Exhibit 10.1
SECOND AMENDMENT TO CREDIT AGREEMENT
     This Second Amendment to Credit Agreement (this “Second Amendment”) dated
as of November 29, 2010 is entered into among:
     QUIKSILVER AMERICAS, INC., a California corporation (the “Lead Borrower”);
     QUIKSILVER CANADA CORP., a Nova Scotia unlimited liability company (the
“Canadian Borrower”),
     the Persons named on Schedule 1.01 hereto (collectively, with the Lead
Borrower, the “Domestic Borrowers”);
     QUIKSILVER, INC., a Delaware corporation (the “Parent”);
     the Persons named on Schedule 1.02 hereto (collectively, the “Guarantors”);
     the Lenders party hereto;
     BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender and L/C
Issuer;
     BANK OF AMERICA, N.A. (acting through its Canada branch), as Canadian
Agent, Swing Line Lender and L/C Issuer; and
     BANK OF AMERICA, N.A. and GENERAL ELECTRIC CAPITAL CORPORATION, as
Co-Collateral Agents;

    in consideration of the mutual covenants herein contained and benefits to be
derived herefrom.

WITNESSETH:
     Reference is made to that certain Credit Agreement dated as of July 31,
2009, as amended by a First Amendment to Credit Agreement dated as of August 27,
2010 (as further amended, modified, supplemented or restated and in effect from
time to time, the “Credit Agreement”) by and among (i) Quiksilver Americas,
Inc., as the Lead Borrower for itself and the other Borrowers party thereto,
(ii) such other Borrowers, (iii) Quiksilver Canada Corp., as the Canadian
Borrower, (iv) the Guarantors party thereto, (v) the Administrative Agent,
(vi) the Co-Collateral Agents and (vii) the Lenders party thereto.
     The Borrowers have requested that certain modifications be made to the
Credit Agreement with respect to the refinancing of certain Permitted
Indebtedness. The Lenders have agreed to such modifications on the terms set
forth herein.
     NOW, THEREFORE, in consideration of the mutual agreements herein contained
and benefits to be derived herefrom, the parties hereto agree as follows:

1.   Definitions. Capitalized terms used herein and not otherwise defined herein
shall have the meanings assigned to such terms in the Credit Agreement.

2.   Amendments to Article I. The provisions of Article I of the Credit
Agreement are hereby amended as follows:

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  a.   Clause (k) of the definition of the definition of “Permitted
Indebtedness” is hereby deleted in its entirety and the following substituted in
its stead:

     (k) (i) Guarantees by the Parent in connection with the French Credit
Agreement so long as the aggregate principal amount of the obligations
Guaranteed does not exceed €268,000,000 and (ii) in connection with the
refinancing of the Guarantees described in the foregoing clause (i) of this
clause (k) and clause (n) of the definition of “Permitted Indebtedness” and
Indebtedness relating thereto, Guarantees of obligations with respect to senior
unsecured notes issued by a Foreign Subsidiary in an aggregate principal amount
not to exceed €200,000,000 and any Permitted Amendment/Refinancing of such
obligations.

  b.   Clause (m) of the definition of “Permitted Indebtedness” is hereby
deleted in its entirety.

3.   Amendments to Article VII.

  a.   Section 7.09 of the Credit Agreement is hereby amended by deleting the
“.” at the end of such Section and inserting the following in its stead:        
or (k) transactions pursuant to clause (k) of the definition of “Permitted
Indebtedness”.     b.   The following text contained in the second through
fourth line of Section 7.10 of the Credit Agreement:

    (other than (x) this Agreement or any other Loan Document or (y) the Term
Loan Credit Agreements or any document relating thereto or (z) the Senior Note
Indenture or any Permitted Amendment/Refinancing of any of the foregoing)      
is hereby deleted in its entirety and the following substituted in its stead:  
    (other than (w) this Agreement or any other Loan Document or (x) the Term
Loan Credit Agreements or any document relating thereto or (y) the Senior Note
Indenture or (z) any documentation relating to any senior unsecured notes
described in clause (k)(ii) of the definition of “Permitted Indebtedness” or any
Permitted Amendment/Refinancing of any of the foregoing)

4.   Conditions to Effectiveness. This Second Amendment shall become effective
upon satisfaction of each of the following conditions precedent:

  a.   This Second Amendment shall have been duly executed and delivered by the
Loan Parties, the Agents and all of the Lenders, and the Administrative Agent
shall have received a fully executed copy hereof.     b.   The Administrative
Agent shall have received evidence reasonably requested by it prior to the date
hereof that all requisite corporate and other action necessary for the valid
execution, delivery and performance by the Loan Parties of this Second Amendment
has been taken.

5.   Confirmation of Representations and Warranties. Each Loan Party hereby
represents and warrants to the Agents and the Lenders that (a) the
representations and warranties of such Loan Party contained in Article III of
the Credit Agreement, and in each other Loan Document (after giving effect to
the amendments set forth herein) to which it is a party are true and correct in
all

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    material respects on and as of such date as though made on and as of such
date, except to the extent that such representations and warranties expressly
relate solely to an earlier date (in which case such representations and
warranties are true and correct in all material respects on and as of such
date); (b) no Default or Event of Default has occurred and is continuing or
would result from the effectiveness of this Second Amendment; and (c) no event
has occurred after July 31, 2010 that could reasonably be expected to have a
material adverse effect on the condition (financial or otherwise), operations,
or assets of the Borrower and Guarantors, taken as a whole.

6.   Miscellaneous.

  a.   All terms and conditions of the Credit Agreement and the other Loan
Documents, as amended hereby, remain in full force and effect.     b.   The
Borrowers shall pay on demand all reasonable and documented out-of-pocket costs
and expenses of the Agents incurred in connection with the preparation,
negotiation, execution and delivery of this Second Amendment, including, without
limitation, reasonable and documented fees of their counsel.     c.   This
Second Amendment may be executed in several counterparts and by each party on a
separate counterpart, each of which when so executed and delivered, shall be an
original, and all of which together shall constitute one instrument. Delivery of
an executed counterpart of a signature page hereto by telecopy or other
electronic image scan transmission (e.g., “pdf” or “tif” via e-mail) shall be as
effective as delivery of a manually executed counterpart hereof.     d.   This
Second Amendment expresses the entire understanding of the parties with respect
to the matters set forth herein and supersedes all prior discussions or
negotiations hereon.     e.   Any determination that any provision of this
Second Amendment or any application hereof is invalid, illegal or unenforceable
in any respect and in any instance shall not affect the validity, legality, or
enforceability of such provision in any other instance, or the validity,
legality or enforceability of any other provisions of this Second Amendment.    
f.   THIS SECOND AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICTS
OF LAWS PRINCIPLES THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL
OBLIATIONS LAW).

[SIGNATURE PAGES FOLLOW]

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     IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to
be executed as the date first above written.

            QUIKSILVER AMERICAS, INC.,
as the Lead Borrower
      By:           Name:           Title:           DC SHOES, INC.,
as a Domestic Borrower
      By:           Name:           Title:           HAWK DESIGNS, INC.,
as a Domestic Borrower
      By:           Name:           Title:           MERVIN MANUFACTURING, INC.,
as a Domestic Borrower
      By:           Name:           Title:           QS WHOLESALE, INC.,
as a Domestic Borrower
      By:           Name:           Title:        

 

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            QS RETAIL, INC.,
as a Domestic Borrower
      By:           Name:           Title:           QUIKSILVER, INC.,
as a Guarantor
      By:           Name:           Title:      

 

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            QUIKSILVER CANADA CORP.,
as the Canadian Borrower
      By:           Name:           Title:           QS RETAIL CANADA CORP.,
as a Guarantor
      By:           Name:           Title:      

 

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            BANK OF AMERICA, N.A., as Administrative Agent and as a
Co-Collateral Agent
      By:           Name:           Title:           BANK OF AMERICA, N.A.
(acting through its Canada branch), as Canadian Agent
      By:           Name:           Title:      

 

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            BANK OF AMERICA, N.A., as a Domestic Lender, L/C Issuer and Swing
Line Lender
      By:           Name:           Title:           BANK OF AMERICA, N.A.
(acting through its Canada branch), as a Canadian Lender, L/C Issuer and Swing
Line Lender
      By:           Name:           Title:      

 

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            GENERAL ELECTRIC CAPITAL CORPORATION,
as Co-Collateral Agent
      By:           Name:           Title:           GENERAL ELECTRIC CAPITAL
CORPORATION, as a Domestic Lender
      By:           Name:           Title:      

 

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            GENERAL ELECTRIC CAPITAL CORPORATION, as a Canadian Lender
      By:           Name:           Title:        

 

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Schedule 1.01
DOMESTIC BORROWERS

1.   Quiksilver Americas, Inc.

2.   DC Shoes, Inc.

3.   Hawk Designs, Inc.

4.   Mervin Manufacturing, Inc.

5.   QS Wholesale, Inc.

6.   QS Retail, Inc.

 

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Schedule 1.02
GUARANTORS OF OBLIGATIONS

1.   Quiksilver, Inc.

GUARANTORS OF CANADIAN LIABILITIES

2.   QS Retail Canada Corp.