EX-10.4


 Exhibit 10.4 
 THIRD AMENDMENT TO TERM LOAN AGREEMENT 
 This Third Amendment to Term Loan
Agreement (this “Third Amendment”) dated as of February 1, 2012 is entered into among: 
 QUIKSILVER
AMERICAS, INC., a California corporation (the “Borrower”); 
 QUIKSILVER, INC., a Delaware corporation (the
“Parent”); 
 the Lenders party hereto; and 

BANK OF AMERICA, N.A., as Administrative Agent, and Collateral Agent; 

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

WITNESSETH: 

Reference is made to that certain Term Loan Agreement dated as of October 27, 2010, as amended by a First Amendment to Term Loan
Agreement dated as of November 29, 2010 and by a Second Amendment to Term Loan Agreement dated as of June 10, 2011 (as amended and in effect, the “Term Loan Agreement”) by and among (i) Quiksilver Americas, Inc., as
the Borrower, (ii) Quiksilver Inc., (iii) the Administrative Agent and the Collateral Agent and (iv) the Lenders party thereto. 
 The Borrower, the Parent and the Lenders have agreed to amend the Term Loan Agreement 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 Term Loan Agreement.


  

	2.	Amendments to Section 7.14. 

  

	 	a.	The provisions of Section 7.14(a) of the Term Loan Agreement are hereby amended by deleting the grid at the end thereof in its entirety and by substituting the
following in its stead: 

  

			
	 Measurement Period Ending
	  	Americas Interest Coverage Ratio
	 October 31, 2010
	  	1.53
	 January 31, 2011
	  	1.27
	 April 30, 2011
	  	1.19
	 July 31, 2011
	  	1.11
	 October 31, 2011
	  	1.13
	 January 31, 2012
	  	1.25
	 April 30, 2012
	  	1.00
	 July 31, 2012
	  	1.20
	 October 31, 2012
	  	1.86








	 	b.	The provisions of Section 7.14(b) of the Term Loan Agreement are hereby amended by deleting the grid at the end thereof in its entirety and by substituting the
following in its stead: 

  

			
	 Fiscal Quarter or Fiscal Year Ending
	  	Maximum Capital Expenditures
	 Fiscal Quarter ending October 31, 2010
	  	$6,800,000
	 Fiscal Year ending October 31, 2011
	  	$49,659,000
	 Fiscal Year ending October 31, 2012
	  	$37,796,050

  

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


  

	 	a.	This Third 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 Third Amendment has been taken. 

  

	4.	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 V of the Term Loan 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 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 Third Amendment; and (c) no event has occurred after January 31, 2011
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. 


 

	5.	Miscellaneous. 

  

	 	a.	All terms and conditions of the Term Loan Agreement and the other Loan Documents, as amended hereby, remain in full force and effect. 


 

	 	b.	The Borrower 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 Third Amendment, including, without limitation, reasonable and documented fees of their counsel. 

  

	 	c.	This Third 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. 


  
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	 	d.	This Third 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 Third 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 Third Amendment. 


 

	 	f.	THIS THIRD 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 OBLIGATIONS LAW). 

 [SIGNATURE PAGES FOLLOW] 

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

			
	 QUIKSILVER AMERICAS, INC.,
 as the Borrower

		
	By:	 	 
	Name: Title:	 	


  
  

			
	 QUIKSILVER, INC.,
 as the Parent

		
	By:	 	 
	Name: Title:	 	









			
	 BANK OF AMERICA, N.A., as Administrative
 Agent, Collateral Agent and Lender

		
	By:	 	 
	Name: Title:	 	


 1408292.2