From: Richard Joslin •t > Sent: Saturday, December 20, 2014 10:12 AM To: jeffrey E. Subject: Fwd: credit facility Fyi Begin forwarded message: From: Brad Wechsler Date: December 19. 2014 at 11 Cc: Subject: Re: credit facility Thank you; this is helpful. Unless you have more recent information--as you know=from your earlier conversation with barry--his desire is to have these $$ =orrowed from bfp in a "renewed" credit line. To the extent there=are "liquidity" issues at bfp he suggests we find mechanisms to deal with that and then in january deal with the lar=er issue of the trust taking over the PG loans as well as any incremental =apical infusions. I expect some messy issues in january, more complex than=the ones we're talking abt today. Perhaps we can discuss tomorrow. B From: Eileen Alexanderson [mailto Sent: Friday, December 19, 2014 11:24 PM To: Brad Wechsler Cc: Richard Joslin < Subject: credit facility Brad, no apology necessary. The discussion launched =ithout the proper background on this to you or enough time to thoroughly d=scuss. I hope the following will help fill you in. Phaidon had a working cap line with Lloyds Bank when=the company was acquired. When the line was up for renewal Lloyds requeste= full net worth information on Leon which we preferred not to supply. Leon=suggested we move the line to Bank of America. At first B of A said they'd be unable set up the line becaus= of this being a UK based company. Jane Heller, our lender, in her usual s=yle came through with an alternative but as we moved through the dialog th= bank was insistent on language in the loan document which was far too restrictive regarding the trusts EFTA_R1_00122607 EFTA01792056