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WEIL, GOTSHAL & MANGES LLP


767 Fifth Avenue
New York, New York 10153
Telephone: (212) 310-8000
Facsimile: (212) 310-8007
Ray C. Schrock, P.C.
Jacqueline Marcus
Garrett A. Fail
Proposed Attorneys for Debtors
and Debtors in Possession
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
---------------------------------------------------------x
:
In re
:
:
AROPOSTALE, INC., et al.,
:
:
Debtors. 1
:
:
---------------------------------------------------------x

Chapter 11
Case No. 16-______ (___)
Joint Administration Requested

DECLARATION OF DAVID J. DICK


PURSUANT TO RULE 1007-2 OF THE LOCAL BANKRUPTCY
RULES FOR THE SOUTHERN DISTRICT OF NEW YORK
I, David J. Dick, make this declaration under 28 U.S.C. 1746:
1.

I am the Chief Financial Officer of Aropostale, Inc. (Aropostale) and

its subsidiaries, the debtors and debtors in possession in the above-captioned chapter 11 cases
(collectively, the Debtors).

I have been Aropostales Chief Financial Officer since

February 17, 2015 and its principal accounting officer since January 14, 2016. I have over 20

The Debtors in these chapter 11 cases and the last four digits of each Debtors federal tax identification
number, as applicable, are as follows: Aropostale, Inc. (3880); Aropostale West, Inc. (7013); JimmyZ
Surf Co., LLC (0461); Aero GC Management LLC (4257); Aeropostale Procurement Company, Inc.
(8518); Aeropostale Licensing, Inc. (8124); P.S. from Aeropostale, Inc. (5900); GoJane LLC (4923);
Aeropostale Canada Corp. (N/A); Aeropostale Holdings, Inc. (7729); and Aeropostale Puerto Rico, Inc.
(6477). The Debtors corporate headquarters is located at 112 West 34th Street, 22nd Floor, New York,
NY 10120.

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years in the retail industry. Prior to joining Aropostale, I was employed by dELiA*s, Inc.
where I held a number of positions, including Chief Financial Officer and Treasurer, as well as
Chief Accounting Officer and Controller. From 1993 to 2006, I worked at Linens n Things, Inc.
where I held a number of positions including Vice President, Controller, and Treasurer.
2.

On the date hereof (the Commencement Date), each of the Debtors

commenced with this court (the Court) a voluntary case under chapter 11 of title 11 of the
United States Code (the Bankruptcy Code).
3.

The Debtors are a national retail chain and iconic brand with stores located

in all 50 states, as well as Puerto Rico and Canada, employing approximately 14,500 persons.
Additionally the Debtors brands are licensed internationally and sold in over 300 additional
locations in 17 different countries. Until recently, the Debtors equity securities were publicly
traded on the New York Stock Exchange.
4.

Prior to the commencement of these chapter 11 cases (the Chapter 11

Cases) the Debtors had already begun to implement their publicly-announced comprehensive
strategic review and restructuring of their retail operations and store profile. The Debtors
efforts had started to generate significant positive results, when one of their largest suppliers,
Sycamore Partners LLCs (Sycamore) portfolio company, TSAM (Delaware) LLC (d/b/a
MGF Sourcing US LLC) (MGF), took precipitous and unauthorized action to force the
Debtors into cash in advance terms when the Debtors had availability well in excess of $100
million under their revolving credit facility. These actions not only jeopardized the Debtors
ongoing efforts, but also imperiled the Debtors survival as a going concern. It has become
increasingly clear to me over the course of the last several weeks since Sycamore and MGF first
demanded cash in advance terms before manufacturing or supplying any merchandise that

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Sycamore was using its leverage over MGF to precipitate the filing of these chapter 11 cases.
MGFs demands systematically caused a cash drain on the Debtors enterprise through onerous
and unreasonable terms and deprived the Debtors of critical merchandise. Why Sycamore was
determined to cause a precipitous chapter 11 filing immediately is not yet known with certainty.
5.

With $240 million of annual distribution supply effectively cut off from

terms, the Debtors were forced to consider every alternative to give the Debtors the best chance
to survive. And despite overwhelming odds, the Debtors have secured a viable path through an
expedited chapter 11 case in this Court with a fresh source of financing. In short, the Debtors
have structured a dual path exit from chapter 11 in which they have an option to pursue a
standalone chapter 11 plan with their new financing source while simultaneously pursuing
ongoing M&A efforts for the enterprise. Likewise, the Debtors also will utilize all available
tools in chapter 11 to right size the business and resolve their ongoing dispute with Sycamore. A
short outline of the Debtors path toward exit from chapter 11 is outlined below and is part of the
Debtors DIP financing package:
Plan Milestones:

Negotiate with key landlords and continue pre-filing M&A process during
the first 60 days of the Chapter 11 Cases;

File a plan and disclosure statement no later than 60 days after the
Commencement Date;
o The Debtors chapter 11 plan may be a plan for either a standalone enterprise or consummated via an M&A transaction;

Obtain entry of an order approving the disclosure statement no later than


95 days after the Commencement Date;

Commence a confirmation hearing no later than 130 days after the


Commencement Date; and

Obtain entry of an order confirming a plan of reorganization no later than


140 days after the Commencement Date.

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Sale Milestones:

File motion to approve bid procedures, establish the date of an auction,


and file a form of stalking horse sale and purchase agreement no later than
75 days after the Commencement Date;

Court approval of a stalking horse sale and purchase agreement and bid
procedures no later than 105 days after the Commencement Date

Conduct an auction no later than 141 days after the Commencement Date;

Obtain entry of an order approving a sale of the Debtors assets no later


than 143 days after the Commencement Date; and

Consummation of a sale no later than 145 days after the Commencement


Date.

6.

Speed is critical to maximizing recoveries for all creditors and preserving

jobs of as many of the Debtors 14,500 employees as possible. Accordingly, the Debtors intend
to proceed towards confirmation of a plan of reorganization on the foregoing aggressive, but
realistic, timeframe. In accordance with the milestones above, a plan of reorganization may
involve either a stand-alone reorganization of the Debtors operations premised on a smaller
footprint of profitable stores or a sale to a third-party buyer to be consummated pursuant to a
plan. As an initial step along either path, the Debtors are seeking approval of procedures to
effectuate the immediate closing of 154 stores.
7.

I am knowledgeable and familiar with the Debtors day-to-day operations,

business and financial affairs, books and records, and the circumstances leading to the
commencement of these Chapter 11 Cases.
8.

Except as otherwise indicated herein, the facts set forth in this Declaration

are based upon my personal knowledge, my review of relevant documents, information provided
to me by employees working under my supervision, or my opinion based upon my experience,

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knowledge, and information concerning the Debtors operations and the retail clothing industry.
If called upon to testify, I would testify competently to the facts set forth in this Declaration.
9.

This Declaration is submitted pursuant to Rule 1007-2 of the Local

Bankruptcy Rules for the Southern District of New York (the Local Rules) for the purpose of
apprising the Court and parties in interest of the circumstances that compelled the
commencement of these Chapter 11 Cases and providing support for the motions and
applications that the Debtors have filed with the Court, including the first-day motions (the
First Day Pleadings). I am authorized to submit this Declaration on behalf of the Debtors.
10.

This Declaration is intended to provide a summary overview of the

Debtors businesses and the need for their restructuring pursuant to chapter 11 of the Bankruptcy
Code. Section I provides an overview of the Debtors businesses. Section II describes the
Debtors capital structure.

Section III describes the circumstances that precipitated the

commencement of the Chapter 11 Cases. Section IV provides a summary of the First Day
Pleadings and the factual bases for the relief requested therein. Section V identifies the attached
schedules of information required by Local Rule 1007-2.
I.
The Debtors Businesses
A.

History and Formation


11.

The Aropostale brand was established by R.H. Macy & Co., Inc.

(Macys), as a department store private label in the early 1980s. Macys subsequently opened
the first mall-based Aropostale store in 1987.

Over the next decade, Macys expanded

Aropostale to over 100 stores. In August 1998, Macys, then part of Federated Department
Stores, Inc., sold its specialty store division, including Aropostale, to Aropostale management
and Bear Stearns Merchant Banking.

In May 2002, management took Aropostale public

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through an initial public offering and listed the companys common stock on the New York
Stock Exchange under the symbol ARO.
B.

The Debtors Current Business Operations


12.

Aropostale is a specialty retailer of casual apparel and accessories,

principally serving young women and men through its Aropostale stores and website, and 4 to
12 year-olds through its P.S. from Aropostale stores and website.

The Debtors provide

customers with a focused selection of high quality fashion and fashion-basic merchandise at
compelling values in an exciting and friendly store environment. The average Aropostale store
is smaller than that of the Debtors mall-based competitors. The Debtors believe that this
enables them to achieve higher sales productivity and project a sense of greater action and
excitement in the stores. GoJane.com, Inc. (GoJane) is an online womens fashion footwear
and apparel retailer that was acquired by the Debtors in November 2012.

13.

Aropostale maintains control over its proprietary brands by designing,

sourcing, marketing, and selling all of its own merchandise, other than in licensed stores. As of
the 2015 fiscal year end, the Debtors operated 811 stores, consisting of 745 Aropostale stores in
all 50 states and Puerto Rico, 41 Aropostale stores in Canada, and 25 P.S. from Aropostale

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stores in 12 states. In addition, the Debtors have license agreements with unaffiliated third party
operators located outside of the United States. These agreements are generally structured with
royalty income paid as a percentage of inventory purchases or sales, for the use of the Debtors
trademarks, trade name and branding, and/or income from buying commissions for inventory
purchased by the international licensees from the Debtors vendors. Pursuant to these licensing
agreements, the Debtors licensees operated over 300 Aropostale and P.S. from Aropostale
locations in the Middle East, Asia, Europe, and Latin America.

14.

The Debtors maintain two distribution centers to process merchandise and

warehouse inventory and to support the Debtors stores in the United States and Puerto Rico. The
Debtors lease a 315,000 square foot distribution center facility in South River, New Jersey, and a
360,000 square foot distribution center facility in Ontario, California.

The staffing of these

distribution centers is outsourced to a third party provider that operates each facility and processes
the Debtors merchandise while the Debtors manage each facility. The Debtors have an agreement

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with another third party to provide distribution services for their Canadian stores. The Canadian
distribution center, which receives, processes, and warehouses the Debtors merchandise for all of
their Canadian stores, is located in Etobicoke, Ontario, Canada. In addition, a third party provides
fulfillment and shipment services in Kentucky for the Aropostale and P.S. from Aropostale ecommerce businesses, including warehousing inventory and fulfilling and shipping customers
sales orders.

The Debtors outsource the shipment of merchandise through third party

transportation providers. These third parties ship the Debtors merchandise from the distribution
facilities to the Debtors stores.

15.

The Debtors operate 41 stores in Canada, through Aropostale Canada

Corp. (Aero Canada). Aero Canada has filed its own Chapter 11 Case in this Court, and will

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file a petition for recognition in Canada under the Companies Creditors Arrangement Act.
Unless a purchaser can be found for Aero Canadas operations on a going concern basis, the
Debtors expect to close all of their Canadian stores.
C.

The Debtors Cost Structure


16.

The Debtors cost structure includes certain fixed and variable costs,

including employee related costs, workers compensation liabilities, costs associated with the
Debtors sourcing arrangements, and real estate leases and related costs. The cost of doing
business for the Debtors also includes, without limitation, costs pertaining to purchasing,
receiving, warehousing, shipping, advertising and other related items.
Employee Related Costs
17.

Employee Compensation and Benefits: The Debtors have approximately

14,500 employees including 3,000 full-time employees, and 11,500 part-time store-line
employees. The Debtors also employee approximately 4,000 part-time seasonal employees each
year to assist with the Debtors peak sales seasons. On average, the Debtors gross payroll is
approximately $8 million every two weeks for the Debtors employees in the United States and
Puerto Rico and CAD 350,000 for the Debtors employees in Canada.
18.

The Debtors contribute to a number of employee benefit plans providing

medical, pharmacy, dental, vision and other ancillary benefits to the Debtors employees.
Payments by the Debtors on account of these plans totaled approximately $36 million in 2015.
The Debtors are not party to any collective bargaining agreements. The Debtors have no defined
benefit pension plans.
19.

Workers Compensation Liabilities:

The Debtors maintain workers

compensation insurance as required by statute in each state in which they operate (the Workers
Compensation Programs). Seven hundred and thirty-three of the Debtors locations, including

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728 stores, have Workers Compensation Programs that are insured by third-party insurers.
Under these programs, the Debtors are responsible for each valid workers compensation claim
up to a $250,000 deductible. After this deductible is exhausted, the Debtors continue to be
responsible for any additional payments, but may seek reimbursement from the third-party
insurer.
20.

For the remainder of the Debtors stores, as well as their Canadian

distribution center, the Debtors are statutorily required to obtain workers compensation
insurance from a government fund. Assessments for workers compensation are billed by the
states in which the Debtors operate that require employers to obtain workers compensation
insurance from a government fund, Puerto Rico, and all of the Canadian provinces in which the
Debtors operate.
21.

As of the Commencement Date, there are approximately 60 pending

claims under the Workers Compensation Programs.

To secure payment of the Debtors

obligations under the Workers Compensation Programs, the Debtors have posted varying
amounts of cash collateral to an account from which a third-party administrator draws to process
claims. As of the Commencement Date, the aggregate amount of outstanding cash collateral
posted by the Debtors is approximately $2.3 million. The Debtors estimate that approximately
$625,000 is disbursed from collateral per year on account of workers compensation claims.
Other Operating Costs
22.

Trade:

In 2015, the Debtors sourced approximately 80% of their

merchandise from their top five merchandise suppliers. Although the Debtors design the
products sold in their stores and on-line retail operations, the Debtors merchandise suppliers

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manufacture the products. The Debtors top two merchandise suppliers are an affiliate of Li &
Fung Limited (Li &Fung) and MGF.
23.

For 2016, MGF is planned to be the Debtors second largest merchandise

supplier, supplying approximately 30% of the Debtors goods in 2016. MGF is an affiliate of
Sycamore Partners, which is also an affiliate of Aero Investors LLC (Aero Investors), the
Debtors largest secured creditor. In May 2014, as a condition to Aero Investors providing
financing to the Debtors, one of the Debtors, Aropostale Procurement Company, Inc. (Aero
Procurement) entered into a non-exclusive sourcing agreement (the Sourcing Agreement)
with MGF. Aropostale Inc. guaranteed the obligations of Aero Procurement under the Sourcing
Agreement. The Sourcing Agreement requires the Debtors to purchase a minimum volume of
product for a period of 10 years commencing on the first fiscal quarter of 2016 of between $240
million and $280 million per annum depending on the year. If the Debtors fail to purchase the
applicable minimum volume of product in any given year, the Debtors are required to pay a
shortfall commission to MGF, based on a scaled percentage of the applicable shortfall during the
applicable period. Under the Sourcing Agreement, MGF is obligated to pay the Debtors an
annual rebate based on the volume of annual purchases made by the Debtors in any given year.
The Sourcing Agreement requires the annual rebate to be applied towards the payment of the
required amortization on the Tranche B Loan provided by Aero Investors.
24.

The Debtors are also parties to a master sourcing agreement with their

largest merchandise supplier, LF Sourcing (Millwork) LLC (L&F), an affiliate of Li &Fung,


dated as of February 2, 2015 (the L&F Agreement). The L&F Agreement has an initial term
of ten years. The L&F Agreement requires the Debtors to purchase a minimum volume of
product of $350,000,000 each year. If the Debtors fail to purchase the applicable minimum

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volume of product in any given year, the Debtors are required to pay a shortfall commission to
L&F, based on a percentage of the applicable shortfall during the relevant period. The Debtors
are also entitled to certain rebates under the L&F Agreement. Effective as of April 1, 2016, the
Debtors entered into an amended and restated master sourcing agreement with LF Sourcing (the
Amended L&F Agreement) which also has a term of ten years. Under the Amended L&F
Agreement, the Debtors are required to purchase a minimum volume of product of $175,000,000
each year. Similar to the L&F Agreement, under the Amended L&F Agreement, if the Debtors
fail to purchase the applicable minimum volume of product in any given year, the Debtors are
required to pay a shortfall commission to L&F, based on a percentage of the applicable shortfall
during the relevant period. The Debtors are also entitled to certain rebates under the Amended
L&F Agreement. The Debtors obtain the remainder of their merchandise from approximately
100 other suppliers.
25.

The Debtors peak sales seasons are the December holiday and the back-

to-school seasons. The back-to-school season typically begins in mid-July and lasts until early
September. The Debtors estimate that approximately 18% of their yearly sales are attributable to
the back-to-school season.
26.

For these cases to have a successful outcome, it is essential that the

Debtors make a smooth transition into chapter 11 and be able to fully stock their stores with
merchandise by mid-July. To be able to stock the stores by mid-July, merchandise is normally
received by the Debtors distribution center 3-4 weeks in advance, or mid- to late June. Thus, it
is critical that the Debtors act expeditiously to obtain whatever relief is necessary to obtain
merchandise.

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The Debtors lease all of their store

locations. Most of the Debtors stores are located in shopping malls throughout the United States
and Canada. Most of the Debtors store leases have a fixed rental payment due in advance and
also require the Debtors to pay additional rent based on specified percentages of sales after the
Debtors achieve specified annual sales thresholds. Percentage rent is generally due on the first
day of each month.

The estimated incurred actual costs for the Debtors stores will be

approximately $200-225 million in fiscal year 2016.


28.

The Debtors lease 121,000 square feet of office space in New York, New

York for corporate headquarters and for the Debtors design, sourcing, and production teams.
The Debtors also lease 69,000 square feet of office space in Lyndhurst, New Jersey for
administrative offices for finance, operations, and information systems personnel. The Debtors
lease office space in Los Angeles, California as the administrative offices for GoJane.
II.
Corporate and Capital Structure
A.

Corporate Structure and Management


29.

Aropostale, Inc. is a publicly-traded company and, until recently, its

equity securities traded on the New York Stock Exchange under the symbol ARO.2 During the
summer/fall of 2013, Lemur LLC (Lemur), an affiliate of Sycamore Partners, acquired
approximately eight (8) percent of the Debtors common equity in the open market. Lemur sold
its equity stake in early 2016.

On April 22, 2016, Aropostale, Inc.s equity was delisted from the New York Stock Exchange, and began trading
on the OTCQX Best Market under the symbol AROP.

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Aropostale, Inc. is the direct or indirect corporate parent of each of the

other Debtors. An organizational chart illustrating the corporate structure of the Debtors is
annexed hereto as Exhibit A.
31.

The Debtors employ numerous individuals with the title Vice President or

Senior Vice President. The following individuals are executive officers of the Debtors:3

32.

Julian R. Geiger, Chief Executive Officer


Marc D. Miller, Executive Vice President Chief Operating Officer
David J. Dick, Senior Vice President Chief Financial Officer
Marc G. Schuback, Senior Vice President General Counsel & Secretary
Additional information regarding the Debtors senior management team is

set forth in Schedule 10 annexed hereto.


B.

Capital Structure
33.

As of the Commencement Date, the Debtors had outstanding funded debt

obligations in the aggregate amount of approximately $223 million (the Prepetition Debt
Obligations) which is comprised of (i) approximately $73 million in borrowings under an assetbased revolving credit facility in an amount up to $215 million, and (ii) a $100 million Tranche
A term loan and a $50 million Tranche B term loan. The Debtors have granted security
interests and liens on all or substantially all of their assets to secure the Prepetition Debt
Obligations.
34.

The Debtors file annual and quarterly reports, as well as other required

financial information with the Securities and Exchange Commission.

Persons have been included herein for informational purposes only and such individuals should not, simply by
virtue of being listed herein, be deemed to be insiders in terms of control of the Debtors, management
responsibilities or functions, decision-making or corporate authority, and/or as otherwise defined by applicable law,
or with respect to any theories of liability or for any other purpose.

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Prepetition ABL Facility


35.

Aropostale and certain of the Debtors are parties to that certain Third

Amended and Restated Loan and Security Agreement, dated September 22, 2011 (as amended,
modified, or otherwise supplemented from time to time, the Prepetition ABL Agreement, and
together with all agreements and documents delivered pursuant thereto or in connection
therewith, the Prepetition ABL Documents), by and among Aropostale as borrower, each
Debtor-guarantor named therein, the various financial institutions and other persons party thereto
from time to time (the Prepetition ABL Lenders), and Bank of America, N.A. as
administrative agent and collateral agent (in such capacities, the Prepetition ABL Agent, and
together with the Prepetition ABL Lenders, the Prepetition ABL Secured Parties). Pursuant
to the Prepetition ABL Agreement, the Prepetition ABL Lenders provided revolving credit
commitments in an aggregate principal amount of up to $215 million, with a $40 million sublimit
for the issuance of letters of credit (the Prepetition ABL Facility).4 As of the Commencement
Date, the aggregate amount outstanding in connection with the Prepetition ABL Facility was
approximately $73 million in unpaid principal and approximately $240,000 in an undrawn letter
of credit.
36.

On August 18, 2015, the Debtors entered into a fourth amendment to the

Prepetition ABL Facility, which, among other things, extended the maturity date of the
Prepetition ABL Facility until at least February 21, 2019.5

The Prepetition ABL Facility was amended on August 18, 2015 to, among other things, reduce the total availability
under the revolving credit facility to $215 million.
5

A copy of the Prepetition ABL Credit Agreement is annexed hereto as Exhibit B.

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Prepetition Term Loan Facility


37.

Aropostale and certain of the Debtors are party to that certain Loan and

Security Agreement, dated May 23, 2014 (as amended, modified, or otherwise supplemented
from time to time, the Prepetition Term Loan Agreement, and together with all agreements
and documents delivered pursuant thereto or in connection therewith, the Prepetition Term
Loan Documents)6, by and among Aropostale as borrower, each Debtor-guarantor named
therein, the various financial institutions and other persons party thereto from time to time (the
Prepetition Term Loan Lenders), and Aero Investors as administrative agent and collateral
agent (in such capacities, the Prepetition Term Loan Agent, and together with the Prepetition
Term Loan Lenders, the Prepetition Term Loan Secured Parties). The Prepetition ABL
Secured Parties and the Prepetition Term Loan Secured Parties are collectively referred to as the
Prepetition Secured Parties.
38.

Pursuant to the Prepetition Term Loan Agreement, the Prepetition Term

Loan Lenders provided term loans in the aggregate principal amount of $150 million, split
among two tranches: $100 million in Tranche A and $50 million in Tranche B (collectively, the
Prepetition Term Loan Facility). The Tranche A loan is scheduled to mature on May 23,
2019. The Tranche B Loan was included by Sycamore Partners as a way to secure the Debtors
obligations to MGF under the Sourcing Agreement. The Tranche B loan is scheduled to mature
on the earlier of (i) the tenth anniversary of the end of the Start-Up Period (as defined in the
Sourcing Agreement) and (ii) the expiration or termination of the Sourcing Agreement. The
Prepetition Term Loan Facility contains a $70 million minimum liquidity covenant.

A copy of the Prepetition Term Loan Agreement is attached hereto as Exhibit C.

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Security and Intercreditor Agreement


39.

To secure prompt, punctual, and faithful performance of all of the

obligations under the Prepetition ABL Documents, each of Aropostale and the Debtorguarantors (collectively, the Grantors) granted to the Prepetition ABL Agent, for the ratable
benefit of the Prepetition ABL Secured Parties, a continuing security interest in and to, all of the
assets of such Grantor, subject to certain exceptions (the Prepetition ABL Collateral).
40.

To secure prompt, punctual, and faithful performance of all of the

obligations under the Prepetition Term Loan Documents, each Grantor granted to the Prepetition
Term Loan Agent, for the ratable benefit of the Prepetition Term Loan Secured Parties, a
continuing security interest in and to, all of the assets of such Grantor, subject to certain
exceptions (the Prepetition Term Loan Collateral).
41.

There is significant overlap between the Prepetition ABL Collateral and

the Prepetition Term Loan Collateral. The relative priorities of the liens held by the Prepetition
ABL Secured Parties and the Prepetition Term Loan Secured Parties and the restrictions on the
respective parties ability to exercise remedies against collateral are governed by that certain
Intercreditor Agreement, dated as of May 23, 2014, by and among the Prepetition ABL Agent
and the Prepetition Term Loan Agent (as may be amended, supplemented, restated, amended or
otherwise modified from time to time, the Intercreditor Agreement).
42.

The Intercreditor Agreement defines ABL Priority Collateral to include

substantially all of the Debtors assets. The Intercreditor Agreement defines Term Priority
Collateral to include all common collateral other than ABL Priority Collateral.
43.

Pursuant to the Intercreditor Agreement, the Prepetition ABL Secured

Parties and the Prepetition Term Loan Secured Parties agreed that the Prepetition ABL Secured

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Parties would be senior as to the ABL Collateral and the Prepetition Term Loan Secured Parties
would be senior as to the Term Collateral.
44.

Section 6.1(a) of the Intercreditor Agreement further provides that if the

Prepetition ABL Agent or Prepetition ABL Secured Parties seek to provide the Debtors with, or
consent to a third party providing, debtor-in-possession financing: (i) the Prepetition Term Loan
Agent and the Prepetition Term Loan Secured Parties will not object to such financing, or to the
liens securing such financing due to a failure to provide adequate protection or any other ground;
(ii) the Prepetition Term Loan Agent and the Prepetition Term Loan Secured Parties will not
request any additional adequate protection; and (iii) the Prepetition Term Loan Agent will not
propose any or support any other debtor-in-possession financing so long as certain conditions
(the Intercreditor DIP Financing Conditions) are satisfied.
45.

The Intercreditor DIP Financing Conditions include: (i) the aggregate

outstanding principal balance of any proposed DIP Financing, plus the principal balance of the
outstanding loans under the Prepetition ABL Credit Agreement that are not refinanced with the
DIP financing, plus the aggregate face amount of any letters of credit issued and not reimbursed
shall not exceed $264.5 million; (ii) the Prepetition Term Loan Agent shall retain its liens on the
Prepetition Term Loan Collateral and such lien shall have the same priority as existed prior to the
Commencement Date; (iii) all liens on the Prepetition ABL Priority Collateral shall be senior to
or pari passu with the liens of the Prepetition ABL Agent and Prepetition ABL Secured Parties
on the Prepetition ABL Priority Collateral; and (iv) nothing in the DIP financing shall prevent
the Prepetition Term Loan Agent or the Prepetition Term Loan Secured Parties from objecting to
any provision in the DIP financing relating to any provision or content of a plan of
reorganization.

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General Unsecured Creditors


46.

In addition to the Debtors outstanding obligations under the Prepetition

ABL Facility and the Prepetition Term Loan Facility, the Debtors also have significant
unsecured debt including amounts owed to trade vendors and to landlords.
47.

The Debtors rely on a broad network of hundreds of individual vendors to

supply merchandise for their stores, including clothing, shoes and accessories. A majority of the
vendors conduct business with the Debtors on an invoice-by-invoice basis and are paid on
prearranged terms. As of the Commencement Date, the Debtors estimate that approximately $23
million of merchandise trade debt is due and outstanding, of which $2.5 million relates to goods
provided to the Debtors in the 20 days prior to the Commencement Date.
48.

As discussed above, the Debtors operate exclusively in leased facilities,

and maintain over 800 real property leases.

The Debtors estimate that they will accrue

approximately $200-225 million in lease-related expenses in fiscal year 2016.


G.

Series B Convertible Preferred Stock


49.

Concurrent with, and as a condition to, entering into the Term Loan

Facility, the Debtors issued 1,000 shares of the Series B Preferred Stock to affiliates of Sycamore
Partners at an aggregate offer price of $100,000. Each share of Series B Preferred Stock is
convertible at any time at the option of the holder on or prior to May 23, 2024 into shares of
common stock at an initial conversion rate of 3,932.018 for each share of Series B Preferred
Stock.

The common stock underlying the Series B Preferred Stock represents 5% of the

Debtors issued and outstanding common stock as of May 23, 2014. The Series B Preferred
Stock is convertible into shares of the common stock at an initial cash conversion price of $7.25
per share of the underlying common stock. Inasmuch as Aropostales common stock currently

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trades at under five cents per share it is not expected that Sycamore Partners would exercise its
conversion option.
III.
The Need for Chapter 11 Relief and the Events
Compelling the Commencement of The Chapter 11 Cases
50.

The Debtors operations have generally been profitable during the past

thirty years; however, declining mall traffic, a highly promotional and competitive teen retail
environment, and a shift in customer demand away from apparel to technology and personal
experiences all contributed to the Debtors declining financial performance. These pressures
were not unique to the Debtors; a number of other retailers, including competitors such as
American Apparel, Cach, Wet Seal, Quiksilver, and Pacific Sun, have all recently filed for
bankruptcy after facing similar market conditions.
51.

In response to their declining revenues and continued financial difficulties,

the Debtors embarked on a series of initiatives to restructure and streamline their businesses.
Since early 2014, the Debtors have engaged in a comprehensive effort to restructure the P.S.
from Aropostale business, closing 126 P.S. from Aropostale stores primarily located in
shopping malls, to focus on P.S. from Aropostale stores in off-mall locations. In an effort to
right-size the Debtors Aropostale store base and optimize their real estate portfolio, the Debtors
embarked on a review of their lease terms and retained a real estate consulting firm to investigate
the economics of accelerated lease buyouts, as well as to identify opportunities for negotiating
more competitive rents across the Debtors real estate portfolio.
52.

The Debtors closed 122 Aropostale stores in the United States and

Canada during fiscal year 2014. The Debtors closed an additional 50 stores in fiscal year 2015.

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Another initiative on which the Debtors embarked in 2016 was the

creation of a two-store format, splitting the Debtors stores between a factory format and a
traditional mall format. The factory stores are geographically positioned to capture broader and
growing demographics and appeal to the Debtors most loyal customer base. They are located
primarily at outlet malls and more value focused B and C mall locations and predominately offer
the Debtors core merchandise, including logo-bearing merchandise. The mall format stores are
located primarily in higher-end, or A and B, malls and are focused on more updated, classic
merchandise with fewer logo-bearing products. The mall stores will serve as a showcase for the
Debtors brands and products and will serve as a feeder of merchandise for the factory stores and
the Debtors online retail operation. The Debtors have implemented the factory store model in
460 stores and have experienced strong initial results, while trends in the mall format stores have
also improved as a result of the repositioned merchandise assortment. Additionally, the Debtors
have developed additional brands for the 2016 back-to-school season that they anticipate will
perform strongly in the mall stores. The Debtors have also reduced corporate headcount and
taken various other strategic actions geared toward improving profitability, generating
approximately $35 million to $40 million in estimated annualized pre-tax savings for fiscal 2016.
54.

The Debtors strategic initiatives and cost cutting measures resulted in

significant operational improvements. The Debtors, however, have been unable to realize the
full benefit of these measures due to a disruption of their supply chain that resulted from the
precipitous action taken by Sycamore through its affiliate, MGF.
55.

Specifically, in the summer of 2015, when Aropostale requested a routine

consent from Aero Investors in connection with an amendment to the Prepetition ABL Facility,
Aero Investors sought to impose unreasonable and onerous terms that would improve its position

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at the Debtors expense. When the proposed amendment was revised so as to obviate the need
for Aero Investors consent, upon information and belief, Sycamore attempted to use its business
contacts to persuade the Prepetition ABL Agent not to move forward.
56.

In a similar vein, upon information and belief, in January 2016, Stefan

Kaluzny, the Managing Director of Sycamore reached out to the Debtors other principal
supplier, L&F, and suggested that L&F should change its cash terms to COD, because
Aropostale was likely to file for bankruptcy in March or April of 2016. Although I cannot
speculate as to Mr. Kaluznys motives, his interference with the Debtors trade relationships
caused an interruption in supply and compromised our efforts to effect a turnaround without
seeking protection under chapter 11.
57.

In February 2016, Sycamore Partners stepped up its efforts that seem

designed to orchestrate a precipitous chapter 11 filing.

On February 5, 2016, Sycamores

representative on the Debtors Board of Directors, Kent Kleeberger resigned from the board.
Additionally, Lemur LLC (Lemur) another affiliate of Sycamore, which had acquired
approximately eight (8) percent of the Debtors common equity in the summer/fall of 2013, sold
its equity stake in early 2016.
58.

Further, by letter, dated February 24, 2016 (the February 24th Letter),

MGF unilaterally declared that, upon information and belief, a Credit Review Period had been
triggered under the Sourcing Agreement. MGF provided no other basis for its unsupported
assertion that a Credit Review Period had been triggered, did not identify how far below the
$150,000,000 liquidity threshold Aropostale had supposedly fallen, and did not provide a date
on which the Credit Review Period had supposedly started. Based on its assertion that a Credit
Review Period had been triggered, MGF stated that it was immediately refusing to accept orders

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for merchandisewhich are necessary for the Debtors retail sales and vital to the Debtors
businessunless the Debtors delivered concurrently cash or an irrevocable standby letter of
credit. The conditions unilaterally sought to be imposed by MGF were the most onerous
payment terms possiblefull payment at the time of placement of an order, or based on the
typical lead time for manufacturing and delivering goods, at least 90 days before the goods are
received by the Debtors at their distribution center.
59.

Thus, in response to the February 24th Letter, the Debtors requested,

among other things, that MGF provide information evidencing your conclusions that a Credit
Review Period has been triggered as well as identifying the source(s) of such information.
MGF never responded to this request. By letter, dated February 29, 2016, MGF again asserted
that the Debtors were operating in a Credit Review Period under the Sourcing Agreement and
stated that MGF was immediately suspending performance on pending orders without payment
in advance (seeking to change terms from payment 30 days after delivery to the Debtors
distribution center to well in advance of delivery to the Debtors distribution center). The effect
of this notice was that MGF would immediately halt delivery on all pending orders for
merchandise unless the Debtors paid in full prior to shipment. These goods were necessary for
the Debtors retail sales and, in particular, their spring break and Easter season.
60.

The payment terms that MGF unilaterally sought to impose were

unreasonable. The Debtors had well over $100 million in liquidity and had continued to make
every payment to MGF. The imposition of the most restrictive terms possiblepayment in full
at the time an order was placedwas wholly unjustified. Moreover, MGF improperly sought to
alter the payment terms retroactively for purchase orders that had already been agreed to and
placed based on net 30 payment terms. Thus, even if MGF could have altered terms for future

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orders, it could not alter the payment terms unilaterally and retroactively for goods already
ordered and agreed to under net 30 payment terms.
61.

Throughout this period the Debtors informed MGF that they had well in

excess of $100 million of liquidity. Nonetheless, MGF continuously refused to ship goods to the
Debtors absent payment in advanceeven though orders had been previously accepted on
normal terms.
62.

MGFs actions also affected L&F. In February 2016, L&F was required,

pursuant to the terms of the L&F Agreement, to pay the Debtors a rebate of approximately $9
million. L&F refused to make the rebate payment as required and by letter, dated March 4,
2016, L&F contacted the Debtors regarding L&Fs supply agreement with the Debtors. The
Debtors understand that Sycamore contacted L&F and encouraged L&F to cut off payment terms
despite the existence of a confidentiality provision in the Sourcing Agreement barring the
disclosure of confidential information. L&F demanded shortened payment terms for any goods
shipped to the Debtors.

Unlike MGF, L&F has acted somewhat reasonably under the

circumstances. Ultimately, the Debtors and L&F agreed to payment terms of essentially net
20which means that Aropostale has 20 days after delivery to make payment. In contrast,
MGF sought terms whereby Aropostale would pay for goods at the time an order was placed
or approximately 110 to 170 days earlier than Aropostales other chief supplier. To date, MGF
remains the only significant supplier that cut off the Debtors supply and demanded cash in
advance terms.
63.

On March 18, 2016, MGF delivered a purported notice of default under

the Sourcing Agreement to the Debtors asserting that the Debtors refusal to accept delivery or
pay for orders under the terms unilaterally set forth in MGFs previous letters constituted a

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material breach of the terms and conditions of the Sourcing Agreement. MGF reserved its right
to terminate the Sourcing Agreement following the fifteenth business day after the delivery of
the notice of default.7 Although the Debtors dispute the allegations contained in the notice of
default as well as MGFs right to terminate the Sourcing Agreement based on those allegations,
the notice was another act that hastened the commencement of these cases by the Debtors.
64.

Between April 1, 2016 and April 8, 2016, due to an immediate need for

inventory, the Debtors made preferential payments to MGF of approximately $15.8 million in
order to induce MGF to ship goods that were past due. MGF delivered some, but not all, of the
outstanding inventory of the Debtors.
65.

The Debtors engaged in settlement discussions with Sycamore and MGF

on April 8, 2016. Subsequently, on April 20, 2016, MGF delivered a second notice of default
under the Sourcing Agreement to the Debtors again asserting that the Debtors refusal to accept
delivery or pay for orders under the terms set forth in MGFs previous communications
constituted a material breach of the terms and conditions of the Sourcing Agreement. Under
extreme duress due to their critical needs for inventory, on April 22, 2016, the Debtors made an
additional preferential payment to MGF of approximately $10.1 million and MGF delivered
additional merchandise.
66.

The significant delays by MGF and L&F in shipping product to the

Debtors resulted in less product being available in the Debtors stores for the peak spring break
and Easter break sales period. The actions of MGF caused a disruption in the Debtors supply
chain and a corresponding negative impact on the Debtors liquidity. I would estimate, based on
historical performance, that the Debtors lost in excess of $5 million in sales due to these delays.

MGF subsequently withdrew the notice of default.

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If MGF continues to delay delivery of product to the Debtors, the Debtors may suffer further
losses in sales.
67.

MGFs actions placed the Debtors at risk of violating the $70 million

minimum liquidity covenant in the Prepetition Term Loan Agreement, which was provided by a
different affiliate of Sycamore. A default under the Prepetition Term Loan Agreement would
have triggered a cross-default under the Prepetition ABL Agreement, and defaults under both
agreements would have jeopardized the Debtors ability to obtain inventory for their stores and
otherwise operate their businesses. To restore access to inventory, which is the lifeblood of any
retail business, and to otherwise maintain the ability to operate their businesses, the Debtors
commenced the Chapter 11 Cases.
IV.
First-Day Pleadings
68.

The Debtors operate in a highly competitive industry. It is imperative that

they make a seamless transition into chapter 11 to preserve the reputation of their businesses and
the loyalty and goodwill of their customers, suppliers, and employees. Sales and operations must
continue in the ordinary course of business to preserve the value of the Debtors estates.
Accordingly, the Debtors have filed a number of First Day Pleadings designed to facilitate their
transition into chapter 11. The Debtors anticipate that the Court will conduct a hearing soon
after the Commencement Date at which the Court will hear and consider many of the First Day
Pleadings. 8
69.

I have reviewed each of the First Day Pleadings with the Debtors counsel,

and I believe that the relief sought in each of the First Day Pleadings is tailored to meet the goals

Capitalized terms used below in the descriptions of the First Day Pleadings and not otherwise defined have the
ascribed to such terms in the applicable First Day Pleading.

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described above, will be necessary and critical to the Debtors successful reorganization, and is
in the best interests of the Debtors estates and creditors.

I adopt and affirm the factual

representations contained in each of the First Day Pleadings.

A description of the relief

requested and the facts supporting each of the pleadings is set forth below.
A.

Administrative Motions
(i)

Motion of Debtors Pursuant to Fed. R. Bankr. P. 1015(b) for Entry


of an Order Directing Joint Administration of Related Chapter 11
Cases (the Joint Administration Motion)

70.

The Debtors request entry of an order (i) directing joint administration of

the Chapter 11 Cases for procedural purposes only pursuant to Bankruptcy Rule 1015(b),
(ii) providing that the Court maintain one file and one docket for all of the Chapter 11 Cases
under the lead case, Aropostale, Inc., and (iii) granting authority to file monthly operating
reports required by the Operating Guidelines and Reporting Requirements for Debtors in
Possession and Trustees issued by the Executive Office of the U.S. Trustee on a consolidated
basis.
71.

There are eleven (11) Debtors, and more than 24,000 creditors and other

parties in interest in the Chapter 11 Cases. I understand that a court may order the joint
administration of multiple chapter 11 cases where debtors are affiliates as defined in section
101(2) of the Bankruptcy Code. Each of the Debtors is a direct or indirect subsidiary of
Aropostale, Inc. Accordingly, I understand that Debtors are affiliates and this Court is
authorized to order joint administration of their estates. Joint administration of the Chapter 11
Cases will allow for the efficient and convenient administration of the Debtors interrelated
Chapter 11 Cases, will yield significant cost savings, and will not prejudice the substantive rights
of any party in interest.

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The Debtors operate as an integrated international business with common

ownership and control. The Debtors also share a number of financial and operational systems.
As a result, many of the motions and orders that will be filed and entered in the Chapter 11 Cases
almost certainly will affect each Debtor.
73.

The entry of an order directing joint administration of the Chapter 11

Cases will reduce fees and costs by avoiding duplicative filings and objections and will allow all
parties in interest to monitor the Chapter 11 Cases with greater ease and efficiency. The relief
requested in the Joint Administration Motion is in the best interests of the Debtors estates, their
creditors, and all other parties in interest and will enable the Debtors to continue to operate their
businesses in chapter 11 with minimal disruption.
(ii)

Motion of Debtors Pursuant to 11 U.S.C. 105(a) and


521(a)(1)(B) and Fed. R. Bankr. P. 1007(c) for Entry of Order
Extending Time to File Schedules of Assets and Liabilities,
Schedules of Executory Contracts and Unexpired Leases, and
Statements of Financial Affairs (the Schedules and Statements
Motion)

74.

The Debtors request entry of an order granting additional time to file their

schedules of assets and liabilities, schedules of executory contracts and unexpired leases, and
statements of financial affairs. As a consequence of the size and complexity of the Debtors
business operations, the number of creditors likely to be involved in the Chapter 11 Cases, the
geographical breadth of the Debtors operations, the numerous critical operational matters that
the Debtors management and employees must address, a 31-day extension (without prejudice to
further extensions) is necessary and appropriate. I believe this will ultimately maximize the
value of the Debtors estates for the benefit of their creditors and all other parties in interest.

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(iii)

Motion of Debtors Pursuant to 11 U.S.C. 105(a) and Fed. R.


Bankr. P. 1015(c), 2002(m), and 9007 for Entry of an Order
Implementing Certain Notice and Case Management Procedures
(the Case Management Motion)

75.

The Debtors seek entry of an order approving and implementing certain

notice, case management, and administrative procedures (collectively, the Case Management
Procedures).
76.

Given the size and scope of these cases, the Case Management Procedures

will facilitate service of notices, motions, applications, declarations, objections, responses,


memoranda, briefs, supporting documents, and other papers filed in the Chapter 11 Cases that
will be less burdensome and costly than serving such documents on every potentially interested
party. This, in turn, will maximize the efficiency and orderly administration of the Chapter 11
Cases, while at the same time ensuring that appropriate notice is provided.
(iv)

Application of Debtors Pursuant to 28 U.S.C. 156(c), 11 U.S.C.


105(a), and Local Rule 5075-1 for an Order Authorizing the
Debtors to Retain Prime Clerk LLC as Claims and Noticing Agent
(the Claims and Noticing Agent Retention Application)

77.

The Debtors request authority to retain Prime Clerk LLC (Prime Clerk)

as claims and noticing agent (Claims and Noticing Agent) in accordance with the terms and
conditions of that certain engagement agreement dated March 30, 2016, by and between Prime
Clerk and the Debtors (the Engagement Agreement), effective nunc pro tunc to the
Commencement Date. Prime Clerks duties will include assuming full responsibility for the
distribution of notices and the maintenance, processing, and docketing of proofs of claim filed in
these Chapter 11 Cases. I believe the Debtors selection of Prime Clerk to serve as their Claims
and Noticing Agent has satisfied the Courts Protocol for the Employment of Claims and
Noticing Agents Under 28 U.S.C. 156(c).

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reviewed engagement proposals from at least two other Court-approved claims and noticing
agents to ensure selection through a competitive process.
78.

I believe that Prime Clerks rates are competitive and reasonable given

Prime Clerks quality of services and expertise. The terms of Prime Clerks retention are set
forth in the Engagement Agreement attached to, and filed contemporaneously with, the Claims
and Noticing Agent Retention Application. Appointing Prime Clerk as the Debtors Claims and
Noticing Agent will maximize the efficiency of the distribution of notices and the processing of
claims, as well as relieve the Office of the Clerk of the Bankruptcy Court of the administrative
burden of processing a large number of claims and notices.
(v)

Motion of Debtors Pursuant to 11 U.S.C. 105(a) and 342(a),


and Fed. R. Bankr. P. 1007(a)(3) and 2002(a), (d), (f), and (l), for
Entry of an Order (I) Waiving Requirement to File a List of
Creditors, (II) Granting Debtors Authority to Establish Procedures
for Notifying Creditors of Commencement of Chapter 11 Cases,
and (III) Waiving Requirements to File List of Equity Security
Holders and Provide Notice to Equity Security Holders
(the Notice Motion)

79.

The Debtors request a waiver of the requirement to file a list of creditors

on the Commencement Date and seek authority to establish and implement procedures for
notifying creditors of the commencement of the Chapter 11 Cases and other important
information. As noted, the Debtors propose to retain Prime Clerk as Claims and Noticing Agent
to assist the Debtors in preparing creditor lists and mailing the Notice of Commencement. With
such assistance, the Debtors will be prepared to file a computer-readable consolidated list of
creditors upon request and will be capable of undertaking all necessary mailings in a timely and
efficient manner.
80.

In addition to mailing the Notice of Commencement to the Debtors

creditors, the Debtors propose to publish, as soon as practicable, the Notice of Commencement

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once in the national edition of The New York Times, and post it on the website to be established
by Prime Clerk, as well as on the Debtors website.
81.

The Debtors also request that the Court waive the requirements to (i) file a

list (the List) of equity security holders (the Equity Security Holders) of Aropostale, and
(ii) provide the Equity Security Holders with the Notice of Commencement. Aropostale is a
public company and, as of the Commencement Date, has approximately 80.6 million shares of
common stock outstanding. Identifying Aropostales Equity Security Holders (who change on
a daily basis), preparing a List of Equity Security Holders with last known addresses, and
sending notice to all parties on the List will be expensive, time consuming, and difficult to do
quickly and accurately. Instead, the Debtors propose to publish the Notice of Commencement in
the national edition of The New York Times, and post it on the Debtors website and Prime
Clerks case-specific website. Accordingly, the Equity Security Holders will be provided with
sufficient notice of the commencement of the Chapter 11 Cases.
B.

Operational Motions Requesting Immediate Relief


82.

The Debtors intend to ask for immediate relief with respect to the

following First Day Pleadings and, therefore, will present these motions at the First Day Hearing.
(i)

Motion of Debtors for Interim and Final Authority to (a) Obtain


Postpetition Financing Pursuant to 11 U.S.C. 105, 361, 362,
364(c)(1), 364(c)(2), 364(c)(3), 364(d)(1) and 364I, (b) Use Cash
Collateral Pursuant to 11 U.S.C. 363(c)(2), (c) Grant Certain
Protections to Prepetition Secured Parties Pursuant to 11 U.S.C.
361, 362, 363, and 364, and (d) Schedule a Final Hearing Pursuant
to Fed. R. Bankr. P. 4001(b) and (c) (the DIP Financing
Motion)

83.

The Debtors request entry of interim and final orders (collectively, the

DIP Orders) granting the Debtors authority to obtain postpetition debtor-in-possession

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financing, use cash collateral, and provide adequate protection to the Prepetition Term Loan
Secured Parties on the terms set forth in the Interim DIP Order and the other DIP documents.
84.

The Debtors operate in a highly competitive industry. It is imperative that

they make a seamless transition into chapter 11 to preserve the reputation of their businesses and
the loyalty and goodwill of their customers, suppliers, and employees. Sales and operations must
continue in the ordinary course of business to preserve the value of the Debtors estates and the
proposed DIP Facility provides the necessary liquidity to support these needs. Specifically, the
$160 million DIP Facility, comprised of a new money term loan facility and an asset-based
revolving credit facility, is necessary to facilitate the Debtors chapter 11 strategy.
85.

The DIP Facility is a senior superpriority facility from Crystal Financial

LLC as agent, for itself and for a syndicate of financial institutions. The DIP Facility will repay
the amounts outstanding under the Prepetition ABL Facility and will serve as the Debtors
primary means to fund its day-to-day operations. The DIP Facility will be secured by, among
other things, a first priority lien on the assets currently securing the Prepetition ABL Facility, and
a junior lien on the assets currently securing the Prepetition Term Loan Facility.
86.

The DIP Facility was procured after a robust marketing and negotiating

process lead by the Debtors investment banker, Stifel, Nicolaus & Co., Inc. and Miller Buckfire
& Company LLC (collectively, Stifel).
87.

As discussed more fully in the DIP Financing Motion and the Declaration

of James Doak in Support of Motion of Debtors for Interim and Final Authority to (A) Obtain
Postpetition Financing Pursuant 11 U.S.C. 105, 361, 362, 364(c)(1), 364(c)(2), 364(c)(3),
364(d)(1), and 364(e), (B) Use Cash Collateral Pursuant to 11 U.S.C. 362(c)(2), (C) Grant
Certain Protections to Prepetition Secured Parties Pursuant to 11 U.S.C. 361, 362, 363, and

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364, and (D) Schedule a Final Hearing Pursuant to Fed. R. Bankr. P. 4001(b) and (c), the terms
of the DIP Lenders proposal were clearly more favorable to the Debtors than any other
alternative financing. Moreover, it provides the Debtors with the ability to pursue a stand-alone
plan. In an exercise of sound business judgment, the Debtors elected to move forward with the
DIP Facility. The DIP Facility is in the best interests of the Debtors, their estates, and their
creditors.
88.

The Debtors are also seeking authority to use their Cash Collateral to,

among other things, fund the cash needs related to their operations (including amounts necessary
to administer the Chapter 11 Cases). The Debtors access to sufficient working capital and
liquidity, aided by the use of Cash Collateral, and the incurrence of new indebtedness under the
DIP Facility is vital to the Debtors ability to pursue their chapter 11 strategy. As set forth in the
Declaration of Robert J. Duffy in Support of (I) Motion of Debtors for Interim and Final
Authority to (A) Obtain Postpetition Financing Pursuant to 11 U.S.C. 105, 361, 362,
364(c)(1), 364(c)(2), 364(c)(3), 364(d)(1), and 364(e), (B) Use Cash Collateral Pursuant to 11
U.S.C. 363(c)(2), (C) Grant Certain Protections to Prepetition Secured Parties Pursuant
11 U.S.C. 361, 362, 363, and 364, and (D) Schedule a Final Hearing Pursuant to Fed. R.
Bankr. P. 4001(b) and (c), and (II) Motion of Debtors Pursuant to sections 105(a), 362, and 365
of the Bankruptcy Code for Interim and Final Relief and to Compel Performance of MGF
Sourcing US LLCs Obligations under Executory Contract and to Enforce the Automatic Stay
(the Duffy Declaration), the Debtors and their advisors determined that the Debtors require
additional liquidity to fund working capital for the back-to-school season while implementing
their reorganization strategy. Specifically, FTI projects that Debtors will require $100 million on

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an interim basis to fund the Chapter 11 Cases, successfully execute on their chapter 11 strategy,
and repay the amounts outstanding under the Prepetition ABL Facility. See Duffy Decl. 8.
(ii)

Motion of Debtors Pursuant to 11 U.S.C. 105(a), 363(b), and


503(b)(9) for Interim and Final Authority to Pay Certain
Prepetition Obligations to Critical Vendors, Approval of Related
Procedures, and Related Relief (the Critical Vendors Motion)

89.

It is absolutely essential to the success of the Chapter 11 Cases that the

Debtors supply chain remains uninterrupted. Even a short-term disruption could be catastrophic
to the Debtors operations and businesses. To enable the Debtors to maintain access to necessary
inventory on commercially reasonable terms, the Debtors request critical vendor relief to
preserve the going-concern value of their businesses.
90.

The requested authority will enable the Debtors to pay the prepetition

claims (up to a $4 million cap) of only those vendors verified as critical to the Debtors
operations, pursuant to a carefully-designed protocol overseen by a core, centralized team
consisting of senior members of the Debtors management and professional advisors. The quid
pro quo for the Debtors payment of a vendors prepetition claim will be that vendors
commitment to continue providing goods and services to the Debtors on trade terms at least as
favorable as those terms in effect before the Commencement Date.
(iii)

Motion of Debtors Pursuant to 11 U.S.C. 105(a), 363 and


507(a) for Interim and Final Authority to (I) Pay Certain
Prepetition Wages and Reimbursable Employee Expenses, (II) Pay
and Honor Employee Medical and Other Benefits, (III) Continue
Employee Benefits Program, and for Related Relief (the Wages
and Benefits Motion)

91.

The Debtors request the entry of interim and final orders authorizing, but

not directing, the Debtors to (i) pay prepetition wages, salaries and other compensation, taxes,
withholdings, and related costs and reimbursable employee expenses, (ii) pay and honor
obligations relating to employee medical, insurance, and other benefits programs, and

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(iii) continue their employee medical, insurance, and other benefits programs on a postpetition
basis.
92.

The relief requested includes compensation for the Debtors full-time and

part-time employees. As of the date hereof, certain prepetition obligations to such employees
may be due and owing.
93.

As of the Commencement Date, the Debtors employ approximately

14,500 employees (the Employees), including (i) approximately 3,000 full-time Employees,
regularly scheduled to work a minimum of forty (40) to forty-five (45) hours per week,
depending on location; and (ii) approximately 11,500 part-time Employees.

As of the

Commencement Date, the Debtors owe their Employees in the United States and Puerto Rico
approximately $5.1 million in Unpaid Compensation and owe their Canadian Employees
CAD 275,000 in Unpaid Compensation. As of the Commencement Date, the Debtors owe
approximately $1.1 million on account of Employee Benefit Programs, and $90,000 on account
of Reimbursable Expenses.
94.

The majority of the Debtors workforce relies on the Debtors

compensation, benefits, and reimbursement of expenses to satisfy daily living expenses. The
Debtors employees will be exposed to significant financial difficulties if the Debtors are not
permitted to honor obligations for unpaid compensation, benefits, and reimbursable expenses.
Moreover, if the Debtors are unable to satisfy such obligations, morale and loyalty will be
jeopardized at a time when employee support is critical. In the absence of such payments, the
Debtors employees may seek alternative employment opportunities, including with the Debtors
competitors, hindering the Debtors ability to serve their customers and, likely, diminishing
customer confidence. The distraction caused by the loss of valuable employees could prevent

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the Debtors from focusing on revamping their operations and administering the Chapter 11
Cases.
(iv)

Motion of Debtors Pursuant to 11 U.S.C. 105(a), 363(b), and


503(b) for Interim and Final Authority to (I) Maintain, Renew, and
Continue their Insurance Policies and Programs, and (II) Honor all
Insurance Obligations (the Insurance Motion)

95.

The Debtors seek entry of interim and final orders authorizing, but not

directing, the Debtors to (i) continue to maintain, renew, and continue their various insurance
policies and workers compensation programs in the ordinary course of business, and (ii) pay any
prepetition obligations related thereto, including, without limitation, premiums, broker or advisor
fees, assessments, taxes, and workers compensation liabilities.
96.

The Debtors maintain various liability, property, and other insurance

policies, which provide the Debtors with insurance coverage related to, among other things,
general liability, excess liability, directors and officers liability, employment practices liability,
fiduciary liability, and cyber and privacy liability, as well as workers compensation, property,
crime, automobile, earthquake, kidnap and ransom, special risk, and terrorism (collectively, the
Insurance Policies). The Debtors maintain the Insurance Policies to help manage and limit
the various risks associated with operating their businesses.
97.

The Debtors maintain workers compensation insurance as required by

statute in each of the states in which they operate. A number of the Debtors locations have
Workers Compensation Programs that are insured by third-party insurers.

Under these

programs, the Debtors are responsible for each valid workers compensation claim up to a
$250,000 deductible. After this deductible is exhausted, the third-party insurer is responsible for
any additional payments.

For the remainder of their locations, the Debtors are statutorily

required to obtain workers compensation insurance from a government fund.

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Continuation of the Debtors Insurance Policies and

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Workers

Compensation Programs (collectively, the Insurance Policies and Programs) is essential to


the preservation of the value of the Debtors businesses, properties and assets, and, in certain
instances, is required by law. If any of the Debtors Insurance Policies and Programs are
terminated or lapse, the Debtors would be exposed to substantial liability to the detriment of all
parties in interest and could be in violation of law. Accordingly, having authority to pay all
insurance-related obligations is crucial to the continued operation of the Debtors businesses.
(v)

Motion of Debtors Pursuant to 11 U.S.C. 105(a), 363, 364, 503,


and 507 for Interim and Final Authority to (I) Continue Using
Existing Cash Management System, Bank Accounts, and Business
Forms, (II) Implement Changes to the Cash Management System
in the Ordinary Course of Business, (III) Continue Intercompany
Transactions, (IV) Provide Administrative Expense Priority for
Postpetition Intercompany Claims and for Related Relief (the
Cash Management Motion)

99.

The Debtors request authorization to (i) continue their existing cash

management system, including, without limitation, the continued maintenance of their existing
bank accounts and business forms, (ii) implement changes to their cash management system in
the ordinary course of business, including, without limitation, opening new or closing existing
bank accounts, (iii) continue, in their business judgment and at their sole discretion, to perform
under and honor intercompany transactions in the ordinary course of business, and (iv) provide
postpetition intercompany claims with administrative expense priority.
100.

In the ordinary course of business, the Debtors utilize an integrated,

centralized cash management system to collect, transfer, and disburse funds generated by their
operations (the Cash Management System). The Cash Management System is comprised of
approximately 800 bank accounts at various financial institutions (the Banks) to accommodate
different business divisions and to collect, organize and track various forms of customer receipts

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(collectively, the Bank Accounts). The Cash Management System is tailored to meet the
Debtors operating needs as an operator of retail stores. The Cash Management System enables
the Debtors to efficiently collect and disburse cash generated by their business, pay their
financial obligations, centrally control and monitor corporate funds and available cash, comply
with the requirements of their financing agreements, reduce administrative expenses, and
efficiently obtain accurate account balances and other financial data. It is critical that the Cash
Management System remain intact to ensure seamless continuation of operations and
uninterrupted collection of revenues.
101.

In the ordinary course of business, the Debtors incur intercompany

receivables and payables (the Intercompany Claims) pursuant to certain intercompany


transactions (the Intercompany Transactions).
102.
Debtors.

Intercompany Claims are not settled by actual transfers of cash among the

Instead, the Debtors track all Intercompany Transactions electronically in their

accounting system, which concurrently are recorded on the applicable Debtors balance sheets
and regularly reconciled. The accounting system requires that all general-ledger entries be
balanced at the legal-entity level; therefore, when the accounting system enters an intercompany
receivable on one entitys balance sheet, it automatically creates a corresponding intercompany
payable on the applicable affiliates balance sheet. This results in a net balance of zero when
accumulating all intercompany accounts.
103.

To ensure each individual Debtor will not fund, at the expense of its

creditors, the operations of another entity, the Debtors request that, pursuant to sections
503(b)(1) and 364(b) of the Bankruptcy Code, all Intercompany Claims arising after the
Commencement Date be accorded administrative expense priority. In this manner, each entity

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utilizing funds flowing through the Cash Management System should continue to bear ultimate
repayment responsibility for such ordinary course transactions.
104.

The Debtors incur periodic service charges and other fees from the Banks

and credit card processors in connection with the maintenance of the Cash Management System
(collectively, the Service Charges). Payment of any prepetition Service Charges is in the best
interests of the Debtors and all parties in interest in the Chapter 11 Cases, as it will prevent
unnecessary disruptions to the Cash Management System and ensure that the Debtors receipt of
funds is not delayed. Further, because the Banks and credit and debit card processors likely have
setoff rights for the Service Charges, payment of prepetition Service Charges should not alter the
rights of unsecured creditors in the Chapter 11 Cases.
105.

To minimize expenses, the Debtors seek authorization to continue using

all business forms and checks substantially in the forms used immediately prior to the
Commencement Date, without reference to the Debtors status as debtors in possession; provided
that in the event that the Debtors generate new business forms and/or checks during the
pendency of these cases, such business forms and checks will include a legend referring to the
Debtors as Debtors-In-Possession. To the extent practicable, the Debtors also will laser print
such legend on any business forms and checks electronically generated during these cases.
106.

Finally, the Debtors seek entry of an order authorizing and directing their

Banks to continue to treat, service, and administer the Bank Accounts as accounts of the Debtors,
as debtors in possession, without interruption and in the usual and ordinary course, and to
receive, process, honor, and pay all checks, drafts, wires, or Automated Clearing House
Payments drawn on the Bank Accounts after the Commencement Date; provided that any

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payments issued or made prior to the Commencement Date will not be honored absent direction
of the Debtors and an order of the Court.
(vi)

Motion of Debtors Pursuant to 11 U.S.C. 105, 363, 365, and


554 for Approval of (I) Procedures for (a) Store Closings, and (b)
the Expedited Sale, Transfer, or Abandonment of De Minimis
Assets, and (III) Entry Into a Liquidation Consulting Agreement
(the Store Closing Motion)

107.

In the Store Closing Motion, the Debtors seek to implement a key

component of their restructuring strategy and right-size their operations by closing


underperforming or geographically undesirable stores. Such closures will help stem the Debtors
significant cash burn, increase the Debtors liquidity, and allow the Debtors to focus their
reorganization efforts around a smaller footprint of more profitable stores.
108.

The Debtors and their advisors have identified 154 stores that require

prompt closure (the Closing Stores). The Closing Stores include 113 of the Debtors stores
operating in the United States and all 41 of the Debtors stores operating in Canada.
109.

The Debtors are seeking approval of streamlined procedures to sell the

inventory, furniture, fixtures, and equipment at any store scheduled for closure during the
Chapter 11 Cases, in each case free and clear of liens, claims and encumbrances (the Store
Closing Procedures). The Debtors are seeking interim approval to apply the Store Closing
Procedures to the Closing Stores given the significant operating losses continuing in the Closing
Stores in the aggregate, the Debtors liquidity constraints, and the budget set forth in the
Debtors proposed postpetition financing facility. To maximize value for their creditors, the
Debtors may need to close additional stores during the Chapter 11 Cases (such stores, the
Additional Closing Stores). The Debtors will seek authority to apply the Store Closing
Procedures to any Additional Closing Stores at a final hearing.

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To run a seamless and efficient large-scale store closing process and to

maximize the value of the assets being sold, the Debtors are also seeking immediate authority to
assume their liquidation consulting agreements (the Liquidation Consulting Agreements) with
Tiger Capital Group, LLC and Great American Group, LLC (the Liquidation Consultant),
liquidation consulting firms that the Debtors have determined in their business judgment are
capable of performing the required tasks and have proposed favorable terms.
(vii)

Motion of Debtors Pursuant to 11 U.S.C. 105(a), 363(b), and


507(a) for Interim and Final Authority to (I) Maintain and
Administer Prepetition Customer Programs, Promotions, and
Practices, and (II) Pay and Honor Related Prepetition Obligations
(the Customer Programs Motion)

111.

The Debtors request authority to, in the ordinary course of business and

consistent with past practice, (i) maintain and administer prepetition customer programs,
promotions, and practices, and (ii) pay and otherwise honor their obligations to customers
relating thereto, whether arising prior to or after the Commencement Date, as necessary and
appropriate in the Debtors business judgment.
112.

The Debtors businesses depend upon the loyalty of their customers. To

maximize customer loyalty, the Debtors have implemented and followed, in the ordinary course
of business, various practices and programs (collectively, the Customer Programs) to reward
and provide incentives to existing customers and to attract new customers to the Debtors stores.
Such programs are standard in the retail apparel business. Without the ability to continue their
Customer Programs and to satisfy prepetition obligations in connection therewith, the Debtors
risk losing market share, adversely affecting the value of their businesses.
113.

Consistent with industry practice and to accommodate customers needs,

the Debtors maintain refund, return, exchange, and price adjustment policies with respect to both
in-store and online purchases (collectively, the Return and Exchange Policies). To maintain

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the Debtors reputation for reliability and to maintain the loyalty, goodwill, and support of their
customers, the Debtors must maintain their Return and Exchange Policies. The preservation of
customer loyalty generated by the Return and Exchange Policies outweighs the associated costs.
As a result, the Debtors seek authorization to continue to honor the Return and Exchange
Policies in the ordinary course of business, with respect to merchandise and gift cards purchased
prior to, and after the Commencement Date.
114.

The Debtors maintain a program (the Gift Card Program) by which

their customers can purchase physical or electronic, pre-paid, non-expiring gift cards in various
denominations up to $300 (the Gift Cards) that can be redeemed in-store or online for
merchandise at a later date. The Debtors contract with certain third party administrators to track
sales and usage of Gift Cards, and provide customer service in respect of the Gift Card Program.
The Debtors also contract with various gift card distributors and loyalty marketing companies,
who arrange for the Gift Cards to be sold directly to customers through third-party retail
locations, including grocery stores, drug stores and convenience stores, as well as hundreds of
third-party websites. Failure to honor the Gift Cards would have a disastrous effect on the
Debtors customer relationships. The Debtors are seeking authorization to maintain the Gift
Card Program and to honor all Gift Cards issued by the Debtors prior to the Commencement
Date. In connection with the Gift Card Program, the Debtors are also seeking authority to
continue to pay the Gift Card Fees, and to allow the Distributors to offset the Sales Fees against
amounts remitted to the Debtors, in each case in the ordinary course, whether arising before or
after the Commencement Date. To preserve the goodwill of their customer base, the Debtors
also seek authorization to honor all Sales Promotions and Coupons in a manner consistent with

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their ordinary business practices, whether offered or issued prior to or after the Commencement
Date.
(viii)

Motion of Debtors Pursuant to 11 U.S.C. 105(a), 363(b),


507(a), and 541 for Interim and Final Orders Authorizing the
Debtors to Pay Certain Prepetition Taxes and Fees (Taxes and
Fees Motion)

115.

The Debtors request authorization, but not direction, to remit and pay sales

tax, use tax, state and local income tax, real and personal property tax, and other taxes,
assessments, fees and charges (collectively, the Taxes and Fees).
116.

The Debtors collect, withhold, or incur an assortment of Taxes and Fees

that they remit to various federal, state, and local taxing, licensing, regulatory, and other
governmental authorities (collectively, the Authorities). Many of the Taxes and Fees collected
are held in trust for and must be turned over to the Authorities. The Debtors also seek to pay
certain prepetition Taxes and Fees to, among other things, forestall Authorities from taking
actions that might interfere with the administration of the Chapter 11 Cases, which may include
asserting liens on the Debtors property, assessing penalties and/or significant interest on pastdue taxes, or commencing personal liability actions against directors, officers, and other key
employees. In addition, the non-payment of such Taxes and Fees may give rise to priority claims
pursuant to section 507(a)(8) of the Bankruptcy Code. Accordingly, I believe that the relief
requested in the Taxes and Fees Motion is in the best interests of the Debtors estates, their
creditors and all other parties in interest, and will facilitate the Debtors continued operation of
their businesses.

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(ix)

Motion of Debtors Pursuant to 11 U.S.C. 363 and 503 for


Interim And Final Orders: (I) Authorizing Payment of Prepetition
Claims of Shippers, Warehousing, and Miscellaneous Lien
Claimants, and (II) Confirm Administrative Expense Priority of
Undisputed Pre-Commencement Date Orders and Authorizing
Payment of Such Obligations in the Ordinary Course of Business
(the Shippers, Warehousemen and Lienholders Motion)

117.

The Debtors seek an order authorizing them to pay prepetition claims of

Warehousing and Miscellaneous Lien Claimants.


118.

The Debtors contract with various third-party transporters (collectively,

the Shippers) and one third-party storage facility provider (together with the Shippers, the
Warehousemen) to transport certain inventory and other goods and to store such inventory and
other goods prior to ultimate delivery to the Debtors stores or customers. In the event that the
Debtors fail to reimburse the Warehousemen for charges incurred in connection with the
transport and storage of the inventory, various state laws may permit the Warehousemen to assert
statutory liens against the inventory in their possession, potentially blocking the Debtors access
to such inventory. To maintain access to the inventory that is essential to the continued viability
of the Debtors retail operations and to preserve the value of such inventory, the Debtors seek
authority to honor outstanding invoices related to the shipping and warehousing services
provided to the Debtors prior to the Commencement Date.
119.

The Debtors contract with a number of third parties (collectively, the

Miscellaneous Lien Claimants) to make improvements and repairs to their property, including
the furniture, fixtures, and equipment located in the Debtors stores and distributions centers.
The Miscellaneous Lien Claimants could potentially assert liens, including mechanics liens,
artisans liens and materialmans liens (the Miscellaneous Lien Claims) against the Debtors
property for amounts the Debtors owe to those third parties. If the Debtors are unable to pay the

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Miscellaneous Lien Claims, they risk losing access to facilities and equipment that are critical to
the continued operation of their business.
(x)

Motion of the Debtors for the Entry of an Order Establishing


Notification Procedures and Approving Restrictions on Certain
Transfers of Interests and Claims in the Debtors (the NOLs
Motion)

120.

The Debtors request entry of interim and final orders authorizing the

Debtors to establish procedures (the Procedures) as set forth herein to protect the potential
value of the Debtors consolidated net operating loss carryforwards (NOLs) and certain other
tax attributes for federal income tax purposes (together with the NOLs, the Tax Attributes) for
use in connection with the reorganization of the Debtors. The Procedures apply to (i) common
stock (the Common Stock) and preferred stock (the Preferred Stock) of Aropostale, Inc.
and any options or similar rights (within the meaning of applicable U.S. Treasury regulations) to
acquire such stock (Options and together with Common Stock and Preferred Stock, the
Aropostale Stock), and (ii) Claims (as hereinafter defined) against one or more of the
Debtors.
121.

The Debtors have certain Tax Attributes, which include, as of

Commencement Date, approximately $250 million in estimated NOLs. The Tax Attributes are
valuable assets.

Title 26 of the United States Code (the Tax Code) generally permits

corporations to carry forward their tax attributes to reduce future taxable income. See Tax Code
172. Accordingly, the Tax Attributes are available to offset any income realized through the
taxable year that includes the effective date of a chapter 11 plan, and potentially thereafter
(though any Tax Attributes remaining thereafter may be significantly reduced or eliminated as a
result of a discharge of debt and, to the extent otherwise available, may be subject to additional
limitations, as discussed below). Accordingly, absent any intervening limitations and depending

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upon future operating results, the Tax Attributes could translate into future tax savings over time
and any such savings could enhance the Debtors cash position for the benefit of all parties in
interest and contribute to the Debtors efforts toward a successful reorganization.
122.

An ownership change, pursuant to section 382 of the Tax Code (which is

described further in the NOL Motion), prior to the effective date of a chapter 11 plan could
effectively eliminate the Debtors ability to use their Tax Attributes, thereby resulting in a
significant loss of potential value to the Debtors estates. Accordingly, the Procedures seek
authority to monitor and approve certain changes in the ownership of Aropostale Stock and
Claims (including by claiming any worthless deduction).
(xiii)

Motion of Debtors Pursuant to 11 U.S.C. 1505 for Entry of an


Order Authorizing Aropostale, Inc. To Act As Foreign
Representative On Behalf Of The Debtors Estates (the Foreign
Representative Motion)

123.

The Debtors request that Aropostale, Inc. be authorized to act as the

foreign representative on behalf of the Debtors estates (the Foreign Representative) in any
judicial or other proceedings in a foreign country, including the ancillary proceeding the Foreign
Representative intends to commence in Canada pursuant to the Companies Creditors
Arrangement Act (Canada), R.S.C. 1985, c. C-36 as amended (the CCAA) in the Ontario
Superior Court of Justice (Commercial List) (the Canadian Court) in Toronto, Ontario,
Canada.
124.

The Debtors further request that, as Foreign Representative, Aropostale

shall be expressly authorized to (i) seek recognition of the Chapter 11 Cases in Canada,
(ii) request that the Canadian Court lend assistance to this Court in protecting the property of the
Debtors estates, and (iii) seek any other appropriate relief from the Canadian Court that is just
and proper in furtherance of the protection of the Debtors estates.

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Motion to Compel
(xi)

Debtors Motion Pursuant to Sections 105(a), 362, and 365 of the


Bankruptcy Code for Interim and Final Relief and to Compel
Performance of MGF Sourcing US, LLCs Obligations Under
Executory Contract and to Enforce the Automatic Stay (the
Interim Motion to Compel)

125.

The Debtors request the entry of an interim and final order requiring MGF

to comply with the terms of the Sourcing Agreement. The Interim Motion to Compel seeks to
require MGF to (a) continue to source, manufacture, and deliver goods already ordered in the
ordinary course of business, (b) comply with the purchase orders placed and accepted based on
net 30 terms prior February 24, 2016 (the Original Orders), and (c) deliver the orders placed
after February 24, 2016 (the Post-February 24 Orders) on net 20 payment terms. There are
nearly $82 million in Original Orders for which the Debtors are prepared to adhere to the net
30 terms that were the basis for the order being placed. Absent interim relief, the Debtors risk
not having sufficient product for the critical back-to-school period or the liquidity necessary to
effectively reorganize under the terms of the DIP Facility.
126.

The Interim Motion to Compel also seeks to have the Court require that

any Post-February 24 Orders be on reasonable payment terms. On an interim basis, the Debtors
request that with respect to such orders, the Court compel payment on no fewer than 20 days
after delivery to the Debtors distribution centers. This would simply provide MGF with the
same reasonable payment terms that are sufficient for the Debtors other major supplier, L&F
namely net 20 payment terms. Absent this relief, the Debtors would have to pay for any PostFebruary 24 Orders at least 90 days before those goods were received by the Debtors at their
distribution centers.

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The Debtors financial advisors have concluded that if MGF is permitted

to impose onerous payment terms requiring cash before delivery of existing orders and payment
in full before ordering any new goods, the Debtors will not have the liquidity to effectively
reorganize and will be forced to liquidate.
128.

MGF will not be injured by this interim relief. MGF will be a priority

administrative creditor and the liquidity projections in connection with the DIP Facility
demonstrate that the Debtors will have more than sufficient liquidity to pay MGF (and other
vendors) at least on reasonable net 20 payment terms. Accordingly, I believe that the interim
relief requested is not only in the best interests of the Debtors estates and their creditors, but it is
essential to the ability of the Debtors to operate in the normal course and effectively reorganize.
D.

Operational Motions Requesting Second Day Relief


129.

The Debtors intend to ask for non-immediate relief with respect to the

following First Day Pleadings. The following pleadings will be presented at a future hearing.
(xi)

Motion of Debtors Pursuant to 11 U.S.C. 105(a) and 366 for


Entry of an Order (I) Approving Debtors Proposed Form of
Adequate Assurance of Payment to Utility Providers, (II)
Establishing Procedures for Determining Adequate Assurance of
Payment for Future Utility Services, and (III) Prohibiting Utility
Providers from Altering, Refusing, or Discontinuing Service (the
Utilities Motion)

130.

The Debtors request entry of an order (i) approving the Debtors proposed

form of adequate assurance of payment to utility providers, (ii) establishing procedures for
determining adequate assurance of payment for future utility services, and (iii) prohibiting utility
providers from altering or discontinuing service on account of outstanding prepetition invoices.
131.

Preserving utility services on an uninterrupted basis is essential to the

Debtors ongoing operations. Indeed, any interruption in utility serviceseven for a brief period
of timewould seriously disrupt the Debtors ability to continue operations and service their

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customers. This disruption would adversely impact customer relationships and would result in a
precipitous decline in the Debtors revenues.

Such a result could seriously jeopardize the

Debtors restructuring efforts and, ultimately, creditor recoveries. Therefore, it is critical that
utility services continue uninterrupted during the Chapter 11 Cases.
132.

The Debtors intend to pay postpetition obligations owed to the Utility

Providers in a timely manner. The Debtors expect that cash flows from operations, together with
their DIP Financing, will be sufficient to pay postpetition obligations related to their utility
services in the ordinary course of business.
133.

Nevertheless, the Debtors propose to deposit into a newly-created,

segregated, interest-bearing bank account a sum equal to the cost of two weeks worth of the
average utility cost for each Utility Provider (less any amounts already on deposit with any such
Utility Provider that have not been applied to outstanding prepetition amounts)9, based on the
Debtors average usage per week for the past five weeks (collectively, the Adequate Assurance
Deposit).
134.

I believe that the Adequate Assurance Deposit, in conjunction with the

DIP Financing, cash flow from operations, and cash on hand demonstrates the Debtors ability to
pay for future utility services in the ordinary course of business and constitutes sufficient
adequate assurance to the Utility Providers.

Nothing herein shall prejudice the Debtors rights, if any, to demand reimbursement of any amounts of previously
issued deposits.

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(xi) Motion of Debtors Pursuant to 11 U.S.C. 105(a), 327, and 330 for
Authority to Employ Professionals Used in the Ordinary Course of
Business Nunc Pro Tunc to the Commencement Date (the OCP
Motion)
135.

The Debtors seek authority to (i) establish certain procedures to retain and

compensate those professionals that the Debtors employ in the ordinary course of business
(collectively, the Ordinary Course Professionals), effective as of the Commencement Date,
without (a) the submission of separate employment applications and (b) the issuance of separate
retention orders for each individual Ordinary Course Professional, and (ii) compensate and
reimburse such professionals without individual fee applications.
136.

The Debtors seek the continued employment of the Ordinary Course

Professionals to render professional services to the Debtors estates in the same manner and for
the same purposes as the Ordinary Course Professionals were retained prior to the
Commencement Date. In the past, these professionals have provided professional services to the
Debtors relating to such matters as intellectual property, litigation, tax, financial advisory, audit,
consulting, and actuarial services, as well as other services relating to matters that have a direct
and significant impact on the Debtors day-to-day operations. It is thus essential to avoid
disruption of the Debtors normal business operations that the employment of these Ordinary
Course Professionals, many of whom are already familiar with the Debtors business and
financial affairs, be continued.
(xii)

Motion of Debtors Pursuant to 11 U.S.C. 105(a), 330, 331, Fed.


R. Bankr. P. 2016, and Local Rule 2016-1, for Entry of an Order
Establishing Procedures for Interim Compensation and
Reimbursement of Expenses of Professionals (the Interim
Compensation Motion)

137.

The Debtors request the entry of an order establishing an orderly, regular

process for the monthly allowance and payment of compensation and reimbursement of expenses

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for professionals whose services are authorized by the Court pursuant to sections 327, 328, or
1103 of the Bankruptcy Code and who will be required to file applications for allowance of
compensation and reimbursement of expenses pursuant to sections 330 and 331 of the
Bankruptcy Code. It is my belief that establishing orderly procedures to pay the Debtors
professionals and attorneys whose retentions are approved by this Court and who will be
required to file applications for the allowance of compensation and reimbursement of expenses
will streamline the administration of these chapter 11 cases and otherwise promote efficiency for
the Court, the Office of the U.S. Trustee for Region 2, and all parties in interest. Specifically, a
streamlined process for serving interim fee applications and notices thereof is in the best interests
of the Debtors because it will facilitate efficient review of the retained professionals fees and
expenses and will save the Debtors from incurring unnecessary expenses.
V.
Information Required by Local Rule 1007-2
138.

In accordance with Local Rule 1007-2, the schedules attached hereto

provide certain information related to the Debtors.


139.

Pursuant to Local Rule 1007-2(a)(3), Schedule 1 hereto lists the names

and addresses of the members of, and attorneys for, any committee organized prior to the
Commencement Date and a brief description of the circumstances surrounding the formation of
the committee and the date of its formation.
140.

Pursuant to Local Rule 1007-2(a)(4), Schedule 2 hereto lists the holders of

the Debtors forty (40) largest unsecured claims on a consolidated basis, excluding claims of
insiders.
141.

Pursuant to Local Rule 1007-2(a)(5), Schedule 3 hereto lists the holders of

the five (5) largest secured claims against the Debtors on a consolidated basis.

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Pursuant to Local Rule 1007-2(a)(6), Schedule 4 hereto provides a

summary of the (unaudited) consolidated assets and liabilities for the Debtors and their nonDebtor affiliates.
143.

Pursuant to Local Rule 1007-2(a)(7), Schedule 5 hereto provides the

following information: the number and classes of shares of stock, debentures, and other
securities of the Debtors that are publicly held and the number of record holders thereof; and the
number and classes of shares of stock, debentures, and other securities of the Debtors that are
held by the Debtors directors and officers, and the amounts so held.
144.

Pursuant to Local Rule 1007-2(a)(8), Schedule 6 hereto provides a list of

all of the Debtors property in the possession or custody of any custodian, public officer,
mortgagee, pledgee, assignee of rents, secured creditor, or agent for any such entity, giving the
name, address, and telephone number of each such entity and the location of the court in which
any proceeding relating thereto is pending.
145.

Pursuant to Local Rule 1007-2(a)(9), Schedule 7 hereto provides a list of

the premises owned, leased, or held under other arrangement from which the Debtors operate
their businesses.
146.

Pursuant to Local Rule 1007-2(a)(10), Schedule 8 hereto provides the

location of the Debtors substantial assets, the location of their books and records, and the nature,
location, and value of any assets held by the Debtors outside the territorial limits of the United
States.
147.

Pursuant to Local Rule 1007-2(a)(11), Schedule 9 hereto provides a list of

the nature and present status of each action or proceeding, pending or threatened, against the

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Debtors or their property where a judgment against the Debtors or a seizure of their property may
be imminent.
148.

Pursuant to Local Rule 1007-2(a)(12), Schedule 10 hereto provides a list

of the names of the individuals who comprise the Debtors existing senior management, their
tenure with the Debtors, and a brief summary of their relevant responsibilities and experience.
149.

Pursuant to Local Rule 1007-2(b)(1)-(2)(A), Schedule 11 hereto provides

the estimated amount of payroll to the Debtors employees (not including officers, directors,
stockholders, and partners) and the estimated amount to be paid to officers, stockholders,
directors, members of any partnerships, and financial and business consultants retained by the
Debtors for the thirty (30) day period following the filing of the Debtors Chapter 11 Cases.
150.

Pursuant to Local Rule 1007-2(b)(3), Schedule 12 hereto provides, for the

thirty (30) day period following the filing of the Chapter 11 Cases, a list of estimated cash
receipts and disbursements, net cash gain or loss, obligations, and receivables expected to accrue
that remain unpaid, other than professional fees.
Conclusion
151.

This declaration describes the factors that have precipitated the

commencement of the Chapter 11 Cases and demonstrates the critical need for the Debtors to
obtain the relief sought in the First-Day Pleadings.
152.

I declare under penalty of perjury that, to the best of my knowledge and

after reasonable inquiry, the foregoing is true and correct.


Executed this 4th day of May, 2016
/s/ David J. Dick
David J. Dick

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Corporate Organization Chart Pg 1 of 1

Exhibit A -

Corporate Organization Chart


Aropostale, Inc.
(Delaware)
1

Aropostale
West, Inc.
(Delaware)

JimmyZ Surf
Co., LLC
(Delaware)

Aeropostale
Holdings, Inc.
(Delaware)

Aero GC
Management LLC
(Virginia)

Aeropostale
Puerto Rico, Inc.
(Puerto Rico)

Aeropostale
Licensing, Inc.
(Delaware)

P.S. from
Aeropostale, Inc.
(Delaware)

78

[Dormant]

Aeropostale
Procurement
Company, Inc.
(Delaware)
6

Aeropostale
Canada Corp.
(Nova Scotia)

PS Store Puerto
Rico, LLC
(Puerto Rico)

GoJane LLC
(Delaware)
10

8
[Dissolved 1/19/2016]

Legend
Borrower ABL & Term Loan
Guarantor ABL & Term Loan
Vendee MGF Sourcing Agreement
Guarantor MGF Sourcing Agreement
Weil, Gotshal & Manges LLP

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Prepetition ABL Credit Agreement Pg 115 of 431

Exhibit B -

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Prepetition ABL Credit Agreement Pg 116 of 431

Exhibit B -

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Prepetition ABL Credit Agreement Pg 117 of 431

Exhibit B -

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Prepetition ABL Credit Agreement Pg 118 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 119 of 431

Exhibit B -

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Prepetition ABL Credit Agreement Pg 120 of 431

Exhibit B -

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Prepetition ABL Credit Agreement Pg 121 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 122 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 123 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 124 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 125 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 126 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 127 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 128 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 129 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 130 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 131 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 132 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 133 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 134 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 135 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 136 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 137 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 138 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 139 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 140 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 141 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 142 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 143 of 431

Exhibit B -

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Prepetition ABL Credit Agreement Pg 144 of 431

Exhibit B -

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Prepetition ABL Credit Agreement Pg 145 of 431

Exhibit B -

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Prepetition ABL Credit Agreement Pg 146 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 147 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 148 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 149 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 150 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 151 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 152 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 153 of 431

Exhibit B -

16-11275

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Prepetition ABL Credit Agreement Pg 154 of 431

Exhibit B -

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Prepetition ABL Credit Agreement Pg 155 of 431

Exhibit B -

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Prepetition ABL Credit Agreement Pg 156 of 431

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Prepetition ABL Credit Agreement Pg 157 of 431

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Prepetition ABL Credit Agreement Pg 158 of 431

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Prepetition ABL Credit Agreement Pg 159 of 431

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Prepetition ABL Credit Agreement Pg 160 of 431

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Prepetition ABL Credit Agreement Pg 161 of 431

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Prepetition ABL Credit Agreement Pg 162 of 431

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Prepetition ABL Credit Agreement Pg 163 of 431

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Prepetition ABL Credit Agreement Pg 164 of 431

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Prepetition ABL Credit Agreement Pg 165 of 431

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Prepetition ABL Credit Agreement Pg 166 of 431

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Prepetition ABL Credit Agreement Pg 167 of 431

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Prepetition ABL Credit Agreement Pg 168 of 431

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Prepetition ABL Credit Agreement Pg 169 of 431

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Prepetition ABL Credit Agreement Pg 170 of 431

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Prepetition ABL Credit Agreement Pg 171 of 431

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Prepetition ABL Credit Agreement Pg 172 of 431

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Prepetition ABL Credit Agreement Pg 173 of 431

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Prepetition ABL Credit Agreement Pg 174 of 431

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Prepetition ABL Credit Agreement Pg 175 of 431

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Prepetition ABL Credit Agreement Pg 176 of 431

Exhibit B -

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 177 of 431

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16-11275

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Prepetition ABL Credit Agreement Pg 178 of 431

Exhibit B -

! &."-!$,-!$ !! !!"",   / '      $$5 ' 
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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 179 of 431

Exhibit B -

5# $ 5/+/ 5/5 # '  0/ + $ 5 $$   @ /' 5 
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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 180 of 431

Exhibit B -

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16-11275
#

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 181 of 431

Exhibit B -

/ > $      +   $//0,

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16-11275

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Prepetition ABL Credit Agreement Pg 182 of 431

Exhibit B -

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16-11275
*.

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Prepetition ABL Credit Agreement Pg 183 of 431

Exhibit B -

  $$5.     //  + $$5 /  $   $//0  1  +
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16-11275

H.

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 184 of 431

Exhibit B -

 $   1  0  +   + /$ $    -        $  
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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 185 of 431

Exhibit B -

-B  1/ /' 0  /' 0 1     @:  1/ + 
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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 186 of 431

Exhibit B -

     1.   1  // + +/  5    / /$
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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 187 of 431

Exhibit B -

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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 188 of 431

Exhibit B -

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16-11275


Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 189 of 431

Exhibit B -

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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 190 of 431

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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 191 of 431

Exhibit B -

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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 192 of 431

Exhibit B -

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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 193 of 431

Exhibit B G + ECE 

          




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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 194 of 431

Exhibit B -

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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 195 of 431

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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 196 of 431

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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 197 of 431

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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 198 of 431

" ,!- "2

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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 199 of 431
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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 200 of 431

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16-11275

" ,!- "2

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 201 of 431

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16-11275

" ,!- "2

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 202 of 431

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Prepetition ABL Credit Agreement Pg 207 of 431

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 264 of 431

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Prepetition ABL Credit Agreement Pg 268 of 431

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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 269 of 431

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Prepetition ABL Credit Agreement Pg 270 of 431

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 271 of 431

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 272 of 431

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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 274 of 431

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 276 of 431
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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 277 of 431

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 279 of 431

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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 280 of 431

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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 281 of 431

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 282 of 431

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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 283 of 431

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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 284 of 431

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 285 of 431



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Prepetition ABL Credit Agreement Pg 287 of 431

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Prepetition ABL Credit Agreement Pg 288 of 431

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Prepetition ABL Credit Agreement Pg 289 of 431



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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 290 of 431

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 291 of 431

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 293 of 431



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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 294 of 431



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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 295 of 431

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


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Prepetition ABL Credit Agreement Pg 298 of 431

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 299 of 431

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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 300 of 431



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1/'  EH()H
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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 301 of 431

7Q 2:

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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 302 of 431

1/ 



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1 
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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 303 of 431

/ //$
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0 7//' 7 (%%%>


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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 304 of 431



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7// $ 0 91 


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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 305 of 431

%)C

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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 306 of 431



; 2:
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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 307 of 431



8 5 2:


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/. (H)C<><C)*%(

 

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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 308 of 431

2

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- &HEC(<DC%D%< G &HECH>HC


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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 309 of 431

GGGG&<E*
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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 310 of 431

 

%)J%>J()%E




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2  ' &%(C(<&CHE<>

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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 311 of 431

8// 

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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 312 of 431

(*%

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7// + D) 8. 


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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 313 of 431

(*&

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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 314 of 431

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 315 of 431

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 316 of 431

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 317 of 431



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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 318 of 431



1/ 

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 319 of 431

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 320 of 431

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 321 of 431

0 Q  2:

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 322 of 431



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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 323 of 431

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 324 of 431



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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 325 of 431

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 326 of 431

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 327 of 431

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 328 of 431

5 /

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 329 of 431

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 330 of 431

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1 

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GGGGG))>E
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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 331 of 431

<D&

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9 ' 9 E<)*H


7 /  :
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8 ' 6 H>()>

: 9://
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16-11275

EEE

EE*

5

%)J()J()%E

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EJEJ()%%

EEH

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 332 of 431

 2:
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EE&

EED




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Exhibit B -

- D%*CH>EC<D)) G D%*CHD&C


D(HH

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16-11275

E*)

E*<

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(H<(E>D&5* (EEE(H.)))))<

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8// 

E*%

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 333 of 431

2: $ 

6

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1 

GGGGG)%)%
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1 
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()) << 5.


. /' 7 *H<)%
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16-11275

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GGGGGGE*&E
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EH(

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 334 of 431

GGG))))

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GGGGG%&*E
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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 335 of 431

EHH

EH>

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1 
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E>)

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GGGGG))<(
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%(&  ( 


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16-11275

E>%

E><

E>E

E>*

2: $ 
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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 336 of 431

(H<(E>D&5* (EEE(H.)))))<



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E>>

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GGGGGG()EE
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Exhibit B -

E(<C>*>CE>()  1 /1


E())  9/
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6 5//  G
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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 337 of 431

E>&

E>D

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// 2:

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GGGGGGGGG<(%H
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GGGGGGGGG<(%H
+ GGGGG)(%D

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+'  H)%E&
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H<)% 8. 0 2 

16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 338 of 431
+ GGGGG)(%D

E&*

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E&H

E&>

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8 5

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45//'  <(H)*
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<E&E

*)))  5'  %()


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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 339 of 431
1 

ED)

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GGGGGH(%<
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 :
- (>)CD(HC*(>) G (>)CD(HC
*(>(

()%  2 


45 ' - %H%(>
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16-11275

EDE

*)*

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(H<(E>D&5* (EEE(H.)))))<

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 340 of 431

GGGGG<D>(
+TGGGGG))%D
1 
GGGGG%)(&
GGGGGG)(&)

Exhibit B -

%&)  7: 


9+'
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K5 
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%)DD
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55//'  <>&H(
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%  
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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 341 of 431

*%%

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(H<(E>D&5* (EEE(H.)))))<

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F F
- >E)CDE&CDE&& G >E)CDE&C
DE&E

%()%)   


2 ' 7 E&E%*
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16-11275

*%>

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 342 of 431



*%&

22Q
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*%D

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*(H

(H<(E>D&5* (EEE(H.)))))<

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GGGGDD&>
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-' 7 ED))(
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H))(

%%* F 1+// // .


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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 343 of 431

1 
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415'  >H)*%
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*&()

%E)) 25 


: 7'  (>&)E
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16-11275

*<(

*<*

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(H<(E>D&5* (EEE(H.)))))<

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 344 of 431

GGG%)&DE
GGGGGG(HD>
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- (*HC&<*CH)>* G (*HC&<%C


%)D<

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2+5//' 8
(**)E
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$GT <)EC<DDCHE%%

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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 345 of 431

GGGGGGE>)&
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<*)) . 7  *)<


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7 // +
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5' 8 D&HH(
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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 346 of 431

1 

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+ Q 1 T  +
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%*%%

HJ%<J())<

27 9

*J(<J())<



Exhibit B -

GGGGGGGG%*(&
+TGGGGG))E*
GGGGGGGGG<(%H
+ GGGGG)(%D

GGGGGG*&%D
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GGGGGGGGD(*>
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// '  >>&E)
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16-11275

**>

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 347 of 431


2 2:

GGGGGG)%>>
1 
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EJ%%J())H

**&

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1 
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1 
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GGGGGG*&<>
+ GGGGG)H*D

Exhibit B -

(*)% 8 7/
:/  ' 6 ><%<E
/ 7 0 + 
E)*C&E%C&D*(#
$    E)*C>>*C&)*D#
+ E)*C>>*C%><)# $G E)*
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16-11275

*H>

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1 
GGGGG)<D(

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 348 of 431

2: $ 

GGGGGG*&)*
+TGGGGG))>H
1 
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1 
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GGGGGGD(H&

Exhibit B -

- >%<CEH<C&)EE G >%<CEH<C


&(*&

*<)) 8. E% .
G //  *>%)H
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()) 7// : 7//


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<E)% / 

1 

16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 349 of 431

%)J<J())<

*><



8 5

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(H<(E>D&5* (EEE(H.)))))<

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&J%J())<

>J(*J())<

8 5
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+ GGGGG))E*

Exhibit B -

GGGGGGDH>%
+ GGGGG))E*

(&)% . 7/ -:0 


%)(
95//'  <*&)%
F$$ /
- (*HC*<<C(((E G (*HC*<<C
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16-11275

*>&

*>D

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; / 2:





2: $ 

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>J(*J())<



7Q
%)J*J())&



Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 350 of 431



 2:

   %(J>J)>

*&<


(H<(E>D&5* (EEE(H.)))))<



GGGGGG>)>D

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: 7 (%>)<

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6 8/

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-

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GGGGG))%D
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%H)( 8 / 2: 2/5


4$$'  (D<E%
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&)(D

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6// 

16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 351 of 431

*&E

*&>

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(H<(E>D&5* (EEE(H.)))))<

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GGGGE)()
1  T
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1 
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Exhibit B -

- >%>C<<>CD<<< G >%>C<<>C


(E&D


>)(% . 7/ 5' 


T(HD
/' 6 >E%<<
7 90//
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H))( / 


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&ED   ' 


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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 352 of 431

*D%



*D(

2: $ 

DJ%(J())<

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(H<(E>D&5* (EEE(H.)))))<

 



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1 
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GGGGGGGGDHH%

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GGGGG()D)
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1 
GGGGG&)E(
GGGGGGGGG&))&
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1 
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GGGD>>E
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%<%

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E)( G : -:0
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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 353 of 431

Exhibit B -

E(EH -/: 


:+'
 ((E)>
2/ 8/:J 
+ T*E)C>&*CH>DE

GGGGGGGGD&EE
1 
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GGGGGG*&E*
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>)%  F1  


+ #
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HH 8 1 5
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16-11275

H)*

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(H<(E>D&5* (EEE(H.)))))<

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 354 of 431

 8

8 5 2:


<J%>J())E

2: $ 

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1 
GGGGG(%*(
GGGGG&&&)
1 
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GGGGGGGGG<(%H
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GGGGGG&(*>

Exhibit B -

- >)%C(&%C%<)( G >)%CE<<C


><)*

%>()  0/ 5


1'  <<H%(
F: F
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D>% 2/ 9// 


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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 355 of 431
+ GGGGG))E*

<J%DJ())E

H%E

H%*

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H()


(H<(E>D&5* (EEE(H.)))))<

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1 2:

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GGGGGGGGG<(%H
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(J()J())E

8 5
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GGGGGGGGG<(%H
+ GGGGG)(%D

GGGGGGGGG)<()

Exhibit B -

7' I &*()H
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2/ / #
E&)C(%&C*%E* &&&C&*(C*))) G
EH))

8 5 2:


(&)) 8 5 2/5
8 ' 7 ()D)(
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%D%D  % 
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16-11275

H(%

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 356 of 431



2: $ 

EJ%HJ())E

H(<



2: $ 

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H(E



H(*

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- *%(CE(%C*&E% G *%(CE(%C


*&E(

(%)* 8 2 2/5.


2'  <<*%%
F$ + + # 7 
2/ / #
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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 357 of 431

(J(&J()%(

H(>

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2: $ 

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Exhibit B -

7 7
- T &)HC<*ECE)E*
GT&)HC<*ECE)E<
%>>*    
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2/ / #
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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 358 of 431

H<*



1/ 

+:  0  

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H<>

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Exhibit B -

- &*)C>>)CD)H) G &*)C>HDC


<H)<
2 T &*)C>HDC*(H%
&%E F 
51'  >%%)E
25/ + # 
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G *)EC*<<C*<EE

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16-11275

HE(

HEE

HEH

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(H<(E>D&5* (EEE(H.)))))<

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&J&J()%%





Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 359 of 431



2: $ :/ 


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1 
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-: -:
<(<( 8 // .
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4 8 
T()*C(HEC*%*&
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16-11275

H*%



H*(

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<J%DJ())E

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 360 of 431



2: $ 

EJ<)J())E

GGGGG))<H
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- E)*C<HHC<H<>' <HHC<H)) G


E)*C<HHC<H)&
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%%)** H%  
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16-11275

H*&

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 361 of 431



2: $ 

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GGGGGG(<E(
+ GGGGG)%)D
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1:' 8 DDD(%E
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16-11275

HH<

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 362 of 431



2: $ 

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%&)%   


8//+'
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EH)%

E<HE   >


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16-11275

H><

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 363 of 431
 8

2: $ 

GGGGGGGGH(D(
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(>)& 7 5


2:$/'  D<<)E
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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 364 of 431

%)J%J())E

H&%



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/ 0$
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EEHD

%<<** / ' . %))


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16-11275

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<J(*J()%E

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 365 of 431

GGGGG))<<
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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 366 of 431

DJ%)J())E

HD(



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8//0+ / #
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EH)%
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:
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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 367 of 431

DJ%>J())E

1 

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HD>



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:
GGGGGGGGD&HD
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F:5//'  <((*H
F 20 + #
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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 368 of 431

>)*



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- (&%C(HDC><)H G (&%C(HDC
><%(

HH)* 10 2/5.


/+@@' 7 &>%%)
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16-11275

>%<

>%H

>%>

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(H<(E>D&5* (EEE(H.)))))<

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 %(#

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 369 of 431

GGGGGG<E*>
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1 
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- &H)CHHDC*>>< G &H)CHHDC


E<*<
%C&&&C*>)C)>><
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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 370 of 431

2: $ 
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8 5 2:


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1 
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GGGGGG*<&(
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%)(  


8 ' 7 )()D<
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E*E* %E . 8
2'  <E()*
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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 371 of 431

 8

2: $ 
<J(<J())*

8  /

GGGGG%%)>
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GGGGGGH>D&
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(*) 8. 4$/ 
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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 372 of 431



/+ 2: Q 

+TGGGGG)D&)
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2'  &<>)E
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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 373 of 431

<J(<J())*

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/+' 4 <%D)D
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16-11275

>E*

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 374 of 431



8 5
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- . &)%CE(HC**(D
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16-11275

>*%

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 375 of 431



GGGGGGGG>)D*
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&) 7 .
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1+' -
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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 376 of 431

GGGGGGH>)<
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Exhibit B -

EEEE % 5.


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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 377 of 431

2: $ 
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&E  7//


7. 91' 8
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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 378 of 431

2: $ 
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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 379 of 431



21 

Exhibit B -

GGGGGGH&%E
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*%() 7 
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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 380 of 431

2: $ 

1 
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GGGGGG))HD
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$$ F
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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 381 of 431

*J(<J())H

>D(

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Exhibit B -

8 ' 6 H>()(


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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 382 of 431



 Q 1 
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1 
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+ 9
1 T >)HC(%>C<D<%
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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 383 of 431

GGGGGG*HH>
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(H)D  7 


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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 384 of 431

GGGGGDE>D
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HE)) 4 5


4'  H))<%
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G. &E>C&**C)(>D
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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 385 of 431



2: $ 
<J(EJ())H

2: $ 
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GGGGGGHD)D
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HHDD . : 5


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&)%  -1'/ 


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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 386 of 431

Exhibit B -

$G. <%HC(H%CEEEH

&(E



&(H

&(>

&(&



(H<(E>D&5* (EEE(H.)))))<



  
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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 387 of 431

F- 7  

GGGG<H<E
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- . &&&C&*(C*)))
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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 388 of 431

%(J<J())>

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Exhibit B -

8'  D(H&<
 
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&*><
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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 389 of 431

&E%

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GGGGGG)(>H
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16-11275

&ED

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 390 of 431

2: $ 
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GGGGGGDD*(
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$G H*% (&&C<&DH

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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 391 of 431



 

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&H%

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Exhibit B -

$G &)%C(&)CH&%*
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16-11275

&HE

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 392 of 431

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>J(&J())H



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$G. <%HC(H%CEEEH

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%())  20 T*)
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16-11275

&>)

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 393 of 431

 ; 2:


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D8.  / 5.


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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 394 of 431

2: $ 
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GGGGG%(E>
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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 395 of 431

GGGGGG%E*<
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16-11275

&D(

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 8

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 396 of 431

GGGGGG(&ED
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1 

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%*>& 90 5


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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 397 of 431

GGGGGGGG*&%)
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- T<)<CE>)C&D)&

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16-11275

D%%

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 398 of 431



; 2: Q 

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&&&C&*(C*))) G E>*%


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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 399 of 431



@  2:

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/ 
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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 400 of 431

D(*

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:' - %>*>(
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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 401 of 431

GGGGGG)HE>
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16-11275

DE%

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 402 of 431

GGGGG<<)&
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16-11275

DED

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 403 of 431

GGGGGG)&HE
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+/ 25 (%)C*%&C(**&


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16-11275

D*>


Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 404 of 431


D*D

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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 405 of 431

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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 406 of 431

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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 407 of 431

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- T &))CH*EC&*)< GT*>H)
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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 408 of 431

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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 409 of 431



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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 410 of 431



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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 411 of 431



8 5

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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 412 of 431

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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 413 of 431



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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 414 of 431



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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 415 of 431

EJ%*J()%%

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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 416 of 431

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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 417 of 431

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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 418 of 431



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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 419 of 431

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 420 of 431



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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 421 of 431

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 422 of 431

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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 423 of 431



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16-11275

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 424 of 431



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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 425 of 431

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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 426 of 431

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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 427 of 431

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 428 of 431

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16-11275

Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 429 of 431

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 430 of 431

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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition ABL Credit Agreement Pg 431 of 431

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16-11275

Doc 4-3 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition Term Loan Agreement Pg 1 of 236

Exhibit C

WEIL:\95641329\20\11727.0012

Exhibit C -

16-11275

Doc 4-3 Filed 05/04/16 Entered 05/04/16 02:17:03 Exhibit C Prepetition Term Loan Agreement Pg 2 of 236
EXECUTION VERSION

LOAN AND SECURITY AGREEMENT

AEROPOSTALE, INC.
the Borrower,
the Guarantors referenced herein,
AERO INVESTORS LLC,
as Agent,
and
the Lenders referenced herein

May 23, 2014

CHI:2816747.16

16-11275

Doc 4-3 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition Term Loan Agreement Pg 3 of 236

Exhibit C -

TABLE OF CONTENTS
Page
Article 1 - Definitions: .................................................................................................................... 1
Article 2 - The Term Loan Facilities: ........................................................................................... 25
2-1.
2-2.
2-3.
2-4.
2-5.
2-6.
2-7.
2-8.
2-9.
2-10.
2-11.
2-12.
2-13.
2-14.
2-15.
2-16.
2-17.
2-18.
2-19.
2-20.
2-21.
2-22.
2-23.
2-24.
2-25.
2-26.

Establishment of Term Loan Facilities. ................................................................... 25


Intentionally Omitted. .............................................................................................. 26
Intentionally Omitted. .............................................................................................. 26
Intentionally Omitted. .............................................................................................. 26
Intentionally Omitted. .............................................................................................. 26
Making of Loans Under Term Loan Facilities. ....................................................... 26
The Loan Account.................................................................................................... 26
The Notes. ................................................................................................................ 27
Payment of The Loan Account. ............................................................................... 27
Interest Rates. ........................................................................................................... 29
Other Fees. ............................................................................................................... 30
Intentionally Omitted. .............................................................................................. 30
Intentionally Omitted. .............................................................................................. 30
Intentionally Omitted. .............................................................................................. 30
Concerning Fees....................................................................................................... 30
Agents Discretion. .................................................................................................. 30
Intentionally Omitted. .............................................................................................. 30
Intentionally Omitted. .............................................................................................. 30
Intentionally Omitted. .............................................................................................. 30
Intentionally Omitted. .............................................................................................. 30
Intentionally Omitted. .............................................................................................. 30
Increased Costs. ....................................................................................................... 31
Taxes. ....................................................................................................................... 31
Assignments. ............................................................................................................ 35
Allocation of Purchase Price. ................................................................................... 36
Tax Treatment and Reporting for Tranche B Term Loan. ....................................... 36

Article 3 - Conditions Precedent: .................................................................................................. 37


3-1.
3-2.
3-3.
3-4.
3-5.
3-6.
3-7.
3-8.
3-9.
3-10.
3-11.

Generally. ................................................................................................................. 37
Corporate Due Diligence. ........................................................................................ 37
Opinion. ................................................................................................................... 37
Additional Documents. ............................................................................................ 37
Officers Certificate. ................................................................................................ 38
Representations and Warranties. .............................................................................. 38
Borrowing Base Certificate...................................................................................... 39
All Fees and Expenses Paid. .................................................................................... 39
Financial Projections. ............................................................................................... 39
Borrowers Assets. ................................................................................................... 39
Lien Search. ............................................................................................................. 39
i

CHI:2816747.16

16-11275

3-12.
3-13.
3-14.
3-15.
3-16.
3-17.
3-18.
3-19.

Doc 4-3 Filed 05/04/16 Entered 05/04/16 02:17:03


Prepetition Term Loan Agreement Pg 4 of 236

Exhibit C -

Perfection of Collateral. ........................................................................................... 39


Insurance. ................................................................................................................. 39
No Suspension Event. .............................................................................................. 39
No Adverse Change. ................................................................................................ 40
Execution and Delivery of Agreement. ................................................................... 40
Series B Convertible Preferred Stock. ..................................................................... 40
Patriot Act. ............................................................................................................... 40
Designated Interest................................................................................................... 40

Article 4 - General Representations, Covenants and Warranties:................................................. 40


4-1.
4-2.
4-3.
4-4.
4-5.
4-6.
4-7.
4-8.
4-9.
4-10.
4-11.
4-12.
4-13.
4-14.
4-15.
4-16.
4-17.
4-18.
4-19.
4-20.
4-21.
4-22.
4-23.
4-24.
4-25.
4-26.
4-27.
4-28.
4-29.
4-30.
4-31.
4-32.
4-33.
4-34.
4-35.
4-36.

Payment and Performance of Liabilities. ................................................................. 40


Due Organization - Corporate Authorization - No Conflicts................................... 40
Trade Names. ........................................................................................................... 41
Intellectual Property. ................................................................................................ 42
Locations. ................................................................................................................. 42
Title to Assets. ......................................................................................................... 43
Indebtedness. ............................................................................................................ 45
Insurance Policies. ................................................................................................... 46
Licenses.................................................................................................................... 47
Leases. ...................................................................................................................... 47
Requirements of Law. .............................................................................................. 47
Maintain Properties. ................................................................................................. 47
Pay Taxes. ................................................................................................................ 48
No Margin Stock. ..................................................................................................... 49
ERISA. ..................................................................................................................... 49
Hazardous Materials. ............................................................................................... 49
Litigation. ................................................................................................................. 50
Investments. ............................................................................................................. 50
Loans. ....................................................................................................................... 51
Protection of Assets. ................................................................................................ 51
Line of Business. ...................................................................................................... 51
Affiliate Transactions............................................................................................... 52
Additional Assurances. ............................................................................................ 52
Adequacy of Disclosure; No Suspension Event; No Material Adverse Effect. ....... 53
Investments. ............................................................................................................. 53
Prepayments of Indebtedness. .................................................................................. 53
Other Covenants....................................................................................................... 54
Labor Matters. .......................................................................................................... 54
Restricted Payments. ................................................................................................ 54
Solvency. .................................................................................................................. 55
Material Contracts. ................................................................................................... 55
Customer Relations. ................................................................................................. 56
Consents. .................................................................................................................. 56
Amendment of Material Documents. ....................................................................... 56
Intentionally Omitted. .............................................................................................. 56
Compliance with Leases. ......................................................................................... 56
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4-37.
4-38.

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Exhibit C -

Term Loan Account. ................................................................................................ 56


Post-Closing Obligations. ........................................................................................ 56

Article 5 - Financial Reporting and Performance Covenants: ...................................................... 57


5-1.
5-2.
5-3.
5-4.
5-5.
5-6.
5-7.
5-8.
5-9.
5-10.
5-11.
5-12.

Maintain Records. .................................................................................................... 57


Access to Records. ................................................................................................... 57
Prompt Notice to Agent. .......................................................................................... 58
Intentionally Omitted. .............................................................................................. 59
Borrowing Base Certificates. ................................................................................... 59
Monthly Reports. ..................................................................................................... 59
Quarterly Reports. .................................................................................................... 60
Annual Reports. ....................................................................................................... 60
Fiscal Year. .............................................................................................................. 61
Inventories, Appraisals, and Audits. ........................................................................ 61
Additional Financial Information. ........................................................................... 62
Minimum Liquidity. ................................................................................................. 63

Article 6 - Use and Collection of Collateral: ................................................................................ 64


6-1.
6-2.
6-3.
6-4.

Use of Inventory Collateral. ..................................................................................... 64


Adjustments and Allowances. .................................................................................. 64
Validity of Accounts. ............................................................................................... 64
Notification to Account Debtors. ............................................................................. 65

Article 7 - [Intentionally Omitted]. ............................................................................................... 65


Article 8 - Grant of Security Interest: ........................................................................................... 65
8-1.
8-2.
8-3.
8-4.

Grant of Security Interest. ........................................................................................ 65


Extent and Duration of Security Interest. ................................................................ 66
Use of Assets............................................................................................................ 66
Real Estate Collateral............................................................................................... 67

Article 9 - Agent As Borrowers Attorney-In-Fact: ..................................................................... 67


9-1.
9-2.

Appointment as Attorney-In-Fact. ........................................................................... 67


No Obligation to Act. ............................................................................................... 68

Article 10 - Events of Default: ...................................................................................................... 68


10-1.
10-2.
10-3.
10-4.
10-5.
10-6.
10-7.

Failure to Pay Term Loans. ...................................................................................... 68


Failure To Make Other Payments. ........................................................................... 68
Failure to Perform Covenant or Liability (No Grace Period). ................................. 68
Failure to Perform Covenant or Liability (Limited Grace Period). ......................... 69
Intercreditor Agreement. .......................................................................................... 69
Failure to Perform Covenant or Liability (Grace Period). ....................................... 69
Misrepresentation. .................................................................................................... 69
iii

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10-8.
10-9.
10-10.
10-11.
10-12.
10-13.
10-14.
10-15.
10-16.
10-17.
10-18.
10-19.
10-20.
10-21.

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Prepetition Term Loan Agreement Pg 6 of 236

Exhibit C -

Default of Other Debt. ............................................................................................. 70


Default of Leases. .................................................................................................... 70
Uninsured Casualty Loss. ........................................................................................ 70
Judgment. ................................................................................................................. 70
Business Failure. ...................................................................................................... 70
Bankruptcy. .............................................................................................................. 70
Indictment - Forfeiture. ............................................................................................ 71
Default by Guarantor or Subsidiary. ........................................................................ 71
Termination of Guaranty.......................................................................................... 71
Challenge to Loan Documents. ................................................................................ 71
ERISA. ..................................................................................................................... 71
Material Contracts. ................................................................................................... 72
Change in Control. ................................................................................................... 72
Sourcing Agreement. ............................................................................................... 72

Article 11 - Rights and Remedies Upon Default: ......................................................................... 72


11-1.
11-2.
11-3.
11-4.
11-5.
11-6.
11-7.

Rights of Enforcement. ............................................................................................ 72


Sale of Collateral...................................................................................................... 73
Occupation of Business Location. ........................................................................... 74
Grant of Nonexclusive License. ............................................................................... 74
Assembly of Collateral. ........................................................................................... 74
Rights and Remedies................................................................................................ 74
Warehouse Bailment Agreement. ............................................................................ 75

Article 12 - Notices: ...................................................................................................................... 75


12-1.
12-2.

Notice Addresses. .................................................................................................... 75


Notice Given. ........................................................................................................... 76

Article 13 - Survival; Release of Collateral: ................................................................................. 77


Article 14 - General: ..................................................................................................................... 78
14-1.
14-2.
14-3.
14-4.
14-5.
14-6.
14-7.
14-8.
14-9.
14-10.
14-11.
14-12.
14-13.

Protection of Collateral. ........................................................................................... 78


Successors and Assigns............................................................................................ 78
Severability. ............................................................................................................. 78
Amendments. ........................................................................................................... 78
Power of Attorney. ................................................................................................... 79
Application of Proceeds. .......................................................................................... 79
Costs and Expenses of Agent and Lenders. ............................................................. 79
Copies and Facsimiles.............................................................................................. 80
New York Law. ........................................................................................................ 80
Consent to Jurisdiction. ............................................................................................ 80
Indemnification. ....................................................................................................... 81
Rules of Construction. ............................................................................................. 82
Intent. ....................................................................................................................... 83
iv

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14-14.
14-15.
14-16.
14-17.
14-18.
14-19.
14-20.
14-21.
14-22.
14-23.
14-24.

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Prepetition Term Loan Agreement Pg 7 of 236

Exhibit C -

Right of Set-Off. ...................................................................................................... 84


Maximum Interest Rate............................................................................................ 84
Waivers. ................................................................................................................... 84
Confidentiality. ........................................................................................................ 85
Press Releases. ......................................................................................................... 86
No Advisory or Fiduciary Responsibility. ............................................................... 86
Intentionally Omitted. .............................................................................................. 86
USA PATRIOT Act Notice. .................................................................................... 87
Foreign Asset Control Regulations. ......................................................................... 87
Obligations of Lenders Several. ............................................................................... 87
Intercreditor Agreement. .......................................................................................... 87

EXHIBITS
1
2-8A
2-8B
2-23A
2-23B
2-24
2-25
4-2
4-3
4-4
4-5
4-6
4-7
4-8
4-10
4-13
4-17
4-22
4-23
4-28
4-31
6-3

:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:

Certificate of Designation of Series B Convertible Preferred Stock


Tranche A Term Loan Note
Tranche B Term Loan Note
Form of U.S. Tax Compliance Certificate (Non-Partnership Foreign Lenders)
Form of U.S. Tax Compliance Certificate (Foreign Lender Partnerships)
Discounted Voluntary Prepayments
Allocation of Issue Price
Related Entities
Trade Names
Intellectual Property
Locations, Leases, and Landlords
Encumbrances
Indebtedness
Insurance Policies
Capital Leases
Taxes
Litigation
Permitted Management Fees and Other Affiliated Transactions
Excluded Assets
Labor Matters
Material Contracts
Bonds and Deposits

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Prepetition Term Loan Agreement Pg 8 of 236

Exhibit C -

LOAN AND SECURITY AGREEMENT


May 23, 2014
THIS LOAN AND SECURITY AGREEMENT (this Agreement) is made between
Aero Investors LLC, a Delaware limited liability company (in such capacity, the Agent), with
offices c/o Sycamore Partners at 9 West 57th Street, 31st Floor, New York, New York 10019, as
agent for the ratable benefit of the Lenders who are, at present, those financial institutions
identified on the signature pages of this Agreement or who otherwise become Lenders
pursuant to the terms of this Agreement from time to time, the Lenders party hereto, and
Aeropostale, Inc. (hereinafter, the Borrower), a Delaware corporation with its principal
executive offices at 112 West 34th Street, New York, New York 10120.
The parties hereto agree as follows:
Article 1 - Definitions:
As herein used, the following terms have the following meanings or are defined in the section of
this Agreement so indicated:
ABL Agent: Bank of America, N.A.
ABL Credit Agreement: That certain Third Amended and Restated Loan and Security
Agreement, dated as of September 22, 2011, among ABL Agent, the Borrower, the Guarantors
and the financial institutions party thereto as lenders (as amended by that certain Joinder and
First Amendment thereto dated as of February 21, 2014 and that certain Second Amendment
thereto dated as of the Effective Date), as the same may be further modified, restated or
otherwise amended from time to time in accordance with the terms of the Intercreditor
Agreement.
ABL Facility shall mean the asset-based revolving credit facility under the ABL Credit
Agreement.
ABL Loan Documents: Has the meaning given to the term Loan Documents in the ABL
Credit Agreement, as the same may be modified, restated or otherwise amended from time to
time in accordance with the terms of the Intercreditor Agreement.
ABL Priority Collateral: Has the meaning set forth in the Intercreditor Agreement as in
effect as of the date hereof.
Acceptable Discount: Has the meaning set forth in subsection (c) of EXHIBIT 2-24.
Acceptance Date: Has the meaning set forth in subsection (b) of EXHIBIT 2-24.
Accounts and Accounts Receivable: include, without limitation, accounts as defined in
the UCC, and also all: accounts, accounts receivable, credit card receivables, notes, drafts,
acceptances, and other forms of obligations and receivables and rights to payment for credit
extended and for goods sold or leased, or services rendered, whether or not yet earned by

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Exhibit C -

performance; all contract rights as formerly defined in the UCC; all Inventory which gave rise
thereto, and all rights associated with such Inventory, including the right of stoppage in transit;
and all reclaimed, returned, rejected or repossessed Inventory (if any) the sale of which gave rise
to any Account.
Account Debtor: Has the meaning given that term in the UCC and includes all credit card
processors of the Loan Parties.
Aeropostale Canada: Aeropostale Canada, Inc., an Ontario Canada corporation with a
United States address of 112 West 34th Street., New York, New York 10120, a wholly owned
Subsidiary of the Borrower.
Affiliate: With respect to any two Persons, a relationship in which (a) one holds, directly or
indirectly, not less than twenty-five percent (25%) of the capital stock, beneficial interests,
partnership interests, or other equity interests of the other; or (b) one has, directly or indirectly,
the right, under ordinary circumstances, to vote for the election of a majority of the directors (or
other body or Person who has those powers customarily vested in a board of directors of a
corporation); or (c) not less than twenty-five percent (25%) of their respective ownership is
directly or indirectly held by the same third Person.
AGC: Aero GC Management LLC, a Virginia Limited Liability Company with an address of
112 West 34th Street., New York, New York 10120, a wholly owned Subsidiary of the
Borrower.
Agency Agreement: That certain Agency Agreement entered into among the Agent and
Lenders dated as of the Effective Date, regarding the loan arrangement contemplated by this
Agreement and the Loan Documents, as amended and in effect from time to time.
Agent: Defined in the Preamble.
Agents Rights and Remedies: Is defined in Section 11-6.
Annual True Up Period: Is defined in the Sourcing Agreement.
Applicable Discount: Has the meaning set forth in subsection (c) of EXHIBIT 2-24.
Applicable Percentage: Applicable Percentage (Tranche A) and/or Applicable Percentage
(Tranche B), as the context may require.
Applicable Percentage (Tranche A): (a) On or prior to the Effective Date, as provided in the
definition of Commitment, below and (b) after the Effective Date, at any time, a Lenders
Applicable Percentage (Tranche A) shall be the percentage of the then outstanding Tranche A
Term Loans of all Lenders represented by the principal amount of such Lenders Tranche A
Term Loans outstanding at such time.
Applicable Percentage (Tranche B): (a) On or prior to the Effective Date, as provided in the
definition of Commitment, below and (b) after the Effective Date, at any time, a Lenders
Applicable Percentage (Tranche B) shall be the percentage of the then outstanding Tranche B
2
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Prepetition Term Loan Agreement Pg 10 of 236

Exhibit C -

Term Loans of all Lenders represented by the principal amount of such Lenders Tranche B
Term Loans outstanding at such time.
Approved Fund: Any Person (other than a natural person) that is (or will be) engaged in
making, purchasing, holding or otherwise investing in commercial loans and similar extensions
of credit in the ordinary course of its business that is administered or managed by (a) a Lender,
(b) an Affiliate of a Lender, or (c) an entity or an Affiliate of an entity that administers or
manages a Lender.
Availability (Revolving Credit): As defined in the ABL Credit Agreement as in effect as of
the date hereof.
AWI: Aeropostale West, Inc., a Delaware corporation with an address of 125 Chubb Avenue,
Lyndhurst, New Jersey 07071, a wholly owned Subsidiary of the Borrower.
Bankruptcy Code: Title 11, U.S.C., as amended from time to time.
Borrower: Is defined in the Preamble.
Borrowing Base (FILO): As defined in the ABL Credit Agreement as in effect as of the date
hereof.
Borrowing Base (Revolving Credit): As defined in the ABL Credit Agreement as in effect
as of the date hereof.
Borrowing Base Certificate: As defined in the ABL Credit Agreement as in effect as of the
date hereof.
Business Day: Any day other than (a) a Saturday or Sunday; or (b) any day on which banks in
Boston, Massachusetts or New York, New York, generally are not open to the general public for
the purpose of conducting commercial banking business.
Business Plan: The Borrowers then current business plan and any revision, amendment, or
update of such business plan to which the Agent has provided its written sign-off.
Capital Expenditures: The expenditure of funds or the incurrence of liabilities which are
capitalized in accordance with GAAP, provided that for purposes of this Agreement, capital
expenditures funded by the proceeds from the incurrence of Indebtedness permitted hereunder,
by the proceeds received from the sale of assets permitted pursuant to Section 4-12(d) hereof, by
casualty insurance proceeds or condemnation proceeds shall, to the extent of such proceeds, not
be deemed Capital Expenditures.
Capital Lease: Any lease of (or other arrangement conveying the right to use) real or personal
property, or a combination thereof, which obligations are required to be classified and accounted
for as liabilities on a balance sheet of such Person under GAAP and the amount of which
obligations shall be the capitalized amount thereof determined in accordance with GAAP.

3
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Prepetition Term Loan Agreement Pg 11 of 236

Exhibit C -

Capital Lease Obligations: With respect to any Person for any period, any obligations
associated with Capital Leases.
Cash Dominion Event: As defined in the ABL Credit Agreement as in effect as of the date
hereof.
Cash Equivalents shall mean, as to any Person, (i) securities issued or directly and fully
guaranteed or insured by the United States or any agency or instrumentality thereof (provided
that the full faith and credit of the United States is pledged in support thereof) having maturities
of not more than twelve (12) months from the date of acquisition by such Person, (ii) time
deposits and certificates of deposit of any commercial bank incorporated in the United States of
recognized standing having capital and surplus in excess of $100,000,000.00 with maturities of
not more than twelve (12) months from the date of acquisition by such Person, (iii) repurchase
obligations with a term of not more than seven (7) days for underlying securities of the types
described in clause (i) above, provided that there shall be no restriction on the maturities of
such underlying securities pursuant to this clause (iii) entered into with a bank meeting the
qualifications specified in clause (ii) above, (iv) commercial paper issued by the parent
corporation of any commercial bank (provided that the parent corporation and the bank are both
incorporated in the United States) of recognized standing having capital and surplus in excess of
$500,000,000.00 and commercial paper issued by any Person incorporated in the United States
rated at least A1 or the equivalent thereof by Standard & Poors Ratings Group or at least P1
or the equivalent thereof by Moodys Investors Service, Inc. and in each case maturing not more
than twelve (12) months after the date of acquisition by such Person, and (v) investments in
money market funds substantially all of whose assets are comprised of securities of the types
described in clauses (i) through (v) above.
Certificate of Designation: That certain Certificate of Designation of Preferences of Series B
Convertible Preferred Stock of Aeropostale, Inc., dated as of the Effective Date, as amended or
modified from time to time in accordance with its terms and the terms hereof, in the form of
EXHIBIT 1 attached hereto.
Change in Control: The occurrence of any of the following:
(a)
The acquisition, by any group of persons (within the meaning of the
Securities Exchange Act of 1934, as amended) or by any Person, of beneficial ownership (within
the meaning of Rule 13d-3 of the Securities and Exchange Commission) of 30% or more of the
issued and outstanding capital stock of the Borrower (on a fully diluted basis) having the right,
under ordinary circumstances, to vote for the election of directors of the Borrower.
(b)
The Continuing Directors cease to constitute a majority of the members of
the board of directors of the Borrower.
(c)
If the Borrower fails at any time to own, directly or indirectly, 100% of the
equity interests of any Subsidiary free and clear of all Encumbrances (other than the
Encumbrances in favor of the Agent and the ABL Agent), except where such failure is as a result
of a transaction permitted by the Loan Documents or the ABL Loan Documents.

4
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Prepetition Term Loan Agreement Pg 12 of 236

Exhibit C -

Chattel Paper: Has the meaning given that term in the UCC.
Code: Except as provided in the definition of FATCA, the Internal Revenue Code of 1986,
as amended from time to time.
Collateral: Is defined in Section 8-1.
Commercial Tort Claim: Has the meaning given that term in the UCC.
Commitment: As of the Effective Date, as follows:
LENDER

DOLLAR
COMMITMENT
(TRANCHE A)

APPLICABLE
PERCENTAGE
(TRANCHE A)

DOLLAR
COMMITMENT
(TRANCHE B)

APPLICABLE
PERCENTAGE
(TRANCHE B)

Aero Investors LLC

$100,000,000.00

100.00%

$0.00

0.00%

TSAM Holdings, Limited

$0.00

0.00%

$50,000,000.00

100.00%

Total

$100,000,000.00

100.00%

$50,000,000.00

100.00%

Commitments (Revolving Credit): Has the meaning ascribed to the defined term
Commitment in the ABL Credit Agreement as in effect as of the date hereof.
Commodity Exchange Act: The Commodity Exchange Act (7 U.S.C. 1 et seq.).
Consolidated: With reference to any term defined herein, shall mean that term as applied to
the accounts of the Borrower and its Subsidiaries, consolidated in accordance with GAAP.
Consolidated EBITDA: As defined in the ABL Credit Agreement as in effect as of the date
hereof.
Consolidated Fixed Charge Coverage Ratio: As defined in the ABL Credit Agreement as in
effect on the date hereof.
Continuing Directors: The directors of the Borrower as of Effective Date and each other
director if such directors election or nomination for the election to the board of directors of the
Borrower is approved by a majority of the then Continuing Directors.
Copyrights: Collectively, with respect to each Loan Party, all copyrights (whether statutory
or common law, whether established or registered in the United States or any other country or
any political subdivision thereof whether registered or unregistered and whether published or
unpublished) and all copyright registrations and applications made by such Loan Party, in each
case, whether now owned or hereafter created or acquired by or assigned to such Loan Party,
including, without limitation, the registrations and applications listed in EXHIBIT 4-4 annexed
hereto, together with any and all (i) rights and privileges arising under applicable Requirements
of Law with respect to such Loan Partys use of such copyrights, (ii) reissues, renewals,
continuations and extensions thereof, (iii) income, fees, royalties, damages, claims and payments
5
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Prepetition Term Loan Agreement Pg 13 of 236

Exhibit C -

now or hereafter due and/or payable with respect thereto, including, without limitation, damages
and payments for past, present or future infringements thereof, (iv) rights corresponding thereto
throughout the world and (v) rights to sue for past, present or future infringements thereof.
Costs of Collection: Includes, without limitation all reasonable out-of-pocket expenses
incurred by the Agent, Lenders and each of their respective Affiliates, in connection with this
Agreement and the other Loan Documents, including without limitation (i) the reasonable and
documented out-of-pocket fees, charges and disbursements of (A) one counsel to the Agent and
the Lenders taken as a whole, and, if necessary, one local counsel in each relevant jurisdiction
and special counsel for each relevant specialty and, in the event of any actual or potential conflict
of interest where such Agent or Lender affected by such conflict informs the Borrower of such
conflict, one additional counsel in each relevant jurisdiction for each Lender or group of Lenders
or Agent subject to such conflict, (B) appraisers, (C) commercial finance examiners, and (D) all
such out-of-pocket expenses incurred during any workout, restructuring or negotiations in
respect of the Liabilities, (ii) in connection with (A) the preparation, negotiation, administration,
management, execution and delivery of this Agreement and the other Loan Documents or any
amendments, modifications or waivers of the provisions thereof (whether or not the transactions
contemplated hereby or thereby shall be consummated), (B) the enforcement or protection of
their rights in connection with this Agreement or the Loan Documents or efforts to preserve,
protect, collect, or enforce the Collateral or in connection with any proceeding under the
Bankruptcy Code, including, without limitation, in each case under this clause (B), outside
consultants for the Agent and Lenders, or (C) any workout, restructuring or negotiations in
respect of any Liabilities.
Credit Party or Credit Parties: Means (a) individually, (i) each Lender and its Affiliates,
(ii) the Agent, (iii) each beneficiary of each indemnification obligation undertaken by any Loan
Party under any Loan Document, (iv) any other Person to whom Liabilities under this Agreement
and other Loan Documents are owing, and (v) the successors and assigns of each of the
foregoing, and (b) collectively, all of the foregoing.
DDA: Any checking or other demand daily depository account maintained by a Loan Party.
Default means any event or condition that constitutes an Event of Default or that, with the
giving of any notice, the passage of time, or both, would be an Event of Default.
Default Interest Event: The occurrence of any of the following:
(a)
The acceleration of the time for payment of the Liabilities upon the
occurrence of an Event of Default.
(b)
The occurrence of any Event of Default under Sections 10-1, 10-2, 10-5,
10-12, or 10-13 hereof.
(c)
The failure of the Borrower to comply with the provisions of Section 4-29,
or Sections 5-6, 5-7 or 5-8 (which failures continue for fifteen (15) Business Days) or 8-4.
Defaulting Lender: Has the meaning given that term in the Agency Agreement.

6
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Prepetition Term Loan Agreement Pg 14 of 236

Exhibit C -

Deposit Account: Has the meaning given that term in the UCC.
Designated Interest: The aggregate sum of $10,000,000.00, representing the portion of the
interest of Tranche A Term Loan that would otherwise have accrued and become payable with
respect to the Tranche A Term Loan during the first year of this Agreement but which will
instead be prepaid on the Effective Date.
Deteriorating Lender: Has the meaning given that term in the Agency Agreement.
Discount Range: Has the meaning set forth in subsection (b) of EXHIBIT 2-24.
Discounted Prepayment Option Notice: Has the meaning set forth in subsection (b) of
EXHIBIT 2-24.
Discounted Voluntary Prepayment:
EXHIBIT 2-24.

Has the meaning set forth in subsection (a) of

Discounted Voluntary Prepayment Notice: Has the meaning set forth in subsection (e) of
EXHIBIT 2-24.
Documents: Has the meaning given that term in the UCC.
Dollar Commitment: Dollar Commitment (Tranche A) and/or Dollar Commitment (Tranche
B), as the context may require.
Dollar Commitment (Tranche A): As provided in the Definition of Commitment, above.
Dollar Commitment (Tranche B): As provided in the Definition of Commitment, above.
Effective Date: The date upon which the conditions precedent set forth in Article 3 hereof
have been satisfied or waived and this Agreement has become effective.
Eligible Trade Names: As defined in the ABL Credit Agreement as in effect as of the date
hereof.
Employee Benefit Plan: As defined in Section 3(2) of ERISA.
Encumbrance: Each of the following:
(a)
Any security interest, mortgage, pledge, hypothecation, lien, attachment,
or charge of any kind (including any agreement to give any of the foregoing); the interest of a
lessor under a Capital Lease; conditional sale or other title retention agreement; sale (to the
extent of recourse) of accounts receivable or chattel paper; or other arrangement pursuant to
which any Person is entitled to any preference or priority with respect to the property or assets of
another Person or the income or profits of such other Person or which constitutes an interest in
property to secure an obligation; each of the foregoing whether consensual or nonconsensual
and whether arising by way of agreement, operation of law, legal process or otherwise.

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(b)
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The filing of any financing statement under the UCC or comparable law of

End Date: The date upon which all Liabilities (other than indemnities, not then due and
payable, which survive repayment of the Term Loans) have been paid in full.
Environmental Laws: All of the following:
(a)
Any and all federal, state, local or municipal laws, rules, orders,
regulations, statutes, ordinances, codes, decrees or requirements which regulate or relate to, or
impose any standard of conduct or liability on account of or in respect to environmental
protection matters, including, without limitation, Hazardous Materials, as are now or hereafter in
effect.
(b)
The common law relating to damage to Persons or property from
Hazardous Materials.
Equipment: Includes, without limitation, equipment as defined in the UCC, and also all
motor vehicles, rolling stock, machinery, office equipment, plant equipment, tools, dies, molds,
store fixtures, furniture, and other goods, property, and assets which are used and/or were
purchased for use in the operation or furtherance of the Borrowers business, and any and all
accessions or additions thereto, and substitutions therefor.
ERISA: The Employee Retirement Income Security Act of 1974, as amended.
ERISA Affiliate: Any Person which is under common control with the Borrower within the
meaning of Section 4001 of ERISA or is part of a group which includes the Borrower and which
would be treated as a single employer under Section 414 of the Internal Revenue Code of 1986,
as amended.
Events of Default: Is defined in Article 10.
Excluded Assets: (a) all leasehold real property including Leases, (b) all parcels of Real
Estate with a fair market value of less than $2,000,000.00, (c) interests in partnerships, joint
ventures and non-wholly-owned subsidiaries which cannot be pledged without the consent of one
or more third parties, but only to the extent no such consent has been obtained, (d) the capital
stock of Immaterial Subsidiaries, captive insurance subsidiaries, not-for-profit subsidiaries,
special purpose entities used for permitted securitization facilities, (e) margin stock, (f) security
interests in the stock of any Foreign Subsidiary of the Borrower and the assets of any Foreign
Subsidiary of the Borrower, in each case to the extent the same would result in adverse tax
consequences as reasonably determined by the Borrower; provided that no more than 35% of the
voting stock of any Foreign Subsidiary or any Foreign Subsidiary Holding Company owned
directly by a Loan Party or any Foreign Subsidiary Holding Company shall be an Excluded
Asset and none of the non-voting stock of any Foreign Subsidiary or Foreign Subsidiary Holding
Company owned directly by a Loan Party or Foreign Subsidiary Holding Company shall be an
Excluded Asset, (g) any property and assets the pledge of which would require governmental
consent, approval, license or authorization, but only to the extent that such consent, approval,
license or authorization has not been obtained, (h) any intent-to-use trademark applications
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Exhibit C -

prior to the filing of a Statement of Use or Amendment to Allege Use with respect thereto, to
the extent, if any, that, and solely during the period, if any, in which, the grant of a security
interest therein would impair the validity or enforceability of such intent-to-use trademark
application under applicable federal law, and (i) leases or licenses and rights thereunder to the
extent of enforceable anti-assignment provisions contained therein which have not been waived
(in each case after giving effect to the applicable anti-assignment provisions of the UCC or any
other applicable law); provided, that, (i) Excluded Assets shall not include, any proceeds of any
of the foregoing (unless such proceeds would otherwise constitute Excluded Assets), and
(ii) any item of the foregoing that at any time ceases to satisfy the criteria for Excluded Assets
(whether as a result of the applicable Loan Party obtaining any necessary consent, any change in
any rule of law, statute or regulation, or otherwise), shall no longer be an Excluded Asset;
provided, further, that no asset shall constitute an Excluded Asset if the same constitutes
collateral under the ABL Loan Documents.
Excluded Taxes: With respect to the Agent, any Lender or any other recipient of any
payment to be made by or on account of any obligation of the Loan Parties hereunder, (a) taxes
imposed on or measured by its overall net income (however denominated), franchise taxes
imposed on it (in lieu of net income taxes) and branch profits taxes, in each case, by the
jurisdiction (or any political subdivision thereof) under the laws of which such recipient is
organized or in which its principal office is located or, in the case of any Lender, in which its
applicable lending office is located, (b) in the case of a Lender, U.S. federal withholding tax that
is imposed on amounts payable to such Lender at the time such Lender becomes a party hereto or
(ii) such Lender changes its lending office, except in each case to the extent that, pursuant to
Section 2-23, amounts with respect to such Taxes were payable either to such Lender's assignor
immediately before such Lender became a party hereto or to such Lender immediately before it
changed its lending office, (c) Taxes attributable to such Lenders failure to comply with Section
2-23(d) and (d) any U.S. federal withholding tax imposed under FATCA.
Executive Order: Is defined in Section 14-22.
FATCA: Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any
amended or successor version that is substantively comparable and not materially more onerous
to comply with), any current or future regulations or official interpretations thereof, any
agreements entered into pursuant to Section 1471(b)(1) of the Code and any intergovernmental
agreements with respect thereto.
Fee Letter: means that certain letter, dated as of the Effective Date, by the Agent and
acknowledged by the Borrower with respect to certain fees payable to the Lenders in connection
with the Agreement.
Fidelity Accounts: means, collectively, (i) account number 00702982489 in the name of AWI
and maintained at Fidelity Investments Institutional Operations Company, Inc., and (ii) account
number 00702978677 in the name of the Borrower and maintained at Fidelity Investments
Institutional Operations Company, Inc., in each case together with any successor account
therefor. Fidelity Account shall mean any one of the foregoing.
Fixtures: Has the meaning given that term in the UCC.
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Exhibit C -

Foreign Assets Control Regulations: Has the meaning set forth in Section 14-22.
Foreign Lender: Any Lender that is not a United States person within the meaning of
Section 7701(a)(30).
Foreign Subsidiary: Any Subsidiary that is a controlled foreign corporation within the
meaning of Section 957 of the Code.
Foreign Subsidiary Holding Company: Any Subsidiary that (w) has no material assets other
than capital stock of one or more Foreign Subsidiaries and (x) has no material liabilities.
GAAP: Principles which are consistent with those promulgated or adopted by the Financial
Accounting Standards Board and its predecessors (or successors) in effect and applicable to that
accounting period in respect of which reference to GAAP is being made, provided, however, in
the event of a Material Accounting Change, then unless otherwise specifically agreed to by the
Agent, the Borrower shall include, with its monthly, quarterly, and annual financial statements a
schedule, certified by the Borrowers chief financial officer, on which the effect of such Material
Accounting Change to the statement with which provided shall be described. Notwithstanding
the foregoing, any obligations of a Person under a lease (whether existing now or entered into in
the future) that is not (or would not be) a Capital Lease Obligation under GAAP as in effect on
the Effective Date, shall not be treated as a Capital Lease Obligation solely as a result of the
adoption of changes in GAAP outlined by the Financial Accounting Standards Board in its press
release dated March 19, 2009.
General Intangibles: Includes, without limitation, general intangibles as defined in the
UCC; and also all: rights to payment for credit extended; deposits; amounts due to a Loan Party;
credit memoranda in favor of a Loan Party; warranty claims; tax refunds and abatements;
insurance refunds and premium rebates; all means and vehicles of investment or hedging,
including, without limitation, options, warrants, and futures contracts; records; customer lists;
telephone numbers; goodwill; causes of action; judgments; payments under any settlement or
other agreement; literary rights; rights to performance; royalties; license and/or franchise fees;
rights of admission; licenses; franchises; license agreements, including all rights of a Loan Party
to enforce same; permits, certificates of convenience and necessity, and similar rights granted by
any governmental authority; patents, patent applications, patents pending, and other intellectual
property; internet addresses and domain names; developmental ideas and concepts; proprietary
processes; blueprints, drawings, designs, diagrams, plans, reports, and charts; catalogs; manuals;
technical data; computer software programs (including the source and object codes therefor),
computer records, computer software, rights of access to computer record service bureaus,
service bureau computer contracts, and computer data; tapes, disks, semiconductors chips and
printouts; trade secrets rights, copyrights, mask work rights and interests, and derivative works
and interests; user, technical reference, and other manuals and materials; trade names,
trademarks, service marks, and all goodwill relating thereto; applications for registration of the
foregoing; and all other general intangible property of the Loan Parties in the nature of
intellectual property; proposals; cost estimates, and reproductions on paper, or otherwise, of any
and all concepts or ideas, and any matter related to, or connected with, the design, development,
manufacture, sale, marketing, leasing, or use of any or all property produced, sold or leased, by a
Loan Party or credit extended or services performed, by a Loan Party, whether intended for an
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Exhibit C -

individual customer or the general business of a Loan Party, or used or useful in connection with
research by a Loan Party.
Goods: Has the meaning given that term in the UCC.
Goodwill: Collectively, with respect to each Loan Party, the goodwill connected with such
Loan Partys business including, without limitation, (i) all goodwill connected with the use of
and symbolized by any other Intellectual Property in which such Loan Party has any interest, (ii)
all know-how, trade secrets, customer and supplier lists, proprietary information, inventions,
methods, procedures, formulae, descriptions, compositions, technical data, drawings,
specifications, name plates, catalogs, confidential information and the right to limit the use or
disclosure thereof by any Person, pricing and cost information, business and marketing plans and
proposals, consulting agreements, engineering contracts and such other assets which relate to
such goodwill and (iii) all product lines of such Loan Partys business.
Guarantor and Guarantors: means individually and collectively AWI, JimmyZ, AGC,
Aeropostale Procurement Company, Inc., Aeropostale Licensing, Inc., P.S. from Aeropostale,
Inc., GoJane LLC, and any other Subsidiary (except any Foreign Subsidiary or Foreign
Subsidiary Holding Company) of the Borrower which executes and delivers a Guarantor
Agreement pursuant to the terms of this Agreement from time to time. Notwithstanding the
foregoing or any provision of any Loan Document to the contrary, each Subsidiary of the
Borrower that is a Guarantor under the ABL Credit Agreement shall be a Guarantor hereunder.
Guarantor Agreement: Each instrument and document executed by a Guarantor of the
Liabilities to evidence or secure the Guarantors guaranty thereof.
Hazardous Materials: Any (a) hazardous materials, hazardous waste, hazardous or toxic
substances, petroleum products, which (as to any of the foregoing) are defined or regulated as a
hazardous material in or under any Environmental Law and (b) oil in any physical state.
Immaterial Subsidiary: At any time, any Subsidiary of the Borrower designated as such by
the Borrower to Agent with not less than three (3) days advance written notice, (i) which
Subsidiary, as of the most recent period of four consecutive fiscal quarters then ended, for which
financial statements have been delivered pursuant to Section 5-7, did not contribute greater than
five percent (5%) of Consolidated EBITDA for such period or (ii) which Subsidiary, as of the
end of the most recently completed fiscal quarter for which financial statements have been
delivered pursuant to Section 5-7, did not contribute greater than five percent (5%) of Total
Assets as of such date; provided that, if at any time the aggregate amount of Consolidated
EBITDA or Total Assets of all Immaterial Subsidiaries exceeds five percent (5%) of
Consolidated EBITDA for any such period or five percent (5%) of Total Assets as of the end of
any such fiscal quarter, the Borrower (or, in the event the Borrower has failed to do so within ten
(10) days of delivery of such financial statements, the Agent) shall designate sufficient
Immaterial Subsidiaries as no longer being Immaterial Subsidiaries to eliminate such excess.
Indebtedness: All indebtedness and obligations of or assumed by any Person on account of or
in respect to any of the following:

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(a)
In respect of money borrowed (including any indebtedness which is non
recourse to the credit of such Person but which is secured by an Encumbrance on any asset of
such Person) whether or not evidenced by a promissory note, bond, debenture or other written
obligation to pay money.
(b)
In connection with any letter of credit or acceptance transaction
(including, without limitation, the face amount of all letters of credit and acceptances issued for
the account of such Person or reimbursement on account of which such Person would be
obligated).
(c)
In connection with the sale or discount of accounts receivable or chattel
paper of such Person other than the sale of retail Accounts to credit card processors.
(d)

On account of deposits or advances.

(e)

As lessee under Capital Leases.

(f)

On account of net obligations under any swap or hedging contract.

(g)
With respect to obligations to purchase, redeem, retire, defease or
otherwise make any payment in respect of any equity interest in such Person or any other Person,
or any warrant, right or option to acquire such equity interest, valued, in the case of a redeemable
preferred interest, at the greater of its voluntary or involuntary liquidation preference plus
accrued and unpaid dividends.
Indebtedness: also includes:
(x)
Indebtedness of others secured by an Encumbrance on any asset of such Person,
whether or not such Indebtedness is assumed by such Person.
(y)
Any guaranty, endorsement, suretyship or other undertaking pursuant to which
that Person may be liable on account of any Indebtedness of any third party, other than
endorsements of negotiable instruments for collection in the ordinary course of business.
(z)
The Indebtedness of a partnership or joint venture in which such Person is a
general partner or joint venturer to the extent that the holder of such Indebtedness has
recourse to such Person.
Indemnified Claim: Is defined in Section 14-11.
Indemnified Person: Is defined in Section 14-11.
Indemnified Taxes: means (a) Taxes, other than Excluded Taxes, imposed on or with respect
to any payment made by or on account of any obligation of any Loan Party under any Loan
Document and (b) to the extent not otherwise described in clause (a), Other Taxes.
Information: Is defined in Section 14-17.

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Exhibit C -

Instruments: Has the meaning given that term in the UCC.


Intellectual Property: Collectively, with respect to each Loan Party, all intellectual property
rights in, to and under all Copyrights, Patents, Trademarks, Licenses and Goodwill.
Intercreditor Agreement: That certain Intercreditor Agreement, dated as of the Effective
Date, among the Agent, the ABL Agent, the Borrower and the Guarantors, as the same may be
modified or amended from time to time in accordance with the terms thereof.
Interest Payment Date: With respect to the Tranche A Term Loans only, the last day of each
calendar quarter (or if such day is not a Business Day, the immediately preceding Business Day).
Inventory: Includes, without limitation, inventory as defined in the UCC and also all:
packaging, advertising, and shipping materials related to any of the foregoing, and all names or
marks affixed or to be affixed thereto for identifying or selling the same; Goods held for sale or
lease or furnished or to be furnished under a contract or contracts of sale or service by the
Borrower, or used or consumed or to be used or consumed in the Borrowers business; Goods of
said description in transit: returned, repossessed and rejected Goods of said description; and all
documents (whether or not negotiable) which represent any of the foregoing.
Investment: Any direct or indirect acquisition or investment by such Loan Party, whether by
means of (a) the purchase or other acquisition of equity interests of another Person, (b) a loan,
advance or capital contribution to, guarantee or assumption of debt of, or purchase or other
acquisition of any other debt or interest in, another Person, or (c) any acquisition of the assets or
equity interests of any Person.
Investment Property: Has the meaning given that term in the UCC.
Investor Rights Agreement: That certain Investor Rights Agreement, dated as of the
Effective Date, by and between the Agent, as Investor, and the Borrower, as Company, as
amended or modified from time to time in accordance with its terms and the terms hereof.
JimmyZ: JimmyZ Surf Co., LLC, a Delaware limited liability company with an address of
112 West 34th Street, New York, New York 10120, a wholly owned Subsidiary of the Borrower.
Lease: Any lease or other agreement, no matter how styled or structured, pursuant to which
the Borrower is entitled to the use or occupancy of any space.
Lender Participation Notice: Has the meaning set forth in subsection (c) of EXHIBIT 2-24.
Lenders: At any time, a Tranche A Term Lender or Tranche B Term Lender.
Letter of Credit Rights: Has the meaning given that term in the UCC and also shall refer to
any right to payment or performance under a letter of credit, whether or not the beneficiary has
demanded or at the time is entitled to demand payment or performance.
Liabilities (in the singular, Liability): Includes, without limitation, all and each of the
following, whether now existing or hereafter arising:
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(a)
Any and all direct and indirect liabilities, debts, and obligations of the
Borrower to the Agent or any Lender, each of every kind, nature, and description under the Loan
Documents.
(b)
Each obligation to repay any loan, advance, indebtedness, note, obligation,
overdraft, or amount now or hereafter owing by the Borrower to the Agent or any Lender under
the Loan Documents (including all future advances whether or not made pursuant to a
commitment by the Agent or any Lender), whether or not any of such are liquidated,
unliquidated, primary, secondary, secured, unsecured, direct, indirect, absolute, contingent, or of
any other type, nature, or description, or by reason of any cause of action which the Agent or any
Lender may hold against the Borrower under the Loan Documents.
(c)
All notes and other obligations of the Borrower now or hereafter assigned
to or held by the Agent or any Lender with respect to the Loan Documents, each of every kind,
nature, and description.
(d)
All interest, fees, and charges and other amounts which may be charged by
the Agent or any Lender to the Borrower under the Loan Documents and/or which may be due
from the Borrower to the Agent or any Lender under the Loan Documents from time to time.
(e)
All costs and expenses incurred or paid by the Agent or any Lender in
respect of any of the Loan Documents (including, without limitation, Costs of Collection,
reasonable attorneys fees, and all court and litigation costs and expenses).
(f)
Any and all covenants of the Borrower to or with the Agent or any Lender
and any and all obligations of the Borrower to act or to refrain from acting in accordance with
under Loan Documents.
(g)
Each of the foregoing as if each reference to the Agent and Lender
therein were to each of the Affiliates of such Persons.
(h)
Any and all direct or indirect liabilities, debts, and obligations of the
Borrower to the Agent or any Lender or any Affiliate of the Agent or any Lender, each of every
kind, nature, and description owing on account of any service or accommodation provided to, or
for the account of the Borrower pursuant to this or any other Loan Document.
Licenses: Collectively, with respect to each Loan Party, all license and distribution
agreements with any other Person with respect to any Patent, Trademark or Copyright or any
other patent, trademark or copyright, whether such Loan Party is a licensor or licensee,
distributor or distributee under any such license or distribution agreement, together with any and
all (i) renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties,
damages, claims and payments now and hereafter due and/or payable thereunder and with
respect thereto including, without limitation, damages and payments for past, present or future
infringements or violations thereof, (iii) rights to sue for past, present and future infringements or
violations thereof and (iv) other rights to use, exploit or practice any or all of the Patents,
Trademarks or Copyrights or any other patent, trademark or copyright.

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Liquidity: The sum of (a) Availability (Revolving Credit), minus (b) the dollar amount of any
availability block or similar restriction pursuant to Section 5-12 of the ABL Credit Agreement as
of the date of this Agreement (or comparable sections in subsequent ABL Credit Agreements)
that is in excess of the lesser of 10% of the Borrowing Base (Revolving Credit) or the
Commitments (Revolving Credit), plus (c) all unrestricted U.S. domestic cash and Cash
Equivalents.
Loan Account: Is defined in Section 2-7.
Loan Documents: This Agreement, the Agency Agreement, the Intercreditor Agreement, the
Related Real Estate Documents, the Fee Letter, each instrument and document executed and/or
delivered as contemplated by Article 3, below, and each other instrument or document from time
to time executed and/or delivered in connection with the arrangements contemplated hereby.
Loan Party or Loan Parties:
Guarantor.

Individually and collectively the Borrower and each

Material Accounting Change: Any change in GAAP applicable to accounting periods


subsequent to the Borrowers fiscal year most recently completed prior to the execution of this
Agreement, which change has a material effect on the Borrowers financial condition or
operating results, as reflected on financial statements and reports prepared by or for the
Borrower, when compared with such condition or results as if such change had not taken place.
Material Adverse Effect: A material adverse effect upon (i) the Loan Parties business, assets,
properties, liabilities (actual or contingent), operations, financial affairs, or condition (financial
or otherwise) taken as a whole, or (ii) the Collateral, taken as a whole, or (iii) the ability of the
Loan Parties to perform their respective obligations under this Agreement and the other Loan
Documents, taken as a whole, or (iv) the validity, enforceability, perfection or priority of this
Agreement or the other Loan Documents or of the rights and remedies of the Agent under any
Loan Document, taken as a whole. In determining whether any individual event would result in
a Material Adverse Effect, notwithstanding that such event in and of itself does not have such
effect, a Material Adverse Effect shall be deemed to have occurred if the cumulative effect of
such event and all other then existing events would result in a Material Adverse Effect.
Material Contract: With respect to any Person, each contract (including, but not limited to,
the Sourcing Agreement) to which such Person is a party the termination of which contract could
reasonably be expected to have a Material Adverse Effect. For the avoidance of doubt, the
Sourcing Agreement and the Series B Documents shall constitute Material Contracts solely for
all purposes hereunder.
Material Indebtedness: Indebtedness (other than the Liabilities) of the Loan Parties in an
aggregate principal amount exceeding $10,000,000.00. For purposes of determining the amount
of Material Indebtedness at any time, (a) the amount of the obligations in respect of any swap
contract at such time shall be calculated after taking into account the effect of any legally
enforceable netting agreement relating to such swap contracts, (b) undrawn committed or
available amounts shall be included, and (c) all amounts owing to all creditors under any
combined or syndicated credit arrangement shall be included. Notwithstanding anything to the
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Exhibit C -

contrary, the Indebtedness owing in respect of the ABL Credit Agreement shall constitute
Material Indebtedness for all purposes hereunder.
Maximum Rate: Is defined in Section 14-15.
Measurement Period: As defined in the ABL Credit Agreement as in effect on the date
hereof.
MGF Sourcing: TSAM (Delaware) LLC, a Delaware limited liability company (d/b/a MGF
Sourcing US, LLC).
Mortgage: a mortgage, deed of trust or deed to secure debt in which a Loan Party grants a
lien on its Real Estate to Agent, as security for its obligations hereunder and under the other
Loan Documents.
Net Cash Proceeds means:
(a)
with respect to any sale or disposition by Borrower or any of its
Subsidiaries of assets, the amount of cash proceeds received from time to time (whether as initial
consideration or through the payment of deferred consideration but only as and when received)
by or on behalf of Borrower or such Subsidiary, in connection therewith after deducting
therefrom only (i) the principal amount, premium or penalty, if any, interest and other amounts
on any Indebtedness secured by any Lien permitted under this Agreement on any asset (other
than (A) Indebtedness owing to Agent or any Lender under the Agreement or the other Loan
Documents, and (B) Indebtedness assumed by the purchaser of such asset) which is required to
be, and is, repaid in connection with such sale or disposition, (ii) reasonable fees, commissions,
and expenses related thereto and required to be paid by such Borrower or such Subsidiary in
connection with such sale or disposition, (iii) taxes paid or payable to any taxing authorities by
Borrower or such Subsidiary in connection with such sale or disposition, in each case to the
extent, but only to the extent, that the amounts so deducted are, at the time of receipt of such
cash, actually paid or payable to a Person that is not an Affiliate of Borrower or any of its
Subsidiaries, and are properly attributable to such transaction, (iv) all amounts that are set aside
as a reserve (A) for adjustments in respect of the purchase price of such assets, (B) for any
liabilities associated with such sale or casualty, to the extent such reserve is required by GAAP,
and (C) for the payment of unassumed liabilities relating to the assets sold or otherwise disposed
of at the time of, or within 30 days after, the date of such sale or other disposition, to the extent
that in each case the funds described above in this clause (iv) are paid to Agent as a prepayment
of the Liabilities in accordance with this Agreement at such time when such amounts are no
longer required to be set aside as such a reserve and (v) in the case of a sale, transfer or other
disposition of any ABL Priority Collateral (including pursuant to a sale and leaseback transaction
or a casualty or a condemnation or similar proceeding), the amount of all payments or
prepayments required to be made as a result of such event to repay Indebtedness under the ABL
Loan Documents in accordance with the Intercreditor Agreement and the terms of the ABL
Credit Agreement; and
(b)
with respect to the incurrence of any Indebtedness by Borrower or any of
its Subsidiaries, the aggregate amount of cash received from time to time (whether as initial
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consideration or through the payment or disposition of deferred consideration) by or on behalf of


Borrower or such Subsidiary in connection with such incurrence, after deducting therefrom only
(i) reasonable fees, commissions, and expenses related thereto and required to be paid by
Borrower or such Subsidiary in connection with such incurrence, (ii) taxes paid or payable to any
taxing authorities by Borrower or such Subsidiary in connection with such incurrence, in each
case to the extent, but only to the extent, that the amounts so deducted are, at the time of receipt
of such cash, actually paid or payable to a Person that is not an Affiliate of Borrower or any of its
Subsidiaries, and are properly attributable to such transaction.
Note: Is defined in Section 2-8.
Offered Loans: Has the meaning set forth in subsection (c) of EXHIBIT 2-24.
Other Taxes: All present or future stamp, court or documentary, intangible, recording, filing
or similar Taxes or any other excise or property taxes, charges or similar levies arising from any
payment made hereunder or under any other Loan Document or from the execution, delivery,
performance, registration or enforcement of, from the receipt or perfection of a security interest
under, or otherwise with respect to, this Agreement or any other Loan Document, excluding,
however, any such amounts imposed as a result of an assignment by a Lender of its loan or
Commitment.
Participant: Is defined in Section 14-14, hereof.
Patents: Collectively, with respect to each Loan Party, all patents issued or assigned to and all
patent applications made by such Loan Party (whether established or registered or recorded in
the United States or any other country or any political subdivision thereof), including, without
limitation, those patents and patent applications listed in EXHIBIT 4-4 annexed hereto,
together with any and all (i) rights and privileges arising under applicable Requirements of Law
with respect to such Loan Partys use of any patents, (ii) inventions and improvements described
and claimed therein, (iii) reissues, divisions, continuations, renewals, extensions and
continuations-in-part thereof, (iv) income, fees, royalties, damages, claims and payments now or
hereafter due and/or payable thereunder and with respect thereto including, without limitation,
damages and payments for past, present or future infringements thereof, (v) rights corresponding
thereto throughout the world and (vi) rights to sue for past, present or future infringements
thereof.
Patriot Act: Is defined in Section 14-21.
Payment Intangibles: Has the meaning given that term in the UCC and shall also refer to any
General Intangible under which the Account Debtors primary obligation is a monetary
obligation.
Permitted Acquisition: The investment in, the purchase of stock of, or the purchase of all or
a substantial part of the assets or properties of, or controlling interests in, any Person (other than
the Borrower), or the entering into of any transaction, series of transactions, merger (with the
Borrower as the surviving entity), consolidation or exchange of securities with any Person
(referred to herein as an Acquisition), in which each of the following conditions are satisfied:
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(a)
The type of business of such Person is generally the same type of business
(or is included in the types of business) in which the Borrower is engaged or a business
reasonably related thereto;
(b)
Immediately after giving effect to the transaction, the Term Loan Payment
Conditions have been satisfied;
(c)
Such Acquisition shall have been approved by the board of directors of the
Person (or similar governing body if such Person is not a corporation) which is the subject of
such Acquisition and such Person shall not have announced that it will oppose such Acquisition
or shall not have commenced any action which alleges that such Acquisition shall violate
applicable law;
(d)
For any Acquisition in an amount greater than $10,000,000.00, the
Borrower shall have furnished the Agent with thirty (30) days prior written notice of such
intended Acquisition and shall have furnished the Agent with a current draft of the acquisition
documents (and final copies thereof as and when executed), copies of any third party accounting,
financial, and legal due diligence undertaken by the Loan Parties in connection with such
Acquisition, appropriate financial statements of the Person which is the subject of such
Acquisition, pro forma projected financial statements for the twelve (12) month period following
such Acquisition after giving effect to such Acquisition (including balance sheets, cash flows and
income statements by quarter (and, if available, by month) for the acquired Person, individually,
and on a Consolidated basis with all Loan Parties), and such other information as the Agent may
reasonably require, all of which shall be in form reasonably satisfactory to the Agent;
(e)

Intentionally omitted;

(f)
After giving effect to the Acquisition, if the Acquisition is an Acquisition
of equity interests, a Loan Party shall acquire and own, directly or indirectly, a majority of the
equity interests in the Person being acquired and shall control a majority of any voting interests
or shall otherwise control the governance of the Person being acquired; and
(g)
All action required to be undertaken pursuant to Section 4-18(f) by any
Subsidiary created in connection with such transaction (including, but not limited to, causing
such Subsidiary to become a Guarantor hereunder) has been completed, or, simultaneously with
the consummation of such Acquisition, will be completed, to the reasonable satisfaction of the
Agent.
Permitted Asset Disposition: Is defined in Section 4-12(d).
Permitted Encumbrances: Those Encumbrances permitted as provided in Section 4-6(a)
hereof.
Person: Any natural person, and any corporation, limited liability company, trust, partnership,
joint venture, or other enterprise or entity.
PIK Interest: Is defined in Section 2-10 hereof.

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Proceeds: Includes, without limitation, Proceeds as defined in the UCC (defined below),
and each type of property described in Section 8-1 hereof.
Property: Any interest in any kind of property or asset, whether real, personal or mixed, or
tangible or intangible.
Proposed Discounted Prepayment Amount: Has the meaning set forth in subsection (b) of
EXHIBIT 2-24.
Qualifying Lenders: Has the meaning set forth in subsection (d) of EXHIBIT 2-24.
Qualifying Loans: Has the meaning set forth in subsection (d) of EXHIBIT 2-24.
Real Estate: All fee interests in real estate and all buildings, structures, parking areas or other
improvements located thereon and all rights appurtenant thereto.
Rebate: Any annual rebate paid to Aeropostale Procurement Company, Inc. by MGF
Sourcing pursuant to Section 2(d) of the Sourcing Agreement.
Receipts: All cash, cash equivalents, checks, and credit card slips and receipts as arise out of
the sale of the Collateral.
Receivables Collateral: That portion of the Collateral which consists of the Loan Parties
Accounts, Accounts Receivable, General Intangibles for the payment of money, Chattel Paper,
Instruments, Investment Property, letters of credit for the benefit of a Loan Party, and bankers
acceptances held by a Loan Party, and any rights to payment.
Register: Is defined in Section 2-24(b)(iii).
Registration Rights Agreement: That certain Registration Rights Agreement, dated as of the
Effective Date, by and between the Agent, as Investor, and the Borrower, as Company, as
amended or modified from time to time in accordance with its terms and the terms hereof.
Related Entity:
(a)
Any corporation, limited liability company, trust, partnership, joint
venture, or other enterprise which: is a parent, brothersister, Subsidiary, or Affiliate, of the
Borrower; could have such enterprises tax returns or financial statements consolidated with the
Borrowers; could be a member of the same controlled group of corporations (within the
meaning of Section 1563(a)(1), (2) and (3) of the Internal Revenue Code of 1986, as amended
from time to time) of which the Borrower is a member; controls or is controlled by the Borrower
or by any Affiliate of the Borrower.
(b)

Any Affiliate.

Related Real Estate Documents: With respect to any Real Estate subject to a Mortgage, the
following, in form and substance satisfactory to Agent and received by Agent for review at least
10 days prior to the effective date of the Mortgage: (a) a mortgagee title policy (or binder
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therefor) covering Agent's interest under the Mortgage, by an insurer acceptable to Agent, which
must be fully paid on such effective date; (b) such assignments of leases, estoppel letters,
attornment agreements, consents, waivers and releases as Agent may reasonably require with
respect to other Persons having an interest in the Real Estate; (c) a current, as-built survey of the
Real Estate, containing a metes-and-bounds property description and certified by a licensed
surveyor acceptable to Agent; (d) a life-of-loan flood hazard determination and, if the Real
Estate is located in a special flood hazard area, an acknowledged notice to Borrower and
evidence of flood insurance by an insurer acceptable to Agent; (e) a current appraisal of the Real
Estate, prepared by an appraiser acceptable to Agent, and in form and substance satisfactory to
the Lenders; and (f) an environmental assessment, prepared by environmental engineers
acceptable to Agent, and such other reports, certificates, studies or data as Agent may reasonably
require, all in form and substance satisfactory to the Lenders.
Required Consent: Has the meaning given that term in the Agency Agreement.
Requirement of Law: As to any Person:
(a)
(i) All statutes, rules, regulations, orders, or other requirements having the
force of law and (ii) all court orders and injunctions, arbitrators decisions, and/or similar rulings,
in each instance ((i) and (ii)) of or by any federal, state, municipal, and other governmental
authority, or court, tribunal, governmental panel, or other governmental body which has
jurisdiction over such Person, or any property of such Person.
(b)
That Persons charter, certificate of incorporation, articles of organization,
and/or other organizational documents, as applicable; and
(c)
That Persons bylaws and/or other instruments which deal with corporate
or similar governance, as applicable;
provided however, for purposes of this Agreement (i) the Dodd-Frank Wall Street Reform and
Consumer Protection Act and all requests, guidelines or directives in connection therewith, and
(ii) all rules, guidelines or directives promulgated by the Bank for International Settlements, the
Basel Committee on Banking Supervision (or any successor or similar authority) or the United
States regulatory authorities, in each case pursuant to Basel III, shall, in each case, be deemed to
have gone into effect and been adopted after the Effective Date.
Responsible Officer: means the chief executive officer, chief operating officer, president,
chief financial officer, general counsel, chief accounting officer, treasurer, controller, vice
president of finance of a Loan Party or any of the other individuals designated in writing to the
Agent by an existing Responsible Officer of a Loan Party as an authorized signatory of any
certificate or other document to be delivered hereunder. Any document delivered hereunder that
is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been
authorized by all necessary corporate, partnership and/or other action on the part of such Loan
Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of
such Loan Party.

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Restricted Payment: Any dividend or other distribution (whether in cash, securities or other
property) with respect to any capital stock or other equity interest of any Person or any of its
Subsidiaries, or any payment (whether in cash, securities or other property), including any
sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance,
acquisition, cancellation or termination of any such capital stock or other equity interest, or on
account of any return of capital to such Persons stockholders, partners or members (or the
equivalent of any thereof), or any option, warrant or other right to acquire any such dividend or
other distribution or payment. Without limiting the foregoing, Restricted Payments with
respect to any Person shall also include all payments made by such Person with any proceeds of
a dissolution or liquidation of such Person.
Security Agreement means that certain Security Agreement dated as of the date hereof by and
among AWI, AGC, JimmyZ, Aeropostale Procurement Company, Inc., Aeropostale Licensing,
Inc., P.S. from Aeropostale, Inc., GoJane LLC and the Agent (as amended, restated,
supplemented or otherwise modified).
Series B Convertible Preferred Stock means the Series B Convertible Preferred Stock, par
value $0.01 per share, of the Borrower.
Series B Documents means, collectively, (i) the Stock Purchase Agreement, (ii) the Investor
Rights Agreement, (iii) the Registration Rights Agreement, (iv) the Certificate of Designation,
and (v) the other documents, instruments and agreements executed and delivered in connection
therewith.
Solvent and Solvency: With respect to any Person on a particular date, that on such date
(a) at fair valuation, all of the properties and assets of such Person are greater than the sum of the
debts, including contingent liabilities, of such Person, (b) the present fair saleable value of the
properties and assets of such Person is not less than the amount that would be required to pay the
probable liability of such Person on its debts as they become absolute and matured, (c) such
Person is able to realize upon its properties and assets and pay its debts and other liabilities,
contingent obligations and other commitments as they mature in the normal course of business,
(d) such Person does not intend to, and does not believe that it will, incur debts beyond such
Persons ability to pay as such debts mature, and (e) such Person is not engaged in a business or
a transaction, and is not about to engage in a business or transaction, for which such Persons
properties and assets would constitute unreasonably small capital after giving due consideration
to the prevailing practices in the industry in which such Person is engaged. The amount of all
guarantees at any time shall be computed as the amount that, in light of all the facts and
circumstances existing at the time, can reasonably be expected to become an actual or matured
liability.
Sourcing Agreement: That certain Sourcing Agreement, dated as of the Effective Date, by
and between Aeropostale Procurement Company, Inc. and MGF Sourcing, as the same may be
modified or amended from time to time in accordance with its terms.
Start-Up Period: Is defined in the Sourcing Agreement.

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Stock Purchase Agreement: That certain Stock Purchase Agreement, dated as of the
Effective Date, by and between the Agent, as Investor, and the Borrower, as Company, as
amended or modified from time to time in accordance with its terms and the terms hereof.
Subordinated Indebtedness: Indebtedness the payment of principal and interest of which is
expressly subordinated in right of payment to the Liabilities, in such form and on such terms
(which may include the payment of current interest until the occurrence, and during the
continuance, of a Suspension Event) as are reasonably acceptable to the Agent.
Subsidiary: As to any Person, any corporation, association, partnership, limited liability
company, joint venture or other business entity of which at least fifty percent (50%) or more of
the ordinary voting power (or equivalent interests) for the election of a majority of the board of
directors (or other equivalent governing body) of such entity is held or controlled by such
Person, or by one or more Subsidiaries of such Person, or by such Person and one or more
Subsidiaries of such Person; or which is otherwise controlled by such Person, or by one or more
Subsidiaries of such Person, or by such Person and one or more Subsidiaries of such Person
through the exercise of voting power or otherwise.
Supporting Obligation: Has the meaning given that term in the UCC and shall also refer to a
Letter of Credit Right or secondary obligation that supports the payment or performance of an
Account, Chattel Paper, a Document, a General Intangible, an Instrument or Investment
Property.
Suspension Event: Any occurrence, circumstance, or state of facts which (a) is an Event of
Default, which is continuing; or (b) would become an Event of Default if any requisite notice
were given and/or any requisite period of time were to run and such occurrence, circumstance, or
state of facts were not absolutely cured within any applicable grace period.
Taxes: All present or future taxes, levies, imposts, duties, deductions, withholdings,
assessments, fees or other charges imposed by any governmental authority, including any
interest, additions to tax or penalties applicable thereto.
Term Loan Account: the deposit account into which proceeds of the Term Loans are funded
on the Effective Date.
Term Loan Facilities means, at any time, the Tranche A Term Loan Facility and the Tranche
B Term Loan Facility.
Term Loan Liquidity Requirements: With respect to any acquisition or payment, (i) no
Suspension Event or Event of Default then exists or would arise from the consummation of the
specified transaction and the making of any payments with respect thereto, (ii) the Borrower has
furnished the Agent with a pro forma balance sheet, income statement and cash flow statement
(including, without limitation, a projection of Availability (Revolving Credit)) for the subsequent
12 month period, after giving effect to the consummation of the specified transaction and the
making of any payments with respect thereto; and (iii) the Agent is reasonably satisfied that
Availability (Revolving Credit), after giving effect to such specified transaction and the making
of any payments with respect thereto, will be at least equal to 35% of the Borrowing Base
(Revolving Credit) as of the date of such transaction and the making of such payments and for
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the 12 months following such specified transaction and the making of such payments; and (iv)
the Agent is reasonably satisfied that, after giving effect to such specified transaction and the
making of any payments with respect thereto, the Borrower will be solvent.
Term Loan Payment Conditions: At the time of determination with respect to any specified
transaction or payment, that:
(a)
no Suspension Event or Event of Default then exists or would arise as a
result of entering into such transaction or the making of such payment,
(b)
after giving effect to such transaction or payment, Availability (Revolving
Credit) is equal to or greater than fifteen percent (15%) of the lesser of (1) the Commitments
(Revolving Credit) and (2) the Borrowing Base (Revolving Credit),
(c)
the Consolidated Fixed Charge Coverage Ratio, on a pro-forma basis for
the Measurement Period immediately prior to such transaction or payment, will be equal to or
greater than 1.0:1.0 (or, solely with respect to Restricted Payments, 1.1:1.0),
(d)
for the six-month period immediately following such transaction or
payment and after giving effect to such transaction or payment, Availability (Revolving Credit)
shall be equal to or greater than fifteen percent (15%) of the lesser of (1) the Commitments
(Revolving Credit) and (2) the Borrowing Base (Revolving Credit), and
(e)
after giving effect to such transaction or payment, Liquidity is equal to or
greater than 2.0x the requirement set forth in Section 5-12.
Prior to undertaking any transaction or payment which is subject to the Term Loan Payment
Conditions, the Borrower shall deliver to the Agent a certificate of the Borrower evidencing
satisfaction of the conditions contained in clauses (b), (c), (d) and (e) above on a basis
(including, without limitation, giving due consideration to results for prior periods) reasonably
satisfactory to the Agent, and attesting to the accuracy of the condition contained in clause (a)
above.
Term Loans: Tranche A Term Loans and Tranche B Term Loans, individually or
collectively, as the context may require.
Term Priority Collateral: Has the meaning set forth in the Intercreditor Agreement.
Total Assets: As of the date of any determination thereof, total assets of the Borrower and its
Subsidiaries calculated in accordance with GAAP on a consolidated basis as of such date.
Trademarks: With respect to each Loan Party, all trademarks (including service marks),
slogans, logos, certification marks, trade dress, uniform resource locations (URLs), domain
names, corporate names and trade names, whether registered or unregistered, owned by or
assigned to such Loan Party and all registrations and applications for the foregoing (whether
statutory or common law and whether established or registered in the United States or any other
country or any political subdivision thereof), including, without limitation, the registrations and
applications listed in EXHIBIT 4-4 annexed hereto, together with any and all (i) rights and
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privileges arising under applicable Requirements of Law with respect to such Loan Partys use of
any trademarks, (ii) reissues, continuations, extensions and renewals thereof, (iii) income, fees,
royalties, damages and payments now and hereafter due and/or payable thereunder and with
respect thereto, including, without limitation, damages, claims and payments for past, present or
future infringements thereof, (iv) rights corresponding thereto throughout the world and (v)
rights to sue for past, present and future infringements thereof.
Trading With the Enemy Act: Is defined in Section 14-22.
Tranche A Financial Default means a failure to comply with Section 5-12 or a Default or
Event of Default under Section 10-3 resulting therefrom.
Tranche A Maturity Date: May 23, 2019; provided, however, that, if such date is not a
Business Day, the Tranche A Maturity Date shall be the next preceding Business Day.
Tranche A Term Lenders means at any time, (a) on or prior to the Effective Date, any
Lender that has a Dollar Commitment (Tranche A) at such time and (b) at any time after the
Effective Date, any Lender that holds Tranche A Term Loans at such time.
Tranche A Term Loan Facility means, at any time, (a) on or prior to the Effective Date, the
aggregate amount of the Dollar Commitment (Tranche A) at such time, and (b) thereafter, the
aggregate principal amount of the Tranche A Term Loans of all Tranche A Term Lenders
outstanding at such time.
Tranche A Term Loans: Is defined in Section 2-1(a)(i) hereof.
Tranche B Maturity Date: the earlier of (a) the Annual True Up Date immediately following
the 10th anniversary of the expiration of the Start-Up Period and (b) the expiration or termination
of the Sourcing Agreement for any reason whatsoever; provided, however, that, if such date is
not a Business Day, the Tranche B Maturity Date shall be the next preceding Business Day.
Tranche B Term Lenders means at any time, (a) on or prior to the Effective Date, any
Lender that has a Dollar Commitment (Tranche B) at such time and (b) at any time after the
Effective Date, any Lender that holds Tranche B Term Loans at such time.
Tranche B Term Loan Facility means, at any time, (a) on or prior to the Effective Date, the
aggregate amount of the Dollar Commitment (Tranche B) at such time, and (b) thereafter, the
aggregate principal amount of the Tranche B Term Loans of all Tranche B Term Lenders
outstanding at such time.
Tranche B Term Loans: Is defined in Section 2-1(b)(i) hereof.
Trust Deposit Accounts: Depository accounts established by the Loan Parties the proceeds of
which are to be utilized solely for the payment of sales taxes, ad valorem taxes, withholding
taxes and other similar Taxes, and other depository accounts established by the Loan Parties for
which such Loan Party is a trustee or other fiduciary for any other Persons.

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UCC: The Uniform Commercial Code as presently in effect in New York, provided, however
, that if a term is defined in Article 9 of the Uniform Commercial Code differently than in
another Article thereof, the term shall have the meaning set forth in Article 9; provided further
that, if by reason of mandatory provisions of law, perfection, or the effect of perfection or nonperfection, of a security interest in any Collateral or the availability of any remedy hereunder is
governed by the Uniform Commercial Code as in effect in a jurisdiction other than New York,
Uniform Commercial Code means the Uniform Commercial Code as in effect in such other
jurisdiction for purposes of the provisions hereof relating to such perfection or effect of
perfection or non-perfection or availability of such remedy, as the case may be.
U.S. Tax Compliance Certificate: Is defined in Section 2-23(f)(ii)(B)(iii).
Article 2 - The Term Loan Facilities:
2-1.

Establishment of Term Loan Facilities.


(a)

Tranche A Term Loans.

(i)
Each Tranche A Term Lender, subject to, and in accordance with,
this Agreement, agrees to severally make the tranche A term loans (the Tranche A
Term Loans) to and for the account of the Borrower as provided herein, in each case
equal to that Tranche A Term Lenders Applicable Percentage (Tranche A) up to the
maximum amount of such Tranche A Term Lenders Dollar Commitment (Tranche A).
Each Tranche A Term Lenders Dollar Commitment (Tranche A) shall terminate upon
the issuance of the Tranche A Term Loans. Once repaid, the Tranche A Term Loans may
not be reborrowed.
(ii)
The proceeds of the Tranche A Term Loans shall be used solely for
working capital and general corporate purposes of the Borrower and to pay transaction
fees and expenses in connection herewith, all solely to the extent permitted by this
Agreement.
(iii) The Borrower recognizes that the Agents exercise of any
discretion accorded to the Agent with respect to the Tranche A Term Loans and of its
rights, remedies, powers, privileges, and discretions with respect to the Loan Parties may
be subject to the terms and conditions of the Agency Agreement.
(b)

Tranche B Term Loans.

(i)
Each Tranche B Term Lender, subject to, and in accordance with,
this Agreement, agrees to severally make the tranche B term loans (the Tranche B
Term Loans) to and for the account of the Borrower, as provided herein, in each case
equal to that Tranche B Term Lenders Applicable Percentage (Tranche B) up to the
maximum amount of such Tranche B Term Lenders Dollar Commitment (Tranche B).
Each Tranche B Term Lenders Dollar Commitment (Tranche B) shall terminate upon the
issuance of the Tranche B Term Loans. Once repaid or rebated, the Tranche B Term
Loans may not be reborrowed.

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(ii)
The proceeds of the Tranche B Term Loans shall be used solely for
working capital and general corporate purposes of the Borrower and to pay transaction
fees and expenses in connection herewith, all solely to the extent permitted by this
Agreement.
(iii) The Borrower recognizes that the Agents exercise of any
discretion accorded to the Agent with respect to the Tranche B Term Loans and of its
rights, remedies, powers, privileges, and discretions with respect to the Loan Parties may
be subject to the terms and conditions of the Agency Agreement.
2-2.

Intentionally Omitted.

2-3.

Intentionally Omitted.

2-4.

Intentionally Omitted.

2-5.

Intentionally Omitted.

2-6.

Making of Loans Under Term Loan Facilities.

(a)
On the Effective Date, the Term Loans shall be made by wire transfer of
the proceeds of such loans to the Term Loan Account or as otherwise instructed by the Borrower.
(b)
The Term Loans shall be deemed to have been made (and the Borrower
shall be indebted to the Lenders for their respective pro rata portions of the amount thereof
immediately) at the Agents initiation of the transfer of the proceeds of such Term Loans in
accordance with the Borrowers instructions.
2-7.

The Loan Account.

(a)
An account (Loan Account) shall be opened on the books of the Agent
with respect to the Term Loans. A record may be kept in the Loan Account of all Term Loans
made under or pursuant to this Agreement and of all payments or deemed payments thereon.
(b)
The Agent may also keep a record (either in the Loan Account or
elsewhere, as the Agent may from time to time elect) of all interest, fees, service charges, costs,
expenses, and other debits owed the Agent and each Lender on account of the Liabilities and of
all credits against such amounts so owed.
(c)
All credits against the Liabilities shall be conditional upon final payment
to the Agent for the account of each Lender of the items giving rise to such credits. The amount
of any item credited against the Liabilities which is charged back against the Agent or any
Lender for any reason or is not so paid shall be a Liability and shall be added to the Loan
Account, whether or not the item so charged back or not so paid is returned.
(d)
Except as otherwise provided herein, all fees, service charges, costs, and
expenses for which the Borrower is obligated hereunder are payable on demand.

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Intentionally omitted.

(f)
Absent manifest error, any statement rendered by the Agent to the
Borrower concerning the Liabilities shall be considered correct and accepted by the Borrower
and shall be conclusively binding upon the Borrower unless the Borrower provides the Agent
with written objection thereto within sixty (60) days from the receipt of such statement, which
written objection shall indicate, with particularity, the reason for such objection. The Loan
Account and the Agents books and records concerning the loan arrangement contemplated
herein and the Liabilities shall be prima facie evidence and proof of the items described therein.
2-8. The Notes. The obligation to repay the Term Loans, with interest (only with
respect to Tranche A Term Loans) as provided herein, shall be evidenced by promissory notes
(each, a Note) in the form of EXHIBITS 2-8A (with respect to Tranche A Term Loans) and
2-8B (with respect to Tranche B Term Loans), annexed hereto, executed by the Borrower, one
payable to each Lender (or its registered assigns). Neither the original nor a copy of a Note shall
be required, however, to establish or prove any Liability. In the event that a Note is ever lost,
mutilated, or destroyed, upon receipt of an indemnification with respect to the lost Note from
such Lender in form and substance reasonably satisfactory to the Borrower and the Agent, the
Borrower shall execute a replacement thereof and deliver such replacement to such Lender.
2-9.

Payment of The Loan Account.

(a)
Repayment of Tranche A Term Loans. The Borrower shall repay the then
entire unpaid balance of the Loan Account in respect of Tranche A Term Loans and all other
Liabilities in respect of Tranche A Term Loans on the Tranche A Maturity Date.
(b)
Repayment of Tranche B Term Loans. The Borrower shall repay the
aggregate outstanding principal amount of the Tranche B Term Loans in installments of
$5,000,000.00 on each Annual True Up Date; provided that such amounts shall be reduced by
the amount of any prepayments on the Tranche B Term Loan pursuant to Section 2-9(d)(iii) of
this Agreement. Each such repayment or prepayment shall be paid to the Lenders in accordance
with their respective Applicable Percentage in respect of the Tranche B Term Loans. The
Borrower shall repay the then entire unpaid balance of the Loan Account in respect of Tranche B
Term Loans and all other Liabilities in respect of Tranche B Term Loans on the Tranche B
Maturity Date.
(c)
Optional Prepayments. The Borrower may, at its option from time to
time, prepay the Tranche A Term Loans, which prepayment must be at least $5,000,000.00, plus
any increment of $1,000,000.00 in excess thereof; provided, that any such prepayment of
Tranche A Term Loans shall be accompanied by a prepayment premium equal to 10% of the
principal amount prepaid on or before the first anniversary of the Effective Date, 5% of the
principal amount prepaid after the first anniversary of the Effective Date and on or before the
second anniversary of the Effective Date, and 0% of the principal amount prepaid thereafter.
The Borrower may, at its option from time to time, prepay all or any portion of the Tranche B
Term Loans without premium or penalty. The Borrower shall give written notice to the Agent of
an intended prepayment of Term Loans, which notice shall specify the amount of the
prepayment, shall be irrevocable once given, shall be given at least 5 Business Days prior to the
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applicable payment date. Each prepayment of Term Loans shall be accompanied by all interest
accrued thereon (if any), and shall be paid to the Lenders in accordance with their respective
Applicable Percentage in respect of the Tranche A Term Loans or the Tranche B Term Loans, as
applicable. Any such optional prepayment of the Tranche B Term Loans shall be applied to the
Tranche B Term Loans, and to the principal repayment installments thereof, in direct order of
maturity.
(d)

Mandatory Prepayments.

(i)
Within 10 Business Days of the date of receipt by Borrower or any
of its Subsidiaries of the Net Cash Proceeds of any voluntary or involuntary sale or
disposition by Borrower or any of its Subsidiaries of assets (including casualty losses or
condemnations but excluding sales or dispositions described in Section 4-12(d)(i), (iv)
and (v)), Borrower shall prepay the outstanding principal amount of the Tranche A Term
Loans in an amount equal to 100% of such Net Cash Proceeds (including condemnation
awards and payments in lieu thereof) received by such Person in connection with such
sales or dispositions; provided, that no such prepayment shall be required unless and until
the aggregate Net Cash Proceeds received during any fiscal year of the Borrower from
such asset dispositions exceeds $2,000,000 (in which case all Net Cash Proceeds in
excess of such amount shall be used to make prepayments pursuant to this Section 29(d)); provided further that, so long as (A) no Suspension Event or Event of Default shall
have occurred and be continuing or would result therefrom, (B) Borrower shall have
given Agent prior written notice of Borrowers intention to apply such monies to the
costs of replacement of the properties or assets that are the subject of such sale or
disposition or the cost of purchase or construction of other assets useful in the business of
Borrower or its Subsidiaries, (C) the monies are held in a deposit account in which ABL
Agent has a perfected security interest, and (D) Borrower or its Subsidiaries, as
applicable, complete such replacement, purchase, or construction within 365 days after
the initial receipt of such monies (or if the Loan Parties have committed to reinvest such
Net Cash Proceeds within such 365 day period, reinvestment within 180 days following
such 365 day period), then the Loan Party whose assets were the subject of such
disposition shall have the option to apply such monies to the costs of replacement of the
assets that are the subject of such sale or disposition unless and to the extent that such
applicable period shall have expired without such replacement, purchase, or construction
being made or completed, in which case, all amounts remaining in the deposit account
referred to in clause (C) above shall be paid to Agent and applied to the Tranche A Term
Loans; provided that no Borrower nor any of its Subsidiaries shall have the right to use
such Net Cash Proceeds to make such replacements, purchases, or construction in excess
of $10,000,000.00 in any given fiscal year.
(ii)
Within 10 Business Days of the date of incurrence by Borrower or
any of its Subsidiaries of any Indebtedness not permitted by this Agreement, Borrower
shall prepay the outstanding principal amount of the Tranche A Term Loans in an amount
equal to 100% of the Net Cash Proceeds received by such Person in connection with such
incurrence.

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(iii) Concurrently upon the receipt of the proceeds of any Rebate by


Aeropostale Procurement Company, Inc., the Borrower shall cause Aeropostale
Procurement Company, Inc. to transfer such proceeds to the Borrower and thereafter
Borrower shall immediately prepay the Tranche B Term Loans in an amount equal to
such proceeds. Borrower hereby acknowledges and agrees that the payment of the
Rebate to Aeropostale Procurement Company, Inc. pursuant to the Sourcing Agreement
is subject to setoff to prepay the Tranche B Term Loans to the extent provided in Section
2(e) of the Sourcing Agreement. Each prepayment of the outstanding Tranche B Term
Loans pursuant to Section 2-9(d)(iii) shall be applied to the Tranche B Term Loans and to
the principal repayment installments thereof in direct order of maturity, and each such
prepayment shall be paid to the Lenders in accordance with their respective Applicable
Percentage in respect of the Tranche B Term Loans; provided, however, that the Agent
and the Borrower may agree to alternative forms of payment under the Tranche B Term
Loans in respect of a Rebate payable under the Sourcing Agreement, such as cancellation
of a portion of the Tranche B Term Loans in lieu of actual payment of the Rebate.
(iv)
Notwithstanding the foregoing, prior to making any payments to
the Lenders under this Section 2-9(d), Agent shall promptly provide the Lenders written
notice of the applicable proposed prepayment, any Lender may reject all of its pro rata
share of any mandatory prepayment required to be made pursuant to Section 2-9(d)(i) or
(ii) by providing written notice to Agent no later than 5:00 p.m. New York time one
Business Day after the date of such Lenders receipt of notice from Agent regarding such
prepayment, and any such amount declined shall be retained by Borrower and used for
purposes not prohibited by this Agreement.
2-10. Interest Rates.
(a)
Subject to the final sentence of this clause (a), each Tranche A Term Loan
shall bear interest at a rate of 10% per annum, of which not less than 8% per annum shall be
payable quarterly in arrears in cash and up to 2% per annum may at Borrowers election accrue
and be added to the principal amount of the Tranche A Term Loan (such interest, the PIK
Interest) as of the last day of each calendar quarter; provided that the Borrower may elect, at
any time before the third anniversary of the Effective Date, that up to 5% per annum will accrue
as PIK Interest and be added to the principal as of the last day of each calendar quarter and the
remaining portion of the interest will be paid quarterly in arrears in cash. The election of the
form of interest payment will occur by Borrowers providing 10 days prior written notice to the
Agent (prior to the first Interest Payment Date, and each Interest Payment Date thereafter) stating
(i) the date on which such PIK Interest election shall begin to be effective and (ii) the date on
which such PIK Interest election shall cease to be effective. The Designated Interest shall be
prepaid in cash in full, and shall be deemed fully earned and non-refundable on the Effective
Date, and no other interest payments pursuant to this Section 2-10(a) with respect to the Tranche
A Term Loan shall be required to be paid with respect to the period commencing on the
Effective Date and ending on the first anniversary of the Effective Date.
(b)

No interest shall be payable with respect to the Tranche B Term Loan.

(c)

Intentionally omitted.
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Intentionally omitted.

(e)
The Borrower shall pay accrued and unpaid interest on each Tranche A
Term Loan in arrears on the applicable Interest Payment Date and following the occurrence, and
during the continuance, of any Event of Default, with such frequency as may be determined by
the Agent.
(f)
Following the occurrence, and during the continuance, of any Default
Interest Event, all overdue amounts (excluding Tranche B Term Loan principal) shall bear
interest at a rate which is the aggregate of the interest rate then in effect plus two percent (2%)
per annum, unless the Agent, with the consent of the Lenders with Required Consent, elects not
to exercise its right to increase the interest rate in effect by said two percent (2%) per annum.
(g)
All computations of interest for Tranche A Term Loans shall be made on
the basis of a year of 360 days and actual days elapsed.
2-11. Other Fees. The Borrower shall pay to the Agent for the Tranche A Term
Lenders account the fees in the amounts and at the times specified in the Fee Letter. All such
fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.
2-12. Intentionally Omitted.
2-13. Intentionally Omitted.
2-14. Intentionally Omitted.
2-15. Concerning Fees.
The Borrower shall not be entitled to any credit, rebate or repayment of any upfront fees payable
under the Fee Letter or any other fee previously earned by the Agent or any Lender pursuant to
this Agreement.
2-16. Agents Discretion.
Each reference in the Loan Documents to the exercise of discretion or the like by the Agent shall
be to its exercise of its reasonable judgment, in good faith, based upon the Agents consideration
of any such factor as the Agent reasonably deems appropriate and in accordance with customary
business practices for the agents in similar financings.
2-17. Intentionally Omitted.
2-18. Intentionally Omitted.
2-19. Intentionally Omitted.
2-20. Intentionally Omitted.
2-21. Intentionally Omitted.
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2-22. Increased Costs. If there is adopted after the date hereof any requirement of law,
or if there is any new interpretation or application of any law after the date hereof by any court or
by any governmental or other authority or entity charged with the administration thereof,
whether or not having the force of law, which:
(a)
subjects Agent or any Lender to any Taxes (other than (A) Indemnified
Taxes and (B) Excluded Taxes) on its loans, loan principal, letters of credit, commitments, or
other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;
(b)
imposes, modifies or deems applicable any reserve, cash margin, special
deposit or similar requirements against assets held by, or deposits in or for the account of or
loans by or any other acquisition of funds by the relevant funding office of any Lender;
(c)
imposes on any Lender any other condition with respect to any Loan
Document relating to Tranche A Term Loans; or
(d)
imposes on any Lender a requirement to maintain or allocate capital in
relation to the Liabilities;
and the result of any of the foregoing, in the Agents reasonable opinion, is to increase the cost to
any Lender of making or maintaining any loan, advance or financial accommodation or to reduce
the income receivable by any Lender in respect of any loan, advance or financial accommodation
by an amount which the Agent deems to be material, then upon the Agents giving written notice
thereof to the Borrower (such notice to set out in reasonable detail the facts giving rise to and a
summary calculation of such increased cost or reduced income), the Borrower shall forthwith
pay to the Agent, for the benefit of such Lender, upon receipt of such notice, that amount which
shall compensate such Lender for such additional cost or reduction in income, provided that the
Borrower shall not be obligated to make payment of such amounts which arise from transactions
which occurred more than ninety (90) Business Days prior to the Agents furnishing notice
hereunder.
Notwithstanding the foregoing, each Lender agrees to use its reasonable efforts (consistent with
its internal policy and legal and regulatory restrictions and so long as such efforts would not be
disadvantageous to it, in its reasonable discretion, in any legal, economic or regulatory manner)
to designate a different lending office if the making of such designation would allow such
Lender or its lending office to avoid the imposition of such increased costs.
2-23. Taxes.
(a)
Any and all payments by or on account of any obligation of any Loan
Party hereunder or under any other Loan Document shall be made free and clear of and without
deduction or withholding for any Taxes, except as required by applicable law. If any applicable
law requires the deduction or withholding of any Tax from or in respect of any such payment,
then the applicable withholding agent shall be entitled to make such deduction or withholding
and shall timely pay the full amount deducted or withheld to the relevant governmental authority
in accordance with applicable law and, if such Tax is an Indemnified Tax, then (i) the sum
payable by the applicable Loan Party shall be increased as necessary so that after such deduction
or withholding has been made (including deductions and withholdings applicable to additional
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sums payable under this Section 2-23), the Agent or the applicable Lender, as the case may be,
receives an amount equal to the sum it would have received had no such deduction or
withholding been made. This Section 2-23(a) shall not apply to the Tranche B Term Loan and
withholding with respect to the Tranche B Term Loan shall be governed by Section 2-26.
(b)
The Loan Parties shall timely pay to the relevant governmental authority
in accordance with applicable law, or at the option of the Agent timely reimburse it for the
payment of, any Other Taxes.
(c)
The Loan Parties shall jointly and severally indemnify the Agent and each
Lender, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes
(including Indemnified Taxes imposed or asserted on or attributable to amounts payable under
this Section 2-23) payable or paid by such Agent or Lender or required to be withheld or
deducted from a payment to such Agent or Lender and any reasonable expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or
legally imposed or asserted by the relevant governmental authority. A certificate as to the
amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the
Agent), or by the Agent on its own behalf or on behalf of a Lender, shall be conclusive absent
manifest error. This Section 2-23(c) shall not apply to the Tranche B Term Loan, which shall be
governed by Section 2-26.
(d)
Each Lender shall severally indemnify the Agent, within 10 days after
demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent
that any Loan Party has not already indemnified the Agent for such Indemnified Taxes and
without limiting the obligation of the Loan Parties to do so) and (ii) any Excluded Taxes
attributable to such Lender, in each case, that are payable or paid by the Agent in connection
with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto,
whether or not such Taxes were correctly or legally imposed or asserted by the relevant
governmental authority. A certificate as to the amount of such payment or liability delivered to
any Lender by the Agent shall be conclusive absent manifest error. Each Lender hereby
authorizes the Agent to set off and apply any and all amounts at any time owing to such Lender
under any Loan Document or otherwise payable by the Agent to the Lender from any other
source against any amount due to the Agent under this paragraph (d).
(e)
As soon as practicable after any payment of any Taxes by any Loan Party
to a governmental authority, the Borrower shall deliver to the Agent the original or a certified
copy of a receipt issued by such governmental authority evidencing such payment, a copy of the
return reporting such payment or other evidence of such payment reasonably satisfactory to the
Agent.
(f)
(i) Any Foreign Lender that is entitled to an exemption from or reduction
of withholding tax with respect to payments made under any Loan Document shall deliver to the
Borrower (with a copy to the Agent), at the time or times reasonably requested by the Borrower
or the Agent, such properly completed and executed documentation reasonably requested by the
Borrower or the Agent as will permit such payments to be made without withholding or at a
reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or
the Agent, shall deliver such other documentation prescribed by Requirements of Law or
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reasonably requested by the Borrower or the Agent as will enable the Borrower or the Agent to
determine whether or not such Lender is subject to backup withholding or information reporting
requirements. Notwithstanding anything to the contrary in the preceding two sentences, the
completion, execution and submission of such documentation (other than such documentation set
forth in clause (ii)(A) and (ii)(B) below) shall not be required if in the Lenders reasonable
judgment such completion, execution or submission would subject such Lender to any material
unreimbursed cost or expense or would materially prejudice the legal or commercial position of
such Lender. A Lender with respect to a Tranche B Term Loan shall only be required to provide
documents under this Section 2-26(f) if there is a change in applicable tax law that requires
withholding as provided for in Section 2-26.
(ii)

Without limiting the generality of the foregoing,

(A)
any Lender that is a United States person within the
meaning of Section 7701(a)(30) of the Code shall deliver to the Borrower
and the Agent on or prior to the date on which such Lender becomes a
Lender under this Agreement (and from time to time thereafter upon the
reasonable request of the Borrower or the Agent), executed originals of
IRS Form W-9 certifying that such Lender is exempt from U.S. federal
backup withholding tax;
(B)
any Foreign Lender shall, to the extent it is legally entitled
to do so, deliver to the Borrower and the Agent (in such number of copies
as shall be requested by the recipient) on or prior to the date on which
such Foreign Lender becomes a Lender under this Agreement (and from
time to time thereafter upon the reasonable request of the Borrower or the
Agent), whichever of the following is applicable:
(iii) in the case of a Foreign Lender claiming the benefits of an income
tax treaty to which the United States is a party (x) with respect to payments of interest
under any Loan Document, executed originals of IRS Form W-8BEN or W-8BEN-E
establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant
to the interest article of such tax treaty and (y) with respect to any other applicable
payments under any Loan Document, IRS Form W-8BEN or W-8BEN-E establishing an
exemption from, or reduction of, U.S. federal withholding Tax pursuant to the business
profits or other income article of such tax treaty;
(iv)

executed originals of IRS Form W-8ECI;

(v)
in the case of a Foreign Lender claiming the benefits of the
exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate
substantially in the form of EXHIBIT 2-23A to the effect that such Foreign Lender is not
a bank within the meaning of Section 881(c)(3)(A) of the Code, a 10 percent
shareholder of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or
a controlled foreign corporation described in Section 881(c)(3)(C) of the Code (a U.S.
Tax Compliance Certificate) and (y) executed originals of IRS Form W-8BEN or W8BEN-E; or
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(vi)
to the extent a Foreign Lender is not the beneficial owner, executed
originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W8BEN, IRS Form W-8BEN-E, IRS Form W-9, and/or other certification documents from
each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership
and one or more direct or indirect partners of such Foreign Lender are claiming the
portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance
Certificate substantially in the form of EXHIBIT 2-23B on behalf of each such direct
and indirect partner;
(A)
any Foreign Lender shall, to the extent it is legally entitled
to do so, deliver to the Borrower and the Agent (in such number of copies
as shall be requested by the recipient) on or prior to the date on which
such Foreign Lender becomes a Lender under this Agreement (and from
time to time thereafter upon the reasonable request of the Borrower or the
Agent), executed originals of any other form prescribed by applicable law
as a basis for claiming exemption from or a reduction in U.S. federal
withholding Tax, duly completed, together with such supplementary
documentation as may be prescribed by applicable law to permit the
Borrower or the Agent to determine the withholding or deduction required
to be made; and
(B)
if a payment made to a Lender under any Loan Document
would be subject to U.S. federal withholding Tax imposed by FATCA if
such Lender were to fail to comply with the applicable reporting
requirements of FATCA (including those contained in Section 1471(b) or
1472(b) of the Code, as applicable), such Lender shall deliver to the
Borrower and the Agent at the time or times prescribed by law and at such
time or times reasonably requested by the Borrower or the Agent such
documentation prescribed by applicable law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by the Borrower or the Agent as may be necessary
for the Borrower and the Agent to comply with their obligations under
FATCA and to determine that such Lender has complied with such
Lenders obligations under FATCA or to determine the amount to deduct
and withhold from such payment. Solely for purposes of this clause (D),
FATCA shall include any amendments made to FATCA after the date
of this Agreement.
Each Lender agrees that if any form or certification it previously delivered expires or becomes
obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify
the Borrower and the Agent in writing of its legal inability to do so.
(g)
If the Agent or any Lender determines, in its sole discretion, that it has
received a refund of any Indemnified Taxes as to which it has been indemnified by the Loan
Parties or with respect to which the Loan Parties have paid additional amounts pursuant to this
Section 2-23, it shall pay to the Borrower an amount equal to such refund (but only to the extent
of indemnity payments made, or additional amounts paid, by the Loan Parties under this Section
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2-23 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses
(including Taxes) of the Agent or such Lender, as the case may be, and without interest (other
than any interest paid by the relevant governmental authority with respect to such refund),
provided that the Loan Parties, upon the request of such Agent or such Lender, agree to repay the
amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the
relevant governmental authority) to such Agent or such Lender in the event that such Agent or
such Lender is required to repay such refund to such governmental authority. Notwithstanding
anything to the contrary in this paragraph (g), in no event will the indemnified party be required
to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which
would place the indemnified party in a less favorable net after-Tax position than the indemnified
party would have been in if the Tax subject to indemnification had not been deducted, withheld
or otherwise imposed and the indemnification payments or additional amounts giving rise to
such refund had never been paid. This subsection shall not be construed to require the Agent or
any Lender to make available its tax returns (or any other information relating to its taxes that it
deems confidential) to the Loan Parties or any other Person.
(h)
Each partys obligations under this Section 2-23 shall survive the
resignation or replacement of the Agent or any assignment of rights by, or the replacement of, a
Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all
obligations under any Loan Document.
2-24. Assignments.
(a)
The Term Loans may be assigned, from time to time, to existing Lenders
or other Persons who determine to become Lenders, provided, however, that
(i)
Unless a Default has occurred and is continuing (in which event,
no consent of the Borrower is required) any assignment (other than an assignment to a
then Lender, Affiliate of a Lender, or an Approved Fund of a Lender) shall be subject to
the prior consent of the Borrower (not to be unreasonably withheld), which consent will
be deemed given unless the Borrower provides the Agent with written objection, not
more than five (5) Business Days after the Agent shall have given the Borrower written
notice of a proposed assignment).
(ii)
Any assignment shall be subject to the prior written consent of the
Agent (not to be unreasonably withheld).
(iii) No such assignment shall be in an amount less than Five Million
Dollars ($5,000,000.00), or, if less, the remaining Term Loans of the assigning Lender.
(b)
Upon written notice given the Borrower from time to time by the Agent,
of any assignment or allocation referenced in Section 2-24(a):
(i)
The Borrower shall execute one or more replacement Notes to
reflect such assigned Term Loans and shall deliver such Notes to the Agent (which
promptly thereafter shall deliver to the Borrower the Notes so replaced) provided
however, in the event that a Note is to be exchanged following its acceleration or the
entry of an order for relief under the Bankruptcy Code with respect to the Borrower, the
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Agent, in lieu of causing the Borrower to execute one or more new Notes, may issue the
Agents certificate confirming the assigned Term Loans.
(ii)
Such change shall be effective from the effective date specified in
such written notice and any Person added as a Lender shall have all rights and privileges
of a Lender hereunder thereafter as if such Person had been a signatory to this Agreement
and any other Loan Document to which a Lender is a signatory and any person removed
as a Lender shall be relieved of any obligations or responsibilities of a Lender hereunder
thereafter.
(iii) The Agent, acting solely for this purpose as an agent of the
Borrower, shall maintain a register for the recordation of the names and addresses of the
Lenders, and the Commitments of, and principal amounts (and stated interest) of the
Term Loans owing to, each Lender pursuant to the terms hereof from time to time (the
Register). The entries in the Register shall be conclusive absent manifest error, and
the Borrower, the Agent and the Lenders shall treat each Person whose name is recorded
in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this
Agreement. The Register shall be available for inspection by the Borrower and any
Lender, at any reasonable time and from time to time upon reasonable prior notice.
(c)
The Borrower and or any of its Subsidiaries shall be permitted to prepay
the Term Loans pursuant to the procedures, and subject to the restrictions, set forth on EXHIBIT
2-24.
2-25. Allocation of Purchase Price. The Loan Parties hereby agree that the Tranche A
Term Loans and the Series B Convertible Preferred Stock purchased by the Tranche A Term
Lenders pursuant to this Agreement and the Stock Purchase Agreement constitutes an
investment unit for purposes of Section 1273(c)(2) of the Internal Revenue Code of 1986, as
amended, and Treasury Regulations Section 1.1273-2(h), and that the aggregate issue price of
each such investment unit shall be the amount set forth opposite each Tranche A Term Lenders
name on EXHIBIT 2-25. The Loan Parties agree to use such allocation for U.S. federal income
tax purposes with respect to this transaction and further agree that none of the Loan Parties will
take any position inconsistent with such allocation in any tax return or in any judicial or
administrative proceeding in respect of taxes. For the avoidance of doubt, the Loan Parties shall
not treat the Tranche B Term Loan as part of any such investment unit.
2-26. Tax Treatment and Reporting for Tranche B Term Loan.
(a)
Unless required by a determination of a taxing authority that is final, the
parties hereto agree not to take any position for U.S. federal income tax purposes that is
inconsistent with treating (i) the cash advanced to the Borrower on the Tranche B Term Loan as
an interest-free secured advance of cash that the Borrower is required to pay in accordance with
the terms of this Agreement and related documents, (ii) the Rebates to Aeropostale Procurement
Company, Inc. pursuant to the Sourcing Agreement as trade discounts provided to Aeropostale
Procurement Company, Inc. or its applicable affiliate and (iii) such Rebates, to the extent
transferred by Aeropostale Procurement Company, Inc. to Borrower or any other Loan Party and
used pursuant to this Agreement and related documents to repay the secured advances made to
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the Borrower pursuant to this Agreement, as repayments of the secured cash advances to the
Borrower on the Tranche B Term Loan.
(b)
The parties hereto agree that as of the date hereof no withholding is
applicable to any of the payments to be made by the Borrower on the Tranche B Term Loan and
all such payments shall be made free and clear of and without deduction or withholding for any
Taxes. If the deduction or withholding of any Tax on any such payment is required by a change
in applicable tax law (including a determination by a taxing authority that withholding is
required), then the applicable withholding agent shall make such deduction or withholding and
shall timely pay the full amount deducted or withheld to the relevant governmental authority in
accordance with applicable law and, if such Tax is an Indemnified Tax, then (i) the sum payable
by the applicable Loan Party shall be increased as necessary so that after such deduction or
withholding has been made (including deductions and withholdings applicable to additional
sums payable under this Section 2-26), the Agent or the applicable Lender, as the case may be,
receives an amount equal to the sum it would have received had no such deduction or
withholding been made.
Article 3 - Conditions Precedent:
3-1. Generally. As a condition to the effectiveness of this Agreement, each of the
documents respectively described in Sections 3-2 through and including 3-5 (each in form and
substance reasonably satisfactory to the Agent) shall have been delivered to the Agent, and the
conditions respectively described in Sections 3-6 through and including 3-18, shall have been
satisfied:
3-2.

Corporate Due Diligence.

(a)
A Certificate of corporate good standing issued by the Secretary of State
of each State in which a Loan Party is organized.
(b)

Intentionally omitted.

(c)
A Certificate of each Loan Partys secretary of the due adoption,
continued effectiveness, and setting forth the texts of, each corporate resolution adopted in
connection with the establishment of the loan arrangement contemplated by the Loan Documents
and attesting to the true signatures of each Person authorized as a signatory to any of the Loan
Documents.
3-3. Opinion. An opinion of counsel to the Loan Parties in form and substance
reasonably satisfactory to the Agent.
3-4.

Additional Documents.

(a)
The Security Agreement, Guaranty Agreement and all other collateral
documents requested by Agent in form and substance reasonably acceptable to Agent.
(b)

A perfection certificate in form and substance reasonably acceptable to

Agent.
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(c)
The Intercreditor Agreement in form and substance reasonably acceptable
to the Borrower, Agent and the ABL Agent.
(d)
A deposit account control agreement by and among the Agent, the
Borrower and Bank of America, N.A., as the depositary bank, in form and substance satisfactory
to the Agent, covering the Term Loan Account.
(e)
An amendment to the ABL Credit Agreement in form and substance
reasonably satisfactory to the Agent.
(f)
The Sourcing Agreement in form and substance reasonably acceptable to
the Tranche B Lenders and the Borrower.
(g)
The Certificate of Designation in the form of EXHIBIT 1 hereto, shall
have been filed and accepted by the Secretary of State of the State of Delaware, and the
Certificate of Designation, as so filed and accepted, shall be in full force and effect.
(h)
Each of the Stock Purchase Agreement and the Investor Rights
Agreement, each in form and substance reasonably acceptable to the Tranche A Lenders and the
Borrower.
(i)
The Registration Rights Agreement in form and substance reasonably
acceptable to the Tranche A Lenders and the Borrower.
(j)
and the Borrower.

The Fee Letter in form and substance reasonably satisfactory to the Agent

(k)
Such additional instruments and documents as the Agent or its counsel
reasonably may require or request.
3-5. Officers Certificate. Certificate executed by the Chief Financial Officer of the
Borrower, satisfactory in form and substance to the Agent, and stating the following: (i) that the
representations and warranties made by the Loan Parties to the Agent and Lenders in the Loan
Documents are true and complete in all material respects as of the date of such Certificate,
except in the case of any representation and warranty qualified by materiality, they shall be true
and correct in all respects; (ii) that no event has occurred which is or which, solely with the
giving of notice or passage of time (or both) would be an Event of Default; (iii) attesting to the
Solvency of the Loan Parties as of the Effective Date after giving effect to the transactions
contemplated hereby; (iv) either (1) no consents, licenses or approvals are required in connection
with the execution, delivery and performance by the Loan Parties and the validity against any
such Loan Party of the Loan Documents to which it is a party, or (2) that all such consents,
licenses and approvals have been obtained and are in full force and effect; and (v) that the
Borrower has no other material outstanding indebtedness for borrowed money other than the
Term Loan Facilities and the indebtedness under the ABL Credit Agreement.
3-6. Representations and Warranties. Each of the representations made by or on
behalf of the Loan Parties in this Agreement or in any of the other Loan Documents or in any
other report, statement, document, or paper provided by or on behalf of a Loan Party shall be true
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and complete in all material respects as of the date as of which such representation or warranty
was made, except in the case of any representation and warranty qualified by materiality, they
shall be true and correct in all respects.
3-7. Borrowing Base Certificate. The Agent shall have received a copy of the
Borrowing Base Certificate most recently delivered to the ABL Agent prior to the Effective
Date.
3-8. All Fees and Expenses Paid. All fees due at or immediately after the funding of
the Term Loans and all costs and expenses reasonably incurred by the Agent in connection
herewith (including the reasonable fees and expenses of counsel to the Agent) shall have been
paid (to the extent then invoiced).
3-9. Financial Projections. The Agent shall have received and be satisfied with (i) a
detailed forecast prepared on a quarterly basis for the period commencing on the Effective Date
and ending on or about January 31, 2015 which shall include a liquidity model, a Consolidated
income statement, balance sheet, and statement of cash flow, by quarter, each prepared in
conformity with GAAP (but for the absence of footnotes and year-end adjustments) and
consistent with the Loan Parties then current practices, (ii) a detailed forecast prepared on an
annual basis for the period ending January 31, 2015 and for the next three fiscal years
immediately thereafter, which shall include a Consolidated income statement, balance sheet, and
statement of cash flow, by year, each prepared in