   Conversion Date. Upon failure to comply with the requirements of the   registration rights agreement (a “Registration Default”), the Borrower   shall pay liquidated damages to each holder of Senior Subordinated Exchange   Notes with respect to 
    

 

C-II-2

 

	
 
    	
 
    	
the first 90-day period immediately following the   occurrence of the first Registration Default in an amount equal to   one-quarter of one percent (0.25%) per annum on the principal amount of   Senior Subordinated Exchange Notes held by such holder. The amount of the   liquidated damages will increase by an additional one-quarter of one percent   (0.25%) per annum on the principal amount of Senior Subordinated Exchange   Notes with respect to each subsequent 90-day period until all Registration   Defaults have been cured, up to a maximum amount of liquidated damages for   all Registration Defaults of 1.00% per annum.
    
	
 
    	
 
    	
 
    
	
Right to Transfer Exchange Notes:
    	
 
    	
The holders of the Senior Subordinated Exchange   Notes shall have the absolute and unconditional right to transfer such Senior   Subordinated Exchange Notes in compliance with applicable law to any third   parties.
    
	
 
    	
 
    	
 
    
	
Covenants:
    	
 
    	
The indenture governing the Senior Subordinated   Exchange Notes will include provisions consistent with the Existing   Subordinated Notes giving effect to the Bridge Documentation Principles.
    
	
 
    	
 
    	
 
    
	
Events of Default:
    	
 
    	
Consistent with the Existing Subordinated Notes.
    

 

C-II-3

 

EXHIBIT D

 

Project Nola

Summary of Conditions Precedent

 

Capitalized terms used in this Exhibit D but not defined herein shall have the meanings set forth in the Commitment Letter to which this Exhibit D is attached and in the other Exhibits to the Commitment Letter.

 

The borrowings under the Facilities shall be subject to the following conditions precedent:

 

1.             As a condition to the closing of the Facilities, subject to the Funds Certain Provisions and the Documentation Principles set forth in the Commitment Letter, (x) the execution and delivery by the Borrower and the Guarantors (as such terms are defined in Exhibit B) of the Incremental Credit Documentation and the Senior Subordinated Bridge Documentation, which shall be in accordance with the terms of the Commitment Letter and Exhibit B (as modified to reflect any exercise of any “flex” provisions of the Fee Letter) and Exhibit C, as applicable, and (y) delivery to the Administrative Agent and the Bridge Administrative Agent, as applicable, of (i) a customary borrowing notice, customary legal opinions, customary officer’s closing certificates, organizational documents, customary evidence of authorization and good standing certificates in jurisdictions of formation/organization, in each case with respect to the Borrower and the Guarantors (as such terms are defined in Exhibit B), to the extent applicable, and (ii) a solvency certificate, dated as of the Closing Date and after giving effect to the Transactions, substantially in the form attached as Exhibit E, from a senior financial officer of the Borrower. In respect of the Incremental Term Loan B Facility, and subject to the Funds Certain Provisions, all documents and instruments required to create and perfect the Administrative Agent’s security interest in the Collateral shall have been executed and delivered by the Borrower and the Guarantors (as such terms are defined in Exhibit B) and, if applicable, be in proper form for filing.

 

2.             Substantially concurrently with the initial funding under the Facilities, the Acquisition shall be consummated in accordance with the terms and conditions of the Share Purchase Agreement among the Borrower, Acquisition Sub, Monterey Capital III Sarl, Odeon and UCI Cinemas Holdings Limited, Odeon and UCI Cinemas Group Limited and the Management Shareholders dated as of July 12, 2016 (together with all exhibits, annexes and schedules thereto and after giving effect to any alteration, amendment, modification, supplement or waiver, the “Acquisition Agreement”, and together with the Management Warranty Deed among Acquisition Sub and the Management Shareholders dated as of July 12, 2016 (the “Management Warranty Deed”), the Management Tax Covenant among Acquisition Sub and the Management Shareholders dated as of July 12, 2016 (the “Management Tax Covenant”), the Disclosure Letter in connection with the Management Warranty Deed addressed by the Management Shareholders to Acquisition Sub dated as of July 12, 2016 (the “Disclosure Letter”) and the Warranty and Indemnity Insurance Policy in connection with the Management Warranty Deed and the Management Tax Covenant in favor of Acquisition Sub dated as of July 12, 2016 (the “W&I Insurance Policy”) in each case, together with all exhibits, annexes and schedules thereto and after giving effect to any alteration, amendment, modification, supplement or waiver,

 

 

the “Acquisition Documents”) without giving effect to any alteration, amendment, modification, supplement or express waiver or consent granted by the Borrower (or its affiliate, if applicable), if such alteration, amendment, modification, supplement or express waiver or consent granted by the Borrower (or its affiliate, if applicable) is adverse to the interests of the Lenders (in their capacities as such) in any material respect, without the prior written consent of the Lead Arrangers and the Agents (such consent not to be unreasonably withheld, delayed or conditioned) (it being understood and agreed that (a) any alteration, amendment, modification, supplement or express waiver or consent granted by the Borrower (or its affiliate, if applicable) under the Acquisition Documents that results in a reduction in the amount described in Section 3 of the Acquisition Agreement (the “Purchase Price”) shall not be deemed to be materially adverse to the interests of the Lenders; provided that any such reduction in the Purchase Price shall be applied to reduce the Incremental Term Loan B Facility and/or the Senior Subordinated Bridge Facility at the Borrower’s option, and (b) any alteration, amendment, modification, supplement or express waiver or consent granted by the Borrower (or its affiliate, if applicable) under the Acquisition Agreement that results in an increase in the Purchase Price shall be deemed not to be materially adverse to the interests of the Lenders as long as any such increase is funded solely by the issuance by the Borrower of common equity.

 

3.             Substantially concurrently with the initial borrowing under the Facilities, the Refinancing shall have been consummated, and all commitments, security interests and guarantees in connection therewith shall have been terminated and released (or have been authorized to be released pursuant to customary payoff letters and other customary documentation).

 

4.             The Lead Arrangers shall have received (a) audited consolidated balance sheets of each of the Borrower and its consolidated subsidiaries and of Target and its consolidated subsidiaries, in each case as at the end of, and related statements of income and cash flows of each of the Borrower and its consolidated subsidiaries and the Target and its consolidated subsidiaries, in each case for, the fiscal years ended December 31, 2015, December 31, 2014 and December 31, 2013 and (b) unaudited consolidated balance sheets of each of the Borrower and its consolidated subsidiaries and of Target and its consolidated subsidiaries, in each case as at the end of, and related statements of income and cash flows of each of the Borrower and its consolidated subsidiaries and the Target and its consolidated subsidiaries, in each case for, for each fiscal quarter ended after December 31, 2015 and ended at least 45 days prior to the Closing Date (other than the fourth fiscal quarter of any fiscal year); provided that the filing of the required financial statements on Form 10-K and Form 10-Q by the Borrower shall be deemed to satisfy the foregoing requirements.  The Lead Arrangers hereby acknowledge receipt of the audited financial statements for (i) the fiscal years ended December 31, 2015, December 31, 2014 and December 31, 2013 referred to in clause (a) above for each of the Borrower and the Target and (ii) the fiscal quarter ended March 31, 2016 for the Borrower.

 

5.             The Lead Arrangers shall have received (a) a pro forma consolidated balance sheet and related pro forma consolidated statement of income of the Borrower as of, and for the twelve-month period ended on December 31, 2015 and (b) without duplication with the foregoing clause (a), a pro forma consolidated balance sheet and related pro forma consolidated statement of income of the Borrower as of, and for the twelve-month period ending on, the last day of the most recently completed four-fiscal quarter period for which financial statements

 

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required to be delivered pursuant to paragraph 4 above have been delivered, prepared after giving effect to the Transactions as if the Transactions had occurred as of such date (in the case of such balance sheet) or at the beginning of such period (in the case of such statement of income), which need not be prepared in compliance with Regulation S-X of the Securities Act of 1933, as amended, or include adjustments for purchase accounting (including adjustments of the type contemplated by Financial Accounting Standards Board Accounting Standards Codification 805, Business Combinations (formerly SFAS 141R)).

 

6.             To the extent invoiced (in the case of costs and expenses) at least two business days prior to the Closing Date, all costs, fees, expenses (including, without limitation, legal fees and expenses) and other compensation contemplated by the Commitment Letter and the Fee Letter, payable to each Agent (and counsel thereto) and the Lenders shall have been paid to the extent due.

 

7.             The Agents shall have received, at least three business days prior to the Closing Date, all documentation and other information about any Guarantors which are not Guarantors as of the date hereof that the Agents reasonably determine is required by United States regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the USA PATRIOT Act, to the extent requested in writing by an Agent at least ten business days prior to the Closing Date.

 

8.             The Specified Representations shall be true and correct in all material respects (or, if qualified by materiality, in all respects).

 

D-3

 

EXHIBIT E

 

AMC ENTERTAINMENT HOLDINGS, INC.

 

SOLVENCY CERTIFICATE

 

[DATE]

 

This Solvency Certificate (this “Certificate”) is furnished to the Administrative Agent and the Lenders pursuant to Section [  ] of the Credit Agreement, dated as of [     ], among [          ] (the “Credit Agreement”). Unless otherwise defined herein, capitalized terms used in this Certificate shall have the meanings set forth in the Credit Agreement.

 

I, the [     ] of the Borrower (after giving effect to the Transactions), in that capacity only and not in my individual capacity (and without personal liability), DO HEREBY CERTIFY on behalf of the Borrower that, as of the date hereof, after giving effect to the consummation of the Transactions (including the execution and delivery of the Acquisition Documents and the Credit Agreement, the making of the Loans and the use of proceeds of such Loans on the date hereof):

 

1.             The fair value of the assets of the Borrower and its Subsidiaries on a consolidated basis will exceed their consolidated debts and liabilities, contingent or otherwise.

 

2.             The present fair saleable value of the property of the Borrower and its Subsidiaries on a consolidated basis will be greater than the amount that will be required to pay the probable liability on their debts and other liabilities, contingent or otherwise, as such debts and other liabilities become absolute and matured.

 

3.             The Borrower and its Subsidiaries on a consolidated basis will not have unreasonably small capital with which to conduct the business in which they are engaged as such business is now conducted and is proposed to be conducted following the Closing Date.

 

4.             The Borrower and its Subsidiaries on a consolidated basis will not have incurred and do not intend to incur, or believe that they will incur, any debts and liabilities, contingent or otherwise, including current obligations, that they do not believe that they will be able to pay (based on their assets and cash flow) as such debts and liabilities become due (whether at maturity or otherwise).

 

5.             In reaching the conclusions set forth in this Certificate, the undersigned has (i) reviewed the Credit Agreement, (ii) reviewed the financial statements (including the pro forma financial statements) referred to in Section [  ] of the Credit Agreement (the “Financial Statements”) and (iii) made such other investigations and inquiries as the undersigned has deemed appropriate. The undersigned is familiar with the financial performance and business of the Borrower and its Restricted Subsidiaries.

 

 

IN WITNESS WHEREOF, I have executed this Certificate this as of the date first written above.

 

	
 
    	
AMC Entertainment Holdings, Inc.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

D-2

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