Corporate Consent to DIP Credit Agreement. (a) In their capacities as holders of Series B Preferred Stock constituting over a majority of such stock issued, the undersigned Sponsors hereby consent to Chinos A as borrower, and Holdings as holdings, entering into this Agreement, the DIP Credit Agreement and each Company entering into any DIP Loan Documents to which they are party and (a) the incurrence, assumption, guarantee or otherwise becoming liable for indebtedness or other obligations upon each Company thereunder and (b) the creation or imposition of a lien, encumbrance, mortgage, pledge, security interest or other similar interest on substantially all of their respective assets or properties, in each case consistent with the DIP Credit Agreement and the DIP Loan Documents. On the Support Effective Date, the corporate action in this Section 6.03 will, pursuant to section 228(c) of the DGCL, be deemed to be contemporaneously delivered to Holdings by way of Holding’s countersignature hereto and be deemed effective as of the Support Effective Date. The Sponsors acknowledge and agree that this Section 6.03 constitutes and shall constitute action taken by Sponsors by written consent pursuant to Section 228(a) of the DGCL as if taken at a special meeting of the stockholders entitled to vote thereon.
