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Exhibit 10.1
 
EXECUTION COPY

FIRST AMENDMENT TO SECURED SUPERPRIORITY DEBTOR IN POSSESSION LOAN, SECURITY AND
GUARANTY AGREEMENT

THIS FIRST AMENDMENT TO SECURED SUPERPRIORITY DEBTOR IN POSSESSION LOAN,
SECURITY AND GUARANTY AGREEMENT (this “Amendment”) is entered into as of May 25,
2016, by and among AEROPOSTALE, INC., a Delaware corporation (“Borrower”), the
Guarantors identified on the signature pages hereof, the lenders identified on
the signature pages hereof (such lenders, together with their respective
successors and permitted assigns, are referred to hereinafter each individually
as a “Lender” and collectively as the “Lenders”), and CRYSTAL FINANCIAL LLC, a
Delaware limited liability company, as agent for the Lenders (in such capacity,
the “Agent”).
 
WHEREAS, the Borrower, Guarantors, Agent and the Lenders are parties to that
certain Secured Superpriority Debtor in Possession Loan, Security and Guaranty
Agreement dated as of May 4, 2016 (as amended, modified or supplemented from
time to time, the “Agreement”); and
 
WHEREAS, Borrower, Guarantors, Agent and Lenders have agreed to amend the
Agreement in certain respects subject to the terms and conditions set forth
herein.
 
NOW THEREFORE, in consideration of the premises and mutual agreements herein
contained, the parties hereto agree as follows:
 
1.        Defined Terms.  Unless otherwise defined herein, capitalized terms
used herein shall have the meanings ascribed to such terms in the Agreement.
 
2.        Amendments to Agreement.  In reliance upon the representations and
warranties of Borrower and Guarantors set forth in Section 6 below, and subject
to the satisfaction (or waiver) of the conditions to effectiveness set forth in
Section 5 below, the Agreement is hereby amended as follows:
 
(a)       Clause (i) of Section 3-2(a) of the Agreement is hereby amended and
restated in its entirety as follows:
 
 (i) shall have been entered on the docket of the Bankruptcy Court on or before
the date that is 37 days after the Petition Date and
 
(b)      Clauses (ii) and (iii) of Exhibit M-1 of the Agreement is hereby
amended and restated as follows:
 
 (ii)           No later than 37 days after the Petition Date, the Final Order
approving the Credit Agreement shall be entered by the Bankruptcy Court, which
Final Order shall be in form and substance acceptable to Agent and the Required
Lenders in their sole and absolute discretion (and the related motions shall be
in form and substance reasonably satisfactory to the Agent and the Required
Lenders).
 

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 (iii)          No later than 10 days after the Petition Date, the Borrower
shall have filed a motion under Section 365 of the Bankruptcy Code, requesting
an extension of the date on which the Borrower must assume or reject leases to
210 days after the entry of the order for such relief, with such order being
entered by the Bankruptcy Court no later than 37 days after the Petition Date
(such motion and order to be in form and substance acceptable to Agent and the
Required Lenders in their sole and absolute discretion).  The Borrower may not
assume, assume and assign, or reject leases without the prior written consent of
the Agent and the Required Lenders.
 
3.        Continuing Effect.  Except as expressly set forth herein, nothing in
this Amendment shall constitute a modification or alteration of the terms,
conditions or covenants of the Agreement or any other Loan Document, or a waiver
of any other terms or provisions thereof, and the Agreement and the other Loan
Documents shall remain unchanged and shall continue in full force and effect, in
each case as amended hereby.
 
4.        Reaffirmation and Confirmation; Covenant.  Each Loan Party hereby
ratifies, affirms, acknowledges and agrees that the Agreement and the other Loan
Documents represent the valid, enforceable and collectible obligations of such
Loan Party, and further acknowledges that there are no existing claims,
defenses, personal or otherwise, or rights of setoff whatsoever with respect to
the Agreement or any other Loan Document.  Each Loan Party hereby agrees that
this Amendment in no way acts as a release or relinquishment of the Liens and
rights securing payments of the Obligations.  The Liens and rights securing
payment of the Obligations are hereby ratified and confirmed by each Loan Party
in all respects.
 
5.        Conditions to Effectiveness.  This Amendment shall become effective
upon the satisfaction of each of the following conditions precedent, each in
form and substance acceptable to Agent:
 
(a)      Agent shall have received a fully executed copy of this Amendment;
 
(b)      after giving effect to this Amendment, the representations and
warranties set forth in Section 6 below shall be true and correct in all
respects; and
 
(c)      after giving effect to this Amendment, no Suspension Event or Event of
Default shall have occurred and be continuing on the date hereof or would result
from the effectiveness of this Amendment.
 
6.        Representations and Warranties.  In order to induce Agent and Lenders
to enter into this Amendment, each Loan Party hereby represents and warrants to
Agent and Lenders that, after giving effect to this Amendment:
 
(a)      all representations and warranties of the Loan Parties contained in the
Agreement and the other Loan Documents are true and correct in all material
respects (except that such materiality qualifier shall not be applicable to any
representations and warranties that already are qualified or modified by
materiality in the text thereof) on and as of the date hereof, as though made on
and as of such date (except to the extent that such representations and
warranties relate solely to an earlier date, in which case such representations
and warranties were true and correct in all material respects on and as of such
earlier date);
 
(b)      no Default or Event of Default has occurred and is continuing; and
 
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(c)      this Amendment and the Agreement, as modified hereby, constitute legal,
valid and binding obligations of each Loan Party and are enforceable against
each Loan Party in accordance with their respective terms.
 
7.        Miscellaneous.
 
(a)      Expenses.  The Loan Parties jointly and severally agree to pay on
demand all expenses of Agent (including, without limitation, the fees and
expenses of outside counsel for Agent) in connection with the preparation,
negotiation, execution, delivery and administration of this Amendment and all
other instruments or documents provided for herein or delivered or to be
delivered hereunder or in connection herewith.  All obligations provided herein
shall survive any termination of this Amendment and the Agreement as modified
hereby.
 
(b)      Governing Law.  This Amendment shall be a contract made under and
governed by the internal laws of the State of New York.
 
(c)      Counterparts.  This Amendment may be executed in any number of
counterparts, and by the parties hereto on the same or separate counterparts,
and each such counterpart, when executed and delivered, shall be deemed to be an
original, but all such counterparts shall together constitute but one and the
same Amendment.  Delivery of an executed counterpart of this Amendment by
facsimile or electronic mail shall be equally effective as delivery of an
original executed counterpart of this Amendment.
 
(d)      Loan Documents.  This Amendment shall constitute a Loan Document.

[signature pages follow]
 
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
by their respective officers thereunto duly authorized and delivered as of the
date first above written.
 

 
BORROWER:
     
AEROPOSTALE, INC.
     
By:
                                                         
Name: David Dick
 
Title:   Senior Vice President and Chief Financial Officer

 

 
GUARANTORS:
     
AEROPOSTALE WEST, INC.
 
JIMMY’Z SURF CO., LLC
 
AERO GC MANAGEMENT LLC
 
AEROPOSTALE PROCUREMENT COMPANY, INC.
 
AEROPOSTALE LICENSING, INC.
 
P.S. FROM AEROPOSTALE, INC.
 
GOJANE LLC
     
By:
                                                                          
Name: David Dick
 
Title:   Senior Vice President and Chief Financial Officer

 
[Signature Page to First Amendment to Agreement]
 

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AGENT:
     
CRYSTAL FINANCIAL LLC
     
By:
                                                        
Name: Evren Ozargun
 
Title:   Managing Director

 
[Signature Page to First Amendment to Agreement]
 

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LENDERS:
     
CRYSTAL FINANCIAL LLC
     
By:
                                                           
Name: Evren Ozargun
 
Title:   Managing Director
     
CRYSTAL FINANCIAL SPV LLC
     
By:
                                                                   
Name: Evren Ozargun
 
Title:   Managing Director

 
[Signature Page to First Amendment to Agreement]
 

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SILVER POINT SPECIALTY CREDIT FUND, L.P.
     
By:
                                                                      
Name:
 
Title:
     
SILVER POINT SELECT OPPORTUNITIES FUND A, L.P.
     
By:
                                                          
Name:
 
Title:

 
[Signature Page to First Amendment to Agreement]
 

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SOLAR CAPITAL LTD.
     
By:
                                                                   
Name:
 
Title:

 
[Signature Page to First Amendment to Agreement]
 

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TPG SPECIALTY LENDING, INC.
     
By:
                                                               
Name:
 
Title:

 
[Signature Page to Fourth Amendment to Credit Agreement]
 
 

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