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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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Exhibit B

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Prepetition ABL Credit Agreement Pg 3 of 431

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Exhibit B -

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Prepetition ABL Credit Agreement Pg 112 of 431

Exhibit B -

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Prepetition ABL Credit Agreement Pg 113 of 431

Exhibit B -

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Prepetition ABL Credit Agreement Pg 114 of 431

Exhibit B -

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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 -

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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

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Prepetition ABL Credit Agreement Pg 121 of 431

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Prepetition ABL Credit Agreement Pg 122 of 431

Exhibit B -

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Prepetition ABL Credit Agreement Pg 123 of 431

Exhibit B -

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Prepetition ABL Credit Agreement Pg 124 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 125 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 126 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 127 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 128 of 431

Exhibit B -

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Prepetition ABL Credit Agreement Pg 129 of 431

Exhibit B -

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Prepetition ABL Credit Agreement Pg 130 of 431

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Prepetition ABL Credit Agreement Pg 131 of 431

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Prepetition ABL Credit Agreement Pg 132 of 431

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Prepetition ABL Credit Agreement Pg 133 of 431

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Prepetition ABL Credit Agreement Pg 134 of 431

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Prepetition ABL Credit Agreement Pg 135 of 431

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Prepetition ABL Credit Agreement Pg 136 of 431

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Prepetition ABL Credit Agreement Pg 137 of 431

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Prepetition ABL Credit Agreement Pg 138 of 431

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Prepetition ABL Credit Agreement Pg 139 of 431

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Prepetition ABL Credit Agreement Pg 140 of 431

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Prepetition ABL Credit Agreement Pg 141 of 431

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Prepetition ABL Credit Agreement Pg 142 of 431

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Prepetition ABL Credit Agreement Pg 143 of 431

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Prepetition ABL Credit Agreement Pg 144 of 431

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Prepetition ABL Credit Agreement Pg 145 of 431

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Prepetition ABL Credit Agreement Pg 146 of 431

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Prepetition ABL Credit Agreement Pg 147 of 431

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Prepetition ABL Credit Agreement Pg 148 of 431

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Prepetition ABL Credit Agreement Pg 149 of 431

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Prepetition ABL Credit Agreement Pg 150 of 431

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Prepetition ABL Credit Agreement Pg 151 of 431

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Prepetition ABL Credit Agreement Pg 152 of 431

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Prepetition ABL Credit Agreement Pg 176 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 177 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 178 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 179 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 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

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

Prepetition ABL Credit Agreement Pg 182 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 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 -

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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

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Prepetition ABL Credit Agreement Pg 189 of 431

Exhibit B -

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Prepetition ABL Credit Agreement Pg 190 of 431

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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
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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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Prepetition ABL Credit Agreement Pg 195 of 431

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Prepetition ABL Credit Agreement Pg 196 of 431

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Prepetition ABL Credit Agreement Pg 197 of 431

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Prepetition ABL Credit Agreement Pg 198 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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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 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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1, 7  %C&&&C>%*C%)))

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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

1 

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

Prepetition ABL Credit Agreement Pg 296 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 297 of 431

GGGGGGE*&(
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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03

Prepetition ABL Credit Agreement Pg 298 of 431

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

Prepetition ABL Credit Agreement Pg 300 of 431



 2:

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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

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

Prepetition ABL Credit Agreement Pg 306 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 307 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 308 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 309 of 431

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Prepetition ABL Credit Agreement Pg 310 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 311 of 431

8// 

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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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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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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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Prepetition ABL Credit Agreement Pg 315 of 431

GGGGGGE>%*
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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



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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

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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

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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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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

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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

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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

8 5 2:

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

Prepetition ABL Credit Agreement Pg 331 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 332 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 333 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 334 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 335 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 336 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 337 of 431

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Prepetition ABL Credit Agreement Pg 338 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 339 of 431
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GGGGG<D>(
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%&)
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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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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03

Prepetition ABL Credit Agreement Pg 342 of 431



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Prepetition ABL Credit Agreement Pg 343 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 344 of 431

GGG%)&DE
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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03

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GGGGGGE>)&
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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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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03

Prepetition ABL Credit Agreement Pg 347 of 431


2 2:

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

Prepetition ABL Credit Agreement Pg 348 of 431

2: $ 

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

Prepetition ABL Credit Agreement Pg 349 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 350 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 351 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 352 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 353 of 431

Exhibit B -

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Prepetition ABL Credit Agreement Pg 354 of 431

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

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

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

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Prepetition ABL Credit Agreement Pg 356 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 357 of 431

(J(&J()%(

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

Prepetition ABL Credit Agreement Pg 358 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 359 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 360 of 431



2: $ 

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

Prepetition ABL Credit Agreement Pg 361 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 362 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 363 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 364 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 365 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 366 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 367 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 368 of 431

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Prepetition ABL Credit Agreement Pg 369 of 431

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Prepetition ABL Credit Agreement Pg 371 of 431

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Prepetition ABL Credit Agreement Pg 372 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 373 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 374 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 375 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 376 of 431

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Prepetition ABL Credit Agreement Pg 377 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 378 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 379 of 431



21 

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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

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

Prepetition ABL Credit Agreement Pg 381 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 382 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 383 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 384 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 385 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 386 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 387 of 431

F- 7  

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

Prepetition ABL Credit Agreement Pg 389 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 390 of 431

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

Prepetition ABL Credit Agreement Pg 393 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 394 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 395 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 396 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 397 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 398 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 399 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 400 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 401 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 402 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 403 of 431

GGGGGG)&HE
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Doc 4-2 Filed 05/04/16 Entered 05/04/16 02:17:03

Prepetition ABL Credit Agreement Pg 404 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 405 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 406 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 407 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 408 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 409 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 410 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 411 of 431



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Prepetition ABL Credit Agreement Pg 413 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 415 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 416 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 417 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 418 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 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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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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Prepetition ABL Credit Agreement Pg 424 of 431



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Prepetition ABL Credit Agreement Pg 425 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 427 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
ii

CHI:2816747.16

16-11275

4-37.
4-38.

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

Prepetition Term Loan Agreement Pg 5 of 236

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

CHI:2816747.16

16-11275

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.

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

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

CHI:2816747.16

16-11275

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

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

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

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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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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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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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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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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.

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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
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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.

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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)
any jurisdiction.

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Exhibit C -

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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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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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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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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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 conformity with GAAP (but for the absence of
footnotes and year-end adjustments) and consistent with the Loan Parties then current practices
and (iii) such other information (financial or otherwise) reasonably requested by the Agent.
3-10. Borrowers Assets. The Agent shall have received such reports, material and
other information concerning the Loan Parties inventory and the Loan Parties suppliers as shall
reasonably satisfy the Agent in its sole discretion.
3-11. Lien Search. The Agent shall have received results of searches or other evidence
satisfactory to the Agent (in each case dated as of a date reasonably satisfactory to the Agent)
indicating the absence of liens on the assets of the Loan Parties, except for Permitted
Encumbrances and liens for which termination statements and releases reasonably satisfactory to
the Agent are being tendered concurrently with the making of the Term Loans.
3-12. Perfection of Collateral. The Agent shall have filed all such financing statements
and given all such notices as may be necessary for the Agent to perfect its security interest in
such of the Collateral as to which the Agent determines to perfect its security interests and to
assure its first priority status in the Term Priority Collateral and second priority status in the ABL
Priority Collateral (subject only, in each case, to Permitted Encumbrances having priority under
applicable Requirements of Law).
3-13. Insurance. The Agent shall be reasonably satisfied with the Loan Parties
insurance arrangements and shall have received all documentation requested in connection with
such insurance including, documentation naming the Agent as loss payee (as its interests may
appear) or additional insured, as applicable, under each policy.
3-14. No Suspension Event. No Suspension Event shall then exist.
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3-15. No Adverse Change. No event shall have occurred or failed to occur since
February 1, 2014, which occurrence or failure reasonably would be expected to have a Material
Adverse Effect.
3-16. Execution and Delivery of Agreement. This Agreement shall have been duly
executed and delivered by the parties hereto, and shall be in full force and effect and shall be in
form and substance satisfactory to the Agent.
3-17. Series B Convertible Preferred Stock. Concurrently with the closing of the
transactions contemplated hereby, the Tranche A Lenders will have been issued 1,000 shares of
the Series B Convertible Preferred Stock.
3-18. Patriot Act. The Agent and the Lenders shall have received all documentation
and other information required by regulatory authorities under applicable know your customer
and anti-money laundering rules and regulations, including without limitation the Patriot Act to
the extent reasonably requested at least 5 days in advance of the Effective Date.
3-19. Designated Interest. The Borrower shall have prepaid the Designated Interest,
which prepayment shall take the form of an original issue discount to the Tranche A Term Loans
funded on the Effective Date.
Article 4 - General Representations, Covenants and Warranties:
To induce the Agent and each Lender to establish the loan arrangement contemplated herein and
to make the Term Loans (each of which loans shall be deemed to have been made in reliance
thereupon), the Borrower, in addition to all other representations, warranties, and covenants
made by the Borrower in any other Loan Document, makes those representations, warranties,
and covenants included in this Agreement.
4-1. Payment and Performance of Liabilities. The Borrower shall pay each Liability
when due (or when demanded if payable on demand) and shall promptly, punctually, and
faithfully perform each other Liability.
4-2.

Due Organization Corporate Authorization No Conflicts.

(a)
Each Loan Party presently is and shall hereafter remain in good standing
in its State of organization and each is and shall hereafter remain duly qualified and in good
standing in every other State in which, by reason of the nature or location of the Loan Parties
assets or operation of the Loan Parties business, such qualification is necessary, except where
the failure to so qualify would not have a Material Adverse Effect.
(b)
Each Related Entity as of the Effective Date is listed on EXHIBIT 4-2,
annexed hereto. Each Subsidiary is and shall hereafter remain in good standing in the State in
which incorporated and is and shall hereafter remain duly qualified in which other State in
which, by reason of that entitys assets or the operation of such entitys business, such
qualification may be necessary, except where the failure to so qualify would not reasonably be
expected to have a Material Adverse Effect. The Borrower shall provide the Agent with prior
written notice of any entitys becoming or ceasing to be a Related Entity.
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(c)
No Loan Party shall change its State of incorporation or its taxpayer
identification number without the prior consent of the Agent.
(d)
Each Loan Party has all requisite corporate power and authority to execute
and deliver all Loan Documents to which such Loan Party is a party and has and will hereafter
retain all requisite corporate power to perform all Liabilities.
(e)
The execution and delivery by the Loan Parties of each Loan Document to
which it is a party; the Loan Parties consummation of the transactions contemplated by such
Loan Documents (including, without limitation, the creation of security interests by the Loan
Parties as contemplated hereby); each Loan Partys performance under those of the Loan
Documents to which it is a party; the borrowings hereunder; and the use of the proceeds thereof:
(i)

Have been duly authorized by all necessary corporate action.

(ii)
Do not, and will not, contravene in any material respect any
provision of any (A) Requirement of Law, (B) Material Indebtedness, or (C) the
organizational documents of such Loan Party.
(iii) Will not result in the creation or imposition of, or the obligation to
create or impose, any Encumbrance upon any assets of a Loan Party pursuant to any
Requirement of Law or obligation, except pursuant to the Loan Documents.
(f)
The Loan Documents have been duly executed and delivered by each
Loan Party and are the legal, valid and binding obligations of the Loan Parties enforceable
against the Loan Parties in accordance with their respective terms, except as enforceability may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium and similar laws of
general application relating to or affecting the rights and remedies of creditors generally and
except as the remedy of specific performance or injunctive relief is subject to the discretion of
the court before which any proceeding therefor may be brought.
4-3.

Trade Names.
(a)

EXHIBIT 4-3, annexed hereto, is a listing of:

(i)
All names under which the Loan Parties conducted their business
within the past five (5) years.
(ii)
All entities and/or persons with whom the Loan Parties
consolidated or merged within the past five (5) years, or from whom the Loan Parties,
within the past five (5) years, acquired in a single transaction or in a series of related
transactions substantially all of such entitys or persons assets.
(b)
No Loan Party will change its name or conduct its business under any
name not listed on EXHIBIT 4-3 except (i) upon not less than twenty-one (21) days prior
written notice (with reasonable particularity) to the Agent and (ii) in compliance with all other
provisions of this Agreement.

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Intellectual Property.

(a)
EXHIBIT 4-4, annexed hereto, is a listing of (i) all Patents and
Trademarks that have been registered by the Loan Parties in the United States Patent and
Trademark Office or any similar governmental authority in the United States (including, without
limitation, in any state or other political subdivision thereof), (ii) all Copyrights that have been
registered by the Loan Parties in the United States Copyright Office or any similar governmental
authority in the United States (including, without limitation, in any state or other political
subdivision thereof), and (iii) all Licenses to which any Loan Party is a party (whether as
licensor or licensee), in each case as of the Effective Date. Each Loan Party owns and possesses,
or has the right to use, all Patents, industrial designs, Trademarks, trade styles, brand names,
service marks, logos, Copyrights, trade secrets, know-how, confidential information, and other
intellectual property of any third Person necessary for the Loan Parties conduct of their
respective business.
(b)
The conduct by the Loan Parties of their respective business does not
presently infringe in any manner which could reasonably be expected to have a Material Adverse
Effect (nor will the Loan Parties conduct their businesses in the future so as to infringe in any
manner which could reasonably be expected to have a Material Adverse Effect) the patents,
industrial designs, trademarks, trade names, trade styles, brand names, service marks, logos,
copyrights, trade secrets, know-how, confidential information, or other intellectual property of
any third Person.
4-5.

Locations.

(a)
The Collateral, and the books, records, and papers of Loan Parties
pertaining thereto, are kept and maintained solely at, or in transit to and from, the Loan Parties
chief executive offices at
(i)

112 West 34th Street, New York, New York 10120

(ii)

125 Chubb Avenue, Lyndhurst, New Jersey 07071

(iii) those locations which are listed on EXHIBIT 4-5 annexed hereto,
as such EXHIBIT may be amended from time to time, which EXHIBIT includes, with
respect to each such location, the name and address of the landlord on the Lease which
covers such location (or an indication that a Loan Party owns the subject location) and of
all service bureaus with which any such records are maintained.
(b)
No Loan Party shall remove any of the Collateral from said chief
executive office or those locations listed on EXHIBIT 4-5 except:
(i)

to accomplish sales of Inventory in the ordinary course of business;

or
(ii)
to move Inventory, Equipment and other assets from one such
location to another such location; or

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(iii) to utilize such of the Collateral as is removed from such locations

in the ordinary course of business (such as motor vehicles).
(iv)

to accomplish other dispositions permitted pursuant to Section 4-

(v)

otherwise upon thirty (30) days prior written notice to the Agent.

12(d) hereof.

(c)
Except (i) with respect to Inventory delivered to a processor for finishing,
(ii) with respect to Inventory in transit, and (iii) as otherwise disclosed pursuant to, or permitted
by, this Section 4-5, no tangible personal property of a Loan Party is in the care or custody of
any third party or stored or entrusted with a bailee or other third party and none shall hereafter be
placed under such care, custody, storage, or entrustment.
4-6.

Title to Assets.

(a)
Each of the Loan Parties is, and shall hereafter remain, the owner of, or
holder of subsisting license or leasehold rights in and to, the Collateral free and clear of all
Encumbrances with the exceptions of the following (the Permitted Encumbrances):
(i)

Encumbrances in favor of the Agent.

(ii)

Those Encumbrances (if any) listed on EXHIBIT 4-6, annexed

hereto.
(iii) Purchase money security interests in Equipment to secure
Indebtedness otherwise permitted hereby.
(iv)
Encumbrances for Taxes, governmental assessments or charges in
the nature of Taxes not yet due or which are being contested in good faith by appropriate
proceedings as to which adequate reserves are maintained on the books of the Loan
Parties in accordance with GAAP.
(v)
Encumbrances in respect of property or assets of the Loan Parties
imposed by law, which were incurred in the ordinary course of business, such as
carriers, warehousemens, customs brokers, materialmens, repairmens, and
mechanics liens and other similar Encumbrances, in each case in respect of obligations
not overdue for a period of more than thirty (30) days or which are being contested in
good faith by appropriate proceedings.
(vi)
Utility deposits and pledges or deposits in connection with
workers compensation, unemployment insurance and other social security legislation.
(vii)

Encumbrances arising under Capital Leases.

(viii) Encumbrances resulting from the sale, transfer and assignment of

retail Accounts to credit card processors.

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(ix)
Deposits to secure the performance of bids, tenders, trade contracts
(other than for borrowed money), leases, statutory obligations, surety and appeal bonds,
performance bonds and other obligations of a like nature incurred in the ordinary course
of business, all to the extent such obligations are otherwise permitted hereunder.
(x)
Encumbrances on Equipment of a Person which becomes a
Subsidiary after the date hereof pursuant to, and Equipment acquired in connection with,
a Permitted Acquisition, provided that (A) such Encumbrances existed at the time such
Person became a Subsidiary or such Equipment was acquired and were not created in
anticipation of the acquisition, and (B) any such Encumbrance does not cover any other
assets of such Person after it became a Subsidiary or any other assets of the Loan Parties
after such Equipment was acquired, and (C) such Encumbrance does not secure any
Indebtedness other than Indebtedness existing immediately prior to the time such Person
became a Subsidiary or the time of such acquisition.
(xi)
Encumbrances consisting of the right of setoff of a customary
nature or bankers liens on amounts on deposit incurred in the ordinary course of
business.
(xii) Encumbrances on goods in favor of customs and revenue
authorities which secure the payment of customs duties in connection with the
importation of such goods, which obligations are not overdue.
(xiii) Encumbrances constituting precautionary filings by lessors and
bailees with respect to assets which are leased or entrusted to a Loan Party but in which
assets such Loan Party has mere possessory rights.
(xiv) Encumbrances arising from judgments which do not result in an
Event of Default under Section 10-11 hereof.
(xv) Encumbrances on Real Estate (i) arising by reason of zoning
restrictions, easements, licenses, reservations, restrictions, covenants, rights-of-way,
encroachments, minor defects or irregularities in title (including leasehold title) and other
similar encumbrances on the use of real property or (ii) consisting of leases, licenses or
subleases granted by a lessor, licensor or sublessor on its real property (in each case other
than Capital Leases) that, for each of the Liens in clauses (i) and (ii) above, do not, in the
aggregate, materially (x) impair the value or marketability of such real property or (y)
interfere with the ordinary conduct of the business conducted and proposed to be
conducted at such real property.
(xvi)

Encumbrances on the interest of non-Loan Party lessors under

Leases.
(xvii) Landlords statutory Encumbrances in respect of rent not in
default.
(xviii) Encumbrances of a collection bank on items in the course of
collection arising under Section 4-208 of the UCC as in effect in the State of New York
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or any similar section under any applicable UCC or any similar Requirement of Law of
any foreign jurisdiction.
(xix) Encumbrances on Intellectual Property of the Loan Parties to the
extent securing Indebtedness permitted pursuant to Section 4-7; provided that such
Encumbrances (A) do not cover any other assets of the Loan Parties (other than the
proceeds and products of such Intellectual Property), and (B) shall be junior and
subordinate to the Encumbrances securing the Liabilities and the holder of such
Indebtedness shall have entered into an intercreditor and subordination agreement with
the Agent on terms reasonably acceptable to the Agent.
(xx) Encumbrances in favor of the ABL Agent to secure the obligations
under the ABL Credit Agreement to the extent permitted by the Intercreditor Agreement.
provided, however, in all such cases, no Encumbrance shall be considered a Permitted
Encumbrance to the extent such Encumbrance covers any assets not constituting
Collateral unless and until, if requested by the Agent, the Loan Parties shall have used
commercially reasonable efforts to cause the holder of such Encumbrance to deliver to
the Agent a use and/or access agreement with respect to such assets, which shall be in
form and substance reasonably acceptable to the Agent.
(b)

No Loan Party has or shall have possession of any property on

consignment.
(c)
No Loan Party shall acquire or obtain the right to use any Equipment, the
acquisition or right to use of which Equipment is otherwise permitted by this Agreement, in
which Equipment any third party has an interest, except for:
(i)
Partys business.

Equipment which is merely incidental to the conduct of a Loan

(ii)
Equipment, the acquisition or right to use of which has been
consented to by the Agent, which consent may be conditioned upon the Agents receipt
of such agreement with the third party which has an interest in such Equipment as is
satisfactory to the Agent.
(iii) Equipment, the acquisition of which is permitted pursuant to
Section 4-7(c) hereof or which is the subject of an operating lease (but not Capital
Leases).
4-7. Indebtedness. No Loan Party has or shall hereafter have any Indebtedness with
the exceptions of:
(a)

The Liabilities.

(b)

The Indebtedness (if any) listed on EXHIBIT 4-7, annexed hereto.

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(c)
Capital Lease obligations and purchase money Indebtedness not to exceed
the aggregate principal amount outstanding in excess of $10,000,000.00, and extensions,
renewals and refinancings thereof on terms no less favorable in any material respect to the Loan
Parties than the Indebtedness or Capital Lease being refinanced.
(d)

Subordinated Indebtedness.

(e)

Other Indebtedness not to exceed $10,000,000.00 outstanding at any time.

(f)
Indebtedness created under the ABL Loan Documents, in each case
subject to the terms of the Intercreditor Agreement; provided that the aggregate outstanding
principal amount of such Indebtedness permitted by this clause (f) does not exceed
$230,000,000.
4-8.

Insurance Policies.

(a)
EXHIBIT 4-8, annexed hereto, is a schedule of all material insurance
policies owned by the Loan Parties or under which the Loan Parties are the named insured as of
Effective Date. Each of such policies is in full force and effect. None of the issuers (to the
Borrowers knowledge) of any such policy, have provided notice that the Loan Parties are in
default or violation of any such policy.
(b)
The Loan Parties shall have and maintain at all times insurance covering
such risks, in such amounts, containing such terms, in such form, for such periods, and written
by such companies as may be reasonably satisfactory to the Agent. The coverage reflected on
EXHIBIT 4-8 presently satisfies the foregoing requirements, it being recognized by the Loan
Parties, however, that such requirements may change hereafter to reflect changing circumstances.
All insurance carried by the Loan Parties shall provide for a minimum of fourteen (14) days
written notice of cancellation to the Agent and all such insurance which covers the Collateral
shall include an endorsement in favor of the Agent, as lenders loss payee (as its interests may
appear) and additional insured, which endorsement shall provide that the insurance, to the extent
of the Agents interest therein, shall not be impaired or invalidated, in whole or in part, by reason
of any act or neglect of the Loan Parties or by the failure of the Loan Parties to comply with any
warranty or condition of the policy. In the event of the failure by the Loan Parties to maintain
insurance as required herein, the Agent, at its option, may obtain such insurance, provided,
however, the Agents obtaining of such insurance shall not constitute a cure or waiver of any
Event of Default occasioned by the Loan Parties failure to have maintained such insurance. The
Loan Parties shall furnish to the Agent certificates or other evidence satisfactory to the Agent
regarding compliance by the Loan Parties with the foregoing insurance provisions.
(c)
After the occurrence, and during the continuance, of an Event of Default,
the Loan Parties shall each advise the Agent of each claim made by a Loan Party under any
policy of insurance which covers the Collateral and will permit the Agent, at the Agents option
in each instance, to the exclusion of the Loan Parties, to conduct the adjustment of each such
claim. The Loan Parties each hereby appoint the Agent as such Loan Partys attorney in fact,
exercisable after the occurrence, and during the continuance, of an Event of Default, to obtain,
adjust, settle, and cancel any insurance described in this section and to endorse in favor of the
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Agent any and all drafts and other instruments with respect to such insurance. This appointment,
being coupled with an interest, is irrevocable until this Agreement is terminated by a written
instrument executed by a duly authorized officer of the Agent. The Agent shall not be liable on
account of any exercise pursuant to said power except for any exercise in actual willful
misconduct and bad faith. The Agent may apply any proceeds of such insurance against the
Liabilities, whether or not such have matured, in such order of application as the Agent may
determine.
4-9. Licenses. Each material license, distributorship, franchise, and similar agreement
issued to, or to which a Loan Party is a party is in full force and effect. To the Borrowers
knowledge, no party to any such license or agreement is in default or violation thereof. No Loan
Party has received any notice or threat of cancellation of any such license or agreement.
4-10. Leases. EXHIBIT 4-10, annexed hereto, is a schedule of all presently effective
Capital Leases (other than Capital Leases the total obligations under which do not aggregate
more than $100,000.00). EXHIBIT 4-5 includes a list of all other presently effective Leases.
Each of such Leases and Capital Leases presently is in full force and effect. As of the Effective
Date, no party to any such Lease or Capital Lease is in default or violation in any material
respect of any such Lease or Capital Lease and no Loan Party has received any notice or threat of
cancellation of any such Lease or Capital Lease. Each Loan Party hereby authorizes the Agent at
any time and from time to time after the occurrence, and during the continuance, of an Event of
Default to contact any of the Loan Partys landlords in order to confirm the Loan Partys
continued compliance with the terms and conditions of the Lease(s) between such Loan Party
and that landlord and to discuss such issues, concerning the Loan Partys occupancy under such
Lease(s), as the Agent may determine.
4-11. Requirements of Law. Each Loan Party is in compliance with, and shall hereafter
comply with and use its respective assets in compliance with, all Requirements of Law, except to
the extent that such non-compliance would not reasonably be expected to have a Material
Adverse Effect. No Loan Party has received any notice of any material violation of any
Requirement of Law, which violation has not been cured or otherwise remedied.
4-12. Maintain Properties. The Loan Parties each shall:
(a)
Keep the Collateral in good order and repair (ordinary reasonable wear
and tear and insured casualty excepted).
(b)

Not suffer or cause the waste or destruction of any material part of the

(c)

Not use any of the Collateral in violation of any policy of insurance

Collateral.
thereon.
(d)
Not sell, lease, or otherwise dispose of any of the Collateral, other than the
following (each a Permitted Asset Disposition):
(i)

The sale of Inventory in compliance with this Agreement.

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(ii)
As long as no Event of Default exists or would arise as a result
thereof, the disposal of Equipment which is obsolete, worn out, or damaged beyond
repair, which Equipment is replaced to the extent necessary to preserve or improve the
operating efficiency of the Loan Parties.
(iii) The surrender, disposition, or expiration of Collateral (such as
Trademarks and Copyrights, but excluding Eligible Trade Names) no longer used or
useful for the conduct of the Loan Parties businesses in the ordinary course.
(iv)
The turning over to the ABL Agent of all Receipts as provided in
the ABL Credit Agreement.
(v)

The transfer, sale and assignment of retail Accounts to credit card

processors.
4-13. Pay Taxes.
(a)
Except as disclosed on EXHIBIT 4-13, (i) all material Tax returns that
relate to or include any Loan Party and that are due on or before the Effective Date, taking into
account any extensions for the filing thereof, have been timely filed in accordance in all material
respects with applicable Requirements of Law, (ii) all such Tax returns are correct and complete
in all material respects, and (iii) all material Taxes for which a Loan Party may be liable that are
due (whether or not shown on any tax return) have been paid in full.
(b)
Each Loan Party has, and hereafter shall: pay, as they become due and
payable, all material Taxes and unemployment contributions and other charges of any kind or
nature levied, assessed or claimed against such Loan Party, or the Collateral by any person or
entity whose claim could result in an Encumbrance upon any asset of any Loan Party or by any
governmental authority, except to the extent such Taxes are being contested by a Loan Party in
good faith, and adequate reserves are being maintained therefor on Loan Parties books in
accordance with GAAP; timely make all contributions and other payments as may be required
pursuant to any Employee Benefit Plan now or hereafter established by the Loan Parties; and
timely file all material Tax and other returns and other reports with each governmental authority
to whom a Loan Party is obligated to so file, in each case, taking into account any applicable
extension periods.
(c)
At its option, after the occurrence, and during the continuance, of a
Suspension Event, the Agent may, but shall not be obligated to, pay any Taxes, unemployment
contributions, and any and all other charges levied or assessed upon a Loan Party, or the
Collateral by any person or entity or governmental authority, and make any contributions or
other payments on account of a Loan Partys Employee Benefit Plan as the Agent, in the Agents
discretion, may deem necessary or desirable, to protect, maintain, preserve, collect, or realize
upon any or all of the Collateral or the value thereof or any right or remedy pertaining thereto,
provided, however, the Agents making of any such payment shall not constitute a cure or waiver
of any Event of Default occasioned by a Loan Partys failure to have made such payment.
(d)
The Borrower does not intend to treat the Term Loans and the transactions
related thereto as being reportable transactions (within the meaning of Treasury Regulation
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Section 1.6011-4). In the event the Borrower determines to take any action inconsistent with
such intention, it will promptly notify the Agent thereof. If the Borrower so notifies the Agent,
the Borrower acknowledges that the Agent may treat the Term Loans as part of a transaction that
is subject to Treasury Regulation Section 301.6112-1, and the Agent may maintain the lists and
other records required by such Treasury Regulation.
4-14. No Margin Stock. No Loan Party is engaged in the business of extending credit
for the purpose of purchasing or carrying any margin stock (within the meaning of Regulations
U, T, and X of the Board of Governors of the Federal Reserve System of the United States). No
part of the proceeds of any borrowing hereunder will be used at any time to purchase or carry
any such margin stock or to extend credit to others for the purpose of purchasing or carrying any
such margin stock.
4-15. ERISA. From and after the date hereof, none of the Loan Parties nor any ERISA
Affiliate shall, in any manner which could reasonably be expected to have a Material Adverse
Effect:
(a)

Fail to comply in all material respects with any Employee Benefit Plan.

(b)

Fail timely to file all reports and filings required by ERISA to be filed by a

(c)

Engage in any non-exempt prohibited transactions (as described in

Loan Party.
ERISA).
(d)
Engage in, or commit, any act such that a tax or penalty could be imposed
upon the Loan Parties on account thereof pursuant to ERISA.
(e)
Accumulate any material funding deficiency within the meaning of
Section 302 of ERISA.
(f)
Terminate any Employee Benefit Plan such that a lien could be asserted
against any assets of the Loan Parties on account thereof pursuant to ERISA.
(g)
Be a member of, contribute to, or have any obligation under any Employee
Benefit Plan which is a multiemployer plan within the meaning of Section 4001(a)(3) of ERISA.
4-16. Hazardous Materials.
(a)
Other than matters that could not reasonably be expected to have a
Material Adverse Effect, no Loan Party has ever:
(i)
Been legally responsible for any release or threat of release of any
Hazardous Material.
(ii)
Received notification of any release or threat of release of any
Hazardous Material from any site, vessel or real property occupied or operated by a Loan
Party and/or of the incurrence of any expense or loss in connection with the assessment,
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containment, or removal of any release or threat of release of any Hazardous Material

from any such site, vessel or real property.
(b)

The Loan Parties each shall:

(i)
Dispose of any Hazardous Material only in compliance with all
Environmental Laws, except for dispositions which could not reasonably be expected to
have a Material Adverse Effect.
(ii)
Not store on any site, vessel or real property occupied or operated
by a Loan Party and not transport or arrange for the transport of any Hazardous Material,
except if such storage or transport is in the ordinary course of the Loan Parties business
and is in compliance with all Environmental Laws or could not reasonably be expected to
have a Material Adverse Effect.
(c)
The Loan Parties shall provide the Agent with written notice upon such
Loan Party obtaining knowledge of any incurrence of any expense or loss by any governmental
authority or other Person in connection with the assessment, containment, or removal of any
Hazardous Material, for which expense or loss a Loan Party may be liable, other than expense or
loss that could not reasonably be expected to have a Material Adverse Effect.
4-17. Litigation. Except as described in EXHIBIT 4-17, annexed hereto, there is not
presently pending or threatened by or against the Loan Parties any suit, action, proceeding, or
investigation which, if determined adversely to the Loan Parties, would have a material adverse
effect upon the Loan Parties financial condition or ability to conduct its business as such
business is presently conducted or is contemplated to be conducted in the foreseeable future.
4-18. Investments. No Loan Party shall:
(a)

Intentionally Omitted.

(b)

Intentionally Omitted.

(c)

Intentionally Omitted.

(d)
Merge or consolidate or be merged or consolidated with or into any other
corporation or other entity, other than (i) the merger of any of the Borrowers Subsidiaries with
and into the Borrower, and (ii) in connection with any Permitted Acquisitions.
(e)
Consolidate any of a Loan Partys operations with those of any other
corporation or other entity, except in connection with any Permitted Acquisition.
(f)
Organize or create any Subsidiary, other than in connection with a
Permitted Acquisition and only if (i) such Subsidiary guarantees the repayment of the Liabilities
and (ii) such Subsidiary grants the Agent an Encumbrance (subject to Permitted Encumbrances
having priority under applicable Requirements of Law), of a priority in accordance with the
Intercreditor Agreement, on all of its assets, all of the foregoing satisfactory in form and
substance to the Agent.
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(g)
Subordinate any debts or obligations owed to a Loan Party by any third
party to any other debts owed by such third party to any other Person.
(h)
Acquire any assets other than (i) Permitted Acquisitions, (ii) by the
making of Capital Expenditures to the extent permitted hereunder, (iii) in the ordinary course and
conduct of the Loan Parties business permitted under Section 4-21 hereof, and (iv) Investments
in joint ventures not to exceed $5,000,000.00 in the aggregate at any time; provided however
Investments in joint ventures may exceed $5,000,000.00 in the aggregate at any time so long as
at the time such Investment that would exceed the $5,000,000.00 cap is made, the Term Loan
Payment Conditions have been satisfied.
4-19. Loans. No Loan Party shall make any loans or advances to, nor acquire the
Indebtedness of, any Person, provided, however, the foregoing does not prohibit any of the
following:
(a)

Advance payments made to the Loan Parties suppliers in the ordinary

course.
(b)
Advances to a Loan Partys officers, employees, and salespersons with
respect to reasonable expenses to be incurred by such officers, employees, and salespersons for
the benefit of such Loan Party in the ordinary course of business, which expenses are properly
substantiated by the person seeking such advance and properly reimbursable by such Loan Party.
(c)
Advances on account of sales of Inventory in the ordinary course of
business made on credit and all Accounts arising therefrom.
(d)
Provided that after giving effect to any such loans or advances, the Term
Loan Liquidity Requirements have been satisfied, loans and/or Investment in or to Aeropostale
Puerto Rico, Inc. and Aeropostale Canada.
(e)
course of business.

Loans and/or Investments by one Loan Party to another in the ordinary

4-20. Protection of Assets. The Agent, in the Agents reasonable discretion, and from
time to time, may discharge any Tax or Encumbrance on any of the Collateral, or take any other
action that the Agent may deem necessary to repair, insure, maintain, preserve, collect, or realize
upon any of the Collateral. The Agent shall not have any obligation to undertake any of the
foregoing and shall have no liability on account of any action so undertaken except where there
is a specific finding in a judicial proceeding (in which the Agent has had an opportunity to be
heard), from which finding no further appeal is available, that the Agent had acted in actual bad
faith or in a grossly negligent manner. The Borrower shall pay to the Agent, on demand, or the
Agent, in its reasonable discretion, may add to the Loan Account, all amounts paid or incurred
by the Agent pursuant to this section. The obligation of the Borrower to pay such amounts is a
Liability.
4-21. Line of Business. No Loan Party shall engage in any business other than the
business in which it is currently engaged (which is agreed to be the design, sourcing, marketing,
distribution and sale of apparel products and accessories and the licensing of trade names,
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trademarks and intellectual property to third Persons in connection with the foregoing), any
business reasonably related thereto or any business or activity that is reasonably similar or
complementary thereto or a reasonable extension, development or expansion thereof or ancillary
thereto.
4-22. Affiliate Transactions. No Loan Party shall make any payment, nor give any
value to any Related Entity except for goods and services actually purchased by such Loan Party
from, or sold by such Loan Party to, such Related Entity for a price and on terms which shall not
be less favorable to the Loan Party from those which would have been charged in an arms-length
transaction, except:
(a)
until the occurrence, and during the continuance, of an Event of Default,
the Loan Parties may (a) pay management fees, and (b) may maintain and make payments with
respect to those transactions, in each case as set forth in EXHIBIT 4-22 hereof;
(b)

transactions in the ordinary course of business among the Loan Parties;

(c)
provided that the Term Loan Liquidity Requirements have been satisfied,
loans to, payments to, or Investments in Aeropostale Puerto Rico, Inc. and Aeropostale Canada.
4-23. Additional Assurances.
(a)
Except as set forth on EXHIBIT 4-23, no Loan Party is the owner of, nor
has it any interest in, any property or asset which, immediately upon the satisfaction of the
conditions precedent to the effectiveness of the credit facility contemplated hereby (Article 3)
will not be subject to a perfected security or other collateral interest in favor of the Agent
(subject only to Permitted Encumbrances) to secure the Liabilities.
(b)
Except as set forth on EXHIBIT 4-23, no Loan Parties will hereafter
acquire any asset or any interest in property which is not, immediately upon such acquisition,
subject to such a perfected security or other collateral interest in favor of the Agent to secure the
Liabilities (subject only to Permitted Encumbrances).
(c)
The Loan Parties shall each execute and deliver to the Agent such
instruments, documents, and papers, and shall do all such things from time to time hereafter as
the Agent may reasonably request to carry into effect the provisions and intent of this
Agreement; to protect and perfect the Agents security interests in the Collateral; and to comply
in all material respects with all applicable statutes and laws, and facilitate the collection of the
Receivables Collateral. The Loan Parties shall each execute all such instruments as may be
reasonably required by the Agent with respect to the recordation and/or perfection of the security
interests created herein.
(d)
Each Loan Party hereby designates the Agent as and for such Loan Partys
true and lawful attorney, with full power of substitution, to sign and file any financing statements
in order to perfect or protect the Agents security and other collateral interests in the Collateral.
(e)
To the full extent permitted by applicable Requirements of Law, a carbon,
photographic, or other reproduction of this Agreement or of any financing statement or other
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instrument executed pursuant to this Section 4-23 shall be sufficient for filing to perfect the
security interests granted herein.
4-24. Adequacy of Disclosure; No Suspension Event; No Material Adverse Effect.
(a)
All financial statements for (i) the three fiscal years ending before the
Effective Date and (ii) after the Effective Date which are and have been furnished to the Agent
by the Loan Parties shall be and have been prepared in accordance with GAAP consistently
applied and present fairly, in all material respects, the condition of the Loan Parties at the date(s)
thereof and the results of operations and cash flows for the period(s) covered.
(b)

Intentionally Omitted.

(c)
As of the Effective Date, no Loan Party has any contingent obligations or
obligation under any Lease or Capital Lease which is not noted in the Loan Partys financial
statements furnished to the Agent prior to the execution of this Agreement.
(d)
No document, instrument, agreement, or paper which has been, is now or
will hereafter be given to the Agent by or on behalf of a Loan Party in connection with the
execution of this Agreement by the Agent contains or will contain any untrue statement of a
material fact or omits or will omit to state a material fact necessary in order to make the
statements therein not misleading. There is no fact known to a Loan Party which has, or which,
in the foreseeable future would reasonably be expected to have, a material adverse effect on the
financial condition of the Loan Parties which has not been disclosed in writing to the Agent.
(e)

No Suspension Event exists.

(f)
Since February 1, 2014, no event has occurred or failed to occur, which
occurrence or failure reasonably would be expected to have a Material Adverse Effect.
4-25. Investments. As long as no Cash Dominion Event exists, the Loan Parties may
make investments consisting of Cash Equivalents maintained at such bank(s) as the Borrower
may select.
4-26. Prepayments of Indebtedness.
No Loan Party will make or agree to pay or make, directly or indirectly, any payment or other
distribution (whether in cash securities or other property) of or in respect of principal of or
interest on any Indebtedness, including any sinking fund or similar deposit, on account of the
purchase, redemption, retirement, acquisition, cancellation or termination of any Indebtedness,
except:
(a)

payments with respect to the Liabilities;

(b)
payments with respect to obligations under the ABL Credit Agreement (to
the extent permitted by the Intercreditor Agreement);

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(c)
as long as no Event of Default has occurred and is continuing or would
result therefrom, mandatory payments and prepayments of interest and principal as and when due
in respect of any Indebtedness permitted hereunder (other than Indebtedness permitted to be paid
by the preceding clauses (a) and (b)), excluding any Subordinated Indebtedness;
(d)
payments on account of Subordinated Indebtedness to the extent permitted
under any subordination agreement or provisions governing such Indebtedness;
(e)
voluntary prepayments of Indebtedness permitted hereunder (other than
Indebtedness permitted to be paid by the preceding clauses (a) and (b)), excluding any
Subordinated Indebtedness, as long as the Term Loan Payment Conditions are satisfied; and
(f)

refinancings of Indebtedness to the extent permitted under this Agreement.

4-27. Other Covenants. No Loan Party shall indirectly do or cause to be done any act
which, if done directly by a Loan Party, would breach any covenant contained in this Agreement.
4-28. Labor Matters. There are no strikes, lockouts, slowdowns or other material labor
disputes against any Loan Party pending or, to the knowledge of any Loan Party, threatened.
The hours worked by and payments made to employees of the Loan Parties comply with the Fair
Labor Standards Act and any other applicable federal, state, local or foreign law dealing with
such matters except to the extent that any such violation could not reasonably be expected to
have a Material Adverse Effect. No Loan Party has incurred any liability or obligation under the
Worker Adjustment and Retraining Act or similar state Law. All payments due from any Loan
Party, or for which any claim may be made against any Loan Party, on account of wages and
employee health and welfare insurance and other benefits, have been paid or properly accrued in
accordance with GAAP as a liability on the books of such Loan Party. Except as set forth on
EXHIBIT 4-28 or as filed with the SEC, no Loan Party is a party to or bound by any collective
bargaining agreement, management agreement, employment agreement, bonus, restricted stock,
stock option, or stock appreciation plan or agreement or any similar plan, agreement or
arrangement. There are no representation proceedings pending or, to any Loan Partys
knowledge, threatened to be filed with the National Labor Relations Board, and no labor
organization or group of employees of any Loan Party has made a pending demand for
recognition. There are no complaints, unfair labor practice charges, grievances, arbitrations,
unfair employment practices charges or any other claims or complaints against any Loan Party
pending or, to the knowledge of any Loan Party, threatened to be filed with any governmental
authority or arbitrator based on, arising out of, in connection with, or otherwise relating to the
employment or termination of employment of any employee of any Loan Party which could
reasonably be expected to have a Material Adverse Effect. The consummation of the
transactions contemplated by the Loan Documents will not give rise to any right of termination
or right of renegotiation on the part of any union under any collective bargaining agreement to
which any Loan Party is bound.
4-29. Restricted Payments.
Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation
(contingent or otherwise) to do so, except that each of the following shall be permitted so long as
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no Suspension Event or Event of Default shall have occurred and be continuing prior, or
immediately after giving effect, to the following, or would result therefrom:
(a)

each Subsidiary of a Loan Party may make Restricted Payments to any

Loan Party;
(b)
the Loan Parties and each Subsidiary may declare and make dividend
payments or other distributions payable solely in the common stock or other common equity
interests of such Person;
(c)
if the Term Loan Payment Conditions are satisfied, the Loan Parties and
each Subsidiary may purchase, redeem or otherwise acquire equity interests issued by it, and the
Borrower may declare or pay cash dividends to its stockholder; and
(d)
the Loan Parties may make Restricted Payments required or otherwise
allowed in connection with the Series B Convertible Preferred Stock and the Series B
Documents.
4-30. Solvency. After giving effect to the transactions contemplated by this Agreement,
and before and after giving effect to the Term Loans, the Loan Parties, on a Consolidated basis,
are Solvent. No transfer of property has been or will be made by any Loan Party and no
obligation has been or will be incurred by any Loan Party in connection with the transactions
contemplated by this Agreement or the other Loan Documents with the intent to hinder, delay, or
defraud either present or future creditors of any Loan Party.
4-31. Material Contracts.
(a)
EXHIBIT 4-31 sets forth all Material Contracts to which any Loan Party
is a party or is bound as of the Effective Date. The Loan Parties have delivered true, correct and
complete copies of such Material Contracts to the Agent on or before the Effective Date. The
Loan Parties are not in breach or in default in any material respect of or under any Material
Contract and have not received any notice of the intention of any other party thereto to terminate
any Material Contract.
(b)
From and after the Effective Date, the Loan Parties agree they shall each
perform and observe all the terms and provisions of each Material Contract to be performed or
observed by it, (b) maintain each such Material Contract in full force and effect except to the
extent such Material Contract is no longer used or useful in the conduct of the business of the
Loan Parties in the ordinary course of business, consistent with past practices, (c) enforce each
such Material Contract in accordance with its terms, and, (d) upon request of the Agent, make
such demands and requests for information and reports or for action from any other party to each
such Material Contract as any Loan Party or any of its Subsidiaries is entitled to make under
such Material Contract, and (e) cause each of its Subsidiaries to do the foregoing except, in any
case, where the failure to do so, either individually or in the aggregate, could not be reasonably
likely to have a Material Adverse Effect.

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4-32. Customer Relations. There exists no actual or, to the knowledge of any Loan
Party, threatened, termination or cancellation of, or any material adverse modification or change
in the business relationship of any Loan Party with any supplier material to its operations.
4-33. Consents. No approval, consent, exemption, authorization, or other action by, or
notice to, or filing with, any governmental authority or any other Person is necessary or required
in connection with the execution, delivery or performance by, or enforcement against, any Loan
Party of this Agreement or any other Loan Document, except for (a) the perfection or
maintenance of the liens created hereunder or under any other Loan Document (including the
priority thereof as set forth in the Intercreditor Agreement) or (b) such as have been obtained or
made and are in full force and effect.
4-34. Amendment of Material Documents. The Loan Parties shall not amend, modify
or waive any of a Loan Partys rights under (a) its organization documents in a manner
materially adverse to the Agent or any Lender, or (b) any Material Contract or Material
Indebtedness (other than on account of any refinancings permitted pursuant to this Agreement or,
with respect to the ABL Credit Agreement, as permitted by the Intercreditor Agreement), in each
case to the extent that such amendment, modification or waiver would result in a Suspension
Event or Event of Default under any of the Loan Documents, would be materially adverse to the
Agent or any Lender, or otherwise would be reasonably likely to have a Material Adverse Effect.
Without limiting the foregoing, the Loan Parties shall not amend or modify the provisions of the
ABL Loan Documents if such amendment or modification, would violate the Intercreditor
Agreement.
4-35. Intentionally Omitted.
4-36. Compliance with Leases. Except as otherwise expressly permitted hereunder, (a)
make all payments and otherwise perform all obligations in respect of all Leases to which any
Loan Party or any of its Subsidiaries is a party, keep such Leases in full force and effect (b) not
allow such Leases to lapse or be terminated or any rights to renew such Leases to be forfeited or
cancelled except in the ordinary course of business, consistent with past practices, (c) notify the
Agent of any default by any party with respect to such Leases and cooperate with the Agent in all
respects to cure any such default, and (d) cause each of its Subsidiaries to do the foregoing,
except, in any case, where the failure to do so, either individually or in the aggregate, could not
be reasonably likely to have a Material Adverse Effect.
4-37. Term Loan Account. Following the funding of the proceeds of the Term Loans
into the Term Loan Account, such proceeds will be retained in the Term Loan Account except to
the extent applied in accordance with Section 2-1(a)(ii) and Section 2-1(b)(ii).
4-38. Post-Closing Obligations. The Loan Parties covenant and agree that the Loan
Parties shall use commercially reasonable efforts to deliver to the Agent, within sixty (60) days
following the Effective Date (or such later date as the Agent may agree in its discretion) and in
form and substance reasonably satisfactory to the Agent, evidence of (i) termination of that
certain UCC-1 financing statement filed against the Borrower on October 12, 2009 in favor of
Pom-College Station, LLC with filing number 20093276844 (the Pom-College UCC-1), or
(ii) amendment of the Pom-College UCC-1 to narrow the scope of the collateral described
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therein.
Article 5 - Financial Reporting and Performance Covenants:
5-1.

Maintain Records. The Borrower shall, and shall cause each Guarantor to:

(a)
At all times, keep proper books of account, in which full, true, and
accurate entries shall be made of all of the Loan Parties transactions, all in accordance with
GAAP, applied consistently with all prior periods, to fairly reflect, in all material respects, the
financial condition of the Loan Parties at the close of, and its results of operations for, the
periods in question.
(b)
Timely provide the Agent with those financial reports, statements, and
schedules required by this Article 5 or otherwise, each of which reports, statements and
schedules shall be prepared, to the extent applicable, in accordance with GAAP (but for the
absence of footnotes and year-end adjustments), applied consistently with all prior periods, to
fairly reflect, in all material respects, the financial condition of the Loan Parties at the close of,
and their results of operations for, the period(s) covered therein.
(c)
At all times, keep accurate (in all material respects) and current records of
the Collateral including, without limitation, accurate current stock, cost, and sales records of its
respective Inventory, accurately and sufficiently itemizing and describing the kinds, types, and
quantities of Inventory and the cost and selling prices thereof.
(d)
At all times, retain Deloitte & Touche LLP, or such other independent
certified public accountants who are reasonably satisfactory to the Agent and instruct such
accountants to fully cooperate with, and be available to, the Agent to discuss a Loan Partys
financial performance, financial condition, operating results, controls, and such other matters,
within the scope of the retention of such accountants, as may be raised by the Agent. Agent shall
give the Borrower an opportunity to participate in any discussions Agent has with Borrowers
certified public accountant pursuant to this Section 5-1.
5-2.

Access to Records.

(a)
The Borrower shall, and shall cause each Guarantor to, afford the Agent
and the Agents representatives with access from time to time, during normal business hours and,
unless an Event of Default exists, upon reasonable notice, as the Agent and such representatives
may require to all properties owned by or over which a Loan Party has control. The Agent and
the Agents representatives shall have the right, and the Borrower will, and will cause each
Guarantor to, permit the Agent and such representatives from time to time as the Agent and such
representatives may request, during normal business hours and, unless an Event of Default exists,
upon reasonable notice, to examine, inspect, copy, and make extracts from any and all of the
Loan Parties books, records, electronically stored data, papers, and files pertaining to its
business operations, financial information or the Collateral. The Borrower shall, and shall cause
the Guarantor to, make copying facilities reasonably available to the Agent.
(b)
The Borrower for itself, and as the sole shareholder or member, as
applicable, of each Guarantor, hereby authorizes the Agent and the Agents representatives to:
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(i)
Inspect, copy, duplicate, review, cause to be reduced to hard copy,
run off, draw off, and otherwise use any and all computer or electronically stored
information or data which relates to the Loan Parties, whether in the possession of a Loan
Party or in the possession of any service bureau, contractor, accountant, or other person,
(and the Loan Parties each directs any such service bureau, contractor, accountant, or
other person fully to cooperate with the Agent and the Agents representatives with
respect thereto), provided that, except as set forth in Section 5-10 hereof, such
inspections and reviews shall not be undertaken by the Agent as long as no Event of
Default then exists and is continuing.
(ii)
Verify at any time the Collateral or any portion thereof, including
verification with Account Debtors, and/or with each Loan Partys computer billing
companies, collection agencies, and accountants and to sign the name of the Loan Party
on any notice to such Loan Partys Account Debtors or verification of the Collateral,
provided that, as long as no Event of Default exists and is continuing, the form and
content of any such verification letters shall be subject to the prior approval of the
Borrower (whose consent shall not be unreasonably withheld or delayed).
5-3.

Prompt Notice to Agent.

(a)
The Borrower shall, and shall cause each Guarantor to, provide the Agent
with written notice promptly upon the occurrence of any of the following events, which written
notice shall be with reasonable particularity as to the facts and circumstances in respect of which
such notice is being given:
(i)

Any change in a Loan Partys executive officers.

(ii)
The completion of any physical count of a Loan Partys Inventory
(together with a copy of the certified results thereof).
(iii) Any ceasing of any Loan Party making payment, in the ordinary
course, to a material portion (in amount or number) of its creditors.
(iv)
Any failure by a Loan Party to pay rent at any of the locations,
which failure continues for more than twenty (20) Business Days following the day on
which such rent first came due, except for Leases for such locations which have been
terminated or abandoned by a Loan Party and except for amounts subject to a good faith
dispute.
(v)
Any material change in the business, operations, or financial
affairs of a Loan Party.
(vi)
The occurrence of any Suspension Event that has not been cured
by the Loan Parties or waived by the Agent.
(vii) Any decision on the part of a Loan Party to discharge a Loan
Partys present independent accountants or any withdrawal or resignation by such

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independent accountants from their acting in such capacity (as to which, see Subsection
5-1(d)).
(viii) Any litigation which, if determined adversely to a Loan Party,
would reasonably be expected to have a material adverse effect on the financial condition
of such Loan Party.
(ix)

The acquisition by a Loan Party of any Commercial Tort Claim.

(x)
The intention by Borrower to treat the Term Loans and related
transactions as being a reportable transaction (within the meaning of Treasury
Regulation Section 1.6011-4), by delivering a duly completed copy of IRS Form 8886 or
any successor form.
(xi)
(x) The occurrence of any Suspension Event or Event of
Default under the ABL Credit Agreement or any default or breach under any other
Material Contract, (y) any proposed amendment to any of the ABL Loan Documents, the
Sourcing Agreement or the Series B Documents, and (z) without waiving the Loan
Parties obligations hereunder with respect to any such amendments described in the
foregoing clause (y), upon the effectiveness of such amendments, the Borrower shall
provide Agent with true and complete copies of such amendments.
(xii)
Material Contract.

The occurrence of a default or breach by any Loan Party under any

(b)
The Borrower shall, and shall cause each Guarantor to, provide the Agent,
when received by the Borrower or Guarantor, with a copy of any management letter or similar
communications from any accountant of the Borrower or Guarantor.
5-4.

Intentionally Omitted.

5-5. Borrowing Base Certificates. Monthly, within fifteen (15) days after the end of
the Borrowers prior fiscal month, the Borrower shall provide the Agent with a Borrowing Base
Certificate showing the Borrowing Base (Revolving Credit) and Borrowing Base (FILO) as of
the close of business on the last day of the Borrowers immediately preceding fiscal quarter
month, each such Borrowing Base Certificate to be certified as complete and correct on behalf of
the Borrower by a Responsible Officer of the Borrower. Notwithstanding the foregoing,
provided if at any time, an Event of Default exists (without, in any way, limiting the Agents
Rights and Remedies) or if, at any time, the Availability (Revolving Credit) is less than fifteen
percent (15%) of the lesser of (a) the Commitments (Revolving Credit) and (b) the Borrowing
Base (Revolving Credit), then such Borrowing Base Certificate shall be delivered weekly, on the
Wednesday of each such week until such time that the foregoing Availability (Revolving Credit)
deficiency described in this proviso does not exist for a period of sixty (60) consecutive days as
confirmed by the Agent, upon which, the Borrowers obligation to deliver Borrowing Base
Certificates shall revert to the other provisions of this Section 5-5, as applicable.
5-6. Monthly Reports. (a) Within thirty (30) days following the end of each of the
Borrowers fiscal months, the Borrower shall provide the Agent with original counterparts of an
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internally prepared financial statement of the Loan Parties financial condition and the results of
their respective operations for, the period ending with the end of the subject month, which
financial statement shall include, at a minimum, a balance sheet, income statement (on a
consolidated basis), cash flow and comparison of same store sales for the corresponding month
of the then immediately previous year, as well as to the Business Plan, and managements
analysis and discussion of the operating results reflected therein. At Agents request, Borrower
shall provide the Agent with copies of the bank statements issued by Fidelity with respect to each
Fidelity Account for the immediately preceding month.
(b)
The Borrower shall deliver to the Agent, within thirty (30) days after the
end of Borrowers fiscal month, a duly completed compliance certificate signed by a Responsible
Officer of the Borrower which (among other things) includes a calculation of Liquidity,
certifications (i) that no Suspension Event or Event of Default exists or, if any such Suspension
Event or Event of Default shall exist, stating the nature and status of such event, (ii) that the
aggregate balance in the Fidelity Accounts did or did not exceed $3,000,000.00 at any time
during such fiscal month, and (iii) as to the identities of the Immaterial Subsidiaries as of the end
of such fiscal month. Notwithstanding the foregoing, provided if at any time, an Event of
Default exists (without, in any way, limiting the Agents Rights and Remedies) or if, at any time,
the Availability (Revolving Credit) is less than fifteen percent (15%) of the lesser of (a) the
Commitments (Revolving Credit) and (b) the Borrowing Base (Revolving Credit), then
compliance certificate shall be delivered weekly, on the Wednesday of each such week until such
time that the foregoing Availability (Revolving Credit) deficiency described in this proviso does
not exist for a period of sixty (60) consecutive days as confirmed by the Agent, upon which, the
Borrowers obligation to deliver compliance certificates shall revert to the other provisions of
this Section 5-6(b), as applicable.
5-7. Quarterly Reports. Within forty-five (45) days following the end of each of the
Borrowers fiscal quarters, the Borrower shall provide the Agent with original counterparts of an
internally prepared financial statement of the Loan Parties financial condition and the results of
their respective operations for, the period ending with the end of the subject quarter, which
financial statement shall include, at a minimum, a balance sheet, income statement (on a
consolidated basis), cash flow and comparison of same store sales for the corresponding
quarter of the then immediately previous year, as well as to the Business Plan, and
managements analysis and discussion of the operating results reflected therein. The delivery
either electronically or in paper to the Agent of the Borrowers Form 10Q or Form 10K, as the
case may be, which is filed with the Securities and Exchange Commission shall satisfy the
Borrowers obligations under this Section 5-7.
5-8.

Annual Reports.

(a)
Annually, within ninety (90) days following the end of the Borrowers
fiscal year, the Borrower shall furnish the Agent with an original signed counterpart of the
Borrowers Consolidated annual financial statement, which statement shall have been prepared
by, and bear the unqualified opinion of, the Borrowers independent certified public accountants
(i.e. said statement shall be certified by such accountants). Such annual statement shall
include, at a minimum (with comparative information for the then prior fiscal year) a balance
sheet, income statement, statement of changes in shareholders equity, and cash flows. The
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delivery either electronically or in paper to the Agent of the Borrowers Form 10K which is filed
with the Securities and Exchange Commission shall satisfy the Borrowers obligations under this
Section 5-8(a).
(b)
No later than the earlier of fifteen (15) days prior to the end of each of the
Borrowers fiscal years or the date on which such accountants commence their work on the
preparation of the Borrowers annual financial statement, the Borrower shall give written notice
to such accountants (with a copy of such notice, when sent, to the Agent) that:
(i)

Such annual financial statement will be delivered by the Borrower

to the Agent.
(ii)
It is an intention of the Loan Parties, in their engagement of such
accountants, to satisfy the financial reporting requirements set forth in this Article 5.
(iii) The Loan Parties have been advised that the Agent and each
Lender will rely thereon with respect to the administration of, and transactions under, the
credit facility contemplated by this Agreement.
(c)
Each annual statement shall be accompanied by such accountants
Certificate indicating that, in the preparation of such annual statement, such accountants did not
conclude that any Suspension Event had occurred during the subject fiscal year (or if one or
more had occurred, the facts and circumstances thereof).
5-9. Fiscal Year. The Borrower shall not change its fiscal year or permit any other
Loan Party to change its fiscal year, or the accounting policies or reporting practices of the Loan
Parties, except as required by GAAP; provided that, to the extent any such changes are required
by GAAP, the Loan Parties shall promptly deliver notice of same to the Agent pursuant to
Section 5-3(a)(v) of this Agreement.
5-10. Inventories, Appraisals, and Audits.
(a)
The Agent, at the expense of the Borrower, may observe each physical
count and/or inventory of so much of the Collateral as consists of Inventory which is undertaken
on behalf of, and at the request of, a Loan Party.
(b)
The Loan Parties, at their own expense, shall cause not less than one (1)
physical inventory to be undertaken in each twelve (12) month period during which this
Agreement is in effect to be conducted by a national third party inventory taker.
(i)
The Loan Parties shall provide the Agent with a copy of the final
results of each such inventory (as well as of any other physical inventory undertaken by a
Loan Party) within fourteen (14) days following the completion of such inventory.
(ii)
The Borrower shall provide the Agent with a reconciliation of the
results of each such inventory (as well as of any other physical inventory undertaken by a
Loan Party) to the Loan Partys books and records within forty-five (45) days following
completion of such inventory.
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(iii) The Agent, in its discretion, following the occurrence, and during
the continuance, of a Suspension Event or an Event of Default, may cause such additional
inventories to be taken as the Agent determines (each, at the expense of the Borrower).
(iv)
The Agent, in its reasonable discretion, may cause such additional
inventories to be taken as it deems necessary or appropriate (each at the expense of the
Agent and Lenders).
(c)
Upon the Agents request from time to time, the Borrower shall, and shall
cause each Guarantor to, permit the Agent to obtain appraisals conducted by such appraisers as
are satisfactory to the Agent. Without limiting the foregoing, the Agent may obtain periodic
liquidation analyses with respect to the Collateral performed by Hilco Valuation Services, Great
American Group or another valuation firm selected by the Agent; provided that the expense for
any such appraisals shall be borne by the Agent and Lenders (except as provided in the following
three sentences). The Agent may, in its discretion, undertake up to one (1) appraisal of the
Collateral, at the Loan Parties expense, in each twelve (12) month period. Notwithstanding the
foregoing, to the extent that Availability (Revolving Credit) is at any time less than fifty percent
(50%) of the lesser of the Commitments (Revolving Credit) or the Borrowing Base (Revolving
Credit), then the Agent may, in its discretion, undertake up to two (2) appraisals of the Collateral
at the Loan Parties expense, in each subsequent twelve (12) month period. The Agent may
cause additional appraisals of the Collateral to be undertaken (i) as Agent, using its reasonable
discretion, deems necessary or appropriate, at the Lenders expense, or (ii) if required by
applicable Requirements of Law or if a Suspension Event or Event of Default has occurred and is
continuing, at the expense of the Borrower.
(d)
Upon the Agents request from time to time, the Borrower shall, and shall
cause each other Loan Party to, permit the Agent to conduct commercial finance audits of the
Borrowers and the other Loan Parties books and records, provided that the expense for any
such audits shall be borne by the Agent and Lenders (except as provided in the following three
sentences). The Agent may, in its discretion, undertake up to one (1) audit at the Loan Parties
expense, in each twelve (12) month period. Notwithstanding the foregoing, to the extent that
Availability (Revolving Credit) is at any time less than fifty percent (50%) of the lesser of the
Commitments (Revolving Credit) or the Borrowing Base (Revolving Credit), then the Agent
may, in its discretion, undertake up to two (2) audits, at the Loan Parties expense, in each
subsequent twelve (12) month period. The Agent may cause additional audits to be undertaken
(i) as Agent, using its reasonable discretion, deems necessary or appropriate, at the Lenders
expense, or (ii) if required by applicable Requirements of Law or if a Suspension Event or Event
of Default has occurred and is continuing, at the expense of the Borrower.
5-11. Additional Financial Information.
(a)
In addition to all other information required to be provided pursuant to this
Article 5, the Borrower promptly shall provide the Agent (and shall cause each other Loan Party
and any other guarantor of the Liabilities to also provide the Agent), with such other and
additional information concerning the Borrower or Guarantors, the Collateral, the operation of
the Borrowers or Guarantors business, and the Borrowers or Guarantors financial condition,
including original counterparts of financial reports and statements, as the Agent may from time
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to time reasonably request from the Borrower.

(b)
The Borrower may provide the Agent, at the Agents discretion, from time
to time hereafter, with updated projections of the Loan Parties anticipated performance and
operating results.
(c)
In all events, the Borrower, no sooner than ninety (90) nor later than thirty
(30) days prior to the end of each of the Borrowers fiscal years, shall furnish the Agent with an
updated and extended balance sheet, income statement and cash flow statement (including
models of Liquidity), prepared on a monthly basis and which shall go out at least through the end
of the then next fiscal year. Together with such updated and extended projections, the Borrower
shall deliver to the Agent a description of the methodology and assumptions upon which the
projections were prepared.
(d)
The Loan Parties each recognize that all appraisals, inventories, analyses,
financial information, and other materials which the Agent may obtain, develop, or receive with
respect to the Loan Parties is confidential to the Agent and that, except as otherwise provided
herein, no Loan Party is entitled to receipt of any of such appraisals, inventories, analyses,
financial information, and other materials, nor copies or extracts thereof or therefrom.
5-12. Minimum Liquidity.
(a)
Only as long as any Tranche A Term Loan is outstanding, the Borrower
shall not permit Liquidity, at any time, to be less than $70,000.000.00.
(b)
Notwithstanding anything to the contrary set forth herein or in any other
Loan Document (i) no Tranche B Term Lender shall have any right to exercise, or direct the
Agent to exercise or refrain from exercising, any right or remedy arising or available hereunder
or under any other Loan Document upon the occurrence or during the continuance of a Default
or an Event of Default if the only such Default or Event of Default that shall have occurred and
be continuing is a Tranche A Financial Default and the Tranche A Term Lenders have taken no
action under Article 11, (ii) no Tranche B Term Lender shall have any right to approve or
disapprove (x) any amendment or modification to Section 5-12 or the definitions referenced
therein to the extent affecting such Section or (y) any waiver of a Tranche A Financial Default
and (iii) it is understood and agreed that any Tranche B Term Loan held by any Tranche B Term
Lender shall be excluded from any vote of the Lenders (and shall be deemed to not be
outstanding) for the purposes described in clause (i) above and clause (ii) above. For the
avoidance of doubt, nothing in this paragraph (b) shall in any way limit or restrict the rights or
remedies of the Tranche B Term Lenders in connection with any Default or Event of Default
other than a Tranche A Financial Default (whether arising before or after the occurrence of the
Tranche A Financial Default) or the right of any Tranche B Term Lenders to approve or
disapprove any amendment or modification to any other provision hereof or of any other Loan
Document, or to waive any Default or Event of Default other than a Tranche A Financial
Default.

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Article 6 - Use and Collection of Collateral:

6-1.

Use of Inventory Collateral.

(a)
The Borrower shall not, and shall cause each other Loan Party not to,
engage in any sale of the Inventory other than for fair consideration in the conduct of the
Borrowers or any other Loan Partys business in the ordinary course (other than promotions,
markdowns, and discounts in the ordinary course of business) nor shall either engage in sales or
other dispositions to creditors in reduction or satisfaction of such creditors claims; sales or other
dispositions in bulk; or any use of any of the Inventory in breach of any provision of this
Agreement. Notwithstanding the foregoing, the Loan Parties may job-out end of season and
slow-moving Inventory, provided that the Inventory so disposed of does not exceed five percent
(5%) of the Loan Parties aggregate retail receipts in any fiscal year.
(b)
No sale of Inventory shall be on consignment, approval, or under any
other circumstances such that, with the exception of the Loan Parties customary return policy
applicable to the return of inventory purchased by the Loan Parties retail customers in the
ordinary course, such Inventory may be returned to the Loan Parties without the consent of the
Agent.
6-2. Adjustments and Allowances. A Loan Party may grant such allowances or other
adjustments to such Loan Partys Account Debtors as the Loan Party, respectively, may
reasonably deem to accord with sound business practice, provided, however, the authority
granted the Loan Parties pursuant to this Section 6-2 may be limited or terminated by the Agent
at any time after the occurrence, and during the continuance, of an Event of Default in the
Agents discretion.
6-3.

Validity of Accounts.

(a)
The amount of each Account shown on the books, records, and invoices of
the Loan Parties represented as owing by each Account Debtor is and will be the correct amount
actually owing by such Account Debtor (subject to adjustments for returned Inventory in the
ordinary course of business) and shall have been fully earned by performance by such Loan
Party.
(b)
The Agent, from time to time (at the expense of the Borrower in each
instance), may verify the validity, amount, and all other matters with respect to the Receivables
Collateral directly with Account Debtors (including without limitation, by forwarding balance
verification requests to each Loan Partys Account Debtors), and with each Loan Partys
accountants, collection agents, and computer service bureaus (each of which is hereby authorized
and directed to cooperate in full with the Agent and to provide the Agent with such information
and materials as the Agent may request), provided that, as long as no Event of Default exists and
is continuing, the form and content of any such verification letters shall be subject to the prior
approval of the Borrower (whose consent shall not be unreasonably withheld or delayed).
(c)
No Loan Party has knowledge of any impairment of the validity or
collectability of any of the Accounts (other than customary adjustments and chargebacks in the
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ordinary course of business) and shall notify the Agent of any such fact immediately after a Loan
Party becomes aware of any such impairment.
(d)
Except as set forth in EXHIBIT 6-3, no Loan Party shall post any bond to
secure a Loan Partys performance under any agreement to which a Loan Party is a party nor
cause any surety, guarantor, or other third party obligee to become liable to perform any
obligation of a Loan Party (other than to the Agent or ABL Agent) in the event of Loan Partys
failure so to perform, if the amount of any such bond or other obligation of a Loan Party exceeds
$50,000 in any one instance, and after giving effect to all existing bonds and obligations
permitted hereunder, the aggregate amount thereof does not exceed $1,000,000.
6-4. Notification to Account Debtors. Subject to the Intercreditor Agreement, the
Agent shall have the right at any time after the occurrence, and during the continuance, of an
Event of Default, to notify any of a Loan Partys Account Debtors to make payment directly to
the Agent and to collect all amounts due on account of the Collateral.
Article 7 - [Intentionally Omitted].
Article 8 - Grant of Security Interest:
8-1. Grant of Security Interest. To secure the Borrowers prompt, punctual, and
faithful performance of all and each of the Liabilities, the Borrower hereby grants to the Agent,
for the ratable benefit of itself and the other Credit Parties, a continuing security interest in and
to, and assigns to the Agent, for the ratable benefit of itself and the other Credit Parties, all of the
assets of the Borrower, including the following, and each item thereof, whether now owned or
now due, or in which the Borrower has an interest, or hereafter acquired, arising, or to become
due, or in which the Borrower obtains an interest, and all products, Proceeds, substitutions, and
accessions of or to any of the following (all of which, together with any other property in which
the Agent may in the future be granted a security interest, is referred to herein as the
Collateral):
(a)

All Accounts and Accounts Receivable;

(b)

All Inventory;

(c)
All General Intangibles, including, without limitation, (i) all Intellectual
Property, and (ii) all Payment Intangibles;
(d)

All Equipment;

(e)

All Goods;

(f)

All Fixtures;

(g)

All Chattel Paper;

(h)

All Letter of Credit Rights;

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All Supporting Obligations;

(j)
All Investment Property, Instruments, Documents, Deposit Accounts,
money, policies and certificates of insurance, deposits, impressed accounts, compensating
balances, cash, or other property;
(k)
All Commercial Tort Claims, including, without limitation, the
Commercial Tort Claims described in Section 12 of that certain Perfection Certificate dated as of
the Effective Date by the Loan Parties in favor of the Agent and the ABL Agent, among others;
(l)
All insurance proceeds, refunds, and premium rebates, including, without
limitation, proceeds of fire and credit insurance, whether any of such proceeds, refunds, and
premium rebates pertaining to any of the items described in the foregoing clauses (a) through (k);
(m)
All liens, guaranties, rights, remedies, and privileges pertaining to any of
the items described in the foregoing clauses (a) through (l), including the right of stoppage in
transit; and
(n)
All books, records, and information pertaining to any of the items
described in the foregoing clauses (a) through (m) and/or to the operation of the Borrowers
business, and all rights of access to such books, records, and information, and all property in
which such books, records, and information are stored, recorded, and maintained;
provided that, the Collateral shall not include Excluded Assets.
Notwithstanding anything to the contrary contained herein, the Borrower shall not be required to
perfect any security interest to the Agent in any Collateral to the extent (i) the cost, burden,
difficulty or consequence of obtaining or perfecting a security interest therein outweighs the
benefit of the security afforded thereby as reasonably determined and agreed in writing by the
Borrower and the Agent, (ii) of any actions with respect to assets located outside of the United
States, (iii) such Collateral consists of vehicles or other assets subject to certificates of title, or
(iv) assets consisting of letter-of-credit rights not constituting Term Priority Collateral to the
extent not perfected by the filing of a Form UCC-1 financing statement. Notwithstanding the
foregoing or any other provision in any Loan Document to the contrary, all assets included as
Collateral under the ABL Loan Documents shall be included as Collateral hereunder and
under the other Loan Documents.
8-2. Extent and Duration of Security Interest. This grant of a security interest shall
continue in full force and effect applicable to all Liabilities, until the End Date and the specific
termination in writing by a duly authorized officer of the Agent (which the Agent agrees to do
on the End Date) of the security interest granted herein.
8-3. Use of Assets. Without limiting any other rights or remedies of the Agent
hereunder, the Borrower and each other Loan Party hereby covenant and agree that Agent shall,
in connection with the disposition of the Collateral, following any Event of Default, have an
irrevocable license to use any assets of the Loan Parties (in addition to those assets constituting
Collateral), including all general intangibles, furniture, fixtures and equipment contained in any
premises owned or occupied by any Loan Party without cost, subject to the rights, if any, of third
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parties in such other assets. Neither the Agent nor any Lender shall have any obligation or
liability with respect to the use of any assets of the Loan Parties, except with respect to the gross
negligence or willful misconduct of the Agent or such Lender.
8-4.

Real Estate Collateral.

(a)
Lien on Real Estate. The obligations of the Loan Parties hereunder shall
also be secured by Mortgages upon all Real Estate owned by Borrower, other than any Real
Estate constituting an Excluded Asset. The Mortgages shall be duly recorded, at Borrower's
expense, in each office where such recording is required to constitute a fully perfected lien on the
Real Estate covered thereby. If Borrower acquires Real Estate hereafter, Borrower shall, within
60 days, execute, deliver and record a Mortgage sufficient to create a first priority lien in favor of
Agent on such Real Estate, and shall deliver all Related Real Estate Documents.
Article 9 - Agent As Borrowers Attorney-In-Fact:
9-1. Appointment as AttorneyInFact. The Borrower hereby irrevocably constitutes
and appoints the Agent as the Borrowers true and lawful attorney, with full power of
substitution, exercisable only after the occurrence, and during the continuance, of an Event of
Default, to convert the Collateral into cash at the sole risk, cost, and expense of the Borrower,
but for the sole benefit of the Agent. The rights and powers granted the Agent by this
appointment include but are not limited to the right and power to:
(a)

Prosecute, defend, compromise, or release any action relating to the

Collateral.
(b)
Sign change of address forms to change the address to which the
Borrowers mail is to be sent to such address as the Agent shall designate; receive and open the
Borrowers mail; remove any Receivables Collateral and Proceeds of Collateral therefrom and
turn over the balance of such mail either to the Borrower or to any trustee in bankruptcy,
receiver, assignee for the benefit of creditors of the Borrower, or other legal representative of the
Borrower whom the Agent determines to be the appropriate person to whom to so turn over such
mail.
(c)
Endorse the name of the Borrower in favor of the Agent upon any and all
checks, drafts, notes, acceptances, or other items or instruments; sign and endorse the name of
the Borrower on, and receive as secured party, any of the Collateral, any invoices, schedules of
Collateral, freight or express receipts, or bills of lading, storage receipts, warehouse receipts, or
other documents of title respectively relating to the Collateral.
(d)
Sign the name of the Borrower on any notice to the Borrowers Account
Debtors or verification of the Receivables Collateral; sign the Borrowers name on any proof of
claim in Bankruptcy against Account Debtors, and on notices of lien, claims of mechanics liens,
or assignments or releases of mechanics liens securing the Accounts.
(e)
Take all such action as may be necessary to obtain the payment of any
letter of credit and/or bankers acceptance of which the Borrower is a beneficiary.
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(f)
Repair, manufacture, assemble, complete, package, deliver, alter or supply
goods, if any, necessary to fulfill in whole or in part the purchase order of any customer of the
Borrower.
(g)

Use, license or transfer any or all General Intangibles of the Borrower.

9-2. No Obligation to Act. The Agent shall not be obligated to do any of the acts or to
exercise any of the powers authorized by Section 9-1 herein, but if the Agent elects to do any
such act or to exercise any of such powers, it shall not be accountable for more than it actually
receives as a result of such exercise of power, provided that, if the Agent elects to use or license
any General Intangibles of the Borrower consisting of trademarks, copyrights or similar property,
the Agent shall use reasonable efforts to preserve and maintain any such trademark, copyright or
similar property (but nothing contained herein shall obligate the Agent or any Lender to
undertake (or refrain from undertaking) any specific action with respect thereto). Neither the
Agent or any Lender shall be responsible to the Borrower for any act or omission to act pursuant
to Section 9-1, except to the extent that the subject act or omission to act had been grossly
negligent or in actual bad faith.
Article 10 - Events of Default:
The occurrence of any event described in this Article 10 shall constitute an Event of Default
herein. Upon the occurrence of any Event of Default described in Section 10-13, any and all
Liabilities shall become due and payable without any further act on the part of the Agent or any
Lender. Upon the occurrence, and during the continuance, of any other Event of Default, any
and all Liabilities shall become immediately due and payable, at the option of the Agent and
without notice or demand. The occurrence and continuance of any Event of Default shall also
constitute, without notice or demand, a default under all other Loan Documents, whether such
Loan Documents now exist or hereafter arise.
10-1. Failure to Pay Term Loans. The failure by the Borrower to pay any principal
amount of the Term Loans when due.
10-2. Failure To Make Other Payments. The failure by the Borrower to pay when due
(or upon demand, if payable on demand) any payment Liability within five (5) days of the date
when due other than the principal amount of the Term Loans.
10-3. Failure to Perform Covenant or Liability (No Grace Period). The failure by the
Loan Parties to promptly, punctually, faithfully and timely perform, discharge, or comply with
any covenant or Liability not otherwise described in Section 10-1 or Section 10-2 hereof, and
included in any of the following provisions hereof:
Section

Relates to

4-5

Location of Collateral

4-6

Title to Assets

4-7

Indebtedness

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4-8(b)

Insurance Policies

4-29

Restricted Payments

4-30

Solvency

4-34

Amendment of Material
Documents

4-37

Term Loan Account

5-3(a)(ii)

Notice Regarding Material

Contracts

5-12

Minimum Liquidity

Use of Collateral

8-4

Real Estate Collateral

Exhibit C -

; provided that any failure to observe or perform any covenant or agreement contained in
Sections 5-12 shall not constitute an Event of Default with respect to the Tranche B Term Loans
so long as the Tranche A Term Lenders have not taken any action pursuant to Article 11.
10-4. Failure to Perform Covenant or Liability (Limited Grace Period). The failure by
the Loan Parties to promptly, punctually and faithfully perform, discharge, or comply with any
covenant under Sections 4-13, 4-22, 4-23, and Article 5 hereof (except as to Section 5-12, which
is governed by the provisions of Section 10-3 above and Section 5-5, but only to the extent
governed by the provisions of Section 10-5 below), in each instance within five (5) days after the
date on which such covenant was to have been performed, discharged, or complied with.
10-5. Intercreditor Agreement. (i) The Intercreditor Agreement shall, in whole or in
part, terminate, cease to be effective or cease to be legally valid, binding and enforceable against
any holder of the obligations under the ABL Credit Agreement; or (ii) the Borrower or any other
Loan Party shall, directly or indirectly, disavow or contest in any manner (A) the effectiveness,
validity or enforceability of any of the Intercreditor Agreement, (B) that the Intercreditor
Agreement exists for the benefit of the Agent and the Lenders or (C) that all payments of
principal of or premium and interest on the obligations under the ABL Credit Agreement, or
realized from the liquidation of any property of any Loan Party, shall be subject to the
Intercreditor Agreement.
10-6. Failure to Perform Covenant or Liability (Grace Period). The failure by the Loan
Parties to promptly, punctually and faithfully perform, discharge, or comply with any covenant
hereunder or under any other Loan Document or with any Liability not described in any of
Sections 10-1, 10-2, 10-3 or 10-4 hereof, in each instance within fifteen (15) days after the date
on which such covenant was to have been performed, discharged, or complied with.
10-7. Misrepresentation. Any representation, warranty or certification at any time made
by the Borrower to the Agent and/or Lenders is not true or complete in all material respects when
given.

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10-8. Default of Other Debt. The occurrence of any event such that any Material
Indebtedness could then be accelerated (whether or not the subject creditor takes any action on
account of such occurrence), provided that if such event is waived in writing by the holder of the
Indebtedness prior to the exercise of remedies by the Agent hereunder, the occurrence of such
event shall not constitute an Event of Default hereunder.
10-9. Default of Leases. The occurrence of any event such that any Lease or Leases of
the Borrower could then be terminated (whether or not any or all of the subject lessors take any
action on account of such occurrence) and such termination (individually or together with all
other such terminations) could reasonably likely have a Material Adverse Effect, provided that
if such event is waived in writing by the subject lessors prior to the exercise of remedies by the
Agent hereunder, the occurrence of such event shall not constitute an Event of Default
hereunder.
10-10. Uninsured Casualty Loss. The occurrence of any uninsured loss, theft, damage,
or destruction of or to any material portion of the Collateral, having an aggregate value in excess
of $1,500,000.00.
10-11. Judgment. Restraint of Business.
(a)
The entry of any uninsured judgment against the Borrower, in excess of
$5,000,000.00, individually or in the aggregate, which judgment is not satisfied (if a money
judgment) or appealed from (with execution or similar process stayed) within thirty (30) days of
its entry.
(b)
The entry of any order or the imposition of any other process having the
force of law, in either case applicable specifically to the Borrower, the effect of which is to
restrain in any materially adverse way the conduct by the Borrower of its business in the ordinary
course, which order is not dissolved within ten (10) days of its imposition.
10-12. Business Failure. Any act by, against, or relating to the Borrower, or its property
or assets, which act constitutes the application for, consent to, or sufferance of the appointment
of a receiver, trustee, or other person, pursuant to court action or otherwise, over all, or any
material part of the Borrowers property; the granting of any trust mortgage or execution of an
assignment for the benefit of the creditors of the Borrower generally; the offering by or entering
into by the Borrower of any composition, extension, or any other arrangement seeking relief
generally from or extension of the debts of the Borrower; or the initiation of any judicial or non
judicial proceeding or agreement by, against, or including the Borrower which seeks or intends
to accomplish a reorganization or arrangement with creditors, provided that, if such proceeding
is initiated against the Borrower, an Event of Default shall not arise hereunder unless such
proceeding is not timely contested in good faith by the Borrower by appropriate proceedings or,
if so contested, is not dismissed within sixty (60) days of when initiated; and/or the initiation by
or on behalf of the Borrower of the liquidation or winding up of all or any material part of the
Borrowers business or operations.
10-13. Bankruptcy. The failure by the Borrower to generally pay the debts of the
Borrower as they mature; adjudication of bankruptcy or insolvency relative to the Borrower; the
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entry of an order for relief or similar order with respect to the Borrower in any proceeding
pursuant to the Bankruptcy Code or any other federal bankruptcy law; the filing of any
complaint, application, or petition by the Borrower initiating any matter in which the Borrower is
or may be granted any relief from its debts generally pursuant to the Bankruptcy Code or any
other insolvency statute or procedure of general application; the filing of any complaint,
application, or petition against the Borrower initiating any matter in which the Borrower is or
may be granted any relief from its debts generally pursuant to the Bankruptcy Code or any other
insolvency statute or procedure of general application, which complaint, application, or petition
is not timely contested in good faith by the Borrower by appropriate proceedings or, if so
contested, is not dismissed within sixty (60) days of when filed.
10-14. Indictment Forfeiture. Any Loan Party is (A) criminally indicted or convicted
of a felony for fraud or dishonesty in connection with the Loan Parties business, or (B) charged
by a governmental authority under any law that would reasonably be expected to lead to
forfeiture of any material portion of Collateral, or (ii) any director or senior officer of any Loan
Party is (A) criminally indicted or convicted of a felony for fraud or dishonesty in connection
with the Loan Parties business, unless such director or senior officer promptly resigns or is
removed or replaced or (B) charged by a governmental authority under any law that would
reasonably be expected to lead to forfeiture of any material portion of Collateral.
10-15. Default by Guarantor or Subsidiary. The occurrence of any of the foregoing
Events of Default with respect to any Guarantor of the Liabilities, or the occurrence of any of the
foregoing Events of Default with respect to any Subsidiary of the Borrower, as if such guarantor
or Subsidiary were the Borrower described therein.
10-16. Termination of Guaranty. The termination or attempted termination of any
Guaranty Agreement by any Guarantor of the Liabilities (other than in accordance with its terms
or as permitted by the Lenders).
10-17. Challenge to Loan Documents.
(a)
Any challenge by or on behalf of the Borrower, any Guarantor, or any
other guarantor of the Liabilities to the validity of any Loan Document or the applicability or
enforceability of any Loan Document strictly in accordance with the subject Loan Documents
terms or which seeks to void, avoid, limit, or otherwise adversely affect any security interest
created by or in any Loan Document or any payment made pursuant thereto.
(b)
Any determination by any court or any other judicial or government
authority that the Loan Documents, taken as a whole, are not enforceable strictly in accordance
with their terms or which voids, avoids, limits, or otherwise adversely affects any security
interest created by any Loan Document or any payment made pursuant thereto.
10-18. ERISA. (i) An ERISA Event occurs with respect to a pension plan or
multiemployer plan which has resulted or could reasonably be expected to result in liability of
any Loan Party under Title IV of ERISA to the pension plan, multiemployer plan or the Pension
Benefit Guaranty Corporation in an aggregate amount in excess of $5,000,000.00 or which
would reasonably likely result in a Material Adverse Effect, or (ii) a Loan Party or any ERISA
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affiliate fails to pay when due, after the expiration of any applicable grace period, any
installment payment with respect to its withdrawal liability under Section 4201 of ERISA under
a multiemployer plan in an aggregate amount in excess of $5,000,000.00 or which would
reasonably likely result in a Material Adverse Effect.
10-19. Material Contracts. Any Loan Party or any Subsidiary thereof fails to make any
payment when due (whether by scheduled maturity, required prepayment, acceleration, demand,
or otherwise) in respect of any Material Contract or fails to observe or perform any other
agreement or condition relating to any such Material Contract or contained in any instrument or
agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which
default or other event is to cause, or to permit the counterparty to such Material Contract to
terminate such Material Contract.
10-20. Change in Control. Any Change in Control.
10-21. Sourcing Agreement. The occurrence of a breach by the Borrower with respect to
its obligations under the Sourcing Agreement giving rise to a right on the part of MGF Sourcing
to terminate the Sourcing Agreement in accordance with Section 12(a) of the Sourcing
Agreement.
Article 11 - Rights and Remedies Upon Default:
In addition to all of the rights, remedies, powers, privileges, and discretions which the Agent is
provided prior to the occurrence of an Event of Default, the Agent shall have the following rights
and remedies upon the occurrence, and during the continuance, of any Event of Default.
11-1. Rights of Enforcement. The Agent shall have all of the rights and remedies of a
secured party upon default under the UCC, as well as all other rights and remedies afforded to
the Agent under applicable state, federal, and international laws. In addition to which, the Agent
may, or, at the request of the Lender with Required Consent, shall, subject to the Intercreditor
Agreement, take any or all of the following actions:
(a)
declare the unpaid principal amount of all outstanding Term Loans, all
interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under
any other Loan Document to be immediately due and payable, without presentment, demand,
protest or other notice of any kind, all of which are hereby expressly waived by the Borrower.
(b)

To take possession of all or any portion of the Collateral.

(c)
To sell, lease, or otherwise dispose of any or all of the Collateral, in its
then condition or following such preparation or processing as the Agent deems advisable and
with or without the taking of possession of any of the Collateral.
(d)
To conduct one or more going out of business sales which include the sale
or other disposition of the Collateral.
(e)
To apply the Proceeds of the Collateral towards (but not necessarily in
complete satisfaction of) the Liabilities.
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(f)
To exercise all or any of the rights, remedies, powers, privileges, and
discretions under all or any of the Loan Documents.
11-2. Sale of Collateral.
(a)
Any sale or other disposition of the Collateral may be at public or private
sale upon such terms and in such manner as the Agent deems advisable, having due regard to
compliance with any statute or regulation which might affect, limit, or apply to the Agents
disposition of the Collateral.
(b)
The Agent, in the exercise of the Agents rights and remedies upon
default, may conduct one or more going out of business sales, in the Agents own right or by one
or more agents and contractors. Such sale(s) may be conducted upon any premises owned,
leased, or occupied by the Borrower. The Agent and any such agent or contractor, in
conjunction with any such sale, may augment the Inventory with other goods (all of which other
goods shall remain the sole property of the Agent or such agent or contractor). Any amounts
realized from the sale of such goods which constitute augmentations to the Inventory (net of an
allocable share of the costs and expenses incurred in their disposition) shall be the sole property
of the Agent or such agent or contractor and neither the Borrower nor any Person claiming under
or in right of the Borrower shall have any interest therein.
(c)
Unless the Collateral is perishable or threatens to decline speedily in
value, or is of a type customarily sold on a recognized market (in which event the Agent shall
provide the Borrower with such notice as may be practicable under the circumstances), the Agent
shall give the Borrower at least ten (10) days prior written notice of the date, time, and place of
any proposed public sale, and of the date after which any private sale or other disposition of the
Collateral may be made. The Borrower agrees that such written notice shall satisfy all
requirements for notice to the Borrower which are imposed under the UCC or other applicable
Requirements of Law with respect to the exercise of the Agents rights and remedies upon
default.
(d)
The Agent may purchase the Collateral, or any portion of it at any sale
held under this Article (to the extent permitted by applicable Requirements of Law).
(e)
Subject to the terms and provisions of the Agency Agreement, upon the
occurrence and during the continuance of an Event of Default, the Agent shall apply the proceeds
of any Collateral in the following order:
First:

To all costs and expenses incurred by the Agent under this

Agreement, or any other Loan Document, including all Costs of
Collection.

Second:

To accrued and unpaid interest on the Tranche A Term Loans to

the Lenders until all accrued and unpaid interest on the Tranche
A Term Loans has been paid in full.

Third:

To the principal balance of the remaining Tranche A Term Loans

to the Lenders until the unpaid principal balance of the Tranche
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A Term Loans has been paid in full.

Fourth:

To the principal balance of the remaining Tranche B Term Loans

to the Lenders until the unpaid principal balance of the Tranche
B Term Loans has been paid in full.

Fifth:

To all fees due under this Agreement or any other Loan

Document, until the remaining balance of all fees have been paid
in full.

Sixth:

To all other Liabilities, until such Liabilities have been paid in

full.

Seventh:

As provided under applicable Requirements of Law, to each

Person then entitled thereto.

11-3. Occupation of Business Location. In connection with the Agents exercise of the
Agents rights under this Article 11, the Agent may enter upon, occupy, and use any premises
owned or occupied by the Borrower, and may exclude the Borrower from such premises or
portion thereof as may have been so entered upon, occupied, or used by the Agent. The Agent
shall not be required to remove any of the Collateral from any such premises upon the Agents
taking possession thereof, and may render any Collateral unusable to the Borrower. In no event
shall the Agent or any Lender be liable to the Borrower for use or occupancy by the Agent of any
premises pursuant to this Article 11 except to the extent acting in violation of Leases in doing so,
nor for any charge (such as wages for the Borrowers employees and utilities) incurred in
connection with the Agents exercise of the Agents Rights and Remedies, except for such
charges which are incurred as a result of the Agents or such Lenders gross negligence or willful
misconduct.
11-4. Grant of Nonexclusive License. The Borrower hereby grants to the Agent a
royalty free nonexclusive irrevocable license, exercisable upon the occurrence, and during the
continuance, of an Event of Default, to use, apply, and affix any trademark, trade name, logo, or
the like in which the Borrower now or hereafter has rights, such license being with respect to the
Agents exercise of the rights hereunder including, without limitation, in connection with any
completion of the manufacture of Inventory or sale or other disposition of Inventory. In
exercising its rights under such license, the Agent shall use reasonable efforts to preserve and
maintain any such trademark, trade name, or logo, but nothing contained herein shall obligate the
Agent to undertake (or refrain from undertaking) any specific action and neither the Agent nor
any Lender shall, under any circumstances, have any liability to the Borrower, except for such
which are a result of the Agents or such Lenders gross negligence or willful misconduct.
11-5. Assembly of Collateral. The Agent may require the Borrower to assemble the
Collateral and make it available to the Agent at the Borrowers sole risk and expense at a place
or places which are reasonably convenient to both the Agent and Borrower.
11-6. Rights and Remedies. The rights, remedies, powers, privileges, and discretions of
the Agent hereunder (herein, the Agents Rights and Remedies) shall be cumulative and not
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exclusive of any rights or remedies which it would otherwise have. No delay or omission by the
Agent in exercising or enforcing any of the Agents Rights and Remedies shall operate as, or
constitute, a waiver thereof. No waiver by the Agent of any Event of Default or of any default
under any other agreement shall operate as a waiver of any other default hereunder or under any
other agreement. No single or partial exercise of any of the Agents Rights or Remedies, and no
express or implied agreement or transaction of whatever nature entered into between the Agent
and any person, at any time, shall preclude the other or further exercise of the Agents Rights and
Remedies. No waiver by the Agent of any of the Agents Rights and Remedies on any one
occasion shall be deemed a waiver on any subsequent occasion, nor shall it be deemed a
continuing waiver. All of the Agents Rights and Remedies and all of the Agents rights,
remedies, powers, privileges, and discretions under any other agreement or transaction are
cumulative, and not alternative or exclusive, and may be exercised by the Agent at such time or
times and in such order of preference as the Agent in its sole discretion may determine. The
Agents Rights and Remedies may be exercised without resort or regard to any other source of
satisfaction of the Liabilities.
11-7. Warehouse Bailment Agreement. Notwithstanding anything contained in the
Warehouse Bailment Agreement entered into or to be entered into by and among GSI Commerce
Solutions, Inc., the Borrower and the Agent, but without limiting the Agents other rights and
remedies set forth in Article 11 arising upon the occurrence of an Event of Default, the demands,
notices, directions and orders contemplated by Sections F(3), G and J thereof may only be given
by the Agent after the occurrence and during the continuance of an Event of Default.
Article 12 - Notices:
12-1. Notice Addresses. All notices, demands, and other communications made in
respect of this Agreement shall be made to the following addresses, each of which may be
changed upon seven (7) days written notice to all others given by certified mail, return receipt
requested:
If to the Agent:

c/o Sycamore Partners

9 West 57th Street, 31st Floor
New York, New York 10019
Attention:
Stefan Kaluzny
John Woodworth
Fax: (212) 796-8560
Email: skaluzny@sycamorepartners.com
jwoodworth@sycamorepartners.com

With a copy to (which copy shall not constitute notice):

Law Offices of Gary M. Holihan, P.C.
2345 Larkdale Drive
Glenview, IL 60025
Email: garyholihan@gmail.com
And:
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Winston & Strawn LLP

35 W. Wacker Drive
Chicago, IL 60601-9703
Attention:
Gregory S. Murray
Fax: (312) 558-5700
Email: gmurray@winston.com
If to the Borrower
or any other Loan
Party:

Aeropostale, Inc.
125 Chubb Avenue
Lyndhurst, New Jersey 07071
Attention:
Joseph Pachella, GVP and Treasurer
Fax: (973) 872-5650
Email: jpachella@aeropostale.com

With copies to (which copies shall not constitute notice):

Marc G. Schuback, Esquire
General Counsel
Aeropostale, Inc.
112 West 34th Street, 22nd Floor
New York, New York 10120
Fax: (646) 619-4873
Email: mschuback@aeropostale.com
and
Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, NY 10153
Attention: Douglas R. Urqhart
Email: douglas.urqhart@weil.com
12-2. Notice Given.
(a)
Except as otherwise specifically provided herein, notices shall be deemed
made and correspondence received, as follows (all times being local to the place of delivery or
receipt):
(i)
By mail: the sooner of when actually received or three (3) days
following deposit in the United States mail, postage prepaid.
(ii)
By recognized overnight express delivery:
following the day when sent.

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(iii) By Hand: If delivered on a Business Day after 9:00 AM and no

later than three (3) hours prior to the close of customary business hours of the recipient,
when delivered. Otherwise, at the opening of the then next Business Day.
(iv)
By Facsimile or electronic transmission (which must include a
header on which the party sending such transmission is indicated): If sent on a Business
Day after 9:00 AM and no later than three (3) hours prior to the close of customary
business hours of the recipient, one (1) hour after being sent. Otherwise, at the opening
of the then next Business Day.
(b)
Rejection or refusal to accept delivery and inability to deliver because of a
changed address or Facsimile Number for which no due notice was given shall each be deemed
receipt of the notice sent.
Article 13 - Survival; Release of Collateral:
13-1. On the Term A Maturity Date (or such earlier date upon which the Tranche A
Term Loans shall have become due and payable pursuant to this Agreement), the Borrower shall
pay the Agent (whether or not then due), in immediately available funds, all of the Liabilities in
respect of the Tranche A Term Loans (other than indemnities, not then due and payable, which
survive repayment of the Tranche A Term Loans), including, without limitation, all
unreimbursed costs and expenses of the Agent in respect of the Tranche A Term Loans for which
the Borrower is responsible. On the Term B Maturity Date (or such earlier date upon which the
Tranche B Term Loans shall have become due and payable pursuant to this Agreement), the
Borrower shall pay the Agent (whether or not then due), in immediately available funds, all of
the Liabilities in respect of the Tranche B Term Loans (other than indemnities, not then due and
payable, which survive repayment of the Tranche B Term Loans), including, without limitation,
all unreimbursed costs and expenses of the Agent in respect of the Tranche B Term Loans for
which the Borrower is responsible. Until such payment described in the first and second
sentences of this Section 13-1, all provisions of this Agreement shall remain in full force and
effect until all Liabilities (other than indemnities, not then due and payable, which survive
repayment of the Term Loans) shall have been paid in full.
13-2. Subject to the terms of the Intercreditor Agreement, if any of the Collateral shall
be sold, transferred or otherwise disposed of by the Borrower or any other Loan Party in a
transaction permitted by this Agreement (including by way of merger, consolidation or in
connection with the sale of a Subsidiary permitted hereunder), then the Liens created by any of
the Loan Documents on such property shall be automatically released (without need for further
action by any person) and in connection therewith, upon receipt by the Agent of a certificate of
the Borrower to the effect that such transaction and the disposition of the proceeds thereof will
comply with the terms of this Agreement (with such supporting detail as the Agent may
reasonably request), the Agent, at the request and sole expense of the Borrower or such other
Loan Party, shall execute and deliver without recourse, representation or warranty all releases or
other documents necessary or desirable to evidence the release of the Liens created under any of
the Loan Documents on such Collateral.

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Article 14 - General:
14-1. Protection of Collateral. Neither the Agent nor any Lender has a duty as to the
collection or protection of the Collateral beyond the safe custody of such of the Collateral as may
come into the possession of the Agent and shall have no duty as to the preservation of rights
against prior parties or any other rights pertaining thereto. With the Borrowers prior approval
(which shall not be unreasonably delayed or withheld), the Agent may include reference to the
Borrower (and may utilize any logo or other distinctive symbol associated with the Borrower) in
connection with any advertising, promotion, or marketing undertaken by the Agent.
14-2. Successors and Assigns. This Agreement shall be binding upon the Borrower and
the Borrowers representatives, successors, and assigns and shall inure to the benefit of the
Agent, the Lenders and their respective successors and assigns, provided, however, no trustee or
other fiduciary appointed with respect to the Borrower shall have any rights hereunder. In the
event that the Agent or any Lenders, in accordance with the provisions of Section 2-23 hereof,
assign or transfer their respective rights under this Agreement, the assignee shall thereupon
succeed to and become vested with all rights, powers, privileges, and duties of such assignor
hereunder to the extent of such assignment, and, with respect to the interest so assigned, such
assignor shall thereupon be discharged and relieved from its duties and obligations hereunder.
14-3. Severability. Any determination that any provision of this Agreement or any
application thereof is invalid, illegal, or unenforceable in any respect in any instance shall not
affect the validity, legality, or enforceability of such provision in any other instance, or the
validity, legality, or enforceability of any other provision of this Agreement.
14-4. Amendments. Course of Dealing.
(a)
This Agreement and the other Loan Documents incorporate all discussions
and negotiations between the Borrower, the Agent, and the Lenders, either express or implied,
concerning the matters included herein and in such other instruments, any custom, usage, or
course of dealings to the contrary notwithstanding. No such discussions, negotiations, custom,
usage, or course of dealings shall limit, modify, or otherwise affect the provisions thereof. No
failure by the Agent to give notice to the Borrower of the Borrowers having failed to observe
and comply with any warranty or covenant included in any Loan Document shall constitute a
waiver of such warranty or covenant or the amendment of the subject Loan Document.
(b)
The Borrower may undertake any action otherwise prohibited hereby, and
may omit to take any action otherwise required hereby, upon and with the express prior written
consent of the Agent, subject to the terms and conditions of the Agency Agreement. No consent,
modification, amendment, or waiver of any provision of any Loan Document shall be effective
unless executed in writing by or on behalf of the party to be charged with such modification,
amendment, or waiver (and if such party is the Agent, then by a duly authorized officer thereof);
provided, however that with respect to any amendment, supplement, modification, waiver or
other action described above with respect to Section 5-12 or definitions that affect such Section
or any waiver with respect to a Tranche A Financial Default, the Lenders shall be determined
excluding the Tranche B Term Lenders. Any modification, amendment, or waiver provided by
the Agent shall be in reliance upon all representations and warranties theretofore made to the
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Agent by or on behalf of the Borrower (and any guarantor, endorser, or surety of the Liabilities)
and consequently may be rescinded in the event that any of such representations or warranties
was not true and complete in all material respects when given.
14-5. Power of Attorney. In connection with all powers of attorney included in this
Agreement, the Borrower hereby grants unto the Agent full power to do any and all things
necessary or appropriate in connection with the exercise of such powers as fully and effectually
as the Borrower might or could do, hereby ratifying all that said attorney shall do or cause to be
done by virtue of this Agreement. No power of attorney set forth in this Agreement shall be
affected by any disability or incapacity suffered by the Borrower and each shall survive the
same. All powers conferred upon the Agent by this Agreement, being coupled with an interest,
shall be irrevocable until this Agreement is terminated by a written instrument executed by a
duly authorized officer of the Agent.
14-6. Application of Proceeds. Except as otherwise provided in Section 11-2(e) hereof,
the proceeds of any collection, sale, or disposition of the Collateral, or of any other payments
received hereunder, shall be applied towards the Liabilities in such order and manner as the
Agent determines in its sole discretion. The Borrower shall remain liable for any deficiency
remaining following such application.
14-7. Costs and Expenses of Agent and Lenders.
(a)
The Borrower shall pay on demand all Costs of Collection and all
reasonable expenses of the Agent and Lenders in connection with the preparation, execution, and
delivery of this Agreement and of any other Loan Documents, whether now existing or hereafter
arising, and all other reasonable expenses which may be incurred by the Agent and Lenders in
preparing or amending this Agreement and all other agreements, instruments, and documents
related thereto, or otherwise incurred with respect to the Liabilities, and all other costs and
expenses of the Agent and Lenders which relate to the credit facility contemplated hereby.
(b)
The Borrower shall pay on demand all reasonable and documented out-ofpocket costs and expenses incurred (including reasonable and documented out-of-pocket costs
and expenses of 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)
incurred, following the occurrence, and during the continuance, of any Event of Default, by the
Agent and Lenders in connection with the enforcement, attempted enforcement, or preservation
of any rights and remedies under this, or any other Loan Document, as well as any such costs and
expenses in connection with any workout, forbearance, or restructuring of the credit facility
contemplated hereby.
(c)
The Borrower authorizes the Agent to pay all such fees and expenses and
in the Agents discretion, to add such fees and expenses to the Loan Account.

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(d)
The undertaking on the part of the Borrower in this Section 14-7 shall
survive payment of the Liabilities and/or any termination, release, or discharge executed by the
Agent or any Lender in favor of the Borrower, other than a termination, release, or discharge
which makes specific reference to this Section 14-7.
14-8. Copies and Facsimiles. This Agreement and all documents which relate thereto,
which have been or may be hereinafter furnished any of the Credit Parties may be reproduced by
such Credit Party by any photographic, microfilm, xerographic, digital imaging, or other process,
and the Credit Parties may destroy any document so reproduced. Any such reproduction shall be
admissible in evidence as the original itself in any judicial or administrative proceeding (whether
or not the original is in existence and whether or not such reproduction was made in the regular
course of business). Any facsimile which bears proof of transmission shall be binding on the
party which or on whose behalf such transmission was initiated and likewise shall be so
admissible in evidence as if the original of such facsimile had been delivered to the party which
or on whose behalf such transmission was received.
14-9. New York Law. This Agreement and the transactions contemplated hereby, and
all disputes between the parties under or relating to this Agreement or the facts or circumstances
leading to its execution, whether in contract, tort or otherwise, shall be construed in accordance
with and governed by the laws (including statutes of limitation) of the State of New York,
without regard to conflicts of law principles that would require the application of the laws of
another jurisdiction.
14-10. Consent to Jurisdiction.
The Borrower agrees that any legal action, proceeding, case, or controversy against the Borrower
with respect to any Loan Document may be brought in the State of New York sitting in New
York County and of the United States District Court of the Southern District of New York, and
any appellate court from any thereof, as the Agent may elect in the Agents sole discretion. By
execution and delivery of this Agreement, the Borrower, for itself and in respect of its property,
accepts, submits, and consents generally and unconditionally, to the non-exclusive jurisdiction of
the aforesaid courts.
(a)
The Borrower WAIVES personal service of any and all process upon it,
and irrevocably consents to the service of process out of any of the aforementioned courts in any
such action or proceeding by the mailing of copies thereof by certified mail, postage prepaid, to
the Borrower at the Borrowers address for notices as specified herein, such service to become
effective ten (10) Business Days after such mailing.
(b)
The Borrower WAIVES any objection based on forum non conveniens
and any objection to venue of any action or proceeding instituted in the aforesaid courts under
any of the Loan Documents.
(c)
Nothing herein shall affect the right of the Agent to bring legal actions or
proceedings in any other competent jurisdiction.
The Borrower agrees that any action commenced by the Borrower asserting any claim or
counterclaim arising under or in connection with this Agreement or any other Loan Document
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shall be brought solely in the State of New York sitting in New York County and of the United
States District Court of the Southern District of New York, and that such Courts shall have
exclusive jurisdiction with respect to any such action.
14-11. Indemnification. The Loan Parties shall indemnify, defend, and hold the Agent,
each Lender and each other Credit Party and any employee, officer, or agent of the Agent, each
Lender and other Credit Parties (each, an Indemnified Person) harmless of and from any
claim brought or threatened against any Indemnified Person by the Borrower, any guarantor or
endorser of the Liabilities, or any other Person (as well as from any reasonable and documented
legal or other out-of-pocket expenses incurred in connection with investigating or defending any
of the foregoing (but limited, in the case of legal fees and expenses, to one counsel to the
Indemnified Persons 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 Indemnified Person affected by such conflict informs the
Borrower of such conflict, one additional counsel in each relevant jurisdiction for each
Indemnified Person subject to such conflict)) on account of the relationship of the Borrower or of
any other guarantor or endorser of the Liabilities with the Agent, Lenders and other Credit
Parties (each, an Indemnified Claim) other than any claim resulting from the gross
negligence, bad faith, or willful misconduct of such Indemnified Person. Each Indemnified
Claim may be defended, compromised, settled, or pursued by the Indemnified Person with
counsel of the Agents selection (and if such Indemnified Claim is brought by a Person other
than the Loan Parties, any guarantor or endorser of the Liabilities or any Affiliate of the Loan
Parties, after consultation with (but not approval of) the Loan Parties regarding the selection of
such counsel), but at the expense of the Borrower, provided that any Indemnified Claim may not
be settled without the consent of the Loan Parties (which shall not be unreasonably withheld or
delayed) if as the result of any such settlement the Loan Parties will be obligated to make any
payment (other than reimbursement of the reasonable costs and expenses of the Indemnified
Person). This indemnification shall survive payment of the Liabilities and/or any termination,
release, or discharge executed by the Agent in favor of the Borrower or any other Loan Party,
other than a termination, release, or discharge which makes specific reference to this Section 1411.
14-12. Rules of Construction. The following rules of construction shall be applied in the
interpretation, construction, and enforcement of this Agreement and of the other Loan
Documents:
(a)

Words in the singular include the plural and words in the plural include

the singular.
(b)
Titles, headings (indicated by being underlined or shown in SMALL
CAPITALS) and any Table of Contents are solely for convenience of reference; do not constitute
a part of the instrument in which included; and do not affect such instruments meaning,
construction, or effect.
(c)

The words includes and including are not limiting.

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(d)
Text which follows the words including, without limitation (or similar
words) is illustrative and not limiting.
(e)
Except where the context otherwise requires or where the relevant
subsections are joined by or, compliance with any Section or provision of any Loan Document
which constitutes a warranty or covenant requires compliance with all subsections (if any) of that
Section or provision. Except where the context otherwise requires, compliance with any
warranty or covenant of any Loan Document which includes subsections which are joined by
or may be accomplished by compliance with any of such subsections.
(f)
Text which is shown in italics, shown in bold, shown IN ALL CAPITAL
LETTERS, or in any combination of the foregoing, shall be deemed to be conspicuous.
(g)

The words may not are prohibitive and not permissive.

(h)

The word or is not exclusive.

(i)
Terms which are defined in one section of any Loan Document are used
with such definition throughout the instrument in which so defined.
(j)

The symbol $ refers to United States Dollars.

(k)
Unless limited by reference to a particular Section or provision, any
reference to herein, hereof, or within is to the entire Loan Document in which such
reference is made.
(l)
References to this Agreement or to any other Loan Document is to the
subject instrument as amended to the date on which application of such reference is being made.
(m)

Except as otherwise specifically provided, all references to time are to

Boston time.
(n)
In the determination of any notice, grace, or other period of time
prescribed or allowed hereunder:
(i)
Unless otherwise provided (A) the day of the act, event, or default
from which the designated period of time begins to run shall not be included and the last
day of the period so computed shall be included unless such last day is not a Business
Day, in which event the last day of the relevant period shall be the then next Business
Day and (B) the period so computed shall end at 5:00 PM on the relevant Business Day.
(ii)

The word from means from and including.

(iii)

The words to and until each mean to, but excluding.

(iv)

The word through means to and including.

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(o)
the Effective Date.

Exhibit C -

References to presently, currently, and other similar expressions mean

(p)
The term upon the occurrence, and during the continuance, of an Event of
Default, upon the occurrence, and during the continuance, of Default Interest Event and any
other similar term means, subject to the terms and conditions of the Agency Agreement, the
occurrence of an Event of Default or a Default Interest Event which has not been (i) waived by
the Agent, or (ii) resolved to the reasonable satisfaction of the Agent. For purposes hereof, an
Event of Default shall be deemed resolved to the reasonable satisfaction of the Agent if (A) the
Agent has not theretofore exercised any of its rights and remedies on account of the existence of
such Event of Default, and (B) the matter giving rise to such Event of Default has been fully
remediated by the Borrower, provided, however, that (1) nothing contained herein shall furnish
the Borrower with any additional cure periods beyond those set forth in Article 10, if any, prior
to an event constituting an Event of Default, (2) notwithstanding the foregoing, any Event of
Default under Article 7, or Sections 10-1, 10-2, 10-12, or 10-13 hereof may only be waived by
the Agent and shall not ever be deemed resolved to the reasonable satisfaction of the Agent,
and (3) the Borrower may not resolve any occurrences which constitute Events of Default to the
reasonable satisfaction of the Agent on more than four (4) occasions in any fiscal year.
(q)
The Loan Documents shall be construed and interpreted in a harmonious
manner and in keeping with the intentions set forth in Section 14-13 hereof, provided, however,
in the event of any inconsistency between the provisions of this Agreement and any other Loan
Document, the provisions of this Agreement shall govern and control.
14-13. Intent. It is intended that:
(a)

This Agreement take effect as a sealed instrument.

(b)
The security interests created by this Agreement secure all Liabilities,
whether now existing or hereafter arising.
(c)
Unless otherwise explicitly provided herein, the consent of the Agent or
any Lender to any action of the Borrower which is prohibited unless such consent is given may
be given or refused by the Agent and Lenders in their reasonable discretion.
14-14. Right of SetOff. Any and all deposits (other than Trust Deposit Accounts) or
other sums at any time credited by or due to the Borrower from the Agent, any Lender, or any
participant (a Participant) in the credit facility contemplated hereby or any from any Affiliate
of the Agent, any Lender, or any Participant and any cash, securities, instruments or other
property of the Borrower in the possession of the Agent, any Lender, any Participant or any such
Affiliate, whether for safekeeping or otherwise (regardless of the reason such Person had
received the same) shall at all times constitute security for all Liabilities and for any and all
obligations of the Borrower to the Agent, any Lender or any Participant or any such Affiliate and
may be applied or set off against the Liabilities and against such obligations at any time, whether
or not such are then due and whether or not other collateral is then available to the Agent, any
Lender or any Participant or any such Affiliate.

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14-15. Maximum Interest Rate. Notwithstanding anything to the contrary contained in

any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not
exceed the maximum rate of non-usurious interest permitted by applicable Law (the Maximum
Rate). If any Lender shall receive interest in an amount that exceeds the Maximum Rate, the
excess interest shall be applied to the principal of the Term Loans, as applicable, or, if it exceeds
such unpaid principal, refunded to the Borrower. In determining whether the interest contracted
for, charged, or received by the Agent or Lenders exceeds the Maximum Rate, such Person may,
to the extent permitted by applicable Requirements of Law, (a) characterize any payment that is
not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary
prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or
unequal parts the total amount of interest throughout the contemplated term of the Liabilities
hereunder.
14-16. Waivers.
(a)
The Borrower (and all guarantors, endorsers, and sureties of the
Liabilities) make each of the waivers included in Section 14-16(b), below, knowingly,
voluntarily, and intentionally, and understands that the Agent and Lenders, in entering into the
financial arrangements contemplated hereby and in providing loans and other financial
accommodations to or for the account of the Borrower as provided herein, whether not or in the
future, are relying on such waivers.
(b)
THE BORROWER, AND EACH SUCH GUARANTOR, ENDORSER,
AND SURETY RESPECTIVELY WAIVES THE FOLLOWING:
(i)
Except as otherwise specifically required hereby, and to the extent
permissible under applicable Requirements of Law, notice of nonpayment, demand,
presentment, protest and all forms of demand and notice, both with respect to the
Liabilities and the Collateral.
(ii)
Except as otherwise specifically required hereby, and to the extent
permissible under applicable Requirements of Law, the right to notice and/or hearing
prior to the Agents exercising of the Agents rights upon default.
(iii) THE RIGHT TO A JURY IN ANY TRIAL OF ANY CASE OR
CONTROVERSY IN WHICH THE AGENT OR ANY LENDER IS OR BECOMES A
PARTY (WHETHER SUCH CASE OR CONTROVERSY IS INITIATED BY OR
AGAINST THE AGENT OR ANY LENDER OR IN WHICH THE AGENT OR ANY
LENDER IS JOINED AS A PARTY LITIGANT), WHICH CASE OR
CONTROVERSY ARISES OUT OF OR IS IN RESPECT OF, ANY RELATIONSHIP
AMONGST OR BETWEEN THE BORROWER OR ANY OTHER PERSON AND
THE AGENT OR ANY LENDER (AND THE AGENT AND LENDERS LIKEWISE
WAIVE THEIR RIGHT TO A JURY IN ANY TRIAL OF ANY SUCH CASE OR
CONTROVERSY).
(iv)
Except to the extent that such may not be waived under applicable
Requirements of Law, the benefits or availability of any stay, limitation, hindrance,
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delay, or restriction with respect to any action which the Agent or any Lender may or
may become entitled to take hereunder.
(v)
Any defense, counterclaim, setoff, recoupment, or other basis on
which the amount of any Liability, as stated on the books and records of the Agent or any
Lender, could be reduced or claimed to be paid otherwise than in accordance with the
tenor of and written terms of such Liability.
(vi)
Any claim against the Agent or any Lender to consequential,
special, or punitive damages.
14-17. Confidentiality. The Credit Parties shall keep, and shall cause their respective
officers, directors, employees, affiliates and attorneys to keep, all financial statements, reports
and other proprietary information furnished to them by the Borrower, the Guarantor or their
respective Affiliates (hereinafter collectively, the Information) confidential and shall not
disclose such Information, or cause such Information to be disclosed, to any Person, provided,
however, that (i) the Information may be disclosed to any Credit Partys officers, directors,
employees, affiliates, attorneys and other advisors as need to know the Information in connection
with the Agents or Lenders administration of the Liabilities; (ii) the Information may be
disclosed to any regulatory or other governmental authorities having jurisdiction over the Agent
and Lenders as required in connection with the exercise of their regulatory activity; (iii) the
Information may be disclosed to any prospective assignee or participant, who has agreed to be
bound by the provisions of this Section 14-17; (iv) the Information may be disclosed in
connection with the enforcement of the Liabilities by the Agent or any Lender to the extent
required in connection therewith; and (v) the Information may otherwise be disclosed to the
extent required by law. Notwithstanding anything herein to the contrary, Information shall not
include, and each Credit Party (and each employee, representative, or other agent of the Agent
and each Lender) may disclose to any and all Persons without limitation of any kind, any
information with respect to the tax treatment and tax structure (in each case, within the
meaning of Treasury Regulation Section 1.6011-4) of the transactions contemplated hereby and
all materials of any kind (including options or other tax analyses) that are provided to any Credit
Party (and each employee, representative, or other agent of any Credit Party) relating to such tax
treatment and tax structure; provided, that with respect to any document or similar item that in
either case contains information concerning the tax treatment or tax structure of the transaction
as well as other information, this sentence shall only apply to such portions of the document or
similar item that relate to the tax treatment or tax structure of the Term Loans and other
transactions contemplated hereby.
14-18. Press Releases. Once the Borrower has filed this Agreement with the Securities
and Exchange Commission and disseminated a corresponding press release regarding this
Agreement, then Borrower consents to the publication by the Agent and/or Lender of advertising
material relating to the financing transactions contemplated by this Agreement using the
Borrowers name, product photographs, logo or trademark. The Agent and/or Lender shall
provide a draft reasonably in advance of any advertising material to the Borrower for review and
comment prior to the publication thereof. Subject to the conditions contained in this Section 1418, the Agent and Lender reserve the right to provide to industry trade organizations information
necessary and customary for inclusion in league table measurements.
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14-19. No Advisory or Fiduciary Responsibility. In connection with all aspects of each

transaction contemplated hereby, the Loan Parties acknowledge and agree that: (i) the credit
facility provided for hereunder and any related arranging or other services in connection
therewith (including in connection with any amendment, waiver or other modification hereof or
of any other Loan Document) are an arms-length commercial transaction between the Loan
Party, on the one hand, and the Agent and Lenders, on the other hand, and each of the Loan
Parties is capable of evaluating and understanding and understands and accepts the terms, risks
and conditions of the transactions contemplated hereby and by the other Loan Documents
(including any amendment, waiver or other modification hereof or thereof); (ii) in connection
with the process leading to such transaction, the Agent and Lenders are and have been acting
solely as principals and are not the financial advisor, agent or fiduciary, for the Loan Parties or
any of their respective Affiliates, stockholders, creditors or employees or any other Person; (iii)
the Agent and Lenders have not assumed and will not assume an advisory, agency or fiduciary
responsibility in favor of the Loan Parties with respect to any of the transactions contemplated
hereby or the process leading thereto, including with respect to any amendment, waiver or other
modification hereof or of any other Loan Document (irrespective of whether the Agent and
Lenders have advised or are currently advising the Loan Parties or any of their respective
Affiliates on other matters) and the Agent and Lenders have no any obligation to the Loan
Parties or any of their respective Affiliates with respect to the transactions contemplated hereby
except those obligations expressly set forth herein and in the other Loan Documents; (iv) the
Agent, any Lender and their respective Affiliates may be engaged in a broad range of
transactions that involve interests that differ from those of the Loan Parties and their respective
Affiliates, and the Agent and Lenders have no obligation to disclose any of such interests by
virtue of any advisory, agency or fiduciary relationship; and (v) the Agent and Lenders have not
provided and will not provide any legal, accounting, regulatory or tax advice with respect to any
of the transactions contemplated hereby (including any amendment, waiver or other modification
hereof or of any other Loan Document) and each of the Loan Parties has consulted its own legal,
accounting, regulatory and tax advisors to the extent it has deemed appropriate. Each of the
Loan Parties hereby waives and releases, to the fullest extent permitted by law, any claims that it
may have against the Agent and any Lender with respect to any breach or alleged breach of
agency or fiduciary duty.
14-20. Intentionally Omitted.
14-21. USA PATRIOT Act Notice. The Agent and each Lender hereby notifies the Loan
Parties that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)) (the Patriot Act), it is required to obtain, verify and
record information that identifies the Loan Parties, which information includes the name and
address of each such Person and other information that will allow the Agent and each Lender to
identify the Loan Parties in accordance with the Patriot Act. Each of the Loan Parties is in
compliance, in all material respects, with the Patriot Act. No part of the proceeds of the Term
Loans will be used by the Loan Parties, directly or indirectly, for any payments to any
governmental official or employee, political party, official of a political party, candidate for
political office, or anyone else acting in an official capacity, in order to obtain, retain or direct
business or obtain any improper advantage, in violation of the United States Foreign Corrupt
Practices Act of 1977, as amended.

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14-22. Foreign Asset Control Regulations. Neither the advance of the Term Loans, nor
the use of the proceeds of any thereof, will violate the Trading With the Enemy Act (50 U.S.C.
1 et seq., as amended) (the Trading With the Enemy Act) or any of the foreign assets control
regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as
amended) (the Foreign Assets Control Regulations) or any enabling legislation or executive
order relating thereto (which for the avoidance of doubt shall include, but shall not be limited to
(a) Executive Order 13224 of September 21, 2001 Blocking Property and Prohibiting
Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed.
Reg. 49079 (2001)) (the Executive Order) and (b) the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Public
Law 107-56)). Furthermore, none of the Loan Parties or their Affiliates (a) is or will become a
blocked person as described in the Executive Order, the Trading With the Enemy Act or the
Foreign Assets Control Regulations or (b) engages or will engage in any dealings or transactions,
or be otherwise associated, with any such blocked person or in any manner violative of any
such order.
14-23. Obligations of Lenders Several. The obligations of the Lenders hereunder to
make Term Loans and to make payments hereunder are several and not joint. The failure of any
Lender to make any Term Loan or to make any payment hereunder on any date required
hereunder shall not relieve any other Lender of its corresponding obligation to do so on such
date, and no Lender shall be responsible for the failure of any other Lender to so make its Term
Loan or to make its payment hereunder.
14-24. Intercreditor Agreement. Notwithstanding anything to the contrary in this
Agreement or in any other Loan Document: (a) the Liens granted to Agent in favor of each
member of the Lenders pursuant to the Loan Documents and the exercise of any right related to
any Collateral shall be subject, in each case, to the terms of the Intercreditor Agreement, (b) in
the event of any conflict between the express terms and provisions of this Agreement or any
other Loan Document, on the one hand, and of the Intercreditor Agreement, on the other hand,
the terms and provisions of the Intercreditor Agreement shall control, and (c) each Lender
authorizes Agent to execute the Intercreditor Agreement on behalf of such Lender, and such
Lender agrees to be bound by the terms thereof.
[signature pages follow]

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IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date
above first written. This Agreement shall take effect as a sealed instrument.
BORROWER:

AEROPOSTALE, INC., as "Borrower"

By: ________________________________
Name: Marc D. Miller
Title: Executive Vice President and Chief Financial
Officer

GUARANTORS:

AEROPOSTALE WEST, INC

JIMMY'Z SURF CO., LLC
AERO GC MANAGEMENT LLC
AEROPOSTALE PROCUREMENT COMPANY,
INC.
AEROPOSTALE LICENSING, INC.
P.S. FROM AEROPOSTALE, INC.,
GOJANELLC,
each as a "Guarantor"

~2lk

By:
--------~----------------------Name: Marc D. Miller
Title: Executive Vice President and Chief Financial
Officer

[Signature Page to Loan and Security Agreement]

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AERO INVESTORS LLC,

as "Agent" and a "Lender"

Name:
Title: C ~o

c( Pr-e-i'dft/

[Signature Page to Loan and Security Agreement]

Exhibit C -

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Prepetition Term Loan Agreement Pg 98 of 236
Loan and Security Agreement

Certificate of Designation of Series B Convertible Preferred Stock

(See Attached).

US_ACTIVE:\44451676\5\11727.0008

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CERTIFICATE OF DESIGNATION
OF
PREFERENCES
OF
SERIES B CONVERTIBLE PREFERRED STOCK
OF
AROPOSTALE, INC.
(Pursuant to Section 151 of the General
Corporation Law of the State of Delaware)

Exhibit C -

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The undersigned officer of Aropostale, Inc., a Delaware corporation (hereinafter called

the Corporation), DOES HEREBY CERTIFY:
That pursuant to authority conferred upon on the Board of Directors of the Corporation
(the Board of Directors) by the Restated Certificate of Incorporation of the Corporation, as
amended (the Restated Certificate), the Board of Directors has authorized the designation of
one thousand (1,000) shares of its Preferred Stock, $.01 par value, as Series B Convertible
Preferred Stock, $.01 par value, none of which has heretofore been issued, and, in furtherance
of the foregoing, the Board of Directors has duly adopted the following recitals and resolutions:
WHEREAS, the Restated Certificate provides that the Corporation is authorized to issue
two classes of shares, including five million (5,000,000) shares of Preferred Stock, $.01 par
value;
WHEREAS, the Board of Directors is expressly authorized, in the resolution or
resolutions providing for the issuance of any wholly unissued series of Preferred Stock, to fix,
state and express the powers, rights, preferences, qualifications, limitations and restrictions
thereof, including without limitation: the rate of dividends upon which and the times at which
dividends on shares of such series shall be payable and the preference, if any, which such
dividends shall have relative to dividends on shares of any other class or classes or any other
series of stock of the Corporation; whether such dividends shall be cumulative or noncumulative,
and if cumulative, the date or dates from which dividends on shares of such series shall be
cumulative; the voting rights, if any, to be provided for shares of such series; the rights, if any,
which the holders of shares of such series shall have in the event of any voluntary or involuntary
liquidation, dissolution or winding up of the affairs of the Corporation; the rights, if any, which
the holders of shares of such series shall have to convert such shares into or exchange such
shares for shares of stock of the Corporation, and the terms and conditions, including price and
rate of exchange of such conversion or exchange; and the redemption rights (including sinking
fund provisions), if any, for shares of such series; and such other powers, rights, preferences,
qualifications, limitations and restrictions as the Board of Directors may desire to so fix; and
WHEREAS, pursuant to the authority conferred upon the Board of Directors in the
Corporations Restated Certificate, the Board of Directors, on May 23, 2014, unanimously
adopted the following resolution designating one thousand (1,000) shares of preferred stock, $.01
par value, as the Series B Convertible Preferred Stock, which such resolution remains in full
force and effect without amendment.
NOW, THEREFORE, BE IT RESOLVED, that the Board of Directors hereby
determines the designation of, number of shares constituting, and the rights, preferences,
privileges, and restrictions relating to said series of Preferred Stock as follows:
1.
Designation and Amount. The shares of such securities shall be designated as Series B
Convertible Preferred Stock (the Series B Preferred) and the number of authorized shares
constituting the Series B Preferred shall be one thousand (1,000) (each, a Share), which shall
not be increased or decreased without the affirmative vote of the holders of a majority of the then
outstanding Series B Preferred.

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2.
Dividends and Distributions. Notwithstanding anything stated herein, the Series B
Preferred shall not be entitled to payments of dividends or other distributions from the
Corporation.
3.
Liquidation, Dissolution or Winding Up. Upon any liquidation, dissolution or winding
up of the Corporation (whether voluntary or involuntary), each holder of Series B Preferred shall
be entitled to be paid, in priority only with respect to the holders of the Common Stock, an
amount in cash equal to the difference between (x) the amount to which such holder would be
entitled to receive upon such liquidation, dissolution or winding up if all of such holders Series
B Preferred were converted into Conversion Stock immediately prior to such event less (y) the
aggregate Conversion Price payable in connection with such conversion (such amount
determined pursuant to the foregoing, the Liquidation Preference), and the holders of Series B
Preferred shall not be entitled to any further payment. If upon any such liquidation, dissolution
or winding up of the Corporation, its assets to be distributed among the holders of the Series B
Preferred are insufficient to permit payment to such holders of the aggregate amount which they
are entitled to be paid under this Section 3, then the entire assets available to be distributed to the
Corporations stockholders shall be distributed pro rata among such holders based upon the
aggregate Liquidation Preference of the Series B Preferred held by each such holder. Not less
than 30 days prior to the payment date stated therein, the Corporation shall deliver written notice
of any such liquidation, dissolution or winding up to each record holder of Series B Preferred,
setting forth in reasonable detail the amount of proceeds to be paid with respect to each share of
the Corporations equity securities in connection with such liquidation, dissolution or winding
up. The holders of the Series B Preferred shall be entitled to receive payment from the
Corporation of the amounts payable with respect to the Series B Preferred upon a liquidation,
dissolution or winding up of the Corporation under this Section 3 and, upon delivery of such
payment, their Shares shall be cancelled and extinguished and the holders of such Shares shall
have no further rights in the Corporation. Neither the voluntary sale, conveyance, exchange,
license or transfer, for cash, shares of stock, securities or other consideration, of all or
substantially all of the Corporations property or assets (other than in connection with the
liquidation, winding-up or dissolution of its business), nor the consolidation, merger or
amalgamation of the Corporation with or into any other entity or the consolidation, merger or
amalgamation of any other entity with or into the Corporation shall be deemed to be a
liquidation, dissolution or winding-up of the Corporation for purposes of this Section 3.
4.

Certain Sycamore Group Related Matters.

(a)
Certain Acknowledgments. In recognition and anticipation that (i) the directors,
officers and/or employees of Sycamore Partners Management, L.L.C. (Sycamore Partners) and
its Affiliates (collectively, The Sycamore Group) may serve as directors and/or officers of the
Corporation, (ii) the members of The Sycamore Group engage and may continue to engage in the
same or similar activities or related lines of business as those in which the Corporation, directly
or indirectly, may engage and/or other business activities that overlap with or compete with those
in which the Corporation, directly or indirectly, may engage, and (iii) the Corporation and its
Affiliated Companies (as defined in Section 4(f) hereof) will engage in material business
transactions with The Sycamore Group and that the Corporation is expected to benefit therefrom,
the provisions of this Section 4 are set forth to regulate and define the conduct of certain affairs
of the Corporation as they may involve any of the members of The Sycamore Group (and their

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respective employees, officers and directors), and the powers, rights, duties and liabilities of the
Corporation and its officers, directors and stockholders in connection therewith.
(b)
Competition and Corporate Opportunities. No member of The Sycamore Group
(nor any employee, officer or director thereof who at any time is serving as a director (or in a
similar capacity) of the Corporation or any of its Affiliated Companies) shall have any duty to
refrain from engaging directly or indirectly in the same or similar business activities or lines of
business as the Corporation or any of its Affiliated Companies, and no member of The Sycamore
Group nor any employee, officer or director thereof who at any time is serving as a director (or
in a similar capacity) of the Corporation or any of its Affiliated Companies (except as provided
in Section 4(c) below) shall be liable to the Corporation or its stockholders for breach of any
fiduciary duty solely by reason of any such activities of any member of The Sycamore Group or
any such employee, officer or director thereof. In the event that any member of The Sycamore
Group acquires knowledge of a potential transaction or matter which may be a corporate
opportunity for itself and the Corporation or any of its Affiliated Companies, no member of The
Sycamore Group shall have any duty to communicate or offer such corporate opportunity to the
Corporation or any of its Affiliated Companies and shall not be liable to the Corporation or its
stockholders for breach of any fiduciary duty as a stockholder of the Corporation solely by
reason of the fact that any member of The Sycamore Group pursues or acquires such corporate
opportunity for itself, directs such corporate opportunity to another Person, or does not
communicate information regarding such corporate opportunity to the Corporation.
(c)
Allocation of Corporate Opportunities. In the event that a director or officer of
the Corporation who is also a director, officer or employee of any member of The Sycamore
Group acquires knowledge of a potential transaction or matter which may be a corporate
opportunity for the Corporation or any of its Affiliated Companies and any member of The
Sycamore Group, such director or officer of the Corporation shall have fully satisfied and
fulfilled the fiduciary duty of such director or officer to the Corporation and its stockholders with
respect to such corporate opportunity, if such director or officer acts in a manner consistent with
the following policy:
(a) A corporate opportunity offered to any Person who is a director or
officer of the Corporation, and who is also a director, officer or employee of any member
of The Sycamore Group, shall belong to the Corporation if such opportunity is expressly
offered to such Person in writing solely in his or her capacity as a director or officer of
the Corporation.
(b) Otherwise, such corporate opportunity shall belong to Sycamore
Partners.
(d)
Certain Matters Deemed Not To Be Corporate Opportunities. In addition to and
notwithstanding the foregoing provisions of this Section 4, a corporate opportunity shall not be
deemed to belong to the Corporation if it is a business opportunity (i) that the Corporation is not
permitted to undertake under the terms of Article 3 of the Restated Certificate or (ii) that the
Corporation is not financially able or contractually permitted or legally able to undertake, or (iii)
that is, from its nature, not in the line of the Corporations business or (iv) that is of no practical

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advantage to it or (v) that is one in which the Corporation has no interest or reasonable
expectancy.
(e)
Agreements and Transactions with Sycamore Partners. In the event that any
member of The Sycamore Group enters into an agreement or transaction with the Corporation or
any of its Affiliated Companies, a director or officer of the Corporation who is also a director or
officer of any member of The Sycamore Group shall have fully satisfied and fulfilled the
fiduciary duty of such director or officer to the Corporation and its stockholders with respect to
such agreement or transaction, if:
(i)
The agreement or transaction was approved, after being made aware of the
material facts of the relationship between each of the Corporation or an Affiliated
Company thereof and the applicable member of The Sycamore Group and the material
terms and facts of the agreement or transaction, by (A) an affirmative vote of a majority
of the members of the Board of Directors who are not Persons with a material financial
interest in the agreement or transaction by virtue of their being an owner, director or
officer of the applicable member of The Sycamore Group (Interested Persons), (B) an
affirmative vote of a majority of the members of a committee of the Board of Directors
consisting of members who are not Interested Persons or (C) one or more of the
Corporations officers or employees who are not Interested Persons and who were
authorized by the Board of Directors or committee thereof in the manner set forth in (A)
and (B) above;
(ii)
The agreement or transaction was fair to the Corporation at the time the
agreement or transaction was entered into by the Corporation; or
(iii) The agreement or transaction was approved by an affirmative vote of a
majority of the shares of the Corporations Common Stock entitled to vote, excluding any
member of The Sycamore Group or Interested Person.
(f)
Certain Definitions. For purposes of this Section 4, Affiliated Company shall
mean in respect of the Corporation any company controlled by the Corporation; it being
understood that for purposes of this Section 4 that The Sycamore Group shall not be deemed to
include the Corporation or any company controlled by the Corporation.
(g)
Termination. The provisions of this Section 4 shall have no further force or effect
for The Sycamore Group at such time as the last to occur of the first date on which (following
the date hereof) (i) the members of The Sycamore Group shall first cease to be the owner, in the
aggregate, of Series B Preferred and Common Stock representing 5% or more of the then
outstanding Common Stock on an as if converted basis and (ii) no officer, director or employee
of any member of The Sycamore Group shall be serving as a director or officer of the
Corporation and no member of The Sycamore Group has the right to designate any directors of
the Corporation pursuant to Section 3 of the Investor Rights Agreement or Section 5 hereof;
provided, however, that such termination shall not terminate the effect of such provisions with
respect to (i) any agreement between the Corporation or an Affiliated Company thereof and any
member of The Sycamore Group that was entered into before such time or any transaction
entered into in the performance of such agreement, whether entered into before or after such

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time, or (ii) any transaction or agreement entered into between the Corporation or an Affiliated
Company thereof and any member of The Sycamore Group.
(h)
Amendment of this Article. Notwithstanding anything to the contrary elsewhere
contained in the Corporations Restated Certificate (as in effect from time to time), the
affirmative vote of the holders of at least a majority of then outstanding Series B Preferred,
voting separately as a single class to the exclusion of all other classes and series of the
Corporations Capital Stock and with each Share of Series B Preferred entitled to one vote, shall
be required to alter, amend or repeal (including by way of merger or consolidation), or to adopt
any provision inconsistent with (including by way of merger or consolidation), this Section 4.
(i)
Deemed Notice. Any Person purchasing or otherwise acquiring any interest in any
shares of the Corporation shall be deemed to have notice or and to have consented to the
provisions of this Section 4.
5.

Voting Rights.

(a)
Designation of Directors. Pursuant to Section 3A of the Investor Rights
Agreement, the Sycamore Group will have the right to designate up to two directors to the Board
of Directors of the Corporation (the Series B Preferred Appointees). The initial Series B
Preferred Appointees shall be (A) Stefan Kaluzny and (B) Julian Geiger. Each initial Series B
Preferred Appointee will hold his or her office as a director of the Corporation from the date
hereof until the 2015 annual meeting of the stockholders of the Corporation or until his or her
death, resignation or removal from the Board of Directors or until his or her successor is
otherwise duly elected and qualified in accordance with the provisions of this Certificate of
Designation, the Companys constituent documents and applicable law.
(b)
Election of Directors. Following the 2014 annual meeting of the stockholders of
the Corporation, in any election of directors of the Corporation, the holders of the thenoutstanding Series B Preferred, voting separately as a single class to the exclusion of all other
classes and series of the Corporations Capital Stock and with each Share of Series B Preferred
entitled to one vote, shall be entitled (i) until the first date on which the number of shares of
Conversion Stock and Common Stock then Beneficially Owned by The Sycamore Group is in
the aggregate less than 66.67% of the number of shares of Conversion Stock and Common Stock
Beneficially Owned by The Sycamore Group on the Issuance Date (the 66.67% Threshold) to
elect two directors to serve on the Corporations Board of Directors until each such Persons
successor is duly elected by the holders of the then-outstanding Series B Preferred or each such
Person is removed from office by the holders of the then-outstanding Series B Preferred, and (ii)
if the number of shares of Conversion Stock and Common Stock then Beneficially Owned by
The Sycamore Group is in the aggregate less than the 66.67% Threshold but greater than 33.33%
of the aggregate number of shares of Conversion Stock and Common Stock Beneficially Owned
by The Sycamore Group on the Issuance Date (the 33.33% Threshold), to elect one director to
serve on the Corporations Board of Directors until such Persons successor is duly elected by
the holders of the then-outstanding Series B Preferred or such Person is removed from office by
the holders of the then-outstanding Series B Preferred; provided, however, that the director or
directors elected by the Series B Preferred pursuant to this Section 5(b) shall in all cases be the
Series B Preferred Appointee(s) designated by The Sycamore Group (and no other Person). On

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the first date on which the number of shares of Conversion Stock and Common Stock
Beneficially Owned by The Sycamore Group, is in the aggregate less than the 33.33%
Threshold, all Series B Preferred voting rights with respect to the election of directors granted
under this Section 5(b) shall terminate. In the event that the holders of the Series B Preferred
shall be entitled to elect only one director to serve on the Corporations Board of Directors
pursuant to this Section 5(b), the holders of the then outstanding Series B Preferred shall have
the right to designate which of the two Series B Preferred Appointees previously elected by the
holders of the outstanding Series B Preferred shall remain as the Series B Preferred Appointee on
the Board of Directors of the Corporation. The affirmative vote or consent of the holders of at
least a majority of the then-outstanding Series B Preferred, voting separately as a single class to
the exclusion of all other classes and series of the Corporations Capital Stock and with each
Share of Series B Preferred entitled to one vote shall be required to elect each Series B Preferred
Appointee to the Corporations Board of Directors. If the holders of the Series B Preferred for
any reason fail to elect anyone to fill any such Series B Preferred Appointee, such positions shall
remain vacant until such time as the holders of the Series B Preferred elect a Series B Preferred
Appointee to fill such position and shall not be filled by resolution or vote of the Corporations
Board of Directors or the Corporations stockholders.
(c)
General Approval Rights. Subject in any event to Section 4(h) hereof, so long as
any Shares of the Series B Preferred are outstanding, in addition to any other vote of
stockholders of the Corporation required under applicable law or the Restated Certificate, the
affirmative vote or consent of the holders of at least a majority of the then-outstanding Series B
Preferred, voting separately as a single class to the exclusion of all other classes and series of the
Corporations Capital Stock and with each Share of Series B Preferred entitled to one vote, will
be required in connection with the Corporation taking the following actions:
(i)
Preferred;

increasing or decreasing the number of authorized shares of Series B

(ii)
creating (by reclassification or otherwise) any new class or series of shares
senior to or pari passu with the Series B Preferred; and
(iii) altering or changing the rights, preferences or privileges of the Series B
Preferred (including by way of merger or consolidation), other than as pursuant to, and
effective upon the consummation of, a Change of Control Transaction or as permitted by
Section 6(h) below.
(d)
No Other Voting Rights. Except as set forth in Section 4(h) and in Sections 5(a),
5(b) and 5(c) and except as otherwise required by applicable law, the holders of the Series B
Preferred shall have no other voting rights. In addition, for the avoidance of doubt, the holders
of Series B Preferred shall not have any separate class voting rights with respect to any sale,
conveyance, exchange or transfer, for cash, shares of stock, securities or other consideration, of
all or substantially all of the Corporations property or assets, or the consolidation, merger or
amalgamation of the Corporation with or into any other entity or the consolidation, merger or
amalgamation of any other entity with or into the Corporation, except (x) as required by the
General Corporation Law of the State of Delaware or (y) if the Corporation is not complying in
full with (or has not complied in full with) the provisions of Section 6(h) below.

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Conversion.

(a)
Optional Conversion. At any time and from time to time prior to May 23, 2024,
any holder of the Series B Preferred may convert all or any portion of the Series B Preferred
(including any fraction of a Share) held by such holder into a number of whole shares of
Conversion Stock computed by multiplying the number of Shares to be converted by the
Conversion Rate then in effect. Initially, the number of shares of Conversion Stock into which
the outstanding shares of Series B Preferred are convertible is, in the aggregate, 3,932,018 shares
of Conversion Stock. In order to convert all or any portion of the Series B Preferred, the holder
thereof must (i) surrender the certificate or certificates representing the Series B Preferred to be
converted to the Corporation, with the form on the reverse of or attached to such certificate or
certificates duly completed and executed, and (ii) pay in full the Conversion Price then in effect
with respect to the number of shares of Conversion Stock to be issued. Simultaneously with the
conversion of all or any portion of the Series B Preferred, payment in full of the Conversion
Price shall be delivered to the Corporation. Payment shall be made in cash or by bank wire
transfer in immediately available funds.
Except as otherwise provided herein, each optional conversion of Series B Preferred shall be
deemed to have been effected as of the close of business on the date on which the certificate or
certificates representing the Series B Preferred to be converted have been surrendered for
conversion at the principal office of the Corporation and the applicable Conversion Price has
been paid.
As soon as possible after an optional conversion has been effected (but in any event within three
business days in the case of subparagraph (i) below), the Corporation shall deliver to the
converting holder:
(i)
a certificate or certificates representing the number of shares of
Conversion Stock issuable by reason of such conversion in such name or names and such
denomination or denominations as the converting holder has specified; and
(ii)
a certificate representing any Shares of Series B Preferred which were
represented by the certificate or certificates delivered to the Corporation in connection
with such conversion but which were not converted.
(b)
Automatic Conversion.
Immediately prior to the effective time of the
consummation of a Change of Control Transaction, (i) in the event that the Fair Market Value of
the per share consideration to be paid in respect of each share of Common Stock in such Change
of Control Transaction (assuming the conversion of all then issued and outstanding shares of
Series B Preferred) is greater than the Conversion Price then in effect, then each of the issued
and outstanding shares of Series B Preferred shall be automatically converted into such number
of shares of Conversion Stock as such holder would be entitled to receive upon an optional
conversion of such shares of Series B Preferred effected immediately prior to the effective time
of the consummation of such Change of Control Transaction (it being understood and agreed,
that in connection with any such automatic conversion, the holders of record of such shares of
Series B Preferred shall remain responsible for paying the applicable Conversion Price of such
shares of Series B Preferred so converted (such conversion price to be payable at such time and

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in such manner as if such holder of Series B Preferred had elected an optional conversion with
respect to such shares of Series B Preferred pursuant to Section 6(a) hereof)) and (ii) in the event
that the Fair Market Value of the per share consideration to be paid in respect of each share of
Common Stock in such Change of Control Transaction (assuming the conversion of all then
issued and outstanding shares of Series B Preferred) is equal to or less than the Conversion Price
then in effect, then each of the issued and outstanding shares of Series B Preferred shall
automatically be extinguished and canceled and converted into the right to receive, in respect of
each share of Series B Preferred, an amount in cash equal to the par value of such share of
Series B Preferred. Such automatic conversion shall be conditioned upon the consummation of
such Change of Control Transaction and such conversion shall not be deemed to be effective
until such Change of Control Transaction has been consummated. All holders of record of
shares of Series B Preferred then outstanding will be given at least 20 days prior written notice
of the date fixed and the place designated for automatic conversion of all such shares of Series B
Preferred pursuant to this Section 6(b). Such notice will be sent by first class or registered mail,
postage prepaid, to each record holder of Series B Preferred at such holders address last shown
on the records of the transfer agent for the Series B Preferred (or the records of the Corporation,
if it serves as its own transfer agent).
(c)

Conversion Procedures.

(i)
At the time any such conversion has been effected, the rights of the holder
of the Shares converted as a holder of Series B Preferred shall cease and the Person or
Persons in whose name or names any certificate or certificates for shares of Conversion
Stock are to be issued upon such conversion shall be deemed to have become the holder
or holders of record of the shares of Conversion Stock represented thereby.
(ii)
Notwithstanding any other provision hereof, if a conversion of Series B
Preferred is to be made in connection with a Public Offering or other transaction affecting
the Corporation, the conversion of any Shares of Series B Preferred may, at the election
of the holder thereof, be conditioned upon the consummation of such event or
transaction, in which case such conversion shall not be deemed to be effective until such
event or transaction has been consummated.
(iii) The issuance of certificates for shares of Conversion Stock upon
conversion of Series B Preferred shall be made without charge to the holders of such
Series B Preferred for any issuance tax in respect thereof or other cost incurred by the
Corporation in connection with such conversion and the related issuance of shares of
Conversion Stock.
(iv)
The Corporation shall not close its books against the transfer of Series B
Preferred or of Conversion Stock issued or issuable upon conversion of Series B
Preferred in any manner which interferes with the timely conversion of Series B
Preferred. The Corporation shall assist and cooperate with any holder of Shares required
to make any governmental filings or obtain any governmental approval prior to or in
connection with any conversion of Shares hereunder (including, without limitation,
making any governmental filings required to be made by the Corporation).

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(v)
The Corporation shall at all times reserve and keep available out of its
authorized but unissued shares of Common Stock, solely for the purpose of issuance upon
the conversion of the Series B Preferred, such number of shares of Conversion Stock
issuable upon the conversion of all outstanding Series B Preferred. The Corporation shall
take all such actions as are necessary in order to ensure that all shares of Common Stock
which are so issuable shall, when issued, be duly and validly issued, fully paid and
nonassessable and free from all taxes, liens, charges and encumbrances. The Corporation
shall take all such actions as may be necessary to assure that all such shares of Common
Stock may be so issued without violation by the Corporation of any applicable law or
governmental regulation or any requirements of any domestic securities exchange upon
which shares of Conversion Stock may be listed (except for official notice of issuance
which shall be immediately delivered by the Corporation upon each such issuance). The
Corporation shall not take any action which would cause the number of authorized but
unissued shares of Common Stock to be less than the number of such shares required to
be reserved hereunder for issuance as Conversion Stock upon conversion of the Series B
Preferred. In addition, the Corporation shall ensure that (i) Sycamore Partners, its
Affiliates and any subsequent holders of the Series B Preferred Stock will be exempt,
only to the extent of the maximum amount of Conversion Stock then issuable (or already
issued) upon conversion of all or any portion of the Series B Preferred held by such
holders plus any New Securities acquired by such holders pursuant to Section 3D of the
Investor Rights Agreement plus any Common Stock already held by Sycamore Partners
and its Affiliates as of the Issuance Date plus, during the Standstill Period (and subject to
compliance with Section 4 of the Investor Rights Agreement) any other shares of
Common Stock acquired by Sycamore Partners, its Affiliates and any subsequent holders
of the Series B Preferred Stock, from any triggering event or similar event (whether as a
result of the acquisition of the Series B Preferred or the underlying Conversion Stock or
otherwise) pursuant to any rights plan or similar agreement or plan maintained from time
to time by the Corporation (including that certain Rights Agreement, dated as of
November, 26, 2013, as amended from time to time, between the Corporation and
American Stock Transfer and Trust Company, LLC, as rights agent (the Rights
Agreement), and (ii) if the Corporation grants, issues or sells any Options, Convertible
Securities or rights to purchase stock, warrants, securities or other property pro rata to the
record holders of any class of Common Stock (Purchase Rights) pursuant to any such
rights plan or similar agreement or plan maintained from time to time by the Corporation
(including, the Rights Agreement), then, upon and at the time of conversion of all or any
portion of the Series B Preferred held by the holders thereof, the Corporation shall grant,
issue or sell, as applicable, to such holders such Purchase Rights (with the same
preferences, privileges and other attributes applicable to the Purchase Rights as granted,
issued or sold to the holders of Common Stock) as such holders would or could have
acquired had such holders held such shares of Conversion Stock immediately before the
date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or
if no such record is taken, the date as of which the record holders of Common Stock are
to be determined for the grant, issue or sale of such Purchase Rights; provided, that the
terms of the last sentence of this Section 6(c)(v) shall not apply if such holder or its
Affiliates violates clause (A) of Section 4A of the Investor Rights Agreement (for the
avoidance of doubt, after taking into account the provisos contained in such Section 4A).

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(vi)
If any fractional interest in a share of Conversion Stock would, except for
the provisions of this subparagraph, be delivered upon any conversion of the Series B
Preferred, the Corporation, in lieu of delivering the fractional share therefor, shall pay an
amount to the holder thereof equal to the Market Price of such fractional interest as of the
date of conversion.
(vii) If the shares of Conversion Stock issuable by reason of conversion of
Series B Preferred are convertible into or exchangeable for any other stock or securities
of the Corporation, the Corporation shall, at the converting holders option, upon
surrender of the Shares to be converted by such holder as provided herein together with
any notice, statement or payment required to effect such conversion or exchange of
Conversion Stock, deliver to such holder or as otherwise specified by such holder a
certificate or certificates representing the stock or securities into which the shares of
Conversion Stock issuable by reason of such conversion are so convertible or
exchangeable, registered in such name or names and in such denomination or
denominations as such holder has specified.
(d)

Conversion Price.

(i)
The initial Conversion Rate shall be equal to 3,932.018 and the initial
Conversion Price is $7.25. In order to prevent dilution of the conversion rights granted
under this Section 6, the Conversion Price shall be subject to adjustment from time to
time pursuant to Sections 6(e) through 6(h) following the Issuance Date.
(e)
Effect on Conversion Price of Certain Events. For purposes of determining the
adjusted Conversion Price under Section 6(d)(i), the following shall be applicable:
(i)
Dividends. If and whenever on or after the Issuance Date the Corporation
declares or pays any cash dividends upon the Common Stock, at the same time that it
declares and pays such dividends to the holders of the Common Stock, the Conversion
Price shall be reduced to a Conversion Price determined by subtracting (a) any such cash
dividend declared and paid per share to a holder of Common Stock from (b) the
Conversion Price in effect immediately prior to such declaration and payment of the cash
dividend.
(ii)
No Adjustment. Notwithstanding the foregoing, there shall be no
adjustment in the Conversion Price as a result of any issue or sale (or deemed issue or
sale) of:
(A)
shares of Common Stock issued upon conversion of the Series B
Preferred; or
(B)
shares of Common Stock or Convertible Securities issued as
consideration for a merger, consolidation, acquisition, strategic alliance or similar
business combination approved by the Board of Directors.
(iii) Record Date. If the Corporation takes a record of the holders of Common
Stock for the purpose of entitling them to receive a dividend or other distribution payable

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in Common Stock, Options or in Convertible Securities, then such record date shall be
deemed to be the date of the issue or sale of the shares of Common Stock deemed to have
been issued or sold upon the declaration of such dividend or upon the making of such
other distribution or the date of the granting of such right of subscription or purchase, as
the case may be.
(f)
Subdivision or Combination of Common Stock. If the Corporation at any time
declares or pays any stock dividends upon the Common Stock or subdivides (by any stock split,
stock dividend, recapitalization or otherwise) one or more classes of its outstanding shares of
Common Stock into a greater number of shares, the Conversion Price in effect immediately prior
to such event shall be proportionately reduced and the Conversion Rate in effective immediately
prior to such event shall be proportionately increased, and if the Corporation at any time
combines (by reverse stock split or otherwise) one or more classes of its outstanding shares of
Common Stock into a smaller number of shares, the Conversion Price in effect immediately prior
to such event shall be proportionately increased and the Conversion Rate in effect immediately
prior to such event shall be proportionately reduced.
(g)
Certain Events. If any event occurs of the type contemplated by the provisions of
this Section 6 but not expressly provided for by such provisions, then the Board of Directors
shall make an appropriate adjustment in the Conversion Price and Conversion Rate, as
applicable, so as to protect the rights of the holders of Series B Preferred; provided that no such
adjustment shall increase the Conversion Price as otherwise determined pursuant to this Section
6 or decrease the number of shares of Conversion Stock issuable upon conversion of each Share
of Series B Preferred.
(h)
Reorganization, Reclassification, Consolidation, Merger or Sale. Other than a
Change of Control Transaction which results in an automatic conversion of the Series B
Preferred pursuant to Section 6(b) hereof, any recapitalization, reorganization, reclassification,
consolidation, merger, sale of all or substantially all of the Corporations assets or other
transaction, in each case which is effected in such a manner that the holders of Common Stock
are entitled to receive (either directly or upon subsequent liquidation) stock, securities or assets
with respect to or in exchange for Common Stock, is referred to herein as an Organic Change.
Prior to the consummation of any Organic Change (other than an Organic Change that would
result in the automatic conversion of the Series B Preferred pursuant to Section 6(b) hereof), the
Corporation shall make appropriate provisions to ensure that the Series B Preferred shall not be
cancelled or retired as a result of such Organic Change (unless a new series or class of securities
is issued to the holders of the Series B Preferred in connection with such Organic Change having
the same rights (voting and otherwise), privileges, preferences and restrictions applicable to the
Series B Preferred) and each of the holders of the Series B Preferred shall thereafter have the
right to acquire and receive, in lieu of or in addition to (as the case may be) the shares of
Conversion Stock immediately theretofore acquirable and receivable upon the conversion of
such holders Series B Preferred, such shares of stock, securities or assets as such holder would
have received in connection with such Organic Change if such holder had converted its Series B
Preferred immediately prior to such Organic Change. In each such case, the Corporation shall
also make appropriate provisions to ensure that the provisions of this Section 6 shall thereafter be
applicable to such shares of stock, securities or assets. The Corporation shall not effect any such
Organic Change by way of a consolidation, merger or sale (other than an Organic Change that

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would result in the automatic conversion of the Series B Preferred pursuant to Section 6 hereof),
unless prior to the consummation thereof, the successor entity (if other than the Corporation)
resulting from consolidation or merger or the entity purchasing such assets assumes by written
instrument (x) the obligation to deliver to each such holder such shares of stock, securities or
assets as, in accordance with the foregoing provisions, such holder may be entitled to acquire and
(y) the Corporations obligations under the Investor Rights Agreement and the Registration
Rights Agreement.
(i)

Notices.

(ii)
Immediately upon any adjustment of the Conversion Price, the
Corporation shall give written notice thereof to all holders of Series B Preferred, setting
forth in reasonable detail and certifying the calculation of such adjustment.
(iii) The Corporation shall give written notice to all holders of Series B
Preferred at least 35 days prior to the date on which the Corporation closes its books or
takes a record (A) with respect to any dividend or distribution upon Common Stock, or
(B) with respect to any pro rata subscription offer to holders of Common Stock.
(iv)
The Corporation shall also give written notice to the holders of Series B
Preferred at least 30 days prior to the date on which any Organic Change, dissolution or
liquidation shall take place.
7.
Registration of Transfer. The Corporation or its transfer agent shall keep at its principal
office a register for the registration of Series B Preferred. Upon the surrender of any certificate
representing Series B Preferred at such place, the Corporation shall, at the request of the record
holder of such certificate, execute and deliver or cause to be executed and delivered (at the
Corporations expense) a new certificate or certificates in exchange therefor representing in the
aggregate the number of Shares represented by the surrendered certificate. Each such new
certificate shall be registered in such name and shall represent such number of Shares as is
requested by the holder of the surrendered certificate and shall be substantially identical in form
to the surrendered certificate, and dividends shall accrue on the Series B Preferred represented by
such new certificate from the date to which dividends have been fully paid on such Series B
Preferred represented by the surrendered certificate.
8.
Replacement. Upon receipt of evidence reasonably satisfactory to the Corporation (an
affidavit of the registered holder shall be satisfactory) of the ownership and the loss, theft,
destruction or mutilation of any certificate evidencing Shares of Series B Preferred, and in the
case of any such loss, theft or destruction, upon receipt of indemnity reasonably satisfactory to
the Corporation (provided that if the holder is a financial institution or other institutional investor
its own agreement shall be satisfactory), or, in the case of any such mutilation upon surrender of
such certificate, the Corporation shall (at its expense) execute and deliver in lieu of such
certificate a new certificate of like kind representing the number of Shares of such class
represented by such lost, stolen, destroyed or mutilated certificate and dated the date of such lost,
stolen, destroyed or mutilated certificate.
9.

Definitions.

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Affiliate means, with respect to any Person, any other Person directly or indirectly
controlling, controlled by, or under common control with such Person.
Beneficially Owned shall have the meanings ascribed to such term in Rule 13d-3 of the
General Rules and Regulations of the Exchange Act. In addition, a Person shall be the
Beneficial Owner of any voting stock which such Person or any of its Affiliates has (a) the
right to acquire (whether such right is exercisable immediately or only after the passage of time),
pursuant to any agreement, arrangement or understanding or upon the exercise of conversion
rights, exchange rights, warrants or options or otherwise or (b) the right to vote pursuant to any
agreement, arrangement or understanding (but neither such Person nor any such Affiliate shall be
deemed to be the Beneficial Owner of any shares of voting stock solely by reason of a revocable
proxy or consent granted for a particular meeting of stockholders, pursuant to a public
solicitation of proxies or consents for such meeting, and with respect to which shares neither
such Person nor any such Affiliate is otherwise deemed the Beneficial Owner).
Capital Stock means, with respect to any Person, any and all shares, interests,
participations or other equivalents (however designated) in equity of such Person, including,
without limitation, all common stock of such Person, but excluding debt securities convertible
into such equity.
Change of Control Transaction means, with respect to the Corporation, the
consolidation or merger of the Corporation with or into any other entity, pursuant to which the
Common Stock would be converted into or exchanged for Capital Stock of a Person other than
the Corporation, or for other securities, other property or assets; provided, however, that such a
consolidation or merger pursuant to which holders of the Corporations Capital Stock entitled to
vote generally in elections of directors immediately prior to such transaction have the right to
exercise, directly or indirectly, 50% or more of the total voting power of all classes of the Capital
Stock of the continuing or surviving Person (or any direct or indirect parent thereof) entitled to
vote generally in elections of directors of the continuing or surviving Person (or any direct or
indirect parent thereof) immediately after giving effect to such transaction shall not be a Change
of Control Transaction.
Common Stock means the Corporations common stock, $.01 par value, and any
Capital Stock of any class of the Corporation hereafter authorized which is not limited to a fixed
sum or percentage of par or stated value in respect to the rights of the holders thereof to
participate in dividends or in the distribution of assets upon any liquidation, dissolution or
winding up of the Corporation.
Conversion Stock means shares of the Corporations Common Stock, par value $.01
per share issuable upon conversion of the Series B Preferred; provided that if there is a change
such that the securities issuable upon conversion of the Series B Preferred are issued by an entity
other than the Corporation or there is a change in the type or class of securities so issuable, then
the term Conversion Stock shall mean one share of the security issuable upon conversion of
the Series B Preferred if such security is issuable in shares, or shall mean the smallest unit in
which such security is issuable if such security is not issuable in shares.

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Convertible Securities means any stock or securities (other than Options) directly or
indirectly convertible into or exchangeable for Common Stock.
Fair Market Value means:
(i)
in the case of shares of stock where, at least four months prior to the
issuance thereof, other shares of the same class had already been listed on the New York
Stock Exchange or NASDAQ, the average of the daily volume-weighted average prices
of such stock for the five consecutive trading days immediately preceding the day as of
which Fair Market Value is being determined;
(ii)
in the case of securities not covered by clause (i) above or other property,
the fair market value of such securities or such other property as mutually agreed in good
faith by the Board of Directors, on the one hand, and the holders of a majority of the then
outstanding Series B Preferred, on the other hand, assuming, in the case of securities,
such securities are fully distributed and, in the case of securities or other property, such
items are to be sold in an arms-length transaction and there was no compulsion on the
part of any party to such sale to buy or sell, and taking into account all relevant factors;
and
(iii)

in the case of cash, the amount thereof.

Investor Rights Agreement means the Investors Rights Agreement, dated as of May 23,
2014, by and among the Corporation and Aero Investors LLC, a Delaware limited liability
company, as such agreement may from time to time be amended in accordance with its terms.
Issuance Date means May 23, 2014.
Market Price of any security means the average of the closing prices of such securitys
sales on all securities exchanges on which such security may at the time be listed, or, if there has
been no sales on any such exchange on any day, the average of the highest bid and lowest asked
prices on all such exchanges at the end of such day, or, if on any day such security is not so
listed, the average of the representative bid and asked prices quoted in the New York Stock
Exchange System as of 4:00 P.M., New York time, or, if on any day such security is not quoted
in the New York Stock Exchange System, the average of the highest bid and lowest asked prices
on such day in the domestic over-the-counter market as reported by the National Quotation
Bureau, Incorporated, or any similar successor organization, in each such case averaged over a
period of 21 days consisting of the day as of which Market Price is being determined and the
20 consecutive business days prior to such day. If at any time such security is not listed on any
securities exchange or quoted in the New York Stock Exchange System or the over-the-counter
market, the Market Price shall be the fair value thereof mutually agreed in good faith by the
Board of Directors, on the one hand, and the holders of a majority of the Series B Preferred, on
the other hand.
New Securities has the meaning ascribed to such term in the Investor Rights
Agreement.

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Exhibit C -

Options means any rights, warrants or options to subscribe for or purchase Common
Stock or Convertible Securities.
Person means an individual, a partnership, a corporation, a limited liability company, a
limited liability, an association, a joint stock company, a trust, a joint venture, an unincorporated
organization and a governmental entity or any department, agency or political subdivision
thereof.
Public Offering means any offering by the Corporation of its Capital Stock or equity
securities to the public pursuant to an effective registration statement under the Securities Act of
1933, as then in effect, or any comparable statement under any similar federal statute then in
force.
Registration Rights Agreement means the Registration Rights Agreement, dated as of
May 23, 2014, by and among the Corporation and Aero Investors LLC, a Delaware limited
liability company, as such agreement may from time to time be amended in accordance with its
terms.
Standstill Period has the meaning ascribed to such term in the Investor Rights
Agreement.
10.
Notices. Except as otherwise expressly provided hereunder, all notices referred to herein
shall be in writing and shall be delivered by registered or certified mail, return receipt requested
and postage prepaid, or by reputable overnight courier service, charges prepaid, and shall be
deemed to have been given when so mailed or sent (i) to the Corporation, at its principal
executive offices and (ii) to any stockholder, at such holders address as it appears in the stock
records of the Corporation (unless otherwise indicated by any such holder).
*****

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Exhibit C -

IN WITNESS WHEREOF, the undersigned hereby affirms the foregoing as true under
penalties of perjury as of this __th day of _______, 2014.
AROPOSTALE, INC.
By: /s/
Name:
Its:

{Aropostale, Inc. Certificate of Designation Series B Convertible Preferred Stock}

S-1

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Exhibit C -

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Exhibit C -

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Exhibit C -

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Exhibit C -

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Exhibit C -

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Exhibit C -

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Exhibit C -

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Exhibit C -

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Exhibit C -

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Exhibit C -

EXHIBIT 2-23A
FORM OF
U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Loan and Security Agreement dated as of May 23, 2014
(as amended, supplemented or otherwise modified from time to time, the Loan Agreement), among
Aeropostale, Inc., each Guarantor party thereto, Aero Investors LLC, as Agent, and each lender from time
to time party thereto.
Pursuant to the provisions of Section 2-23 of the Loan Agreement, the undersigned
hereby certifies that (i) it is the sole record and beneficial owner of the Term Loans (as well as any Notes
evidencing such Term Loans) in respect of which it is providing this certificate, (ii) it is not a bank within
the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower
within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation
related to the Borrower as described in Section 881(c)(3)(C) of the Code.
The undersigned has furnished the Agent and the Borrower with a certificate of its nonU.S. Person status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if
the information provided on this certificate changes, the undersigned shall promptly so inform the
Borrower and the Agent, and (2) the undersigned shall have at all times furnished the Borrower and the
Agent with a properly completed and currently effective certificate in either the calendar year in which
each payment is to be made to the undersigned, or in either of the two calendar years preceding such
payments.
Unless otherwise defined herein, terms defined in the Loan Agreement and used herein
shall have the meanings given to them in the Loan Agreement.

[NAME OF LENDER]
By:
Name:
Title:
Date: ________ __, 20[ ]

SF:372412.1

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Exhibit C -

EXHIBIT 2-23B
FORM OF
U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Loan and Security Agreement dated as of May 23, 2014
(as amended, supplemented or otherwise modified from time to time, the Loan Agreement), among
Aeropostale, Inc., each Guarantor party thereto, Aero Investors LLC, as Agent, and each lender from time
to time party thereto.
Pursuant to the provisions of Section 2-23 of the Loan Agreement, the undersigned
hereby certifies that (i) it is the sole record owner of the Term Loans (as well as any Note(s) evidencing
such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members
are the sole beneficial owners of such Loan(s) (as well as any Notes evidencing such Term Loans), (iii)
with respect to the extension of credit pursuant to this Loan Agreement or any other Loan Document,
neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit
pursuant to a loan agreement entered into in the ordinary course of its trade or business within the
meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten
percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none
of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as
described in Section 881(c)(3)(C) of the Code.
The undersigned has furnished the Agent and the Borrower with IRS Form W-8IMY
accompanied by one of the following forms from each of its partners/members that is claiming the
portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an
IRS Form W-8BEN from each of such partners/members beneficial owners that is claiming the portfolio
interest exemption. By executing this certificate, the undersigned agrees that (1) if the information
provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the
Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Agent with a
properly completed and currently effective certificate in either the calendar year in which each payment is
to be made to the undersigned, or in either of the two calendar years preceding such payments.
Unless otherwise defined herein, terms defined in the Loan Agreement and used herein
shall have the meanings given to them in the Loan Agreement.

[NAME OF LENDER]
By:
Name:
Title:
Date: ________ __, 20[ ]

SF:372412.1

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Prepetition Term Loan Agreement Pg 128 of 236
Loan and Security Agreement
Discounted Voluntary Prepayments

(a)

Borrowers Right to Prepay. Notwithstanding anything to the contrary set forth in the
Loan Documents, the Borrower shall have the right at any time and from time to time
to prepay the Term Loans to the Lenders at a discount to the par value of such Term
Loans and on a non-pro rata basis (each, a Discounted Voluntary Prepayment)
pursuant to the procedures described in this EXHIBIT 2-24, provided that (i) the
representations and warranties of the Loan Parties contained in Article IV or any
other Loan Document, or which are contained in any document furnished at any time
under or in connection herewith or therewith, shall be true and correct in all respects
(or in all material respects for such representations and warranties that are not by their
terms already qualified as to materiality) on and as of the date of such Discounted
Voluntary Prepayment, except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they shall be true and correct in all
respects as of such earlier date, (ii) any Discounted Voluntary Prepayment shall be
offered to all holders of the Term Loan on a pro rata basis, (iii) the Borrower shall
deliver to the Agent, together with each Discounted Prepayment Option Notice, a
certificate of a Responsible Officer of the Borrower (1) stating that no Event of
Default has occurred and is continuing or would result from the Discounted
Voluntary Prepayment, (2) stating that the Borrower does not have any material nonpublic information, (3) stating that each of the conditions to such Discounted
Voluntary Prepayment contained in this EXHIBIT 2-24 has been satisfied and (4)
specifying the aggregate principal amount of the Term Loans to be prepaid pursuant
to such Discounted Voluntary Prepayment and (iv) the Term Loans prepaid are
immediately cancelled and may not be reborrowed.

(b)

Notice. To the extent the Borrower seeks to make a Discounted Voluntary

Prepayment, the Borrower will provide written notice to the Agent (each, a
Discounted Prepayment Option Notice) that the Borrower desires to prepay a
portion of the Term Loan in an aggregate principal amount specified therein by the
Borrower (each, a Proposed Discounted Prepayment Amount), in each case at a
discount to the par value of the Term Loan as specified below. The Proposed
Discounted Prepayment Amount shall not be less than $1,000,000 (unless otherwise
reasonably agreed by the Agent). The Discounted Prepayment Option Notice shall
further specify with respect to the proposed Discounted Voluntary Prepayment (i) the
Proposed Discounted Prepayment Amount, (ii) a discount range (which may be a
single percentage) selected by the Borrower with respect to such proposed
Discounted Voluntary Prepayment equal to a percentage of par of the principal
amount of the Term Loan to be prepaid (the Discount Range), and (iii) the date by
which Lenders are required to indicate their election to participate in such proposed
Discounted Voluntary Prepayment, which shall be at least 5 Business Days following
the date of the Discounted Prepayment Option Notice (the Acceptance Date).

(c)

Lender Acceptance. Upon receipt of a Discounted Prepayment Option Notice, the

Agent shall promptly notify each applicable Lender thereof. On or prior to the
Acceptance Date, each such Lender may specify by written notice (each, a Lender
Participation Notice it being understood that a Lender may deliver more than one

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Exhibit C -

Lender Participation Notice, and that each such Lender Participation Notice of such
Lender shall constitute an independent and unconditional offer, and no such Lender
Participation Notice may be contingent on the making of any prepayment with respect
to the Offered Loans (defined below) in respect of any other Lender Participation
Notice, or otherwise be contingent or conditional in any way) to the Agent setting
forth (i) a maximum acceptable discount to par (the Acceptable Discount) within
the Discount Range (for example, a Lender specifying a discount to par of 20%
would accept a purchase price of 80% of the par value of the portion of the Term
Loan to be prepaid) and (ii) a maximum principal amount (subject to rounding
requirements specified by the Agent) of the Term Loans held by such Lender with
respect to which such Lender is willing to permit a Discounted Voluntary Prepayment
at the Acceptable Discount (Offered Loans). Based on the Acceptable Discounts
and principal amounts of the Offered Loans, the Agent, in consultation with the
Borrower, shall determine the applicable discount for the portion of the Term Loan to
be prepaid (the Applicable Discount), which Applicable Discount shall be (x) the
percentage specified by the Borrower if the Borrower has selected a single percentage
pursuant to subsection (b) hereof for the Discounted Voluntary Prepayment or (y)
otherwise, the highest Acceptable Discount at which the Borrower can pay the
Proposed Discounted Prepayment Amount in full (determined by adding the principal
amounts of Offered Loans commencing with the Offered Loans with the highest
Acceptable Discount); provided, however, that in the event that such Proposed
Discounted Prepayment Amount cannot be paid in full at any Acceptable Discount,
the Applicable Discount with respect to each Qualified Loan (as defined below) shall
be the highest applicable Acceptable Discount specified by the applicable Qualifying
Lenders (as defined below) that is within the Discount Range. The Applicable
Discount shall be applicable for all Lenders who have offered to participate in the
Discounted Voluntary Prepayment and have Qualifying Loans (as defined below).
Any Lender whose Lender Participation Notice is not received by the Agent by the
Acceptance Date shall be deemed to have declined to accept a Discounted Voluntary
Prepayment of its portion of the Term Loan at any discount to their par value within
the Discount Range.
(d)

Allocation. The Borrower shall make a Discounted Voluntary Prepayment by

prepaying the portion of the Term Loans to be prepaid offered by the Lenders
(Qualifying Lenders) that specify an Acceptable Discount that is equal to or
greater than the Applicable Discount (Qualifying Loans) at the Applicable
Discount, provided that if the aggregate proceeds required to prepay all Qualifying
Loans (disregarding any interest payable at such time) would exceed the amount of
aggregate proceeds required to prepay the Proposed Discounted Prepayment Amount,
such amounts in each case calculated by applying the Applicable Discount, the
Borrower shall prepay such Qualifying Loans in descending order of discount (that is,
Borrower must prepay the Qualifying Loans with the greatest discount first, then the
next greatest discount, and so on), provided, that, in the case of a tie in the discount
offered with respect to any such Qualifying Loans, the prepayment must be applied
ratably among such Qualifying Lenders based on their respective principal amounts
of such Qualifying Loans (subject to rounding requirements specified by the Agent).

5
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Exhibit C -

If the aggregate proceeds required to prepay all Qualifying Loans (disregarding any
interest payable at such time) would be less than the amount of aggregate proceeds
required to prepay the Proposed Discounted Prepayment Amount, such amounts in
each case calculated by applying the Applicable Discount, the Borrower shall prepay
all Qualifying Loans.
(e)

Payment Mechanics. Each Discounted Voluntary Prepayment shall be made within 5

Business Days of the Acceptance Date (or such later date as the Agent shall
reasonably agree, given the time required to calculate the Applicable Discount and
determine the amount and holders of Qualifying Loans), without premium or penalty,
upon irrevocable notice (each a Discounted Voluntary Prepayment Notice),
delivered to the Agent no later than 1:00 p.m. New York Time, 3 Business Days prior
to the date of such Discounted Voluntary Prepayment, which notice shall specify the
date and amount of the Discounted Voluntary Prepayment and the Applicable
Discount determined by the Agent. Upon receipt of any Discounted Voluntary
Prepayment Notice, the Agent shall promptly notify each relevant Lender thereof. If
any Discounted Voluntary Prepayment Notice is given, the amount specified in such
notice shall be due and payable to the applicable Lenders, subject to the Applicable
Discount on the applicable portion of the Term Loan, on the date specified therein
together with accrued interest (on the par principal amount) to but not including such
date on the amount prepaid. The par principal amount of each Discounted Voluntary
Prepayment of the Term Loan shall be applied ratably to reduce the remaining
installments of the Term Loan.

(f)

Additional Procedures. To the extent not expressly provided for herein, each
Discounted Voluntary Prepayment shall be consummated pursuant to reasonable
procedures (including as to timing, rounding, minimum amounts, type and interest
periods and calculation of Applicable Discount in accordance with subsection (b)
above) established by the Agent and the Borrower.

(g)

Withdrawal. Prior to the delivery of a Discounted Voluntary Prepayment Notice, (A)

upon written notice to the Agent, the Borrower may withdraw or modify its offer to
make a Discounted Voluntary Prepayment pursuant to any Discounted Prepayment
Option Notice and (B) no Lender may withdraw its offer to participate in a
Discounted Voluntary Prepayment pursuant to any Lender Participation Notice unless
the terms of such proposed Discounted Voluntary Prepayment have been modified by
the Borrower after the date of such Lender Participation Notice.

6
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Prepetition Term Loan Agreement Pg 131 of 236
Loan and Security Agreement
Allocation of Issue Price

Tranche A Term Lender

Portion of Aggregate
Issue Price Allocated
to the Tranche A Term
Loans

Portion of
Aggregate Issue
Price Allocated to
the Series B
Convertible
Preferred Stock

Aggregate Issue
Price

AERO INVESTORS LLC

$99,900,000.00

$100,000.00

$100,000,000.00

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Doc 4-3 Filed 05/04/16 Entered 05/04/16 02:17:03 Exhibit C Exhibit 4-2 to
Prepetition Term Loan Agreement Pg 132 of 236
Loan and Security Agreement
Related Entities

1) Aeropostale West, Inc.

2) Aeropostale Procurement Company, Inc.
3) JimmyZ Surf Co., LLC
4) Aeropostale Holdings, Inc.
5) Aero GC Management LLC
6) Aeropostale Puerto Rico, Inc.
7) Aeropostale Licensing, Inc.
8) P.S. from Aeropostale, Inc.
9) GoJane LLC
10) Aeropostale Canada Corp.
11) PS Store Puerto Rico, LLC

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Doc 4-3 Filed 05/04/16 Entered 05/04/16 02:17:03 Exhibit C Exhibit 4-3 to
Prepetition Term Loan Agreement Pg 133 of 236
Loan and Security Agreement
Trade Names

(a)(i) Aropostale
P.S. from Aropostale
GoJane
(a)(ii) None.

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Doc 4-3 Filed 05/04/16 Entered 05/04/16 02:17:03 Exhibit C Exhibit 4-4 to
Prepetition Term Loan Agreement Pg 134 of 236
Loan and Security Agreement
Intellectual Property

Trademarks and Copyrights

(See Attached).
Patents and Patent Applications
None.
Aropostale License Agreements
1. Store License Agreement between Aeropostale Licensing, Inc. and Apparel FZCO dated
August 8, 2008, as amended April 24, 2013 (United Arab Emirates, Kuwait, Bahrain,
Qatar); and Store License Agreement between Aeropostale Licensing, Inc. and Modern
Fashion Trading Establishment dated February 7, 2013 (Kingdom of Saudi Arabia)
2. Store License Agreement between Aeropostale Licensing, Inc. and Montreal PTE Ltd.
dated January 11, 2011 (Singapore, Malaysia, Indonesia, Thailand)
3. Store License Agreement between Aeropostale Licensing, Inc. and Genc Maazacilik
A.. dated October __, 2011, as amended April 30, 2012 (Turkey)
4. Store Development and Distribution Agreement between Aeropostale Licensing, Inc. and
Store Specialists, Inc. dated May 15, 2012; and License Agreement between Aeropostale
Licensing, Inc. and Store Specialists, Inc. dated May 15, 2012 (The Philippines)
5. Store License Agreement between Aeropostale Licensing, Inc. and Central Sport
International, Inc. dated July 30, 2012 (Colombia and Panama)
6. Store License Agreement between Aeropostale Licensing, Inc. and Distribuidora
Liverpool, S.A. DE C.V. dated December 14, 2012 (Mexico)
PS from Aropostale License Agreements
1. Store License Agreement between Aeropostale Licensing, Inc. and Distribuidora
Liverpool, S.A. DE C.V. dated October 7, 2013 (Mexico)
2. Store Development and Distribution Agreement between Aeropostale Licensing, Inc. and
Store Specialists, Inc. dated October 7, 2013; and License Agreement between
Aeropostale Licensing, Inc. and Store Specialists, Inc. dated October 7, 2013 (The
Philippines)
Other License Agreements
1. Product License Agreement between Warner Bros. Consumer Products and Aeropostale
Inc. dated December 3, 2013 (Pretty Little Liars)
2. License Agreement between Bethany Mota and Tammy Mota and Aeropostale, Inc. dated
as of September 1, 2013 (Bethany Mota Trademark)

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Exhibit C -

3. License Agreement between Spider-Man Merchandising L.P. and Aeropostale, Inc. dated
August 10, 2013 (The Amazing Spider-Man 2 Movie)
4. License Agreement between Marvel Characters B.V. and Aeropostale, Inc. (Marvel
Classic (Spider-Man, Hulk, Avengers, Marvel Comics Retro))
5. License Agreement between Aeropostale Licensing, Inc. and Walker Apparel Co. dated
October 4, 2011, as amended March 13, 2013 and October 25, 2013 (Jimmyz Trademark
in the US and Canada)

11
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Exhibit C -

Trademarks
Trademark

Status

Appl. No.

Appl. Date

Reg. No.

Reg. Date

Owner

1.

87

Registered

78/251,344

19-May-2003

3000665

27-Sep-2005

Aeropostale Procurement Company, Inc.

2.

87

Registered

77/149,679

05-Apr-2007

3651711

07-Jul-2009

Aeropostale Procurement Company, Inc.

3.

87

Registered

77/149,696

05-Apr-2007

3669841

18-Aug-2009

Aeropostale Procurement Company, Inc.

4.

A & DESIGN

Registered

76/344,182

29-Nov-2001

2680386

28-Jan-2003

Aeropostale Procurement Company, Inc.

5.

A GRAPHIC IMAGE OF A TURTLE

Registered

78/522,220

23-Nov-2004

3041426

10-Jan-2006

Aeropostale Procurement Company, Inc.

6.

A GRAPHIC IMAGE OF A WHALE

Registered

78/522,226

23-Nov-2004

3095135

23-May-2006

Aeropostale Procurement Company, Inc.

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Trademark

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Prepetition Term Loan Agreement Pg 137 of 236

Status

Appl. No.

Appl. Date

Reg. No.

Exhibit C -

Reg. Date

Owner

7.

A87 & Design

Registered

78/746,520

03-Nov-2005

3151023

03-Oct-2006

Aeropostale Procurement Company, Inc.

8.

A87

Registered

77/149,505

05-Apr-2007

3477550

29-Jul-2008

Aeropostale Procurement Company, Inc.

9.

A87

Registered

85/325,662

20-May-2011

4074223

20-Dec-2011

Aeropostale Procurement Company, Inc.

10.

A87

Registered

85/773,041

06-Nov-2012

4324559

23-Apr-2013

Aeropostale Procurement Company, Inc.

11.

AERO

Registered

85/310,708

03-May-2011

4299932

12-Mar-2013

Aeropostale Procurement Company, Inc.

12.

AERO & HEARTS DESIGN

Registered

77/074,489

02-Jan-2007

3529688

11-Nov-2008

Aeropostale Procurement Company, Inc.

13.

AERO (STYLIZED & DESIGN)

Registered

77/074,477

02-Jan-2007

3545732

16-Dec-2008

Aeropostale Procurement Company, Inc.

14.

AERO (STYLIZED)

Registered

75/942,762

13-Mar-2000

2911335

14-Dec-2004

Aeropostale Procurement Company, Inc.

15.

AERO AND EXPLOSION DESIGN

Registered

78/289,477

19-Aug-2003

2937762

05-Apr-2005

Aeropostale Procurement Company, Inc.

13
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Trademark

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Prepetition Term Loan Agreement Pg 138 of 236

Status

Appl. No.

Appl. Date

Reg. No.

Exhibit C -

Reg. Date

Owner

16.

AERO ATHLETICS

Registered

78/272,006

09-Jul-2003

2927817

22-Feb-2005

Aeropostale Procurement Company, Inc.

17.

AERO DUO CAP

Registered

78/890,652

23-May-2006

3289070

04-Sep-2007

Aeropostale Procurement Company, Inc.

18.

AERO SAND SPEAKERS

Registered

78/890,648

23-May-2006

3321655

23-Oct-2007

Aeropostale Procurement Company, Inc.

19.

AEROPOSTALE

Registered

73/708,584

01-Feb-1988

1525345

21-Feb-1989

Aeropostale Procurement Company, Inc.

20.

AEROPOSTALE

Registered

73/708,583

01-Feb-1988

1548372

18-Jul-1989

Aeropostale Procurement Company, Inc.

21.

AEROPOSTALE

Registered

73/679,424

19-Aug-1987

1485368

19-Apr-1988

Aeropostale Procurement Company, Inc.

22.

AEROPOSTALE

Registered

73/679,252

18-Aug-1987

1487211

03-May-1988

Aeropostale Procurement Company, Inc.

23.

AEROPOSTALE

Registered

78/907,234

13-Jun-2006

3233142

24-Apr-2007

Aeropostale Procurement Company, Inc.

24.

AEROPOSTALE

Registered

77/070,636

22-Dec-2006

3361415

01-Jan-2008

Aeropostale Procurement Company, Inc.

25.

AEROPOSTALE

Registered

77/070,654

22-Dec-2006

3361416

01-Jan-2008

Aeropostale Procurement Company, Inc.

26.

AEROPOSTALE

Registered

77/052,018

28-Nov-2006

3287647

04-Sep-2007

Aeropostale Procurement Company, Inc.

27.

AEROPOSTALE

Registered

77/058,161

06-Dec-2006

3285272

28-Aug-2007

Aeropostale Procurement Company, Inc.

28.

AEROPOSTALE

Registered

77/070,674

22-Dec-2006

3285335

28-Aug-2007

Aeropostale Procurement Company, Inc.

29.

AEROPOSTALE

Registered

77/149,296

05-Apr-2007

3443836

10-Jun-2008

Aeropostale Procurement Company, Inc.

30.

AEROPOSTALE

Registered

77/187,554

22-May-2007

3444014

10-Jun-2008

Aeropostale Procurement Company, Inc.

31.

AEROPOSTALE (STYLIZED)

Registered

73/502,671

05-Oct-1984

1354292

13-Aug-1985

Aeropostale Procurement Company, Inc.

32.

AEROPOSTALE 87

Registered

85/773,018

06-Nov-2012

4328454

30-Apr-2013

Aeropostale Procurement Company, Inc.

14
US_ACTIVE:\44451676\5\11727.0008

16-11275

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

Prepetition Term Loan Agreement Pg 139 of 236

Trademark

Status

Appl. No.

Appl. Date

Reg. No.

Exhibit C -

Reg. Date

Owner

33.

AEROPOSTALE A & DESIGN

Registered

76/344,183

29-Nov-2001

2680387

28-Jan-2003

Aeropostale Procurement Company, Inc.

34.

AEROPOSTALE A87

Registered

85/773,154

06-Nov-2012

4328455

30-Apr-2013

Aeropostale Procurement Company, Inc.

35.

AEROPOSTALE AND BUTTERFLY DESIGN

Registered

77/077,840

08-Jan-2007

3361429

01-Jan-2008

Aeropostale Procurement Company, Inc.

36.

AEROPOSTALE AND BUTTERFLY DESIGN

Registered

77/067,198

19-Dec-2006

3384078

19-Feb-2008

Aeropostale Procurement Company, Inc.

37.

AEROPOSTALE AND BUTTERFLY DESIGN

Registered

77/066,620

18-Dec-2006

3293234

18-Sep-2007

Aeropostale Procurement Company, Inc.

38.

AEROPOSTALE AND BUTTERFLY DESIGN

Registered

77/975,079

19-Dec-2006

3381679

12-Feb-2008

Aeropostale Procurement Company, Inc.

15
US_ACTIVE:\44451676\5\11727.0008

16-11275

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

Prepetition Term Loan Agreement Pg 140 of 236

Trademark

Status

Appl. No.

Appl. Date

Reg. No.

Exhibit C -

Reg. Date

Owner

39.

AEROPOSTALE COMPAGNIE GENERALE

FAISANT L'IMPOSSIBLE!: SERVICE QUOTIDIEN
POUR L'ESPAGNE, LE MAROC & L

Registered

73/607,577

02-Jul-1986

1441289

02-Jun-1987

Aeropostale Procurement Company, Inc.

40.

AEROPOSTALE NYC

Registered

85/773,124

06-Nov-2012

4395142

03-Sep-2013

Aeropostale Procurement Company, Inc.

41.

EIGHTY 7

Registered

78/445,275

02-Jul-2004

3532383

11-Nov-2008

Aeropostale Procurement Company, Inc.

42.

EIGHTY SEVEN

Registered

78/445,273

02-Jul-2004

3421014

29-Apr-2008

Aeropostale Procurement Company, Inc.

43.

GO jane & Design

Registered

77/978,507

27-Aug-2008

3864266

19-Oct-2010

Aeropostale, Inc.

44.

GO jane & Design

Registered

77/557,269

27-Aug-2008

4043645

25-Oct-2011

Aeropostale, Inc.

45.

GOJANE

Registered

77/978,186

27-Aug-2008

3837976

24-Aug-2010

Aeropostale, Inc.

46.

GOJANE

Registered

77/557,253

27-Aug-2008

4047333

01-Nov-2011

Aeropostale, Inc.

47.

GOJANE.COM

Registered

77/537,503

01-Aug-2008

4040079

18-Oct-2011

Aeropostale, Inc.

16
US_ACTIVE:\44451676\5\11727.0008

16-11275

Trademark

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

Prepetition Term Loan Agreement Pg 141 of 236

Status

Appl. No.

Appl. Date

Reg. No.

Exhibit C -

Reg. Date

Owner

48.

JIMMY'Z

Registered

73/565,650

23-Oct-1985

1411390

30-Sep-1986

Aeropostale West, Inc.

49.

JIMMY'Z

Registered

73/672,609

17-Jul-1987

1490256

31-May-1988

Aeropostale West, Inc.

50.

JIMMY'Z

Registered

78/566,750

14-Feb-2005

3240506

08-May-2007

51.

JIMMY'Z

Registered

78/690,060

10-Aug-2005

3170960

14-Nov-2006

52.

JIMMY'Z

Registered

78/690,065

10-Aug-2005

3170961

14-Nov-2006

53.

JIMMY'Z

Registered

78/690,075

10-Aug-2005

3299252

25-Sep-2007

54.

JIMMY'Z

Registered

78/977,516

09-Sep-2003

3160988

17-Oct-2006

55.

JIMMY'Z

Registered

77/123,172

06-Mar-2007

3447587

17-Jun-2008

56.

LIVE LOVE DREAM

Registered

85/710,446

22-Aug-2012

4460948

07-Jan-2014

Aeropostale Procurement Company, Inc.

57.

LIVE LOVE DREAM

Registered

85/755,971

17-Oct-2012

4482218

11-Feb-2014

Aeropostale Procurement Company, Inc.

58.

LIVE LOVE DREAM AERO

Registered

85/710,464

22-Aug-2012

4460949

07-Jan-2014

Aeropostale Procurement Company, Inc.

59.

LIVE LOVE DREAM AEROPOSTALE

Registered

85/794,134

04-Dec-2012

4324601

23-Apr-2013

Aeropostale Procurement Company, Inc.

60.

LLD Heart Logo

Registered

86/019,535

25-Jul-2013

4491028

04-Mar-2014

Aeropostale Procurement Company, Inc.

Aeropostale West, Inc.

Aeropostale West, Inc.
Aeropostale West, Inc.
Aeropostale West, Inc.
Aeropostale West, Inc.
Aeropostale West, Inc.

17
US_ACTIVE:\44451676\5\11727.0008

16-11275

Trademark

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

Prepetition Term Loan Agreement Pg 142 of 236

Status

Appl. No.

Appl. Date

Reg. No.

Exhibit C -

Reg. Date

Owner

61.

LLD Heart Logo

Registered

86/020,274

25-Jul-2013

4491065

04-Mar-2014

Aeropostale Procurement Company, Inc.

62.

PS FROM AEROPOSTALE

Registered

77/488,907

02-Jun-2008

3693636

06-Oct-2009

Aeropostale Procurement Company, Inc.

63.

PS FROM AEROPOSTALE

Registered

77/976,066

02-Jun-2008

4150648

29-May-2012

Aeropostale Procurement Company, Inc.

64.

PS FROM AEROPOSTALE

Registered

77/488,966

02-Jun-2008

3709721

10-Nov-2009

Aeropostale Procurement Company, Inc.

65.

PS FROM AEROPOSTALE

Registered

77/978,100

02-Jun-2008

3716916

24-Nov-2009

Aeropostale Procurement Company, Inc.

66.

PS FROM AEROPOSTALE

Registered

77/979,123

02-Jun-2008

3794934

25-May-2010

Aeropostale Procurement Company, Inc.

67.

PS09

Registered

85/311,863

04-May-2011

4067167

06-Dec-2011

Aeropostale Procurement Company, Inc.

68.

PS09

Registered

85/314,169

06-May-2011

4067245

06-Dec-2011

Aeropostale Procurement Company, Inc.

69.

PS4U

Registered

85/311,949

04-May-2011

4067170

06-Dec-2011

Aeropostale Procurement Company, Inc.

70.

PS4U

Registered

85/314,287

06-May-2011

4067246

06-Dec-2011

Aeropostale Procurement Company, Inc.

71.

SIGNATURE POCKET STITCH

Registered

78/625,787

09-May-2005

3336202

13-Nov-2007

Aeropostale Procurement Company, Inc.

18
US_ACTIVE:\44451676\5\11727.0008

16-11275

Trademark

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

Prepetition Term Loan Agreement Pg 143 of 236

Status

Appl. No.

Appl. Date

Reg. No.

Exhibit C -

Reg. Date

Owner

72.

WOODY CAR DESIGN

Registered

85/308,597

29-Apr-2011

4184146

31-Jul-2012

Aeropostale West, Inc.

73.

WOODY CAR DESIGN (REAR VIEW)

Registered

78/605,132

08-Apr-2005

3262442

10-Jul-2007

Aeropostale West, Inc.

74.

WOODY CAR DESIGN SIDE VIEW

Registered

78/976,863

08-Apr-2005

3146955

19-Sep-2006

Aeropostale West, Inc.

75.

WOODY CAR DESIGN SIDE VIEW

Registered

78/605,116

08-Apr-2005

3357218

18-Dec-2007

Aeropostale West, Inc.

Trademark Applications

Trademark

Status

Appl. No.

Appl. Date

Reg. No.

Reg. Date

Owner

1.

AERO NYC

Published

85/772,770

06-Nov-2012

N/A

N/A

Aeropostale Procurement Company, Inc.

2.

AERONYC

Published

85/772,819

06-Nov-2012

N/A

N/A

Aeropostale Procurement Company, Inc.

3.

JIMMY'Z

Published

85/308,320

29-Apr-2011

N/A

N/A

Aeropostale West, Inc.

4.

LIVE LOVE DREAM

85/794,301

04-Dec-2012

N/A

N/A

Aeropostale Procurement Company, Inc.

Published

19
US_ACTIVE:\44451676\5\11727.0008

16-11275

Trademark
5.

LIVE LOVE DREAM

6.

LIVE LOVE DREAM AEROPOSTALE

7.

LIVE LOVE DREAM AERO

8.

LIVE LOVE DREAM AERO

9.

LORIMER

10.

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

Prepetition Term Loan Agreement Pg 144 of 236

Status
Published

Appl. No.

Appl. Date

Reg. No.

Exhibit C -

Reg. Date

Owner

85/794,355

04-Dec-2012

N/A

N/A

Aeropostale Procurement Company, Inc.

85/794,212

04-Dec-2012

N/A

N/A

Aeropostale Procurement Company, Inc.

85/794,956

05-Dec-2012

N/A

N/A

Aeropostale Procurement Company, Inc.

85/794,991

05-Dec-2012

N/A

N/A

Aeropostale Procurement Company, Inc.

Pending

86/127,083

22-Nov-2013

N/A

N/A

Aeropostale Procurement Company, Inc.

MAP TO MARS

Pending

86/127,129

22-Nov-2013

N/A

N/A

Aeropostale Procurement Company, Inc.

11.

PS ACTIVATE and heart design

Pending

86/041,859

19-Aug-2013

N/A

N/A

Aeropostale Procurement Company, Inc.

12.

PS ACTIVATE and triangle design

Pending

86/041,750

19-Aug-2013

N/A

N/A

Aeropostale Procurement Company, Inc.

Published
Published
Published

20
US_ACTIVE:\44451676\5\11727.0008

16-11275

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

Prepetition Term Loan Agreement Pg 145 of 236

Trademark

Status

Appl. No.

Appl. Date

Reg. No.

Exhibit C -

Reg. Date

Owner

13.

PS COUTURE ESTABLISHED MMIX New York

(Stylized)

Pending

86/163,683

13-Jan-2014

N/A

N/A

Aeropostale Procurement Company, Inc.

14.

AEROPOSTALE DESIGNED IN NYC (Stylized 1)

Pending

86/164,801

14-Jan-2014

N/A

N/A

Aeropostale Procurement Company, Inc.

15.

AEROPOSTALE designed in nyc (Stylized 2)

Pending

86/171,612

22-Jan-2014

N/A

N/A

Aeropostale Procurement Company, Inc.

16.

BDRM

Pending

85729531

14-Sep-2012

N/A

N/A

Aeropostale Procurement Company, Inc.

17.

FREE STATE

Pending

86/132,645

02-Dec-2013

18.

LORIMER

Pending

86/127,083

22-Nov-2013

N/A

N/A

Aeropostale Procurement Company, Inc.

19.

MAP TO MARS

Pending

86/127,129

22-Nov-2013

N/A

N/A

Aeropostale Procurement Company, Inc.

20.

TOKYO DARLING

Pending

86/135,920

05-Dec-2013

N/A

N/A

Aeropostale Procurement Company, Inc.

21.

LORIMER

Pending

86/127,083

22-Nov-2013

N/A

N/A

Aeropostale Procurement Company, Inc.

22.

AERO NOW

Pending

86198852

20-Feb-2014

N/A

N/A

Aeropostale Procurement Company, Inc.

23.

#BESTBOOTYEVER

Pending

86212703

06-Mar-2014

N/A

N/A

Aeropostale Procurement Company, Inc.

24.

BROOKLYN CALLING

Pending

86197516

19-Feb-2014

N/A

N/A

Aeropostale Procurement Company, Inc.

Aeropostale Procurement Company, Inc.

21
US_ACTIVE:\44451676\5\11727.0008

16-11275

Trademark

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

Prepetition Term Loan Agreement Pg 146 of 236

Status

Appl. No.

Appl. Date

Reg. No.

Exhibit C -

Reg. Date

Owner

25.

INVITE ONLY

Pending

86200066

21-Feb-2014

N/A

N/A

Aeropostale Procurement Company, Inc.

26.

LOCKERSTOCK

Pending

86197697

19-Feb-2014

N/A

N/A

Aeropostale Procurement Company, Inc.

22
US_ACTIVE:\44451676\5\11727.0008

16-11275

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

Prepetition Term Loan Agreement Pg 147 of 236

Exhibit C -

Copyrights
Copyright

Status

Reg. No.

Reg. Date

Claimant

1.

AEROPOSTALE FLOWERS

Registered

VA 1-356708

16-Jun-2006

AEROPOSTALE, INC.

2.

ANGEL MONKEY

Registered

VA 1-286995

24-Nov-2004

AEROPOSTALE WEST, INC.

3.

AEROPOSTALE BIRDS

Registered

VA 1-356709

16-Jun-2006

AEROPOSTALE, INC.

4.

BUBBLE MONKEY

Registered

VA 1-286990

24-Nov-2004

AEROPOSTALE WEST, INC.

5.

BUTTERFLY TURTLE

Registered

VAu 646-523

24-Nov-2004

AEROPOSTALE WEST, INC.

6.

AEROPOSTALE DAY @ BEACH

Registered

VA 1-356710

16-Jun-2006

AEROPOSTALE, INC.

7.

MONKEY BANANA

Registered

VA 1-286997

24-Nov-2004

AEROPOSTALE WEST, INC.

8.

MONKEY FACES

Registered

VA 1-286989

24-Nov-2004

AEROPOSTALE WEST, INC.

9.

MONKEY FLOWER

Registered

VA 1-286987

24-Nov-2004

AEROPOSTALE WEST, INC.

10.

MONKEY HEAD BANANA

Registered

VA 1-286993

24-Nov-2004

AEROPOSTALE WEST, INC.

11.

MONKEY HEART BALLOON

Registered

VA 1-286992

24-Nov-2004

AEROPOSTALE WEST, INC.

23
US_ACTIVE:\44451676\5\11727.0008

16-11275

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

Prepetition Term Loan Agreement Pg 148 of 236

Copyright

Status

Reg. No.

Reg. Date

Exhibit C -

Claimant

12.

MONKEY HEART

Registered

VA 1-286986

24-Nov-2004

AEROPOSTALE WEST, INC.

13.

MONKEY ICE SKATES

Registered

VA 1-286998

24-Nov-2004

AEROPOSTALE WEST, INC.

14.

MONKEY NAH NAH

Registered

VA 1-378471

13-Oct-2006

AEROPOSTALE WEST, INC.

15.

MONKEY PILLOW FIGHT

Registered

VA 1-286991

24-Nov-2004

AEROPOSTALE WEST, INC.

16.

MONKEY SNOWFLAKE

Registered

VA 1-286999

24-Nov-2004

AEROPOSTALE WEST, INC.

17.

AEROPOSTALE MONKEY UNIVERSITY

Registered

VA 1-356705

16-Jun-2006

AEROPOSTALE, INC.

18.

AEROPOSTALE MONKEY UNIVERSITY

Registered

VA 1-391181

7-Jul-2006

AEROPOSTALE, INC.

19.

PAJAMA PARTY

Registered

VA 1-286994

24-Nov-2004

AEROPOSTALE WEST, INC.

20.

SANTA TURTLE

Registered

VA 1-286998

24-Nov-2004
AEROPOSTALE WEST, INC.

21.

AEROPOSTALE SPLATTER

Registered

VA 1-356706

16-Jun-2006

AEROPOSTALE, INC.

22.

SURFING MONKEY

Registered

VAu 646-389

24-Nov-2004

AEROPOSTALE WEST, INC.

23.

TURTLE TOSS

Registered

VA 1-288996

24-Nov-2004

AEROPOSTALE WEST, INC.

24
US_ACTIVE:\44451676\5\11727.0008

16-11275

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

Prepetition Term Loan Agreement Pg 149 of 236

Copyright
24.

25.

WHALE GRAPHIC

AEROPOSTALE MOUNTAIN DESIGN

Status

Reg. No.

Registered

VA 1-291513

26-Nov-2004

VA 1-356707

16-Jun-2006

Registered

Reg. Date

Exhibit C -

Claimant

AEROPOSTALE WEST, INC.

AEROPOSTALE, INC.

25
US_ACTIVE:\44451676\5\11727.0008

16-11275

Doc 4-3 Filed 05/04/16 Entered 05/04/16 02:17:03 Exhibit C Exhibit 4-5 to
Prepetition Term Loan Agreement Pg 150 of 236
Loan and Security Agreement

Locations, Leases and Landlords

(See Attached).

US_ACTIVE:\44451676\5\11727.0008

16-11275
Store
#

Mall Name

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

Prepetition Term Loan Agreement Pg 151 of 236

Leased
Space

Location Address

Location
City & State

Location
Zip

RSF

Landlord

717A

1434 Franklin Mills

Cir
5000 S Arizona Mills
Circle
30 262 Mall Drive
West
1120 Stoneridge Mall
Dr
400 Commons Way

Philadelphia,
PA
Tempe, AZ

19154

4,865

85282

5,474

Jersey City,
NJ
Pleasanton,
CA
Bridgewater,
NJ
Parmatown,
OH

07307

3,392

95466

3,709

08807

3,130

Simon Property
Group
Simon Property
Group
Simon Property
Group
Simon Property
Group
General Growth

44129

3,017

CB Richard Ellis

North
Olmstead,
OH
Woodbridge,
NJ
Staten Island,
NY
Rockaway,
NJ

44070

3,423

Starwood Retail

07095

3,890

General Growth

10314

3,724

General Growth

07866

6,129

14626

Exhibit C Landlord
Address

City

State

Zip Code

225 W
Washington St
225 W
Washington St
225 W
Washington St
225 W
Washington St
110 North
Wacker Drive
7899 West
Ridgewood
Drive
591 West
Putnum Ave

Indianapolis

IN

46204-3438

Indianapolis

IN

46204-3438

Indianapolis

IN

46204

Indianapolis

IN

46204

Chicago

IL

60606

Parma

OH

44129

Greenwitch

CT

06830

Chicago

IL

60606

Chicago

IL

60606

Simon Property
Group

110 North
Wacker Drive
110 North
Wacker Drive
225 W
Washington St

Indianapolis

IN

46204

3,139

Wilmorite

PO Box 8000

Buffalo

NY

14267

15237

4,685

IN

46204

5,127

Chicago

IL

60606

08002

6,000

Preit Services LLC

Philadelphia

PA

19102

95050

2,864

Westfield

225 W
Washington St
110 North
Wacker Drive
200 S Broad St,
3rd Floor
11601 Wilshire
Blvd, 12th Floor

Indianapolis

40207

Simon Property
Group
General Growth

Los Angeles

CA

90025

60409

2,778

Simon Property

225 W

Indianapolis

IN

46204

Aero Locations
11
19
20
22
23
25

Franklin Mills
Mall
Arizona Mills
Mall
Newport
Center
Stoneridge
Mall
Bridgewater
Commons
Parmatown
Mall

184
B62
D-109
279
4

W Ridgewood &
Ridge Rd

27

Great
Northern Mall

782

Great Northern Blvd

28

Woodbridge
Center
Staten Island
Mall
Rockaway
Townsquare
Mall
The Mall at
Greece Ridge
Ross Park
Mall
The Mall at St
Matthews
Cherry Hill
Mall
Valley Fair
Shopping
Center
River Oaks

2535

260 Woodbridge Ctr

Dr
2655 Richmond Ave

30
31
34
35
36
37
38
41

247A
2077A

Route 80 & Mt Hope

Ave

K-013

1340

Ridge & Long Pond

Rd
1000 Ross Park Mall
Dr
5000 Shelbyville Rd

1265

252 Cherry Hill Mall

B577

2855 Stevens Creek

Blvd

Rochester,
NY
Pittsburgh,
PA
Louisville,
KY
Cherry Hill,
NJ
Santa Clara,
CA

B06

River Oaks Dr &

Calumet City,

G04C

US_ACTIVE:\44451676\5\11727.0008

16-11275

Center
43
46
48
49
50
51
52
54
57
58
59
60
62
63
65
66
67
70

Lycoming
Mall
Lehigh Valley
Mall
South Hills
Village
Hamilton
Mall
Square One
Mall
Dadeland
Mall
Sunrise Mall
Manhattan
Mall
Eastview
Mall
Garden State
Plaza
Marketplace
Mall
Granite Run
Mall
Walden
Galleria
Burlington
Mall
Del Amo
Mall
Roosevelt
Field Mall
Smith Haven
Mall
Emerald
Square

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

Prepetition Term Loan Agreement Pg 152 of 236

Torrance

IL

2111

300 Lycoming Mall

Cir
250 Lehigh Valley
Mall
346 South Hills
Village
Black Horse Pike

N219

363 Square One Mall

Pennsdale,
PA
Whitehall,
PA
Upper St
Clair, PA
Mays
Landing, NJ
Saugus, MA

3050A

7225 Dadeland Mall

F-5

L1A

Sunrise Hwy &

Carmons Rd
901 Avenue of the
America
7979 Pittsford-Victor
Road
Route 4 & Route 17

A14

3400 W Henrietta Rd

217
L213

1067 W Baltimore
Pike
2000 Walden Ave

2311B

75 Middlesex Tpke

14

21600 Hawthorne
Blvd
630 Old Country Rd

812
2096
2125

162,164
& 166
131

1036A
J03

148 Smith Haven Mall

W211

999 South Washington

Southtreet

Exhibit C -

Group

Washington St
200 S Broad St,
3rd Floor
225 W
Washington St
225 W
Washington St
234 Mall Blvd

17756

3,519

Preit Services LLC

Philadelphia

PA

19102

18052

4,066

15241

3,590

08330

4,221

01906

3,977

Miami, FL

33156

4,674

Massapequa,
NY
New York,
NY
Victor, NY

11758

3,290

Simon Property
Group
Simon Property
Group
Simon Property
Group/Kravco
Simon Property
Group
Simon Property
Group
Westfield

Indianapolis

IN

46204

Indianapolis

IN

46204

King of
Prussia
Indianapolis

PA

19406

10001

5,126

Vornado

225 W
Washington St
225 W
Washington St
11601 Wilshire
Blvd, 12th Floor
210 Route 4 East

IN

46204

Indianapolis

IN

46204

Los Angeles

CA

90025

Paramus

NJ

07652

14564

4,107

Wilmorite

PO Box 8000

Buffalo

NY

14267

Paramus, NJ

07652

5,903

Westfield

Los Angeles

CA

90025

Wilmorite

11601 Wilshire
Blvd, 12th Floor
PO Box 8000

Rochester,
NY
Media, PA

14623

3,479

Buffalo

NY

14267

19063

3,202

BET Investments

200 Witmer Rd

Horsham

PA

19044

Buffalo, NY

14225

7,154

Pyramid

4 Clinton Square

Syracuse

NY

13202-1078

Burlington,
MA
Torrance, CA

01803

4,105

IN

46204

3,300

Indianapolis

IN

46204-3438

Garden City,
NY
Lake Grove,
NY
North
Attleboro,
MA

11530

5,377

Indianapolis

IN

46204

11755

4,116

Indianapolis

IN

46204

02760

2,853

225 W
Washington St
225 W
Washington St
225 W
Washington St
225 W
Washington St
225 W
Washington St

Indianapolis

90503

Simon Property
Group
Simon Property
Group
Simon Property
Group
Simon Property
Group
Simon Property
Group

Indianapolis

IN

46204

28
US_ACTIVE:\44451676\5\11727.0008

16-11275

71
75
77
84
85
86
87
88
89
90
91
92
93
99
100
102
103
104
105

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

Prepetition Term Loan Agreement Pg 153 of 236

Twelve Oaks
Mall
Poughkeepsie
Galleria
Hamilton
Place
Gwinnett
Place
Castleton
Square
Towne Center
At Cobb
Crossgates
Mall
Scottsdale
Fashion
Square
Jefferson
Valley Mall
Trumbull
Shopping
Park
Concord Mall

D181

27688 Novi Rd

Novi, MI

48377

4,573

Taubman

A111

2001 South Rd

Poughkeepsie
, NY
Chattanooga,
TN
Duluth, GA

12601

3,409

Pyramid

37421

4,014

30096

3,383

46250

4,030

30144

4,098

12203

5,259

CBL & Associates

Management Inc.
Moonbeam Capital
Investment LLC
Simon Property
Group
Simon Property
Group
Pyramid

Scottsdale,
AZ

85251

3,708

Yorktown
Heights, NY
Trumbull, CT

10598

3,384

06611

Wilmington,
DE
Langhorne,
PA
Paramus, NJ

156
V06

2100 Hamilton Place

Blvd
2100 Pleasant Hill Rd

136

6020 E 82nd St

U-10

2129

400 Earnett Barrett

Pkwy
120 Washington Ave
Ext
7014 E Camelback Rd

F-10

650 Lee Blvd

169

5065 Main St

670

4737 Concord Pike

Oxford
Valley Mall
Paramus Park
Mall
Kings Plaza

2025

2300 E Lincoln Hwy

1675

700 Paramus Park

141

5240 Kings Plaza

Willowbrook
Mall
Park City
Center
Ohio Valley
Mall
Los Cerritos
Center
Monroeville

1245

1444 Willowbrook
Mall
220 Park City Ctr

B118

G0711

Indianapolis,
IN
Kennesaw,
GA
Albany, NY

Exhibit C -

200 East Long

Lake Road
4 Clinton Square

Bloomfield
Hills
Syracuse

MI

48303-0200

NY

13202-1078

2030 Hamilton
Place Blvd
9103 Alta Drive

Chattanooga

TN

37421-6000

Las Vegas

NV

89145

Indianapolis

IN

46204

225 W
Washington St
225 W
Washington St
4 Clinton Square

Indianapolis

IN

46204

Syracuse

NY

13202-1078

Macerich

401 Wilshire
Blvd.

Santa
Monica

CA

90407

225 W
Washington St
11601 Wilshire
Blvd, 12th Floor

Indianpolis

IN

46204

3,500

Simon Property
Group
Westfield

Los Angeles

CA

90025

19803

3,600

Allied Properties

Wilmington

DE

19803

19047

3,896

Indianapolis

IN

46204

07652

4,414

Simon Property
Group
General Growth

Chicago

IL

60606

Brooklyn,
NY
Wayne, NJ

11234

4,895

Macerich

90407

4,296

General Growth

Santa
Monica
Chicago

CA

07470

IL

60606

Lancaster, PA

17601

5,419

General Growth

Chicago

IL

60606

43950

3,567

Cafaro Company

Youngstown

OH

44504

90703

3,900

Macerich

90407

3,845

CBL & Associates

Santa
Monica
Chattanooga

CA

15146

4737 Concord
Pike
225 W
Washington St
110 North
Wacker Drive
401 Wilshire
Blvd.
110 North
Wacker Drive
110 North
Wacker Drive
2445 Belmont
Ave
401 Wilshire
Blvd.
2030 Hamilton

TN

37421

320

Unit #295 Mall Road

A-17

156 Los Cerritos Ctr

St Clairsville,
OH
Cerritos, CA

265

US Rt 22 E

Monroeville,

29
US_ACTIVE:\44451676\5\11727.0008

16-11275

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

Prepetition Term Loan Agreement Pg 154 of 236

Mall

PA

Management Inc.

Place Blvd.
110 North
Wacker Drive
19501 Biscayne
Blvd, Suite 460
591 West
Putnum Ave
2000 Tower
Oaks Blvd
110 North
Wacker Drive
4 Clinton Square

106

Natick Mall

2184

1245 Worcester Rd

Natick, MA

01760

3,726

General Growth

108

Aventura
Mall
Belden
Village
Dulles Town
Center
Lakeside Mall

1327

19575 Biscayne Blvd

Miami, FL

33180

2,629

A-2

Canton, OH

44718

3,945

Dulles, VA

20166

3,000

Lerner

1450

4381 Belden Village

Mall
21100 Dulles Town
Cir
14000 Lakeside Cir

Turnberry
Associates
Starwood Retail

48313

5,000

General Growth

Holyoke Mall
at Ingleside
Genesee
Valley Center
Greenwood
Park Mall
University
Park Mall
Cross County
Shopping
Center
St Charles
Towne Center
Fiesta Mall

A-211

50 Holyoke St

Sterling
Heights, MI
Holyoke, MA

01040

3,818

Pyramid

465

3231 S Linden Rd

Flint, MI

48507

3,500

Spinoso

G-5

1251 US 31 N

46142

3,406

460

6501 N Grape Rd

46545

3,634

5110

8000 Mall Walk

Indianapolis,
IN
Mishawaka,
IN
Yonkers, NY

10704

5,558

Simon Property
Group
Simon Property
Group
Macerich

Q08

5000 Rt 301 S

Waldorf, MD

20603

3,582

1260

1445 W Southern

Mesa, AZ

85202

3,635

Great Lakes
Mall
West Town
Mall
Edison Mall

330A

7850 Mentor Ave

Mentor, OH

44060

3,482

1156

7600 Kingston Pike

37919

2,990

1460A

4125 Cleveland Ave

33901

3,500

2087B

08608

3,800

1022

Rt 1 & Quaker Bridge

Rd
112 Eisenhower Pkwy

07039

3,503

101L

1201 Hooper Ave

Knoxville,
TN
Fort Meyers,
FL
Lawrencevill
e, NJ
Livingston,
NJ
Toms River,
NJ

08753

3,645

109
110
111
112
113
114
116
117
120
121
123
124
127
129
130
131

Quaker
Bridge Mall
Livingston
Mall
Ocean County
Mall

220

Exhibit C -

Simon Property
Group
Cushman &
Wakefield
Simon Property
Group
Simon Property
Group
Simon Property
Group
Simon Property
Group
Simon Property
Group
Simon Property
Group

100 Northern
Concourse
225 W
Washington St
225 W
Washington St
401 Wilshire
Blvd.
225 W
Washington St
1445 W
Southern Ave
225 W
Washington St
225 W
Washington St
225 W
Washington St
225 W
Washington St
225 W
Washington St
225 W
Washington St

Chicago

IL

60606

Aventura

FL

33180

Greenwitch

CT

06830

Rockville

MD

20852

Chicago

IL

60606

Syracuse

NY

13202-1078

North
Syracuse
Indianapolis

NY

13212

IN

46204

Indianapolis

IN

46204

Santa
Monica

CA

90407

Indianapolis

IN

46204

Mesa

AZ

85202

Indianapolis

IN

46204

Indianapolis

IN

46204

Indianapolis

IN

46204

Indianapolis

IN

46204

Indianapolis

IN

46204

Indianapolis

IN

46204

30
US_ACTIVE:\44451676\5\11727.0008

16-11275

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

Prepetition Term Loan Agreement Pg 155 of 236

133

Tri-County
Mall

C-9

11700 Princeton Pike

Cincinnati,
OH

45246

2,500

Urban Retail
Properties

134

Monmouth
Mall
White Plains

3302

Rts 35 & 36

07724

3,598

Vornado

489

100 Main St

10601

3,690

Willow Grove
Park
Galleria at
Crystal Run
Destiny USA

3029

2500 Moreland Rd

19090

3,124

Simon Property
Group
Preit Services LLC

D209

1 Galleria Dr Ste 111

10940

4,091

C-108

Eatontown,
NJ
White Plains,
NY
Willow
Grove, PA
Middletown,
NY
Syracuse, NY

13204

Concord, CA
Vernon Hills,
IL
Bloomingdale
, IL
Deptford, NJ

136
137
139
140
141
142
143
144
145
146
147
148
149
150
151
152

111 East
Wacker, Ste
2400
210 Route 4 East

Chicago

IL

60611

Paramus

NJ

07652

Indianapolis

IN

46204-3438

Philadelphia

PA

19102

Pyramid

225 W
Washington St
200 S Broad St,
3rd Floor
4 Clinton Square

Syracuse

NY

13202-1078

3,844

Pyramid

4 Clinton Square

Syracuse

NY

13202-1078

94520

2,590

Taubman

48303-0200

3,268

Westfield

Bloomfield
Hills
Los Angeles

MI

60061

CA

90025

60108

2,557

Northbrook

IL

60062

08096

4,342

StreetMAC Asset
Managers, LLC
Macerich

90407

06901

3,454

Taubman

MI

48303-0200

60173

5,124

46204

60504

4,086

Simon Property
Group
Westfield

IN

2426 Fox Valley Ctr

Schaumburg,
IL
Aurora, IL

Santa
Monica
Bloomfield
Hills
Indianapolis

CA

Stamford, CT

200 East Long

Lake Road
11601 Wilshire
Blvd, 12th Floor
3100 Dundee
Road
401 Wilshire
Blvd.
200 East Long
Lake Road
225 W
Washington St
11601 Wilshire
Blvd, 12th Floor

Los Angeles

CA

90025

7 Backus Ave

Danbury, CT

06810

4,838

Macerich

90407

14221

3,550

NJ

07014

07728

3,468

Mountain
Development Corp.
Macerich

Santa
Monica
Clifton

CA

4545 Transit Road

401 Wilshire
Blvd.
100 Delawanna
Avenue
401 Wilshire
Blvd.

Santa
Monica

CA

90407

411 West
Putham Ave
110 North
Wacker Drive

Greenwitch

CT

06830

Chicago

IL

60606

Sun Valley
Mall
Hawthorn
Center
Stratford
Square Mall
Deptford Mall

A-127

9090 Destiny USA

Drive
1 Sun Valley Mall

G6UL

707 Hawthorn Ctr

Stamford
Town Center
Woodfield
Mall
Fox Valley
Shopping
Center
Danbury Fair
Mall
Eastern Hills
Mall
Freehold
Raceway
Mall
Silver City
Galleria Mall
Christiana
Mall

B20

220 Stratford Square

2048
D113

300 N Almonession
Rd
100 Grey Rock Pl

G108

5 Woodfield Mall

B-8
D208
670

Exhibit C -

F-220

3710 Rt 9

Williamsville
, NY
Freehold, NJ

A206

2 Galleria Mall Dr

Taunton, MA

02780

3,127

307

132 Christiana Mall

Newark, DE

19702

4,875

CREII Silver City

LLC
General Growth

31
US_ACTIVE:\44451676\5\11727.0008

16-11275

153
154
157
158
159
160
162
164
166
167
169
171
172
174
175
176
177

178
183

Columbia
Mall
Menlo Park
Mall
Southlake
Mall
Boulevard
Mall
Fairfield Mall
Lynnhaven
Mall
Seminole
Towne Center
Chesterfield
Towne Center
Queens
Center
Great
Northern Mall
Sangertown
Mall
Westmorelan
d Mall
Dover Mall
Green Acres
Mall
Tippecanoe
Mall
Fox Run Mall
The Shops at
Ithica Mall
(Pyramid
Mall)
Hudson
Valley Mall
Metrocenter

1680

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

Prepetition Term Loan Agreement Pg 156 of 236

W271

10300 Little Patuxent

Pkwy
100 Menlo Park Mall
Rd
2141 Southlake Mall
Dr
1231 Niagara Falls
Blvd
2727 Fairfield Mall

D06A

701 Lynnhaven Pkwy

H06

268 Towne Center Cir

Beavercreek,
OH
Virginia
Beach, VA
Sanford, FL

562

Midlothian,
VA
Elmhurst, NY

23113

3,940

3008

11500 Midlothian
Tpke
90-15 Queens Blvd

11373

3,823

Simon Property
Group
Rouse Properties,
Inc.
Macerich

C-134

4081 Rt 31

Clay, NY

13041

3,090

Macerich

G03

Rt 5 & 5A

13413

4,098

Pyramid

218

5256 Rt 30 E

15601

2,838

3024

3024 Dover Mall

New
Hartford, CT
Greensburg,
PA
Dover, DE

19901

4,274

107

11581

3,624

47905

4,600

L7

1005 Green Acres

Mall
2415 Sagamore Pkwy
S
50 Fox Run Rd

CBL & Associates

Management Inc.
Simon Property
Group
Macerich

03801

3,670

B07

40 Catherwood Rd

Newington,
NH
Ithaca, NY

14850

3,533

H-04

1300 Ulster Avenue

Kingston, NY

12401

3,600

2172A

9818 Metro Pkwy E

Phoenix, AZ

85051

3,702

2030 B
628
655

C11B

Columbia,
MD
Edison, NJ

21044

4,000

General Growth

08837

4,000

Merrillville,
IN
Amherst, NY

46410

4,005

Simon Property
Group
Starwood Retail

14226

4,731

45432

3,731

Forest City
Enterprises
Glimcher

23452

3,330

General Growth

32771

3,213

Valley
Stream, NY
Lafayette, IN

Exhibit C -

110 North
Wacker Drive
225 W
Washington St
591 West
Putnum Ave
50 Public Square
180 E Broad St,
21st Floor
110 North
Wacker Drive
225 W
Washington St
1114 Avenue of
the Americas
401 Wilshire
Blvd.
401 Wilshire
Blvd.
4 Clinton Square

Simon Property
Group
Simon Property
Group
Triax Management
Corp

2030 Hamilton
Place Blvd
225 W
Washington St
401 Wilshire
Blvd.
225 W
Washington St
225 W
Washington St
40 Catherwood
Drive

CBL & Associates

Management Inc.
Carlyle

2030 Hamilton
Place Blvd
2700

Columbia

MD

21044

Indianapolis

IN

46204

Greenwitch

CT

06830

Cleveland

OH

44113

Columbus

OH

43215

Chicago

IL

60606

Indianapolis

IN

46204

New York

NY

10036

Santa
Monica
Santa
Monica
Syracuse

CA

90407

CA

90407

NY

13202-1078

Chattanooga

TN

37421-6000

Indianapolis

IN

46204-3438

Santa
Monica
Indianapolis

CA

90407

IN

46204

Indianapolis

IN

46204

Ithaca

NY

14850

Chattanoogo

TN

37421

Purchase

NY

10577

32
US_ACTIVE:\44451676\5\11727.0008

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

Prepetition Term Loan Agreement Pg 157 of 236

Mall
184
185
188
189
190
192

193
194
195
197
198

200
201
202
203
204

Palisades
Center
South Shore
Mall
Stones River
Mall
Southland
Shopping
Center
Dayton Mall
The
Pavillions at
Buckland
Hills
Exton Square
Mall
Mall of New
Hampshire
Crystal Mall
Annapolis
Mall
Orland
Square
Shopping
Center
Northshore
Mall
Southern Park
Mall
Great Lakes
Crossing
Northwoods
Mall
Mall of
America

Development Group
B203

1290

1720 Old Fort

Parkway
23000 Eureka Rd

West Nyack,
NY
Bay Shore,
NY
Murfreesboro
, TN
Taylor, MI

252

OH

Dayton, OH

45459

3,720

Glimcher

1138

194 Buckland Hills Dr

Manchester,
CT

06040

4,000

General Growth

2005

Exton, PA

19341

3,360

Preit Services LLC

W123

306 Exton Square

Pkwy
1500 S Willow St

03103

3,708

R207

850 Hartford Tpke

06385

2,842

21401

3,974

Simon Property
Group
Simon Property
Group
Westfield

60462

3,081

Simon Property
Group
Simon Property
Group
Simon Property
Group
Taubman

N23
A160

2452 Palisades Center

Dr
1701 Sunrise Hwy

10994

5,649

Pyramid

11706

3,593

Westfield

37129

3,000

48180

3,500

Bayer Properties
Inc.
Rouse Properties,
Inc.

126

1340 Annapolis Mall

B11

240 Orland Square

Manchester,
NH
Waterford,
CT
Annapolis,
MD
Chicago, IL

E155

210 Andover St

Peabody, MA

01960

3,467

751 A

7401 Market St

44512

3,700

859RE
NEW
G532

4532 Baldwin Rd

Youngstown,
OH
Auburn Hills,
MI
Charleston,
SC
Bloomington,
MN

48326

3,184

29406

4,073

55425

8,027

N267

2150 Northwoods
Blvd
60 E Broadway

CBL & Associates

Management Inc.
Triple Five

Exhibit C -

Westchester
Avenue
4 Clinton Square

Syracuse

NY

13202-1078

Los Angeles

CA

90025

Birmingham

AL

35205

New York

NY

10036-7703

180 E Broad St,

21st Floor
110 North
Wacker Drive

Columbus

OH

43215

Chicago

IL

60606

200 S Broad St,

3rd Floor
225 W
Washington St
225 W
Washington St
11601 Wilshire
Blvd, 12th Floor
225 W
Washington St

Philadelphia

PA

19102

Indianapolis

IN

46204

Indianapolis

IN

46204

Los Angeles

CA

90025

Indianapolis

IN

46204

225 W
Washington St
225 W
Washington St
200 East Long
Lake Road
2030 Hamilton
Place Blvd
8882-17 Street,

Indianapolis

IN

46204

Indianapolis

IN

46204

Bloomfield
Hills
Chattanooga

MI

48303-0200

TN

37421-6000

Edmonton

AB

T5T 4M2

11601 Wilshire
Blvd, 12th Floor
2222 Arlington
Ave
1114 Avenue of
the Americas

33
US_ACTIVE:\44451676\5\11727.0008

16-11275

205
206
207
208
209
214
215
216
218
219

Century Mall
III
Hanes Mall
Rivertown
Crossing
Providence
Place
Meriden
Square Mall
Southpark
Center
Glenbrook
Square Mall
Market Place
Shopping
Center
Summit Mall

629
AL-120

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

Prepetition Term Loan Agreement Pg 158 of 236

3075 Clairton Rd

5360

3320 Silas Creek

Pkwy
3700 Rivertown Pkwy
SW
118 Providence Pl

4068

470 Lewis Ave

2048

DL 408

408 Southpark Ctr

L06

4201 Coldwater Rd

340

2000 N Neil St

West Mifflin,
PA
Winston
Salem, NC
Grandville,
MI
Providence,
RI
Meriden, CT

15123

3,107

27103

3,962

49418

5,571

Moonbeam Capital
Investment LLC
CBL & Associates
Management Inc.
General Growth

02903

3,090

General Growth

06451

3,436

Westfield

Strongsville,
OH
Fort Wayne,
IN
Champaigne,
IL

44136

3,428

Starwood Retail

46805

5,500

General Growth

61820

3,826

General Growth
Simon Property
Group
Cafaro Company

258A

3265 W Market St

Akron, OH

44333

3,139

652

5555 YoungstownWarren Rd
2918 E Third St

Niles, OH

44446

3,500

Bloomington,
IN
Muncie, IN

47401

3,523

47303

3,698

Plymouth, PA

19462

3,083

Greenville,
SC
Elizabeth, NJ

29605

3,442

07201

5,331

220

Eastwood
Mall
College Mall

M13A

221

Muncie Mall

LO5

3501 N Granville Ave

222

Plymouth
Meeting Mall
Haywood
Mall
Jersey
Gardens
Knoxville
Center Mall
Meridian
Mall
Franklin Park
Mall
Potomac
Mills Center

2100
2045

500 W Germantown
Pike
700 Haywood Mall

2076

651 Kapkowski Rd

P04A

3001 Knoxville Center

Dr
1982 E Grand River
Ave
5001 Monroe St

Knoxville,
TN
Lansing, MI

37924

3,019

48864

3,690

Toledo, OH

43623

5,509

2700 Potomac Mills

Cir

Woodbridge,
VA

22192

3,561

223
224
225
226
227
228

243
1430
247A

Simon Property
Group
Simon Property
Group
Preit Services LLC
Simon Property
Group
Glimcher
Simon Property
Group
CBL & Associates
Management Inc.
Starwood Retail
Simon Property
Group

Exhibit C -

9103 Alta Drive

Las Vegas

NV

89145

2030 Hamilton
Place Blvd
110 North
Wacker Drive
110 North
Wacker Drive
11601 Wilshire
Blvd, 12th Floor
591 West
Putnum Ave
110 North
Wacker Drive
110 North
Wacker Drive

Chattanooga

TN

37421-6000

Chicago

IL

60606

Chicago

IL

60606

Los Angeles

CA

90025

Greenwitch

CT

06830

Chicago

IL

60606

Chicago

IL

60606

225 W
Washington St
2445 Belmont
Ave
225 W
Washington St
225 W
Washington St
200 S Broad St,
3rd Floor
225 W
Washington St
180 E Broad St,
21st Floor
225 W
Washington St
2030 Hamilton
Place Blvd
591 West
Putnum Ave
225 W
Washington St

Indianapolis

IN

46204

Youngstown

OH

44504

Indianapolis

IN

46204

Indianapolis

IN

46204

Philadelphia

PA

19102

Indianapolis

IN

46204

Columbus

OH

43215

Indianapolis

IN

46204

Chattanooga

TN

37421-6000

Greenwitch

CT

06830

Indianapolis

IN

46204-3438

34
US_ACTIVE:\44451676\5\11727.0008

16-11275

230
231
233
234
236
237
238
239
240
242
243
244
246
247
248
249
250
251
252
254

Coolsprings
Galleria
Fairlane
Town Center
Colonial Mall
Gadsden
Colonial Park
Mall
Pheasant
Lane Mall
Beaver Valley
Mall
Honey Creek
RiverGate
Mall
Cary Town
Center
Grand Central
Mall
Mall at
Johnson City
Maplewood
Mall
Chapel Hill
Mall
Fashion
Square Mall
Wilton Mall
Asheville
Mall
Burnsville
Center
Eastland Mall
Opry Mills
Mall
Mid Rivers

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

Prepetition Term Loan Agreement Pg 159 of 236

2140

1800 Galleria Blvd

Franklin, TN

37067

3,736

N314

18900 Michigan Ave

Dearborn, MI

48126

3,047

CBL & Associates

Management Inc.
Taubman

47

1001 Rainbow Dr

Gadsden, AL

35901

3,165

Preit Services LLC

15

Rt 22 and Colonial
Road
310 Daniel Webster
Hwy
640 Beaver Valley
Mall
3401 S US Hwy 41

Harrisburg,
PA
Nashua, NH

17109

3,260

Glimcher

03060

4,481

Monaca, PA

15061

4,000

Simon Property
Group
Preit Services LLC

Terre Haute,
IN
Goodlettsville
, TN
Raleigh, NC

44310

3,667

37072

3,452

27511

2,567

Vienna, WV

26105

3,808

CBL & Associates

Management Inc.
Glimcher

Johnson City,
TN
Maplewood,
MN
Akron, OH

37601

4,028

Glimcher

55109

3,700

44310

3,418

Saginaw, MI

48604

3,009

12866

3,382

Simon Property
Group
CBL & Associates
Management Inc.
CBL & Associates
Management Inc.
Macerich

28805

3,154

55306

3,886

47715

5,198

57214

4,000

63376

3,133

E139
640
B2
1040
E4428
251
17

1000 Two Mile Pkwy

1105 Walmut St
100 Grand Central
Mall
2011 N Roan St

2048B

3001 White Bear Ave

339

2000 Britain Ste 431

C312
F017

4691 Fashion Square

Mall
3065 Rt 50

L42

3 S Tunnel Rd

1044

1178 Burnsville Ctr

414

800 N Green River Rd

306A

433 Opry Mills Dr

Saratoga
Springs, NY
Asheville,
NC
Burnsville,
MN
Evansville,
IN
Nashville, TN

1252

1252 Mid Rivers Mall

St Peters, MO

CBL & Associates

Management Inc.
Hendon Properties

CBL & Associates

Management Inc.
CBL & Associates
Management Inc.
Macerich
Simon Property
Group
CBL & Associates

Exhibit C -

2030 Hamilton
Place Blvd
200 East Long
Lake Road
200 S Broad St,
3rd Floor
180 E Broad St,
21st Floor
225 W
Washington St
200 S Broad St,
3rd Floor
2030 Hamilton
Place Blvd
3445 Peachtree
Road
2030 Hamilton
Place Blvd
180 E Broad St,
21st Floor
180 E Broad St,
21st Floor
225 W
Washington St
2030 Hamilton
Place Blvd
2030 Hamilton
Place Blvd
401 Wilshire
Blvd.
2030 Hamilton
Place Blvd
2030 Hamilton
Place Blvd
401 Wilshire
Blvd.
225 W
Washington St
2030 Hamilton

Chattanooga

TN

37421-6000

Bloomfield
Hills
Philadelphia

MI

48303-0200

PA

19102

Columbus

OH

43215

Indianapolis

IN

46204

Philadelphia

PA

19102

Chattanooga

TN

37421-6000

Atlanta

GA

30326

Chattanooga

TN

37421-6000

Columbus

OH

43215

Columbus

OH

43215

Indianapolis

IN

46204

Chattanooga

TN

37421-6000

Chattanooga

TN

37421-6000

Santa
Monica
Chattanooga

CA

90407

TN

37421-6000

Chattanooga

TN

37421-6000

Santa
Monica
Indianapolis

CA

90407

IN

46204-3438

Chattanooga

TN

37421

35
US_ACTIVE:\44451676\5\11727.0008

16-11275

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

Prepetition Term Loan Agreement Pg 160 of 236

Dr
256

259
260

Arnot Mall

N-9

261

Morgantown

613

9613 Mall Rd

262

Arbor Place

1180

6700 Douglas Blvd

263

Governor's
Square
Miller Hill

2170

1500 Apalachee Pkwy

Merle Hay
Mall
Oak Court

912

1600 Miller Trunk

Hwy
3800 Merle Hay Rd

1130

4465 Poplar Ave

Des Moines,
IA
Memphis, TN

Four Seasons
Mall
Harford Mall

209

Greensboro,
NC
Belair, MD

27427

3,585

W4

209 Four Seasons

Town Ctr
678 Belair Rd

21014

3,243

112

1701 McFarlen Blvd E

3,539

640

26330

3,352

327

2640 Meadowbrook
Rd
4314 Milan Rd

44870

3,488

Cafaro Company

1055

1615 E Empire St

61701

4,211

277

Brass Mill

1128

495 Union St

06706

3,759

CBL & Associates

Management Inc.
General Growth

278

White Marsh

2050

8200 Perry Hall Blvd

Tuscaloosa,
AL
Bridgeport,
WV
Sandusky,
OH
Bloomington,
IL
Waterbury,
CT
Baltimore,
MD

35405

275

University
Mall
Meadowbroo
k Mall
Sandusky
Mall
Eastland Mall

CBL & Associates

Management Inc.
Aronov Realty
Management
Cafaro Company

21236

5,273

General Growth

265
266
268
269
271
272
273
274

G005U
211

J08

Kingston,
MA
Indianapolis,
IN
McLean, VA

Place Blvd.

7983 Tysons Corner

Ctr
7000 Arundel Mills
Cir
3300 Chambers Rd

258

F16

101 Independence
Mall Wy
49 W Maryland St

Management Inc.

Independence
Mall
Circle Centre
Mall
Tysons
Corner Center
Arundel Mills

257

D114

Exhibit C -

02364

3,027

Pyramid

4 Clinton Square

Syracuse

NY

13202-1078

46225

3,632

IN

46204

3,578

90407

21076

3,088

IN

46204-3438

Horsehead,
NY
Morgantown,
WV
Douglassville
, GA
Tallahassee,
FL
Duluth, MN

14844

3,000

Simon Property
Group
Preit Services LLC

Santa
Monica
Indianapolis

CA

Hanover, MD

Philadelphia

PA

19102

26501

2,870

Glimcher

Columbus

OH

43215

30315

3,237

Chattanooga

TN

37421-6000

32301

3,024

CBL & Associates

Management Inc.
General Growth

Chicago

IL

60606

55811

2,842

Indianapolis

IN

46204

50310

3,456

225 W
Washington St
401 Wilshire
Blvd.
225 W
Washington St
200 S Broad St,
3rd Floor
180 E Broad St,
21st Floor
2030 Hamilton
Place Blvd
110 North
Wacker Drive
225 W
Washington St
30 N. LaSalle St

Indianapolis

22102

Simon Property
Group
Macerich

Chicago

IL

60602

38117

4,876

225 W
Washington St
110 North
Wacker Drive
2030 Hamilton
Place Blvd
3500 Eastern
Blvd.
2445 Belmont
Ave
2445 Belmont
Ave
2030 Hamilton
Place Blvd.
110 North
Wacker Drive
110 North
Wacker Drive

Indianapolis

IN

46204

Chicago

IL

60606

Chattanooga

TN

37421-6000

Montgomery

AL

36116-1781

Youngstown

OH

44504

Youngstown

OH

44504

Chattanooga

TN

37421

Chicago

IL

60606

Chicago

IL

60606

Simon Property
Group
Abbell Associates
Simon Property
Group
General Growth

36
US_ACTIVE:\44451676\5\11727.0008

16-11275

280
281

Concord
Mills
Kennedy Mall

566

282

Augusta Mall

283
285
286
287
288
289
290
291
292
293

294
297
299
300
301

Concord, NC

28027

5,100

Dubuque, IA

52002

3,745

Simon Property
Group
Cafaro Company

1320

8111 Concord Mills

Blvd
555 John F Kennedy
Rd
3450 Wrightsboro Rd

Augusta, GA

30909

3,242

General Growth

Independence
Mall
Colonial Mall
Greenville
Richland Mall

1093

3500 Oleander Dr

28403

3,216

Madison Marquette

D4

714 SE Greenville
Blvd
649 Richland Mall

Wilmington,
NC
Greenville,
NC
Mansfield,
OH

27858

2,895

44906

4,242

Rouse Properties,
Inc.
Madison Marquette

North
Dartmouth
Mall
Eastland Mall

1360

02747

3,300

Preit Services LLC

B8

2716 Eastland Mall

43232

4,560

Glimcher

Woodland
Mall
Valley Hills
Mall
Riverchase
Galleria
Westroads

107

3195 28th St

49512

3,615

Preit Services LLC

230

1960 Hwy 70 SE

28602

3,699

221

2000 Riverchase
Galleria
10000 California St

Hoover, AL

35244

3,089

Rouse Properties,
Inc.
General Growth

Omaha, NE

68114

4,022

General Growth

Tanger
Factory
Outlet CenterNY
Springfield
Mall
Macomb Mall
Mall of
Louisiana
River Hills
Mall
Colonial Mall

658

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

Prepetition Term Loan Agreement Pg 161 of 236

A7

3667

137 North Dartmouth

Mall

North
Dartmouth,
MA
Columbus,
OH
Grand
Rapids, MI
Hickory, NC

1409A

1770 W Main St

Riverhead,
NY

11901

3,860

Tanger Properties,
L.P.

U10B

1250 Baltimore Pkwy

19064

3,258

Preit Services LLC

240 &
250
2186

32281 Gratiot Ave

Springfield,
PA
Roseville, MI

48066

3,000

HKS Management

Central, LA

70836

3,369

General Growth

308

6401 Blue Bonnet

Blvd
1850 Adams St

Mankato, MN

56001

3,044

General Growth

C19

3449 Bel Air Mall

Mobile, AL

36606

2,846

Jones Lang LaSalle

Exhibit C -

225 W
Washington St
2445 Belmont
Ave
110 North
Wacker Drive
3500 Oleander
Drive
1114 Avenue of
the Americas
2001
Pennsylvania
Ave NW
200 S Broad St,
3rd Floor

Indianapolis

IN

46204-3438

Youngstown

OH

44504

Chicago

IL

60606

Wilmington

NC

28403

New York

NY

10036

Washington

DC

20006

Philadelphia

PA

19102

180 E Broad St,

21st Floor
200 S Broad St,
3rd Floor
1114 Avenue of
the Americas
110 North
Wacker Drive
110 North
Wacker Drive
3200 Northline
Avenue

Columbus

OH

43215

Philadelphia

PA

19102

New York

NY

10036-7703

Chicago

IL

60606

Chicago

IL

60606

Greensboro

NC

27408

Philadelphia

PA

19102

Chicago

IL

60642

Chicago

IL

60606

Chicago

IL

60606

Atlanta

GA

30326

200 S Broad St,

3rd Floor
939 W. North
Avenue
110 North
Wacker Drive
110 North
Wacker Drive
3344 Peachtree

37
US_ACTIVE:\44451676\5\11727.0008

16-11275

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

Prepetition Term Loan Agreement Pg 162 of 236

Bel Aire
303
304

Northtown
Mall
Bangor Mall

305

Oakdale

306

Independence
Center
Polaris

307
308
309
310

South County
Mall
Midway Mall

Road NE
H19

398 Northtown Dr

Blaine, MN

55434

3,600

Glimcher

1051

663 Stillwater Ave

Bangor, ME

04401

3,514

35

601-635 Harry L.
Drive
1162 Independence
Center Dr
1500 Polaris Pkwy

Johnson City,
NY
Independence
, MO
Columbus,
OH
Koch, MO

13790

4,000

Simon Property
Group
Vornado

64057

4,174

43240

3,243

63129

3,861

Elyria, OH

44035

3,036

4802 Valley View

Blvd NW
1801 S W
Wannamaker Rd
3701 McKinley Pkwy

Roanoke, VA

24012

3,866

Topeka, KS

66604

3,093

Buffalo, NY

142192683

3,337

CBL & Associates

Management Inc.
Simon Property
Group
Stoltz

South
Portland, ME
Rockford, IL

04106

3,970

General Growth

61112

3,438

62208

4,042

28303

4,599

25389

2,849

62704

3,623

72205

2,910

02339

3,000

CBL & Associates

Management Inc.
CBL & Associates
Management Inc.
CBL & Associates
Management Inc.
Forest City
Enterprises
Simon Property
Group
CBL & Associates
Management Inc.
CBL & Associates
Management Inc.

G07
2094
342
F36

51 South County
Centerway
3214 Midway Mall

Valley View
Mall
West Ridge
Mall
McKinley
Mall

UB 80

313

Maine Mall

N137

364 Main Mall Rd

314

CherryVale
Mall
St Clair
Square
Cross Creek
Mall
Charleston
Town Center
White Oaks
Mall
Park Plaza
Mall
The Hanover
Mall

F29

7200 Harrison Ave

105

134 St Clair Square

TB7

443 Cross Creek Mall

2105

2105 Charleston Town

Ctr
2501 W Wabash

311
312

315
316
317
319
330
331

Exhibit C -

G13A
714

c10
3048
113

6000 West Markham

Street
1775 Washington St

Fairview
Heights, IL
Fayetteville,
NC
Charleston,
WV
Springfield,
IL
Little Rock,
AR
Hanover, MA

Simon Property
Group
Glimcher
CBL & Associates
Management Inc.
Madison Marquette

180 E Broad St,

21st Floor
225 W
Washington St
210 Route 4 East

Columbus

OH

43215

Indianapolis

IN

46204

Paramus

NJ

07652

225 W
Washington St
180 E Broad St,
21st Floor
2030 Hamilton
Place Blvd.
2001
Pennsylvania
Ave NW
2030 Hamilton
Place Blvd
225 W
Washington St
725
Conshohocken
State Road
110 North
Wacker Drive
2030 Hamilton
Place Blvd
2030 Hamilton
Place Blvd
2030 Hamilton
Place Blvd
50 Public Square

Indianapolis

IN

46204

Columbus

OH

43215

Chattanooga

TN

37421

Washington

DC

20006

Chattanooga

TN

37421-6000

Indianapolis

IN

46204

Bala
Cynwyd

PA

19004

Chicago

IL

60606

Chattanooga

TN

37421-6000

Chattanooga

TN

37421-6000

Chattanooga

TN

37421-6000

Cleveland

OH

44113

Indianapolis

IN

46204

Chattanooga

TN

37421-6000

Chattanooga

TN

37421

225 W
Washington St
2030 Hamilton
Place Blvd
2030 Hamilton
Place Blvd.

38
US_ACTIVE:\44451676\5\11727.0008

16-11275

332
333
334
335
336
337
338
339
340
341
342
343
346

Chicago
Ridge
Washington
Square
Ashland
Town Center
River Valley
Mall
Logan Valley
Mall
Capital City
Mall
Jefferson
Pointe Mall
The Mall at
Whitney Field
Oakwood
Mall
The Lakes
Mall
York Galleria
River Ridge
Mall
Robinson
Town Center

H-1

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

Prepetition Term Loan Agreement Pg 163 of 236

444 Chicago Ridge

Mall Drive
10202 E Washington
St
500 Winchester Ave

Chicago, IL

60415

3,509

Starwood Retail

Indianapolis,
IN
Ashland, KY

46229

3,016

41101

3,354

Simon Property
Group
Glimcher

1635 River Valley

Circle South
5580 Goods Lane

Lancaster,
OH
Altoona, PA

43130

3,740

Glimcher

16602

3,227

Preit Services LLC

3,603

Preit Services LLC

3,401

UCR Asset Services

46804

3,548

322

4800 Golf Rd

54701

3,786

The Mall at Whitney

Field
General Growth

1076

1740 Mt Garfield Rd

49444

2,928

166

2899 Whiteford Road

Camp Hill,
PA
Fort Wayne,
IN
Leominster,
MA
Eau Claire,
WI
Muskegon,
MI
York, PA

170117003
46804

238

3506 Capital City Mall

Dr
4120 W Jefferson
Blvd
100 Commercial Road

17402

3,055

B90

Lynchburgh,
VA
Robinson
Township,
PA
Stroudsburg,
PA
Milford, CT

24502

3,200

2490

3405 Candlers
Mountain Rd
Robinson Mall

166
468
317
A - 944
230
H10

347

Stroud Mall

152

344 Stroud Mall Rd.

348

Connecticut
Post
Berkshire
Mall
The Plaza at
King of
Prussia
Northpark
Mall
Eastgate Mall

2035

1201 Boston Post Rd

310

1665 State Hill Rd

2035

160 N Guloph Rd

349
351
353
355

36

320 W Kimberly Rd

B-344

4601 Eastgate Blvd

3,266

CBL & Associates

Management Inc.
CBL & Associates
Management Inc.
CBL & Associates
Management Inc.
Forest City
Enterprises

18360

2,750

06460

4,680

CBL & Associates

Management Inc.
Westfield

Wyomissing,
PA
King of
Prussia, PA

19610

4,300

Allied Properties

19406

6,306

Simon Property
Group

Davenport,
IA
Cincinnati,

52806

3,415

Macerich

45245

3,964

CBL & Associates

Exhibit C -

591 West
Putnum Ave
225 W
Washington St
180 E Broad St,
21st Floor
180 E Broad St,
21st Floor
200 S Broad St,
3rd Floor
200 S Broad St,
3rd Floor
Ste 800

Chicago

IL

60601

Indianapolis

IN

46204-3438

Columbus

OH

43215

Columbus

OH

43215

Philadelphia

PA

19102

Philadelphia

PA

19102

Dallas

TX

75231

Leominster

MA

46804

Chicago

IL

60606

Chattanooga

TN

37421-6000

Chattanooga

TN

37421-6000

Chattanooga

TN

37421-6000

Cleveland

OH

44113

2030 Hamilton
Place Blvd
11601 Wilshire
Blvd, 12th Floor
4737 Concord
Pike
225 W
Washington St

Chattanooga

TN

37421-6000

Los Angeles

CA

90025

Wilmington

DE

19803

Indianapolis

IN

46204

401 Wilshire
Blvd.
2030 Hamilton

Santa
Monica
Chattanooga

CA

90407

TN

37421-6000

100 Commercial
Road
110 North
Wacker Drive
2030 Hamilton
Place Blvd
2030 Hamilton
Place Blvd
2030 Hamilton
Place Blvd
50 Public Square

39
US_ACTIVE:\44451676\5\11727.0008

16-11275

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

Prepetition Term Loan Agreement Pg 164 of 236

OH
356

Southpark

F40

224 South Park Cir

357

720

358

Clearview
Mall
Gateway Mall

C338

360

Nittany Mall

361
362
363
364
365
366
367
368
371
372
373
375
376
377

Management Inc.

Place Blvd

23834

3,150

101 Clearview Circle

Colonial
Heights, VA
Butler, PA

16001

2,997

#5 Gateway

Lincoln, NE

68505

3,728

CBL & Associates

Management Inc.
Gumburg Asset
Mgmt. Corp.
Starwood Retail

731

2901 East College Ave

16801

3,333

Preit Services LLC

Spring Hill

1422

1072 Spring Hill Mall

60118

3,402

Solomon
Pond
Mall of
Georgia
Northwoods
Mall
Findlay
Village
Wausau
Center
Birchwood
Mall
Susquehanna
Valley
Salmon Run
Mall
Champlain
Center North
Florence Mall

N219

601 Donald Lynch

Blvd
3333 Buford Dr

State College,
PA
West Dundee,
IL
Marlborough,
MA
Buford, GA

01752

3,208

30519

3,713

Peoria, IL

61613

4,281

Findlay, OH

45839

3,600

Palmer Park
Mall
Manhattan
Town Center
Jefferson
Mall

2025
BL06
153

2200 West War

Memorial Dr.
Findlay-Tiffin Rd, US
224

A124
0222

48059

3,199

17870

3,090

Rouse Properties,
Inc.
Simon Property
Group
Simon Property
Group
Simon Property
Group
Gumburg Asset
Mgmt. Corp.
CBL & Associates
Management Inc.
Rouse Properties,
Inc.
Preit Services LLC

13601

2,958

Pyramid

2030 Hamilton
Place Blvd
3200 North
Federal Highway
591 West
Putnum Ave
200 S Broad St,
3rd Floor
1114 Avenue of
the Americas
225 W
Washington St
225 W
Washington St
225 W
Washington St
3200 North
Federal Highway
2030 Hamilton
Place Blvd
1114 Avenue of
the Americas
200 S Broad St,
3rd Floor
4 Clinton Square

3,366

Pyramid

4 Clinton Square

Syracuse

NY

13202-1078

4,000

General Growth

110 North
Wacker Drive
200 S Broad St,
3rd Floor
111 East
Wacker, Ste
2400
2030 Hamilton
Place Blvd

Chicago

IL

60606

Philadelphia

PA

19102

Chicago

IL

60601

Chattanooga

TN

37421-6000

Wausau, WI

3,600

F02A

4350 24th Avenue

#324
Rtes 11 & 15

B117

Interstate Rte 81

C119

459 Rte 3

2018

1132 Florence Mall

Fort Gratiot,
MI
Selinsgrove,
PA
Watertown,
NY
Plattsburgh,
NY
Florence, KY

B-9

2455 Park Ave

Easton, PA

18042

2,971

Preit Services LLC

250

100 Manhattan Center

Manhattan,
KS

66502

3,500

Urban Retail
Properties, LLC

4801 Outer Loop

Louisville,
KY

40219

2,521

CBL & Associates

Management Inc.

C-576

Exhibit C -

Chattanooga

TN

37421-6000

Ft.
Lauderdale
Greenwitch

FL

33306

CT

06830

Philadelphia

PA

19102

New York

NY

10036-7703

Indianapolis

IN

46204

Indianapolis

IN

46204

Indianapolis

IN

46204

Ft.
Lauderdale
Chattanooga

FL

33306

TN

37421-6000

New York

NY

10036-7703

Philadelphia

PA

19102

Syracuse

NY

13202-1078

40
US_ACTIVE:\44451676\5\11727.0008

16-11275

378

University
Mall

379

Rockingham
Park Mall
Brookfield
Square
Johnstown
Galleria
Madison
Square Mall
Rotterdam
Square
Kenwood
Town Center
Kentucky
Oaks Mall
Upper Valley
Mall
Apple
Blossom Mall
College
Square - IA
Wolfchase
Galleria
Magnolia
Mall
West Towne
Mall
Regency Mall

380
381
382
383
384
385
386
387
388
389
390
392
393
394
395
396
397

H05

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

Prepetition Term Loan Agreement Pg 165 of 236

South
Burlington,
VT
Salem, NH

05403

3,000

Finard Properties
LLC

419 Boylston St

Boston

MA

02116

03079

3,419

IN

46204

530056084
15901

3,987

Chattanooga

TN

37421-6000

Johnstown

PA

15901

35806

3,060

Chattanooga

TN

37421-6000

12306

2,930

CBL & Associates

Management Inc.
Rotterdam Square

Schenectady

NY

12306

45236

3,650

General Growth

Chicago

IL

60606

42001

3,651

Cafaro Company

Youngstown

OH

44504

Springfield,
OH
Winchester,
VA
Cedar Falls,
IA
Memphis, TN

45504

3,024

Indianapolis

IN

46204

22601

3,252

Indianapolis

IN

46204

50613

3,514

Barrington

IL

60010

38133

3,453

Indianapolis

IN

46204

Florence, SC

29501

3,002

Simon Property
Group
Simon Property
Group
GK Developement
Inc.
Simon Property
Group
Preit Services LLC

Philadelphia

PA

19102

D8

1475 Upper Valley

Pike
1850 Apple Blossom
Drive
6301 University
Avenue
2760 North
Germantown Parkway
271 David McLead
Boulevard
66 West Towne Mall

Madison, WI

3,050

Chattanooga

TN

37421-6000

B-216

5538 Durand Avenue

Racine, WI

Chattanooga

TN

37421-6000

Northgate
Mall
Brunswick
Square

114

9501 Colerain Avenue

Cincinnati

OH

45251

212

755 State Highway 18

08816

3,790

Simon Property
Group

Indianapolis

IN

46204

Easton Town
Center
Indian Mound

422

4045 The Strand West

43219

3,673

43219

43056

3,953

4016 Townsfair
Way
180 E Broad St,

OH

771 South 30th Street

Steiner and
Associates, Inc.
Glimcher

Columbus

725

Cincinnati,
OH
East
Brunswick,
NJ
Columbus,
OH
Heath, OH

537191069
534065052
45251

225 W
Washington St
2030 Hamilton
Place Blvd
300 Market
Street
2030 Hamilton
Place Blvd
93 West
Campbell Road
110 North
Wacker Drive
2445 Belmont
Ave
225 W
Washington St
225 W
Washington St
257 E Main St.
Suite 100
225 W
Washington St
200 S Broad St,
3rd Floor
2030 Hamilton
Place Blvd
2030 Hamilton
Place Blvd
9501 Colerain
Avenue
225 W
Washington St

Indianapolis

Brookfield,
WI
Johnstown,
PA
Huntsville,
AL
Schenectady,
NY
Cincinnati,
OH
Paducah, KY

Simon Property
Group
CBL & Associates
Management Inc.
Zamias

Columbus

OH

43215

W247

155 Dorset Street

Exhibit C -

220

99 Rockingham Park
Blvd
95 North Moorland
Road
Galleria Drive

17 & 18

5901 University Drive

G - 106

93 West Campbell
Road
7875 Montgomery
Road
5101 Hinkleville Road

D-07

L-209
270
242
S131A
1325
1450
1418

3,250

3,450
3,300

CBL & Associates

Management Inc.
CBL & Associates
Management Inc.
Northgate Mall

41
US_ACTIVE:\44451676\5\11727.0008

16-11275

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

Prepetition Term Loan Agreement Pg 166 of 236

Mall
398
399
441
442
444
446
447
448
449
450
451
452
453
454
456
457
459
460

21st Floor

Towne East
Square
Sikes Senter
Mall
Georgia
Square Mall
Mall of
Abilene
Central Mall

H10A

Westwood
Mall
Eastwood
Town Center
Penn Square
Mall
Louis Joliet
Mall
Crossroads
Center
University
Mall
West Valley
Mall
Cape Cod
Mall
Grand
Traverse Mall
Lakeland
Square Mall
Colony
Square
Towne Mall
Janesville
Mall

Exhibit C -

Wichita, KS

67207

3,100

Wichita Falls,
TX
Athens, GA

76308

3,500

16

7700 East Kellog

Drive
3111 Midwestern
Parkway
3700 Atlanta Highway

3,150

1132

4310 Buffalo Gap Rd

Abilene, TX

306063155
79606

Simon Property
Group
Rouse Properties,
Inc.
Hendon Properties

3,339

Jones Lang LaSalle

125

5111 Rogers Avenue

72903

2,920

Jones Lang LaSalle

804

1850 West Michigan

Ave.
3011 Preyede Blvd.

Fort Smith,
AR
Jackson, MI

49201

4,214

Lansing, MI

48912

3,600

1901 Northwest
Expressway
1118 Mall Loop Drive

Oklahoma
City, OK
Joliet, IL

73116

3,152

60431

4,281

Rouse Properties,
Inc.
RPAI Southwest
Management LLC
Simon Property
Group
Starwood Retail

4101 West Division

Street
1237 East Main Street
PO Box 3187

St. Cloud,
MN
Carbondale,
IL

56301

4,021

General Growth

62902

3,600

Urban Retail
Properties

3200 North Naglee

Road
Route 132 & Route 28

Tracy, CA

95304

3,498

Hyannis, MA

02601

3,862

Traverse
City, MI
Lakeland, FL

49684

3,040

630

3200 S Airport Road

West
3800 US HWY 98N.

33809

3,200

430

3575 Maple Ave

Zanesville,
OH
Elizabethtow
n, KY
Janesville,
WI

43701

2,659

42701

3,000

Rouse Properties,
Inc.
Simon Property
Group
Rouse Properties,
Inc.
Rouse Properties,
Inc.
Rouse Properties,
Inc.
Macerich

53545

3,418

490

I4
2010
1118
E-10
A16
254
S-119
208

A-006

1704 Dixie Highway

155A

2500 Milton Ave

CBL & Associates

Management Inc.

225 W
Washington St
1114 Avenue of
the Americas
3445 Peachtree
Road
3344 Peachtree
Road NE
3344 Peachtree
Road NE
1114 Avenue of
the Americas
2021 Spring
Road
225 W
Washington St
591 West
Putnum Ave
110 North
Wacker Drive
111 East
Wacker, Ste
2400
1114 Avenue of
the Americas
225 W
Washington St
1114 Avenue of
the Americas
1114 Avenue of
the Americas
1114 Avenue of
the Americas
401 Wilshire
Blvd.
2030 Hamilton
Place Blvd

Indianapolis

IN

46204

New York

NY

10036-7703

Atlanta

GA

30326

Atlanta

GA

30326

Atlanta

GA

30326

New York

NY

10036-7703

Oak Brook

IL

60523

Indianapolis

IN

46204

Joliet

IL

60431

Chicago

IL

60606

Chicago

IL

60611

New York

NY

10036-7703

Indianapolis

IN

46204-3438

New York

NY

10036-7703

New York

NY

10036

New York

NY

10036-7703

Santa
Monica
Chattanooga

CA

90407

TN

37421-6000

42
US_ACTIVE:\44451676\5\11727.0008

16-11275

461

West Park
Mall

462
463

Viewmont
Mall
Swansea Mall

1106A

464

Bay City Mall

E505

465

Lansing Mall

174

466

Lakeview
Square Mall
Governor's
Square Mall
Eastfield Mall

631

129

2801 Wilma-Rudolph
Blvd
1655 Boston Road

162

Northpark Mall

471

Northpark
Mall
Northgate
Mall (TN)
Hulen Mall

472

Ridgmar Mall

K15

474

Apache Mall

311

475

Anderson
Mall
South Shore
Plaza
Northgate
Mall (NC)
Yorktown
Mall

Q-8B

Pecanland
Mall
Park Place

467
468
469
470

476
477
478
479
481

251D

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

Prepetition Term Loan Agreement Pg 167 of 236

772

680

F020/F
0303
1635

3049 William
Scranton Carbondale
Highway
Swansea Mall Drive
4101 East Wilder
Road
5330 W. Saginaw
Highway
5775 Beckley Road

203 Northgate Mall

1070 Hulen Mall
2044 Green Oaks
Road
333 Apache Mall

Cape
Girardeau,
MO
Scranton, PA

63703

3,811

Madison Marquette

3,300

Preit Services LLC

Swansea, MA

185081305
02777

3,028

Jones Lang LaSalle

Bay City, MI

48706

3,410

HKS Management

Lansing, MI

48917

3,500

Battle Creek,
MI
Clarksville,
TN
Springfield,
MA
Joplin, MO

49015

3,500

37042

3,720

Rouse Properties,
Inc.
GK Development,
Inc
Cafaro Company

01129

3,470

64801

3,167

Chattanooga,
TN
Fort Worth,
TX
Fort Worth,
TX
Rochester,
MN
Anderson, SC

37415

3,000

76132

2,909

Mountain
Development Corp.
CBL & Associates
Management Inc.
CBL & Associates
Management Inc.
General Growth

76116

2,982

GK Development

55902

3,041

General Growth

29621

3,848

02184

4,964

27701

2,747

2067

3101 North Main

Street
250 Granite Street

410

1058 West Club Road

Braintree,
MA
Raleigh, NC

133

133 Yorktown Center

Lombard, IL

60148

2,835

Simon Property
Group
Simon Property
Group
Northgate
Associates
Collarmele Patners

1412

4700 Millhaven Road

Monroe, LA

71203

3,654

General Growth

344

5870 East Broadway

Tucson, AZ

85711

3,918

General Growth

Exhibit C -

2001
Pennsylvania
Ave NW
200 S Broad St,
3rd Floor
3344 Peachtree
Road NE
939 W. North
Avenue
1114 Avenue of
the Americas
257 East Main
Street, Ste 100
2445 Belmont
Ave
100 Delawanna
Avenue
2030 Hamilton
Place Blvd
2030 Hamilton
Place Blvd.
110 North
Wacker Drive
257 East Main
Street, Ste 100
110 North
Wacker Drive
225 W
Washington St
225 W
Washington St
PO Box 2476
2929 East
Commercial
Blvd
110 North
Wacker Drive
110 North

Washington

DC

20006

Philadelphia

PA

19102

Atlanta

GA

30326

Chicago

IL

60642

New York

NY

10036-7703

Barrington

IL

60010

Youngstown

OH

44504

Clifton

NJ

07014

Chattanooga

TN

37421-6000

Chattanooga

TN

37421

Columbia

MD

21044

Barrington

IL

60010

Chicago

IL

60606

Indianapolis

IN

46204

Indianapolis

IN

46204

Durham

NC

27715

Fort
Lauderdale

FL

33308

Chicago

IL

60606

Chicago

IL

60606

43
US_ACTIVE:\44451676\5\11727.0008

16-11275

Mall
482
483
484
485
486
487
488
489
490
491
492
493
494
507
508
509
510

Neshaminy
Mall
Triangle
Town Center
The Oaks
Mall
Collin Creek
Mall
Colonial Mall
at Auburn
Carolina
Place Mall
The Parks at
Arlington
Towne
Square Mall
Grove City
Premium
Outlets
Hagerstown
Premium
Outlets
San Marcos
Outlet Stores
Rehoboth
Outlets
Valley Mall
Greenwood
Mall
Myrtle Beach
Outlet
Pleasant
Prairie
Outlets
Jeffersonville

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

Prepetition Term Loan Agreement Pg 168 of 236

Blvd
622
FL1041
New
D-5 and
D-6
1375
44
A-08
2420

622 Neshaminy Mall

5950 Triangle Town
Blvd.
6357 West Newberry
Road
811 North Central
Expressway
1627-44 Opelika Road
11025 Carolina Place
Parkway
3811 South Cooper
Street
5000 Frederica Street

Exhibit C -

Wacker Drive
Bensalem,
PA
Raleigh, NC

19020

3,175

General Growth

27616

3,541

CBL & Associates

Management Inc.
General Growth

110 North
Wacker Drive
2030 Hamilton
Place Blvd.
110 North
Wacker Drive
1114 Avenue of
the Americas
1627 Opelika Rd

Gainsville,
FL
Plano, TX

32605

3,349

75075

3,531

Auburn, AL

36830

3,538

Pineville, NC

28134

4,145

Rouse Properties,
Inc.
Hull Storey Gibson
Companies, LLC
General Growth

760154194
42301

4,313

General Growth

3,674

16127

4,749

Towne Square Mall,

LLC
Simon/Premium
Outlets

110 North
Wacker Drive
110 North
Wacker Drive
3500 Eastern
Blvd
105 Eisenhower
Parkway

Chicago

IL

60606

Chattanooga

TN

37421

Chicago

IL

60606

New York

NY

10036-7703

Auburn

AL

36830

Chicago

IL

60606

Chicago

IL

60606

Montgomery

AL

36123-5000

Roseland

NJ

07068

1045

1911 Leesburg Grove

City Road

Arlington,
TX
Owensboro,
KY
Grove City,
PA

520

495 Prime Outlets

Blvd.

Hagerstown,
MD

21740

5,063

Simon/Premium
Outlets

105 Eisenhower
Parkway

Roseland

NJ

07068

401
&402
321

3939 South I H 35

786665957
19971

5,764

07068

Greensboro

NC

27408

1925 E. Market Street

22801

3,200

90407

2625 Scottsville Road

42104

7,168

General Growth

Santa
Monica
Chicago

CA

516

IL

60606

H100

4625 Factory Stores

Blvd.
11211 120th Avenue

29579

5,040

Greensboro

NC

27408

53158

3,600

Tanger Properties,
L.P.
Simon/Premium
Outlets

105 Eisenhower
Parkway
3200 Northline
Avenue
401 Wilshire
Blvd.
110 North
Wacker Drive
3200 Northline
Avenue
105 Eisenhower
Parkway

NJ

412A

Simon/Premium
Outlets
Tanger Properties,
L.P.
Macerich

Roseland

1600 Ocean Outlets

San Marcos,
TX
Rehoboth
Beach, DE
Harrisonburg,
VA
Bowling
Green, KY
Myrtle
Beach, SC
Kenosha, WI

Roseland

NJ

07068

8755 Factory Shops

Blvd

Jeffersonville
, OH

43128

4,976

Tanger Properties,
L.P.

3200 Northline
Avenue

Greensboro

NC

27408

E-5

C050
755

5,000

44
US_ACTIVE:\44451676\5\11727.0008

16-11275

511
512
515
516
517
518
519
520
521
522
523
524
525
526
527
528
529
530

Birch Run
Premium
Outlets
Prime Outlets
Niagara
Waterloo
Outlets
Huntley
Outlets
New River
Valley Mall
Crossroads
Mall
Wyoming
Valley Mall
Virginia
Center
Commons
Geneva
Center
Commons
Southridge
Mall
Tulsa
Promenade
Esplanade
Mall
Kirkwood
Mall
Grapevine
Mills Mall
Golden East
Crossing
Sarasota
Square
Green Tree
Mall
Columbia
Mall (MO)

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

Prepetition Term Loan Agreement Pg 169 of 236

Exhibit C -

H010

12140 South Beyer

Road

Birch Run,
MI

48415

6,000

Simon/Premium
Outlets

105 Eisenhower
Parkway

Roseland

NJ

07068

20 / 21

1672 Military Road

Niagara Falls,
NY
Waterloo, NY

14304

5,730

AWE Talisman

33134

6,000

NJ

07068

Huntley, IL

60149

5,104

Roseland

NJ

07068

Christiansbur
g, VA
Portage, MI

240736506
49024

3,542

Simon/Premium
Outlets
Simon/Premium
Outlets
Preit Services LLC

Coral
Gables
Roseland

FL

13165

Philadelphia

PA

19102

3,271

General Growth

Chicago

IL

60606

Wilkes Barre,
PA
Glen Allen,
VA

18702

3,976

Preit Services LLC

Philadelphia

PA

19102

23059

2,809

Simon Property
Group LP

355 Alhambra
Circle
105 Eisenhower
Parkway
105 Eisenhower
Parkway
200 S Broad St,
3rd Floor
110 North
Wacker Drive
200 S Broad St,
3rd Floor
225 W
Washington St

Indianapolis

IN

46204-3438

C098
A-2
716
120

655 Route 318

11800 Factory Shops
BLvd
782 New River Road

324

6650 South
Westnedge Road
29 Wyoming Valley
Mall
10101 Brook Road

2200

502 Commons Way

Geneva, IL

60134

3,600

Mid-America

One Parkview
Plaza

Oakbrook
Terrace

IL

60181

1300

5300 South 76th Street

53129

4,500

46204-3438

74135

3,682

Tusla

OK

74135

Kenner, LA

70065

3,274

Indianapolis

IN

46204-3438

Bismarck,
ND
Grapevine,
TX
Rocky
Mount, NC
Sarasota, FL

58504

4,284

Chattanooga

TN

37421-6000

76051

6,792

Indianapolis

IN

46204-3438

27804

2,606

Atlanta

GA

30326

34238

3,200

Westfield

Los Angeles

CA

90025

47129

3,000

Chattanoogo

TN

37421

65203

3,003

CBL & Associates

Management Inc.
General Growth

225 W
Washington St
4107 South Yale
Ave
225 W
Washington St
2030 Hamilton
Place Blvd
225 W
Washington St
3445 Peachtree
Road
11601 Wilshire
Blvd, 12th Floor
2030 Hamilton
Place Blvd
110 North
Wacker Drive

IN

4107 South Yale

Avenue
1401 West Esplanade
Avenue
877 Kirkwood Mall

Simon Property
Group
Tulsa Promenade
Reatly Mgmt LLC
Simon Property
Group
CBL & Associates
Management Inc.
Simon Property
Group
Hendon Properties

Indianapolis

221

Greendale,
WI
Tulsa, OK

Chicago

IL

60606

338

220
440
526A

526

3000 Grapevine Mills

Parkway
1100 N. Wesleyan
Blvd
8201 South Tamiami
Trail
757 E. Highway 131

318

2300 Bernadette Drive

1112
A2

Clarksville,
IN
Columbia,
MO

45
US_ACTIVE:\44451676\5\11727.0008

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

Prepetition Term Loan Agreement Pg 170 of 236

531

Quintard Mall

72-B

700 Quintard Drive

Oxford, AL

36203

3,515

532

Huntington
Mall
Northtown
Mall
Bellis Fair
Mall
Patrick Henry
Mall
The Citadel
Mall
North East
Mall
Alderwood
Mall
Kitsap Mall

760

Barboursville
, WV
Spokane, WA

25504

3,566

99207

3,067

General Growth

604

Route 60 and Mall

Road
4750 North Division
Street
1 Bellis Fair Parkway

Grimmer Realty
Company
Cafaro Company

98226

3,426

General Growth

413

12300 Jefferson Ave.

23602

3,434

Preit Services LLC

2392

750 Citadel Drive

Bellingham,
WA
New Port
News, VA
Colorado
Springs, CO
Hurst, TX

80909

3,914

Spinoso

76053

3,199

Lynnwood,
WA
Silverdale,
WA
Puyallup,
WA
Vancouver,
WA
Green Bay,
WI
Clearwater,
FL
Appleton, WI

98037

3,132

Simon Property
Group LP
General Growth

98383

3,500

Starwood Retail

98373

3,382

Cafaro Company

98662

3,210

Westfield

54304

3,527

33761

3,349

Simon Property
Group LP
Westfield

54913

4,000

General Growth

Lima, OH

45805

4,000

Simon Property
Group
Preit Services LLC

533
535
536
537
538
539
540
541
543
544
545
546
548
549

South Hill
Mall
Vancouver
Mall
Bay Park
Square
Country Side
Mall
Fox River
Mall
Lima Mall

2216

D-18B

1001 Melbourne Street

230

3000 184th Street

Southwest
10315 Silverdale Way
Northwest
3500 South Meridian

A08
944
246
985

8700 NE Vancouver
Mall Drive
303 Bay Park Square

1059

27001 US Highway 19

104 old
542

4301 West Wisconsin

Ave
2400 Elida Road

162

3800 State Road 16

LaCrosse, WI

54601

3,422

550

Valley View
Mall-WI
Post Oak Mall

4006

1500 Harvey Road

77840

3,785

551

Midland Mall

234

6800 Eastman Avenue

College
Station, TX
Midland, MI

48642

3,800

553

Carolina Mall

265

Concord, NC

28025

3,418

554

Valley West

182

1408 Concord
Parkway N.
1551 Valley West

West

50266

3,888

CBL & Associates

Management Inc.
CBL & Associates
Management Inc.
Hull Storey Gibson
Companies, LLC
Valley West Mall

Exhibit C -

200 Green
Springs Highway
2445 Belmont
Ave
110 North
Wacker Drive
110 North
Wacker Drive
200 S Broad St,
3rd Floor
100 Northern
Concourse
225 W
Washington St
110 North
Wacker Drive
591 West
Putnum Ave
2445 Belmont
Ave
11601 Wilshire
Blvd, 12th Floor
225 W
Washington St
11601 Wilshire
Blvd, 12th Floor
110 North
Wacker Drive
225 W
Washington St
200 S Broad St,
3rd Floor
2030 Hamilton
Place Blvd
2030 Hamilton
Place Blvd
1190 Interstate
Parkway
1551 Valley

Birmingham

AL

35209-4906

Youngstown

OH

44504

Chicago

IL

60606

Chicago

IL

60606

Philadelphia

PA

19102

North
Syracuse
Indianapolis

NY

13212

IN

46204-3438

Chicago

IL

60606

Greenwitch

CT

06830

Youngstown

OH

44504

Los Angeles

CA

90025

Indianapolis

IN

46204-3438

Los Angeles

CA

90025

Chicago

IL

60606

Indianapolis

IN

46204

Philadelphia

PA

19102

Chattanooga

TN

37421-6000

Chattanooga

TN

37421-6000

Augusta

GA

30909

West

IA

50266

46
US_ACTIVE:\44451676\5\11727.0008

16-11275

Mall

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

Prepetition Term Loan Agreement Pg 171 of 236

Drive

555

Cordova Mall

B-217

557

Quail Springs

252

558

Towne West
Square
North Point
Mall
Altamonte
Mall
Vista Ridge
Mall
North Star
Mall
Memorial
City Mall
Empire Mall

K02A

314

303 Memorial City

Mall
1230 Empire Mall

Southern
Hills Mall
Oglethorpe
Mall
Southlake
Mall
Millcreek
Mall
Vintage Faire
Mall
Wiregrass
Commons
Westgate
Mall
Deerbrook
Mall
Colonial Mall
Valdosta
Parkway

312

4400 Sergeant Road

32

7804 Abercorn Street

1206

560
561
563
565
566
567
568
569
570
571
572
573
574
575
576
577

32504

3,999

73134

3,333

67209

3,180

30022

3,596

Simon Property
Group
General Growth

32701

3,552

General Growth

75067

2,762

78216

4,620

Rouse Properties,
Inc.
General Growth

77027

3,458

57106

3,409

51106

3,561

31406

3,580

1206 Southlake Mall

Sioux Falls,
SD
Sioux City,
IA
Savannah,
GA
Morrow, GA

Memorial City Mall

Mall, LP
Simon Property
Group
Simon Property
Group
General Growth

30260

8,242

General Growth

250

250 Millcreek Mall

Erie, PA

16565

3,708

Cafaro Company

Q06

3401 Dale Road

Modesto, CA

95356

3,776

Macerich

95

900 Commons Drive

Dothan, AL

36303

3,407

Preit Services LLC

370

Spartanburg,
SC
Humble, TX

29301

4,191

77338

3,090

CBL & Associates

Management Inc.
General Growth

1034

205 West Blackstock

Road
20131 Highway 59
North
1700 Norman Drive

Valdosta, GA

31601

3,371

Jones Lang LaSalle

242

2801 South Memorial

Huntsville,

35801

3,545

CBL & Associates

2122
1453
1386
100
201

1090

5100 North Nine

Avenue
2501 West Memorial
Road
4600 West Kellogg

DeMoines,
IA
Pensacola, FL

2122 North Point

Circle
451 East Altamonte
Drive Suite 1453
2401 South Stemmons
Fairway
7400 San Pedro

Oklahoma
City, OK
Wichita, KS
Alpharetta,
GA
Altamonte
Springs, FL
Lewisville,
TX
San Antonio,
TX
Houston, TX

Simon Property
Group
General Growth

Exhibit C -

West Drive

DeMoines

225 W
Washington St
110 North
Wacker Drive
225 W
Washington St
110 North
Wacker Drive
110 North
Wacker Drive
1114 Avenue of
the Americas
110 North
Wacker Drive
929 Gessner

Indianapolis

IN

46204

Chicago

IL

60606

Indianapolis

IN

46204

Chicago

IL

60606

Chicago

IL

60606

New York

NY

10036-7703

Chicago

IL

60606

Houston

TX

77024

Indianapolis

IN

46204

Indianapolis

IN

46204-3438

Chicago

IL

60606

Chicago

IL

60606

Youngstown

OH

44504

Santa
Monica
Philadelphia

CA

90407

PA

19102

Chattanooga

TN

37421-6000

Chicago

IL

60606

Atlanta

GA

30326

Chattanooga

TN

37421-6000

225 W
Washington St
225 W
Washington St
110 North
Wacker Drive
110 North
Wacker Drive
2445 Belmont
Ave
401 Wilshire
Blvd.
200 S Broad St,
3rd Floor
2030 Hamilton
Place Blvd
110 North
Wacker Drive
3344 Peachtree
Road NE
2030 Hamilton

47
US_ACTIVE:\44451676\5\11727.0008

16-11275

Place Mall
578
579
580
581
582
583
584
585
587
588

Francis Scott
Key Mall
Tanger Five
Oaks
Ellenton
Premium
Outlets
Gaffney
Premium
Outlets
Tanger Outlet
Center in
Foley
Gettysburg
Outlet
Woodland
Hills Mall
Valley River
Mall
South Plains
Mall
Rivercenter
Mall

Parkway

AL

660

5500 Buckyestown

21703

1370

1645 Parkway Suite

905

5109 Factory Shops

Blvd

Frederick,
MD
Sevierville,
TN
Ellenton, FL

235

235 Factory Shops

Blvd.

422
B-420

Place Blvd

4,089

Preit Services LLC

Philadelphia

PA

19102

37862

3,550

Greensboro

NC

27408

34222

4,118

Tanger Properties,
L.P.
Simon/Premium
Outlets

200 S Broad St,

3rd Floor
3200 Northline
Avenue
105 Eisenhower
Parkway

Roseland

NJ

07068

Gaffney, SC

29341

3,514

Simon/Premium
Outlets

105 Eisenhower
Parkway

Roseland

NJ

07068

2601Soth McKenzie

Foley, AL

36535

5,240

Tanger Properties,
L.P.

3200 Northline
Avenue

Greensboro

NC

27408

1863 Gettysburg
Village Drive
7021 South Memorial
Drive
265 Valley River
Center
6002 Slide Road

Gettysburg,
PA
Tulsa, OK

17325

3,600

MI

49441

3,531

Indianapolis

IN

46204

Eugene, OR

97401

3,500

90407

79414

3,590

Macerich

CA

90407

491

849 East Commerce

Street

San Antonio,
TX

78205

3,558

River Center Mall

Santa
Monica
Santa
Monica
San Antonio

CA

Lubbock, TX

TX

8205

11200 Lakeline Mall

Drive
5043 Tuttle Crossing
Blvd
701 Russell Ave

Cedar Park,
TX
Dublin, OH

78613

2,986

Indianapolis

IN

46204

43016

3,013

Indianapolis

IN

46204

Gaithersburg,
MD

20877

3,152

Simon Property
Group
Simon Property
Group
Urban Retail
Properties

Chicago

IL

60601

Portland, OR

97086

3,390

General Growth

Chicago

IL

60606

Kingsport,
TN

37664

2,880

Avison Young

5000 Hakes
Drive
225 W
Washington St
401 Wilshire
Blvd.
401 Wilshire
Blvd.
849 East
Commerice
Street
225 W
Washington St
225 W
Washington St
111 East
Wacker, Ste
2400
110 North
Wacker Drive
30 Ivan Allen Jr
Blvd

Muskegon

74133

Horizon Properties
Group
Simon Property
Group
Macerich

Atlanta

GA

30308

244
B-8
B-9

Lakeline Mall

N10

590

Tuttle
Crossing
Lakeforest
Mall

139

592
593

Clackamas
Town Center
Kingsport
Town Center
(Fort Henry
Mall)

Exhibit C -

Management Inc.

589

591

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

Prepetition Term Loan Agreement Pg 172 of 236

E-115
B-209
E-39

12000 South E. 82nd

Ave
2101 Fort Henry Drive

48
US_ACTIVE:\44451676\5\11727.0008

16-11275

594
595
596
597
598
599
600
601
602
603

Regency
Square Mall
Eastridge
Mall
The Mall of
Acadiana
Spotsylvania
Mall
Rushmore
Mall
Tanger
Branson
Castle Rock
Outlets
Silver Sand
Outlet Center
Northpark
Mall
Tyrone
Square

1308

Florence, AL

35630

3,500

Gastonia, NC

28054

2,870

E209

301 Cox Creek

Parkway
246 North New Hope
Road
5725 Johnston Street

Lafayette, LA

70503

4,653

305

305 Spotsylvania Mall

22407

3,575

218

2200 North Maple

57701

3,393

400

300 Tanger Blvd.

Fredericksbur
g, VA
Rapid City,
SD
Branson, MO

65616

3,345

370

5050 Factory Shops

Blvd
10676 Emerald Coast
Parkway
1200 East County Line
Road
6901 Tyrone Square

Castle Rock,
CO
Destin, FL

80106

4,718

32541

3,852

Ridgeland,
MS
St.
Petersburg,
FL
Fargo, ND

39157

3,753

33710

3,500

58103

3,318

108

127128
216
672A

604

West Acres

310

605

University
Mall
Oakridge
Mall
Florida Mall

315/317

606
608
609
611
612
613
614

The Maine
Mall Outlets
Coastal Grand
Mall
Superstition
Springs Mall
Tanger
Williamsburg
(IA)
Wheaton Mall

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

Prepetition Term Loan Agreement Pg 173 of 236

CBL & Associates

Management Inc.
Cafaro Company
Simon Property
Group
Tanger Properties,
L.P.
Craig Realty Group
Simon/Premium
Outlets
Simon Property
Group
Simon Property
Group

1190 Interstate
Parkway
6901 Security
Blvd
2030 Hamilton
Place Blvd.
2445 Belmont
Ave
225 W
Washington St
3200 Northline
Avenue
1500 Quail St.
Suite 100
105 Eisenhower
Parkway
225 W
Washington St
225 W
Washington St

Tampa Bay,
FL
San Jose, CA

33612

4,026

West Acres
Development
CBRE

95123

3,065

Westfield

Orlando, FL

32809

4,485

Kittery, ME

03904

3,203

Myrtle
Beach, SC
Mesa, AZ

29577

3,360

85206

3,310

237

500 Coastal Grand

Circle
6555 East Southern
Ave
237 Tanger Drive

Simon Property
Group
Ram Management
Company
CBL & Associates
Management Inc.
Macerich

Williamsburg
, IA

52361

5,000

Tanger Properties,
L.P.

3902 13th Ave S,

Suite 3717
2200 E. Fowler
Ave
11601 Wilshire
Blvd, 12th Floor
225 W
Washington St
121 Middle
Street
2030 Hamilton
Place Blvd
401 Wilshire
Blvd.
3200 Northline
Avenue

151

11160 Veirs Mill Road

Silver Spring,

20902

3,650

Westfield

11601 Wilshire

V-21
1226
17
460
J14

3902 13th Ave

Southwest
2205 University
Square Mall
925 Blossom HIll
Road
8001 South Orange
Blossom Trail
345 US Route 1

Hull Storey Gibson

Companies, LLC
Eastridge LP

Exhibit C -

Augusta

GA

30909

Baltimore

MD

21244

Chattanooga

TN

37421

Youngstown

OH

44504

Indianapolis

IN

46204

Greensboro

NC

27408

Newport
Beach
Roseland

CA

92660

NJ

07068

Indianapolis

IN

46204

Indianapolis

IN

46204

Fargo

ND

58103-7512

Tampa

FL

33612

Los Angeles

CA

90025

Indianapolis

IN

46204

Portland

ME

04101

Chattanooga

TN

37421-6000

Santa
Monica
Greensboro

CA

90407

NC

27408

Los Angeles

CA

90025

49
US_ACTIVE:\44451676\5\11727.0008

16-11275

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

Prepetition Term Loan Agreement Pg 174 of 236

MD
615

St. Augustine
Outlets

O102

2700 State Road 16

616

Johnson
Creek
Plaza Camino
Real
Berkeley Mall

B080

595 West Linmar Lane

617
618
619
620
621
622
623
624
625
626
627
628
629
630
631
632

120

2525 El Camino Real

G-9

621 A Berkeley Blvd.

Center at
Salisbury
Barton Creek
Mall
Brandon
Town Center
North County
Fair Mall
Jacksonville
Mall
Katy Mills
Mall
Citrus Park
Mall
Westgate
Mall
Mission
Valley Mall
Towson
Town Center
Parkway
Plaza
Cortana Mall

H121

C11

2300 North Salisbury

Blvd
2901 Capital fo TX
Highway
553 Brandon Town
Center
200 East Via Rancho
Parkway
342 Jacksonville Mall

675

5000 Katy Mills Circle

8081

8081 Citrus Park

Town Center
7701 W. Interstate 40

Southland
Mall
Belmar Mall

2027

M05
553
C417

3500
221
1125
M-14
6

2M3-R30

St.
Augustine,
FL
Johnson
Creek, WI
Carlsbad, CA

Exhibit C -

Blvd, 12th Floor

32092

3,900

Simon/Premium
Outlets

105 Eisenhower
Parkway

Roseland

NJ

07068

53038

4,000

NJ

07068

3,860

Los Angeles

CA

90025

Goldsboro,
NC
Salisbury,
MD
Austin, TX

27534

3,782

Berkley Mall LLC

Shelby

NC

28150

21801

3,100

New York

NY

10036

78746

3,615

Indianapolis

IN

46204

Brandon, FL

3351

3,081

Rouse Properties,
Inc.
Simon Property
Group
Westfield

Los Angeles

CA

90025

Escondido,
CA
Jacksonville,
NC
Katy, TX

92025

4,117

Westfield

Los Angeles

CA

90025

28546

3,015

Preit Services LLC

Philadelphia

PA

19102

77494

5,155

Indianapolis

IN

46204-3438

Tampa, FL

33625

3,783

Simon Property
Group
Westfield

Los Angeles

CA

90025

Amarillo, TX

791210140
92108

3,500

Jones Lang LaSalle

Atlanta

GA

30326

3,146

Westfield

Los Angeles

CA

90025

21204

3,000

General Growth

105 Eisenhower
Parkway
11601 Wilshire
Blvd, 12th Floor
720 S. Lafayette
St.
1114 Avenue of
the Americas
225 W
Washington St
11601 Wilshire
Blvd, 12th Floor
11601 Wilshire
Blvd, 12th Floor
200 S Broad St,
3rd Floor
225 W
Washington St
11601 Wilshire
Blvd, 12th Floor
3344 Peachtree
Road NE
11601 Wilshire
Blvd, 12th Floor
110 North
Wacker Drive
591 West
Putnum Ave
9103 Alta Drive

Roseland

92008

Simon/Premium
Outlets
Westfield

Chicago

IL

60606

Greenwitch

CT

06830

Las Vegas

NV

89145

Thunder
Bay
Lakewood

ON

P7B6B9

CO

80226

1640 Camino Del Rio

North
825 Dullaney Valley
Road
359 Parkway Plaza

San Diego,
CA
Towson, MD
El Cajon, CA

92020

3,981

Starwood Retail

9327 Cortana Place

70815

3,500

5953 West Park Ave.

Baton Rouge,
LA
Houma, LA

70364

3,510

7251 West Alaska

Drive

Lakewood,
CO

80226

3,538

Moonbeam Capital
Investment LLC
Morguard
Investments Limited
Belmar Mainstreet
Holdings I, LLC

1000 Ft. William

Road
355 S. Teller
Street 210

50
US_ACTIVE:\44451676\5\11727.0008

16-11275

633
634
635
636
637
638

Chandler
Fashion
Center
Panama City
Mall St.
Vincent
St. Louis
Mills
Chico Mall

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

Prepetition Term Loan Agreement Pg 175 of 236

2158

3111 West Chandler

Blvd.

Chandler, AZ

85226

3,072

Macerich

401 Wilshire
Blvd.

Santa
Monica

CA

90407

2202

2202 Martin Luther

King Jr. Blvd
1133 St. Vincent Ave

32405

2,804

Hendon Properties

GA

30326

71104

3,214

New York

NY

10036-7703

63042

3,692

Rouse Properties,
Inc.
Woodmont

3445 Peachtree
Road
1114 Avenue of
the Americas
9103 Atla Drive

Atlanta

5555 St. Louis Mills

Blvd
1950 East 20th Street

Panama City,
FL
Shreveport,
LA
Hazelwood,
MO
Chico, CA

Las Vegas

NV

89145

95928

3,130

Jones Lang LaSalle

Atlanta

GA

30326

2825 South Glenstone

Rd
22 Clifton Country
Road

Springfield,
MO
Clifton Park,
NY

65804

4,568

Indianapolis

IN

46204

12065

3,400

Simon Property
Group
DCG Development
Co.

Clifton Park

NY

12065

Vineland, NJ

08360

2,994

Preit Services LLC

Philadelphia

PA

19102

Colorado
Springs, CO

80920

3,547

Urban Retail
Properties

Chicago

IL

60601

Simon Property
Group
Passco Companies,
LLC
CBL & Associates
Management Inc.
Zamias

3344 Peachtree
Road NE
225 W
Washington St
200 Clifton
Corporate
Parkway
200 S Broad St,
3rd Floor
111 East
Wacker, Ste
2400
225 W
Washington St
96 Corporate
Park, Ste 200
2030 Hamilton
Place Blvd
300 Market
Street
225 W
Washington St
225 W
Washington St
3344 Peachtree
Road NE
110 North
Wacker Drive
110 North
Wacker Drive

Indianapolis

IN

46204

Irvine

CA

92606

Chattanooga

TN

37421-6000

Johnstown

PA

15901

Indianapolis

IN

46204

Indianapolis

IN

46204

Atlanta

GA

30326

Chicago

IL

60606

Chicago

IL

60606

360
253
C-307

Battlefield
Mall
Clifton Park
Mall

T18

Cumberland
Mall
Chapel Hills
Mall (CO)

B10
137

3849 South Delsea

Drive
1710 Briargate Blvd

642

Paddock Mall

248A

3100 College Road

Ocala, FL

34474

3,575

643

Richmond
Square
East Towne
Mall
Indiana Mall

531

Richmond,
IN
Madison, WI

47374

4,332

518

3801 National Road

East
21 East Towne Mall

53704

3,800

645

2334 Oakland Avenue

Indiana, PA

15701

3,341

1114 17th Street

Kokomo, IN

46902

3,480

446

14500 Colfax Ave.

80401

3,467

2219

480 Center St.

Northeast
101 Jordan Creek
Parkway
3321 West Main Street

Lakewood,
CO
Salem, OR

97301

3,537

Simon Property
Group
Simon Property
Group
Jones Lang LaSalle

50266

3,149

General Growth

73072

3,485

General Growth

639
640
641

644
645
646
647
648
649
650

Exhibit C -

85

Markland
Mall
Colorado
Mills
Salem Center

H10B

Jordan Creek
Mall
Sooner Mall

2334
321

Des Moines,
IA
Norman, OK

51
US_ACTIVE:\44451676\5\11727.0008

16-11275

651
652
653
654
655
656
657
659
660
661
662
663
664
665
667
669
670
671
672

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

Prepetition Term Loan Agreement Pg 176 of 236

Albertville
Outlets
Arrowhead
Town Center
Lighthouse
Outlets
Plaza Bonita

A010

6415 Labeaux Ave

2112

7700 West Arrowhead

Town Center
815 Lighthouse Place

Colonial Mall
Decatur
Brookwood
Village
Baybrook
Mall
Algonquin
Commons
Spokane
Valley Mall
Golden
Triangle Mall
Central Mall
(TX)
Williamsburg
Premium
Outlets
Adrian Mall

B-1

Mall at
Wellington
Green
Victor Valley
Mall
Shoppes at
Grand Prairie
Clay Terrace
Mall
Old Hickory
Mall
Zona Rosa

815
1155

228
1004
4190
1012
3554
23

3030 Plaza Bonita

Road
1801 Beltline Road
Southwest
716 Brookwood
Village
1300 Baybrook Mall
1904 South Randall
Road
14700 East Indiana
Ave
2201 I-35 East
23 Central Mall

Albertville,
MN
Glendale, AZ

55301

4,500

85038

3,013

46360

4,879

91950

6,184

35601

3,235

Homewood,
AL
Houston, TX

35209

3,610

CBL & Associates

Management Inc.
Colonial Properties

77546

6,002

General Growth

Algonquin,
IL
Spokane, WA

60102

3,600

Mid-America

99216

3,891

General Growth

Denton, TX

76205

3,554

MG Herring Group

Texarkana,
TX
Williamsburg
, VA

75503

3,199

Jones Lang LaSalle

23188

4,118

Simon/Premium
Outlets

Michigan
City, IN
National City,
CA
Decatur, AL

Simon/Premium
Outlets
Macerich
Simon/Premium
Outlets
Westfield

Exhibit C -

105 Eisenhower
Parkway
401 Wilshire
Blvd.
105 Eisenhower
Parkway
11601 Wilshire
Blvd, 12th Floor
2030 Hamilton
Place Blvd
2101 6th Ave N

Roseland

NJ

07068

Santa
Monica
Roseland

CA

90407

NJ

07068

Los Angeles

CA

90025

Chattanooga

TN

37421

Birmingham

AL

35202

110 North
Wacker Drive
One Parkview
Plaza
110 North
Wacker Drive
5710 LBJ
Freeway
3344 Peachtree
Road NE
105 Eisenhower
Parkway

Chicago

IL

60606

Oakbrook
Terrace
Chicago

IL

60181

IL

60606

Dallas

TX

75240

Atlanta

GA

30326

Roseland

NJ

07068

3344 Peachtree
Road NE
200 East Long
Lake Road

Atlanta

GA

30326

Bloomfield
Hills

MI

48303-0200

Santa
Monica
Peoia

CA

90407

IL

61602

Indianapolis

IN

46204-3438

Chattanooga

TN

37421-6000

New York

NY

10022

E080

5715 -E080 Richmond

Road

1220

1357 South Main

Street
10300 West Forest
Hill Road

Adrian, MI

49221

3,434

Jones Lang LaSalle

Wellington,
FL

33414

2,866

Taubman

14400 Bear Valley

Road
5201 West War
Memorial Drive
14511 Clay Terrace

Victorville,
CA
Peoria, IL

92393

3,165

Macerich

61615

3,574

Culian Properties

401 Wilshire
Blvd.
211 Fulton Street

Carmel, IN

21740

2,832

2021 N. Highland
Ave.
7116 Northwest 86

Jackson, TN

38305

3,928

Kansas City,

64153

3,595

Simon Property
Group
CBL & Associates
Management Inc.
Olshan Properties

225 W
Washington St
2030 Hamilton
Place Blvd
600 Madison

142
437
345
B08
B4A
206

52
US_ACTIVE:\44451676\5\11727.0008

16-11275

Mall
673
674
675
676
677
679
680
681
682
683
684
685
686
687
688
689
690
691

Valley Plaza
Mall
Chautauqua
Mall
Ingram Park
Mall
Richland Mall
Broadway
Mall
Melbourne
Square Mall
Greenbrier
Mall
Galleria at
Dallas
Treasure
Coast Mall
Tanger
Howell
Coastland
Mall
Edgewater
Mall
Broadway
Square
Osage Beach
Outlets
Imperial
Valley Mall
Mall at
Barnes
Crossing
Valley Mall
(MD)
Orange Park
Mall

155
547A
L-8
39

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

Prepetition Term Loan Agreement Pg 177 of 236

Terrace

MO

2701 Ming Ave

Bakersfield,
CA
Lakewood,
NY
San Antonio,
TX
Waco, TX

318 East Fairmont

Ave
6301 NW Loop 410

879

6001 West Waco

Drive
462 Broadway Mall

229A

1700 W. New Haven

2234

1401 Greenbrier
Parkway

3375
3256

Hicksville,
NY
Melbourne,
FL
Chesapeake,
VA
Dallas, TX

Avenue
93304

3,570

General Growth

14750

3,478

78238

3,480

76710

3,500

11801

4,014

Simon Property
Group
Simon Property
Group
CBL & Associates
Management Inc.
Vornado

32904

3,000

23320

3,502

75240

3,200

Simon Property
Group
CBL & Associates
Management Inc.
Simon Property
Group
Simon Property
Group
Tanger Properties,
L.P.
General Growth

3256 NW Federal
Highway
1475 North Burkhart
Road
1912 Tamiami Trail

Jensen Beach,
FL
Howell, MI

34957

2,663

48855

4,500

Naples, FL

34102

3,644

32

2600 Beach Blvd.

Biloxi, MS

39531

4,235

B09A

4601 S. Broadway

Tyler, TX

75703

3,630

BB9

4540 Highway 54

65065

4,518

1474

3451 South Dogwood

Ave
1001 Barnes Crossing
Rd.

Osage Beach,
MO
El Centro,
CA
Tupelo, MS

92243

6,187

38804

3,575

Jim Wilson &

Assoc.
Simon Property
Group
Simon/Premium
Outlets
CBL & Associates
Management Inc.
David Hocker

Hagerstown,
MD
Orange Park,
FL

21740

3,025

Preit Services LLC

32073

3,127

Simon Property
Group

D250
M0004

220
278
C19

17301 Valley Mall

Road
1910 Wells Road

Exhibit C -

110 North
Wacker Drive
225 W
Washington St
225 W
Washington St
2030 Hamilton
Place Blvd
210 Route 4 East

Chicago

IL

60606

Indianapolis

IN

46204

Indianapolis

IN

46204

Chattanooga

TN

37421-6000

Paramus

NJ

07652

225 W
Washington St
2030 Hamilton
Place Blvd
225 W
Washington St
225 W
Washington St
3200 Northline
Avenue
110 North
Wacker Drive
2660 Eastchase
Lane
225 W
Washington St
105 Eisenhower
Parkway
2030 Hamilton
Place Blvd.
312 Walut Street

Indianapolis

IN

46204

Chattanooga

TN

37421-6000

Indianapolis

IN

46204

Indianapolis

IN

46204

Greensboro

NC

27408

Chicago

IL

60606

Montgomery

AL

36117

Indianapolis

IN

46204

Roseland

NJ

07068

Chattanooga

TN

37421

Cincinnati

OH

45202-4089

Philadelphia

PA

19102

Indianapolis

IN

46204

200 S Broad St,

3rd Floor
225 W
Washington St

53
US_ACTIVE:\44451676\5\11727.0008

16-11275

692

750 Sunland Park

Drive
4201 North Shiloh
Drive

El Paso, TX

79912

3,407

Fayetteville,
AR

72703

1116

1 West Flat Iron Circle

D412

6155 Eastex Freeway

Charlottesvill
e Mall
Houston
Galleria
The Avenues

1410A

1558 East Real Road

B3610

5085 Westheimer
Road
10300 Southside Blvd.

Broomfield,
CO
Beaumont,
TX
Charlottesvill
e, VA
Houston, TX

653A

701

Sawgrass
Mills Mall
Oak View
Mall
First Colony

702

Lufkin Mall

1272

703

Southdale
Center
Hampshire
Mall
Coronado
Mall
Capital Mall

693
694
695
696
697
698
699
700

704
705
706
707
708
710
712

Sunland Park
Mall
Northwest
Arkansas
Mall
Flatiron
Crossing
Parkdale Mall

College
Square Mall
Boynton
Beach
Aviation Mall
Clinton
Crossings

E09

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

Prepetition Term Loan Agreement Pg 178 of 236

Exhibit C -

225 W
Washington St
100 Northern
Concourse

Indianapolis

IN

46204

3,536

Simon Property
Group
Spinoso

North
Syracuse

NY

13212

80021

3,600

Macerich

90407

3,004

TN

37421-6000

22901

2,816

Indianapolis

IN

46204-3438

77056

3,297

Indianapolis

IN

46204-3438

Jacksonville,
FL
Sunrise, FL

32256

3,842

Indianapolis

IN

46204

33323

7,346

Indianapolis

IN

46204-3438

Omaha, NE

68144

3,344

CBL & Associates

Management Inc.
Simon Property
Group
Simon Property
Group
Simon Property
Group
Simon Property
Group
General Growth

Santa
Monica
Chattanooga

CA

77706

Chicago

IL

60606

Sugarland,
TX
Lufkin, TX

77479

3,762

General Growth

Chicago

IL

60606

75901

3,156

GK Development

Barrington

IL

60010

2815

16535 Southwest
Freeway
4600 S. Medford
Drive
2820 Southdale Center

Edina, MN

55435

3,897

Indianapolis

IN

46204

A09

367 Russell Street

Hadley, MA

01035

3,250

Simon Property
Group
Pyramid

401 Wilshire
Blvd.
2030 Hamilton
Place Blvd
225 W
Washington St
225 W
Washington St
225 W
Washington St
225 W
Washington St
110 North
Wacker Drive
110 North
Wacker Drive
257 East Main
Street, Ste 100
225 W
Washington St
4 Clinton Square

Syracuse

NY

13202-1078

B-4

6600 Menual North

East
625 Black Lake Blvd.

Alburquerque
, NM
Olympia, WA

87110

3,454

General Growth

Chicago

IL

60606

98502

3,240

Starwood Retail

Greenwitch

CT

06830

2550 East Morris

Blvd.
801 North Congress
Ave.
578 Aviation Road

Morristown,
TN
Boynton
Beach, FL
Queensbury,
NY
Clinton, CT

37813

4,027

Chattanooga

TN

37421-6000

33426

3,314

Indianapolis

IN

46204

12804

3,400

CBL & Associates

Management Inc.
Simon Property
Group
Pyramid

110 North
Wacker Drive
591 West
Putnum Ave
2030 Hamilton
Place Blvd
225 W
Washington St
4 Clinton Square

Syracuse

NY

13202-1078

06413

4,052

Simon/Premium
Outlets

105 Eisenhower
Parkway

Roseland

NJ

07068

1230

1580

H02
255

G-8
52
365A
33A
110

12801 W. Sunrise
Blvd
3001 S. 144th Street

20 A Killingworth
Turnpike

54
US_ACTIVE:\44451676\5\11727.0008

16-11275

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

Prepetition Term Loan Agreement Pg 179 of 236

Exhibit C -

Outlet
713
714
715
716
717
718
719
720
721
722
723
724
726
727
728
729
730
731

Edinburgh
Outlets
Saint Louis
Galleria
Valencia
Town Center
Mall of
Monroe
Ontario Mills
Montgomery
Mall (MD)
Chicago
Outlets
Wrentham
Outlets
Desoto
Square
The Crossings
Outlets
Petaluma
Outlets
Alexandria
Mall
Aurora
Outlets
The
Woodlands
Mall
LaPlaza Mall
Fair Oaks
Mall
Chula Vista
Mall
Rogue Valley
Mall

D010
2113
1249
525
404 A
194
1239
335
421
E-02
435
1184
160
1014

11660 N.E. Executive

Drive
1155 Saint Louis
Galleria
24201 Valencia Blvd.

Edinburgh,
IN
Richmond
Heights, MO
Valencia, CA

46124

6,074

63117

3,663

Simon/Premium
Outlets
General Growth

91355

3,289

Westfield

2121 North Monroe

Street
One Mill Circle

Monroe, MI

48162

2,976

Cafaro Company

Ontario, CA

91764

6,500

7101 Democracy
Blvd.
1650 Premium Outlets
Blvd
1 Premium Outlets
Blvd.
303 Highway 301
Blvd. West
1000 Rt. 611

Bethesda,
MD
Aurora, IL

20817

3,500

Simon Property
Group
Westfield

60502

4,459

Wrentham,
MA
Bradenton,
FL
Tannersville,
PA
Petaluma, CA

02093

3,531

34205

3,130

18372

3,000

94952

4,453

Alexandria,
LA
Aurora, OH

71301

3,740

44202

4,043

The
Woodlands,
TX
McAllen, TX

77380

3,510

78503

3,625

Fairfax, VA

22033

3,695

Chula Vista,
CA
Medford, OR

91910

3,040

97501

2,895

2200 Petaluma Blvd.

North
3437 Masonic Drive
549 S. Chillicothe
Road
1201 Lake Woodlands
Drive

A-5

2200 S. 10th Street

J-119

11743L Fair Oaks

Mall
555 Broadway

1098
1037

1600 N. Riverside
Ave.

Simon/Premium
Outlets
Simon/Premium
Outlets
Mason Asset
Management
Simon/Premium
Outlets
Simon/Premium
Outlets
Jones Lang LaSalle
Simon/Premium
Outlets
General Growth
Simon Property
Group
Taubman
Rouse Properties,
Inc.
General Growth

105 Eisenhower
Parkway
110 North
Wacker Drive
11601 Wilshire
Blvd, 12th Floor
2445 Belmont
Ave
225 W
Washington St
11601 Wilshire
Blvd, 12th Floor
105 Eisenhower
Parkway
105 Eisenhower
Parkway
747 Middle Neck
Road
105 Eisenhower
Parkway
105 Eisenhower
Parkway
3344 Peachtree
Road NE
105 Eisenhower
Parkway
110 North
Wacker Drive
225 W
Washington St
200 East Long
Lake Road
1114 Avenue of
the Americas
110 North
Wacker Drive

Roseland

NJ

07068

Chicago

IL

60606

Los Angeles

CA

90025

Youngstown

OH

44504

Indianapolis

IN

46204-3438

Los Angeles

CA

90025

Roseland

NJ

07068

Roseland

NJ

07068

Great Neck

NY

11024

Roseland

NJ

07068

Roseland

NJ

07068

Atlanta

GA

30326

Roseland

NJ

07068

Chicago

IL

60606

Indianapolis

IN

46204

Bloomfield
Hills
New York

MI

48303-0200

NY

10036-7703

Chicago

IL

60606

55
US_ACTIVE:\44451676\5\11727.0008

16-11275

732
733
734
735
736
737
738
739
740
741
742
743
744

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

Prepetition Term Loan Agreement Pg 180 of 236

Boise Town
Square
Lakeside Mall

2120

300 N. Milwaukee

Boise, ID

83704

3,540

General Growth

54 B

Metairie, LA

70002

3,543

Lakeside Mall

Crabtree
Valley Mall
The Meadows
Mall
Galleria at
Tyler
Sunrise Mall
(TX)
Peachtree
Mall
Woodbury
Commons
Atlantic City
Outlets
Las Americas

1086

3301 Veterans
Memorial Blvd.
4325 Glenwood Ave.

Raliegh, NC

27612

3,551

Plaza Associates

2170

4300 Meadows Lane

89107

3,690

General Growth

F210

1299 Galleria at Tyler

32503

3,403

General Growth

1200

2370 North
Expressway
3507 Manchester
Expressway
255 Red Apple Court

Las Vegas,
NV
Riverside,
CA
Brownsville,
TX
Columbus,
GA
Central
Valley, NY
Atlantic City,
NJ
San Ysidro,
CA
Woodbury,
MN
Salt Lake
City, UT
Orem, UT

78256

7,428

31909

3,800

CBL & Associates

Management Inc.
General Growth

10917

4,214

08401

5,100

Woodbury
Lakes Mall
The Gateway

38
255
160

506

111 B North Michigan

Ave
4141 Camino De La
Plaza Drive
9140 Hudson Rd

2086

86 South Rio Grand

B-40

457

575 E. University
Parkway
1200 Town Centre
Blvd.
72840 Highway 111

500

740 Ventura Blvd.

T-6

8401 Gateway Blvd

181

473

750

University
Mall (UT)
Provo Town
Center
Palm Desert
Mall
Camarillo
Outlets
Cielo Vista
Mall
Northlake
Mall
Fayette Mall

G718

6801 Northlake Mall

Drive
3615 Nicholasville Rd.

751

Marley

E-217

7900 Govenor Ritchie

745
746
747
748
749

1140

8,450

Simon/Premium
Outlets
Tanger Properties,
L.P.
Simon/Premium
Outlets
Red Development

55125

3,596

84101

2,704

84097

3,942

Provo, UT

84601

3,286

RPAI Southwest
Management LLC
Woodbury
Corporation
General Growth

Palm Desert,
CA
Camarillo,
CA
El Paso, TX

92260

3,048

Westfield

93010

2,925

79925

3,536

Charlotte, NC

28216

3,071

Simon/Premium
Outlets
Simon Property
Group
Taubman

Lexington,
KY
Glenn Burnie,

40503

3,502

21061

3,500

CBL & Associates

Management Inc.
Woodmont

Exhibit C -

110 North
Wacker Drive
3301 Veteran's
Memorial Blvd.
2840 Plaza Place
110 North
Wacker Drive
110 North
Wacker Drive
2030 Hamilton
Place Blvd
110 North
Wacker Drive
105 Eisenhower
Parkway
3200 Northline
Avenue
105 Eisenhower
Parkway
7500 College
Blvd, Ste 750
2021 Spring
Road
2733 E. Parley's
Way
110 North
Wacker Drive
11601 Wilshire
Blvd, 12th Floor
105 Eisenhower
Parkway
225 W
Washington St
200 East Long
Lake Road
2030 Hamilton
Place Blvd
9103 Atla Drive

Chicago

IL

60606

Metairie

LA

70002

Raliegh

NC

27612

Chicago

IL

60606

Chicago

IL

60606

Chattanooga

TN

37421-6000

Chicago

IL

60606

Roseland

NJ

07068

Greensboro

NC

27408

Roseland

NJ

07068

Overland
Park
Oak Brook

KS

66210

IL

60523

Salt Lake
City
Chicago

UT

84109-1662

IL

60606

Los Angeles

CA

90025

Roseland

NJ

07068

Indianapolis

IN

46204

Bloomfield
Hills
Chattanooga

MI

48303-0200

TN

37421-6000

Las Vegas

NV

89145

56
US_ACTIVE:\44451676\5\11727.0008

16-11275

Station
752

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

Prepetition Term Loan Agreement Pg 181 of 236

Highway

MD

Exhibit C -

420

2845 Center Valley

Parkway

Bethlehem,
PA

18034

3,400

Poag & McEwen

2650 Thousand
Oaks Blvd

Memphis

TN

38118

480

480 Great Mall Drive

Milpitas, CA

95035

3,800

46204-3438

362 West 14 Mile Rd.

Troy, MI

48083

4,000

Chicago

IL

60601

755

Albany Mall

C-10

2601 Dawson Road

Albany, GA

31707

3,676

Montgomery

AL

36116-1781

756

Rock Hill
Galleria
Lindale Mall

825

2301 Dave Lyle Blvd.

Rock Hill, SC

29730

3,500

Dallas

TX

75225

0110

4444 1st Ave. NE

52402

3,668

IN

46204

E131

200 Westgate Drive

02301

2,964

Simon Property
Group
NE Development

Indianapolis

Westgate
Mall (MA)
Rimrock Mall

Newton

MA

02459

D-10

59102

3,789

Starwood Retail

Greenwitch

CT

06830

2090

San Jose, CA

95122

3,335

General Growth

Chicago

IL

60606

332

1332 Mall Run Road

15401

3,513

Preit Services LLC

Philadelphia

PA

19102

F10

2 Crossroads Mall

25800

3,620

Preit Services LLC

Philadelphia

PA

19102

9501

9501 West Atlantic

Blvd.
1000 Turtle Creek
Drive
300 Monticello Ave

Uniontown,
PA
Breckley,
WV
Coral
Springs, FL
Hattiesburg,
MS
Norfolk, VA

33071

3,880

Indianapolis

IN

46204

39402

3,430

Chattanooga

TN

37421-6000

23510

3,554

Simon Property
Group
CBL & Associates
Management Inc.
Taubman

48303-0200

D01B

835 West Johnson St.

54935

3,533

IN

46204

768

Tacoma Mall

432B

98409

3,587

Indianapolis

IN

46204

769

Fingerlakes
Mall
Firewheel
Town Center

A12/A1
3
H05

4502 South Stelle

Street
1579 Clark St. Rd

Fond Du Lac,
WI
Tacoma, WA

Bloomfield
Hills
Indianapolis

MI

767

Eastridge
Mall (CA)
Uniontown
Mall
Crossroads
Mall (WV)
Coral Square
Mall
Turtle Creek
Mall
MacArthur
Center
Forest Mall

300 South 24th St.

West
2090 Eastridge Loop

Cedar Rapids,
IA
Brockton,
MA
Billiings, MT

225 W
Washington St
111 East
Wacker, Ste
2400
3500 Eastern
Blvd.
8343 Douglas
Ave
225 W
Washington St
One Wells Ave

IN

362

Simon Property
Group
Urban Retail
Properties

Indianapolis

754

Shops at
Saucon
Valley
Great Mall
Milpitas
Oakland Mall

Auburn, NY

13022

3,591

New York

NY

10036

Garland, TX

75040

3,654

Indianapolis

IN

46204

753

757
759
760
761
762
763
764
765
766

770

370
122

365 Cedar Sage Drive

Aronov Realty
Management
Cypress Equities

Simon Property
Group
Simon Property
Group
Fingerlakes Mall
Acquisitions, LLC
Simon Property
Group

591 West
Putnum Ave
110 North
Wacker Drive
200 S Broad St,
3rd Floor
200 S Broad St,
3rd Floor
225 W
Washington St
2030 Hamilton
Place Blvd
200 East Long
Lake Road
225 W
Washington St
225 W
Washington St
580 5th Avenue
225 W
Washington St

57
US_ACTIVE:\44451676\5\11727.0008

16-11275

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

Prepetition Term Loan Agreement Pg 182 of 236

771

Newgate Mall

1064

3651 Wall Ave.

Ogden, UT

84405

3,456

General Growth

772

Legends at
Village West
Shoppes at La
Cantera
Highland
Mall
Indian River
Mall
Northshore
Square Mall
Northridge
Mall
Montclair
Plaza
Piedmont
Mall
Santa Rosa
Mall
Irvine
Spectrum
Center
Layton Hills
Mall
Aurora Mall

B-5

Kansas City,
KS
San Antonio,
TX
Austin, TX

66109

3,384

Red Legacy

78256

3,246

General Growth

2047

1837 Village West

Parkway
15900 LaCantera
Parkway
6001 Airport Blvd.

78752

3,742

Jones Lang LaSalle

686 B

6200 20th St.

32966

2,912

2035

150 North Shore Blvd.

Vero Beach,
FL
Slidell, LA

70460

3,248

116

9301 Tampa Ave.

91324

3,758

Simon Property
Group
Morguard & Jim
Wilson Assoc.
General Growth

2128

5060 Montclair Plaza

Lane
325 Piedmont Drive

91763

3,501

Spinoso

24540

3,500

Hull Storey Gibson

Companies, LLC
Simon Property
Group
Irvine Company

773
774
775
776
777
778
779
780
781
782
783
784
785
786
787
788
789

1670

122
1012A

Santa Rosa Plaza

826

71 Fortune Drive

2008
1057

Southaven
Towne Center
Eastern
Shores
Mt. Berry
Square
Dolphin Mall

830

Santa Anita
Mall
Fresno
Fashion Fair

H-11

106
220
274

G-9

Northridge,
CA
Montclair,
CA
Danville, VA
Santa Rosa,
CA
Irvine, CA

95401

3,201

92618

3,430

1076 Layton HIlls

Mall
14200 E. Alameda
Ave.
6524 Towne Center
Loop
30500 State Highway
181
32 Mt. Berry Square
NE
11401 NW 12 Street

Layton, UT

84041

3,281

Aurora, CO

80012

3,700

Southaven,
MS
Spanish Fort,
AL
Rome, GA

38671

3,090

36527

3,500

30165

3,205

Miami, FL

33172

4,689

CBL & Associates

Management Inc.
Simon Property
Group
CBL & Associates
Management Inc.
Jim Wilson &
Assoc.
Hull Storey Gibson
Companies, LLC
Taubman

400 South Baldwin

Ave.
693 East Shaw Ave

Arcadia, CA

91007

3,335

Westfield

Fresno, CA

93710

3,794

Macerich

Exhibit C -

110 North
Wacker Drive
7500 College
Blvd, Ste 750
110 North
Wacker Drive
3344 Peachtree
Road NE
225 W
Washington St
1000 Ft. William
Road
110 North
Wacker Drive
100 Northern
Concourse
1190 Interstate
Parkway
225 W
Washington St
The Irvine Co.
Retail Properties
2030 Hamilton
Place Blvd
225 W
Washington St
2030 Hamilton
Place Blvd
2660 Eastchase
Lane
1190 Interstate
Parkway
200 East Long
Lake Road
11601 Wilshire
Blvd, 12th Floor
401 Wilshire
Blvd.

Chicago

IL

60606

Overland
Park
Chicago

KS

66210

IL

60606

Atlanta

GA

30326

Indianapolis

IN

46204-3438

Thunder
Bay
Chicago

ON

P7B6B9

IL

60606

North
Syracuse
Augusta

NY

13212

GA

30909

Indianapolis

IN

46204

Irvine

CA

92617

Chattanooga

TN

37421-6000

Indianapolis

IN

46204

Chattanooga

TN

37421-6000

Montgomery

AL

36117

Augusta

GA

30909

Bloomfield
Hills
Los Angeles

MI

48303-0200

CA

90025

CA

90407

Santa
Monica

58
US_ACTIVE:\44451676\5\11727.0008

16-11275

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

Prepetition Term Loan Agreement Pg 183 of 236

790

Settlers Green

D54

2 Commons Court

791

Northridge
Mall (CA)
Newpark
Mall
Las Vegas
Fashion
Outlets
Seattle
Premium
Outlets
Solano Mall

F06

792
793
794
795
796
797
798
799
800
801
802
803
804
805
806
807

Weberstown
Mall
Walnut
Square Mall
Longview
Mall
Foothills Mall
(TN)
North
Georgia
Outlets
Central Mall
(OK)
Pittsburgh
Mills
Prien Lake
Mall
Metropolis
Mall
Volusia Mall
Mainplace
Mall
Rolling Oaks
Mall

Exhibit C -

03860

4,171

OVP Management

13 Settlers Green

674 Northridge Mall

North
Conway, NH
Salinas, CA

North
Conway
Greenwitch

NH

03860

93906

3,840

Starwood Retail

1047

1047 Newpark Mall

Newark, CA

94560

3,012

100

32100 Las Vegas

Blvd.

Primm, NV

89019

4,200

Rouse Properties,
Inc.
AWE Talisman

591 West
Putnum Ave
1114 Avenue of
the Americas
1500 San Remo
Ave.

CT

06830

New York

NY

10036-7703

Coral
Gables

FL

33146

654

10600 Quil Ceda

Blvd.

Tulalip, WA

98271

2,935

Simon/Premium
Outlets

105 Eisenhower
Parkway

Roseland

NJ

07068

L-9

1350 Travis Blvd.

Fairfield, CA

94533

3,089

Starwood Retail

1350 Travis Blvd

Fairfield

CA

94533

429

4950 Pacific Ave.

Stockton, CA

95207

3,790

Glimcher

Columbus

OH

43215

30721

2,901

Chattanooga

TN

37421-6000

75604

4,000

Indianapolis

IN

46204-3438

37801

3,600

Chattanooga

TN

37421-6000

30534

4,014

CBL & Associates

Management Inc.
Simon Property
Group
CBL & Associates
Management Inc.
Simon/Premium
Outlets

180 E Broad St,

21st Floor
2030 Hamilton
Place Blvd
225 W
Washington St
2030 Hamilton
Place Blvd
105 Eisenhower
Parkway

55

2150 E. Walnut Ave

Dalton, GA

H05A

3499 McCann Road

Roseland

NJ

07068

3344 Peachtree
Road NE
300 Market
Street
225 W
Washington St
2650 Thousand
Oaks Blvd
2030 Hamilton
Place Blvd

Atlanta

GA

30326

Johnstown

PA

15901

Indianapolis

IN

46204

Memphis

TN

38118

Chattanooga

TN

37421-6000

11601 Wilshire
Blvd, 12th Floor
225 W
Washington St

Los Angeles

CA

90025

Indianapolis

IN

46204

53

153 Foothills Mall

215

800 Highway 400

South

Longview,
TX
Maryville,
TN
Dawsonville,
GA

31

200 C. Avenue

Lawton, OK

73501

3,174

Jones Lang LaSalle

373

373 Pittsburgh Mills

Circle
161 West Prien Lake
Road
2498 Futura Parkway

Tarentum, PA

15084

3,321

Zamias

Lake Charles,
LA
Plainfield, IN

70601

3,760

46168

3,300

Simon Property
Group
Poag & McEwen

1700 West
International
Speedway Blvd.
2800 N. Main Street

Daytona
Beach, FL

32114

2,945

CBL & Associates

Management Inc.

Santa Ana,
CA
San Antonio,
TX

92705

3,100

Westfield

78247

2,979

Simon Property
Group

B03A
210
123
656
J10A

6909 North Loop 1604

59
US_ACTIVE:\44451676\5\11727.0008

16-11275

809

Bradley
Square
Gurnee Mills
Mall
Tucson Mall

608

826

Lakewood
Center
South Towne
Center
Streets at
Southpoint
Auburn Mall
(MA)
Tanger Park
City Outlets
Tulare Outlet
Center
(Horizon
Outlet Center)
Glendale
Galleria
Port Charlotte
Town Center
Hot Springs
Mall
Summit
Sierra
Regency
Square (FL)
Stonebriar
Mall
Tanger
Locust Grove
Northpark
Mall
Horton Plaza

827

Pierre Bossier

810
811
812
813
814
815
816
817

818
819
820
821
822
823
824
825

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

Prepetition Term Loan Agreement Pg 184 of 236

Cleveland,
TN
Gurnee, IL

37312

3,482

781

200 Paul Huff

Parkway
6170 W. Grand Ave.

60031

4,401

289

4500 N. Oracle Road

Tucson, AZ

85705

7,195

Morrison
Companies
Simon Property
Group
General Growth

372

372 Lakewood Center

90712

3,500

Macerich

1250

10450 S. State St.

84070

3,000

Macerich

2150

6910 Fayetteville
Road
385 S. Bridge St.

Lakewood,
CA
Salt Lake
City, UT
Durham, NC

27713

3,845

General Growth

Auburn, MA

01501

3,510

6699 N. Landmark
Drive
1407 Retherford St.

Park City, UT

84098

4,500

Tulare, CA

93274

4,000

Simon Property
Group
Tanger Properties,
L.P.
Woodmont
Company

2148 Glendale
Galleria
1441 Tamiami Trail

Glendale, CA

91210

2,864

General Growth

Port
Charlotte, FL
Hot Springs,
AR
Reno, NV

33948

3,457

71913

3,849

89511

3,502

32225

2,863

Simon Property
Group
Aronov Realty
Management
Bayer Properties
Inc.
General Growth

75034

3,242

General Growth

30248

5,300

75225

3,520

Tanger Properties,
L.P.
Nasher

92101

4,000

Westfield

71111

3,412

Rouse Properties,

S180
K-110
E005

BU03
141A
B-7

4501 Central Ave.

708

2154

13987 South Virginia

Street
9501 Arlington
Expressway
2601 Preston Road

411

1000 Tanger Drive

2H22264
49

8687 N. Central
Expressway
59 Horton Plaza

87

2950 E. Texas St.

150

Jacksonville,
FL
Frisco, TX
Locust
Grove, GA
Dallas, TX
San Diego,
CA
Bossier, LA

Exhibit C -

16851 Jefferson
Highway
225 W
Washington St
110 North
Wacker Drive
401 Wilshire
Blvd.
401 Wilshire
Blvd.
110 North
Wacker Drive
225 W
Washington St
3200 Northline
Avenue
9103 Atla Drive

Baton
Rouge
Indianapolis

LA

70817

IN

46204-3438

Chicago

IL

60606

Santa
Monica
Santa
Monica
Chicago

CA

90407

CA

90407

IL

60606

Indianapolis

IN

46204

Greensboro

NC

27408

Las Vegas

NV

89145

110 North
Wacker Drive
225 W
Washington St
3500 Eastern
Blvd.
2222 Arlington
Ave
110 North
Wacker Drive
110 North
Wacker Drive
3200 Northline
Avenue
8080 N. Central
Expressway
11601 Wilshire
Blvd, 12th Floor
1114 Avenue of

Chicago

IL

60606

Indianapolis

IN

46204

Montgomery

AL

36116-1781

Birmingham

AL

35205

Chicago

IL

60606

Chicago

IL

60606

Greensboro

NC

27408

Dallas

TX

75206-1807

Los Angeles

CA

90025

New York

NY

10036-7703

60
US_ACTIVE:\44451676\5\11727.0008

16-11275

828
829
830
831
832
833
834
835
836
837
838

839
840

841
842
843

Mall at Turtle
Creek
Tanger
Lincoln City
Branson
Landing
Briarwood
Mall
Shops at
Sunset
Columbiana
Centre
Westminster
Mall
West Oaks
Mall (FL)
Victoria Mall
(TX)
Merced Mall

72401

3,500

97367

4,297

65616

3,054

Ann Arbor,
MI
Miami, FL

48180

4,344

33143

3,116

Columbia, SC

29212

3,925

Westminster,
CA
Orlando, FL

92683

3,850

34761

3,504

205

100 Columbiana
Circle
2044 A Westminster
Mall
9401 West Colonial
Drive
7800 North Navarro

Victoria, TX

77904

3,500

280

280 Merced Mall

Merced, CA

95348

3,446

Woodburn
Premium
Outlet
(Woodburn
Company
Store)
Bonita Lakes

606

1001 Amey Road

Woodburn,
OR

97071

4,668

50

150 Bonita Lake

Meridian, MS

39301

2,977

Carriage
Crossing
(Avenue
Collierville)
Killeen Mall

808

4650 Merchants Park

Circle

Memphis, TN

38017

1412

Killeen, TX

1144

2100 South W.S.

Young Drive
1238 Town East Mall

C-118

6121 West Park Blvd.

Town East
(TX)
Willowbend
Mall

405

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

Prepetition Term Loan Agreement Pg 185 of 236

409

3000 East Highland

Drive
1500 SE East Devil's
Lake Road
409 Branson Landing

Jonesboro,
AR
Lincoln City,
OR
Branson, MO

105-G

266 Briarwood Circle

B01A

5701 Sunset Drive

1460

J500

2044A
338

Exhibit C -

Inc.

the Americas

Rouse Properties,
Inc.
Tanger Properties,
L.P.
HCW Private
Development
Simon Property
Group
Simon Property
Group
General Growth

1114 Avenue of
the Americas
3200 Northline
Avenue
100 Branson
Landing
225 W
Washington St
225 W
Washington St
110 North
Wacker Drive
225 W
Washington St
9103 Alta Drive

New York

NY

10036

Greensboro

NC

27408

Branson

MO

65616

Indianapolis

IN

46204-3438

Indianapolis

IN

46204

Chicago

IL

60606

Indianapolis

IN

46204

Las Vegas

NV

89145

1190 Interstate
Parkway
PO Box 6655

Augusta

GA

30909

Santa Rosa

CA

95406-0655

Simon/Premium
Outlets

105 Eisenhower
Parkway

Roseland

NJ

07068

2030 Hamilton
Place Blvd
2650 Thousand
Oaks Blvd

Chattanooga

TN

37421-6000

3,499

CBL & Associates

Management Inc.
Poag & McEwen

Memphis

TN

38118

76543

3,089

Jones Lang LaSalle

Atlanta

GA

30326

Mesquite, TX

75150

4,500

General Growth

Chicago

IL

60606

Plano, TX

75093

3,416

Taubman

3344 Peachtree
Road NE
110 North
Wacker Drive
200 East Long
Lake Road

Bloomfield
Hills

MI

48303-0200

Simon Property
Group
Moonbeam Capital
Investment LLC
Hull Storey Gibson
Companies, LLC
Codding Enterprises

61
US_ACTIVE:\44451676\5\11727.0008

16-11275

844

Glynn Place

B-12

115 Mall Blvd

845

Oakbrook
Center
Visalia Mall

532

846
847
848
849
850
851
852
853
854
855
856
857
858
859
860
861
862

Tanger
Gonzales
Outlets
Rosedale
Center
Magic Valley
Mall
Galleria at
Sunset
Fair Oaks
Mall
Grand Teton
Mall
Mesilla
Valley Mall
Irving Mall
(TX)
Capitola Mall
Jordan
Landing
Red Cliffs
Mall
Bayshore
Town Center
Tanger
Commerce II
Fashion Place
West Oaks
(TX)
Waterford
Lakes Town

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

Prepetition Term Loan Agreement Pg 186 of 236

31525

3,120

Jones Lang LaSalle

532 Oakbrook Center

Brunswick,
GA
Oakbrook, IL

60523

2,997

General Growth

1815

2221 S. Mooney Blvd.

Visalia, CA

93277

4,000

General Growth

158

2400 Tanger Blvd.

Gonzales, LA

70737

4,000

Tanger Properties,
L.P.

840

10 Rosedale Center

Roseville,
MN
Twin Falls,
ID
Henderson,
NV
Columbus, IN

55113

3,390

Jones Lang LaSalle

3,353

263&26
5
2725
G-102

1485 Poleline Road

East
1300 West Sunset
Road
2380 East 25th Street

1229

2300 E. 17th Street

1052

700 South Telshor

Blvd.
3732 Irving Mall
Drive
1855 41st Street

Capitola, CA

95010

3,431

West Jordan,
UT
St. George,
UT
Milwaukee,
WI
Commerce,
GA
Murray, UT

84084

3,798

84790

3,331

Foursquare
Properties
General Growth

53217

3,502

Olshan Properties

30529

4,000

1195

7138 South Plaza

Center Drive
1770 E. Red Cliffs
Drive
5789 North Bayshore
Drive
800 Steven B. Tanger
Blvd.
6191 S. State Street

84107

3,671

Tanger Properties,
L.P.
General Growth

321

1000 West Oaks Mall

Houston, TX

77082

3,500

HKS Management

P-11

653 North Alafaya

Trail

Orlando, FL

32828

3,128

Simon Property
Group

E07
G01
110 Pad
9
1113
L-106
111

89014

3,500

47201

2,854

Woodbury
Corporation
Forest City
Enterprises
Veritas Realty

Idaho Falls,
ID
Las Cruces,
NM
Irving, TX

83404

3,600

General Growth

01502

3,968

Jones Lang LaSalle

75062

3,974

Simon Property
Group
Macerich

Exhibit C -

3344 Peachtree
Road NE
110 North
Wacker Drive
110 North
Wacker Drive
3200 Northline
Avenue
3344 Peachtree
Road NE
2733 E. Parley's
Way
50 Public Square
930 E. 66th
Street
110 North
Wacker Drive
3344 Peachtree
Road NE
225 W
Washington St
401 Wilshire
Blvd.
5850 Avenida
Encinas
110 North
Wacker Drive
600 Madison
Avenue
3200 Northline
Avenue
110 North
Wacker Drive
939 W. North
Avenue
225 W
Washington St

Atlanta

GA

30326

Chicago

IL

60606

Chicago

IL

60606

Greensboro

NC

27408

Atlanta

GA

30326

Salt Lake
City
Cleveland

UT

84109-1662

OH

44113

Indianpolis

IN

46220

Chicago

IL

60606

Atlanta

GA

30326

Indianapolis

IN

46204

Santa
Monica
Carlsbad

CA

90407

CA

92008

Chicago

IL

60606

New York

NY

10022

Greensboro

NC

27408

Chicago

IL

60606

Chicago

IL

60642

Indianapolis

IN

46204

62
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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 187 of 236

Exhibit C -

Center
863

Brea Mall

2065A

2065 Brea Mall

Brea, CA

92821

3,400

864

Lloyd Center

0G202

1225 Lloyd Center

Portland, OR

97232

4,060

865

Columbia
Center (WA)
Willowbrook
Mall (TX)
Oak Park
Mall
Merritt
Square
Mall at
Stonecrest
Hershey
Outlets

441

1321 N. Columbia
Center Blvd.
1028 Willowbrook
Mall
11401 West 95th
Street
777 E. Merritt Island
Causeway
2929 Turner Hill Road

Kennewick,
WA
Houston, TX

99336

3,361

77070

3,248

Overland
Park, KS
Merritt
Island, FL
Lithonia, GA

66214

3,355

32952

3,650

30038

3,200

124 Outlet Square

Hershey, PA

17033

4,065

2531 Shoppes Blvd

Moosic, PA

18507

3,500

Duke Realty

823

4401 North IH 35

78664

3,800

L15

23141 Fashion Drive

Round Rock,
TX
Estero, FL

33928

3,175

259

9409 US Highway 19

866
867
868
869
870
871
872
873
874
875
876
877
878
879
880

Shoppes at
Montage
Round Rock
Outlets
Coconut Point
Gulfview
Square
Village at
Sandhill
Pinnacle Hills
Green Oaks
Village
Shops at
Fallen
Timbers
Greene Town
Center
Topanga
Plaza

1028
43
F10
1680
124
Buildin
gC
315

M-105

1235

486-5 Town Center

Place
2203 S. Promenade
Blvd.
9620 Village Place
Blvd.
3100 Main Street

C-102

4465 Glengarry Drive

2004

6600 Topanga Canyon

Blvd.

D170
E1

Simon Property
Group
Cypress Equities
Simon Property
Group
General Growth
CBL & Associates
Management Inc.
Glimcher
Forest City
Enterprises
Tanger Properties,
L.P.

Port Richey,
FL
Columbia, SC

34668

3,650

29229

3,804

Rogers, AR

72758

3,690

Simon/Premium
Outlets
Simon Property
Group
Simon Property
Group
Kahn Development
Company
General Growth

Brighton, MI

48116

3,500

McKinley Inc.

Maumee, OH

43537

3,545

General Growth

Beavercreek,
OH
Canoga Park,
CA

45440

2,872

Olshan Properties

91303

3,907

Westfield

225 W
Washington St
8343 Douglas
Ave
225 W
Washington St
110 North
Wacker Drive
2030 Hamilton
Place Blvd
180 E Broad St,
21st Floor
50 Public Square

Indianapolis

IN

46204

Dallas

TX

75225

Indianapolis

IN

46204

Chicago

IL

60606

Chattanooga

TN

37421-6000

Columbus

OH

43215

Cleveland

OH

44113

3200 Northline
Avenue

Greensboro

NC

27408

4900 Seminary
Road
105 Eisenhower
Parkway
225 W
Washington St
225 W
Washington St
101 Flintlake
Road
110 North
Wacker Drive
320 N. Main
Street
110 North
Wacker Drive

Alexandria

VA

22311

Roseland

NJ

07068

Indianapolis

IN

46204

Indianapolis

IN

46204

Comubia

SC

29202

Chicago

IL

60606

Ann Arbor

MI

48104

Chicago

IL

60606

Milwaukee

WI

53208

Los Angeles

CA

90025

2822 W
Clybourn Street
11601 Wilshire
Blvd, 12th Floor

63
US_ACTIVE:\44451676\5\11727.0008

16-11275

881

898

Miromar
Outlets
Rio Grande
Outlets
Southgate
Mall
International
Plaza
Lake Buena
Vista Outlets
Gulfport
Premium
Outlets
Hillsboro
Outlets
Mall Del
Norte
Pinnacle at
Tutwiler
Farm
Leesburg
Premium
Outlets
Queenstown
Premium
Outlets
Arden Fair
Mall
Southlake
Town Square
Prime Outlets
Lebanon
Tanger Outlet
Myrtle Beach
Galleria at
Centerville
Oak Hollow

899

Aiken Mall

882
883
884
885
886
887
888
889
890
891
892
893
895
896
897

510
0801A
J-3A
118
D-2
310/315

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

Prepetition Term Loan Agreement Pg 188 of 236

Exhibit C -

10801 Corkscrew
Road
5001 East Expressway
83
2901 Brooks Street

Estero, FL

33928

4,000

Mirormar

Mercedes,
TX
Missoula, MT

78570

9,370

59801

3,057

2223 North West

Shore Blvd.
15657 Apopka
Vineland Road
10260 Factory Shops
Blvd.

Tampa, FL

33607

4,000

Simon/Premium
Outlets
Southgate Mall
Associates LP
Taubman

Orlando, FL

32821

4,000

Was Group

Gulfport, MS

39503

4,847

Simon/Premium
Outlets

10801
Corkscrew Road
105 Eisenhower
Parkway
2901 Brooks
Street
200 East Long
Lake Road
33 Sicomac
Road
105 Eisenhower
Parkway

Hillsboro, TX

76645

4,015

Craig Realty Group

4100 Macarthur

CBL & Associates

Management Inc.
Jones Lang LaSalle

2030 Hamilton
Place Blvd
3344 Peachtree
Road NE

C060

Estero

FL

33928

Roseland

NJ

07068

Missoula

MT

59801

Bloomfield
Hills
North
Haledon
Roseland

MI

48303-0200

NJ

07508

NJ

07068

Newport
Beach
Chattanooga

CA

92660

TN

37421-6000

Atlanta

GA

30326

159

5300 San Pario Ave

Laredo, TX

78041

7,924

930

5048 Pinnacle Square

Birmingham,
AL

35173

3,480

1625

241 Fort Evan Rd. NE

Leesburg, VA

20176

3,467

Simon/Premium
Outlets

105 Eisenhower
Parkway

Roseland

NJ

07068

B030/B
031

416 Outlet Center Dr.

Queenstown,
MD

21658

4,000

Simon/Premium
Outlets

105 Eisenhower
Parkway

Roseland

NJ

07068

2104

1689 Arden Fair Way

95815

2,867

Macerich

76092

3,365

IL

60523

315

Lebanon, TN

37090

3,759

Roseland

NJ

07068

655

315 Outlet Village

Way
10843 Kings Road

29572

3,490

Greensboro

NC

27408

250

2922 Watson Blvd.

31028

3,056

Huntersville

NC

28078

1120

931 Eastchester Drive

27262

3,060

Chattanooga

TN

37421-6000

335

2441 Whiskey Road

Myrtle
Beach, SC
Centerville,
GA
High Point,
NC
Aiken, SC

29803

2,989

RPAI Southwest
Management LLC
Simon/Premium
Outlets
Tanger Properties,
L.P.
Gemini Property
Management
CBL & Associates
Management Inc.
Jones Lang LaSalle

Santa
Monica
Oak Brook

90407

251 Grand Avenue

401 Wilshire
Blvd.
2021 Spring
Road
105 Eisenhower
Parkway
3200 Northline
Avenue
16740 Birkdale
Commons Pkwy
2030 Hamilton
Place Blvd
3344 Peachtree

CA

251

Sacramento,
CA
Dallas, TX

Atlanta

GA

30326

64
US_ACTIVE:\44451676\5\11727.0008

16-11275

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

Prepetition Term Loan Agreement Pg 189 of 236

Exhibit C -

Road NE
900
901
902
903
904
905
906
907
908
909
910
911
912
913
914
915
917
918

Town Center
at Otay Ranch
Randolph
Mall
Brazos Mall
Manassas
Mall
Promenade at
Bolingbrook
Prime Outlets
Oshkosh
Supermall of
the Great
Northwest
Tanger Tilton
Pembroke
Lakes Mall
Puente Hills
Mall
Cache Valley
Mall
Chesapeake
Square Mall
Cottonwood
Mall
Plaza at West
Covina
Shawnee Mall
Antelope
Valley Mall
Eagle Ridge
Mall
Westside
Pavilion

215

2015 Birch Road

E8

345 Randolph Mall

1544

100 Highway 332

West
8300 Sudley Road

19
820
C010

623 East Boughton

Rd.
3001 S. Washburn St.

Chula Vista,
CA
Asheboro,
NC
Lake Jackson,
TX
Manassas,
VA
Bolingbrook,
IL
Oshkosh, WI

91915

3,500

General Growth

27203

3,653

77566

3,537

20109

3,400

CBL & Associates

Management Inc.
StreetMAC Asset
Managers, LLC
Jones Lang LaSalle

60440

3,600

54904

3,500

Forest City
Enterprises
Horizon Properties
Group
Glimcher

211

1101 Outlet Collection

Way

Auburn, WA

98001

4,630

303

120 Laconia Rd.

Tilton, NH

03276

3,500

638

11401 Pines Blvd

33026

4,064

145

1600 S. Azuza Ave

Pembroke
Pines, FL
Industry, CA

Tanger Properties,
L.P.
General Growth

91748

3,419

Glimcher

1136

1300 N. Main St.

Logan, UT

84341

3,253

838

4200 Portsmouth Blvd

23321

3,568

C205B

1000 Coors Blvd. NW

Chesapeake,
VA
Alburquerque
, NM
West Covina,
CA
Shawnee, OK

87114

3,025

91790

3,269

Rouse Properties,
Inc.
Simon Property
Group
Simon Property
Group
Starwood Retail

74804

3,946

Palmdale, CA

93551

3,088

Lake Wales,
FL
Los Angeles,
CA

33859

3,500

StreetMAC Asset
Managers, LLC
Forest City
Enterprises
Eagle Ridge Mall

90064

3,858

Macerich

466

466 Plaza Drive

1024

536

4901 North Kickapoo

St.
1233 Rancho Vista
Blvd.
430 Eagle Ridge Drive

349

10800 W. Pico Blvd

133

110 North
Wacker Drive
2030 Hamilton
Place Blvd
3100 Dundee
Road
3344 Peachtree
Road NE
50 Public Square

Chicago

IL

60606

Chattanooga

TN

37421-6000

Northbrook

IL

60062

Atlanta

GA

30326

Cleveland

OH

44113

c/o Prime Retail

Property Mgmt.
180 E Broad St,
21st Floor

Baltimore

MD

21202

Columbus

OH

43215

3200 Northline
Avenue
110 North
Wacker Drive
180 E Broad St,
21st Floor
1114 Avenue of
the Americas
225 W
Washington St
225 W
Washington St
591 West
Putnum Ave
3100 Dundee
Road
50 Public Square

Greensboro

NC

27408

Chicago

IL

60606

Columbus

OH

43215

New York

NY

10036-7703

Indianapolis

IN

46204

Indianapolis

IN

46204-3438

Greenwitch

CT

06830

Northbrook

IL

60062

Cleveland

OH

44113

Lake Wales

FL

33859

Santa
Monica

CA

90407

430 Eagle Ridge

Drive
401 Wilshire
Blvd.

65
US_ACTIVE:\44451676\5\11727.0008

16-11275

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

Prepetition Term Loan Agreement Pg 190 of 236

919

Valley Mall

B07

2529 Main Street

Yakima, WA

98903

3,646

920

Hickory Point
Mall
Orlando
Premium
Outlets Intl
Dr.
Shops at
Wiregrass
Tanger
Outlets
Lancaster
Outlet
Shoppes at El
Paso
Avenue Webb
Gin
Town Square
Las Vegas
Las Palmas
Marketplace
Mesa Mall

1145

1145 Hickory Point

Mall
5401 W. Oak Ridge
Rd.

Forsyth, IL

62535

3,500

Orlando, FL

32819

4,500

235

28210 Paseo Drive

Tampa, FL

33543

3,392

905

311 Stanley K. Tanger

Blvd.

Lancaster, PA

17602

3,910

7051 South Desert

Blvd.

Canutillo, TX

79835

412

1350 Scenic Highway

A-146

6605 Las Vegas Blvd.

South
11917 Gateway West

Snellville,
GA
Las Vegas,
NV
El Paso, TX

921

923
924
925
926
927
929
930
932
933
934
935
936
937
938

Pinnacle at
Turkey Creek
Hamburg
Pavilion
The Loop
Prime Outlets
Lee
Allen
Premium
Outlets
The Block at
Orange
Las Vegas
Outlet

A-2

A167

A-2
224

Exhibit C -

CenterCal Properties
LLC
CBL & Associates
Management Inc.
Simon/Premium
Outlets

7455 SW
Bridgeport Road
2030 Hamilton
Place Blvd
105 Eisenhower
Parkway

Tigard

OR

97224

Chattanooga

TN

37421-6000

Roseland

NJ

07068

Forest City
Enterprises
Tanger Properties,
L.P.

50 Public Square

Cleveland

OH

44113

3200 Northline
Avenue

Greensboro

NC

27408

4,400

Horizon Properties
Group

PO Box 0510

Muskeegon

MI

49443-0510

30078

3,152

Birmingham

AL

35205

89119

3,318

2222 Arlington
Ave
50 Public Square

Cleveland

OH

44113

79936

3,513

TX

78253

81505

3,652

San
Antionio
Indianapolis

IN

46204

Birmingham

AL

35205

Lexington

KY

40509

Boston

MA

02199

Roseland

NJ

07068

Roseland

NJ

07068

Indianapolis

IN

46204

Roseland

NJ

07068

40509

4,000

Bayer Properties
Inc.
Forest City
Enterprises
RioCan
Management Inc
Simon Property
Group
Bayer Properties
Inc.
Hamburg Pavilion

34741

3,353

Wilder

01238

4,382

Allen, TX

75013

4,066

Simon/Premium
Outlets
Simon/Premium
Outlets

225 W
Washington St
2222 Arlington
Ave
2312 Sir Barton
Way
800 Boylston
Street
105 Eisenhower
Parkway
105 Eisenhower
Parkway

20 City Blvd W.

Orange, CA

92868

3,400

875 S. Grand Central

Pkwy

Las Vegas,
NV

89106

4,214

Simon Property
Group
Simon/Premium
Outlets

225 W
Washington St
105 Eisenhower
Parkway

1210

2424 US Highway 6 &

50
11311 Parkside Drive

00933

2312 Sir Barton Way

B-17
E250

3220 N. John Young

Pkwy
50 Water Street

Grand
Junction, CO
Knoxville,
TN
Lexington,
KY
Kissimmee,
FL
Lee, MA

208

820 West Stacy Road

121
015

3,267

5419 W Loop N

66
US_ACTIVE:\44451676\5\11727.0008

16-11275

940

Town Center
Plaza
Gateway
Station
Pacific View
Mall
Country Club
Mall
Midland Park

3200

946
947

941
942
943
944

948
949
950
951
952
953
954
955
956
957
959

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

Prepetition Term Loan Agreement Pg 191 of 236

M-4

5029 West 117th

Street
12900 South Freeway

2367

3301 East Main Street

444

1262 Vocke Road

F05

4511 N. Midkiff Road

Cumberland,
MD
Midland, TX

Burr Ridge
Town Center

360

535 Village Center

Drive

Burr Ridge,
IL

Cumberland
Mall
South Park
Mall
Colonie
Center

218

1341 Cumberland SE

Atlanta, GA

30339

3,599

Gumburg Asset
Mgmt. Corp.
Simon Property
Group
Cushman &
Walefield/Northmar
q, LLC
General Growth

202

2310 SW Military
Drive
131 Colonie Center

San Antonio,
TX
Albany, NY

78224

3,500

Jones Lang LaSalle

12205

3,652

Collarmele Partners

West County
Mall
Harrisburg
Mall
Short Pump
Town Center
Prime Outlets
Pismo Beach
Meadowood
Mall
Riverdale
Village
Shops at
Centerra

1065

33 West County
Center
I-83 and Paxton St.

Des Peres,
MO
Harrisburg,
PA
Richmond,
VA
Pismo, CA

63131

4,160

17111

4,586

23233

2,825

93449

3,500

Reno, NV

89502

4,000

Coon Rapids,
MN
Loveland, CO

55433

3,333

CBL & Associates

Management Inc.
Petrie Ross
Ventures LLC
Forest City
Enterprises
Simon/Premium
Outlets
Simon Property
Group
DDR

80538

3,960

Poag & McEwen

San Antonio,
TX
Hanover, PA

78259

3,400

DDR

17331

4,333

Preit Services LLC

Village at
Stone Oak
North
Hanover Mall

433

J8A
2028
A017
D108

11800 West Broad

Street
333 Five Cities Drive

27

5330 Meadowood
Mall
12768 Riverdale Blvd

C-260

5971 Sky Pond Drive

J-5

22602 US 281 N

526

1155 Carlisle Street

Leawood, KS

66211

3,971

Glimcher

Fort Worth,
TX
Ventura, CA

76028

3,225

Weingarten Realty

93003

3,683

Macerich

21502

3,600

797053256
60527

5,672
3,046

Exhibit C -

180 E Broad St,

21st Floor
2600 Citadel
Plaza Dr #125
401 Wilshire
Blvd.
3200 North
Federal Highway
225 W
Washington St
701 Village
Center Drive

Leawood

KS

66211

Houston

TX

77008

Santa
Monica
Ft.
Lauderdale
Indianapolis

CA

90407

FL

33306

IN

46204

Burr Ridge

IL

60527

Chicago

IL

60606

Atlanta

GA

30326

Fort
Lauderdale

FL

110 North
Wacker Drive
3344 Peachtree
Road NE
2929 East
Commercial
Blvd
2030 Hamilton
Place Blvd
1919 West St

Chattanooga

TN

37421

Annapolis

MD

21401

50 Public Square

Cleveland

OH

44113

105 Eisenhower
Parkway
225 W
Washington St
3300 Enterprise
Parkway
Centerra
Lifestyle Center
LLC
3300 Enterprise
Parkway
200 S Broad St,
3rd Floor

Roseland

NJ

07068

Indianapolis

IN

46204

Beachwood

OH

44122

Memphis

TN

38119

Beachwood

OH

44122

Philadelphia

PA

19102

67
US_ACTIVE:\44451676\5\11727.0008

16-11275

960
961
962
963
964
965
966

Orchard
Town Center
Sunset Mall
Warwick
Mall
Tanger
Barstow
Uptown
Village at
Cedar Hill
The District

290

14697 Delaware St.

400 Bald Hill Road

Westminster,
CO
San Angelo,
TX
Warwick, RI

1032

4001 Sunset Drive

B125
345

2796 Tanger Way

508
00965

970

Shoppes at
River
Crossing
La Palmera

1030

972

Pier Park

G130

973

Hamilton
Town Center
Gallatin
Valley Mall
West Shore
Plaza
Chambersbur
g Mall
Broward Mall

974
975
976
977

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

Prepetition Term Loan Agreement Pg 192 of 236

308

E11
4 E1

80020

3,200

Vestar

76904

3,716

Jones Lang LaSalle

02886

5,829

Warwick Mall LLC

Barstow, CA

92311

4,000

305 W. FM 1382

Cedar Hill,
TX

75106

3,550

Tanger Properties,
L.P.
MG Herring Group

11560 S. District Main

Dr.
5080 Riverside Drive

South Jordan,
UT
Macon, GA

84047

4,010

Boyer Company

31210

3,509

General Growth

5488 South Padre

Island
204 Bluefish Drive

Corpus
Christi, TX
Panama City
Beach, FL
Noblesville,
IN
Bozeman,
MT
Tampa, FL

78411

3,826

32413

3,599

46060

3,500

59718

3,000

33609

3,402

Trademark
Properties
Simon Property
Group
Simon Property
Group
Gallatin Mall Group
LLC
Glimcher

17201

3,891

13976 Town Center

Blvd.
2825 West Main Street

A2

250 Westshore Plaza

630

3055 Black Gap Road

1717

Chambersbur
g, PA
Plantation,
FL
Downey, CA

33388

3,700

Chambersburg Mall
Realty LLC
Westfield

90241

3,837

Macerich

Stonewood
Center
Southcenter

B-43

8000 West Broward

Blvd.
251 Stonewood Street

2107

2826 Southcenter Mall

Tukwila, WA

98188

3,880

Westfield

310

11200 Broadway

Pearland, TX

77584

3,785

981

Pearland
Town Center
Bay Terrace

212-05 25th Avenue

Bayside, NY

11360

4,050

982

Montebello

2119 Montebello

Montebello,

90640

3,232

CBL & Associates

Management Inc.
Cord Meyer
Development
Simon Property

978
979
980

21201/05
CU11

Exhibit C -

Orchard Town
Center
3344 Peachtree
Road NE
PO Box 2513

Westminster

CO

80023

Atlanta

GA

30326

Providence

RI

02906-0513

3200 Northline
Avenue
5710 LBJ
Freeway

Greensboro

NC

27408

Dallas

TX

75240

90 South 400
West
110 North
Wacker Drive

Salt Lake
City
Chicago

UT

84101

IL

60606

1701 River Run

Fort Worth

TX

76107

225 W
Washington St
225 W
Washington St
PO Box 80510

Indianapolis

IN

46204

Indianapolis

IN

46204-3438

Billings

MT

59108-0510

Columbus

OH

43215

Great Neck

NY

11021

Los Angeles

CA

90025

Santa
Monica
Los Angeles

CA

90407

CA

90025

Chattanooga

TN

37421-6000

Forest Hills

NY

11375

Indianapolis

IN

46204

180 E Broad St,

21st Floor
150 Greatneck
Road
11601 Wilshire
Blvd, 12th Floor
401 Wilshire
Blvd.
11601 Wilshire
Blvd, 12th Floor
2030 Hamilton
Place Blvd
111-15 Queens
Boulevard
225 W

68
US_ACTIVE:\44451676\5\11727.0008

16-11275

Town Center
984
985
986
987
988
989
990

Streets of
Brentwood
Galleria at
Roseville
Everett Mall
SouthPark
Mall
Dogwood
Festival
Westland
Shopping
Center
The Oaks

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

Prepetition Term Loan Agreement Pg 193 of 236

Town Center Drive

CA

124

2535 Sand Creek Road

94513

2265

1151 Galleria Parkway

Brentwood,
CA
Roseville, CA

175 &
178
K 15

1402 SE Everett Mall

Way
4400 Sharon Road

G-4
731

Group

Washington St

3,300

RED Legacy

66210

3,500

Westfield

Overland
Park
Los Angeles

KS

95678

CA

90025

Everett, WA

98208

3,617

Steadfast

Irvine

CA

92612

Charlotte, NC

28211

3,659

Indianapolis

IN

46204

106 Dogwood Blvd.

Flowood, MS

39232

4,500

Montgomery

AL

36116-1781

35000 West Warren

St.

Westland, MI

48185

3,898

Simon Property
Group
Aronov Realty
Management
Cushman &
Wakefield

7500 College
Blvd, Ste 750
11601 Wilshire
Blvd, 12th Floor
18100 Von
Karman Ave
225 W
Washington St
3500 Eastern
Blvd.
3500 American
Blvd

Minneapolis

MN

55431

E123

222 W. Hillcrest Drive

Thousand
Oaks, CA
Rancho
Cucamonga,
CA
South
Barrington,
IL
Sacramento,
CA
Moreno
Valley, CA
Burbank, CA

91360

3,016

Macerich

91360

3,677

Forest City
Enterprises

Thousand
Oaks
Cleveland

CA

91739

401 Wilshire
Blvd.
50 Public Square

OH

44113

60010

3,520

Arboretum of South
Barrington LLC

82 Devonshire
Street

Boston

MA

02109

95814

2,915

JMA Ventures LLC

180 Sansome

CA

94104

92553

3,610

Spinoso

NY

13212

91501

3,926

General Growth

100 Northern
Concourse
110 North
Wacker Drive
110 North
Wacker Drive
5000 Hakes
Drive

San
Francisco
North
Syracuse
Chicago

IL

60606

Columbia

MD

21044

Muskegon

MI

49441

Chicago

IL

60606

Evanston

IL

60201

991

Victoria
Gardens

1130

12394 South Main

Street

992

Arboretum of
South
Barrington
Downtown
Plaza
Moreno
Valley Mall
Burbank
Town Center
Water Tower
Place
The Outlet
Shoppes at
Oklahoma
City
Oakwood
Center
The Meadows
(MO)

H22

100 West Higgins

Road

2039

545 Downtown Plaza

1156

22500 Town Circle

212

201 E. Magnolia Blvd.

7020

835 North Michigan

Avenue
7628 W Reno Ave.

Chicago, IL

60671

4,061

General Growth

Oklahoma
City, OK

73127

4,431

Horizon Properties
Group

197-33 West Bank

Expressway
97 Plaza Frontenac

Gretna, LA

70056

3,052

General Growth

Lake St.
Louis, MO

63131

3,348

Davis Street Land

Co.

993
994
995
996
997

999
1010

Exhibit C -

A130

1075
204

110 North
Wacker Drive
622 Davis Street

69
US_ACTIVE:\44451676\5\11727.0008

16-11275

1012
1014
1015
1016
1017
1018
1019
1020
1022
1023
1024
1025
1026
1028
1029
1030
1033

Ashley Park
Mall
Eastridge
Mall
Ocean City
Outlets
Carolina
Premium
Outlets
Folsom
Premium
Outlets
Vacaville
Premium
Outlets
Village at
Riverstone
Greendale
Mall
Shoppes at
Chino Hills
Philadelphia
Premium
Outlets
Houston
Premium
Outlets
McCain Mall
St. John's
Town Center
Cambridgesid
e Galleria
Valle Vista
Mall
Shops at Lake
Havasu
Beachwood
Place

406

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

Prepetition Term Loan Agreement Pg 194 of 236

1176

406 Newnan Crossing

Bypass
601 SE Wyoming Rd

820

12741 Ocean Gateway

550

1209 Industrial Park

Drive

Newnan, GA

30265

3,470

Thomas Enterprises

Casper, WY

82609

3,431

General Growth

Ocean City,
MD
Smithfield,
NC

21842

3,500

27577

4,100

Exhibit C -

Newnan

GA

30265

Chicago

IL

60606

Tanger Properties,
L.P.
Simon/Premium
Outlets

Ashley Park
Mall
110 North
Wacker Drive
3200 Northline
Avenue
105 Eisenhower
Parkway

Greensboro

NC

27408

Roseland

NJ

07068

01017

1300 Folsom
Boulevard

Folsom, CA

95630

3,808

Simon/Premium
Outlets

105 Eisenhower
Parkway

Roseland

NJ

07068

331 B

321 Nut Tree Road

Vacaville,
CA

95687

3,500

Simon/Premium
Outlets

105 Eisenhower
Parkway

Roseland

NJ

07068

107

2037 N. Main Street

Coeur D.
Arlene, ID
Worcester,
MA
Chino Hills,
CA
Limerick, PA

83814

3,254

601 W Main Ave

Spokane

WA

99201

01606

3,805

IN

46204

3,897

Chino Hills

CA

91709

19464

3,894

Simon/Premium
Outlets

225 W
Washington St
13920 City
Center Drive
105 Eisenhower
Parkway

Indianapolis

91709

Kiemle & Hagood

Company
Simon Property
Group
PM Realty Group

Roseland

NJ

07068

W218

7 Neponset Street

5060

13850 City Center

Drive
18 Lightcap Road

645
0701

29300 Hempstead
Road

Houston, TX

77433

4,692

Simon/Premium
Outlets

105 Eisenhower
Parkway

Roseland

NJ

07068

J1F

3929 McCain Blvd.

72116

3,395

46204

32246

4,400

Indianapolis

IN

46204

02141

5,220

Hartford

CT

06103-1212

78552

4,500

Indianapolis

IN

46204

814

86404

3,475

225 W
Washington St
225 W
Washington St
c/o UBS Realty
Investors LLC
225 W
Washington St
815 J Street

IN

10281 Midtown
Parkway
100 Cambridgeside
Place
2020 South
Expressway 83
5601 N. State Rt. 95

Simon Property
Group
Simon Property
Group
NE Development

Indianapolis

D31

San Diego

CA

92101

2320

26300 Cedar Road

North Little
Rock, AR
Jacksonville,
FL
Cambridge,
MA
Harlingen,
TX
Lake Havasu,
AZ
Beachwood,
OH

44122

3,021

Chicago

IL

60606

E318
B-13A

Simon Property
Group
Capital Real Estate
Ventures Inc
General Growth

110 North
Wacker Drive

70
US_ACTIVE:\44451676\5\11727.0008

16-11275

1034
1035
1038
1039
1040
1041
1042
1043
1046
1047
1048
1049
1051
1052
1053
1054
1055
1056

Northfield
Square
Pine Ridge
Mall
Centralia
Outlets
Park
Meadows
Lodi Station
Outlets
Crocker Park

354 A

Premier
Center
Foothills Mall
(AZ)
Jersey Shore
Premium
Outlets
Tanger
Washington
Ala Moana
Center
Cincinnati
Premium
Outlets
Jackson
Premium
Outlets
Shops at
Mission Viejo
Sunrise Mall

01042

Yuba Sutter
Mall
Animas
Valley
Tanger Outlet
Nags Head

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

Prepetition Term Loan Agreement Pg 195 of 236

60914

3,356

83202

3,117

Simon Property
Group
General Growth

Centralia,
WA
Lone Tree,
CO
Burbank, OH

98531

5,060

Prism

80124

3,323

General Growth

44214

4,000

Gilad Development

Westlake, OH

44145

3,400

Stark Enterprises

Mandeville,
LA
Tucson, AZ

70445

5,000

Stirling Properties

85741

4,000

Tinton Falls,
NJ

07753

3,499

Schottenstein
Property Group
Simon/Premium
Outlets

2200 Tanger
Boulevard
1450 Ala Moana
Boulevard #3053
874 Premium Outlet
Drive

Washington,
PA
Honolulu, HI

15301

5,293

96814

4,783

Monroe, OH

45050

3,941

304

537 Monmouth Road

Jackson, NJ

08527

740A
E15

555 Shops at Mission

Viejo
6041 Sunrise Mall

325

1215 Colusa Avenue

385

4601 East Main

69

7100 S. Croatan
Highway

Mission
Viejo, CA
Citrus
Heights, CA
Yuba City,
CA
Farmington,
NM
Nags Head,
NC

1250
1322
2340
480
1005

179
211
955
3053
874

1600 North US Route

50
4155 Yellowstone
Highway
1342 Lum Road
8505 Park Meadows
Center Drive
9911 Avon Lake Road
159 Crocker Park
Blvd.
3424 Highway 190
7401 N. La Cholla
Blvd.
One Premium
Boulevard

Bourbonnais,
IL
Chubbuck, ID

Exhibit C -

Indianapolis

IN

46204

Jefferson
City
Tacoma

MO

65101

WA

98402

110 North
Wacker Drive
5959 Topanga
Canyon Blvd.
1350 West Third
Street
109 Northpark
Blvd.
4300 East Fifth
Ave
105 Eisenhower
Parkway

Chicago

IL

60606

Woodland
Hill
Cleveland

CA

91367

OH

44113

Covington

LA

70433

Columbus

OH

43219

Roseland

NJ

07068

Greensboro

NC

27408

Chicago

IL

60606

Simon/Premium
Outlets

3200 Northline
Avenue
110 North
Wacker Drive
105 Eisenhower
Parkway

Roseland

NJ

07068

3,400

Simon/Premium
Outlets

105 Eisenhower
Parkway

Roseland

NJ

07068

92691

3,693

IN

46204

3,342

92660

3,158

Steadfast

Newport
Beach
Irvine

CA

95991

CA

92612

87402

4,007

New York

NY

10036-7703

27959

3,312

Rouse Properties,
Inc.
Tanger Properties,
L.P.

225 W
Washington St
4343 Von
Karman
18100 Von
Karman Ave
1114 Avenue of
the Americas
3200 Northline
Avenue

Indianapolis

95610

Simon Property
Group
Steadfast

Greensboro

NC

27408

Tanger Properties,
L.P.
General Growth

225 W
Washington St
110 North
Wacker Drive
1145 Broadway

71
US_ACTIVE:\44451676\5\11727.0008

16-11275

1057
1059
1060
1061
1062

Windward
Mall
Outlets at
Anthem
Village at
Rochester
Hills
The Gardens

1063

Peninsula
Town Center
Culver City

1064

34th Street

1067

Dimond
Center
Anchorage
5th Avenue
Old Orchard

1068
1069
1070
1071
1072
1073
1074
1075
1076
1077

Shoppes at
North
Brunswick
Outlet
Shoppes at
Fremont
Lenox Square
Tanger Outlet
Wisconsin
Dells
Outlets at
Silverthorne
The Falls
Laurel Park
Place
Somerset

M-08

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

Prepetition Term Loan Agreement Pg 196 of 236

Exhibit C -

46-056 Kamehameha
Highway
4250 West Anthem
Way
160 North Adams
Road

Kaneohe, HI

96744

3,000

Jones Lang LaSalle

Phoenix, AZ

85086

4,751

Craig Realty Group

3344 Peachtree
Road NE
4100 Macarthur

Rochester
Hills, MI

48309

3,603

Robert B Aikens &

Assoc. LLC

350 North Old

Woodward Ave

N217

3101 PGA Boulevard

33410

4,118

Forbes

G106

2033 Coliseum Drive

Palm Beach
Gardens, FL
Hampton, VA

23666

3,630

Olshan Properties

2220

6000 Sepulveda
Boulevard
15 West 34th Street

Culver City ,
CA
New York,
NY
Anchorage,
AK
Anchorage,
AK
Skokie, IL

90230

3,556

Westfield

10110

5,194

99515

3,729

99501

3,344

60077

3,114

15 West 34th Street,

LLC
Dimond Center
Holdings
Simon Property
Group
Westfield

100 Galleria
Officentre
2822 W
Clybourn Street
11601 Wilshire
Blvd, 12th Floor
15 West 34th
Street
800 East Dimond
Blvd.
225 W
Washington St
11601 Wilshire
Blvd, 12th Floor
1290 Avenue of
the Americas

125
B-162

15 West
34th St.
110
D46A
L5
E5
E090
2022A
391
R310/3
20
170
490
Y-307

800 East Dimond

Blvd.
320 West 5th Avenue
4999 Old Orchard
Center
541 Shoppes
Boulevard

Atlanta

GA

30326

Newport
Beach
Birmingham

CA

92660

MI

48009

Southfield

MI

48037

Milwaukee

WI

53208

Los Angeles

CA

90025-1748

New York

NY

10110

Anchorage

AK

99515

Indianapolis

IN

46204

Los Angeles

CA

90025

New York

NY

10105

North
Brunswick,
NJ
Fremont, IN

08902

3,397

Levin Mgmt

46737

4,000

Horizon Properties
Group

5000 Hakes
Drive

Muskegon

MI

49441

3393 Peachtree Road

NE
210 Gasser Road

Atlanta, GA

30326

3,987

IN

46204

53913

4,566

225 W
Washington St
3200 Northline
Avenue

Indianapolis

Baraboo, WI

Simon Property
Group
Tanger Properties,
L.P.

Greensboro

NC

27408

246-V Rainbow Drive

Silverthorne,
CO
Miami, FL

80498

4,256

Craig Realty Group

4100 Macarthur

CA

92660

33176

4,503

46204

48152

4,286

Chattanooga

TN

37421

Troy, MI

48084

4,284

225 W
Washington St
2030 Hamilton
Place Blvd
100 Galleria

IN

Livonia, MI

Simon Property
Group
CBL & Associates
Management Inc.
Forbes

Newport
Beach
Indianapolis

Southfield

MI

48304

6245 North Old 27

8888 SW 136th Street

37568 West 6 Mile
Road
2801 West Big Beaver

72
US_ACTIVE:\44451676\5\11727.0008

16-11275

1079

Collection
North
Domain II

Road
V-5

78758

3,699

San
Francisco,
CA
Aiea, HI

94103

B260

4154 East North

Harlem Avenue
9677 SW Washington
Square Road
2 Stephen King Drive

N-1

3110 Waltham Blvd.

210

250 E. Palm Drive

F108

148 Westfarms Malls

1116

1675 West 49th Street

650

100 Citadel Drive

1035

6000 West Glades Rd.

640 +
645
1695

US Hignway 460 and

Route 25
4400 Ashford
Dunwoody Road
472-474 Fulton Street

San Francisco
Centre

223

1081

Pearlridge
Shopping
Center
Harlem Irving
Plaza
Washington
Square
Marketplace
at Augusta
Alamance
Crossing
Florida City
Outlet Center
Westfarms
Mall
Westland
Mall (FL)
Citadel
Outlets
Boca Town
Center
Mercer Mall

12-22

1083
1084
1085
1086
1087
1088
1089
1090
1091
1092
1093

Perimeter
Mall
Fulton Street

1094

Grand Prairie
Outlets

1095

Gilroy Outlets

146
C05

472474
805
A054

11410 Century Oaks

Terrace
865 Market Street
98-1005 Moanalua

2950 W. Interstate 20
and Great
Northwestern Pkwy
681 Leavesley Road

Exhibit C -

Officentre
Austin, TX

1080

1082

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

Prepetition Term Loan Agreement Pg 197 of 236

225 W
Washington St
11601 Wilshire
Blvd, 12th Floor

Indianapolis

IN

46204

4,187

Simon Property
Group
Westfield

Los Angeles

CA

90025

96701

2,877

Glimcher

180 E Broad St,

21st Floor

Columbus

OH

43215

Norridge, IL

60706

3,535

Harlem Irving LLC

Norridge

IL

60706

Portland, OR

97223

4,145

Macerich

90407

04330

3,509

WS Development

MA

02467

Burlington,
NC
Florida City,
FL
Farmington,
CT
Hialeah, FL

27215

3,800

TN

37421

33034

3,482

Roseland

NJ

07068

06032

4,000

CBL & Associates

Management Inc.
Simon/Premium
Outlets
Taubman

Santa
Monica
Chestnut
Hill
Chattanooga

CA

Augusta, ME

48303-0200

3,227

Starwood Retail

Bloomfield
Hills
Greenwitch

MI

33012

CT

06830

90040

4,013

Craig Realty Group

92660

3,821

IN

46204

24701

4,493

Simon Property
Group
Ershig Properties

Newport
Beach
Indianapolis

CA

33431

c/o The Harlem

Irving Properties
401 Wilshire
Blvd.
1330 Boylston
Street
2030 Hamilton
Place Blvd
105 Eisenhower
Parkway
200 East Long
Lake Road
591 West
Putnum Ave
1500 Quail
Street
225 W
Washington St
PO Box 1127

Henderson

KY

42419

30346

3,800

General Growth

Chicago

IL

60606

18,244

474 Fulton Owner

LLC
Simon/Premium
Outlets

110 North
Wacker Drive
500 FIfth
Avenue
105 Eisenhower
Parkway

New York

NY

10110

Roseland

NJ

07068

Simon/Premium
Outlets

105 Eisenhower
Parkway

Roseland

NJ

07068

Commerce,
CA
Boca Raton,
FL
Bluefield ,
WV
Atlanta, GA
Brooklyn,
NY
Grand Prarie,
TX
Gilroy, CA

4,000
95020

3,900

73
US_ACTIVE:\44451676\5\11727.0008

16-11275

1096
1097
1098
1099
1100
1101
1102
1103

1104
1105
1106
1107
1108
1110
1111

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

Prepetition Term Loan Agreement Pg 198 of 236

Exhibit C -

Tanger
Outlets
Tuscola
Bellevue
Square

A11

D400 Tuscola Blvd

Tuscola, IL

61953

3,500

Tanger Properties,
L.P.

3200 Northline
Avenue

Greensboro

NC

27408

238

575 Bellevue Square

Bellevue,
WA

98004

3,311

575 Bellevue
Square

Bellevue

WA

98004

The Shops at
Grand River
Tanger Outlet
Center
Charleston
Mall at Green
Hills
North
Riverside
Park
Promenade at
Temecula
Tanger
Outlets
Blowing
Rock
Southland
Mall (FL)
Fashion
Outlets Santa
Fe
Galveston
Outlets LLC
Merrimack
Premium
Outlets
South Bay
Galleria
Gran Plaza
Outlets
Outlet
Shoppes @
Atlanta

424

6200 Grand River

Blvd East
4840 Tanger Outlet
Blvd.

Leeds, AL

35094

4,000

Kemper
Development
Company
Was Group

07508

29418

4,000

Tanger Properties,
L.P.

North
Haledon
Greensboro

NJ

North
Charleston,
SC
Nashville, TN

33 Sicomac
Road
3200 Northline
Avenue

NC

27408

37215

3,621

Taubman

48303-0200

60546

3,350

The Feil
Organization

Bloomfield
Hills
New York

MI
NY

10001

40820 Winchester
Road
278 Shops on the
Parkway Road

North
Riverside
Park, IL
Temecula,
CA
Blowing
Rock, NC

200 East Long

Lake Road
370 7th Avenue

92591

3,432

50 Public Square

Cleveland

OH

44113

28605

3,540

Forest City
Enterprises
Tanger Properties,
L.P.

3200 Northline
Avenue

Greensboro

NC

27408

Cutler Bay,
FL
Santa Fe, NM

33189

3,660
4,100

3200 North
Federal Highway
4000 Ponce de
Leon Blvd.

Ft.
Lauderdale
Coral
Gables

33306

85707

Gumberg Asset
Mgmt. Corp.
AWE Talisman

FL

448

20505 South Dixie

Highway
8380 Cerrillos Road

FL

33146

430

5885 Gulf Freeway

77591

3,800

27408

03054

4,980

3200 Northline
Avenue
105 Eisenhower
Parkway

NC

80 Premium Outlets
Drive

Tanger Properties,
L.P.
Simon/Premium
Outlets

Greensboro

0671

Texas City,
TX
Merrimack,
NH

Roseland

NJ

07068

204

1815 Hawthorn
Boulevard
888 West 2nd Street

Redondo
Beach, CA
Calexico, CA

90278

3,600

50 Public Square

Cleveland

OH

44113

92231

9,417

Forest City
Enterprises
Charles Company

90069

Woodstock,
GA

30188

4,059

West
Hollywood
Muskegon

CA

915 Ridgewalk
Parkway

9034 West
Sunset Blvd
5000 Hakes
Drive

MI

49441

1036
190
H3
2330
18

1155

H100,
H150
G-710

2126 Abbott Martin

Road
7501 West Cermark

Horizon Properties
Group

74
US_ACTIVE:\44451676\5\11727.0008

16-11275

1112
1114
1115
1116
1117
1118

1120
1122
1126

1515

Tanger
Outlets
Westgate
Panorama
Mall
Bentley Mall
Yuma Palms
Shopping Ctr
Weatherford
Ridge
Tanger
National
Harbor
Outlets
Fashion
Outlets
Chicago
Outlets of
Mississippi
Chimney
Rock
Shopping
Center
Times Square

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

Prepetition Term Loan Agreement Pg 199 of 236

785
38
20M
22
4963

Phoenix, AZ
8401 Van Nuys Blvd
32 College Road
1305 S. Yuma Palms
Parkway
I-20 and Highway 171

460

Panorama
City, CA
Faribanks,
AK
Yuma, AZ

Exhibit C -

4,000

Tanger Properties,
L.P.

3200 Northline
Avenue

Greensboro

NC

27408

91402

4,000

Macerich

91402

3,634

CA

96212

85365

5,200

Krausz Companies
Inc
Inland Properties

Panorama
City
Irvine

CA

99701

401 Wilshire
Blvd.
18201 Von
Karman Avenue
2901 Butterfield
Road
3829 W Spring
Creek Pkwy
3200 Northline
Ave, Suite 360

Oak Brook

IL

60523

Plano

TX

75023

Greensboro

NC

27408

Weatherford,
TX
Oxon Hill ,
MD

4,963
4,500

N American
Development Group
Tanger Properties,
L.P.

1173

5220 Fashion Outlets

Way

Rosemont, IL

60018

4,203

AWE Talisman

355 Alhambra
Circle

Coral
Gables

FL

33134

255

200 Bass Pro Drive

Pearl, MS

39208

4,002

MS

39208

TX 191 and 338

Odessa, TX

79762

4,485

200 Bass Pro

Drive
17140 Bernardo
Ctr Drive

Jackson

4485

Bloomfield Holding
LLC
Excel Property
Group

San Diego

CA

92128

1515
Broadw
ay

1515 Broadway

New York,
NY

10032

19,487

1515 Broadway Fee

Owner LLC

420 Lexington
Avenue

New York

NY

10170

1380

1444 Willowbrook
Mall

Wayne , NJ

07470

3,088

General Growth

110 North
Wacker Drive

Chicago

IL

60606

C303

1000 Palisades Center

Drive

West Nyack ,
NY

10994

3,500

Pyramid

4 Clinton Square

Syracuse

NY

13202-1078

2095

2655 Richmond
Avenue
7 Backus Avenue

Staten Island,
NY
Danbury, CT

10314

2,661

General Growth

Chicago

IL

60606

06810

3,015

Macerich

110 North
Wacker Drive
401 Wilshire
Blvd.

Santa
Monica

CA

90407

PS Locations
3211
3212
3213
3214

P.S. Willowbrook
Mall
P.S. Palisades
Center
P.S. - Staten
Island Mall
P.S. Danbury Fair
Mall

B209

75
US_ACTIVE:\44451676\5\11727.0008

16-11275

3215
3216

3217

3219
3220
3221
3222
3223
3224
3225
3226
3227
3228

3229
3230

P.S. - Las
Americas
P.S. Freehold
Raceway
Mall
P.S. Shoppes at
North
Brunswick
P.S. Woodbridge
Center
P.S. - Cherry
Hill
P.S. Bridgewater
Commons
P.S. - Mall of
America
P.S. - Queens
Center
P.S. Manhattan
Mall
P.S. - Mall of
Louisiana
P.S. - San
Marcos
Outlets
P.S. - Lehigh
Valley Mall
P.S. - Cross
County
Shopping
Center
P.S. Westfarms
P.S. Christiana

473

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

Prepetition Term Loan Agreement Pg 200 of 236

4141 Camino De La
Plaza Drive
3710 Route 9

San Ysidro,
CA
Freehold, NJ

92173

4,653

07728

541 Shoppes
Boulevard

North
Brunswick,
NJ

2302

250 Woodbridge
Center Drive

1415

200 Route 38

3290

400 Commons Way

N118

60 E. Broadway

1068

90-15 Queens
Boulevard
100 W. 33rd St.

Exhibit C -

105 Eisenhower
Parkway
401 Wilshire
Blvd.

Roseland

NJ

07068

3,480

Simon/Premium
Outlets
Macerich

Santa
Monica

CA

90407

08902

2,825

Levin Mgmt

1290 Avenue of
the Americas

New York

NY

10105

Woodbridge,
NJ

07095

3,094

General Growth

110 North
Wacker Drive

Chicago

IL

60606

Cherry Hill,
NJ
Bridgewater,
NJ

08002

3,301

PA

19102

3,300

200 S Broad St,

3rd Floor
110 North
Wacker Drive

Philadelphia

08807

PREIT Services
LLC
General Growth

Chicago

IL

60606

Bloomington,
MN
Elmhurst, NY

55425

4,077

Triple Five

8882-17 Street,

Edmonton

AB

T5T 4M2

11373

3,862

Macerich

90407

10001

4,500

Vornado

Santa
Monica
Paramus

CA

New York,
NY

401 Wilshire
Blvd.
210 Route 4 East

NJ

07652

6501 Bluebonnet
Boulevard
3939 1H 35 South

Baton Rouge,
LA
San Marcos,
TX

708366500
78666

2,753

General Growth

Chicago

IL

60606

4,120

Simon/Premium
Outlets

110 North
Wacker Drive
105 Eisenhower
Parkway

Roseland

NJ

07068

Whitehall,
PA
Yonkers , NY

18052

2,915

46204

3,366

225 W
Washington St
401 Wilshire
Blvd.

IN

10704

Simon Property
Group
Macerich

Indianapolis

5150

250 Lehigh Valley

Mall
8000 Mall Walk

Santa
Monica

CA

90407

H124

112 Westfarms Mall

06032

3,337

Taubman

19702

2,881

General Growth

Bloomfield
Hills
Chicago

48303-0200

132 Christiana Mall

200 East Long

Lake Road
110 North
Wacker Drive

MI

1150

Farmington,
CT
Newark, DE

IL

60606

C230

160
1040
870
1086

76
US_ACTIVE:\44451676\5\11727.0008

16-11275

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

Prepetition Term Loan Agreement Pg 201 of 236

Exhibit C -

Mall
3231
3232
3233
3234
3235
3236
3237
3238
3239
3240
3241
3242
3243
3244
3245
3246

P.S. - Hanes
Mall
P.S. - Park
City Center
P.S. Riverchase
Galleria
P.S. Poughkeepsie
Galleria
P.S. - Willow
Grove Park
P.S. - North
Point Mall
P.S. - Destiny
USA
P.S. Deptford Mall
P.S. - Walden
Galleria
P.S. - Parks at
Arlington
P.S. Crossgates
Mall
P.S. Rockaway
Townsquare
P.S. Baybrook
Mall
P.S. - South
Shore Mall
P.S. Roosevelt
Field
P.S. Paramus Park

AL-104
CO220

3320 Silas Creek

Parkway
142 Park City Center

WinstonSalem, NC
Lancaster ,
PA
Birmingham,
AL

3,488

CBL & Associates

17601

3,786

General Growth

35244

3,034

General Growth

2030 Hamilton
Place Blvd
110 North
Wacker Drive
110 North
Wacker Drive

Chattanooga
Chicago

IL

60606

Chicago

IL

60606

164

3000 Riverchase
Galleria

D-109

2001 South Road

Poughkeepsie
, NY

12601

3,315

Pyramid

4 Clinton Square

Syracuse

NY

13202-1078

1033

Willow
Grove , PA
Alpharetta,
GA
Syracuse, NY

19090

3,645

Preit Services LLC

Philadelphia

PA

19102

30022

3,287

General Growth

Chicago

IL

60606

13204

3,249

Pyramid

200 S Broad St,

3rd Floor
110 North
Wacker Drive
4 Clinton Square

Syracuse

NY

13202-1078

Deptford, NJ

08096

3,300

Macerich

3,009

Pyramid

NY

13202-1078

1034

3811 South Cooper

142255408
76015

Santa
Monica
Syracuse

90407

3,490

General Growth

IL

60606

1 Crossgates Mall
Road

12203

3,317

Pyramid

110 North
Wacker Drive
4 Clinton Square

Chicago

D206A

Cheektowaga
, NY
Arlington,
TX
Albany, NY

401 Wilshire
Blvd.
4 Clinton Square

CA

D-208

2500 West Moreland

Road
1000 North Point
Circle
9090 Destiny USA
Drive
300 N. Almonession
Road
1 Walden Galleria

Syracuse

NY

13202-1078

1024A

301 Mt. Hope Ave.

Rockaway,
NJ

07866

2,900

Simon Property
Group

225 W
Washington St

Indianapolis

IN

46204

1300

500 Baybrook Mall

Friendswood
, TX

77546

3,482

General Growth

110 North
Wacker Drive

Chicago

IL

60606

2050

250 Granite Street

02814

3,190

46204

11530

3,027

225 W
Washington St
225 W
Washington St

IN

630 Old Country Road

Simon Property
Group
Simon Property
Group

Indianapolis

1044

Braintree,
MA
Garden Ciry,
NY

Indianapolis

IN

46204

1040

700 Paramus Park

Paramus, NJ

07652

3,761

General Growth

110 North
Wacker Drive

Chicago

IL

60606

2168
F-212
1151

77
US_ACTIVE:\44451676\5\11727.0008

16-11275

3247
3248
3249
3250
3251
3252
3253
3254
3255
3256
3257
3258
3259
3262
3264

P.S. Newport
Centre
P.S. - Rio
Grande
Outlets
P.S. - Jersey
Gardens
P.S. Grapevine
Mills
P.S. - Mall of
Georgia
P.S. Burlington
Mall
P.S. - Tanger
Outlets
Rehoboth
P.S. - Tanger
Outlets
Locust Grove
P.S. - Tanger
Outlets
Riverhead
P.S. - Outlet
Shoppes at El
Paso
P.S. - Garden
State Plaza
P.S. - Florida
Mall
P.S. Warwick
Mall
P.S. Concord
Mills
P.S. - Orlando
Premium

B07

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

Prepetition Term Loan Agreement Pg 202 of 236

Exhibit C -

30-262 Mall Drive

West

Jersey City,
NJ

07307

3,769

Simon Property
Group

225 W
Washington St

Indianapolis

IN

46204

9501 Arlington
Expressway

Mercedes,
TX

7570

3,675

Simon/Premium
Outlets

105 Eisenhower
Parkway

Roseland

NJ

07068

2074

651 Kapowski Road

Elizabeth, NJ

07201

4,377

Glimcher

Columbus

OH

43215

526B

3000 Grapevine Mills

Parkway

Grapevine ,
TX

76051

3,000

Simon Property
Group

180 E Broad St,

21st Floor
225 W
Washington St

Indianapolis

IN

46204

1031

3333 Buford Drive

Buford, GA

30519

3,288

IN

46204

75 Middlesex
Turnpike

Burlington,
MA

01803

3,260

225 W
Washington St
225 W
Washington St

Indianapolis

1089

Simon Property
Group
Simon Property
Group

Indianapolis

IN

46204

1440

36470 Seaside Outlet

Drive

Rehoboth,
DE

19971

2,840

Tanger Properties,
L.P.

3200 Northline
Avenue

Greensboro

NC

27408

405

1000 Tanger Drive

Locust
Grove, GA

30248

3,000

Tanger Properties,
L.P.

3200 Northline
Avenue

Greensboro

NC

27408

1214

1770 West Main Street

Riverhead,
NY

11901

3,000

Tanger Properties,
L.P.

3200 Northline
Avenue

Greensboro

NC

27408

E544

7051 South Desert

Blvd.

Canutullo,
TX

79835

3,996

Horizon Properties
Group

5000 Hakes
Drive

Muskegon

MI

49441

1219A

One Garden State

Plaza
8001 S. Orange
Blossom Trail
400 Bald Hill Road

Paramus, NJ

07652

3,375

Westfield

Los Angeles

CA

90025

Orlando, FL

32809

3,077

Indianapolis

IN

46204

Warwick, RI

02886

2,947

Simon Property
Group
Warwick Mall LLC

11601 Wilshire
Blvd, 12th Floor
225 W
Washington St
PO Box 2513

Providence

RI

02906-0513

8111 Concord Mills

Blvd.

Concord, NC

28027

3,051

Simon Property
Group

225 W
Washington St

Indianapolis

IN

46204

4951 International
Drive

Orlando, FL

32819

3,894

Simon/Premium
Outlets

105 Eisenhower
Parkway

Roseland

NJ

07068

0801A

854
E103
699
3F.19

78
US_ACTIVE:\44451676\5\11727.0008

16-11275

3265
3266
3267
3268
3269
3270
3271
3272
3273
3274
3275
3276
3277
3278
3279
3280

Outlets
International
Drive
P.S. Franklin Mills
P.S. Tanger
Commerce II
P.S. Tanger
Outlet Myrtle
Beach
P.S. - White
Marsh
P.S. - Mall
del Norte
P.S. Westland
Mall
P.S. Pembroke
Lakes
P.S. Carolina
Place
P.S. Four
Seasons
Towne Center
P.S. - Valley
Hills
P.S. - Sunrise
Mall
P.S. - Sunland
Park
P.S. - Cielo
Vista
P.S. - Ingram
Park Mall
P.S. - Arizona
Mills Mall
P.S. - Tucson

227

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

Prepetition Term Loan Agreement Pg 203 of 236

1455 Franklin Mills

Circle
800 Steven B. Tanger
Blvd.
4635 Factory Stores
Blvd.

Philadelphia,
PA
Commerce ,
GA
Myrtle Beach
, SC

19154

3,650

30529

3,000

29579

2,994

2035

8200 Perry Hall Blvd.

132

5300 San Dario

Avenue
1675 West 49th Street

Baltimore,
MD
Laredo, TX

212364901
78041

Hialeah, FL

33012

106
B200

1456

Exhibit C -

Simon Property
Group
Tanger Properties,
L.P.
Tanger Properties,
L.P.

225 W
Washington St
3200 Northline
Avenue
3200 Northline
Avenue

Indianapolis

IN

46204

Greensboro

NC

27408

Greensboro

NC

27408

3,265

General Growth

Chicago

IL

60606

3,103

Chattanooga

TN

37421

3,150

CBL & Associates

Management Inc.
Starwood Retail

110 North
Wacker Drive
2030 Hamilton
Place Blvd
591 West
Putnum Ave

Greenwitch

CT

06830

834

11401 Pines
Boulevard

Pembroke
Pines, FL

33026

3,015

General Growth

110 North
Wacker Drive

Chicago

IL

60606

D-10

11025 Carolina Place

Pineville, NC

28134

2,933

General Growth

110 North
Wacker Drive

Chicago

IL

60606

146

410 Four Seasons

Towne Center

Greensboro,
NC

27427

3,505

General Growth

110 North
Wacker Drive

Chicago

IL

60606

156

1960 Highway 70 SE
#244
One Sunrise Mall

Hickory, NC

286025107
11758

2,828

Rouse Properties,
Inc.
Westfield

New York

NY

10036-7703

Los Angeles

CA

90025

79912

3,425

Indianapolis

IN

46204

El Paso, TX

79925

2,814

Indianapolis

IN

46204

San Antonio,
TX
Tempe, AZ

78238

3,028

Indianapolis

IN

46204

85282

3,421

Indianapolis

IN

46204-3438

Tucson, AZ

85705

3,198

1114 Avenue of
the Americas
11601 Wilshire
Blvd, 12th Floor
225 W
Washington St
225 W
Washington St
225 W
Washington St
225 W
Washington St
110 North

Chicago

IL

60606

1100
E10A
C05A
N05A
188
455

750 Sunland Park

Drive
8401 Gateway Blvd.
West
6301 NW Loop 410
5000 S Arizona Mills
Circle
4500 N. Oracle Road

Massapequa,
NY
El Paso, TX

4,008

Simon Property
Group
Simon Property
Group
Simon Property
Group
Simon Property
Group
General Growth

79
US_ACTIVE:\44451676\5\11727.0008

16-11275

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

Prepetition Term Loan Agreement Pg 204 of 236

Mall
3281
3282
3287
3288
3289
3290
3291
3292
3293
3294

3300
3301
3303
3305

P.S. Imperial
Valley Mall
P.S. - Plaza
Bonita
P.S. - Coral
Square Mall
P.S. - Opry
Mills Mall
P.S. - Sunrise
Mall (TX)
P.S. Parkdale Mall
P.S. Southland
Mall
P.S. - Katy
Mills Mall
P.S. Connecticut
Post
P.S. Trumbulll
Shopping
Center
P.S. Lakeland
Square Mall
P.S. Governor's
Square
P.S. - Citrus
Park Town
Center
P.S. Oglethorpe
Mall

Exhibit C -

Wacker Drive
1468

1468 Dogwood Ave

El Centro,
CA

92243

3,958

CBL & Associates

Management Inc.

2030 Hamilton
Place Blvd

Chattanooga

TN

37421-6000

2304C

3030 Plaza Bonita

Road
9469 West Atlantic
Blvd.
433 Opry Mills Drive

National City,
CA
Coral
Springs, FL
Nashville, TN

91950

4,064

Westfield

Los Angeles

CA

90025

33071

3,901

Indianapolis

IN

46204

37214

3,000

Indianapolis

IN

46204-3438

2370 North
Expressway
6155 Eastex Freeway

78256

3,000

Chattanooga

TN

37421-6000

77706

3,192

Chattanooga

TN

37421-6000

33189

3,149

Simon Property
Group
Simon Property
Group
CBL & Associates
Management Inc.
CBL & Associates
Management Inc.
Gumburg Asset
Mgmt. Corp.

11601 Wilshire
Blvd, 12th Floor
225 W
Washington St
225 W
Washington St
2030 Hamilton
Place Blvd
2030 Hamilton
Place Blvd
3200 North
Federal Highway

Ft.
Lauderdale

FL

33306

77494

3,213

9085
310
1250

1171

20505 South Dixie

Highway

Brownsville,
TX
Beaumont,
TX
Cutler Bay,
FL

720

5000 Katy Mills Circle

Katy, TX

2050

1201 Boston Post

Road

Milford , CT

1099

5065 Main Street

Trumbull, CT

622

3800 US Highway 98
North

2090
8126

D-408

31

225 W
Washington St
11601 Wilshire
Blvd, 12th Floor

Indianapolis

IN

46204-3438

3,307

Simon Property
Group
Westfield

Los Angeles

CA

90025

06611

3,839

Westfield

11601 Wilshire
Blvd, 12th Floor

Los Angeles

CA

90025

Lakeland, FL

33809

2,639

Rouse Properties,
Inc.

1114 Avenue of
the Americas

New York

NY

10036

1500 Apalachee
Parkway

Tallahassee,
FL

323013006

2,857

General Growth

110 North
Wacker Drive

Chicago

IL

60606

8021 Citrus Park

Town Center

Tampa, FL

3,327

Westfield

11601 Wilshire
Blvd, 12th Floor

Los Angeles

CA

90025

7804 Abercorn Street

Savannah,
GA

2,991

General Growth

110 North
Wacker Drive

Chicago

IL

60606

31406

80
US_ACTIVE:\44451676\5\11727.0008

16-11275

3306
3307
3308
3309
3310
3312
3314
3315
3316
3317
3318
3319
3320
3321
3322
3323

P.S.
Cumberland
Mall
P.S. - Augusta
Mall
P.S. - Francis
Scott Key
P.S. - Valley
Mall
P.S. - Logan
Valley Mall
P.S.
Wyoming
Valley Mall
P.S. Galveston
Outlets
P.S. - York
Galleria
P.S. - Arbor
Place Mall
P.S. Holyoke Mall
at Ingleside
P.S. - Uptown
Village at
Cedar Hill
P.S. Peachtree
Mall
P.S. Square
One Mall
P.S. Pecanland
Mall
P.S. - Orange
Park Mall
P.S. - Miami
International

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

Prepetition Term Loan Agreement Pg 205 of 236

Exhibit C -

0170

1000 Cumberland
Mall

Atlanta, GA

30339

4,365

General Growth

110 North
Wacker Drive

Chicago

IL

60606

1360

3450 Wrightsboro
Road
5500 Buckytown Pike

Augusta, GA

30909

3,351

General Growth

Chicago

IL

60606

21703

3,000

Preit Services LLC

Philadelphia

PA

19102

17301 Valley Mall

Road
5580 Goods Lane

Frederick,
MD
Hagerstown,
MD
Altoona, PA

21740

3,500

Preit Services LLC

Philadelphia

PA

19102

16602

3,243

Preit Services LLC

Philadelphia

PA

19102

346

29 Wyoming Valley
Mall

Wilkes Barre,
PA

18701

3,385

PR Wyoming
Valley LP

110 North
Wacker Drive
200 S Broad St,
3rd Floor
200 S Broad St,
3rd Floor
200 S Broad St,
3rd Floor
200 S Broad St,
the Bellevue

Philadelphia

PA

19102

420

5885 Gulf Freeway

Texas City,
TX

77591

3,200

Tanger Properties,
L.P.

3200 Northline
Avenue

Greensboro

NC

27408

122

2899 Whiteford Rd.

York, PA

17402

3,066

TN

37421-6000

6700 Douglas Blvd.

30315

3,911

Chattanooga

TN

37421-6000

D-257

50 Holyoke St.

Douglasville,
GA
Holyoke, MA

01040

3,136

2030 Hamilton
Place Blvd
2030 Hamilton
Place Blvd
4 Clinton Square

Chattanooga

1190

CBL & Associates

Management Inc.
CBL & Associates
Management Inc.
Pyramid

Syracuse

NY

13202-1078

0836
0322
0946

202

305 W. FM 1382

Cedar Hill,
TX

75104

3,703

MG Herring Group

5710 LBJ
Freeway

Dallas

TX

75240

0018

3507 Manchester
Expwy

Columbus,
GA

31909

2,818

General Growth

110 North
Wacker Drive

Chicago

IL

60606

S115

1201 Broadway

Saugus, MA

01906

3,407

IN

46204

4700 Millhaven Road

Monroe, LA

71203

3,300

225 W
Washington St
110 North
Wacker Drive

Indianapolis

1226

Simon Property
Group
General Growth

Chicago

IL

60606

G16

1910 Wells Road

32073

2,938

46204

33172

2,696

225 W
Washington St
225 W
Washington St

IN

1455 NW 107th
Avenue

Simon Property
Group
Simon Property
Group

Indianapolis

124

Orange Park,
FL
Miami, FL

Indianapolis

IN

46204

81
US_ACTIVE:\44451676\5\11727.0008

16-11275

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

Prepetition Term Loan Agreement Pg 206 of 236

Exhibit C -

Mall
3324

3325
3326
3327
3329
3330
3331
3332
3333
3334
3335
3336
3337
3338
3339

P.S. MainPlace
Shoppingtow
n LLC
P.S. - Edison
Mall
PS - Foothills
P.S. - Patrick
Henry Mall
P.S. - South
Bay Galleria
Gran Plaza
Outlets
P.S. - Town
East Mall
P.S. - Outlet
Shoppes At
Atlanta
P.S. Cherryvale
Mall
P.S. Northpark
Mall
P.S. Town
Center at
Cobb
P.S. Meadows
Mall
P.S. Ashland
Town Center
P.S. Cordova
Mall
P.S. Emerald
Square Mall

540

1035A
185
0819

2800 N Main Street

Santa Ana,
CA

92705

2,968

Westfield

11601 Wilshire
Blvd, 12th Floor

Los Angeles

CA

90025

4125 Cleveland
Avenue
7401 N. La Cholla
Blvd.
12300 Jefferson
Avenue
1815 Hawthorne Blvd

Fort Myers,
FL
Tucson, AZ

33901

3,069

Indianapolis

IN

46204-3438

85741

4,487

Columbus

OH

43219

23602

3,214

225 W
Washington St
4300 East Fifth
Ave
200 S Broad St,
3rd Floor
50 Public Square

Philadelphia

PA

19102

Cleveland

OH

44113

West
Hollywood
Mesquite

CA

90069

TX

75150

Muskegon

MI

49441

90278

3,085

92231

3,983

Simon Property
Group
Schottenstein
Property Group
PREIT Services
LLC
Forest City
Enterprises
Charles Company

H100 ,
H150
1238

888 W 2nd Street

Newport
News, VA
Redondo
Beach , CA
Calexico, CA

2063 Town East Mall

Mesquite, TX

75170

2,963

General Growth

D410

915 Ridgewalk
Parkway

Woodstock,
GA

30188

3,630

Horizon Group
Properties, LP

9034 West
Sunset Blvd
110 North
Wacker Drive
5000 Hakes
Drive

E-64

7200 Harrison Avenue

Cherry
Valley, IL

2,821

CBL & Associates

Management Inc.

2030 Hamilton
Place Blvd

Chattanooga

TN

37421-6000

1122A

1200 E Countryline
Road

Ridgeland,
MS

39157

2,996

Simon Property
Group

225 W
Washington St

Indianapolis

IN

46204

331

400 Barrett Parkway

Kennesaw,
GA

30144

3,500

Simon Property
Group

225 W
Washington St

Indianapolis

IN

46204-3438

2180

4300 Meadows Lane

89107

3,260

General Growth

IL

60606

500 Winchester
Avenue
5100 N 9th Avenue

41101

2,809

Glimcher

Columbus

OH

43215

325048769
02760

3,414

Simon Property
Group
Simon Property
Group

110 North
Wacker Drive
180 E Broad St,
21st Floor
225 W
Washington St
225 W
Washington St

Chicago

336

Las Vegas,
NV
Ashland, KY

Indianapolis

IN

46204-3438

Indianapolis

IN

46204

206

F611A
E209

999 S Washington
Street

Pensacola, FL
N
Attleborough,
MA

3,489

82
US_ACTIVE:\44451676\5\11727.0008

16-11275

3340
3342
3344
3345
3347
3349
3350
3351
3352
3353
3354
3355
3356
3357
3358

P.S. White
Plains
Galleria
P.S.
Livingston
Mall
P.S.
Tippecanoe
Mall
P.S. Aurora
Town Center
P.S.
Coastland
Center
P.S. Boise
Towne
Square
P.S. - Grand
Central Mall
P.S. - Great
Lakes Mall
P.S. Crossroads
Center
P.S. Panorama
Mall
P.S.
Northridge
Mall
P.S. - Pacific
View Mall
P.S. - Park
Place Mall
P.S. - Mall of
New
Hampshire
P.S.
Glenbrook
Mall

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

Prepetition Term Loan Agreement Pg 207 of 236

Exhibit C -

433A

100 Main Street

White Plains,
NM

10601

3,084

Simon Property
Group

225 W
Washington St

Indianapolis

IN

46204

1004A

112 Eisenhower
Parkway

Livingston ,
NJ

07039

3,481

Simon Property
Group

225 W
Washington St

Indianapolis

IN

46204-3438

0G04

2415 Sagamore
Parkway S

Lafayette, IN

47905

4,215

Simon Property
Group

225 W
Washington St

Indianapolis

IN

46204-3438

2027

14200 East Alameda

Aurora, CO

3,165

46204-3438

Naples, FL

2,798

225 W
Washington St
110 North
Wacker Drive

IN

1900 Tamiani Trail N

Simon Property
Group
General Growth

Indianapolis

J0008

800122511
34102

Chicago

IL

60606

2147

350 N Milwaukee

Boise, ID

83704

3,602

General Growth

110 North
Wacker Drive

Chicago

IL

60606

273

100 Grand Central

Avenue
7850 Mentor Avenue

Vienna, WV

26105

2,712

Glimcher

Columbus

OH

43215

Mentor, OH

44060

3,500

Indianapolis

IN

4101 W Division
Street

St. Cloud ,
MN

56301

3,145

Simon Property
Group
General Growth

180 E Broad St,

21st Floor
225 W
Washington St
110 North
Wacker Drive

Chicago

IL

4620433438
60606

36

8401 Van Nuys Blvd

Panorama
City, CA

91402

3,000

Macerich

401 Wilshire
Blvd.

Panorama
City

CA

91402

F10

796 Northridge Mall

Salinas, CA

93906

3,130

General Growth

110 North
Wacker Drive

Chicago

IL

60606

2260

3301 E Main Street

Ventura, CA

93003

3,813

Macerich

Ventura

CA

93003

506

Tucson, AZ

85711

2,805

General Growth

Chicago

IL

60606

S163

5870 E. Broadway
Blvd
1500 S Willow

Manchester ,
NH

03103

3,477

Simon Property
Group

401 Wilshire
Blvd.
110 North
Wacker Drive
225 W
Washington St

Indianapolis

IN

46204

B03

4201 Coldwater Road

Fort Wayne ,
IN

46805

3,510

General Growth

110 North
Wacker Drive

Columbia

MD

21044

554B
A0019

83
US_ACTIVE:\44451676\5\11727.0008

16-11275

3359
3360
3361
3362
3363
3364
3365
3366
3367
3368
3369
3370
3371
3372
3373
3374
3375

P.S. Greenwood
Mall
P.S. Asheville
Mall
P.S. EastGate Mall
P.S. Jefferson
Mall
P.S. Turtle
Creek Mall
P.S. First
Colony Mall
P.S. Burnsville
Center
P.S. Rivergate
Mall
P.S. Westgate
Mall
P.S. Lakeside Mall
P.S. Triangle
Town Center
P.S. Weatherford
Ridge
P.S. - Central
Plaza
P.S. Pearland
Town Center
P.S. North
Riverside
Park
P.S.Fox
Valley
P.S. Salmon

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

Prepetition Term Loan Agreement Pg 208 of 236

114

2625 Scottsville Road

Bowling
Green, KY

H-02

3 South Tunnel Road

Asheville,
NC

A-212

4601 Eastgate
Boulevard
Jefferson Blvd &
Outer Loop Road
1000 Turtle Creek
Drive
16535 Southwest
Freeway
1178 Burnsville
Center

Cincinnati,
OH
Louisville,
KY
Hattiesburg,
MS
Sugar Land,
TX
Burnsville,
MN

1000 Rivergate
Parkway
205 W Blackstock
Road
14000 Lakeside Circle

Goodlettsville
, TN
Spartanburg,
SC
Sterling
Heights, MI
Raleigh, NC

A-240
75
860
1080
1670
210
1150
FU2049

5959 Triangle Town

Boulevard

unnamed

I-20 and Highway 171

Weatherford,
TX

BOK

Lubbock, TX

E9

6221 Slide Road. Unit

BOK
Highway 288 & FM
518
7501 W Cermak Rd

B3
B104

1035

42104

45245

3,393

General Growth

110 North
Wacker Drive

Columbia

MD

21044

3,276

CBL & Associates

Management Inc.

2030 Hamilton
Place Blvd

Chattanooga

TN

37421-6000

3,427

CBL & Associates

Management Inc.
CBL & Associates
Management Inc.
CBL & Associates
Management Inc.
General Growth

2030 Hamilton
Place Blvd
2030 Hamilton
Place Blvd
2030 Hamilton
Place Blvd
110 North
Wacker Drive
2030 Hamilton
Place Blvd

Chattanooga

TN

37421

Chattanooga

TN

37421-6000

Chattanooga

TN

37421-6000

Chicago

IL

60606

Chattanooga

TN

37421-6000

Atlanta

GA

30326

Chattanooga

TN

37421-6000

Sterling
Heights
Chattanooga

MI

49015

TN

37421-6000

3,473
3,322
77479

3,529

55306

3,724

CBL & Associates

Management Inc.

2,783

Hendon Properties

29301

3,484

49015

3,519

CBL & Associates

Management Inc.
Lakeside Mall

76085

Exhibit C -

3,564

CBL & Associates

Management Inc.

3445 Peachtree
Road
2030 Hamilton
Place Blvd
15000 Lakeside
Circle
2030 Hamilton
Place Blvd

3,237

North American
Development Grp

3829 W Spring
Creek Pkwy

Plano

TX

75023

3,200

Dunhill Partners

Dallas

TX

75205

CBL & Associates

Management Inc.
The Feil
Organization

3100 Monticello,
Suite 300
2030 Hamilton
Place Blvd
370 &th Avenue,
Suite 618

Chattanooga

TN

37421-6000

New York

NY

10001

Fox Valley Mall

LLC
Pyramid

2049 Century
Park East
4 Clinton Square

Los Angeles

CA

90067

Syracuse

NY

13202-1078

Pearland, TX

77584

3,500

N Riverside,
IL

60546

3,356

195 Fox Valley Center

Aurora, IL

60504

3,000

Interstate Rt 81, NYS

Watertown,

3,498

84
US_ACTIVE:\44451676\5\11727.0008

16-11275

Run
3376

P.S.
Northridge
Fashion Ctr
3377
P.S. Fairfield
Commons
3380
P.S. - Oakdale
Mall
3381
Chimney
Rock Mall
3384
P.S. - Galleria
at Crystal Run
3385
P.S. -Gurnee
Mills Mall
3401
PS National
Harbor
Corporate Locations
100004

ADI*

101004

West Coast
Distribution
Center*
Canadian
Office
NJ Office*

100014
C
100014
NJ
200014
NY

NYC Office*

200014
NY

NYC Office*

200014
NY

NYC Office*

78
W253
76
A
C-210A
793

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

Prepetition Term Loan Agreement Pg 209 of 236

Rt. 3

NY

9301 Tampa Avenue

Northridge,
CA

2727 Fairfield
Commons Drive
601-635 Harry L.
Drive
TX 191 and 338

Beavercreek,
OH
Johnson City,
NY
Odessa, TX

One Galleria Drive

Middletown,
NY
Gurnee, IL

6170 W Grand
Avenue

450

Block
73.01
01004
208
Lyndhu
rst 3rd,
4th 5th
10014 22nd
Floor
10015 22nd
Floor
Expansi
on
10017 25th

91324

13790

2 Brick Plant Road

950 N. Barrington Ave
6205 B Airport Road
125 Chubb Avenue

South River,
NJ
Ontario, CA
Mississauga,
ON
Lyndhurst,
NJ

3,073

General Growth

110 North
Wacker Drive

Chicago

IL

60606

3,030

Glimcher

Columbus

OH

43215

2,827

Vornado

180 E Broad St,

21st Floor
210 Route 4 East

Paramus

NJ

3,016

Excel Property
Group
Pyramid Mgmt
Group LLC
Simon Property
Group
Tanger Properties,
L.P.

17410 Bernardo
Center Drive,
4 Clinton Square

San Diego

CA

92198-1324

Syracuse

NY

13202-1078

Indianapolis

IN

46204-3438

Greensboro

NC

27408

LIT-Northend LLC

2100 McKinney
Ave, STE 700
2817 E. Cedar
Street

Dallas

TX

75201

Ontairo

CA

91761

Mississauga

ON

L4V1E3

New York

NY

10170

10941

3,349

60031

2,889

Oxon Hill,
MD

3,100

08810
91761

Exhibit C -

315,00
0
359,99
6

ProLogis

L4V1E3

1,391

Orlando Corporation

07071

68,949

SL Green Realty
Corp.

225 W
Washington St
3200 Northline
Ave

6205 Airport
Road
420 Lexington
Ave

112 West 34th Street

New York,
NY

10017

34,672

Helmsley Spear

60 East 42nd
Street

New York

NY

10017

112 West 34th Street

New York,
NY

10017

4,133

Helmsley Spear

60 East 42nd
Street

New York

NY

10017

112 West 34th Street

New York,
NY

10017

10,158

Helmsley Spear

60 East 42nd
Street

New York

NY

10017

85
US_ACTIVE:\44451676\5\11727.0008

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

Prepetition Term Loan Agreement Pg 210 of 236

Exhibit C -

Floor
200014
NY

NYC Office*

200014
NY

NYC Office*

200014
NY

NYC Office*

10018 26th
Floor
10020 16th
Floor
11th
Floor

112 West 34th Street

New York,
NY

10017

10,158

Helmsley Spear

60 East 42nd
Street

New York

NY

10017

112 West 34th Street

New York,
NY

10017

29,639

Helmsley Spear

60 East 42nd
Street

New York

NY

10017

901 Avenue of the

America

New York,
NY

10001

32,355

Vornado

210 Route 4 East

Paramus

NJ

07652

86
US_ACTIVE:\44451676\5\11727.0008

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Doc 4-3 Filed 05/04/16 Entered 05/04/16 02:17:03 Exhibit C Exhibit 4-6 to
Prepetition Term Loan Agreement Pg 211 of 236
Loan and Security Agreement
Encumbrances

Debtor
Name:

State Level

Secured Party

File
Date

File Number

Aeropostale,
Inc.

DE

SOS

Key Equipment Finance Inc.

5/1/09

20091390282

Aeropostale,
Inc.

DE

SOS

General Electric Capital Corporation

5/4/09

20091402830

Aeropostale,
Inc.

DE

SOS

IBM Credit LLC

8/12/09

20092594643

Aeropostale,
Inc.

DE

SOS

8/17/09

20092636964

Aeropostale,
Inc.

DE

SOS

Pearland Town Center Limited

Partnership/CBL & Associates
Limited Partnership
IBM Credit LLC

8/19/09

20092666268

Aeropostale,
Inc.

DE

SOS

IBM Credit LLC

9/8/09

20092880331

Aeropostale,
Inc.

DE

SOS

IBM Credit LLC

10/5/09

20093187785

Aeropostale,
Inc.

DE

SOS

Pom-College Station, LLC

10/12/09 20093276844

Aeropostale,
Inc.

DE

SOS

IBM Credit LLC

4/1/10

20101125339

Aeropostale,
Inc.

DE

SOS

IBM Credit LLC

4/13/10

20101282007

Aeropostale,
Inc.

DE

SOS

IBM Credit LLC

7/1/10

20102314551

Aeropostale,
Inc.

DE

SOS

IBM Credit LLC

7/19/10

20102507550

Aeropostale,
Inc.

DE

SOS

IBM Credit LLC

9/20/11

20113611996

US_ACTIVE:\44451676\5\11727.0008

16-11275

Debtor
Name:

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

Prepetition Term Loan Agreement Pg 212 of 236

State Level

Secured Party

Exhibit C -

File
Date

File Number

Aeropostale,
Inc.

DE

SOS

General Electric Capital Corporation

9/29/11

20113740654

Aeropostale,
Inc.

DE

SOS

IBM Credit LLC

10/7/11

20113872028

Aeropostale,
Inc.

DE

SOS

IBM Credit LLC

12/16/11 20114839984

Aeropostale,
Inc.

DE

SOS

General Electric Capital Corporation

8/7/12

20123039908

Aeropostale,
Inc.

DE

SOS

IBM Credit LLC

9/20/12

20123633973

Aeropostale,
Inc.

DE

SOS

General Electric Capital Corporation

10/15/12 20123956895

Aeropostale,
Inc.

DE

SOS

General Electric Capital Corporation

1/3/13

20130026261

Aeropostale,
Inc.

DE

SOS

IBM Credit LLC

1/3/13

20130041153

Aeropostale,
Inc.

DE

SOS

General Electric Capital Corporation

4/5/13

20131319319

Aeropostale,
Inc.

DE

SOS

General Electric Capital Corporation

4/8/13

20131331009

Aeropostale,
Inc.

DE

SOS

General Electric Capital Corporation

5/31/13

20132067024

Aeropostale,
Inc.

DE

SOS

AT&T Capital Services, Inc.

6/10/13

20132211127

Aeropostale,
Inc.

DE

SOS

AT&T Capital Services, Inc.

12/9/13

20134849197

Aeropostale,
Inc.

DE

SOS

AT&T Capital Services, Inc.

12/27/13 20135128906

88
US_ACTIVE:\44451676\5\11727.0008

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Doc 4-3 Filed 05/04/16 Entered 05/04/16 02:17:03 Exhibit C Exhibit 4-7 to
Prepetition Term Loan Agreement Pg 213 of 236
Loan and Security Agreement
Indebtedness

None.

US_ACTIVE:\44451676\5\11727.0008

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Doc 4-3 Filed 05/04/16 Entered 05/04/16 02:17:03 Exhibit C Exhibit 4-8 to
Prepetition Term Loan Agreement Pg 214 of 236
Loan and Security Agreement
Insurance Policies
(See attached).

US_ACTIVE:\44451676\5\11727.0008

16-11275

US_ACTIVE:\44451676\5\11727.0008

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

Prepetition Term Loan Agreement Pg 215 of 236

Exhibit C -

16-11275

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

Prepetition Term Loan Agreement Pg 216 of 236

Exhibit C -

92
US_ACTIVE:\44451676\5\11727.0008

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

Prepetition Term Loan Agreement Pg 217 of 236

Exhibit C -

93
US_ACTIVE:\44451676\5\11727.0008

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

Prepetition Term Loan Agreement Pg 218 of 236

Exhibit C -

94
US_ACTIVE:\44451676\5\11727.0008

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

Prepetition Term Loan Agreement Pg 219 of 236

Exhibit C -

95
US_ACTIVE:\44451676\5\11727.0008

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

Prepetition Term Loan Agreement Pg 220 of 236

Exhibit C -

96
US_ACTIVE:\44451676\5\11727.0008

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

Prepetition Term Loan Agreement Pg 221 of 236

Exhibit C -

97
US_ACTIVE:\44451676\5\11727.0008

16-11275

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

Prepetition Term Loan Agreement Pg 222 of 236

Exhibit C -

98
US_ACTIVE:\44451676\5\11727.0008

16-11275

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

Prepetition Term Loan Agreement Pg 223 of 236

Exhibit C -

99
US_ACTIVE:\44451676\5\11727.0008

16-11275

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

Prepetition Term Loan Agreement Pg 224 of 236

Exhibit C -

100
US_ACTIVE:\44451676\5\11727.0008

16-11275

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

Prepetition Term Loan Agreement Pg 225 of 236

Exhibit C -

101
US_ACTIVE:\44451676\5\11727.0008

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

Prepetition Term Loan Agreement Pg 226 of 236

Exhibit C -

102
US_ACTIVE:\44451676\5\11727.0008

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Doc 4-3 Filed 05/04/16 Entered 05/04/16 02:17:03 Exhibit C Exhibit 4-10 to
Prepetition Term Loan Agreement Pg 227 of 236
Loan and Security Agreement
Capital Leases

None.

US_ACTIVE:\44451676\5\11727.0008

16-11275

Doc 4-3 Filed 05/04/16 Entered 05/04/16 02:17:03 Exhibit C Exhibit 4-13 to
Prepetition Term Loan Agreement Pg 228 of 236
Loan and Security Agreement
Taxes

None.

US_ACTIVE:\44451676\5\11727.0008

16-11275

Doc 4-3 Filed 05/04/16 Entered 05/04/16 02:17:03 Exhibit C Exhibit 4-17 to
Prepetition Term Loan Agreement Pg 229 of 236
Loan and Security Agreement
Litigation

None.

US_ACTIVE:\44451676\5\11727.0008

16-11275

Doc 4-3 Filed 05/04/16 Entered 05/04/16 02:17:03 Exhibit C Exhibit 4-22 to
Prepetition Term Loan Agreement Pg 230 of 236
Loan and Security Agreement

Permitted Management Fees and Other Affiliated Transactions

(See Attached).

US_ACTIVE:\44451676\5\11727.0008

16-11275

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

Prepetition Term Loan Agreement Pg 231 of 236

Exhibit C -

Permitted Management Fees and other Affiliated Transactions

Aeropostale,
Inc. (Aero
Inc.)

Aeropostale
West, Inc.
(AeroWest)

Aeropostale
Canada, Inc.
(AeroCanada)

Aero GC
Mgmnt
LLC (GC
Mgmt)

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

Aeropostale
Puerto Rico,
Inc.
(Aero-PR)

PS Store
Puerto
Rico

Aeropostale
Licensing,
Inc.
(Licensing)

Aeropostale
Procurement
Co., Inc.
(ProcureCo)

Management Fee paid by

Aero-West to Aero
Inc. for services performed

Asset

Liab

Liab

Asset

Interest Expense paid by

Aero Inc. to AeroWest on interco balances
Management Fee paid by
Aero-Canada to
Aero Inc. for services
performed

Asset

Liab

Management Fee paid by

Aero-Canada to
Procure-Co for services
performed

Liab

Asset

Liab

Asset

Royalty paid by Aero-Canada

to Procure-Co
for trademark use
Interest Expense paid by
Aero-Canada to
Aero Inc. on interco balances
if any

Asset

Interest Expense paid by

Aero-Canada to

Liab
Liab

Asset

Procure-Co on interco
balances if any
Management Fee paid by GC
Mgmt to Aero
Inc. for services performed

Asset

Liab

Sales Commission paid by

GC Mgmt to Aero

Asset

Liab

Liab

Asset

Inc. for sales of gift cards at

store level
Redemption Fee paid by
Aero Inc. to GC
Mgmt for providing gift card

US_ACTIVE:\44451676\5\11727.0008

GoJane, LLC

16-11275

Aeropostale,
Inc. (Aero
Inc.)

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

Prepetition Term Loan Agreement Pg 232 of 236

Aeropostale
West, Inc.
(AeroWest)

Aeropostale
Canada, Inc.
(AeroCanada)

Aero GC
Mgmnt
LLC (GC
Mgmt)

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

Aeropostale
Puerto Rico,
Inc.
(Aero-PR)

PS Store
Puerto
Rico

Exhibit C -

Aeropostale
Licensing,
Inc.
(Licensing)

Aeropostale
Procurement
Co., Inc.
(ProcureCo)

GoJane, LLC

services
Interest expense paid by Aero
Inc. to GC
Mgmt on interco balances if
any

Liab

Asset

Management Fee paid by PS

to Aero Inc. for
services performed

Asset

Liab

Asset

Liab

Interest Expense paid by PS

to Aero Inc. on
interco balances if any
Management Fee paid by
Aero-PR to Aero
Inc. for services performed

Asset

Liab

Liab

Management Fee paid by

Licensing to Aero
Inc. for services performed

Asset

Liab

Asset

Liab

Interest Expense paid by

Licensing to Aero
Inc. on interco balances if
any
Management Fee paid by
Procure-Co to Aero
Inc. for services performed

Asset

Liab

Liab

Asset

Sourcing Fee paid by Aero

Inc. to Procure-Co
for inventory purchases
Sourcing Fee paid by AeroWest to ProcureCo for inventory purchases

Liab

Asset

Sourcing Fee paid by PS to

Procure-Co for
inventory purchases

Liab

Asset

Management Fee paid by

GoJane to Aero Inc.
for services performed

Asset

Liab

108
US_ACTIVE:\44451676\5\11727.0008

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Doc 4-3 Filed 05/04/16 Entered 05/04/16 02:17:03 Exhibit C Exhibit 4-23 to
Prepetition Term Loan Agreement Pg 233 of 236
Loan and Security Agreement
Excluded Assets

None.

US_ACTIVE:\44451676\5\11727.0008

16-11275

Doc 4-3 Filed 05/04/16 Entered 05/04/16 02:17:03 Exhibit C Exhibit 4-28 to
Prepetition Term Loan Agreement Pg 234 of 236
Loan and Security Agreement
Labor Matters

None.

US_ACTIVE:\44451676\5\11727.0008

16-11275

Doc 4-3 Filed 05/04/16 Entered 05/04/16 02:17:03 Exhibit C Exhibit 4-31 to
Prepetition Term Loan Agreement Pg 235 of 236
Loan and Security Agreement
Material Contracts

1. Amended and Restated E-Commerce Agreement between GSI Commerce Solutions, Inc. and
Aeropostale, Inc. dated as of September 22, 2008, as amended
2. ABL Credit Agreement
3. Sourcing Agreement
4. Series B Documents

US_ACTIVE:\44451676\5\11727.0008

16-11275

Doc 4-3 Filed 05/04/16 Entered 05/04/16 02:17:03 Exhibit C Exhibit 6-3 to
Prepetition Term Loan Agreement Pg 236 of 236
Loan and Security Agreement
Bonds and Deposits

None.

US_ACTIVE:\44451676\5\11727.0008

16-11275

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Filed 05/04/16 Entered 05/04/16 02:17:03

to First Day Declaration Pg 1 of 38

Schedules to the Declaration

WEIL:\95641329\20\11727.0012

Schedule (s) 1 - 12

16-11275

Doc 4-4

Filed 05/04/16 Entered 05/04/16 02:17:03

to First Day Declaration Pg 2 of 38

Schedule (s) 1 - 12

Schedule 1
Committees
Pursuant to Local Rule 1007-2(a)(3), to the best of the Debtors knowledge and
belief, no committee has been organized prior to the Commencement Date.

WEIL:\95641329\20\11727.0012

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Doc 4-4

Filed 05/04/16 Entered 05/04/16 02:17:03

to First Day Declaration Pg 3 of 38

Schedule (s) 1 - 12

Schedule 2
Consolidate List of 40 Largest Unsecured Claims (Excluding Insiders)10
Pursuant to Local Rule 1007-2(a)(4), the following is a list of creditors holding, as
of May 2, 2016, the forty (40) largest, unsecured claims against the Debtors, on a consolidated
basis, excluding claims of insiders as defined in 11 U.S.C. 101.

Name of Creditor and

complete Mailing Address
Including Zip code

Name, telephone Number,

and email address of
creditor contact

LF Sourcing Millwork LLC

350 Fifth Ave 9th Floor
New York, NY 10118

Carlos Camacho
(212) 827-3352
carlos@loyaltexusa.com

Trade Debts

Amount of unsecured claim

If the claim is fully unsecured, fill in only
unsecured claim amount. If claim is partially
secured, fill in total claim amount and
deduction for value of collateral or setoff to
calculate unsecured claim.
Total
Deduction
Unsecured claim
claim, if
for value of
partially
collateral or
secured
setoff
$ 14,287,208

Hansae CO LTD
(Yeouido-Dong,5F) 29
Eunhaenh-Ro YeongdeungpoGu
Seoul, South Korea 150-739
LF Sourcing (MWK) - SAT
Legal Name: LI & Fung
SAE-A
1359 Broadway 18th Floor
New York, NY 10018
LF Sourcing (MWK) - GES
Legal Name: LI & Fung GES
1359 Broadway 18th Floor
New York, NY 10001
Apparel MFG DV Jeanjer
LLC
1400 Broadway 14th Floor
New York, NY 10018
Bethany Mota
C/O Gettleson Witzer &
O'Conner
1600 Ventura Blvd Suite 900
Encino, CA 91436
Taubman
Taubman Auburn Hills
200 E. Long Lake Road Suite
300
Bloomfield Hills, MI 484042324
BBASE IDG LTD
2505 The Centrium
60 Wyndham Street
Central Hong Kong, Hong
Kong

Mr. Lee Yong Baek

myjeong@hansae.com

Trade Debts

$ 1,287,408

Carlos Camacho
(212) 827-3352
carlos@loyaltexusa.com

Trade Debts

$ 1,110,049

Carlos Camacho
(212) 827-3352
carlos@loyaltexusa.com

Trade Debts

$ 762,144

Eddie Ben Aderet

(646) 383-8200
ebenaderet@jordache.com

Trade Debts

$ 640,904

310-288-9977
roconner@getwitz.com

Marketing

$ 500,000

248-258-6800
mmainville@taubman.com

Trade Debt

$ 479,487

Trade Debts

$ 450,425

Nature of the
claim (for
example, trade
debts, bank
loans,
professional
services, and
government
contracts)

Indicate if claim
is contingent,
unliquidated, or
disputed

Emma Chung
852-3167-7808
emma.chung@bbase.com.hk

10

The information herein shall not constitute an admission of liability by, nor is it binding on, the Debtors. All
claims are subject to customary offsets, rebates, discounts, reconciliations, credits, and adjustments, which are not
reflected on this Schedule.

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Doc 4-4

Filed 05/04/16 Entered 05/04/16 02:17:03

to First Day Declaration Pg 4 of 38

Nature of the
claim (for
example, trade
debts, bank
loans,
professional
services, and
government
contracts)

Indicate if claim
is contingent,
unliquidated, or
disputed

Schedule (s) 1 - 12

Amount of unsecured claim

If the claim is fully unsecured, fill in only
unsecured claim amount. If claim is partially
secured, fill in total claim amount and
deduction for value of collateral or setoff to
calculate unsecured claim.
Total
Deduction
Unsecured claim
claim, if
for value of
partially
collateral or
secured
setoff
$ 424,208

Name of Creditor and

complete Mailing Address
Including Zip code

Name, telephone Number,

and email address of
creditor contact

General Growth
Legal Name: General Groth
Properties
110 North Wacker Drive
Chicago, IL 60606
KOEX LLC
2525 Ponce De Leon Blvd
Suite 300
Coral Gables, FL 33134
American Express
200 Vesey Street
New York, NY 10285

Kevin Berry
kevin.berry@ggp.com

Trade Debt

305-910-9851
i.legorgeu@koex.es

Trade Debts

$ 351,757

Patti DeVore
(845) 942-0807
patricia.a.devore@aexp.com

Professional
Services

$ 343,000

Tote Fashion Int'l LTD

RM 228 2/F Secure House
68 How Ming Street
Kwun Tong, HK

Keven Li
886 935 246007
keven@totefashion.com.tw

Trade Debts

$ 287,625

Katten, Muchin, Rosenman

575 Madison Avenue
New York, NY 10022-2585

212-940-8800

Professional
Services

$ 279,677

Aptos Inc.
Legal Name: Aptos Inc. FKA
Epicor RSG (US), Inc.
15 Governor Drive
Newburgh, NY 12550
Titanium Marketing
425 Fifth Ave Suite 601
New York, NY 10016

Jane Webb
(514) 428-2163
jwebb@aptos.com

Professional
Services

$ 216,024

212-889-8888
salesattmi@gmail.com

Trade Debts

$ 206,673

Flexfit LLC
350 Karin Lane
Hicksville, NY 11801

516-932-8800
johnj@flexfit.com

Trade Debts

$ 200,517

Vornado
Legal Name: Vornado Realty
Trust
888 Seventh Ave
New York, NY 10019

212-894-7000
molguin@vno.com

Trade Debt

$ 192,979

UPS
PO Box 7247-0244
Philadelphia, PA 19170-0001
Mia's Fashion MFG CO INC
12623 Cisneros Lane
Santa Fe Springs, CA 90670

Jeffrey Hardgrove
201-306-8755
jeffhardgrove@ups.com
Suhna Lee
562-906-1060 ext. 112
suhna@miasfashion.com

Trade Debts

$ 182,359

Trade Debts

$ 179,506

Westfield
2049 Century Park East 41st
Floor
Century City, CA 90067
Rouse Properties, Inc.
1114 Avenue of the Americas
Suite 2800
New York, NY 10036-7703
CBL & Associates
Management Inc.
CBL Center Suite 500
2030 Hamilton Place Blvd
Chattanooga, TN 37421-6000

310-478-1267
leasing@westfield.com

Trade Debt

$ 176,918

212-608-5108
info@rouseproperties.com

Trade Debt

$ 168,797

423-893-4224
info@ccblproperties.com

Trade Debt

$ 168,496

2
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to First Day Declaration Pg 5 of 38

Schedule (s) 1 - 12

Name of Creditor and

complete Mailing Address
Including Zip code

Name, telephone Number,

and email address of
creditor contact

Nature of the
claim (for
example, trade
debts, bank
loans,
professional
services, and
government
contracts)

Triple Five
Legal Name: Triple Five
Group of Companies
9440 W Sahara Suite 240
Las Vegas, NV 89117
Codigo
1100 S. San Pedro Street #C-8
Los Angeles, CA 90015

702-430-5810

Trade Debts

Amount of unsecured claim

If the claim is fully unsecured, fill in only
unsecured claim amount. If claim is partially
secured, fill in total claim amount and
deduction for value of collateral or setoff to
calculate unsecured claim.
Total
Deduction
Unsecured claim
claim, if
for value of
partially
collateral or
secured
setoff
$ 159,765

213-745-4676
codigausa@hotmail.com

Trade Debts

$ 137,944

IBM Corporation
1 New Orchard Road
Armonk, NY 10504-1722

800-426-6006
tgcsar@us.ibm.com

Professional
Services

$ 137,246

Forest City Enterprises

Legal Name: Forest City
Realty Trust
1100 Terminal Tower
50 Public Square
Cleveland, OH 44113-2203
Allure Eyeware
28243 Network Place
Chicago, IL 60673-1282

216-621-6060
jefflinton@forestcity.net

Trade Debt

$ 130,179

917-566-3200

Trade Debts

$ 125,970

Cafaro Company
2445 Belmont Ave
Youngstown, OH 44504

330-743-2719
ebuschau@cafarocompany.c
om

Trade Debt

$ 124,884

Ceridian Employer Service

3311 EW. Old Shakopee Rd.
Minneapolis, MN 55425

212-887-1010
cenretirees@ceridian.com

Professional
Services

$ 122,188

Toshiba Global Commerce

3039 Cornwallis Rd.
Research Triangle Park
Wake County, NC 27709

888-491-4487
toshiba_comms@toshibagcs
.com

Professional
Services

$ 117,612

Ebay Enterprise Inc.

Legal Name: GSI Commerce
Solutions Inc.
935 1st Avenue
King of Prussia, PA 19406
Rexel Capitol Light
PO Box 418453
Boston, MA 02241-8453

Jimmy Caplan
(610) 491-7986
jcaplan@ebay.com

Trade Debts

$ 117,271

800-621-1230

Trade Debts

$ 112,024

Facility Source INC

202 North Central Ave. Suite
1200
Phoenix, AZ 85004
GSCM LLC
Legal Name: International
Sources LLC
C/O GSCM Limited UG Floor
926-928 Cheung Sha Wan Rd
Kowloon 852
Horizon Properties Group
375 Southpointe Blvd. Suite
410
Canonsburg, PA 15317

614-318-1868

Professional
Services

$ 107,282

852-8228-8330

Trade Debts

$ 103,416

724-743-7721
kgeyer@horizonprop.net

Trade Debt

$ 100,659

3
WEIL:\95641329\20\11727.0012

Indicate if claim
is contingent,
unliquidated, or
disputed

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to First Day Declaration Pg 6 of 38

Schedule (s) 1 - 12

Name of Creditor and

complete Mailing Address
Including Zip code

Name, telephone Number,

and email address of
creditor contact

Nature of the
claim (for
example, trade
debts, bank
loans,
professional
services, and
government
contracts)

KRG Enterprises, INC

9901 Blue Grass Road
Philadelphia, PA 19114

215-708-2811

Trade Debts

Amount of unsecured claim

If the claim is fully unsecured, fill in only
unsecured claim amount. If claim is partially
secured, fill in total claim amount and
deduction for value of collateral or setoff to
calculate unsecured claim.
Total
Deduction
Unsecured claim
claim, if
for value of
partially
collateral or
secured
setoff
$ 100,418

Kimera International INC

Legal Name: Kimera
International LLC
DBA Lilian Shoes
18400 San Jose Ave
City of Industy, CA 91748
Price Waterhouse Coopers,
LLC
300 Madison Avenue
New York, NY 10017-6204
Shoe Republic LA, INC
131 Brea Canyon Road
Walnut, CA 91789

626-810-7088

Trade Debts

$ 93,461

813-286-6000
carline.s.nolan@us.pwc.com

Professional
Services

$ 91,655

909-348-5348

Trade Debts

$ 90,864

Trade Debts

$ 85,892

High Jump Software, LLC

NW 5230 P.O. BOX 1450
Minneapolis, MN 55485

4
WEIL:\95641329\20\11727.0012

Indicate if claim
is contingent,
unliquidated, or
disputed

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to First Day Declaration Pg 7 of 38

Schedule (s) 1 - 12

Schedule 3
Consolidated List of Holders of Five Largest Secured Claims
Pursuant to Local Rule 1007-2(a)(5), to the best of the Debtors knowledge,
belief, and understanding, the following chart lists the creditors holding, as of the
Commencement Date, the five (5) largest secured, non-contingent claims against the Debtors, on
a consolidated basis, excluding claims of insiders as defined in 11 U.S.C. 101.
Name
Wells Fargo Capital Finance

Bank of America Merrill Lynch

Sycamore Partners
IBM Credit LLC

AT&T Capital Services, Inc.

WEIL:\95641329\20\11727.0012

Address
One Boston Place
19th Floor
Boston , MA 02108
100 Federal Street
Boston, MA 02110
9 W 57th Street #31
New York, NY 10019
7100 Highlands
Parkway
Smyma, GA 30082
1 ATT Way
Bedminster NJ 07921

Contact
Ian Maccubbin, Vice President
Ian.S.Maccubbin@wellsfargo.com
Fax: 855.800.8974
Kathleen Dimock, Managing Director
kathleen.dimock@baml.com
John D. Woodworth, Chief Financial Officer
jwoodworth@sycamorepartners.com
John P. Annuzzi
annuzzi@us.ibm.com
igfnadoc@us.ibm.com
David Lissy
Dl8283@att.com
leasing@att.com

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to First Day Declaration Pg 8 of 38

Schedule (s) 1 - 12

Schedule 4
Condensed Consolidated Balance Sheet (Unaudited)
as of March 30, 2016
AERPOSTALE INC.
CONSOLIDATED
BALANCE SHEETS USD
(Amounts in Thousands, except per share data)
04/02/16

02/27/16

01/30/16

04/04/15

(Curr Month)

(Last Month)

(Prior YE)

(LY Curr Mo)

ASSETS
CURRENT ASSETS
Cash and Cash Equivalents

17,016

22,208

65,097

115,279

Merchandise Inventory

135,873

134,574

119,821

141,257

Prepaid Expenses

26,350

26,808

28,377

27,584

Prepaid Taxes

3,845

3,908

3,912

17,585

9,344

10,184

10,199

18,991

TOTAL CURRENT ASSETS

192,608

197,682

227,406

321,072

Fixtures, Equipment & Improv

92,370

94,311

96,377

123,591

Intangibles

21,967

22,004

22,042

22,597

Restricted Cash Non-current

1,509

1,509

1,509

2,007

Deferred Financing

5,151

5,302

5,454

5,736

Other Assets

1,621

1,596

1,596

1,569

TOTAL ASSETS

315,226

322,404

354,384

477,030

61,461

88,912

96,196

96,687

Deferred Income Taxes

Tenant Allowance Receivable

Other Current Assets

Deferred Income Taxes

LIABILITIES &
SHAREHOLDERS' EQ
CURRENT LIABILITIES
Accounts Payable

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to First Day Declaration Pg 9 of 38

Accrued Expense

57,149

Short Term Revolver

39,468

Current Loan Payable

5,000

66,968

74,519

5,000

5,000

Schedule (s) 1 - 12

80,224

04/02/16

02/27/16

01/30/16

04/04/15

(Curr Month)

(Last Month)

(Prior YE)

(LY Curr Mo)

TOTAL CURRENT LIABILITIES

163,078

160,880

175,715

176,911

Deferred Rent, Tenant Allowance

56,850

57,216

57,526

63,730

Retirement Benefit Plan Liab

5,610

5,742

4,471

5,803

Uncertain Tax Liability Reserv

2,059

2,059

2,059

1,917

Unearned Vendor Rebate

9,653

9,928

10,215

17,500

Other Non Current Liabilities

1,951

2,089

2,083

8,123

Non-Current Loan Payable

137,752

138,840

137,960

14,236

TOTAL LIABILITIES

376,953

376,754

390,029

414,220

Common Stock

810

810

810

796

Additional Paid-in-Capital

256,497

256,075

255,085

249,824

Other Comprehensive Income

4,013

3,577

3,389

2,278

Retained Earnings

(319,306)

(311,072)

(291,908)

(186,863)

Treasury Stock

(3,742)

(3,742)

(3,742)

(3,225)

TOTAL SHAREHOLDERS' EQUITY

(61,728)

(54,352)

(35,646)

(62,810)

TOTAL LIABILITIES

315,225

322,402

354,383

477,030

SHAREHOLDERS' EQUITY

INTERNALLY PREPARED/UNAUDITED

2
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to First Day Declaration Pg 10 of 38

Schedule (s) 1 - 12

Schedule 5
The Debtors Securities
Pursuant to Local Rule 1007-2(a)(7), the Debtors have issued the following shares
of stock that are publicly traded. The securities listed in the chart below were issued by
Aropostale Inc.
Type of Security

Principal Amount

Common Stock
Series B Convertible
Preferred Stock

$80,586,276
$1,000

WEIL:\95641329\20\11727.0012

Approximate Number
of Record Holders
500
1

As of
April 1, 2016
April 1, 2016

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to First Day Declaration Pg 11 of 38

Schedule (s) 1 - 12

Schedule 6
Debtors Property Not in the Debtors Possession
Local Rule 1007-2(a)(8) requires the Debtors to list property that is in the
possession or custody of any custodian, public officer, mortgagee, pledgee, assignee of rents,
secured creditor, or agent for any such entity.
In the ordinary course of business, on any given day, property of the Debtors
(including security deposits or other collateral with counterparties to certain commercial
relationships) is likely to be in the possession of various third parties, including, vendors,
shippers, common carriers, materialmen, distributors, warehousemen, service providers or
custodians, where the Debtors ownership interest is not affected. Because of the constant
movement of this property, providing a comprehensive list of the persons or entities in
possession of the property and their addresses and telephone numbers would be impractical.

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to First Day Declaration Pg 12 of 38

Schedule (s) 1 - 12

Schedule 7
Pursuant to Local Rule 1007-2(a)(9), the following lists the property or premises
leased or held under other arrangement from which the Debtors operate their businesses.
Leased Property11
Store Name

Address

Town

State

Zip Code

Franklin Mills Mall

1434 Franklin Mills Cir

Philadelphia

PA

19154

Arizona Mills Mall

5000 S Arizona Mills Circle

Tempe

AZ

85282

Newport Centre

30 262 Mall Drive West

Jersey City

NJ

07307

Stoneridge Mall

1120 Stoneridge Mall Dr

Pleasanton

CA

95466

Bridgewater Commons

400 Commons Way

Bridgewater

NJ

08807

Great Northern Mall

Great Northern Blvd

North Olmstead

OH

44070

Woodbridge Center

260 Woodbridge Ctr Dr

Woodbridge

NJ

07095

Staten Island Mall

2655 Richmond Ave #247A

Staten Island

NY

10314

Rockaway

Route 80 & Mt Hope Ave #1

Rockaway

NJ

07866

The Mall at Greece Ridge

Ridge & Long Pond Rd

Rochester

NY

14626

Ross Park Mall

1000 Ross Park Mall Dr

Pittsburgh

PA

15237

The Mall at St. Matthews

5000 Shelbyville Rd #1340

Louisville

KY

40207

Cherry Hill Mall

2000 New Jersey 38

Cherry Hill

NJ

08002

Valley Fair Shopping Center

2855 Stevens Creek Blvd.

Santa Clara

CA

95050

River Oaks Center

River Oaks Dr

Calumet City

IL

60409

Lycoming Mall

300 Lycoming Mall Cir US Rts. 220 & 180

Pennsdale

PA

17756

Lehigh Valley Mall

250 Lehigh Valley Mall

Whitehall

PA

18052

Hamilton Mall

Black Horse Pike

Mays Landing

NJ

08330

Square One Mall

363 Square One Mall

Saugus

MA

01906

Dadeland

7225 Dadeland Mall

Miami

FL

33156

Sunrise Mall

Sunrise Hwy & Carmons Rd

Massapequa

NY

11758

Manhattan Mall

901 Avenue of the America

New York

NY

10001

Eastview Mall

7979 Pittsford-Victor Road Route 96

Victor

NY

14564

Garden State Plaza

Route 4 & Route 17 #L1A

Paramus

NJ

07652

Marketplace Mall

3400 W Henrietta Rd

Rochester

NY

14623

Walden Galleria

2000 Walden Ave L213

Buffalo

NY

14225

Del Amo Mall

21712 Hawthorne Blvd #14

Torrance

CA

90503

Roosevelt Field Mall

630 Old Country Rd #1036 & 1037

Garden City

NY

11530

Smith Haven Mall

148 Smith Haven Mall J03

Lake Grove

NY

11755

Emerald Square

999 South Washington South Street D322

North Attleboro

MA

02760

Twelve Oaks Mall

27688 Novi Rd D181

Novi

MI

48377

11

The classification of the contractual agreements listed herein as real property leases or property held by other
arrangements is not binding upon the Debtors.

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to First Day Declaration Pg 13 of 38

Schedule (s) 1 - 12

Store Name

Address

Town

State

Zip Code

Poughkeepsie Galleria

2001 South Rd

Poughkeepsie

NY

12601

Hamilton Place

2100 Hamilton Place Blvd #267

Chattanooga

TN

37421

Gwinnett Place

2100 Pleasant Hill Rd

Duluth

GA

30096

Castleton Square

6020 E 82nd St

Indianapolis

IN

46250

Towne Center At Cobb

400 Earnett Barrett Pkwy

Kennesaw

GA

30144

Crossgates Mall

120 Washington Ave Ext D206A

Albany

NY

12203

Scottsdale Fashion Square

7014 E Camelback Rd #2129

Scottsdale

AZ

85251

Jefferson Valley Mall

650 Lee Blvd

Heights

NY

10598

Trumbull Shopping Park

5065 Main St

Trumbull

CT

06611

Concord Mall

4737 Concord Pike

Wilmington

DE

19803

Oxford Valley Mall

2300 E Lincoln Hwy

Langhorne

PA

19047

Paramus Park Mall

700 Paramus Park #1675

Paramus

NJ

07652

King's Plaza Mall

5240 Kings Plaza

Brooklyn

NY

11234

Willowbrook Mall

1444 Willowbrook Mall #1126

Wayne

NJ

07470

Park City Center

220 Park City Ctr #C220

Lancaster

PA

17601

Ohio Valley Mall

Unit #295 Mall Road St.

Clairsville

OH

43950

Los Cerritos Center

156 Los Cerritos Ctr

Cerritos

CA

90703

Monroeville Mall

US Rt 22 E

Monroeville

PA

15146

Natick Mall

1245 Worcester Rd

Natick

MA

01760

Aventura Mall

19575 Biscayne Blvd

Miami

FL

33180

Belden Village

4381 Belden Village Mall

Canton

OH

44718

Dulles Town Center

21100 Dulles Town Cir

Dulles

VA

20166

Lakeside Mall

14000 Lakeside Cir D129

Sterling Heights

MI

48313

Holyoke Mall

50 Holyoke St

Holyoke

MA

01040

Genesee Valley Center

3231 S Linden Rd

Flint

MI

48507

Greenwood Park Mall

1251 US 31 N

Indianapolis

IN

46142

University Park Mall

6501 N Grape Rd

Mishawaka

IN

46545

Cross County

8000 Mall Walk Box # 3

Yonkers

NY

10704

St. Charles Towne Center

5000 Rt 301 S

Waldorf

MD

20603

Great Lakes Mall

7850 Mentor Ave #330

Mentor

OH

44060

West Town Mall

7600 Kingston Pike #1156

Knoxville

TN

37919

Edison Mall

4125 Cleveland Ave

Fort Meyers

FL

33901

Quaker Bridge Mall

Rt 1 & Quaker Bridge Rd

Lawrenceville

NJ

08608

Livingston Mall

112 Eisenhower Pkwy #1022A

Livingston

NJ

07039

Ocean County Mall

1201 Hooper Ave #101L Toms

River

NJ

08753

Tri-County Mall

11700 Princeton Pike G-9

Cincinnati

OH

45246

Monmouth Mall

Rts 35 & 36

Eatontown

NJ

07724

White Plains

100 Main St #489 White

Plains

NY

10601

Willow Grove Park

2500 Moreland Rd

Grove

PA

19090

Galleria At Crystal Run

1 Galleria Dr Ste 111 D209

Middletown

NY

10940

2
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Schedule (s) 1 - 12

Store Name

Address

Town

State

Zip Code

Carousel Center

9090 Destiny USA Drive

Syracuse

NY

13204

Sunvalley Mall

1 Sun Valley Mall

Concord

CA

94520

Hawthorn Center

707 Hawthorn Ctr

Hills

IL

60061

Stratford Square Mall

220 Stratford Square B20

Bloomingdale

IL

60108

Deptford Mall

300 N Almonession Rd

Deptford

NJ

08096

Stamford Town Center

100 Grey Rock Pl

Stamford

CT

06901

Woodfield Mall

5 Woodfield Mall G311

Schaumburg

IL

60173

Fox Valley

2426 Fox Valley Ctr

Aurora

IL

60504

Danbury Fair Mall

7 Backus Ave

Danbury

CT

06810

Freehold Raceway Mall

3710 Rt 9

Freehold

NJ

07728

Christiana Mall

132 Christiana Mall

Newark

DE

19702

Columbia Mall

10300 Little Patuxent Pkwy #153

Columbia

MD

21044

Menlo Park Mall

100 Menlo Park Mall Rd

Edison

NJ

08837

Southlake Mall

2141 Southlake Mall Dr

Merrillville

IN

46410

Boulevard Mall

1231 Niagara Falls Blvd

Amherst

NY

14226

Fairfield Commons Mall

2727 Fairfield Mall

Beavercreek

OH

45432

Lynnhaven Mall

701 Lynnhaven Pkwy D06A

Beach

VA

23452

Seminole Towne Center

268 Towne Center Cir

Sanford

FL

32771

Chesterfield Towne Center

11500 Midlothian

Midlothian

VA

23113

Queens Center

90-15 Queens Blvd

Elmhurst

NY

11373

Great Northern Mall

4081 Rt 31

Clay

NY

13041

Sangertown Mall

Rt 5 & 5A G-02

Hartford

NY

13413

Westmoreland Mall

5256 Rt 30 E #218

Greensburg

PA

15601

Dover Mall

3024 Dover Mall

Dover

DE

19901

Green Acres Mall

1005 Green Acres Mall

Valley Stream

NY

11581

Tippecanoe Mall

2415 Sagamore Pkwy.

Lafayette

IN

47905

Fox Run Mall

50 Fox Run Rd #1

Newington

NH

03801

Hudson Valley Mall

1300 Ulster Avenue

Kingston

NY

12401

Metrocenter Mall

9818 Metro Pkwy E

Phoenix

AZ

85051

Palisades Center

2452 Palisades Center Dr B203

West Nyack

NY

10994

South Shore Mall

1701 Sunrise Hwy

Bay Shore

NY

11706

Stones River Mall

1720 Old Fort Parkway

Murfreesboro

TN

37129

Southland

23000 Eureka Rd 1290

Taylor

MI

48180

Dayton Mall

2700 Miamisburg Centerville Road

Dayton

OH

45459

The Shoppes at Buckland Hills

194 Buckland Hills Dr 1138

Manchester

CT

06040

Mall Of New Hampshire

1500 S Willow St W123

Manchester

NH

03103

Crystal Mall

850 Hartford Tpke R207

Waterford

CT

06385

Annapolis Mall

1340 Annapolis Mall

Annapolis

MD

21401

Orland Square

240 Orland Square B11

Chicago

IL

60462

Northshore Mall

210 Andover St E155

Peabody

MA

01960

3
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to First Day Declaration Pg 15 of 38

Schedule (s) 1 - 12

Store Name

Address

Town

State

Zip Code

Southern Park Mall

7401 Market St 725

Youngstown

OH

44512

Great Lakes Crossing

4532 Baldwin Rd 859

Hills

MI

48326

Northwoods Mall

2150 Northwoods Blvd G532

Charleston

SC

29406

Mall of America

60 E Broadway N118

Bloomington

MN

55425

Hanes Mall

3320 Silas Creek Pkwy AL-120

Winston Salem

NC

27103

Rivertown Crossing

3700 Rivertown Pkwy SW 2048

Grandville

MI

49418

Providence Place

118 Providence Pl B307

Providence

RI

02903

Meriden Square Mall

470 Lewis Ave 4068

Meriden

CT

06451

Southpark Center

408 Southpark Ctr DL-408

Strongsville

OH

44136

Glenbrook Square Mall

4201 Coldwater Rd E6 Fort

Wayne

IN

46805

Market Place

2000 N Neil St 340

Champaigne

IL

61820

Summit Mall

3265 W Market St 258A

Akron

OH

44333

Eastwood Mall

5555 Youngstown-Warren Rd 652

Niles

OH

44446

College Mall

2918 E Third St M13A

Bloomington

IN

47401

Muncie Mall

3501 N Granville Ave L05

Muncie

IN

47303

Haywood Mall

700 Haywood Mall 2045

Greenville

SC

29605

Jersey Gardens

651 Kapkowski Rd 2076

Elizabeth

NJ

07201

Meridian Mall

1982 E Grand River Ave 243

Lansing

MI

48864

Franklin Park Mall

5001 Monroe St 520

Toledo

OH

43623

Potomac Mills Center

2700 Potomac Mills Cir 247

Woodbridge

VA

22192

Coolsprings Galleria

1800 Galleria Blvd 2430

Franklin

TN

37067

Fairlane Town Center

18900 Michigan Ave N314

Dearborn

MI

48126

Colonial Mall Gadsden

1001 Rainbow Dr

Gadsden

AL

35901

Pheasant Lane Mall

310 Daniel Webster Hwy E145

Nashua

NH

03060

Honey Creek

3401 S US Hwy 41 B2 Terre

Haute

IN

44310

RiverGate Mall

1000 Two Mile Pkwy A6A

Goodlettsville

TN

37072

Cary Town Center

1105 Walmut St E4428

Raleigh

NC

27511

Grand Central Mall

100 Grand Central Mall 273

Vienna

WV

26105

Mall At Johnson City

2011 N Roan St 17

Johnson City

TN

37601

Maplewood Mall

3001 White Bear Ave 2012

Maplewood

MN

55109

Fashion Square Mall

4691 Fashion Square Mall C312

Saginaw

MI

48604

Wilton Mall

3065 Rt 50 E18 Saratoga

Springs

NY

12866

Asheville Mall

3 S Tunnel Rd L42

Asheville

NC

28805

Burnsville Center

1178 Burnsville Ctr

Burnsville

MN

55306

Eastland Mall

800 N Green River Rd 64

Evansville

IN

47715

Opry Mills

433 Opry Mills Dr

Nashville

TN

57214

Circle Centre Mall

49 W Maryland St F16

Indianapolis

IN

46225

Tysons Corner Center

7983 Tysons Corner Ctr G5U

McLean

VA

22102

Arundel Mills

7000 Arundel Mills Cir 211

Hanover

MD

21076

Arnot Mall

3300 Chambers Rd Suite 5127

Horsehead

NY

14844

4
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to First Day Declaration Pg 16 of 38

Schedule (s) 1 - 12

Store Name

Address

Town

State

Zip Code

Arbor Place

6700 Douglas Blvd 1180

Douglassville

GA

30315

Governor's Square

1500 Apalachee Pkwy 2170

Tallahassee

FL

32301

Miller Hill

1600 Miller Trunk Hwy J08

Duluth

MN

55811

Oak Court

4465 Poplar Ave 1130

Memphis

TN

38117

Four Seasons Mall

209 Four Seasons Town Ctr 209

Greensboro

NC

27427

Harford Mall

678 Belair Rd

Belair

MD

21014

Meadowbrook Mall

2640 Meadowbrook Rd 640

Bridgeport

WV

26330

Sandusky Mall

4314 Milan Rd 327

Sandusky

OH

44870

Eastland Mall

1615 E Empire St 1055

Bloomington

IL

61701

Brass Mill Center

495 Union St 1128

Waterbury

CT

06706

White Marsh

8200 Perry Hall Blvd 2035

Baltimore

MD

21236

Concord Mills

8111 Concord Mills Blvd 699

Concord

NC

28027

Augusta Mall

3450 Wrightsboro Rd 1131

Augusta

GA

30909

Independence Mall

3500 Oleander Dr 1093

Wilmington

NC

28403

Greenville Mall

714 SE Greenville Blvd D4

Greenville

NC

27858

Richland Mall

649 Richland Mall A7

Mansfield

OH

44906

North Dartmouth Mall

137 North Dartmouth Mall 1360

Dartmouth

MA

02747

Eastland Mall

2716 Eastland Mall B8

Columbus

OH

43232

Woodland Mall

3195 28th St 1A Grand

Rapids

MI

49512

Valley Hills Mall

1960 Hwy 70 SE 230

Hickory

NC

28602

Riverchase Galleria

2000 Riverchase Galleria V2

Hoover

AL

35244

Westroads Mall

10000 California St

Omaha

NE

68114

Tanger Outlet Riverhead

1770 W Main St 304

Riverhead

NY

11901

Springfield Mall

1250 Baltimore Pkwy 10BU

Springfield

PA

19064

Macomb Mall

32281 Gratiot Ave 240/250

Roseville

MI

48066

Mall of Louisiana

6401 Blue Bonnet Blvd 2186

Central

LA

70836

River Hills Mall

1850 Adams St 308

Mankato

MN

56001

Colonial Mall Bel Aire

3449 Bel Air Mall C19

Mobile

AL

36606

Northtown Mall

398 Northtown Dr H19

Blaine

MN

55434

Bangor Mall

663 Stillwater Ave E6

Bangor

ME

04401

Oakdale Mall

601-635 Harry L. Drive Suite 76

Johnson City

NY

13790

Independence Center

1162 Independence Center Dr

Independence

MO

64057

Polaris Fashion Place

1500 Polaris Pkwy 2094

Columbus

OH

43240

South County Mall

51 South County Centerway 51

Koch

MO

63129

Valley View Mall

4802 Valley View Blvd NW LB40

Roanoke

VA

24012

McKinley Mall

3701 McKinley Pkwy 807

Buffalo

NY

14219

Maine Mall

364 Main Mall Rd W11

South Portland

ME

04106

CherryVale Mall

7200 Harrison Ave Suite 5

Rockford

IL

61112

St. Clair Square

134 St Clair Square

Fairview Heights

IL

62208

Cross Creek Mall

443 Cross Creek Mall TB7

Fayetteville

NC

28303

5
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to First Day Declaration Pg 17 of 38

Schedule (s) 1 - 12

Store Name

Address

Town

State

Zip Code

Charlestown Town Center

2105 Charleston Town Ctr

Charleston

WV

25389

White Oaks Mall

2501 W Wabash C10

Springfield

IL

62704

Park Plaza Mall

6000 West Markham Street

Little Rock

AR

72205

Chicago Ridge Mall

444 Chicago Ridge Mall Drive

Chicago

IL

60415

Ashland Town Center

500 Winchester Ave 468

Ashland

KY

41101

River Valley Mall

1635 River Valley Circle South

Lancaster

OH

43130

Logan Valley Mall

5580 Goods Lane 2138

Altoona

PA

16602

Capital City

3506 Capital City Mall Dr Camp

Hill

PA

17011

Jefferson Pointe Mall

4120 W Jefferson Blvd H10 Fort

Wayne

IN

46804

The Mall at Whitney Field

100 Commercial Road Formerly Searstown Mall

Leominster

MA

46804

Oakwood Mall

4800 Golf Rd 322 Eau

Claire

WI

54701

The Lakes Mall

1740 Mt Garfield Rd 1076

Muskegon

MI

49444

York Galleria

2899 Whiteford Road Suite #227

York

PA

17402

Robinson Town Center

Park Manor Blvd.

Pittsburgh

PA

15205

Stroud Mall

344 Stroud Mall Rd. Ste 152

Stroudsburg

PA

18360

Connecticut Post

1201 Boston Post Rd 2041

Milford

CT

06460

Berkshire Mall

1665 State Hill Rd G7

Wyomissing

PA

19610

The Plaza at King of Prussia

160 N Guloph

Prussia

PA

19406

Eastgate Mall

4601 Eastgate Blvd 344

Cincinnati

OH

45245

Southpark Mall

224 South Park Cir F40

Colonial Heights

VA

23834

Gateway Mall

6100 O Street

Lincoln

NE

68505

Spring Hill Mall

1072 Spring Hill Mall Lease ID # 405001 000337

West Dundee

IL

60118

Solomon Pond

601 Donald Lynch Blvd N219

Marlborough

MA

01752

Mall of Georgia

3333 Buford Dr

Buford

GA

30519

Northwoods Mall

2200 West War Memorial Dr.

Peoria

IL

61613

Wausau Center

C-302 Wausau Center

Wausau

WI

54403

Birchwood Mall

4350 24th Avenue #324

Fort Gratiot

MI

48059

Susquehanna Mall

Rtes 11 & 15

Selinsgrove

PA

17870

Salmon Run Mall

Interstate Rte 81 NYS Rte 3

Watertown

NY

13601

Champlain Centres

459 Rte 3 C119 P

Plattsburgh

NY

12901

Florence Mall

1132 Florence Mall

Florence

KY

41042

Jefferson Mall

4801 Outer Loop

Louisville

KY

40219

University Mall

155 Dorset Street

South Burlington

VT

05403

The Mall at Rockingham

99 Rockingham Park Blvd

Salem

NH

03079

Brookfield Square

Brookfield

WI

53005

The Galleria

95 North Moorland Road

Galleria Drive Rt 219 and Route 56 Bypass, Galleria
Drive

Johnstown

PA

15901

Kenwood Towne Center

7875 Montgomery Road

Cincinnati

OH

45236

Kentucky Oaks Mall

5101 Hinkleville Road

Paducah

KY

42001

Apple Blossom Mall

1850 Apple Blossom Drive

Winchester

VA

22601

Wolfchase Galleria

2760 North Germantown Parkway

Memphis

TN

38133

6
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to First Day Declaration Pg 18 of 38

Schedule (s) 1 - 12

Store Name

Address

Town

State

Zip Code

Magnolia Mall

271 David McLead Boulevard

Florence

SC

29501

West Towne Mall

66 West Towne Mall

Madison

WI

53719

Northgate Mall

9501 Colerain Avenue

Cincinnati

OH

45251

Brunswick Square

755 State Highway 18 East

Brunswick

NJ

08816

The Town Center at Easton

4045 The Strand West

Columbus

OH

43219

Indian Mound Mall

771 South 30th Street

Heath

OH

43056

Towne East Square

7700 East Kellog Drive

Wichita

KS

67207

Sikes Senter

3111 Midwestern Parkway

Wichita Falls

TX

76308

Georgia Square Mall

3700 Atlanta Highway Suite 212

Athens

GA

30606

Mall of Abilene

4310 Buffalo Gap Rd

Abilene

TX

79606

Central Mall

5111 Rogers Avenue

Fort Smith

AR

72903

Westwood Mall

1850 West Michigan Ave.

Jackson

MI

49201

Penn Square Mall

1901 Northwest Expressway

Oklahoma City

OK

73116

Louis Joliet

1118 Mall Loop Drive

Joliet

IL

60431

Crossroads Center

4101 West Division Street St.

Cloud

MN

56301

University Mall

1237 East Main Street PO Box 3187

Carbondale

IL

62902

Cape Cod Mall

Route 132 & Route 28

Hyannis

MA

02601

Grand Traverse

3200 S Airport Road West

Traverse City

MI

49684

Lakeland Mall

3800 US HWY 98N. RM 304

Lakeland

FL

33809

Colony Square Mall

3575 Maple Ave

Zanesville

OH

43701

Towne Mall

1704 Dixie Highway

Elizabethtown

KY

42701

Viewmont Mall

100 Viewmont Dr

Scranton

PA

18508

Lansing Mall

5330 W. Saginaw Highway

Lansing

MI

48917

Governor's Square

2801 Wilma-Rudolph Blvd

Clarksville

TN

37042

Eastfield Mall

1655 Boston Road

Springfield

MA

01129

Northpark Mall

Northpark Mall 101 Rangeline Road

Joplin

MO

64801

Northgate Mall

203 Northgate Mall

Chattanooga

TN

37415

Hulen Mall

1070 Hulen Mall

Fort Worth

TX

76132

Apache Mall

333 Apache Mall

Rochester

MN

55902

Anderson Mall

3101 North Main Street

Anderson

SC

29621

South Shore

250 Granite Street

Braintree

MA

02184

Northgate Mall

1058 West Club Road

Raleigh

NC

27701

Yorktown Mall

133 Yorktown Center

Lombard

IL

60148

Pecanland

4700 Millhaven Road

Monroe

LA

71203

Park Place

5870 East Broadway Blvd

Tucson

AZ

85711

Neshaminy Mall

622 Neshaminy Mall

Bensalem

PA

19020

Triangle Town Center

5950 Triangle Town Blvd.

Raleigh

NC

27616

The Oaks Mall

6357 West Newberry Road

Gainsville

FL

32605

Collin Creek

811 North Central Expressway

Plano

TX

75075

Carolina Place

11025 Carolina Place Parkway

Pineville

NC

28134

7
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to First Day Declaration Pg 19 of 38

Schedule (s) 1 - 12

Store Name

Address

Town

State

Zip Code

Parks at Arlington

3811 South Cooper Street #2206

Arlington

TX

76015

Town Square Mall

5000 Frederica Street

Owensboro

KY

42301

Prime Retail Grove City

1911 Leesburg

Grove City

PA

16127

Prime Retail Hagerstown

495 Prime Outlets Blvd.

Hagerstown

MD

21740

Tanger Outlet San Marcos

3939 South I H 35 Suite 450

San Marcos

TX

78666

Rehoboth Beach Outlet

Rehoboth Beach

DE

19971

Valley Mall

1600 Ocean Outlets

1925 E. Market Street Attention: Mall Management
Office

Harrisonburg

VA

22801

Greenwood Mall

2625 Scottsville Road

Bowling Green

KY

42104

Myrtle Beach Factory Stores

4625 Factory Stores Blvd.

Myrtle Beach

SC

29579

Prime Outlets at Pleasant Prai

11211 120th Avenue

Kenosha

WI

53158

Prime Outlets at Jeffersonvill

8755 Factory Shops Blvd

Jeffersonville

OH

43128

Prime Outlets at Birch Run

12140 South Beyer Road

Birch Run

MI

48415

Prime Outlets at Niagara Falls

1672 Military Road

Niagara Falls

NY

14304

Waterloo Premium Outlets

655 Route 318

Waterloo

NY

13165

New River Valley

782 New River Road

Christiansburg

VA

24073

Crossroads Mall

6650 South Westnedge Road

Portage

MI

49024

Wyoming Valley Mall

29 Wyoming Valley Mall

Wilkes Barre

PA

18702

Geneva Commons

502 Commons Way

Geneva

IL

60134

Southridge Mall

5300 South 76th Street

Greendale

WI

53129

Grapevine Mills

3000 Grapevine Mills Parkway

Grapevine

TX

76051

Golden East Crossings

1100 N. Wesleyan Blvd

Rocky Mount

NC

27804

Sarasota Square

8201 South Tamiami Trail

Sarasota

FL

34238

Green Tree Mall

757 E. Highway 131

Clarksville

IN

47129

Columbia Mall

2300 Bernadette Drive

Columbia

MO

65203

Quintard Mall

700 Quintard Drive

Oxford

AL

36203

Huntington Mall

Route 60 and Mall Road

Barboursville

WV

25504

Bellis Fair Mall

1 Bellis Fair Parkway

Bellingham

WA

98226

Patrick Henry

12300 Jefferson Ave.

New Port

VA

23602

The Citadel

750 Citadel Drive

Colorado Springs

CO

80909

Northeast Mall

1001 Melbourne Street

Hurst

TX

76053

South Hill Mall

3500 South Meridian

Puyallup

WA

98373

Vancouver Mall

8700 NE Vancouver Mall Drive

Vancouver

WA

98662

Bay Park Square

303 Bay Park Square

Bay

WI

54304

Country Side Mall

27001 US Highway 19

Clearwater

FL

33761

Fox River Mall and Plaza

4301 West Wisconsin Ave

Appleton

WI

54913

Lima Mall

2400 Elida Road

Lima

OH

45805

Valley View

3800 State Road 16

LaCrosse

WI

54601

Post Oak Mall

1500 Harvey Road

College Station

TX

77840

Carolina Mall

1408 Concord Parkway

Concord

NC

28025

Valley West Mall

1551 Valley West Drive

West DeMoines

IA

50266

8
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to First Day Declaration Pg 20 of 38

Schedule (s) 1 - 12

Store Name

Address

Town

State

Zip Code

Cordova Mall

5100 North Nine Avenue

Pensacola

FL

32504

Quail Springs

2501 West Memorial Road

Oklahoma City

OK

73134

Towne West Square

4600 West Kellogg

Wichita

KS

67209

Altamonte Mall

451 East Altamonte Drive Suite 1453

Altamonte Springs

FL

32701

Vista Ridge

2401 South Stemmons Fairway

Lewisville

TX

75067

North Star

7400 San Pedro

San Antonio

TX

78216

Memorial City Mall

303 Memorial City Mall

Houston

TX

77027

Empire Mall

1230 Empire Mall

Sioux Falls

SD

57106

Southern Hills

4400 Sergeant Road

Sioux City

IA

51106

Oglethorpe Mall

7804 Abercorn Street

Savannah

GA

31406

Southlake Mall

1206 Southlake Mall

Morrow

GA

30260

Mill Creek Mall

250 Millcreek Mall

Erie

PA

16565

Vintage Faire Mall

3401 Dale Road

Modesto

CA

95356

Wiregrass Commons

900 Commons Drive

Dothan

AL

36303

Westgate Mall

205 West Blackstock Road

Spartanburg

SC

29301

Deerbrook Mall

20131 Highway 59 North

Humble

TX

77338

Colonial Mall Valdosta

1700 Norman Drive

Valdosta

GA

31601

Parkway Place

2801 South Memorial Parkway

Huntsville

AL

35801

Francis Scott Key

5500 Buckyestown

Frederick

MD

21703

Tanger Outlet Sevierville

1645 Parkway Suite

Sevierville

TN

37862

Prime Outlets at Ellenton

5109 Factory Shops Blvd

Ellenton

FL

34222

Prime Outlets at Gaffney

235 Factory Shops Blvd.

Gaffney

SC

29341

Tanger Outlet Center Foley

2601 Soth McKenzie See

Foley

AL

36535

Gettysburg Village Factory Sto

1863 Gettysburg Village Drive

Gettysburg

PA

17325

Woodland Hills Mall

7021 South Memorial Drive

Tulsa

OK

74133

South Plains Mall

6002 Slide Road

Lubbock

TX

79414

Rivercenter Mall

849 East Commerce Street

San Antonio

TX

78205

Lakeline Mall

11200 Lakeline Mall Drive

Cedar Park

TX

78613

Tuttle Crossing

5043 Tuttle Crossing Blvd

Dublin

OH

43016

Lakeforest Mall

701 Russell Ave

Gaithersburg

MD

20877

Clackamas Town Center

12000 South E. 82nd Ave

Portland

OR

97086

Fort Henry Mall

2101 Fort Henry Drive

Kingsport

TN

37664

Regency Square Mall

301 Cox Creek Parkway

Florence

AL

35630

Acadiana Mall

5725 Johnston Street

Lafayette

LA

70503

Spotsylvania Mall

305 Spotsylvania Mall

Fredericksburg

VA

22407

Rushmore Mall

2200 North Maple

Rapid City

SD

57701

Castle Rock

5050 Factory Shops Blvd

Castle Rock

CO

80106

Northpark

1200 East County Line Road

Ridgeland

MS

39157

Tyrone Square

6901 Tyrone Square St.

Petersburg

FL

33710

West Acres Mall

3902 13th Ave Southwest

Fargo

ND

58103

9
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to First Day Declaration Pg 21 of 38

Schedule (s) 1 - 12

Store Name

Address

Town

State

Zip Code

University Mall

2205 University Square Mall

Tampa Bay

FL

33612

Oakridge Mall

925 Blossom HIll Road

San Jose

CA

95123

Florida Mall

8001 South Orange Blossom Trail

Orlando

FL

32809

The Maine Outlet

345 US Route 1

Kittery

ME

03904

Superstition Springs

6555 East Southern Ave

Mesa

AZ

85206

Wheaton Mall

11160 Veirs Mill Road

Silver Spring

MD

20902

St. Augustine Premium Outlets

2700 State Road 16 St.

Augustine

FL

32092

Berkeley Mall

621 A Berkeley Blvd.

Goldsboro

NC

27534

Center at Salisbury

2300 North

Salisbury

MD

21801

Barton Creek

2901 Capital of TX Highway

Austin

TX

78746

Brandon Town Center

553 Brandon Town Center

Brandon

FL

33510

Jacksonville Mall

342 Jacksonville Mall

Jacksonville

NC

28546

Katy Mills

5000 Katy Mills Circle

Katy

TX

77494

Citrus Park Town Center

8081 Citrus Park Town Center

Tampa

FL

33625

Westgate Mall

7701 W. Interstate 40

Amarillo

TX

79121

Towson Town Center

825 Dullaney Valley Road

Towson

MD

21204

Southland Mall

5953 West Park Ave.

Houma

LA

70364

Bel Mar

7251 West Alaska Drive

Lakewood

CO

80226

Panama City Mall

2202 Martin Luther King Jr. Blvd

Panama City

FL

32405

Mall at St. Vincent

1133 St. Vincent Ave

Shreveport

LA

71104

Chico Mall

1950 East 20th Street

Chico

CA

95928

Battlefield Mall

2825 South Glenstone Rd

Springfield

MO

65804

Cumberland Mall

3849 South Delsea Drive

Vineland

NJ

08360

Chapel Hills Mall

1710 Briargate Blvd

Colorado Springs

CO

80920

Paddock Mall

3100 College Road

Ocala

FL

34474

East Towne Mall

21 East Towne Mall

Madison

WI

53704

Markland Mall

1114 17th Street

Kokomo

IN

46902

Colorado Mills

14500 Colfax Ave.

Lakewood

CO

80401

Jordan Creek

101 Jordan Creek Parkway

Des Moines

IA

50266

Sooner Fashion Mall

3321 West Main Street

Norman

OK

73072

Outlet Center at Albertville

6415 Labeaux Ave

Albertville

MN

55301

Arrowhead Towne Centre

Lighthouse Place Premium
Outlet

7700 West Arrowhead Town Center

Glendale

AZ

85038

815 Lighthouse Place

Michigan City

IN

46360

Plaza Bonita

3030 Plaza Bonita Road

National City

CA

91950

Baybrook Mall

1300 Baybrook Mall

Houston

TX

77546

Algoniquin Commons

1904 South Randall Road

Algonquin

IL

60102

Spokane Valley Mall

14700 East Indiana Ave

Spokane

WA

99216

Golden Triangle Mall

2201 I-35 East

Denton

TX

76205

Central Mall

23 Central Mall

Texarkana

TX

75503

Prime Outlets at Williamsburg

5715 -E080 Richmond Road

Williamsburg

VA

23188

10
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to First Day Declaration Pg 22 of 38

Schedule (s) 1 - 12

Store Name

Address

Town

State

Zip Code

Mall at Wellington Green

10300 West Forest Hill Road

Wellington

FL

33414

Mall at Victor Valley

14400 Bear Valley Road

Victorville

CA

92393

Old Hickory

2021 N. Highland Ave.

Jackson

TN

38305

Zona Rosa

7116 Northwest 86 Terrace

Kansas City

MO

64153

Valley Plaza

2701 Ming Ave

Bakersfield

CA

93304

Ingram Park Mall

6301 NW Loop 410

San Antonio

TX

78238

Richland Mall

6001 West Waco Drive

Waco

TX

76710

Broadway Mall

462 Broadway Mall

Hicksville

NY

11801

Melbourne Mall

1700 W. New Haven

Melbourne

FL

32904

Greenbrier Mall

1401 Greenbrier Parkway

Chesapeake

VA

23320

Dallas Galleria

13350 Dallas Pkwy

Dallas

TX

75240

Treasure Coast Mall

3256 NW Federal Highway

Jensen Beach

FL

34957

Tanger Outlet Center Howell

1475 North Burkhart Road

Howell

MI

48855

Coastland Center

1912 Tamiami Trail

Naples

FL

34102

Edgewater Mall

2600 Beach Blvd.

Biloxi

MS

39531

Broadway Square

4601 S. Broadway

Tyler

TX

75703

Osage Beach Premium Outlets

4540 Highway 54

Osage Beach

MO

65065

Imperial Valley Mall

3451 South Dogwood Ave

El Centro

CA

92243

Mall at Barnes Crossing

1001 Barnes Crossing Rd.

Tupelo

MS

38804

Valley Mall

17301 Valley Mall Road

Hagerstown

MD

21740

Orange Park

1910 Wells Road

Orange Park

FL

32073

Sunland Park

750 Sunland Park Drive

El Paso

TX

79912

Northwest Arkansas Mall

4201 North Shiloh Drive

Fayetteville

AR

72703

Flatiron Crossing

1 West Flat Iron Circle Suite 5555

Broomfield

CO

80021

Parkdale Mall

6155 Eastex Freeway

Beaumont

TX

77706

Charlottesville Fashion Square

1558 East Real Road

Charlottesville

VA

22901

The Galleria

5085 Westheimer Road

Houston

TX

77056

The Avenues

10300 Southside Blvd.

Jacksonville

FL

32256

Sawgrass Mills

12801 W. Sunrise Blvd

Sunrise

FL

33323

Oak View Mall

3001 S. 144th Street

Omaha

NE

68144

First Colony Mall

16535 Southwest Freeway

Sugarland

TX

77479

Coronado Center

6600 Menual North East

Alburquerque

NM

87110

College Square

2550 East Morris Blvd.

Morristown

TN

37813

Boynton Beach Mall

Clinton Crossing Premium
Outle

801 North Congress Ave.

Boynton Beach

FL

33426

20 A Killingworth Turnpike

Clinton

CT

06413

Edinburgh Premium Outlets

11660 N.E. Executive Drive

Edinburgh

IN

46124

Ontario Mills

One Mill Circle

Ontario

CA

91764

Montgomery Mall

7101 Democracy Blvd.

Bethesda

MD

20817

Chicago Premium Outlets

Wrentham Village Premium
Outle

1650 Premium Outlets Blvd

Aurora

IL

60502

1 Premium Outlets Blvd.

Wrentham

MA

02093

11
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Schedule (s) 1 - 12

Store Name
The Crossings Premium
Outlets
Petaluma Village Premium
Outle

Address

Town

State

Zip Code

1000 Rt. 611

Tannersville

PA

18372

2200 Petaluma Blvd.

Petaluma

CA

94952

Alexandria Mall

3437 Masonic Drive

Alexandria

LA

71301

Aurora Premium Outlets

549 S. Chillicothe Road

Aurora

OH

44202

Woodlands Mall

1201 Lake Woodlands Drive

Woodlands

TX

77380

La Plaza

2200 S. 10th Street

McAllen

TX

78503

Fair Oaks

11743L Fair Oaks Mall

Fairfax

VA

22033

Chula Vista Center

555 Broadway

Chula Vista

CA

91910

Rouge Valley Mall

1600 N. Riverside Ave.

Medford

OR

97501

Boise Towne Square

300 N. Milwaukee

Boise

ID

83704

Lakeside Mall

3301 Veterans Memorial Blvd.

Metairie

LA

70002

Crabtree Valley

4325 Glenwood Ave.

Raliegh

NC

27612

Meadows Mall

4300 Meadows Lane

Las Vegas

NV

89107

Galleria at Tyler

1299 Galleria at Tyler

Riverside

CA

32503

Sunrise Mall

2370 North Expressway

Brownsville

TX

78256

Peachtree Mall

3507 Manchester Expressway

Columbus

GA

31909

Woodbury Commons

255 Red Apple Court

Central Valley

NY

10917

Atlantic City Center

111 B North Michigan Ave

Atlantic City

NJ

08401

The Shops at the Las Americas

4141 Camino De La Plaza Drive

San Diego

CA

92173

Woodbury Lakes

9140 Hudson Rd

Woodbury

MN

55125

University Mall

575 E. University Parkway

Orem

UT

84097

Provo Towne Centre

1200 Town Centre Blvd.

Provo

UT

84601

Palm Desert

72840 Highway 111

Palm Desert

CA

92260

Camarillo Premium Outlets

740 Ventura Blvd.

Camarillo

CA

93010

Cielo Vista

8401 Gateway Blvd

El Paso

TX

79925

Northlake Mall

6801 Northlake Mall Drive

Charlotte

NC

28216

Fayette Mall

3615 Nicholasville Rd.

Lexington

KY

40503

Marley Station

7900 Govenor Ritchie Highway

Glen Burnie

MD

21061

Shops at Saucon Valley

2845 Center Valley Parkway

Bethlehem

PA

18034

Great Mall

480 Great Mall Drive

Milpitas

CA

95035

Oakland Mall

362 West 14 Mile Rd.

Troy

MI

48083

Lindale Mall

4444 1st Ave. NE

Cedar Rapids

IA

52402

Westgate Mall

200 Westgate Drive

Brockton

MA

02301

Eastridge Mall

2090 Eastridge Loop

San Jose

CA

95122

Uniontown Mall

1332 Mall Run Road

Uniontown

PA

15401

Crossroads Mall

2 Crossroads Mall

Breckley

WV

25800

Coral Square Mall

9501 West Atlantic Blvd.

Coral Springs

FL

33071

Turtle Creek Mall

1000 Turtle Creek Drive

Hattiesburg

MS

39402

Forest Mall

835 West Johnson St.

Fond Du Lac

WI

54935

Firewheel Town Center

365 Cedar Sage Drive

Garland

TX

75040

12
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Schedule (s) 1 - 12

Store Name

Address

Town

State

Zip Code

Newgate Mall

3651 Wall Ave.

Ogden

UT

84405

The Legends at Village West

1837 Village West Parkway

Kansas City

KS

66109

Indian River Mall

6200 20th St. Vero

Beach

FL

32966

Northshore Square

150 North Shore Blvd.

Slidell

LA

70460

Northridge Fashion Center

9301 Tampa Ave.

Northridge

CA

91324

Montclair Plaza

5060 Montclair Plaza Lane

Montclair

CA

91763

Piedmont Mall

325 Piedmont Drive

Danville

VA

24540

Santa Rosa Plaza

Santa Rosa Plaza

Rosa

CA

95401

Irvine Spectrum

613 Spectrum Center Drive

Irvine

CA

92618

Layton Hills Mall

1076 Layton HIlls Mall

Layton

UT

84041

Aurora Mall

14200 E. Alameda Ave.

Aurora

CO

80012

Southhaven Towne Center

6524 Towne Center Loop

Southaven

MS

38671

Eastern Shore Center

30500 State Highway 181

Spanish Fort

AL

36527

Mt. Berry Square

32 Mt. Berry Square NE

Rome

GA

30165

Dolphin Mall

11401 NW 12 Street

Miami

FL

33172

Santa Anita Fashion Place

400 South Baldwin Ave. Suite #419-U

Arcadia

CA

91007

Fresno Fashion Fair

693 East Shaw Ave

Fresno

CA

93710

Settlers Green

2 Commons Court

North Conway

NH

03860

Northridge Mall

674 Northridge Mall

Salinas

CA

93906

New Park Mall

1047 Newpark Mall

Newark

CA

94560

Las Vegas Fashion Outlets

32100 Las Vegas Blvd.

Primm

NV

89019

Seattle Premium Outlets

10600 Quil Ceda Blvd.

Tulalip

WA

98271

Solano Mall

1350 Travis Blvd.

Fairfield

CA

94533

Weberstown Mall

4950 Pacific Ave.

Stockton

CA

95207

Walnut Square Mall

2150 E. Walnut Ave

Dalton

GA

30721

Longview Mall

3499 McCann Road

Longview

TX

75604

North Georgia Premium

800 Highway 400 South

Dawsonville

GA

30534

Prien Lake Mall

161 West Prien Lake Road

Lake Charles

LA

70601

Metropolis Mall

2498 Futura Parkway

Plainfield

IN

46168

Volusia Mall

1700 West International Speedway Blvd

Daytona Beach

FL

32114

Main Place

2800 N. Main Street

Santa Ana

CA

92705

Rolling Oaks Mall

6909 North Loop 1604

San Antonio

TX

78247

Bradley Square

200 Paul Huff Parkway

Cleveland

TN

37312

Gurnee Mills

6170 W. Grand Ave.

Gurnee

IL

60031

Tucson Mall

4500 N. Oracle Road

Tucson

AZ

85705

Lakewood Center

372 Lakewood Center

Lakewood

CA

90712

South Towne Center

10450 S. State St.

Salt Lake City

UT

84070

Streets at Southpoint

6910 Fayetteville Road

Durham

NC

27713

Auburn Mall

385 S. Bridge St.

Auburn

MA

01501

Tanger Outlet Park City

6699 N. Landmark Drive

Park City

UT

84098

13
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Schedule (s) 1 - 12

Store Name

Address

Town

State

Zip Code

Horizon Outlet Center

1407 Retherford St.

Tulare

CA

93274

Glendale Galleria

2148 Glendale Galleria

Glendale

CA

91210

Port Charlotte Town Center

1441 Tamiami Trail Port

FL

33948

Hot Springs Mall

4501 Central Ave.

Charlotte
Hot Springs National
Park

AR

71913

Stonebriar Mall

2601 Preston Road

Frisco

TX

75034

Locust Grove

1000 Tanger Drive

Locust Grove

GA

30248

Northpark

8687 N. Central Expressway

Dallas

TX

75225

Horton Plaza

59 Horton Plaza

San Diego

CA

92101

Pierre Bossier

2950 E. Texas St.

Bossier

LA

71111

Mall at Turtle Creek

3000 East Highland Drive Suite 200

Jonesboro

AR

72401

Lincoln City

1500 SE East Devil's Lake Road

Lincoln City

OR

97367

Branson Landing

409 Branson Landing

Branson

MO

65616

Briarwood Mall

266 Briarwood Circle

Ann Arbor

MI

48180

Shops at Sunset Place

5701 Sunset Drive

Miami

FL

33143

Columbiana

100 Columbiana Circle

Columbia

SC

29212

Westminster Mall

2044 A Westminster Mall

Westminster

CA

92683

West Oaks Mall

9401 West Colonial Drive

Orlando

FL

34761

Victoria Mall

7800 North Navarro

Victoria

TX

77904

Merced Mall

280 Merced Mall

Merced

CA

95348

Woodburn Company Store

1001 Amey Road

Woodburn

OR

97071

Bonita Lakes

150 Bonita Lake

Meridian

MS

39301

The Avenue Carriage Crossing

4650 Merchants Park Circle

Memphis

TN

38017

Killeen Mall

2100 South W.S. Young Drive

Killeen

TX

76543

Town East

1238 Town East Mall

Mesquite

TX

75150

Willowbend

6121 West Park Blvd.

Plano

TX

75093

Visalia Mall

2221 S. Mooney Blvd.

Visalia

CA

93277

Gonzales Outlet Center

2400 Tanger Blvd.

Gonzales

LA

70737

Rosedale Shopping Center

10 Rosedale Center

Roseville

MN

55113

Magic Valley Mall

1485 Poleline Road East

Twin Falls

ID

83301

Galleria at Sunset

1300 West Sunset Road

Henderson

NV

89014

Grand Teton Mall

2300 E. 17th Street

Idaho Falls

ID

83404

Mesilla Valley Mall

700 South Telshor Blvd.

Las Cruces

NM

01502

Irving Mall

3732 Irving Mall Drive

Irving

TX

75062

Capitola Mall

1855 41st Street

Capitola

CA

95010

Jordan Landing Strip

7138 South Plaza Center Drive

West Jordan

UT

84084

Red Cliffs Mall

1770 E. Red Cliffs Drive

St. George

UT

84790

Commerce II

800 Steven B. Tanger Blvd.

Commerce

GA

30529

Fashion Place

6191 S. State Street

Murray

UT

84107

West Oaks Mall

1000 West Oaks Mall

Houston

TX

77082

Waterford Lakes Town Center

653 North Alafaya Trail

Orlando

FL

32828

14
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Schedule (s) 1 - 12

Store Name

Address

Town

State

Zip Code

Lloyd Center

1225 Lloyd Center

Portland

OR

97232

Columbia Center

1321 N. Columbia Center Blvd.

Kennewick

WA

99336

Willowbrook Mall

1028 Willowbrook Mall

Houston

TX

77070

Oak Park Mall

11401 West 95th Street

Overland Park

KS

66214

Merritt Square

777 E. Merritt Island Causeway

Island

FL

32952

Mall at Stonecrest

2929 Turner Hill Road

Lithonia

GA

30038

Outlets at Hershey

124 Outlet Square

Hershey

PA

17033

Shops at Montage

2531 Shoppes Blvd

Moosic

PA

18507

Round Rock Premium Outlets

4401 North IH 35

Round Rock

TX

78664

Coconut Point

23141 Fashion Drive

Estero

FL

33928

Gulfview Square

9409 US Highway 19

Port Richey

FL

34668

Village at Sandhill

486-5 Town Center Place

Columbia

SC

29229

Pinnacle Hills Promenade

2203 S. Promenade Blvd.

Rogers

AR

72758

Shops at Fallen Timber

3100 Main Street Suite 1599

Maumee

OH

43537

Topanga Plaza

6600 Topanga Canyon Blvd.

Canoga Park

CA

91303

Miromar Outlet

10801 Corkscrew Road

Estero

FL

33928

Rio Grand Premium Outlets

5001 East Expressway 83

Mercedes

TX

78570

Southgate Mall

2901 Brooks Street

Missoula

MT

59801

Lake Buena Vista

15657 Apopka Vineland Road

Orlando

FL

32821

Prime Outlets Gulfport

10260 Factory Shops Blvd.

Gulfport

MS

39503

Prime Outlets Hillsboro

104 Interstate 35 Frontage Rd

Hillsboro

TX

76645

Mall Del Norte

5300 San Pario Ave

Laredo

TX

78041

Pinnacle at Tutwiler Farm

5048 Pinnacle Square

Birmingham

AL

35173

Leesburg Premium Outlet

241 Fort Evan Rd. NE Suite 1625

Leesburg

VA

20176

Prime Outlets Queenstown

416 Outlet Center Dr.

Queenstown

MD

21658

Arden Fair

1689 Arden Fair Way Ste 1167

Sacramento

CA

95815

Prime Outlets Lebanon

315 Outlet Village Way

Lebanon

TN

37090

Tanger Outlet Myrtle Beach

10843 Kings Road

Myrtle Beach

SC

29572

Galleria Centerville

2922 Watson Blvd.

Centerville

GA

31028

Town Center at Otay Ranch

2015 Birch Road

Chula Vista

CA

91915

Randolph Mall

345 Randolph Mall

Asheboro

NC

27203

Brazos Mall

100 Highway 332 West

Lake Jackson

TX

77566

Manassas Mall

8300 Sudley Road

Manassas

VA

20109

Promenade at Bolingbrook
The Outlet Shoppes at
Oshkosh

623 East Boughton Rd.

Bolingbrook

IL

60440

3001 S. Washburn St.

Oshkosh

WI

54904

Supermall

1101 Outlet Collection Way Suite 1268

Auburn

WA

98001

Tanger Outlets Tilton

120 Laconia Rd.

Tilton

NH

03276

Pembroke Lakes Mall

11401 Pines Blvd.

Pines

FL

33026

Puente Hills

1600 S. Azuza Ave

Industry

CA

91748

Chesapeake Square

4200 Portsmouth Blvd

Chesapeake

VA

23321

15
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Schedule (s) 1 - 12

Store Name

Address

Town

State

Zip Code

Cottonwood Mall

1000 Coors Blvd. NW

Alburquerque

NM

87114

Plaza at West Covina

466 Plaza Drive

West Covina

CA

91790

Shawnee Mall

4901 North Kickapoo St.

Shawnee

OK

74804

Antelope Valley

1233 Rancho Vista Blvd.

Palmdale

CA

93551

Eagle Ridge

430 Eagle Ridge Drive

Lake Wales

FL

33859

Westside Pavilion

10800 W. Pico Blvd

Los Angeles

CA

90064

Valley Mall

2529 Main Street

Yakima

WA

98903

Hickory Point

1145 Hickory Point Mall

Forsyth

IL

62535

Prime Outlets Orlando

5401 W. Oak Ridge Rd.

Orlando

FL

32819

Shops at Wiregrass

28210 Paseo Drive

Tampa

FL

33543

Tanger Outlets Lancaster

311 Stanley K. Tanger Blvd.

Lancaster

PA

17602

The Outlet Shoppes at El Paso

7051 South Desert Blvd.

Canutillo

TX

79835

Ave Webb Gin

1350 Scenic Highway

Snellville

GA

30078

Town Square Las Vegas

6605 Las Vegas Blvd

Vegas

NV

89119

Las Palmas Marketplace

11917 Gateway West

El Paso

TX

79936

Mesa Mall

2424 US Highway 6 & 50

Grand Junction

CO

81505

Hamburg Pavilion

2312 Sir Barton Way

Lexington

KY

40509

The Loop

3220 N. John Young Pkwy

Kissimmee

FL

34741

Prime Outlets Lee

50 Water Street

Lee

MA

01238

Allen Premium Outlets

820 West Stacy Road

Allen

TX

75013

The Block @ Orange

20 City Blvd W.

Orange

CA

92868

Las Vegas Outlet

875 S. Grand Central Pkwy

Las Vegas

NV

89106

Gateway Station

12900 South Freeway

Fort Worth

TX

76028

Pacific View Mall

3301 East Main Street

Ventura

CA

93003

Country Club Mall

1262 Vocke Road

Cumberland

MD

21502

Midland Mall

4511 N. Midkiff Road

Midland

TX

-3256

Cumberland Mall

1341 Cumberland SE

Atlanta

GA

30339

South Park Mall

2310 SW Military Drive

San Antonio

TX

78224

Colonie Center

131 Colonie Center

Albany

NY

12205

West County Mall

33 West County Center

Des Peres

MO

63131

Prime Outlets at Pismo Beach

333 Five Cities Drive

Pismo

CA

93449

Meadowood Mall

5330 Meadowood Mall

Reno

NV

89502

Riverdale Village

12768 Riverdale Blvd

Coon Rapids

MN

55433

The Shops at Centerra

5971 Sky Pond Drive

Loveland

CO

80538

Village at Stone Oak

22602 US 281 N Suite 108

San Antonio

TX

78259

North Hanover Mall

1155 Carlisle Street

Hanover

PA

17331

The Orchard Town Center

14697 Delaware St.

Westminster

CO

80020

Sunset Mall

4001 Sunset Drive Suite 1182

San Angelo

TX

76904

Warwick Mall

400 Bald Hill Road

Warwick

RI

02886

Tanger Barstow

2796 Tanger Way Suite 100

Barstow

CA

92311

16
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Schedule (s) 1 - 12

Store Name

Address

Town

State

Zip Code

Uptown Village at Cedar Hill

305 W. FM 1382

Cedar Hill

TX

75106

Shoppes at River Crossing

5080 Riverside Drive

Macon

GA

31210

La Palmera Mall

5488 South Padre Island

Corpus Christi

TX

78411

Pier Park

204 Bluefish Drive

Panama City Beach

FL

32413

Hamilton Town Center

13976 Town Center Blvd.

Noblesville

IN

46060

West Shore Plaza

250 Westshore Plaza

Tampa

FL

33609

Chambersburg Mall

3055 Black Gap Road

Chambersburg

PA

17201

Broward Mall

8000 West Broward Blvd.

Plantation

FL

33388

Stonewood Center

251 Stonewood Street

Downey

CA

90241

Southcenter

2826 Southcenter Mall

Tukwila

WA

98188

Pearland T/C

11200 Broadway

Pearland

TX

77584

Bay Terrace

212-05 25th Avenue

Bayside

NY

11360

Montebello Town Center

2119 Montebello Town Center Drive

Montebello

CA

90640

Galleria at Roseville

1151 Galleria Parkway

Roseville

CA

95678

Dogwood

106 Dogwood Blvd.

Flowood

MS

39232

Westland Shopping Center

35000 West Warren St.

Westland

MI

48185

Moreno Valley Mall

22500 Town Circle

Moreno Valley

CA

92553

Burbank Town Center

201 E. Magnolia Blvd.

Burbank

CA

91501

Water Tower Place

835 North Michigan Avenue

Chicago

IL

60671

Oklahoma Factory Shops

7628 W Reno Ave.

Oklahoma City

OK

73127

Oakwood Center

197-33 West Bank Expressway

Gretna

LA

70056

Eastridge Mall

601 SE Wyoming Rd

Casper

WY

82609

Ocean City Outlets

12741 Ocean Gateway

Ocean City

MD

21842

Carolina Premium Outlet

1025 Outlet Center Drive Ste 550

Smithfield

NC

27577

Folsom Premium Outlets

1300 Folsom Boulevard

Folsom

CA

95630

Vacaville Premium Oulet

321 Nut Tree Road

Vacaville

CA

95687

Greendale Mall

7 Neponset Street

Worcester

MA

01606

The Shoppes at Chino Hill

13850 City Center Drive

Chino Hills

CA

91709

Philadelphia Premium Outlet

18 Lightcap Road

Limerick

PA

19464

Houston Premium Outlet

29300 Hempstead Road

Houston

TX

77433

McCain Mall

3929 McCain Blvd.North

Little Rock

AR

72116

St John's Town Center

10281 Midtown Parkway

Jacksonville

FL

32246

Cambridgeside Galleria

100 Cambridgeside Place

Cambridge

MA

02141

Valle Vista

2020 South Expressway 83

Harlingen

TX

78552

Northfield Square

1600 North US Route 50

Bourbonnais

IL

60914

Pine Ridge Mall

4155 Yellowstone Highway

Chubbuck

ID

83202

Centralia Outlets

1342 Lum Road

Centralia

WA

98531

Park Meadows

8505 Park Meadows Center Drive Suite 2044

Lone Tree

CO

80124

Lodi Station Outlet

9911 Avon Lake Road

Burbank

OH

44214

Premier Center

3424 Highway 190

Mandeville

LA

70445

17
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Schedule (s) 1 - 12

Store Name

Address

Town

State

Zip Code

Foothill AZ Mall

7401 N. La Cholla Blvd.

Tucson

AZ

85741

Jersey Shore Premium Outlets

One Premium Boulevard

Tinton Falls

NJ

07753

Tanger Outlets

2200 Tanger Boulevard

Washington

PA

15301

Ala Moana Center

1450 Ala Moana Boulevard #3053

Honolulu

HI

96814

Cincinnati Premium Outlets

874 Premium Outlet Drive

Monroe

OH

45050

Jackson Premium Outlets

537 Monmouth Road

Jackson

NJ

08527

Sunrise Mall

6041 Sunrise Mall

Citrus Heights

CA

95610

Yuba Sutter Mall

1215 Colusa Avenue

Yuba City

CA

95991

Animas Valley Mall

4601 East Main

Farmington

NM

87402

Tanger Outlets Nags Head

7100 S. Croatan Highway

Nags Head

NC

27959

Windward Mall

46-056 Kamehameha Highway

Kaneohe

HI

96744

Outlets at Anthem

4250 West Anthem Way Suite 125

Phoenix

AZ

85086

The Gardens Mall

3101 PGA Boulevard

Palm Beach Gardens

FL

33410

Culver City Mall

6000 Sepulveda Boulevard

Culver City

CA

90230

Dimond Center

800 East Dimond Blvd.

Anchorage

AK

99515

Anchorage 5th Ave

320 West 5th Avenue Suite 219

Anchorage

AK

99501

Shoppes at North Brunswick

541 Shoppes Boulevard North

Brunswick

NJ

08902

Outlet Shoppes At Fremont

6245 North Old 27

Fremont

IN

46737

Lenox Square

3393 Peachtree Road NE Suite 2022A

Atlanta

GA

30326

Wisconsin Dells Outlet

210 Gasser Road

Baraboo

WI

53913

Outlets of Silverthorne

246-V Rainbow Drive

Silverthorne

CO

80498

The Falls

8888 SW 136th Street

Miami

FL

33176

The Domain

11410 Century Oaks Terrace

Austin

TX

78758

San Francisco Center

865 Market Street

San Francisco

CA

94103

Pearl Ridge Mall

98-1005 Moanalua

Aiea

HI

96701

Harlem Irving Plaza

4154 East North Harlem Avenue

Norridge

IL

60706

Washington Square Mall

9677 SW Washington Square Road

Portland

OR

97223

Alamance Crossing

3110 Waltham Blvd.

Burlington

NC

27215

Prime Outlets Florida City

250 E. Palm Drive

Florida City

FL

33034

Westfarms

148 Westfarms Malls

Farmington

CT

06032

Westland Mall

1675 West 49th Street

Hialeah

FL

33012

Citadel Outlets

100 Citadel Drive

Commerce

CA

90040

Town Center at Boca Raton

6000 West Glades Rd.Suite #1035

Boca Raton

FL

33431

Mercer Mall

US Hignway 460 and Route 25

Bluefield

WV

24701

Perimeter Mall

4400 Ashford Dunwoody Road Suite 1360

Atlanta

GA

30346

FULTON STREET

472-474 Fulton Street

Brooklyn

NY

11213

Prime Outlets Grand Prairie

2950 W. Interstate 20 and Great Northwestern Pkwy

Grand Prarie

TX

75052

Gilroy Premium Outlets

681 Leavesley Road

Gilroy

CA

95020

Tanger Outlets

D400 Tuscola Blvd Suite 4045

Tuscola

IL

61953

Bellevue Square

575 Bellevue Square

Bellevue

WA

98004

18
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Schedule (s) 1 - 12

Store Name

Address

Town

State

Zip Code

Tanger Outlet Charleston

4840 Tanger Outlet Blvd.

North Charleston

SC

29418

North Riverside Park

7501 West Cermark North

Riverside Park

IL

60546

Promenade at Temecula

40820 Winchester Road

Temecula

CA

92591

Southland Mall

20505 South Dixie Highway

Cutler Bay

FL

33189

Fashion Outlets of Santa Fe

8380 Cerrillos Road

Santa Fe

NM

85707

Tanger South Houston

5885 Gulf Freeway

Texas City

TX

77591

Merrimack Premium Outlets

80 Premium Outlets Drive

Merrimack

NH

03054

Galleria at South Bay

1815 Hawthorn Boulevard

Redono Beach

CA

90278

Riverwalk

500 Port of N Orleans PL

Orleans

LA

70130

Gran Plaza Outlet

888 West 2nd Street

Calexico

CA

92231

Outlet Shoppes at Atlanta

915 Ridgewalk Parkway

Woodstock

GA

30188

Westgate Mall

6751 N. Sunset Blvd.

Phoenix

AZ

85305

Panorama Mall

8401 Van Nuys Blvd

Panorama City

CA

91402

Bentley Mall

32 College Road

Fairbanks

AK

99701

Yuma Palms

1305 S. Yuma Palms Parkway

Yuma

AZ

85365

Tanger National Harbor

6800 Oxon Hill Rd.

Fort Washington

MD

20745

Fashion Outlets of Chicago

5220 Fashion Outlets Way Rt 294 and Rose Road

Rosemont

IL

60018

Bloomfield

200 Bass Pro Drive

Pearl

MS

39208

Chimney Rock

TX 191 and 338

Odessa

TX

79762

Nogales Combo

West Mariposa Road

Nogales

AZ

85621

Bay Plaza

2100 Bartow Avenue

Bronx

NY

10475

Outlets at Louisville

4801 Outer Loop

Louisville

KY

40219

The Outlets at Tejon Ranch

5701 Outlets @ Tejon Ranch Pkway

Arvin

CA

93203

Charlotte Premium Outlets

5404 New Fashion Way

Charlotte

NC

28278

Savannah Outlets

7804 Abercom St.

Savannah

GA

31406

Times Square

1515 Broadway

New York

NY

10032

Plaza Carolina

Avenida Jesus M. Fragoso

Carolina

PR

00983

Plaza Las Americas

525 F.D. Roosevelt Avenue

San Juan

PR

00918

Prime Oulet Puerto Rico

1 Premium Outlets Blvd

Barceloneta

PR

00617

Plaza Del Norte

506 Trucado Street PR-2 km 81.9 Carrizales Ward

Hatillo

PR

00659

Las Catalinas Mall

PO Box 362

Caguas

PR

726

The Outlet at Route 66

18400 State Road #3 KM18.4

Canovanas

PR

00729

Plaza Del Sol

Calle Comerio Principal & Principal Oeste

Bayamon

PR

00961

Plaza Isabela

3535 Avenue Militar

Isabela

PR

00662

Metropolis at Metrotown

Burnaby

BC

V5H4P1

Guildford TC

#268-4820 Kingsway
Guildford Town Centre 10355 - 152nd Street, Suite
2608A

Surrey

BC

V3R7C1

White Oaks Mall

1105 Wellington Road

London

ON

N6E 1V4

Fairview Park

2960 Kingsway Drive

Kitchener

ON

N2C1X1

Georgian Mall

509 Bayfield Street

Barrie

ON

L4M4ZB

Vaughn Mills

1 Bass Pro Mills Drive

Vaughn

ON

L4K5W4

19
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Schedule (s) 1 - 12

Store Name

Address

Town

State

Zip Code

Square One

100 City Centre Drive

Mississauga

ON

L5B2C9

Lime Ridge Mall

999 Upper Wentworth Street

Hamilton

ON

L9A4X5

Scarborough TC

300 Borough Drive

Scarborough

ON

M1P4P5

The Promenade

1 Promenade Circle

Thornhill

ON

L4J4P8

Toronto Eaton Center

220 Yonge Street Box 511

Toronto

ON

M5B2H1

Upper Canada Mall

17600 Yonge Street

Newmarket

ON

L3Y4Z1

Dixie Outlets

1250 South Service Road

Mississauga

ON

L5E 1V4

Mic Mac Mall

21 Mic Mac Blvd.

Halifax

NS

B3A4N3

West Edmunton Mall

8882-170 Street

Edmonton

AB

T5T4M2

Devonshire Mall

3100 Howard Avenue

Windsor

ON

N8X3Y8

Champlain Place

550 King Street North

Waterloo

ON

N2L 5W6

Kingsway Mall

109 Street and Kingsway

Edmonton

AB

T5G 3A6

Fairview

1800 Shepard Avenue East

Toronto

ON

M2J5A7

New Sudbury

1349 LaSalle Boulevard

Sudbury

ON

P3A1Z2

South Edmonton Commons

1441 99th Street

Edmonton

AB

T6N 0B4

CrossIron Mills

261005 CrossIron Blvd.

Rocky View

AB

T4A0G3

Quinte Mall

390 North Front Street

Bellville

ON

K8P 3E1

Richmond Centre

#1838 (Unit T-19) 6060 Minoru Blvd.

Richmond

BC

V6Y 2V7

Bayshore Shopping Centre

100 Bayshore Drive Unit T35

Ottawa

ON

K2B 8C1

Chinook Mall

6455 Macleod Trail SW

Calgary

AB

T2H0K8

Avalon Mall

48 Kenmount Road

St. John's

NL

A1B 1W3

Pen Centre

221 Glendale Avenue

St. Catharine's

ON

L2T2K9

Champlain Place

477 Paul Street

Dieppe

NB

E1A4X5

Bower Place

4900 Molly Bannister Drive

Red Deer

AB

T4R1N9

Lansdowne Place

645 Lansdowne Street West

Peterborough

ON

K9J7Y5

Bramalea City Center

25 Peel Centre Drive

Brampton

ON

L6T 3R5

Oshawa Centre

419 King Street W.

Oshawa

ON

L1J2K5

St. Vital Center

1225 St. Mary's Road

Winnipeg

MB

R2M5E5

Queensboro Landing

New Westminister

BC

V3M 5X2

Grand Prairie

805 Boyd Street

c/o Morguard Investments Limited Admin Office
41,11801-100 Street

Grand Prairie

AB

T8V 3Y2

Kildonan Place

1555 Regent Avenue West

Winnepeg

MB

R2C 4J2

Midtown Plaza

1200A - The Tower as Midtown 1st Avenue south

Saskatoon

SK

Polo Park

1485 Portage Avenue

Winnipeg

MB

S7K1J5
R3G
OW4

Toronto Premium Outlets

13850 Steeles Avenue West

Halton Hills

ON

L7G 0J1

Tanger Ottawa

8555 Campeau Drive

Ottawa

ON

K2T 0K5

Las Americas Outlets

4141 Camino De La Plaza Drive

San Ysidro

CA

92173

Shoppes at North Brunswick

541 Shoppes Boulevard

North Brunswick

NJ

08902

Prime Outlets at San Marcos

3939 1H 35 South

San Marcos

TX

78666

Rio Grande Premium Outlet

9501 Arlington Expressway

Mercedes

TX

07570

Jersey Gardens

651 Kapowski Road

Elizabeth

NJ

07201

20
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Schedule (s) 1 - 12

Store Name

Address

Town

State

Zip Code

Grapevine Mills

3000 Grapevine Mills Parkway

Grapevine

TX

76051

Tanger Outlets Locust Grove

1000 Tanger Drive

Locust Grove

GA

30248

Tanger Outlets Riverhead

1770 West Main Street

Riverhead

NY

11901

Outlet Shoppes at El Paso

7051 South Desert Blvd.

Canutillo

TX

79835

Concord Mills

8111 Concord Mills Blvd.

Concord

NC

28027

Prime Outlet Oralndo

4951 International Drive

Orlando

FL

32819

Tanger Outlet Myrtle Beach

4635 Factory Stores Blvd.

Myrtle Beach

SC

29579

Mall Del Norte

5300 San Dario Avenue

Laredo

TX

78041

Arizona Mills

5000 S Arizona Mills Circle

Tempe

AZ

85282

Opry Mills PS

433 Opry Mills Drive

Nashville

TN

37214

Katy Mills

5000 Katy Mills Circle

Katy

TX

77494

Tanger Outlet South Houston

5885 Gulf Freeway

Texas City

TX

77591

Foothills Mall

7401 N. La Cholla Blvd.

Tucson

AZ

85741

Gran Plaza Outlet

888 W 2nd Street

Calexico

CA

92231

Outlet Shoppes at Atlanta

915 Ridgewalk Parkway Suite 899

Woodstock

GA

30188

Central Plaza

6221 Slide Road. Unit BOK

Lubbock

TX

79414

Chimney Rock

TX 191 and 338

Odessa

TX

79760

Mariposa Mall

West Mariposa Road

Nogales

AZ

85621

Gurnee Mills PS

6170 W Grand Avenue

Gurnee

IL

60031

Tanger National Harbor

6800 Oxon Hill Rd

Oxon Hill

MD

20745

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Schedule (s) 1 - 12

Schedule 8
Location of Debtors Assets, Books, and Records
Pursuant to Local Rule 1007-2(a)(1), the following lists the locations 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.
Location of Debtors Substantial Assets
The Debtors have assets of more than $216 million, as provided in Schedule 4, with substantial
assets in California, Kentucky, Texas, New York, New Jersey, and Florida.
Books and Records
The Debtors books and records are located at 112 West 34th Street, 22nd Floor
New York, New York 10120 and 125 Chubb Avenue, Lyndhurst, New Jersey 07071.
Debtors Assets Outside the United States
Aropostale Canada Corp. operates 41 Aropostale stores in eight provinces.

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Schedule (s) 1 - 12

Schedule 9
Litigation
Pursuant to Local Rule 1007-2(a)(11), to the best of the Debtors knowledge,
belief, and understanding, there are no actions or proceedings pending or threatened against the
Debtors or their property, as of the Commencement Date, where a judgment against the Debtors
or a seizure of their property may be imminent.

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Schedule (s) 1 - 12

Schedule 10
Senior Management
Pursuant to Local Rule 1007-2(a)(12), the following provides the names of the
individuals who comprise the Debtors existing senior management, a description of their tenure
with the Debtors, and a brief summary of their relevant responsibilities and experience.
Name & Position
Julian R. Geiger
Chief Executive Officer

Marc D. Miller
Executive Vice President &
Chief Operating Officer

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Responsibilities & Experience

Julian R. Geiger has served as a director since May 2014 and as
the Debtors Chief Executive Officers since August 2014.
From November 2011 through December 2013, Mr. Geiger
served as President and CEO of Crumbs Bake Shops, Inc. He
served as the Debtors Chairman and Chief Executive Officer
from August 1998 to February 2010. Mr. Geiger continued to
serve as Chairman of the Debtors Board of Directors and as a
part-time advisor to the Debtors until February 2012. Mr.
Geiger served as a director of Crumbs Bake Shops, Inc. and
Crumbs Holdings LLC from August 2011 to April 2014. From
1996 to 1998, he held the position of President and Chief
Executive Officer of Federated Specialty Stores, a division of
Federated Department Stores, Inc., which included Aropostale.
Before joining Federated, he was President of the Eagle Eye
Kids wholesale and retail divisions of Asian American Partners
from 1993 to 1996. Prior to that time, Mr. Geiger held a wide
range of merchandising positions from 1975 to 1993 at R.H.
Macy & Co., Inc., including President of Merchandising for
Macys East responsible for Young Mens, Juniors, Misses
Coats and Misses Swimwear. Mr. Geigers qualifications to
serve on the Board include his many years of leadership
experience at Aropostale, his in-depth knowledge of the
Debtors, their history and the retail industry in general, and
more than forty years of service at major retail organizations,
including his thirteen years of service as the Debtors Chairman
and Chief Executive officer. With his extensive knowledge of
the retail industry, Mr. Geiger also provides the Board and the
Debtors with broad expertise in merchandising, strategic
planning, and operational execution.
Marc D. Miller was promoted to Executive Vice President and
Chief Operating Officer in February 2015. Mr. Miller
previously served as Executive Vice President and Chief
Financial Officer since March 2012. Mr. Miller held the
position of Senior Vice President and Chief Financial Officer
from December 2010 to March 2012, Senior Vice President of
Strategic Planning, Business Development and E-Commerce
from April 2007 to December 2010, Group Vice President of

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Name & Position

David J. Dick
Senior Vice President & Chief
Financial Officer

Marc G. Schuback
Senior Vice President,
General Counsel & Secretary

Responsibilities & Experience

Strategic Planning, Business Development and E-Commerce
from April 2006, and Vice President of Strategic Planning and
Business Development from February 2005. Prior to joining
Aropostale, Mr. Miller held executive management positions at
Footstar, Inc. and Tradeout, Inc.
David J. Dick has served as the Debtors Senior Vice President,
Chief Financial Officer since February 17, 2015. From 2009 to
2014, Mr. Dick served as the Senior Vice President, Chief
Financial Officer and Treasurer of dELiA*s, Inc., after serving
as Vice President, Controller and Chief Accounting Officer of
the retailer from 2008 to 2009. Prior to that, Mr. Dick was the
Chief Financial Officer of Charlie Browns Acquisitions Corp., a
multi-concept casual dining restaurant operator, from 2006 to
2007. Additionally, Mr. Dick held a number of positions at
Linens n Things from 1993 to 2006, including Vice President,
Controller and Treasurer. Mr. Dick is a Certified Public
Accountant.
Marc G. Schuback has served as Senior Vice President, General
Counsel and Secretary at Aropostale since August 2013. Prior
to this role, Mr. Schuback was Senior Vice President, General
Counsel and Secretary at dELiA*s, Inc. from August 2007 to
July 2013. Mr. Schuback also served as Vice President,
Assistant General Counsel and Assistant Secretary at Footstar,
Inc. from July 1996 to August 2007.

2
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Schedule (s) 1 - 12

Schedule 11
Payroll
Pursuant to Local Rule 1007-2(b)(1)-(2)(A) and (C), the following provides the
estimated amount of payroll to the Debtors employees (not including officers, directors and
stockholders) and the estimated amount to be paid to officers, stockholders, directors, and
financial and business consultants retained by the Debtors for the 30-day period following the
filing of the chapter 11 petitions.
Payments to Employees (Not Including
Officers, Directors, and Stockholders)
Payments to Officers, Directors, and
Stockholders
Payments to Financial and Business
Consultants

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$18 million
$250,000
$0

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Schedule (s) 1 - 12

Schedule 12
Cash Receipts and Disbursements, Net Cash Gain or Loss,
Unpaid Obligations and Receivables
Pursuant to Local Rule 1007-2(b)(3), the following provides, for the 30-day
period following the filing of the chapter 11 petition, the estimate cash receipts and
disbursements, net cash gain or loss, and obligations and receivables expected to accrue that
remain unpaid, other than professional fees.
Cash Receipts
Cash Disbursements
Net Cash Gain
Unpaid Obligations
Uncollected Receivables

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$94,053,000.00
$78,874,000.00
$15,178,000.00
$35,253,000.00
$6,592,000.00