Exhibit 10.1

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

FIRST AMENDMENT, dated as of October 4, 2017 (this “Amendment”), to the Second
Amended and Restated Credit Agreement, dated as of August 22, 2017 (as amended,
the “Credit Agreement”), among Michael Kors (USA), Inc. (the “Company”), Michael
Kors Holdings Limited (“MK Holdings”), the Foreign Subsidiary Borrowers from
time to time party thereto (collectively with the Company and MK Holdings, the
“Borrowers”), the Guarantors from time to time party thereto, the several banks
and other financial institutions or entities from time to time party thereto
(the “Lenders”), JPMorgan Chase Bank, N.A., as administrative agent (the
“Administrative Agent”), and the other agents party thereto.

W I T N E S S E T H

WHEREAS, the Borrowers, the Guarantors, the Lenders and the Administrative Agent
are parties to the Credit Agreement;

WHEREAS, the Company wishes to issue Senior Notes the proceeds of which shall be
used to finance in part the Target Acquisition and to terminate the commitments
available and the obligations outstanding under the Bridge Credit Agreement;

WHEREAS, in connection with the issuance of the Senior Notes, the Borrowers have
requested that the Credit Agreement be amended so that the requirement of
Section 5.09(c) to enter into the Collateral Documents, provide a perfected Lien
in the Collateral and to secure the Obligations in favor of the Secured Parties
is terminated and no longer in effect at such time as the Senior Notes have been
issued to the extent the initial Public Debt Rating publicly announced or issued
and then in effect by each of S&P, Moody’s and Fitch, in each case after giving
effect to the Transactions, is an Investment Grade Rating;

WHEREAS, Lenders constituting the Required Lenders and the Administrative Agent
are willing to agree to this Amendment on the terms set forth herein.

NOW, THEREFORE, in consideration of the premises and mutual covenants contained
herein, the parties hereto agree as follows:

SECTION 1. Capitalized Terms. Capitalized terms used but not defined herein
shall have the meanings assigned to such terms in the Credit Agreement.

SECTION 2. Amendments. The Credit Agreement shall be amended as of the Effective
Date (as defined below) as set forth below.

(a) Amendment to Section 5.09. The last sentence of Section 5.09(c) of the
Credit Agreement is hereby amended and restated in its entirety to read as
follows, to add a new termination event (numbered as “(3)” below) to the
requirement to enter into Collateral Documents and to secure the Obligations:

“Notwithstanding anything to the contrary in this Section 5.09(c) or in the Loan
Documents, the requirement of this Section 5.09(c) to enter into the Collateral
Documents, provide a perfected Lien in the Collateral and to secure the
Obligations in favor of the Secured Parties shall automatically terminate and no
longer be in effect on the earliest date on which all of the conditions set
forth in any of clause (1), (2) or (3) below are concurrently satisfied:
(1) (i) all Term Loans (including all Refinancing Term Loans and Incremental
Term Loans) shall have

--------------------------------------------------------------------------------

 

2

 

been paid in full and all Obligations with respect to the Term Loan Facility
(including any Refinancing Term Loans and Incremental Term Loans hereunder)
shall have be satisfied and paid in full, (ii) to the extent any obligation
under the Bridge Credit Agreement, any Qualifying Committed Financing or any
refinancing thereof remains outstanding at such time, such obligations shall be
unsecured, and (iii) the Investment Grade Ratings Requirement is satisfied at
such time; (2) (i) all Term Loans (including all Refinancing Term Loans and
Incremental Term Loans) shall have been paid in full and all Obligations with
respect to the Term Loan Facility (including any Refinancing Term Loans and
Incremental Term Loans hereunder) shall have be satisfied and paid in full,
(ii) to the extent any obligation under the Bridge Credit Agreement, any
Qualifying Committed Financing or any refinancing thereof remains outstanding at
such time, such obligations shall be unsecured, (iii) the Public Debt Ratings at
such time from at least two of S&P, Moody’s and Fitch shall be (x) as to S&P,
BB+ or better (with stable outlook or better), (y) with respect to Moody’s, Ba1
or better (with stable outlook or better) and (y) as to Fitch, BB+ or better
(with stable outlook or better), and (iv) after giving effect thereto and on a
Pro Forma Basis, the Leverage Ratio is not greater than 3.0 to 1.00; or
(3) (i) the Senior Notes shall have been issued by the Company or any other Loan
Party, (ii) upon such issuance of the Senior Notes or promptly thereafter, all
commitments and other obligations outstanding under the Bridge Credit Agreement
shall have been terminated pursuant to the terms thereof (other than those
obligations expressly stated to survive such termination), and (iii) the Public
Debt Rating publicly announced or issued and then in effect by each of S&P,
Moody’s and Fitch, in each case after giving effect to the Transactions, shall
be an Investment Grade Rating.”

SECTION 3. Conditions to Effectiveness of Amendment. This Amendment shall become
effective on the date on which the Administrative Agent has received a
counterpart of this Amendment, executed and delivered by a duly authorized
officer of each of (A) each Borrower, (B) Lenders constituting the Required
Lenders and (C) the Administrative Agent (the “Amendment Effective Date”).

SECTION 4. Representations and Warranties. Each Borrower hereby represents and
warrants that, after giving effect to this Amendment, (a) each of the
representations and warranties made by any Loan Party in or pursuant to the
Credit Agreement or the other Loan Documents are true and correct in all
material respects (and in all respects if qualified by “material” or “Material
Adverse Effect”) on and as of the Amendment Effective Date as if made on and as
of the Amendment Effective; provided that any such representation or warranty
that by its express terms is made as of a specific date shall have been true and
correct in all material respects (or in all respects if such representation or
warranty is qualified by “material” or “Material Adverse Effect”) as of such
specific date; provided further, that each reference to the Credit Agreement
therein shall be deemed to be a reference to the Credit Agreement after giving
effect to this Amendment and (b) no Default or Event of Default has occurred and
is continuing and no Default or Event of Default will occur after giving effect
to the amendments contemplated herein.

SECTION 5. Effects on Loan Documents. (a) Except as specifically amended herein,
all Loan Documents shall continue to be in full force and effect and are hereby
in all respects ratified and confirmed. For the avoidance of doubt, this
Amendment constitutes a Loan Document.

(b) The execution, delivery and effectiveness of this Amendment shall not
operate as a waiver of any right, power or remedy of any Lender or the
Administrative Agent under any of the Loan Documents, nor constitute a waiver of
any provision of the Loan Documents.

--------------------------------------------------------------------------------

 

3

 

SECTION 6. Expenses. The Borrower agrees to pay and reimburse the Administrative
Agent for its reasonable and documented out-of-pocket costs and expenses
incurred in connection with the preparation and delivery of this Amendment, and
any other documents prepared in connection herewith and the transactions
contemplated hereby, in accordance with Section 9.03(a) of the Credit Agreement.

SECTION 7. GOVERNING LAW; WAIVER OF JURY TRIAL. THIS AMENDMENT AND THE RIGHTS
AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. EACH PARTY
HERETO HEREBY AGREES AS SET FORTH FURTHER IN SECTION 9.09 OF THE CREDIT
AGREEMENT AS IF SUCH SECTION WERE SET FORTH IN FULL HEREIN.

SECTION 8. Amendments; Execution in Counterparts. (a) This Amendment shall not
constitute an amendment of any other provision of the Credit Agreement not
referred to herein and shall not be construed as a waiver or consent to any
further or future action on the part of the Loan Parties that would require a
waiver or consent of the Lenders or the Administrative Agent. Except as
expressly amended hereby, the provisions of the Credit Agreement are and shall
remain in full force and effect.

(b) This Amendment may not be amended nor may any provision hereof be waived
except pursuant to a writing signed by the Borrowers, the Administrative Agent
and the Required Lenders. This Amendment may be executed by one or more of the
parties to this Amendment on any number of separate counterparts, and all of
said counterparts taken together shall be deemed to constitute one and the same
instrument. Delivery of an executed signature page of this Amendment by email or
facsimile transmission shall be effective as delivery of a manually executed
counterpart hereof. A set of the copies of this Amendment signed by all the
parties shall be lodged with the Borrowers and the Administrative Agent.

[Remainder of page intentionally left blank]

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered by their respective proper and duly authorized officers
as of the day and year first above written.

 

MICHAEL KORS HOLDINGS LIMITED, as a Borrower By:   /s/ Thomas J. Edwards, Jr.  
Name:   Thomas J. Edwards, Jr.   Title:   Executive Vice President, Chief
Financial Officer, Chief Operating Officer and Treasurer MICHAEL KORS (USA),
INC., as a Borrower By:   /s/ David Provenzano   Name:   David Provenzano  
Title:   Assistant Treasurer MICHAEL KORS (CANADA) HOLDINGS LTD., as a Borrower
By:   /s/ David Provenzano   Name:   David Provenzano   Title:   Assistant
Treasurer MICHAEL KORS (EUROPE) B.V., as a Borrower By:   /s/ David Provenzano  
Name:   David Provenzano   Title:   Managing Director / Attorney MICHAEL KORS
(SWITZERLAND) GMBH, as a Borrower By:   /s/ David Provenzano   Name:   David
Provenzano   Title:   Managing Officer

 

 

 

 

[Signature Page to First Amendment to Second Amended and Restated Credit
Agreement]

--------------------------------------------------------------------------------

JPMORGAN CHASE BANK, N.A., as Administrative Agent By:  

/s/ James A. Knight

  Name:   James A. Knight   Title:   Executive Director

 

 

 

[Signature Page to First Amendment to Second Amended and Restated Credit
Agreement]

 

--------------------------------------------------------------------------------

GOLDMAN SACHS BANK USA, as a Lender By:   /s/ Chris Lam   Name:   Chris Lam  
Title:   Authorized Signatory

 

 

 

[Signature Page to First Amendment to Second Amended and Restated Credit
Agreement]

 

--------------------------------------------------------------------------------

CITIBANK, N.A., as a Lender By:   /s/ Paul V. Phelan  

Name:  Paul V. Phelan

Title:    Authorized Signer

 

 

 

[Signature Page to First Amendment to Second Amended and Restated Credit
Agreement]

--------------------------------------------------------------------------------

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a Lender By:   /s/ Elizabeth Willis  

Name:  Elizabeth Willis

Title:    Vice President

 

 

 

[Signature Page to First Amendment to Second Amended and Restated Credit
Agreement]

--------------------------------------------------------------------------------

U.S. BANK NATIONAL ASSOCIATION, as a Lender By:   /s/ Mark D. Rodgers  

Name:  Mark D. Rodgers

Title:    Vice President

 

 

 

[Signature Page to First Amendment to Second Amended and Restated Credit
Agreement]

--------------------------------------------------------------------------------

ING (IRELAND) DAC, as a Lender By:  

/s/ Sean Hassett

  Name: Sean Hassett   Title: Director By:  

/s/ Shaun Hawley

  Name: Shaun Hawley   Title: Director

 

 

 

[Signature Page to First Amendment to Second Amended and Restated Credit
Agreement]

--------------------------------------------------------------------------------

ING BANK, A BRANCH OF ING-DIBA AG,

as a Lender

By:  

/s/ Olga Borovikov

  Name: Olga Borovikov   Title: VP By:  

/s/ Michael Hofmann

  Name: Michael Hofmann   Title: Director

 

 

 

[Signature Page to First Amendment to Second Amended and Restated Credit
Agreement]

 

--------------------------------------------------------------------------------

BANK OF AMERICA, N.A., as a Lender By:  

/s/ Andrew Wulff

  Name: Andrew Wulff   Title: Associate

 

 

 

[Signature Page to First Amendment to Second Amended and Restated Credit
Agreement]

--------------------------------------------------------------------------------

HSBC BANK USA, N.A., as a Lender By:  

/s/ Brian J Gingue

  Name: Brian J Gingue   Title: Senior Vice President

 

 

 

[Signature Page to First Amendment to Second Amended and Restated Credit
Agreement]

--------------------------------------------------------------------------------

BNP PARIBAS, as a Lender By:   /s/ Pamela J. Fitton  

Name:  Pamela J. Fitton

Title:    Managing Director

By:   /s/ Melissa Dyki  

Name:  Melissa Dyki

Title:    Director

 

 

 

[Signature Page to First Amendment to Second Amended and Restated Credit
Agreement]

--------------------------------------------------------------------------------

INTESA SANPAOLO S.P.A., NEW YORK BRANCH, as a Lender By:   /s/ Manuela Insana  

Name:  Manuela Insana

Title:    VP & Relationship Manager

By:   /s/ Francesco Di Mario  

Name:  Francesco Di Mario

Title:    FVP & Head of Credit

 

 

 

[Signature Page to First Amendment to Second Amended and Restated Credit
Agreement]

--------------------------------------------------------------------------------

CREDIT SUISSE (SWITZERLAND) LTD., as a Lender By:  

/s/ GIANLUIGI PEZZOTTA    /s/ NATHALIE DIETLIKER

  Name: GIANLUIGI PEZZOTTA, DIRECTOR   Name:  NATHALIE DIETLIKER, VICE PRESIDENT

 

 

 

[Signature Page to First Amendment to Second Amended and Restated Credit
Agreement]

--------------------------------------------------------------------------------

WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender By:  

/s/ Denis Waltrich

  Name:   Denis Waltrich   Title:   Director

 

 

 

[Signature Page to First Amendment to Second Amended and Restated Credit
Agreement]

--------------------------------------------------------------------------------

STANDARD CHARTERED BANK, as a Lender By:  

/s/ Daniel Mattern

  Name:   Daniel Mattern   Title:  

Associate Director

Standard Chartered Bank

 

 

 

[Signature Page to First Amendment to Second Amended and Restated Credit
Agreement]