AMENDMENT NO. 1 TO CREDIT AGREEMENT
AMENDMENT NO. 1 (this "Amendment") dated as of May 14, 2015 to the Credit
Agreement dated as of October 9, 2014 (as amended, restated, supplemented or
otherwise modified prior to the date hereof, the "Credit Agreement") among Nu
Skin Enterprises, Inc. (the "Borrower"), the Guarantors from time to time party
thereto, each Lender from time to time party thereto and Bank of America, N.A.,
as Administrative Agent, Swing Line Lender and L/C Issuer (the "Administrative
Agent").
W I T N E S S E T H:
WHEREAS, the parties hereto desire to amend certain provisions of the Credit
Agreement, as provided herein;
NOW, THEREFORE, the parties hereto agree as follows:
SECTION 1.  Defined Terms; References.  Unless otherwise defined herein, each
term used herein which is defined in the Credit Agreement has the meaning
assigned to such term in the Credit Agreement.  Each reference to "hereof",
"hereunder", "herein" and "hereby" and each other similar reference and each
reference to "this Agreement" and each other similar reference contained in the
Credit Agreement shall, after the amendments herein become effective, refer to
the Credit Agreement as amended hereby.
 
SECTION 2.  Amendments to the Credit Agreement.  Each of the parties hereto
agrees that, effective on the First Amendment Effective Date (as defined below),
the Credit Agreement shall be amended as follows:
 
(a)    The following language shall be deleted from paragraph (b) of the
definition of "Change of Control":
 
"(excluding, in the case of both clause (ii) and clause (iii), any individual
whose initial nomination for, or assumption of office as, a member of that board
or equivalent governing body occurs as a result of an actual or threatened
solicitation of proxies or consents for the election or removal of one or more
directors by any person or group other than a solicitation for the election of
one or more directors by or on behalf of the Board of Directors)"; and
(b)    The final four sentences of Section 2.02(a) shall be amended and restated
as follows:
"If the Borrower fails to specify a Type of Loan in a Committed Loan Notice
requesting a Term Borrowing or a Revolving Credit Borrowing, then the applicable
Term Loans or Revolving Credit Loans shall be made as Base Rate Loans.  If the
Borrower fails to give a timely notice requesting a continuation of Eurocurrency
Rate Loans, such Loans shall be continued as Eurocurrency Rate Loans with an
Interest Period of one month.  If the Borrower requests a Borrowing of,
conversion to, or continuation of Eurocurrency Rate Loans in any such Committed
Loan Notice, but fails to specify an Interest Period, it will be deemed to have
specified an Interest Period of one month.  Notwithstanding anything to the
contrary herein, (w) a Swing Line Loan may not be converted to a Eurocurrency
Rate Loan, (x) no Loan may be converted into or continued as a Loan denominated
in a different currency, (y) any Eurocurrency Rate Loan denominated in Dollars
that has an Interest Period ending less than one month before the Maturity Date
shall automatically be converted to a Base Rate Loan, effective as of the last
day of such Interest Period, and (z) any Eurocurrency Rate Loan denominated in
Yen that has an Interest Period ending less than one month before the Maturity
Date shall automatically be continued as a Eurocurrency Rate Loan denominated in
Yen with an Interest Period that (I) shall end on the maturity date but
(II) solely for purposes of paragraph (a) of the definition of "Eurocurrency
Rate", shall be treated as one month."
 
 
 

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SECTION 3.  Representations and Warranties.  (a) The Loan Parties represent and
warrant to the Administrative Agent and the Lenders that, after giving effect to
this Amendment, (i) the representations and warranties contained in the Loan
Documents that are qualified by materiality are true and correct, and the
representations and warranties that are not so qualified are true and correct in
all material respects, in each case as though made on and as of the date hereof
(other than with respect to any representation and warranty that expressly
relates to an earlier date, in which case such representation and warrant is
true and correct in all material respects as of such earlier date) and (ii) no
Default has occurred and is continuing as of the date hereof.
 
(b)    Each Loan Party represents and warrants, on and as of the date hereof,
that (i) it has the requisite power to execute and deliver this Amendment, and
all corporate or other action required to be taken by it for the due and proper
authorization, execution, delivery and performance of this Amendment has been
duly and validly taken; (ii) this Amendment has been duly authorized, executed
and delivered by it and (iii) no approval, consent, exemption, authorization, or
other action by, or notice to, or filing with, any Governmental Authority or any
other Person is necessary or required in connection with the execution, delivery
and performance by any Loan Party of this Amendment.
 
(c)    Each Loan Party represents and warrants that this Amendment constitutes a
legal, valid and binding obligation of such Loan Party, enforceable against such
Loan Party in accordance with its terms, except as enforceability may be limited
by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors' rights generally at law or by equitable
principles, regardless of whether considered in a proceeding in equity or at
law.
 
SECTION 4.  Counterparts.  This Amendment may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument.  Delivery of an
executed counterpart of a signature page of this Agreement by telecopy or other
electronic imaging means (e.g. "pdf" or "tif") shall be effective as delivery of
a manually executed counterpart of this Agreement.
 
 
 
 
 

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SECTION 5.  Costs and Expenses.  Without limiting the obligations of the
Borrower under the Credit Agreement, the Borrower agrees to pay to the
Administrative Agent all of the Administrative Agent's reasonable out-of-pocket
expenses, paid or payable in connection with the preparation, negotiation,
execution and delivery of this Amendment, including the reasonable fees, charges
and disbursements of counsel to the Administrative Agent in connection with the
foregoing.
 
SECTION 6.  Effectiveness.  This Amendment shall become effective as of the date
hereof on the date (the "First Amendment Effective Date") when the
Administrative Agent shall have received:
 
(a)    duly executed counterparts hereof signed by the Borrower, each other Loan
Party, the Administrative Agent and the Lenders sufficient to constitute,
collectively, the Required Lenders; and
 
(b)    all amounts due and payable pursuant to ‎Section 5 of this Amendment and
all other amounts payable pursuant to Section 11.04(a) of the Credit Agreement,
in each case for which invoices have been presented not later than one Business
Day prior to the First Amendment Effective Date.
 
SECTION 7.  Ratification and Reaffirmation; Designation.  (a) Each Loan Party
hereby ratifies and reaffirms the Obligations under the Credit Agreement and
each of the other Loan Documents to which it is a party and all of the
covenants, duties, indebtedness and liabilities under the Credit Agreement and
the other Loan Documents to which it is a party.  Except as expressly set forth
herein, the amendments contained herein shall not constitute a waiver or
amendment of any term or condition of the Credit Agreement or any other Loan
Document, and all such terms and conditions shall remain in full force and
effect and are hereby ratified and confirmed in all respects.
 
(b)    This Amendment shall constitute a "Loan Document" for all purposes under
the Credit Agreement as amended hereby and the other Loan Documents.
 
SECTION 8.  Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
 
 
 
 
[Signature pages follow]
 
 
 
 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the date first above written.
 
NU SKIN ENTERPRISES, INC., as the Borrower
 
By:
 /s/ Ritch Wood  
Name:       Ritch Wood
 
Title:         CFO

NU SKIN INTERNATIONAL, INC., as a Guarantor
 
By:
 /s/ Ritch Wood  
Name:
   Ritch Wood  
Title:
   CFO

NSE PRODUCTS, INC., as a Guarantor
 
By:
 /s/ Ritch Wood  
Name:
  Ritch Wood  
Title:
  CFO

NU SKIN ENTERPRISES UNITED STATES, INC., as a Guarantor
 
By:
 /s/ Ritch Wood  
Name:
  Ritch Wood  
Title:
  CFO

 
 
 
 
 
[Signature page to Amendment No. 1]
 

 

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BANK OF AMERICA, N.A. as Administrative Agent and a Lender
 
By:
 /s/ David R. Barney
                  
Name:  David R. Barney
                  
Title:    Senior Vice President  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
[Signature page to Amendment No. 1]
 

 

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HSBC Bank USA, National Association as a Lender
 
By:
 /s/ Jean Frammolino
                  
Name:  Jean Frammolino
                  
Title:    Vice President

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

[Signature page to Amendment No. 1]
 
 

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ROYAL BANK OF CANADA, as a Lender
 
By:
 /s/ Nikhil Madhok
                  
Name:  Nikhil Madhok
                  
Title:    Authorized Signatory

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

[Signature page to Amendment No. 1]
 
 
 

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FIFTH THIRD BANK, as a Lender
 
By:
 /s/ Eric Oberfield
                  
Name:  Eric Oberfield
                  
Title:    Vice President

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

[Signature page to Amendment No. 1]
 
 
 

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KeyBank National Association, as a Lender
 
By:
 /s/ Robert J. Likos
                  
Name:  Robert J. Likos
                  
Title:    Senior Vice President

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

[Signature page to Amendment No. 1]
 
 
 

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ZIONS FIRST NATIONAL BANK, as a Lender
 
By:
 /s/ Thomas C. Etzel
                  
Name:  Thomas C. Etzel
                  
Title:    Senior Vice President

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

[Signature page to Amendment No. 1]
 
 
 

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Deutsche Bank AG New York Branch, as a Lender
 
By:
 /s/ Peter Cucchiara
                  
Name:  Peter Cucchiara
                  
Title:    Vice President

 
 
By:
 /s/ Kirk L. Tashjian
                 
Name:  Kirk L. Tashjian
                  
Title:    Director

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

[Signature page to Amendment No. 1]