Exhibit 10.1

 

AMENDMENT NO. 1 TO CREDIT AGREEMENT

 

This Amendment No. 1 to Credit Agreement dated as of August 31, 2012 (this
“Amendment”) is entered into by and among Guess ?, Inc. (the “Borrower”) and the
Lenders party hereto with reference to the Credit Agreement, dated as of July 6,
2011 (as amended, restated, extended, supplemented or otherwise modified in
writing prior to the date hereof, the “Credit Agreement”), among the Borrower,
the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as
Administrative Agent, L/C Issuer and Swing Line Lender.  Capitalized terms used
in this Amendment and not otherwise defined herein are used with the meanings
set forth for those terms in the Credit Agreement.

 

WHEREAS, pursuant to Section 2.14 of the Credit Agreement, the Borrower has
notified the Administrative Agent and the Lenders that it intends to increase
(the “2012 Increase”) the Aggregate Commitments by $100,000,000 on or before
September 30, 2012;

 

WHEREAS, certain Lenders have agreed to increase their Commitments and certain
Additional Lenders have agreed to provide new Commitments in an aggregate amount
equal to the 2012 Increase; and

 

WHEREAS, the Borrower has requested that the Administrative Agent and the
Lenders agree to certain amendments to the Credit Agreement prior to the 2012
Increase.

 

NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows:

 

1.             Amendments.  Effective as of the date hereof and subject to the
satisfaction of the conditions precedent set forth in Section 2 of this
Amendment, the Credit Agreement is hereby amended as follows:

 

(a)           Section 1.01 of the Credit Agreement is hereby amended by
inserting, in alphabetical order, the following new defined term:

 

“2012 Increase” means the increase to the Aggregate Commitments by $100,000,000
by certain Lenders and certain Additional Lenders on or before September 30,
2012.

 

(b)           The definition of “Approved Currency Sublimit” in Section 1.01 of
the Credit Agreement is hereby amended by replacing the reference therein to
“$50,000,000” with a reference to “$200,000,000”.

 

(c)           The definition of “Consolidated Fixed Charge Coverage Ratio” in
Section 1.01 of the Credit Agreement is hereby amended by replacing the
reference therein to “$75,000,000” with a reference to “$125,000,000”.

 

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(d)           The definition of “EBITDAR” in Section 1.01 of the Credit
Agreement is hereby amended by replacing the reference therein to “$75,000,000”
with a reference to “$125,000,000”.

 

(e)           The definition of “Total Adjusted Leverage Ratio” in Section 1.01
of the Credit Agreement is hereby amended by replacing the reference therein to
“$75,000,000” with a reference to “$125,000,000”.

 

(f)          Section 2.14(a) of the Credit Agreement is hereby amended by
replacing the reference therein to “$100,000,000” with a reference to
“$200,000,000, which amount shall automatically reduce to $100,000,000 without
further action by any party upon the earlier to occur of (x) consummation of the
2012 Increase and (y) September 30, 2012”.

 

(g)          Section 7.02(j) of the Credit Agreement is hereby amended by
replacing the reference therein to “$250,000,000” with a reference to
“$300,000,000”.

 

(h)         Section 7.02(r) of the Credit Agreement is hereby amended by
replacing the reference therein to “$400,000,000” with a reference to
“$500,000,000”.

 

2.             Conditions Precedent.  This Amendment shall become effective on
the date (the “Amendment Effective Date” that the Administrative Agent shall
have received each of the following:

 

(a)           counterparts of this Amendment duly executed by the Borrower,
Lenders constituting Required Lenders and the Administrative Agent;

 

(b)           a written consent hereto (the “Consent”) executed by the
Guarantors in substantially the form of Exhibit A attached hereto;

 

(c)           a certificate of a Responsible Officer of the Borrower stating
that (A) the representations and warranties contained in Article V of the Credit
Agreement and in the other Loan Documents are true and correct in all material
respects on and as of the Amendment Effective Date, except to the extent that
such representations and warranties specifically refer to an earlier date, in
which case they are true and correct in all material respects as of such earlier
date, and except that for purposes of such certification, the representations
and warranties contained in subsections (a) and (b) of Section 5.05 of the
Credit Agreement shall be deemed to refer to the most recent statements
furnished pursuant to clauses (a) and (b), respectively, of Section 6.01 of the
Credit Agreement, and (B) no Default has occurred and is continuing; and

 

(d)           all fees required to be paid to the Administrative Agent or any
Lender and all expenses for which reasonably detailed invoices have been
presented on or before the Amendment Effective Date shall have been paid.

 

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3.             Representations and Warranties.  The Borrower represents and
warrants to the Administrative Agent and the Lenders that (a) the
representations and warranties contained in Article V of the Credit Agreement
and in the other Loan Documents are true and correct in all material respects on
and as of the date hereof, except to the extent that such representations and
warranties specifically refer to an earlier date, in which case they are true
and correct in all material respects as of such earlier date, and except that
for purposes of such certification, the representations and warranties contained
in subsections (a) and (b) of Section 5.05 of the Credit Agreement shall be
deemed to refer to the most recent statements furnished pursuant to clauses
(a) and (b), respectively, of Section 6.01 of the Credit Agreement, and (b) no
Default now exists.

 

4.             Confirmation. On and after the Amendment Effective Date, each
reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”,
“herein” or words of like import referring to the Credit Agreement, and each
reference in the other Loan Documents to the “Credit Agreement”, “thereunder”,
“thereof” or words of like import referring to the Credit Agreement shall mean
and be a reference to the Credit Agreement, as amended by the Amendment.  In all
other respects, the terms of the Credit Agreement and the other Loan Documents
are hereby confirmed.

 

5.             Counterparts.  This Amendment may be executed in any number of
counterparts, and all of such counterparts taken together shall be deemed to
constitute one and the same instrument.

 

6.             Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.  In addition to
and without limitation of any of the foregoing, this Amendment shall be deemed
to be a Loan Document and shall otherwise be subject to all of the terms and
conditions contained in Sections 10.14 and 10.15 of the Credit Agreement, as
amended by the Amendment, mutatis mutandi.

 

[Remainder of page intentionally left blank.]

 

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
date first written above by their duly authorized representatives.

 

 

GUESS ?, INC.

 

 

 

 

 

By:

/s/ Dennis Secor

 

Name: Dennis Secor

 

Title: Senior Vice President and Chief Financial Officer

 

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JPMORGAN CHASE BANK, N.A., as a Lender

 

 

 

 

 

By:

/s/ Keith Winzenried

 

Name:

Keith Winzenried

 

Title:

Credit Executive

 

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Bank of America, as a Lender

 

 

 

 

 

By:

/s/ Adam Feit

 

Name:

Adam Feit

 

Title:

Senior Vice President

 

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Bank of the West, as a Lender

 

 

 

 

 

By:

/s/ Shikha Rehman

 

Name:

Shikha Rehman

 

Title:

Senior Vice President

 

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HSBC Bank USA, National

 

Association, as a Lender

 

 

 

 

 

By:

/s/ Dean Lochrie

 

Name:

Dean Lochrie

 

Title:

Vice President

 

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ACKNOWLEDGED BY:

 

 

 

JPMORGAN CHASE BANK, N.A.,

 

as Administrative Agent

 

 

 

 

 

By:

/s/ Keith Winzenried

 

Name:

Keith Winzenried

 

Title:

Credit Executive

 

 

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Exhibit A to Amendment No. 1

 

CONSENT

 

Dated as of August 31, 2012

 

Each of the undersigned hereby (a) acknowledges that (i) it has reviewed
Amendment No. 1, dated as of August 31, 2012 (the “Amendment”; capitalized terms
used and not otherwise defined herein have the meanings assigned to such terms
in the Amendment) to the Credit Agreement, dated as of July 6, 2011, among Guess
?, Inc., as the Borrower, the Lenders party thereto and the Administrative
Agent, (ii) the Guaranty remains in full force and effect, and (iii) under the
terms of the Guaranty, it guarantees the Guaranteed Obligations (as defined in
the Guaranty), and (b) agrees that the Guaranty is hereby reaffirmed, ratified,
approved and confirmed in each and every respect, except that, upon the
effectiveness of, and on and after the date of, this Amendment, each reference
in the Guaranty to the Credit Agreement, “thereunder”, “thereof” or words of
like import referring to the Credit Agreement, shall mean and be a reference to
the Credit Agreement as amended by the Amendment.

 

 

 

GUESS.com, Inc.

 

GUESS? Retail, Inc.

 

GUESS? Value, LLC

 

GUESS? Bermuda Holdings, LLC

 

 

 

 

 

By:

 

 

Name:

 

Title:

 

A-1

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