CPI Corp. (fka CPICQ)

[downsideup]

"more smoke or the final stick?"

Yes. Both.

They're pinning CPIC to the ground, and pulling off her pants.

NOTICE OF INTENTION TO ENFORCE SECURITY AGAINST CANADIAN GUARANTORS. NOTWITHSTANDING THE AGREED UPON FORBEARANCE, THE BORROWER PARTIES ACKNOWLEDGE AND AGREE THAT THE ADMINISTRATIVE AGENT WAS ENTITLED TO DELIVER THE DEMAND LETTER DATED FEBRUARY 22, 2013, ENCLOSING THE “NOTICE OF INTENTION TO ENFORCE SECURITY” DATED FEBRUARY 22, 2013, A COPY OF WHICH IS ATTACHED HERETO AS EXHIBIT A (THE “NOI”) AND THE BORROWER PARTIES ACKNOWLEDGE AND AGREE THE NOI HAS BEEN RECEIVED BY THE CANADIAN GUARANTORS AND WAS VALIDLY DELIVERED IN ACCORDANCE WITH THE PROVISIONS OF THE LOAN DOCUMENTS AND THE BANKRUPTCY AND INSOLVENCY ACT (CANADA) AND NOTHING IN THIS AMENDMENT AGREEMENT OR ANY PRIOR FORBEARANCE AGREEMENT SHALL TOLL THE RUNNING OF OR STAY THE TEN DAY NOTICE PERIOD SET FORTH IN THE NOI; PROVIDED, HOWEVER, IN ACCORDANCE WITH AND SUBJECT TO THE TERMS OF THE THIRD FORBEARANCE AGREEMENT, AS AMENDED HEREBY, NEITHER THE ADMINISTRATIVE AGENT NOR THE LENDERS SHALL TAKE FURTHER OR ADDITIONAL STEPS TO ENFORCE THEIR SECURITY DURING THE EXTENDED FORBEARANCE PERIOD, NOTWITHSTANDING THAT THE NOTICE PERIOD SET OUT IN THE NOI MAY HAVE EXPIRED DURING THE EXTENDED FORBEARANCE PERIOD.