CONFIDENTIALMedia Arts Group Inc • November 10th, 2003 • Commercial printing
GE Corporate Financial Services, Inc. (“GE Capital” or the “Lender”) is pleased to offer its commitment to provide, on the terms and subject to the conditions set forth in this letter (together with Schedule A attached hereto, this “Commitment Letter”), up to $25,000,000 of financing (the “Financing”) in support of the acquisition (the “Acquisition Transaction”) of 100% of the equity of Media Arts Group, Inc. by a surviving corporate entity to be known as The Thomas Kinkade Company (the “Borrower”). Based upon the information you have provided, we understand that the Borrower will be a domestic operating company (with two wholly owned subsidiaries to be named Thomas Kinkade Stores, Inc. and Media Arts Licensing Company) which owns substantially all of its assets and does not have any significant indebtedness. It is contemplated that the financing will include a $22,000,000 Senior Secured Revolving Credit Facility (“Revolver”) and a $3,000,000 Senior Secured Term Loan (“Term Loan”).
