EXECUTION VERSION

Exhibit 10.1

July 25, 2014

Wells Fargo Bank, National Association
MAC D1053-150
301 S. College Street, 14th Floor
Charlotte, NC 28202
Attention: Irena Stavreska, Vice President

Pool Corporation
109 Northpark Boulevard
Covington, Louisiana 70433
Attention: Mark Joslin, Chief Financial Officer
Re:
Fifth Amendment to the Credit Agreement (this “Amendment”)

Ladies and Gentleman:

Reference is hereby made to that certain Credit Agreement dated as of October
19, 2011 (as amended by the First Amendment to Credit Agreement dated as of
December 21, 2011, the Second Amendment to Credit Agreement dated as of April 1,
2013, the Third Amendment to Credit Agreement dated as of June 14, 2013, and the
Fourth Amendment to Credit Agreement dated as of September 30, 2013, and as may
be further amended, restated, supplemented or otherwise modified from time to
time, the “Credit Agreement”), by and among Pool Corporation, a Delaware
corporation (the “US Borrower”), SCP Distributors Canada Inc. (formerly known as
SCP Distributors Inc.), a company organized under the laws of Ontario (the
“Canadian Borrower”), SCP Pool B.V., a private company with limited liability
(besloten vennootschap met beperkte aansprakelijkheid), incorporated under the
laws of the Netherlands, having its seat (statutaire zetel) in Rotterdam,
registered with the trade register of the Chambers of Commerce (Kamers van
Koophandel) under file number 24293315 (the “Dutch Borrower” and, collectively
with the US Borrower and the Canadian Borrower, the “Borrowers”), the Subsidiary
Guarantors party hereto, each Lender party hereto and Wells Fargo Bank, National
Association (“Wells Fargo”), as administrative agent for the Lenders (in such
capacity, the “Administrative Agent”).

The Borrowers have requested that the Administrative Agent and the Lenders agree
to a certain amendment to the Credit Agreement as more fully set forth herein.
The Administrative Agent and the Lenders identified on the signature pages
hereto have approved the requested amendment on the terms and conditions set
forth herein.

Accordingly, the parties hereto agree that, effective as of the date hereof,
clause (k) of Section 11.1 of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

“(k)    additional Indebtedness of the US Borrower and its Subsidiaries not
otherwise permitted pursuant to this Section in an aggregate amount outstanding
not to exceed (i) during the period prior to the Fourth Amendment Effective
Date, $10,000,000 and (ii) on or after the Fourth Amendment Effective Date, the
greater of (A) three percent (3%) of Consolidated Total Assets (determined at
the time of incurrence thereof based on the financial data for the most recently
ended Fiscal Year for which audited financial statements of the US Borrower and
its Subsidiaries are available), and (B) $20,000,000;”

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Each Borrower hereby represents and warrants that (a) no Default or Event of
Default has occurred and is continuing as of the date hereof or would result
after giving effect hereto and (b) the representations and warranties contained
in Credit Agreement are true and correct in all material respects on and as of
the date hereof (except to the extent such representation and warranty is
qualified by materiality or reference to Material Adverse Effect, in which case
such representation and warranty shall be true and correct in all respects) as
of the date hereof as if fully set forth herein, other than any such
representations or warranties that, by their express terms, refer to an earlier
date, in which case they shall have been true and correct as of such earlier
date.

By its execution hereof, each Credit Party hereby represents and warrants as
follows: (a) such Credit Party has the right, power and authority and has taken
all necessary corporate, limited liability and other action to authorize the
execution, delivery and performance of this Amendment and each other document
executed in connection herewith to which it is a party in accordance with their
respective terms; and (b) this Amendment and each other document executed in
connection herewith has been duly executed and delivered by its duly authorized
officers, and each such document constitutes the legal, valid and binding
obligation of such Credit Party, enforceable in accordance with its terms,
except as such enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar state or federal debtor relief laws from
time to time in effect which affect the enforcement of creditors’ rights in
general and the availability of equitable remedies.

By their execution hereof, each Credit Party hereby expressly (a) consents to
this Amendment and (b) acknowledges that such Credit Party’s covenants,
representations, warranties and other obligations set forth in the Credit
Agreement, the Notes, the Letter of Credit Applications and the other Loan
Documents to which such Credit Party is a party remains in full force and effect
and are hereby ratified and confirmed.

This Amendment is a Loan Document. Except as expressly modified hereby, all
terms and provisions of the Credit Agreement and all other Loan Documents remain
in full force and effect and nothing contained in this Amendment shall in any
way impair the validity or enforceability of the Credit Agreement or the Loan
Documents, or alter, waive, annul, vary, affect, or impair any provisions,
conditions, or covenants contained therein or any rights, powers, or remedies
granted therein.

This Amendment and the rights and obligations of the parties under this
Amendment shall be governed by, and construed and interpreted in accordance
with, the law of the state of New York. Sections 15.3, 15.6 and 15.7 of the
Credit Agreement are hereby incorporated herein by this reference.

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 counterpart of a signature page of this Amendment by facsimile
transmission or other electronic imaging means shall be effective as delivery of
a manually executed counterpart hereof. This Amendment shall become effective
when it shall have been executed by the Administrative Agent and when the
Administrative Agent shall have received counterparts hereof that, when taken
together, bear the signatures of the Credit Parties and the Required Lenders.

[Signature Pages Follow]

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

BORROWERS:
POOL CORPORATION,

as US Borrower
By:
/s/ Mark W. Joslin
Name:
Mark W. Joslin
Title:
Vice President and Chief Financial Officer

 
SCP DISTRIBUTORS CANADA INC.,
as Canadian Borrower
By:
/s/ Mark W. Joslin
Name:
Mark W. Joslin
Title:
Secretary and Treasurer

 
SCP POOL B.V., as Dutch Borrower
By:
/s/ Mark W. Joslin
Name:
Mark W. Joslin
Title:
Director

Pool Corporation
Fifth Amendment to Credit Agreement
Signature Pages

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GUARANTORS:
SCP DISTRIBUTORS LLC,

as Subsidiary Guarantor
By:
/s/ Mark W. Joslin
Name:
Mark W. Joslin
Title:
Vice President and Chief Financial Officer

 
SPLASH HOLDINGS, INC.,
as Subsidiary Guarantor
By:
/s/ Mark W. Joslin
Name:
Mark W. Joslin
Title:
Vice President and Secretary

 
ALLIANCE TRADING, INC.,
as Subsidiary Guarantor
By:
/s/ Melanie Housey
Name:
Melanie Housey
Title:
President and Secretary

 
CYPRESS, INC.,
as Subsidiary Guarantor
By:
/s/ Melanie Housey
Name:
Melanie Housey
Title:
President and Secretary

 
SUPERIOR POOL PRODUCTS LLC,
as Subsidiary Guarantor
By:
/s/ Mark W. Joslin
Name:
Mark W. Joslin
Title:
Vice President and Chief Financial Officer

 
SCP ACQUISITION CO. LLC,
as Subsidiary Guarantor
By:
/s/ Mark W. Joslin
Name:
Mark W. Joslin
Title:
Vice President and Secretary

 
SCP INTERNATIONAL, INC.,
as Subsidiary Guarantor
By:
/s/ Mark W. Joslin
Name:
Mark W. Joslin
Title:
Vice President and Secretary

Pool Corporation
Fifth Amendment to Credit Agreement
Signature Pages

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POOL DEVELOPMENT LLC,
as Subsidiary Guarantor
By:
/s/ Mark W. Joslin
Name:
Mark W. Joslin
Title:
Vice President and Chief Financial Officer

 
HORIZON DISTRIBUTORS, INC.,
as Subsidiary Guarantor
By:
/s/ Mark W. Joslin
Name:
Mark W. Joslin
Title:
Vice President

 
POOLCORP FINANCIAL MORTGAGE, LLC,
as Subsidiary Guarantor
By:
/s/ Mark W. Joslin
Name:
Mark W. Joslin
Title:
President and Treasurer

 
POOLCORP FINANCIAL INC.,
as Subsidiary Guarantor
By:
/s/ Mark W. Joslin
Name:
Mark W. Joslin
Title:
President and Treasurer

 
POOLFX SUPPLY LLC,
as Subsidiary Guarantor
By:
/s/ Mark W. Joslin
Name:
Mark W. Joslin
Title:
President

Pool Corporation
Fifth Amendment to Credit Agreement
Signature Pages

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ADMINISTRATIVE AGENT
AND LENDERS:
WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent, the Canadian Dollar Lender, the Euro Lender and a
Lender
By:
/s/ Irena Stavreska
Name:
Irena Stavreska
Title:
Vice President

Pool Corporation
Fifth Amendment to Credit Agreement
Signature Pages

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BANK OF AMERICA, N.A., as Lender
By:
/s/ Brian Huddleston
Name:
Brian Huddleston
Title:
Vice President

Pool Corporation
Fifth Amendment to Credit Agreement
Signature Pages

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MUFG Union Bank, N.A. f/k/a Union Bank N.A., as Lender
By:
/s/ Pierre Bury
Name:
Pierre Bury
Title:
Director

Pool Corporation
Fifth Amendment to Credit Agreement
Signature Pages

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CAPITAL ONE, N.A., as Lender
By:
/s/ David E. Maheu
Name:
David E. Maheu
Title:
Vice President

Pool Corporation
Fifth Amendment to Credit Agreement
Signature Pages

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FIFTH THIRD BANK, as Lender
By:
/s/ Jon C. Long
Name:
Jon C. Long
Title:
Vice President

Pool Corporation
Fifth Amendment to Credit Agreement
Signature Pages

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JP MORGAN CHASE BANK, N.A., as Lender
By:
/s/ Robin J. Wallace, Jr.
Name:
Robin J. Wallace, Jr.
Title:
Officer

Pool Corporation
Fifth Amendment to Credit Agreement
Signature Pages

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REGIONS BANK, as Lender
By:
/s/ Jorge E. Goris
Name:
Jorge Goris
Title:
Senior Vice President

Pool Corporation
Fifth Amendment to Credit Agreement
Signature Pages

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BRANCH BANKING AND TRUST COMPANY, as Lender
By:
/s/ Elizabeth Willis
Name:
Elizabeth Willis
Title:
Vice President

Pool Corporation
Fifth Amendment to Credit Agreement
Signature Pages

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Comerica Bank, as Lender
By:
/s/ L. J. Perenyi
Name:
L. J. Perenyi
Title:
Vice President

Pool Corporation
Fifth Amendment to Credit Agreement
Signature Pages