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7/26/2019 APP Res
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AMERICAN
APPAREL
NC.
(a
Dela~~are
o i • p o i • a t i o n )
CERTIFICATEOFRESOLUTION
I ,
Chelsea
A.
Grayson,
General
Counsel,
Executive
Vice
P r e s i d e n t
&Sec reta ry
of
American
Apparel,
n c . ,
a Delaware c o r p o r a t i o n
t h e
Company ),
do
hereby c e r t i f y
t h a t : (a)
am h e
duly
e l e c t e d , q u a l i f i e d
General Counsel,
Executive
Vice P r e s i d e n t &Secretary of
h e
C o m p a n y; (b)
h e f o l l o w i n g r e s o l u t i o n s
w er e
duly
adopted
b y t h e
board
of
d i r e c t o r s
of
t h e
C o m p a n y ,
s
of October 4,
2015,
n
accordance
w i t h
t h e
r e q u i r e m e n t s
o f
p p l i c a b l e
law;
an d
(c) a i d r e s o l u t i o n s
have not
been
amended,
odified
o r
r e s c i n d e d and
a r e i n
f u l l
f o r c e and e f f e c t
a s
of
h e
d a t e
h e r e o f :
AMERICANAPPAREL
NC.
(a
Dela~~are corporation)
Resolutions
Adopted at the
O c t o b e r 4,
015
Me e ting
of
h e
Board
of
irectors
Back
ound
WHEREAS
h e board
o f
i r e c t o r s of h e
C o m p a n y
t h e
Board )
as
p p o i n t e d a p e c i a l
committee of
h e
Board t h e Finance and R e s t r u c t u r i n g
Committee ),
and
h e Finance
an d
R e s t r u c t u r i n g
C om m itte e
has
v a l u a t e d
t h e Company's l t e r n a t i v e s i n
c o n n e c t i o n w i t h
a o s s i b l e
r e s t r u c t u r i n g ;
WHEREAS h e Board
has
r e v i o u s l y
a p p o i n t e d
Mark
Weinsten a s
t h e Company's Chief
S t r a t e g y O f f i c e r ;
WHEREAS h e
Finance and R e s t r u c t u r i n g
C om m itte e has
e c e i v e d
t h e
recommendations from
t h e
C ompa ny' s Chief
t r a t e g y O f f i c e r
and has
o n s u l t e d
w i t h
t h e
C ompa ny' s
management
and l e g a l ,
f i n a n c i a l ,
and
o t h e r
a d v i s o r s ,
and
f t e r
c o n s i d e r a t i o n of
h o s e
recommendations,
as
r e c o m m e n d ed
o t h e Board
h a t
t h e a c t i o n s
s e t
f o r t h i n
t h e s e
R e s o l u t i o n s
be
approved
b y h e
Board;
WHEREAS h e Board
has
e v a l u a t e d t h e
Company's
l t e r n a t i v e s
i n
c o n n e c t i o n w i t h
a
p o s s i b l e r e s t r u c t u r i n g
and, f t e r
due o n s i d e r a t i o n
t a k i n g
i n t o
account
h e
recommendation of
h e
Finance
and
R e s t r u c t u r i n g C o mm i t t e e, h e
i n f o r m a t i o n
a v a i l a b l e
t o
i t
a t t h i s t i m e ,
and
a f t e r
c o n s u l t a t i o n
w i t h
t h e
C ompa ny' s
management
and
l e g a l ,
f i n a n c i a l , and o t h e r
a d v i s o r s , and
i n
t h e
e x e r c i s e of
t s
r e a s o n a b l e b u s i n e s s
judgment, h e
Board
has
determined h a t
i t i s i n
t h e
b e s t
i n t e r e s t s
of
h e
C o m pa n y ,
t s
s t a k e h o l d e r s ,
and
t s
c r e d i t o r s
t o
f i l
a
v o l u n t a r y
p e t i t i o n
f o r
r e l i e f
under
h a p t e r
11 of
i t l 1 1 of
h e
United
S t a t e s
C o d e
t h e
Bankruptcy Code )
nd
u n d e r t a k e t h e
o t h e r
a c t i o n s approved
b y h e s e
R e s o l u t i o n s ;
WHEREAS
f t e r
due
c o n s i d e r a t i o n
t a k i n g
i n t o
account
h e recommendation of
h e
Finance and
R e s t r u c t u r i n g C o mm i t t e e,
h e i n f o r m a t i o n
a v a i l a b l e
t o
i t
a t
t h i s
time and a f t e r
c o n s u l t a t i o n w i t h
t h e C ompa ny' s
manag emen t
and l e ga l , f i n a n c i a l ,
and o t h e r
a d v i s o r s ,
and
n
t h e
e x e r c i s e of
t s b u s i n e s s
judgment,
h e
Board has
determined
t h a t
i t i s
i n
t h e b e s t
i n t e r e s t s
o f
h e
NAI-1500561386v4
7/26/2019 APP Res
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Company o
consent
o
and
approve,
s
t h e
managing
member,
h e
f i l i n g
of
a
e t i t i o n
f o r r e l i e f
under
h a p t e r 11
of
h e
Bankruptcy
Code
by
t s
wholly owned
domestic
u b s i d i a r y ,
American
Apparel USA),
LLC
AAUSA ), nd,
o
t h e
e x t e n t
n e c e s s a r y , o
consent o
and approve
h e
ding of
e t i t i o n s
f o r
r e l i e f under
h a p t e r
1 1 of h e
Bankruptcy
Code
by
h e
wholly
owned
domestic u b s i d i a r i e s
of
AAUSA
t h e
I n d i r e c t
S u b s i d i a r i e s ) ;
WHEREAS,
f t e r
due
c o n s i d e r a t i o n
t a k i n g i n t o
account t h e
recommendation
of
t h e
Finance
and
R e s t r u c t u r i n g
Committee,
t h e
i n f o r m a t i o n a v a i l a b l e t o
i t a t
t h i s
time
and
a f t e r
c o n s u l t a t i o n with
t h e
Company's
management and
l e g a l ,
f i n a n c i a l , and
o t h e r a d v i s o r s ,
and i n
t h e
e x e r c i s e
of
t s
b u s i n e s s
judgment, h e
Board
has
determined
t
i s
i n
t h e b e s t
i n t e r e s t s
of
h e
Company t o
e n t e r i n t o
t h e
Plan Support
Agreement
(as
d e f i n e d
below), and
t o
seek
a p p r o v a l
a n d / o r
c o n f i r m a t i o n
by
t h e
United
S t a t e s
Bankruptcy
Court
t h e
Bankru~tcv
Court )
r e s i d i n g
over t h e
c a s e s t o be
i l e d
by
t h e
Company
and t s
s u b s i d i a r i e s
o f ,
t h e
DIP
F a c i l i t y
(as
d e f i n e d
below), and
t h e
Plan
(as
d e f i n e d
below),
D i s c l o s u r e
Statement
(as
d e f i n e d
below),
and
a l l
documents
r e l a t e d t o
or
contemplated by
any
of
t h e
f o r e g o i n g agreements
o r
documents
( c o l l e c t i v e l y ,
t h e
R e s t r u c t u r i n g
T r a n s a c t i o n
Docu ments );
WHEREAS,
f t e r d u e
c o n s i d e r a t i o n
t a k i n g
i n t o
account
t h e
recommendation
of
t h e
Finance
and
R e s t r u c t u r i n g
Committee,
h e
i n f o r m a t i o n
a v a i l a b l e
t o i t a t
t h i s time
and a f t e r
c o n s u l t a t i o n
w i t h
t h e
Company's
management and
l e g a l , f i n a n c i a l , and
o t h e r a d v i s o r s , and
i n
t h e
e x e r c i s e of
t s
b u s i n e s s
judgment,
h e
Board
has
determined
t h a t i t
i s i n
t h e
b e s t
i n t e r e s t s
of
t h e
Company t o
consent t o and
approve
o f , a s
managing
member
of
AAUSA,
AAUSA s
approval
and
e n t r y
i n t o
t h e
R e s t r u c t u r i n g
T r a n s a c t i o n Documents,
and,
o t h e e x t e n t
n e c e s s a r y ,
consent
t o and
approve
t h e I n d i r e c t
S u b s i d i a r i e s '
e n t r y i n t o
t h e
R e s t r u c t u r i n g
T r a n s a c t i o n
Documents;
WHEREAS,
f t e r due
c o n s i d e r a t i o n t a k i n g i n t o
account
t h e
recommendation
of
t h e
Finance and
R e s t r u c t u r i n g
Committee, t h e
i n f o r m a t i o n
a v a i l a b l e t o i t
a t
t h i s time and
a f t e r
c o n s u l t a t i o n
w i t h t h e Company's management
and
l e g a l , f i n a n c i a l ,
and o t h e r a d v i s o r s , and
i n
t h e
e x e r c i s e
of
t s
b u s i n e s s
judgment,
h e
Board
has
determined
t h a t i t
i s
i n
t h e b e s t
i n t e r e s t s
of
t h e
Company t o
a p p o i n t
Mark
Weinsten
a s
c h i e f
r e s t r u c t u r i n g
o f f i c e r f o r t h e
Company
and
t s
d i r e c t
and
n d i r e c t
domestic
f f i l i a t e s .
RESOLUTIONS
Company
esolutions
Chapter
l l
F i l i n g
IT
IS
RESOLVED h a t
t h e
Board
has e c l a r e d , and
t
hereby does
e c l a r e , t h a t
i t i s
i n
t h e
b e s t
i n t e r e s t s
of h e
Company
and
t s
s t a k e h o l d e r s
t h a t
t h e
Company
seek
e l i e f
under
h e
Bankruptcy
Code;
FURTHER
RESOLVED h a t
t h e
Company
h a l l b e ,
and
hereby
s
a u t h o r i z e d
t o f i l e a
v o l u n t a r y
p e t i t i o n
( t h e
P e t i t i o n ) o r
r e l i e f
under h a p t e r
11
of
h e
Bankruptcy
Code t h e
Chapte r 11 C a s e ) ,
n
t h e Bankruptcy
Court
o r
t h e
D i s t r i c t
of elaware
t h e
Bankruptcy
Cour t )
and
perform
any
and
l l su ch a c t s
a s
a r e
r e a s o n a b l e ,
a d v i s a b l e ,
e x p e d i e n t ,
c o n v e n i e n t ,
proper
or
e c e s s a r y t o e f f e c t u a t e
t h e
purpose and
n t e n t
of
h e
f o r e g o i n g ;
and
NAI-]500561386v4
7/26/2019 APP Res
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FURTHER
RESOLVED
h a t t h e
c h i e f
e x e c u t i v e
o f f i c e r ,
t h e
c h i e f
f i n a n c i a l o f f i c e r ,
t h e
Chief
e s t r u c t u r i n g
O f f i c e r
and
g e n e r a l
c o u n s e l ( c o l l e c t i v e l y ,
t h e
Designated O f f i c e r s ) ,
and
each of hem a c t i n g
a l o n e h e r e b y
i s
a u t h o r i z e d
and d i r e c t e d ,
i n
t h e n a me and
on b e h a l f
of
h e
Company,
o :
(a) x e c u t e , acknowledge,
e l i v e r ,
and
v e r i f y
t h e
P e t i t i o n
and
l l o t h e r
a n c i l l a r y
documents,
and c a u s e
t h e
P e t i t i o n
t o
be
f i l e d
w i t h
t h e
Bankruptcy
Court
and
m a k e o r c a u s e
t o
be
ma d e r i o r t o
e x e c u t i o n t h e r e o f any m o d i f i c a t i o n s
t o
t h e
P e t i t i o n
o r
a n c i l l a r y
documents
a s
any
such
D e s i g n a t e d
O f f i c e r ,
i n
such
p e r s o n ' s
d i s c r e t i o n ,
d eems
n e c e s s a r y ,
d e s i r a b l e
o r
a p p r o p r i a t e t o
c a r r y
out
h e
i n t e n t and
a c c o m p l i s h
t h e
p u r p o s e s of
h e s e
r e s o l u t i o n s ;
(b) x e c u t e , acknowledge,
d e l i v e r , v e r i f y
and i l e
o r
c a u s e t o be f i l e d
a l l
p e t i t i o n s , s c h e d u l e s , s t a t e m e n t s ,
i s t s
m o t i o n s ,
a p p l i c a t i o n s
and
o t h e r
p a p e r s
o r documents n e c e s s a r y o r d e s i r a b l e i n c o n n e c t i o n w i t h t h e
f o r e g o i n g
and t h e
a d m i n i s t r a t i o n
of
h e .
Company's
Chapter
1 1 Case; c ) x e c u t e , acknowledge,
d e l i v e r
and
v e r i f y
any
and l l
o t h e r
documents
n e c e s s a r y ,
d e s i r a b l e
o r
a p p r o p r i a t e
i n
c o n n e c t i o n
t h e r e w i t h
and t o a d m i n i s t e r t h e
Company's
Chapter 1 1
Case
i n
such
form
o r forms a s
any
such
D e s i g n a t e d
O f f i c e r m ay d e e m n e c e s s a r y o r
a d v i s a b l e and
i n o r d e r
t o e f f e c t u a t e t h e p u r p o s e and
i n t e n t
of h e
f o r e g o i n g
r e s o l u t i o n s ;
and
(d)
ngage
any
p r o f e s s i o n a l s ,
i n c l u d i n g
a t t o r n e y s ,
a c c o u n t a n t s ,
f i n a n c i a l
a d v i s o r s ,
i n v e s t m e n t
b a n k e r s , a c t u a r i e s ,
c o n s u l t a n t s
o r b r o k e r s a s any
such
D e s i g n a t e d
O f f i c e r ,
i n
such
p e r s o n ' s
d i s c r e t i o n ,
d eems
n e c e s s a r y ,
d e s i r a b l e
o r a p p r o p r i a t e
t o
accomplish
t h e p u r p o s e s
of
h e s e r e s o l u t i o n s ;
t h a t
t h e i r
a u t h o r i t y t o a c t
under
t h e s e r e s o l u t i o n s
s h a l l be
c o n c l u s i v e l y
e v i d e n c e d by t h e i r so
a c t i n g ; and t h a t
any
and
l l such
a c t i o n s
h e r e t o f o r e
t a k e n
on
b e h a l f
of h e
C o mpa n y
i n
such r e s p e c t s
c o n t e m p l a t e d t h e r e b y a r e h e r e b y r a t i f i e d ,
approved
and
c o n f i r m e d a s t h e
a c t and
deed
of
h e Company.
Debtor
i n P o s s e s s i o n I ' i n a n c i n
a c i l i t Y
IT
IS RESOLVED h a t
t h e Company,
u b j e c t
t o a p p r o v a l
of
h e
Bankruptcy C o u r t , a s
d e b t o r
and
d e b t o r
i n p o s s e s s i o n under c h a p t e r
11
of
h e
Bankruptcy
Code,
h a l l
b e ,
and t
h e r e b y i s
a u t h o r i z e d
t o :
(a)
n t e r i n t o
a
n e w
d e b t o r
i n
p o s s e s s i o n
f i n a n c i n g
f a c i l i t y ( t h e
D IP
F a c i l i t y )
and
any
a s s o c i a t e d
documents and consummate,
and perform u n d e r ,
h e
t r a n s a c t i o n s
c o n t e m p l a t e d
t h e r e i n
( c o l l e c t i v e l y ,
t h e
F i n a n c i n g
T r a n s a c t i o n s )
w i t h
such
l e n d e r s
and on
such
terms
s u b s t a n t i a l l y
c o n s i s t e n t
w i t h
t h o s e p r e s e n t e d t o t h e Board on o r p r i o r
t o
t h e
d a t e h e r e o f
and
a s m a y
be
f u r t h e r
approved,
o d i f i e d
o r
amen d e d by
any
one
o r
mo re
of
h e
D e s i g n a t e d
O f f i c e r s , a s m ay be r e a s o n a b l y
n e c e s s a r y
o r
d e s i r a b l e fo r t h e
c o n t i n u i n g
conduct
of
h e
a f f a i r s
of
h e Company;
and ( b ) ay
r e l a t e d
f e e s
and
g r a n t
s e c u r i t y i n t e r e s t s
i n
and l i e n s upon
some,
l l
o r s u b s t a n t i a l l y
a l l
of h e Company's
a s s e t s ,
i n such
c a s e ,
a s
m ay
be deemed
n e c e s s a r y
o r
d e s i r a b l e
by
any
one
o r
mo re
of h e
D e s i g n a t e d O f f i c e r s
i n c o n n e c t i o n w i t h t h e F i n a n c i n g
T r a n s a c t i o n s ; and
FURTHER
RESOLVED h a t :
(a) h e
D e s i g n a t e d O f f i c e r s s h a l l b e , and each
of
hem,
a c t i n g
a l o n e ,
hereby
s a u t h o r i z e d
and
empower ed i n
t h e n a m e
o f ,
and
on
b e h a l f o f ,
t h e
Company, s
d e b t o r
and
d e b t o r
i n
p o s s e s s i o n ,
o
t a k e such
a c t i o n s and
e x e c u t e ,
acknowledge,
d e l i v e r
and v e r i f y such agreements, e r t i f i c a t e s ,
i n s t r u m e n t s ,
g u a r a n t i e s , n o t i c e s
and
any
and
l l
o t h e r
documents a s any of h e
D e s i g n a t e d O f f i c e r s m ay d e e m n e c e s s a r y o r
a p p r o p r i a t e t o
f a c i l i t a t e t h e
F i n a n c i n g
T r a n s a c t i o n s ( c o l l e c t i v e l y , t h e F i n a n c i n g
Documents );
b )
i n a n c i n g
D o c u m e n t s
c o n t a i n i n g
such p r o v i s i o n s ,
t e r m s ,
c o n d i t i o n s ,
c o v e n a n t s ,
w a r r a n t i e s
and
r e p r e s e n t a t i o n s a s m ay be
d eemed n e c e s s a r y o r
d e s i r a b l e
by
any of
h e
D e s i g n a t e d O f f i c er s a r e
h e r e b y
approved; c ) h e
D e s i g n a t e d
O f f i c e r s
s h a l l
b e , and each
of
hem,
c t i n g
a l o n e ,
h e r e b y
i s
a u t h o r i z e d
and
empower ed
i n
t h e
n a m e
o f ,
and
on b e h a l f
o f ,
t h e
Company,
s d e b t o r and d e b t o r
NAI-1500561386v4
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i n p o s s e s s i o n ,
t o
a u t h o r i z e
c o u n s e l
t o
d r a f t ,
i l e
and
seek
a p p r o v a l of h e
Financing
T r a n s a c t i o n s ;
and (d)
h e
a c t i o n s
of
any
Designated
O f f i c e r
taken pursuant
o
t h i s
r e s o l u t i o n , i n c l u d i n g t h e
e x e c u t i o n ,
acknowledgment,
e l i v e r y
and
v e r i f i c a t i o n
of
l l
agreements,
e r t i f i c a t e s ,
i n s t r u m e n t s ,
g u a r a n t i e s , n o t i c e s
and
o t h e r
documents,
h a l l
be
c o n c l u s i v e
evidence
of uc h
Designated
O f f i c e r ' s
approval
t h e r e o f
and
t h e
n e c e s s i t y
or d e s i r a b i l i t y
t h e r e o f .
Flan
Support
A gre emen t
and
Plan
IT
IS
RESOLVED
h a t
t h e
Com pany,
s
d e b t o r
and
d e b t o r
i n p o s s e s s i o n
under
c h a p t e r
1 1
of
h e Bankruptcy
Code,
h a l l b e , and t hereby i s ,
a u t h o r i z e d
t o :(a)
n t e r i n t o
t h e
Plan
Support
A gre emen t
and
any
a s s o c i a t e d
documents
and
con s umma t e, and
perform
u n d e r ,
t h e
t r a n s a c t i o n s contemplated
t h e r e i n
with an
ad
h oc committee
of
e n d e r s
comprised
of Monarc h
A l t e r n a t i v e
C a p i t a l
LP,
Coliseum
C a p i t a l
Mana g e m e n t,LLC
oldman
Sachs Asset
Mana g e m e n t,
. P . ,
and
Pentwater C a p i t a l
Ma n a g e m e n t
LP
nd
on
such
terms
s u b s t a n t i a l l y
c o n s i s t e n t
w i t h t h o s e
p r e s e n t e d t o t h e
Board
on or
p r i o r t o t h e
d a t e
hereof
and
as
m ay
be
f u r t h e r
approved,
modified
or
amen d ed
by
any
one
o r
mor e
of
h e
Designated O f f i c e r s ,
a s
m a y be
r e a s o n a b l y n e c e s s a r y or
d e s i r a b l e f o r
t h e c o n t i n u i n g
conduct
of
h e
a f f a i r s
of
h e
Company;
and
(b)
ay r e l a t e d
f e e s
as
may e
d e e m e d
n e c e s s a r y
or
d e s i r a b l e
by any one o r
mor e of
h e
Designated
O f f i c e r s
i n
connection
w i t h t h e
Plan
Support
Agreement;
FURTHER
RESOLVED
h a t
t h e
Company, s
d e b t o r
and
d e b t o r
i n
p o s s e s s i o n
under
c h a p t e r
11
of
h e
Bankruptcy Code,
h a l l
b e ,
a n d .
t
hereby i s , a u t h o r i z e d t o :
(a) x e c u t e and
i l e
a
c h a p t e r 1 1 p l a n ( t h e
P l a n ) ,
a s s o c i a t e d
d i s c l o s u r e
s t a t e m e n t ( t h e
Disclosure
S t a t e m e n t ) ,
and
any
a s s o c i a t e d
documents, and con s umma t e, and
perform
under,
h e t r a n s a c t i o n s
contemplated
t h e r e i n
on
such terms
s u b s t a n t i a l l y c o n s i s t e n t with t h o s e p r e s e n t e d
t o
t h e
Board
on
or p r i o r
t o t h e
d a t e
hereof
and
as
m a y
be
u r t h e r
approved, modified
or amen d ed
by
any one
o r
m o r e
of
h e
Designated
O f f i c e r s ,
as m a y
be
r e a s o n a b l y n e c e s s a r y
or
d e s i r a b l e
f o r t h e
c o n t i n u i n g conduct of h e
a f f a i r s
of h e Company; nd
(b) ay
r e l a t e d f e e s
as
m a y be
d e em e d
n e c e s s a r y or
d e s i r a b l e
by any one
or
mor e of
h e Designated
O f f i c e r s
i n
c o n n e c t i o n w i t h t h e
R e s t r u c t u r i n g
T r a n s a c t i o n D ocumen t s;
and
FURTHER
RESOLVED h a t :
(a)
h e Designated
O f f i c e r s
s h a l l
b e ,
and
each of
hem,
a c t i n g a l o n e ,
hereby i s , a u t h o r i z e d and
e m p o w e r e d
i n
t h e
n a m e
o f ,
and on
b e h a l f
o f ,
t h e
Company, s d e b t o r and
d e b t o r i n p o s s e s s i o n ,
t o
t a k e
such a c t i o n s and e x e c u t e ,
acknowledge,
d e l i v e r and
v e r i f y
t h e
Plan Support Agreement,
h e
P l a n ,
and
D i s c l o s u r e
S t a t e m e n t , and
such
agreements,
e r t i f i c a t e s , n o t i c e s and
any
and
l l
o t h e r
documents
a s any
of
h e
Designated
O f f i c e r s m a y d e e m
n e c e s s a r y o r
a p p r o p r i a t e
i n c o n n e c t i o n w i t h t h e
Plan
Support
Agreement,
t h e
Plan,
h e D i s c l o s u r e
Statement, and
any o t h e r
R e s t r u c t u r i n g
D ocumen t s; b)
e s t r u c t u r i n g
D o c u m e n t s
c o n t a i n i n g
such
p r o v i s i o n s ,
terms, o n d i t i o n s ,
c o v e n a n t s ,
w a r r a n t i e s and
r e p r e s e n t a t i o n s a s m a y be
d e e m e d n e c e s s a r y
o r d e s i r a b l e
by
any of
h e
Designated
O f f i c e r s a r e
hereby
approved; c )
t h e Designated
O f f i c e r s
s h a l l
b e ,
and
each
of hem,
c t i n g
a l o n e ,
hereby
i s ,
a u t h o r i z e d
and e m p o w e r e d
i n t h e n a m e
o f ,
and
on b e h a l f
o f ,
t h e
Company, s d e b t o r
and
d e b t o r
i n p o s s e s s i o n ,
t o
a u t h o r i z e
c o u n s e l
t o
d r a f t , f i l e
and
seek approval
of h e R e s t r u c t u r i n g
T r a n s a c t i o n
D ocumen t s,
n c l u d i n g
a p p r o v a l
of
h e
D i s c l o s u r e
Statement
and
c o n f i r m a t i o n
of
h e
P l a n ;
and
(d)
h e
a c t i o n s
of
any
Designated
O f f i c e r
t a k e n pursuant o t h i s
r e s o l u t i o n ,
i n c l u d i n g
t h e
e x e c u t i o n ,
acknowledgment,
e l i v e r y
and
v e r i f i c a t i o n
of
l l agreements, e r t i f i c a t e s ,
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i n s t r u m e n t s ,
g u a r a n t i e s ,
n o t i c e s
and
o t h e r documents,
h a l l
be
c o n c l u s i v e
evidence
of
uch
Designated
O f f i c e r s
approval
t h e r e o f and
t h e n e c e s s i t y
o r d e s i r a b i l i t y
t h e r e o f .
Subsidiary
Resolutions
IT
IS
RESOLVED,
h a t
t h e
C o m p a n y
hereby a u t h o r i z e s and
c o n s e n t s t o , and
approves
o f ,
AAUSA
and, o t h e
e x t e n t
n e c e s s a r y ,
each
of
h e
I n d i r e c t
S u b s i d i a r i e s ) i l i n g a
e t i t i o n f o r r e l i e f
under
c h a p t e r 1 1
of
h e
Bankruptcy Code
n
t h e
Bankruptcy
C o u r t , and
e n t e r i n g i n t o , and
f i l i n g ,
a p p r o p r i a t e ,
t h e
Financing
Documents,
e s t r u c t u r i n g
T r a n s a c t i o n s
Documents,
and
r e l a t e d
documents,
and
consummating,
and
performing
under,
h e
t r a n s a c t i o n s
contemplated
t h e r e i n ;
and
FURTHER
RESOLVED,
h a t t h e
Designated
O f f i c e r s
s h a l l
b e ,
and
each
of hem,
c t i n g
a l o n e ,
hereby
s a u t h o r i z e d and
em powe red
i n
t h e
n a m e
o f ,
and
on
behalf
f ,
t h e
C o m p a n y ,
n
i t s
c a p a c i t y
of
o l e
m e m b e r
ofAAUSA,
o
execute
a
w r i t t e n
consent
of
h e
C o m p a n y o
R e s o l u t i o n s
f o r AAUSA
ith
r e s p e c t
t o
AAUSA's
h a p t e r 11 case
i n c l u d i n g f i l i n g
a
p e t i t i o n
f o r
bankruptcy
and
e n t e r i n g i n t o t h e
Financing
Documents,
e s t r u c t u r i n g
T r a n s a c t i o n
Documents, and r e l a t e d
documents,
and
consummating, and
performing
under,
h e
t r a n s a c t i o n s
contemplated
t h e r e i n , s u b s t a n t i a l l y
s i m i l a r
t o t h e
R e s o l u t i o n s
s e t
f o r t h t h e r e i n ,
and, o
t h e
e x t e n t
n e c e s s a r y , t o
consent
o
such
s i m i l a r R e s o l u t i o n s f o r each of h e I n d i r e c t
S u b s i d i a r i e s .
A p p o i n t m e n t
of Chie f
Restructuring O f f i c e r
IT
IS
RESOLVED,
h a t ,
e f f e c t i v e a s
of
October 4,
2015 Ma r k
Weinsten
s h a l l be
and
hereby i s
a p p o i n t e d a s t h e
Com p a n y' h i e f
r e s t r u c t u r i n g
o f f i c e r
( CRO ), h e
CRO
e r v i n g a s
an
o f f i c e r
of
h e
C o m p a n y r e p o r t i n g
t o t h e
Board, and
with
t h e
CRO
e p o r t i n g d i r e c t l y
t o
t h e
Finance
and
R e s t r u c t u r i n g
Committee
and t h e Board
on l l
a s p e c t s
of h e
Chapter 11
Case,
i t h
f u l l
p ow er
o
c a l l meetings
of
h e Board and
t o
e s t a b l i s h
agendas
o r such m e e t i n g s ,
and
w i t h
t h e
d i r e c t i o n
o r
a u t h o r i z a t i o n
of
h e
Board
t o ,
a m o n g
o t h e r
a c t i o n s t h a t
would
be
customary
f o r
one
s e r v i n g
i n
t h e c a p a c i t y of a c h i e f
r e s t r u c t u r i n g o f f i c e r .
I n
p a r t i c u l a r ,
and
a s
s e t
f o r t h i n mor e
d e t a i l i n
t h e
October
1 , - 2 0 1 5
l e t t e r agreement
between FTI
C o n s u l t i n g ,
n c . and t h e
C o m p a n y ,
t h e
CRO s
a u t h o r i z e d
t o (a)
o n s t r u c t
a budget,
review d i s b u r s e m e n t s ,
and c r e a t e
v a r i a n c e
r e p o r t s ,
(b)
s s i s t t h e
Company's ma n a gemen t
with
a l l i s s u e s
r e l a t e d
t o
e x e c u t i n g
a
r e s t r u c t u r i n g ,
(c)
r o v i d e c o u r t
testimony
a s r e q u i r e d ,
d) s s i s t
w i t h managing vendor e l a t i o n s h i p s , e)
r e a t e
employee
r e t e n t i o n
p l a n s ,(~
o r k
with t h e Company's
investment bank t o optimize
c a p i t a l
s t r u c t u r e and a s s e s s s t r a t e g i c
a l t e r n a t i v e s ,
and
(g) r o v i d e
o t h e r
r e l a t e d
s e r v i c e s a s
r e q u e s t e d by
t h e
Company.
Retention
of r o f e s s i o n a l s and
Claims
and
Noticing
Agent
IT
IS
RESOLVED,
h a t
t h e
engagement by
t h e
C o m p a n y ,
n
b e h a l f
of
t s e l f
and
t s
domestic
d i r e c t
and
i n d i r e c t
s u b s i d i a r i e s of a)
ones
D a y
a s
r e s t r u c t u r i n g
c o u n s e l ,
b) a c h u l s k i
Stang Z i e h l
&Jon es LLP s l o c a l
r e s t r u c t u r i n g
c o u n s e l ,
c)
Moelis
Company s i n v e s t m e n t
b a n k e r ,
d)
TI C o n s u l t i n g , n c . , t o
p r o v i d e
t h e
CRO
nd
o t h e r
temporary empl oyees, s
f i n a n c i a l
a d v i s o r s ,(e)
DJM
eal
E s t a t e a s
r e a l
e s t a t e
c o n s u l t a n t ,
and
f ~
Garden
C i t y
Group,
LLC,
a s
c l a i m s ,
n o t i c i n g , and s o l i c i t a t i o n
a g e n t ,
and a d m i n i s t r a t i v e
a d v i s o r ,
i n each
c a s e ,
i s
hereby
r a t i f i e d ,
adopted and
approved
i n a l l
r e s p e c t s ; and
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FURTHER
RESOLVED
h a t
J o n e s Day,
a c h u l s k i
S t a n g
Z i e h l Jones
LLP
nd
any
a d d i t i o n a l
co
- c o u n s e l
o r s p e c i a l o r
l o c a l c o u n s e l
s e l e c t e d
by h e
Company,
h a l l
b e
and h e r e b y
a r e
a u t h o r i z e d
empowered and
d i r e c t e d t o
r e p r e s en t t h e
Company,
s
d e b t o r
and
d e b t o r i n
p o s s e s s i o n
i n
c o n n e c t i o n
w i t h
any
Chapter
1 1
c a s e commenced
by
o r a g a i n s t i t
under
h e
Bankruptcy
Code.
Additional R e s o l u t i o n s
IT
IS
RESOLVED
h a t
a l l a c t s
l a w f u l l y done
o r
a c t i o n s
l a w f u l l y
t a k e n
by
any o f f i c e r
of
t h e
Company
o r any p r o f e s s i o n a l s engaged
by
h e
Company n c o n n e c t i o n
w i t h
t h e
C h a p t e r
1 1
Case
o r any p r o c e e d i n g s
r e l a t e d
t h e r e t o
o r
any
m a t t e r
r e l a t e d t h e r e t o
b e
and h e r e b y a r e
a d o p t e d
r a t i f i e d
c o n f i r m e d
and
approved
i n a l l
r e s p e c t s
a s
t h e a c t s and deeds
of
h e
Company;
FURTHER
RESOLVED h a t
any
and
l l
a c t i o n s and
r a n s a c t i o n s
by
h e Board
o r
any
o f f i c e r
f o r
and
on
b e h a l f
and
i n
t h e name
of h e
Company
w i t h
r e s p e c t
t o
any
r a n s a c t i o n s
c o n t e m p l a t e d
by h e
f o r e g o i n g
r e s o l u t i o n s
b e f o r e t h e
a d o p t i o n of h e
f o r e g o i n g
r e s o l u t i o n s b e
and
t h e y
h e r e b y
a r e
r a t i f i e d
a u t h o r i z e d
approved,
d o p t e d
and
c o n s e n t e d
t o i n
a l l
r e s p e c t s
f o r
a l l p u r p o s e s ;
FURTHER
RESOLVED
h a t
t h e
o m i s s i o n
from
t h e s e
R e s o l u t i o n s
of
any a g r e e m e n t
document
r o t h e r
arrangement
o n t e m p l a t e d by
any
of h e a g r e e m e n t s
documents
o r
i n s t r u m e n t s d e s c r i b e d
i n t h e s e R e s o l u t i o n s
o r
any
a c t i o n
t o
be
a k e n
i n
a c c o r d a n c e
w i t h
any
r e q u i r e m e n t
of any of h e
a g r e e m e n t s
documents
r i n s t r u m e n t s
d e s c r i b e d i n t h e s e
R e s o l u t i o n s
s h a l l i n
no
manner
e r o g a t e
from
t h e
a u t h o r i t y
of h e D e s i g n a t e d
O f f i c e r s t o
t a k e
a l l
a c t i o n s
n e c e s s a r y d e s i r a b l e
a d v i s a b l e
o r
a p p r o p r i a t e
t o
consummate,
f f e c t u a t e
c a r r y o u t
o r
f u r t h e r
t h e
t r a n s a c t i o n s
c o n t e m p l a t e d
by,
and
h e
i n t e n t and
p u r p o s e s
o f
t h e s e
R e s o l u t i o n s ;
FURTHER
RESOLVED h a t
t h e
Board
and
any
D e s i g n a t e d
O f f i c e r
of
h e
Company
h e r e b y
a r e a u t h o r i z e d and d i r e c t e d t o
c e r t i f y
a n d / o r
a t t e s t
t h e s e
r e s o l u t i o n s
c e r t i f i c a t e
of
incu mbency and
such
o t h e r
documents
o r i n s t r u m e n t s
t h a t
t h e c o r p o r a t e
s e c r e t a r y
of h e
Company
may
deem
n e c e s s a r y o r a p p r o p r i a t e
i n c o n n e c t i o n
w i t h
t h e
f o r e g o i n g
m a t t e r s ;
r o v i d e d
however,
h a t
such c e r t i f i c a t i o n
a n d / o r a t t e s t a t i o n
s h a l l
n o t be
r e q u i r e d
f o r
any document,
i n s t r u m e n t
o r
agreement o be
v a l i d
and
b i n d i n g on
h e
Company;
and
FURTHERRESOLVED h a t
any D e s i g n a t e d
O f f i c e r
of
h e
Company s h a l l b e
and
e a c h
of hem,
e r e b y i s
a u t h o r i z e d
d i r e c t e d and
empowered,
n
t h e
name and
on
b e h a l f
of
h e
Company; s
d e b t o r
and
d e b t o r
i n p o s s e s s i o n
t o
n e g o t i a t e
e x e c u t e
d e l i v e r
and
p e r f o r m o r
c a u s e
t o
be
n e g o t i a t e d
e x e c u t e d
d e l i v e r e d
and
performed,
on
b e h a l f
o f
and t a k e
such a c t i o n s
and e x e c u t e
acknowledge,
e l i v e r
and
v e r i f y such a g r e e m e n t s c e r t i f i c a t e s
i n s t r u m e n t s
g u a r a n t i e s n o t i c e s and
any and
l l o t h e r documents s
any
r o p e r
o f f i c e r
of
h e
Company
may
deem
n e c e s s a r y
o r
a p p r o p r i a t e t o
f a c i l i t a t e
t h e t r a n s a c t i o n s
c o n t e m p l a t e d
by h e
f o r e g o i n g
r e s o l u t i o n a s
may be
deemed
n e c e s s a r y
d e s i r a b l e
o r a p p r o p r i a t e .
NAI-]
00561386v4
7/26/2019 APP Res
http://slidepdf.com/reader/full/app-res 7/7
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