Interstate
Bakeries Corporation
Interstate Brands Corporation
12 East Armour Boulevard
Kansas City, MO 64111
Attention: Mr. Randall Vance, Chief Financial
Officer
Interstate Bakeries
Corporation
Interstate Brands Corporation
$125,000,000 Senior Secured Revolving Credit Facility
Commitment Letter
You (the
“ Borrowers ”) have advised each of General
Electric Capital Corporation (“ GE Capital ”)
and GE
Capital Markets, Inc. (“ GECM ” and, together
with GE Capital, the “ Commitment Parties ,”
“ we ” or “ us ”) that IBC
Investors I, LLC (“ Holdings ”), an entity
formed by one or more affiliates of Ripplewood Holdings L.L.C.
(Ripplewood Holdings L.L.C., together with its affiliates, “
Sponsor ”), intends to acquire (the “
Acquisition ” or the “ Transaction
”) stock of Interstate Bakeries Corporation (the “
Company ” and together with its subsidiaries, the
“ Acquired Business ”), a debtor and
debtor-in-possession under Chapter 11 (“
Chapter 11 ”) of title 11 of the United States
Code (as amended, the “ Bankruptcy Code ”)
intended to be reorganized pursuant to a Chapter 11 plan of
reorganization (the “ Plan ”). You have further
advised us that, in connection with the consummation of the Plan,
you are seeking to obtain a working capital senior secured
revolving credit facility in an amount of $125,000,000 (the “
Revolving Credit Facility ”). You have further advised
us that Holdings intends to provide not less than $130,000,000 in
cash financing to the Company, of which $44,200,000 shall be common
equity and $85,800,000 shall be Convertible Debt (as defined
below). In connection with the consummation of the Plan, you also
have advised us that the Borrowers also intend to obtain certain
other financing facilities consisting of (a) senior secured
term loans in an aggregate principal amount of $339,150,000 (the
“ Term Loan Facility ”), (b) senior secured
third-lien term loans in an aggregate principal amount of
$147,300,000 (the “ Third-Lien Debt ”) and
(c) senior secured fourth-lien convertible debt in an
aggregate principal amount (including the $85,800,000 to be
provided by Holdings as referenced above) of $171,600,000 (the
“ Convertible Debt ” and together with the Term
Loan Facility and the Third-Lien Debt, collectively, the “
Cash Flow Facilities ”).
In connection
with the Transaction, GE Capital (in such capacity, the “
Initial Lender ”) is pleased to advise you of its
commitment to underwrite and provide, directly or through an
affiliate, the Revolving Credit Facility and to act as the sole
administrative agent and the sole collateral agent for the
Revolving Credit Facility, all upon and subject to the general
terms and conditions set forth herein, in the Summary of Terms
attached hereto as Exhibit A and incorporated herein by
reference (the “ Term Sheet ” and together with
this letter, this “ Commitment Letter ”) and in
the Fee Letter (as defined below). GECM (in such capacity the
“ Lead Arranger ”) is pleased to agree to act as
the sole lead arranger for the Revolving Credit Facility and
book-running manager for the Revolving Credit Facility. Capitalized
terms used in the text of this Commitment Letter without definition
have the meanings assigned to such terms in the Term
Sheet.
The Initial
Lender intends and reserves the right, prior to and after the
execution of the Revolving Credit Facility Documentation (as
defined below), to syndicate all or a portion of its commitments
under this Commitment Letter or its loans and commitments under the
Revolving Credit Facility Documentation, as the case may be, to one
or more banks, financial institutions or other institutional
lenders reasonably acceptable to you pursuant to a syndication to
be managed by GECM (the Initial Lender and such financial
institutions becoming parties to such Revolving Credit Facility
Documentation being collectively referred to as the “
Lenders ”). The syndication of all or a portion of the
Initial Lender’s commitments under this Commitment Letter
and/or its loans and commitments under the Revolving Credit
Facility is hereinafter referred to as the “ Primary
Syndication .” Any assignments of the Initial
Lender’s commitments under this Commitment Letter or its
loans and commitments under the Revolving Credit Facility entered
into to complete the Primary Syndication shall not be subject to
the minimum amounts and fee provisions set forth in the assignment
provisions of either this Commitment Letter or the Revolving Credit
Facility Documentation. Each of the Commitment Parties acknowledges
and agrees that its commitment hereunder is not conditioned upon a
successful syndication.
The Lead
Arranger will commence the Primary Syndication promptly after your
acceptance of this Commitment Letter and the Fee Letter (as defined
below), subject to the Company’s preparation, completion and
filing of a disclosure statement, in form and substance reasonably
acceptable to the Commitment Parties. It is understood and agreed
that GECM will, in consultation with you, manage and control all
aspects of the Primary Syndication, including selection of
prospective Lenders reasonably acceptable to you, determination of
when the Lead Arranger will approach prospective Lenders and the
time of acceptance of Lenders’ commitments, any naming
rights, titles or roles to be awarded to Lenders, and the final
allocations of the commitments among Lenders. It is further
understood and agreed that (i) no additional agents, arrangers
or book-running managers shall be appointed, or other titles, names
or roles conferred to any Lender or any other person or entity, by
you in respect of the Revolving Credit Facility, (ii) the
amount and distribution of fees among the Lenders will be at the
Lead Arranger’s discretion and (iii) no Lender will be
offered by, or receive from, you compensation of any kind for its
participation in the Revolving Credit Facility, except as expressly
provided for in this Commitment Letter or the Fee Letter or with
the prior written consent of GECM.
You agree to
use commercially reasonable efforts to take all actions that the
Lead Arranger may reasonably request to actively assist and
cooperate (and use your commercially reasonable efforts to cause
Holdings, Sponsor and their respective representatives and advisors
to assist and cooperate) with the Lead Arranger in connection with
the Primary Syndication. Such assistance shall include, without
limitation (a) promptly preparing and providing to the Lead
Arranger, to the extent reasonably available, all information with
respect to Holdings, the Acquired Business, the Transaction and the
other transactions contemplated hereby, including financial
information and projections to be provided jointly by the Borrowers
and the Sponsor in connection with the Plan (the “
Projections ”) and copies of due diligence, accounting
or similar reports or memoranda prepared at your direction or the
direction of Sponsor by legal, accounting, tax, environmental or
other advisors in connection with the Transaction (in each case
subject to non-disclosure and non-reliance letters to the extent
required by such advisors), in each case, as the Lead Arranger may
reasonably deem necessary to complete the Primary Syndication,
(b) participating and using commercially reasonable efforts to
cause Holdings to participate in meetings with prospective Lenders
and other relevant meetings, (c) providing (or, in the case of
Holdings or Sponsor, using commercially reasonable efforts to
provide) direct contact during the Primary Syndication between
Holdings’, Sponsor’s and the Acquired Business’
senior management, representatives and advisors, on the one hand,
and prospective Lenders, on the other hand, and (d) using your
commercially reasonable efforts to ensure that the Lead
Arranger’s syndication efforts benefit from Holdings’,
Sponsor’s and the Acquired Business’ existing financial
and banking relationships.
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At GECM’s
request, you agree to assist (and use your commercially reasonable
efforts to cause Holdings to assist) in the preparation of
confidential information memoranda, presentations and other
Evaluation Material (as defined below) regarding Holdings, the
Acquired Business and their respective subsidiaries and the
Revolving Credit Facility to be used in connection with the Primary
Syndication and to confirm (and to use commercially reasonable
efforts to cause Holdings to confirm), prior to such materials
being made available to prospective Lenders, the accuracy in all
material respects of such materials when taken as a whole. The
Evaluation Material shall include a version of the confidential
information memorandum, presentation and other information
materials consisting exclusively of information that is either
publicly available with respect to Holdings, the Acquired Business
and their respective subsidiaries, or that is not material with
respect to Holdings, the Acquired Business and their respective
securities for purposes of U.S. federal and state securities laws.
You also hereby agree that you will (a) identify in writing
(and cause Holdings to identify in writing) and (b) clearly
and conspicuously mark such Evaluation Material that does not
contain any such material non-public information referred to in the
prior sentence as “PUBLIC”. You hereby agree that by
identifying such Evaluation Material pursuant to clause (a) of
the preceding sentence and marking Evaluation Material as
“PUBLIC” pursuant to clause (b) of the preceding
sentence and/or publicly filing any Evaluation Material with the
Securities and Exchange Commission, then the Commitment Parties,
Lenders and prospective Lenders shall be entitled to treat such
Evaluation Material as not containing any material non-public
information with respect to Holdings, the Acquired Business and
their respective subsidiaries and parent companies for purposes of
U.S. federal and state securities laws. You further acknowledge and
agree that the following documents and materials shall be deemed to
be PUBLIC, whether or not so marked, and do not contain any
material non-public information: term sheets with respect to the
Revolving Credit Facility and the Transaction, and administrative
materials of a customary nature prepared by the Commitment Parties
for prospective Lenders, such as a lender meeting invitation, bank
allocation, if any, and funding and closing memorandum. Before
distribution of any Evaluation Material, you agree (or agree to use
commercially reasonable efforts to cause Holdings) to execute and
deliver to us a letter in which you authorize distribution of the
Evaluation Material to prospective Lenders and their employees
willing to receive material non-public information, and a separate
letter in which you authorize distribution of Evaluation Material
that does not contain material non-public information and represent
that no material non-public information is contained
therein.
Until the
earlier of (a) the completion of the Primary Syndication (as
determined by GECM in its discretion) and (b) the 45th day
following the Closing Date, the Acquired Business shall not (and
you shall use commercially reasonable efforts to cause Holdings not
to), without the prior written consent of GECM, offer, issue,
place, syndicate or arrange any debt securities or debt facilities
(including any renewals, restatements, restructuring or
refinancings of any existing debt securities or debt facilities
other than the Cash Flow Facilities and those expressly
contemplated by the Plan, attempt or agree to do any of the
foregoing, announce or authorize the announcement of any of the
foregoing, or engage in discussion concerning any of the
foregoing.
You hereby
represent and covenant (and it is a condition to the Initial
Lender’s commitment hereunder) that to your knowledge
(a) all information other than the Projections and general
economic or specific industry information developed by, and
obtained from, third-party sources (the “ Information
”) that has been or will be made available to the Commitment
Parties and/or the Lenders by Holdings, Sponsor, the Acquired
Business or any of your or their respective affiliates or
representatives, when taken as a whole, is or will be, when
furnished, correct in all material respects and does not or will
not, when furnished, contain any untrue statement of a material
fact or omit to state a material fact necessary in order to make
the statements contained therein not materially misleading in light
of the circumstances under which such
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statements are
made and (b) the Projections that have been or will be made
available to the Commitment Parties by Holdings, Sponsor, the
Acquired Business or any of your or their respective affiliates or
representatives have been or will be prepared in good faith based
upon assumptions that are believed to be reasonable at the time
made (it being understood and agreed that financial projections are
not a guarantee of financial performance and actual results may
differ from financial projections and such differences may be
material). You agree that if at any time prior to the closing of
the Revolving Credit Facility any of the representations in the
preceding sentence would be incorrect if the Information or
Projections were being furnished, and such representations were
being made, at such time, then you will promptly supplement the
Information or the Projections, as the case may be, so that such
representations will be correct in all material respects under
those circumstances. You understand that in arranging and
syndicating the Revolving Credit Facility the Lead Arranger may use
and rely on the Information and Projections without independent
verification thereof.
You hereby
authorize and agree, on behalf of Holdings, Sponsor, the Acquired
Business and your and their respective affiliates, that the
Information, the Projections and all other information provided by
or on behalf of Holdings, Sponsor, the Acquired Business and your
and their respective affiliates to the Commitment Parties regarding
Holdings, Sponsor, the Acquired Business and their respective
affiliates, the Transaction and the other transactions contemplated
hereby in connection with the Revolving Credit Facility
(collectively, “ Evaluation Material ”) may be
disseminated by or on behalf of the Commitment Parties, and made
available, to prospective Lenders and other persons, who have
agreed to be bound by customary confidentiality undertakings
(including, “click-through” agreements), all in
accordance with the Lead Arranger’s standard loan syndication
practices (whether transmitted electronically by means of a
website, e-mail or otherwise, or made available orally or in
writing, including at prospective Lender or other meetings). You
hereby further authorize the Lead Arranger to download copies of
Holdings’, Sponsor’s and the Acquired Business’
logos from their respective websites and post copies thereof on an
Intralinks ® or similar workspace and use such logos on any
confidential information memoranda, presentations and other
marketing and materials prepared in connection with the Primary
Syndication.
As
consideration for the Commitment Parties’ agreements
hereunder you agree to pay (or to cause to be paid) to the Initial
Lender, the Lead Arranger and such other specified parties, if any,
the fees as set forth in the Term Sheet and in the Fee Letter dated
the date hereof and delivered herewith with respect to the
Revolving Credit Facility (the “ Fee Letter
”).
The commitment
and agreements of the Initial Lender hereunder, and the agreements
of the Lead Arranger to provide the services described herein, are
subject to the following: (a) the execution and delivery of
definitive documentation for the Revolving Credit Facility (such
documentation, including without limitation, the Intercreditor
Agreement, is collectively referred to as the “ Revolving
Credit Facility Documentation ”) consistent with the Term
Sheet and otherwise reasonably acceptable to the Initial Lender,
(b) the Initial Lender not becoming aware after the date
hereof of any information not previously disclosed to the Initial
Lender affecting Holdings, the Acquired Business or their
respective subsidiaries or the Transaction that in the Initial
Lender’s judgment is inconsistent in a material and adverse
manner with any such information disclosed to the Initial Lender
prior to the date hereof, (c) the Lead Arranger having been
afforded a period of at least 45 days following the general
launch of the Primary Syndication (which shall not be earlier than
the date of the initial bank meeting) and immediately prior to the
date of closing of the Revolving Credit Facility to complete the
Primary Syndication (provided that such period shall not include
any day from and including (i) November 26, 2008 through
and November 30, 2008, or (ii) December 20, 2008 through
and including January 4, 2009) and (d) the
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other
conditions set forth in the Term Sheet and your compliance in all
material respects with the terms and provisions of this Commitment
Letter and the Fee Letter. Those matters with respect to the
Revolving Credit Facility that are not covered by the provisions
hereof or the Term Sheet shall be consistent with the Term Sheet
and shall be subject to approval and agreement by the Commitment
Parties and you, it being agreed that there shall be no conditions
to closing or the initial funding of the Revolving Credit Facility,
representations, warranties, covenants or events of default other
than those expressly set forth in this Commitment Letter and the
Term Sheet.
By signing this
Commitment Letter, regardless of whether the Revolving Credit
Facility closes, you agree to
pay (or cause to be paid) to the Commitment Parties all reasonable
out-of-pocket fees and expenses (including, but not limited to, all
reasonable costs and fees of a single external legal counsel for GE
Capital and GECM, plus if necessary one local counsel in each
applicable jurisdiction, environmental consultants, appraisers,
auditors and other consultants and advisors, due diligence reports,
recording and transfer fees and taxes, title charges and survey
costs) incurred by them in connection with this Commitment Letter,
the Fee Letter, the Transaction, the Revolving Credit Facility and
the transactions contemplated hereby (and the negotiation,
documentation, closing and syndication thereof)
The Commitment
Parties are delivering this Commitment Letter to you with the
understanding that you will not disclose the existence or contents
of this Commitment Letter, the Fee Letter or the Commitment
Parties’ involvement with or the Initial Lender’s
commitment to provide or the Lead Arranger’s agreement to
arrange the Revolving Credit Facility to any third party
(including, without limitation, any financial institution or
intermediary) without the Initial Lender’s prior written
consent other than (a) to the officers, directors, employees,
accountants, attorneys and other advisors of Sponsor, Holdings, the
Company and then only on a confidential and “need to
know” basis in connection with the transactions contemplated
hereby, (b) as may be compelled in a judicial or
administrative proceeding or as otherwise required by law,
provided that to the extent it is necessary to disclose the
Fee Letter or a summary of the terms thereof, you agree to take
such reasonable actions as necessary to prevent the Fee Letter from
becoming publicly available in such judicial or administrative
proceeding, or (c) other than the Fee Letter, after prior
written notice of such intended recipient to the Commitment Parties
and then only on a confidential and “need to know”
basis in connection with the transactions contemplated hereby, to
(i) the officers, directors, employees, accountants, attorneys
and other advisors of the lenders and potential lenders under the
Cash Flow Facilities, (ii) the Official Committee of Unsecured
Creditors for the Chapter 11 cases of the Acquired Business
and their professionals, (iii) the Official Committee of
Equity Security Holders for the Chapter 11 cases of the
Acquired Business and their professionals, (iv) the Committee
of Pre-Petition Senior Secured Lenders for the Chapter 11
cases of the Acquired Business and their professionals, or
(v) the lenders providing the debtor in possession financing
facility to the Acquired Business in connection with the
Chapter 11 cases and their professionals. Notwithstanding the
foregoing, you may disclose this Commitment Letter or a summary of
the terms thereof and a summary of the terms of the Fee Letter
(other than fee amounts), to the bankruptcy court (the “
Bankruptcy Court ”) administering the Chapter 11
cases of the Acquired Business and in any disclosure statement
filed in connection with such Chapter 11 cases,
provided that to the extent it is necessary to disclose the
Fee Letter or a summary of the terms thereof to the Bankruptcy
Court, any statutory committee appointed in such Chapter 11
cases and the applicable U.S. Trustee for purposes of obtaining
approval to pay any fees provided for therein or otherwise, you
agree to take such reasonable actions as necessary to prevent the
Fee Letter from becoming publicly available, including, without
limitation, the filing of a motion or an ex parte request pursuant
to Sections 105(a) and 107(b) of the Bankruptcy Code and Bankruptcy
Rule 9018 seeking an order of the Bankruptcy Court authorizing
you to file the Fee Letter under seal (it being
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understood that
the issuance of such order will be subject to the approval of the
Bankruptcy Court). You agree to inform all such persons who receive
information concerning the Commitment Parties, this Commitment
Letter or the Fee Letter that such information is confidential and
may not be used for any purpose other than in connection with the
Transaction and may not be disclosed to any other person. The
Commitment Parties agree on behalf of themselves and each of their
affiliates to use all non-public information provided to them by or
on behalf of Sponsor, Holdings, the Acquired Business or their
subsidiaries solely for the purpose of providing the services which
are the subject of this Commitment Letter and to treat
confidentially such information in accordance with their customary
banking practices. The provisions of this paragraph shall survive
any termination or completion of the financing provided by this
Commitment Letter.
Regardless of
whether the Revolving Credit Facility closes, you agree to
(a) indemnify, defend and hold each of the Commitment Parties,
each Initial Lender, and their respective affiliates and the
principals, directors, officers, employees, representatives, agents
and third party advisors of each of them (each, an “
Indemnified Person ”), harmless from and against all
losses, disputes, claims, damages, liabilities and related
reasonable out-of-pocket expenses (including, but not limited to,
reasonable attorneys’ fees) which may be incurred by, or
asserted against, any such Indemnified Person in connection with,
arising out of, or relating to, this Commitment Letter, the Fee
Letter, the Revolving Credit Facility, the use or the proposed use
of the proceeds thereof, the Transaction, any other transaction
contemplated by this Commitment Letter, any other transaction
related thereto and any claim, litigation, investigation or
proceeding relating to any of the foregoing (each, a “
Claim ”, and collectively, the “ Claims
”), regardless of whether such Indemnified Person is a party
thereto, and (b) reimburse each Indemnified Person for all
reasonable out-of-pocket legal and other expenses incurred by it in
connection with investigating, preparing to defend or defending, or
providing evidence in or preparing to serve or serving as a witness
with respect to, any lawsuit, investigation, claim or other
proceeding relating to any of the foregoing (each, an “
Expense ”); provided that no Indemnified Person
shall be entitled to indemnity hereunder in respect of any Claim or
Expense to the extent that the same is found by a final,
non-appealable judgment of a court of competent jurisdiction to
have resulted from the gross negligence or willful misconduct of
such Indemnified Person or any of its affiliates or any of their
respective principals, directors, officers, employees,
representatives, agents or third party advisors. Under no
circumstances shall the Commitment Parties or any of their
respective affiliates be liable to you for any punitive, exemplary,
consequential or indirect damages that may be alleged to result in
connection with, arising out of, or relating to, any Claims, this
Commitment Letter, the Fee Letter, the Revolving Credit Facility,
the use or the proposed use of the proceeds thereof, the
Transaction, any other transaction contemplated by this Commitment
Letter and any other transaction related thereto. Furthermore, you
hereby acknowledge and agree that the use of electronic
transmission is not necessarily secure and that there are risks
associated with such use, including risks of interception,
disclosure and abuse. You agree to assume and accept such risks by
hereby authorizing the transmission of electronic transmissions,
and you agree that each of the Commitment Parties or any of their
respective affiliates will not have any liability for any damages
arising from the use of such electronic transmission systems. If an
Indemnified Person shall be indemnified in respect of any Claim or
Expense and such Claim or Expense is found by a final,
non-appealable judgment of a court of competent jurisdiction to
have resulted from the gross negligence or willful misconduct of
such Indemnified Person or any of its affiliates or any of their
respective principals, directors, officers, employees,
representatives, agents or third party advisors, then such
Indemnified Person shall refund all amounts received by it in
respect of such indemnification in excess of those to which it
shall have been entitled under the terms of this
paragraph.
Sharing
Information; Absence of Fiduciary Relationship
.
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You acknowledge
that the Commitment Parties and their affiliates may be providing
debt financing, equity capital or other services to other companies
in respect of which you may have conflicting interests regarding
the transactions described herein and otherwise. None of the
Commitment Parties or any of their respective affiliates will
furnish confidential information obtained from you, Holdings,
Sponsor, the Acquired Business and your and their respective
officers, directors, employees, attorneys, accountants or other
advisors by virtue of the transactions contemplated by this
Commitment Letter or its other relationships with you to other
companies. You also acknowledge that none of the Commitment Parties
or any of their respective affiliates has any obligation to use in
connection with the transactions contemplated by this Commitment
Letter, or furnish to you, Holdings, Sponsor, the Acquired Business
and your and their respective officers, directors, employees,
attorneys, accountants or other advisors, confidential information
obtained by the Commitment Parties or any of their respective
affiliates from other companies.
You further
acknowledge and agree that (a) no fiduciary, advisory or
agency relationship between you, on the one hand, and or any of the
Commitment Parties, on the other hand, has been or will be created
in respect of any of the transactions contemplated by this
Commitment Letter, irrespective of whether the Commitment Parties
and/or their respective affiliates have advised or are advising you
on other matters and (b) you will not bring or otherwise
assert any claim against any of the Commitment Parties for breach
of fiduciary duty or alleged breach of fiduciary duty in respect of
any of the transactions contemplated by this Commitment
Letter.
Assignments and Amendments
.
This Commitment
Letter shall not be assignable by you without the prior written
consent of us (and any purported assignment without such consent
shall be null and void), such consent not to be unreasonably
withheld in connection with any assignment to an affiliate of
Holdings, and is intended to be solely for the benefit of the
parties hereto and is not intended to confer any benefits upon, or
create any rights in favor of, any person other than the parties
hereto, Holdings and the Indemnified Persons. The Initial Lender
may transfer and assign its commitment hereunder, in whole or in
part, to any of its affiliates or to any prospective Lender
reasonably acceptable to you in connection with the Primary
Syndication or otherwise, provided that no such assignment
shall release the Initial Lender from its obligation to fund its
commitment hereunder.
This Commitment
Letter may not be amended or waived except by an instrument in
writing signed by you and us. The Commitment Parties may perform
the duties and activities described hereunder through any of their
respective affiliates and the provisions of the paragraph entitled
“Indemnity” shall apply with equal force and effect to
any of such affiliates so performing any such duties or
activities.
Counterparts and Governing Law
.
This Commitment
Letter may be executed in counterparts, each of which shall be
deemed an original and all of which counterparts shall constitute
one and the same document. Delivery of an executed signature page
of this Commitment Letter by facsimile or electronic (including
“PDF”) transmission shall be effective as delivery of a
manually executed counterpart hereof.
The laws of the
State of New York shall govern all matters arising out of, in
connection with or relating to this Commitment Letter, including,
without limitation, its validity, interpretation, construction,
performance and enforcement.
Venue and
Submission to Jurisdiction .
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You consent to
the exclusive jurisdiction and venue of the Bankruptcy Court, and
in the event that the Bankruptcy Court declines to exercise
jurisdiction or there is reason to believe that it would decline to
exercise jurisdiction, to the exclusive jurisdiction and venue of
the state or federal courts located in the City of New York to hear
and determine any claims or disputes between or among any of the
parties hereto pertaining to this Commitment Letter, the Fee
Letter, any transaction relating hereto or thereto, any other
financing related thereto, and any investigation, litigation, or
proceeding in connection with, related to or arising out of any
such matters, provided , that you acknowledge that any
appeal from those courts may have to be heard by a court located
outside of such jurisdiction. You expressly submit and consent in
advance to such jurisdiction in any action or suit commenced in any
such court, and hereby waive any objection, which either of them
may have based upon lack of personal jurisdiction, improper venue
or inconvenient forum.
THE PARTIES
HERETO, TO THE EXTENT PERMITTED BY LAW, WAIVE ALL RIGHT TO TRIAL BY
JURY IN ANY ACTION, SUIT, OR PROCEEDING ARISING OUT OF, IN
CONNECTION WITH OR RELATING TO, THIS COMMITMENT LETTER, THE FEE
LETTER, THE REVOLVING CREDIT FACILITY AND ANY OTHER TRANSACTION
CONTEMPLATED HEREBY. THIS WAIVER APPLIES TO ANY ACTION, SUIT OR
PROCEEDING WHETHER SOUNDING IN TORT, CONTRACT OR
OTHERWISE.
The provisions
of this letter set forth under this heading and the headings
“Syndication”, “Information”,
“Expenses”, “Confidentiality”,
“Indemnity”, “Assignments and Amendments”,
“Counterparts and Governing Law”, “Venue and
Submission to Jurisdiction” and “Waiver of Jury
Trial” shall survive the termination or expiration
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