Exhibit 10.3

 

June 23, 2020

 

VINCE, LLC

c/o Vince Holding Corp

500 5th Avenue, 20th Floor

New York, New York 10110

Attn: Dave Stefko

 

Re:

Amendment and Consent (“Letter Agreement”)

Ladies and Gentlemen:

Reference is hereby made to (a) the Credit Agreement, dated as of August 21,
2018 (as amended, amended and restated, supplemented, extended, or otherwise
modified from time to time, the “Revolving Credit Agreement”) by and among
Vince, LLC, a Delaware limited liability company (“Borrower”), as borrower, the
Guarantors from time to time party thereto (collectively with the Borrower, the
“Loan Parties”), the lenders party thereto (each, an “Revolving Lender”), and
Citizens Bank, N.A. (the “Revolving Agent”), as administrative agent, (b) the
Credit Agreement, dated as of August 21, 2018 (as amended, amended and restated,
supplemented, extended, or otherwise modified from time to time, the “Term
Credit Agreement”; together with the Revolving Credit Agreement, the “Credit
Agreements” and each, individually, a “Credit Agreement”) by and among the
Borrower, the Guarantors from time to time party thereto (collectively with the
Borrower, the “Loan Parties”), the lenders party thereto (each, a “Term
Lender”), and Crystal Financial LLC (the “Term Agent”; together with the
Revolving Agent, the “Agents” and each, individually, an “Agent”), as
administrative agent, and (c) the Intercreditor Agreement, dated as of August
21, 2018 (as amended, amended and restated, supplemented, extended, or otherwise
modified from time to time, the “Intercreditor Agreement”), between the
Revolving Agent and the Term Agent and acknowledged by the Loan
Parties.  Initially capitalized terms used herein without definition shall have
the meaning set forth in each Credit Agreement, as applicable.

The Loan Parties, the Term Agent and the Required Lenders (as defined in the
Term Credit Agreement) agree that Section 6.01(c) of the Term Credit Agreement
is hereby amended by deleting the first reference to “45 days” therein and
inserting “30 days” in lieu thereof.

The Loan Parties have informed the Agents that they are unable to deliver
financial information for the Fiscal Months ending on or around May 2, 2020 and
June 6, 2020 as required by Section 6.01(c) of each Credit Agreement or any
related Compliance Certificates as required by Section 6.02(b) of each Credit
Agreement (the “Specified Monthly Financial Information”). The Loan Parties have
requested that the Agents extend the deadline for delivery of the Specified
Monthly Financial Information to July 31, 2020 and the Agents and Required
Lenders (as defined in each Credit Agreement) hereby agree to such extension.

DB1/ 114563502.4

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The Term Agent agrees that the Revolving Agent may continue to rely on the
Compliance Certificate and calculation of the Fixed Charge Coverage Ratio for
the Fiscal Month ended April 4, 2020 until the deadline for delivery of the
Specified Monthly Financial Information and that no Financial Covenant Default
(as defined in the Intercreditor Agreement) shall arise as a result of the
extension of the deadline for the delivery of the Specified Monthly Financial
Information. Each party to the Intercreditor Agreement consents to the execution
of this Letter Agreement by each Agent.

This Letter Agreement is a limited consent and (i) shall only be relied upon and
used for the specific purpose set forth herein, (ii) shall not constitute nor be
deemed to constitute a waiver of any Default or Event of Default, (iii) shall
not constitute nor be deemed to constitute a consent by either Agent or any
Lender to anything other than the specific purpose set forth herein and (iv)
shall not constitute a custom or course of dealing among the parties hereto.
Sections 10.04, 10.10, 10.12, 10.14, 10.15 and 10.16 of each Credit Agreement
are incorporated herein mutatis mutandis. This Letter Agreement shall constitute
a Loan Document.

This Letter Agreement, the Revolving Credit Agreement (with respect to the
Revolving Agent and Required Lenders (as defined in the Revolving Credit
Agreement)) or the Term Credit Agreement (with respect to the Term Agent and
Required Lenders (as defined in the Term Credit Agreement)), the Intercreditor
Agreement, and the other documents related to the applicable Credit Agreement
together constitute the entire agreement of the parties hereto with respect to
the subject matter hereof and supersede any prior understandings or agreements
which may have existed with respect thereto. Except as expressly provided
herein, this Letter Agreement shall not, by implication or otherwise, alter,
modify, amend or in any way affect any of the obligations or covenants contained
in either Credit Agreement or any of the other documents related to either
Credit Agreement, all of which are ratified and confirmed in all respects and
shall continue in full force and effect. This Letter Agreement shall be binding
upon and inure to the benefit of the Agents, the Lenders, and the Loan Parties,
and to each of their respective successors in title and assigns.

 

 

[Signature pages follow]

DB1/ 114563502.4

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Very truly yours,

 

 

 

CITIZENS BANK, N.A., as Revolving Agent and a Revolving Lender

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

Title:

 

 

 

[Signature Page – Letter Agreement (Vince)]

DB1/ 114563502.4

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CRYSTAL FINANCIAL LLC, as Term Agent and a Term Lender

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

Title:

 

 

 

[Signature Page – Letter Agreement (Vince)]

DB1/ 114563502.4

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PNC BANK, NATIONAL ASSOCIATION, as a Revolving Lender

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

Title:

 

 

 

[Signature Page – Letter Agreement (Vince)]

DB1/ 114563502.4

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CRYSTAL FINANCIAL SPV, LLC, as a Term Lender

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

Title:

 

 

 

[Signature Page – Letter Agreement (Vince)]

DB1/ 114563502.4

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Acknowledged and agreed:

 

 

 

VINCE, LLC, as Borrower

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

Title:

 

 

 

 

 

OTHER LOAN PARTIES:

 

 

 

VINCE INTERMEDIATE HOLDING, LLC

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

Title:

 

 

 

 

 

VINCE HOLDING CORP.

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

Title:

 

 

 

 

 

REBECCA TAYLOR, INC.

 

 

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

PARKER HOLDING, LLC

 

 

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

Title:

 

 

 

[Signature Page – Letter Agreement (Vince)]

DB1/ 114563502.4

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OTHER LOAN PARTIES (cont’d):

 

 

 

REBECCA TAYLOR rETAIL STORE, LLC

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

Title:

 

 

 

 

 

PARKER LIFESTYLE, LLC

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

Title:

 

[Signature Page – Letter Agreement (Vince)]

DB1/ 114563502.4