The AAC has a $10M exit fee if they give 27-months' notice. But, if less notice, the exit fee skyrockets. The PAC's offer was to pay for $2.5M towards the exit fee. The other concern was that the PAC was offering a *consultant's estimation* of a $12-15M per year pro rata media deal.

If the PAC comes back with firm numbers on a TV deal that show $12-15M per year pro rata plus a better offer to pay at least half of the exit fees - Memphis cannot afford to reject that.