Document:

Class A-1 Note Purchase Agreement Dated Novemeber 29, 2012

 Exhibit 10.1 
 Execution Copy 
  
  

 
 CLASS A-1 NOTE PURCHASE
AGREEMENT 
 (SERIES 2012-1 VARIABLE FUNDING SENIOR NOTES, CLASS A-1) 

dated as of November 29, 2012 
 among 
 ICON BRAND HOLDINGS LLC, 

ICON DE INTERMEDIATE HOLDINGS LLC, 
 ICON DE HOLDINGS LLC and 
 ICON NY HOLDINGS LLC 

each as a Co-Issuer, 
 ICONIX BRAND GROUP, INC., 
 as Manager, 

CERTAIN CONDUIT INVESTORS, 
 each as a Conduit Investor, 
 CERTAIN FINANCIAL INSTITUTIONS, 

each as a Committed Note Purchaser, 
 CERTAIN FUNDING AGENTS, 
 BARCLAYS BANK PLC, 

as L/C Provider, 

BARCLAYS BANK PLC, 

as Swingline Lender, 
 and 
 BARCLAYS BANK PLC, 

as Administrative Agent 
  

 
  

 TABLE OF CONTENTS 

 

					
	 ARTICLE I DEFINITIONS
	  	 	2	  
		
	 SECTION 1.01 Definitions
	  	 	2	  
		
	 ARTICLE II PURCHASE AND SALE OF SERIES 2012-1 CLASS A-1 NOTES
	  	 	5	  
		
	 SECTION 2.01 The Initial Advance Notes
	  	 	5	  
	 SECTION 2.02 Advances
	  	 	5	  
	 SECTION 2.03 Borrowing Procedures
	  	 	7	  
	 SECTION 2.04 The Series 2012-1 Class A-1 Notes
	  	 	9	  
	 SECTION 2.05 Reduction in Commitments
	  	 	10	  
	 SECTION 2.06 Swingline Commitment
	  	 	13	  
	 SECTION 2.07 L/C Commitment
	  	 	16	  
	 SECTION 2.08 L/C Reimbursement Obligations
	  	 	21	  
	 SECTION 2.09 L/C Participations
	  	 	23	  
		
	 ARTICLE III INTEREST AND FEES
	  	 	25	  
		
	 SECTION 3.01 Interest
	  	 	25	  
	 SECTION 3.02 Fees
	  	 	27	  
	 SECTION 3.03 Eurodollar Lending Unlawful
	  	 	27	  
	 SECTION 3.04 Deposits Unavailable
	  	 	28	  
	 SECTION 3.05 Increased Costs, etc.
	  	 	28	  
	 SECTION 3.06 Funding Losses
	  	 	29	  
	 SECTION 3.07 Increased Capital Costs
	  	 	30	  
	 SECTION 3.08 Taxes
	  	 	31	  
	 SECTION 3.09 Change of Lending Office
	  	 	33	  
		
	 ARTICLE IV OTHER PAYMENT TERMS
	  	 	34	  
		
	 SECTION 4.01 Time and Method of Payment
	  	 	34	  
	 SECTION 4.02 Order of Distributions
	  	 	34	  
	 SECTION 4.03 L/C Cash Collateral
	  	 	35	  
	 SECTION 4.04 Alternative Arrangements with Respect to Letters of Credit
	  	 	36	  
		
	 ARTICLE V THE ADMINISTRATIVE AGENT AND THE FUNDING AGENTS
	  	 	36	  
		
	 SECTION 5.01 Authorization and Action of the Administrative Agent
	  	 	36	  
	 SECTION 5.02 Delegation of Duties
	  	 	37	  
	 SECTION 5.03 Exculpatory Provisions
	  	 	37	  
	 SECTION 5.04 Reliance
	  	 	37	  
	 SECTION 5.05 Non-Reliance on the Administrative Agent and Other Purchasers
	  	 	38	  
	 SECTION 5.06 The Administrative Agent in its Individual Capacity
	  	 	38	  
	 SECTION 5.07 Successor Administrative Agent; Defaulting Administrative Agent
	  	 	38	  
	 SECTION 5.08 Authorization and Action of Funding Agents
	  	 	40	  
	 SECTION 5.09 Delegation of Duties
	  	 	40	  

  
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	 SECTION 5.10 Exculpatory Provisions
	  	 	41	  
	 SECTION 5.11 Reliance
	  	 	41	  
	 SECTION 5.12 Non-Reliance on the Funding Agent and Other Purchasers
	  	 	41	  
	 SECTION 5.13 The Funding Agent in its Individual Capacity
	  	 	42	  
	 SECTION 5.14 Successor Funding Agent
	  	 	42	  
		
	 ARTICLE VI REPRESENTATIONS AND WARRANTIES
	  	 	42	  
		
	 SECTION 6.01 The Co-Issuers
	  	 	42	  
	 SECTION 6.02 Iconix
	  	 	43	  
	 SECTION 6.03 Lender Parties
	  	 	43	  
		
	 ARTICLE VII CONDITIONS
	  	 	45	  
		
	 SECTION 7.01 Conditions to Issuance and Effectiveness
	  	 	45	  
	 SECTION 7.02 Conditions to Initial Extensions of Credit
	  	 	45	  
	 SECTION 7.03 Conditions to Each Extension of Credit
	  	 	46	  
		
	 ARTICLE VIII COVENANTS
	  	 	47	  
		
	 SECTION 8.01 Covenants
	  	 	47	  
		
	 ARTICLE IX MISCELLANEOUS PROVISIONS
	  	 	49	  
		
	 SECTION 9.01 Amendments
	  	 	49	  
	 SECTION 9.02 No Waiver; Remedies
	  	 	50	  
	 SECTION 9.03 Binding on Successors and Assigns
	  	 	50	  
	 SECTION 9.04 Survival of Agreement
	  	 	52	  
	 SECTION 9.05 Payment of Costs and Expenses; Indemnification
	  	 	52	  
	 SECTION 9.06 Characterization as Related Document; Entire Agreement
	  	 	55	  
	 SECTION 9.07 Notices
	  	 	55	  
	 SECTION 9.08 Severability of Provisions
	  	 	55	  
	 SECTION 9.09 Tax Characterization
	  	 	55	  
	 SECTION 9.10 No Proceedings; Limited Recourse
	  	 	56	  
	 SECTION 9.11 Confidentiality
	  	 	57	  
	 SECTION 9.12 GOVERNING LAW; CONFLICTS WITH INDENTURE
	  	 	58	  
	 SECTION 9.13 JURISDICTION
	  	 	58	  
	 SECTION 9.14 WAIVER OF JURY TRIAL
	  	 	58	  
	 SECTION 9.15 Counterparts
	  	 	58	  
	 SECTION 9.16 Third Party Beneficiary
	  	 	59	  
	 SECTION 9.17 Assignment
	  	 	59	  
	 SECTION 9.18 Defaulting Investors
	  	 	61	  

  
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 SCHEDULES AND EXHIBITS 

 

			
	SCHEDULE I	  	Investor Groups and Commitments
	SCHEDULE II	  	Notice Addresses for Lender Parties and Agents
	SCHEDULE III	  	Additional Closing Conditions
		
	EXHIBIT A	  	Form of Advance Request
	EXHIBIT A-1	  	Form of Swingline Loan Request
	EXHIBIT A-2	  	Form of L/C Application
	EXHIBIT B	  	Form of Assignment and Assumption Agreement
	EXHIBIT C	  	Form of Investor Group Supplement
	EXHIBIT D	  	Form of Purchaser’s Letter

  
 iii

 CLASS A-1 NOTE PURCHASE AGREEMENT 

THIS CLASS A-1 NOTE PURCHASE AGREEMENT, dated as of November 29, 2012 (as amended, supplemented, amended and restated or otherwise
modified from time to time in accordance with the terms hereof, this “Agreement”), is made by and among: 
 (a)
ICON BRAND HOLDINGS LLC, a Delaware limited liability company (“Brand Holdings II”), ICON DE INTERMEDIATE HOLDINGS LLC, a Delaware limited liability company (“Brand Holdings I”), ICON DE HOLDINGS LLC, a Delaware
limited liability company (“IP Holder I”), ICON NY HOLDINGS LLC, a Delaware limited liability company (“IP Holder II” and, together with the Brand Holdings I, Brand Holdings II and IP Holder I, collectively, the
“Co-Issuers” and each, a “Co-Issuer”), 
 (b) ICONIX BRAND GROUP, INC., a Delaware corporation,
as the manager (“Iconix” or the “Manager”), 
 (c) the several commercial paper conduits listed
on Schedule I as Conduit Investors and their respective permitted successors and assigns (each, a “Conduit Investor” and, collectively, the “Conduit Investors”), 

(d) the several financial institutions listed on Schedule I as Committed Note Purchasers and their respective permitted
successors and assigns (each, a “Committed Note Purchaser” and, collectively, the “Committed Note Purchasers”), 
 (e) for each Investor Group, the financial institution entitled to act on behalf of the Investor Group set forth opposite the name of such Investor Group on Schedule I as Funding Agent and its
permitted successors and assigns (each, the “Funding Agent” with respect to such Investor Group and, collectively, the “Funding Agents”), 
 (f) BARCLAYS BANK PLC, as L/C Provider, 
 (g) BARCLAYS BANK PLC, as Swingline
Lender, and 
 (h) BARCLAYS BANK PLC, in its capacity as administrative agent for the Conduit Investors, the Committed Note
Purchasers, the Funding Agents, the L/C Provider and the Swingline Lender (together with its permitted successors and assigns in such capacity, the “Administrative Agent” or the “Series 2012-1 Class A-1 Administrative
Agent”). 
 BACKGROUND 
 1. Contemporaneously with the execution and delivery of this Agreement, the Co-Issuers and Citibank, N.A., as Trustee, are entering into the Series 2012-1 Supplement, of even date herewith (as the same
may be amended, supplemented, amended and restated or otherwise modified from time to time in accordance with the 

 
terms thereof, the “Series 2012-1 Supplement”), to the Base Indenture, of even date herewith (as the same may be further amended, supplemented, amended and restated or otherwise
modified from time to time hereafter in accordance with the terms thereof, the “Base Indenture” and, together with the Series 2012-1 Supplement and any other supplement to the Base Indenture, the “Indenture”), among
the Co-Issuers and the Trustee, pursuant to which the Co-Issuers will issue the Series 2012-1 Class A-1 Notes (as defined in the Series 2012-1 Supplement) in accordance with the Indenture. 

2. The Co-Issuers wish to (a) issue the Series 2012-1 Class A-1 Advance Notes to each Funding Agent on behalf of the Investors in the
related Investor Group, and obtain the agreement of the applicable Investors to make loans from time to time (each, an “Advance” or a “Series 2012-1 Class A-1 Advance” and, collectively, the
“Advances” or the “Series 2012-1 Class A-1 Advances”) that will constitute the purchase of Series 2012-1 Class A-1 Outstanding Principal Amounts on the terms and conditions set forth in this Agreement;
(b) issue the Series 2012-1 Class A-1 Swingline Note to the Swingline Lender and obtain the agreement of the Swingline Lender to make Swingline Loans on the terms and conditions set forth in this Agreement; and (c) issue the Series 2012-1
Class A-1 L/C Note to the L/C Provider and obtain the agreement of the L/C Provider to provide Letters of Credit on the terms and conditions set forth in this Agreement. L/C Obligations in connection with Letters of Credit issued pursuant to the
Series 2012-1 Class A-1 L/C Note will constitute purchases of Series 2012-1 Class A-1 Outstanding Principal Amounts upon the incurrence of such L/C Obligations. The Series 2012-1 Class A-1 Advance Notes, the Series 2012-1
Class A-1 Swingline Note and the Series 2012-1 Class A-1 L/C Note constitute Series 2012-1 Class A-1 Notes. Iconix has joined in this Agreement to confirm certain representations, warranties and covenants made by it for the benefit of
each Lender Party. 
 ARTICLE I 
 DEFINITIONS 
 SECTION 1.01 Definitions. 

(a) All capitalized terms not otherwise defined herein are defined in the Series 2012-1 Supplemental Definitions List attached to the
Series 2012-1 Supplement as Annex A or in the Base Indenture Definitions List attached to the Base Indenture as Annex A, as such Series 2012-1 Supplemental Definitions List or Base Indenture Definitions List may be amended,
supplemented or otherwise modified from time to time in accordance with the terms thereof, as applicable. Unless otherwise specified herein, all Article, Exhibit, Section or Subsection references herein shall refer to Articles, Exhibits,
Sections or Subsections of this Agreement. 

  
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 (b) The following words and phrases shall have the following meanings and the definitions of
such terms are applicable to the singular as well as the plural form of such terms and to the masculine as well as the feminine and neuter genders of such terms: 

“Application” means an application, in such form as the applicable L/C Issuing Bank may specify from time
to time, requesting such L/C Issuing Bank to issue a Letter of Credit. 
 “Change in Law” means
(a) any law, rule or regulation or any change therein or in the interpretation or application thereof (whether or not having the force of law), in each case, adopted, issued or occurring after the Series 2012-1 Closing Date or (b) any
request, guideline or directive (whether or not having the force of law) from any government or political subdivision or agency, authority, bureau, central bank, commission, department or instrumentality thereof, or any court, tribunal, grand jury
or arbitrator, or any accounting board or authority (whether or not a Governmental Authority) which is responsible for the establishment or interpretation of national or international accounting principles, in each case, whether foreign or domestic
(each, an “Official Body”) charged with the administration, interpretation or application thereof, or the compliance with any request or directive of any Official Body (whether or not having the force of law) made, issued or occurring
after the Series 2012-1 Closing Date. 
 “Commitment Percentage” means, on any date of
determination, with respect to any Investor Group, the ratio, expressed as a percentage, which such Investor Group’s Maximum Investor Group Principal Amount bears to the Series 2012-1 Class A-1 Maximum Principal Amount on such date.

 “Commitment Term” means the period from and including the Series 2012-1 Closing Date to but
excluding the earlier of (a) the Commitment Termination Date and (b) the date on which the Commitments are terminated or reduced to zero in accordance with this Agreement. 

“Commitment Termination Date” means the Series 2012-1 Class A-1 Senior Notes Renewal Date.

 “Committed Note Purchaser Percentage” means, on any date of determination, with respect to
any Committed Note Purchaser in any Investor Group, the ratio, expressed as a percentage, which the Commitment Amount of such Committed Note Purchaser bears to such Investor Group’s Maximum Investor Group Principal Amount on such date.

 “Conduit Assignee” means, with respect to any Conduit Investor, any commercial paper
conduit, whose Commercial Paper is rated by at least two of the Specified Rating Agencies and is rated at least “A-1” from Standard & Poor’s, “P-1” from Moody’s and/or “F1” from Fitch, as applicable,
with respect to such Conduit Investor or any Affiliate of such Funding Agent, in each case, designated by such Funding Agent to accept an assignment from such Conduit Investor of the Investor Group Principal Amount or a portion thereof with respect
to such Conduit Investor pursuant to Section 9.17(b). 

  
 3 

 “Defaulting Investor” means any Investor that has
(a) failed to make a payment required to be made by it hereunder within one Business Day of the day such payment is required to be made by such Investor hereunder, (b) notified the Administrative Agent in writing that it does not intend to
make any payment required to be made by it under the terms of this Agreement within one Business Day of the day such payment is required to be made by such Investor hereunder or (c) becomes the subject of an Event of Bankruptcy. 

“Eligible Conduit Investor” means, at any time, any Conduit Investor who’s Commercial Paper at such
time is rated by at least two of the Specified Rating Agencies and is rated at least “A-1” from Standard & Poor’s, “P-1” from Moody’s and/or “F1” from Fitch, as applicable. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code.

 “Fitch” means Fitch, Inc., doing business as Fitch Ratings, or any successor thereto. 

“Investor Group Increase Amount” means, with respect to any Investor Group, for any Business Day, the
portion of the Increase, if any, actually funded by such Investor Group on such Business Day. 

“Investor Group Principal Amount” means, with respect to any Investor Group, (a) when used with
respect to the Series 2012-1 Closing Date, an amount equal to (i) such Investor Group’s Commitment Percentage of the Series 2012-1 Class A-1 Initial Advance Principal Amount plus (ii) such Investor Group’s Commitment
Percentage of the Series 2012-1 Class A-1 Outstanding Subfacility Amount outstanding on the Series 2012-1 Closing Date, and (b) when used with respect to any other date, an amount equal to (i) the Investor Group Principal Amount with
respect to such Investor Group on the immediately preceding Business Day (excluding any Series 2012-1 Class A-1 Outstanding Subfacility Amount included therein) plus (ii) the Investor Group Increase Amount with respect to such Investor
Group on such date minus (iii) the amount of principal payments made to such Investor Group on the Series 2012-1 Class A-1 Advance Notes on such date plus (iv) such Investor Group’s Commitment Percentage of the Series 2012-1
Class A-1 Outstanding Subfacility Amount outstanding on such date. 
 “Lender Party” means
any Investor, the Swingline Lender or the L/C Provider and “Lender Parties” means the Investors, the Swingline Lender and the L/C Provider. 

  
 4 

 “Margin Stock” means “margin stock” as defined in
Regulation U of the F.R.S. Board, as amended from time to time. 
 “Maximum Investor Group Principal
Amount” means, as to each Investor Group existing on the Series 2012-1 Closing Date, the amount set forth on Schedule I hereto, as such Investor Group’s Maximum Investor Group Principal Amount or, in the case of any other Investor
Group, the amount set forth as such Investor Group’s Maximum Investor Group Principal Amount in the Assignment and Assumption Agreement or Investor Group Supplement by which the members of such Investor Group become parties to this Agreement,
in each case, as such amount may be (i) reduced pursuant to Section 2.05 or (ii) increased or reduced by any Assignment and Assumption Agreement or Investor Group Supplement entered into by the members of such Investor Group in
accordance with the terms of this Agreement. 
 “Official Body” has the meaning set forth in
the definition of “Change in Law.” 
 “Reimbursement Obligation” means the obligation
of the Co-Issuers to reimburse the L/C Provider pursuant to Section 2.08 for amounts drawn under Letters of Credit. 

ARTICLE II 

PURCHASE AND SALE OF SERIES 2012-1 CLASS A-1 NOTES 
 SECTION 2.01 The Initial Advance Notes. On the terms and conditions set forth in the Indenture and this Agreement, and in reliance on the covenants, representations and agreements set forth
herein and therein, the Co-Issuers shall issue and shall request the Trustee to authenticate the initial Series 2012-1 Class A-1 Advance Notes, which the Co-Issuers shall deliver to each Funding Agent on behalf of the Investors in the related
Investor Group on the Series 2012-1 Closing Date. Such initial Series 2012-1 Class A-1 Advance Note for each Investor Group shall be dated the Series 2012-1 Closing Date, shall be registered in the name of the related Funding Agent or its nominee,
as agent for the related Investors, or in such other name or nominee as such Funding Agent may request, shall have a maximum principal amount equal to the Maximum Investor Group Principal Amount for such Investor Group, shall have an initial
outstanding principal amount equal to such Investor Group’s Commitment Percentage of the Series 2012-1 Class A-1 Initial Advance Principal Amount, and shall be duly authenticated in accordance with the provisions of the Indenture. 

SECTION 2.02 Advances. 
 (a) Subject to the terms and conditions of this Agreement and the Indenture, each Non-Conduit Committed Note Purchaser shall, and each Eligible Conduit Investor, if any, may and, if such Conduit Investor
determines that it will not make (or it does not in fact make) an Advance or any portion of an Advance, its related Committed Note Purchaser(s) shall or, if there is no Eligible Conduit Investor with respect to any

  
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Investor Group, the Committed Note Purchaser(s) with respect to such Investor Group shall, upon the Co-Issuers’ request delivered in accordance with the provisions of
Section 2.03 and the satisfaction of all conditions precedent thereto (or under the circumstances set forth in Section 2.05, 2.06 or 2.08), make Advances from time to time during the Commitment Term;
provided that such Advances shall be made ratably by each Investor Group based on their respective Commitment Percentages and the portion of any such Advance made by any Committed Note Purchaser in such Investor Group shall be its Committed
Note Purchaser Percentage of the Advances to be made by such Investor Group (or the portion thereof not being made by any Conduit Investor in such Investor Group); provided, further, that if, as a result of any Committed Note Purchaser
(a “Non-Funding Committed Note Purchaser”) failing to make any previous Advance that such Non-Funding Committed Note Purchaser was required to make, outstanding Advances are not held ratably by each Investor Group based on their
respective Commitment Percentages and among the Committed Note Purchasers within each Investor Group based on their respective Committed Note Purchaser Percentages at the time a request for Advances is made, (x) such Non-Funding Committed Note
Purchaser shall make all of such Advances until outstanding Advances are held ratably by each Investor Group based on their respective Commitment Percentages and among the Committed Note Purchasers within each Investor Group based on their
respective Committed Note Purchaser Percentages and (y) further Advances shall be made ratably by each Investor Group based on their respective Commitment Percentages and the portion of any such Advance made by any Committed Note Purchaser in
such Investor Group shall be its Committed Note Purchaser Percentage of the Advances to be made by such Investor Group (or the portion thereof not being made by any Conduit Investor in such Investor Group); provided, further, that the
failure of a Non-Funding Committed Note Purchaser to make Advances pursuant to the immediately preceding proviso shall not, subject to the immediately following proviso, relieve any other Committed Note Purchaser of its obligation hereunder, if any,
to make Advances in accordance with Section 2.03(b)(i); provided, further, that, subject, in the case of clause (i) below, to Section 2.03(b)(ii), no Advance shall be required or permitted to be made by any
Investor on any date to the extent that, after giving effect to such Advance, (i) the related Investor Group Principal Amount would exceed the related Maximum Investor Group Principal Amount or (ii) the Series 2012-1 Class A-1 Outstanding
Principal Amount would exceed the Series 2012-1 Class A-1 Maximum Principal Amount. 
 (b) Notwithstanding anything herein or in
any other Related Document to the contrary, at no time will a Conduit Investor be obligated to make Advances hereunder. If at any time any Conduit Investor is not an Eligible Conduit Investor, such Conduit Investor shall promptly notify the
Administrative Agent (who shall promptly notify the related Funding Agent and Brand Holdings II (on behalf of the Co-Issuers)) thereof. 
 (c) Each of the Advances to be made on any date shall be made as part of a single borrowing (each such single borrowing being a “Borrowing”). The Advances made as part of the initial
Borrowing on the Series 2012-1 Closing Date will be evidenced by the Series 2012-1 Class A-1 Advance Notes issued in connection herewith and will constitute purchases of Series 2012-1 Class A-1 Initial Advance Principal

  
 6 

 
Amounts corresponding to the amount of such Advances. All of the other Advances will constitute Increases evidenced by the Series 2012-1 Class A-1 Advance Notes issued in connection herewith and
will constitute purchases of Series 2012-1 Class A-1 Outstanding Principal Amounts corresponding to the amount of such Advances. 

(d) Section 2.2(b) of the Series 2012-1 Supplement specifies the procedures to be followed in connection with any Voluntary
Decrease of the Series 2012-1 Class A-1 Outstanding Principal Amount. Each such Voluntary Decrease in respect of any Advances shall be either (i) in an aggregate minimum principal amount of $200,000 and integral multiples of $100,000 in excess
thereof or (ii) or such other amount necessary to reduce the Series 2012-1 Class A-1 Outstanding Principal Amount to zero. 
 (e) Subject to the terms of this Agreement and the Series 2012-1 Supplement, the aggregate principal amount of the Advances evidenced by the Series 2012-1 Class A-1 Advance Notes may be increased by
Borrowings or decreased by Voluntary Decreases from time to time. 
 SECTION 2.03 Borrowing Procedures. 

(a) Whenever the Co-Issuers wish to make a Borrowing, the Co-Issuers shall (or shall cause the Manager on their behalf to) notify the
Administrative Agent (who shall promptly, and in any event by 4:00 p.m. (New York City time) on the same Business Day as its receipt of the same, notify each Funding Agent of its pro rata share thereof (or other required share, as
required pursuant to Section 2.02(a)) and notify the Trustee, the Control Party, the Swingline Lender and the L/C Provider in writing of such Borrowing) by written notice in the form of an Advance Request delivered to the Administrative
Agent no later than 12:00 p.m. (New York City time) two Business Days (or, in the case of any Eurodollar Advances for purposes of Section 3.01(b), three Business Days) prior to the date of Borrowing (unless a shorter period is agreed upon
by the Administrative Agent and the L/C Provider, the L/C Issuing Bank, the Swingline Lender or the Funding Agents, as applicable), which date of Borrowing shall be a Business Day during the Commitment Term. Each such notice shall be irrevocable and
shall in each case refer to this Agreement and specify (i) the Borrowing date, (ii) the aggregate amount of the requested Borrowing to be made on such date, (iii) the amount of outstanding Swingline Loans and Unreimbursed L/C Drawings
(if applicable) to be repaid with the proceeds of such Borrowing on the Borrowing date, which amount shall constitute all outstanding Swingline Loans and Unreimbursed L/C Drawings outstanding on the date of such notice that are not prepaid with
other funds of the Co-Issuers available for such purpose, and (iv) sufficient instructions for application of the balance, if any, of the proceeds of such Borrowing on the Borrowing date (which proceeds shall be made available to Brand Holdings
II (on behalf of the Co-Issuers)). Requests for any Borrowing may not be made in an aggregate principal amount of less than $1,000,000 or in an aggregate principal amount that is not an integral multiple of $500,000 in excess thereof (except as
otherwise provided herein with respect to Borrowings for the purpose of repaying then-outstanding Swingline Loans or Unreimbursed L/C Drawings). The Co-Issuers agree to cause requests for Borrowings to be made (to the extent not deemed

  
 7 

 
made pursuant to Section 2.05 or 2.08) upon notice of any drawing under a Letter of Credit and in any event at least one time per week if any Swingline Loans or Unreimbursed L/C
Drawings are outstanding, in each case, in amounts at least sufficient to repay in full all Swingline Loans and Unreimbursed L/C Drawings outstanding on the date of the applicable request. Subject to the provisos to Section 2.02(a), each
Borrowing shall be ratably allocated among the Investor Groups’ respective Maximum Investor Group Principal Amounts. Each Funding Agent for a Conduit Investor shall promptly advise such Conduit Investor of any notice given pursuant to this
Section 2.03(a) and shall promptly thereafter (but in no event later than 10:00 a.m. (New York City time) on the date of Borrowing) notify the Administrative Agent, Brand Holdings II (on behalf of the Co-Issuers) and the
related Committed Note Purchaser(s) whether such Conduit Investor has determined to make all or any portion of the Advances in such Borrowing that are to be made by its Investor Group. On the date of each Borrowing and subject to the other
conditions set forth herein and in the Series 2012-1 Supplement (and, if requested by the Administrative Agent, confirmation from the Swingline Lender and the L/C Provider, as applicable, as to (x) the amount of outstanding Swingline Loans and
Unreimbursed L/C Drawings to be repaid with the proceeds of such Borrowing on the Borrowing date, (y) the Undrawn L/C Face Amount of all Letters of Credit then outstanding and (z) the principal amount of any other Swingline Loans or
Unreimbursed L/C Drawings then outstanding), the applicable Investors in each Investor Group shall make available, first, to the Administrative Agent the amount of the Advances in such Borrowing that are to be made by such Investor Group by
wire transfer in U.S. Dollars of such amount in same day funds no later than 11:00 a.m. (New York time) on the date of such Borrowing, and upon receipt thereof the Administrative Agent shall make such proceeds available by 3:00 p.m. (New York
City time), to the Swingline Lender and the L/C Provider, for repayment of the amount of outstanding Swingline Loans and Unreimbursed L/C Drawings as set forth in the applicable Advance Request, if applicable, ratably in proportion to such
respective amounts, and, second, to Brand Holdings II (on behalf of the Co-Issuers), the amount of the other Advances in such Borrowing that are to be made by such Investor Group by wire transfer in U.S. Dollars of such amount in same day
funds no later than 3:00 p.m. (New York time) on the date of such Borrowing, as instructed in the applicable Advance Request. 
 (b) (i) The failure of any Committed Note Purchaser to make the Advance to be made by it as part of any Borrowing shall not relieve any other Committed Note Purchaser (whether or not in the same Investor
Group) of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Committed Note Purchaser shall be responsible for the failure of any other Committed Note Purchaser to make the Advance to be made by such other
Committed Note Purchaser on the date of any Borrowing. (ii) In the event that one or more Committed Note Purchasers fails to make its Advance by 11:00 a.m. (New York City time) on the date of such Borrowing, the Administrative Agent shall
notify each of the other Committed Note Purchasers not later than 1:00 p.m. (New York City time) on such date, and each of the other Committed Note Purchasers may (but shall not be obligated to) make available to the Administrative Agent a
supplemental Advance in a principal amount (such amount, the “reference amount”) equal to the lesser of (a) the aggregate principal Advance that was unfunded multiplied by a fraction, the numerator of which is the Commitment
Amount of such 

  
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Committed Note Purchaser and the denominator of which is the aggregate Commitment Amounts of all Committed Note Purchasers (less the aggregate Commitment Amount of the Committed Note Purchasers
failing to make Advances on such date) and (b) the excess of (i) such Committed Note Purchaser’s Commitment Amount over (ii) the product of such Committed Note Purchaser’s related Investor Group Principal Amount multiplied
by such Committed Note Purchaser’s Committed Note Purchaser Percentage (after giving effect to all prior Advances on such date of Borrowing) (provided that a Committed Note Purchaser may (but shall not be obligated to), on terms and
conditions to be agreed upon by such Committed Note Purchaser and the Co-Issuers, make available to the Administrative Agent a supplemental Advance in a principal amount in excess of the reference amount; provided, however, that no
such supplemental Advance shall be permitted to be made to the extent that, after giving effect to such Advance, the Series 2012-1 Class A-1 Outstanding Principal Amount would exceed the Series 2012-1 Class A-1 Maximum Principal Amount).
Such supplemental Advances shall be made by wire transfer in U.S. Dollars in same day funds no later than 3:00 p.m. (New York City time) one Business Day following the date of such Borrowing, first, to the Swingline Lender and the L/C
Provider for application to repayment of the amount of outstanding Swingline Loans and Unreimbursed L/C Drawings as set forth in the applicable Advance Request, if applicable, ratably in proportion to such respective amounts, and, second, to
Brand Holdings II (on behalf of the Co-Issuers) as instructed in the applicable Advance Request. If any Committed Note Purchaser which shall have so failed to fund its Advance shall subsequently pay such amount, the Administrative Agent shall apply
such amount pro rata to repay any supplemental Advances made by the other Committed Note Purchasers pursuant to this Section 2.03(b). 
 (c) Unless the Administrative Agent shall have received notice from a Funding Agent prior to the date of any Borrowing that an applicable Investor in the related Investor Group will not make available to
the Swingline Lender, the L/C Provider and/or Brand Holdings II, as applicable, such Investor’s share of the Advances to be made by such Investor Group as part of such Borrowing, the Administrative Agent may (but shall not be obligated to)
assume that such Investor has made such share available to the Swingline Lender, the L/C Provider and/or Brand Holdings II, as applicable, on the date of such Borrowing in accordance with Section 2.02(a). 

SECTION 2.04 The Series 2012-1 Class A-1 Notes. On each date an Advance or Swingline Loan is made or a Letter of Credit is
issued hereunder, and on each date the outstanding amount thereof is reduced, a duly authorized officer, employee or agent of the related Series 2012-1 Class A-1 Noteholder shall make appropriate notations in its books and records of the amount,
evidenced by the related Series 2012-1 Class A-1 Advance Note, Series 2012-1 Class A-1 Swingline Note or Series 2012-1 Class A-1 L/C Note, of such Advance, Swingline Loan or Letter of Credit, as applicable, and the amount of such
reduction, as applicable. The Co-Issuers hereby authorize each duly authorized officer, employee and agent of such Series 2012-1 Class A-1 Noteholder to make such notations on the books and records as aforesaid and every such notation made in
accordance with the foregoing authority shall be prima facie evidence of the accuracy of the information so recorded; provided, however, that in the event of a discrepancy between the books and records of such Series 2012-1 Class A-1
Noteholder and the 

  
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records maintained by the Trustee pursuant to the Indenture, such discrepancy shall be resolved by such Series 2012-1 Class A-1 Noteholder, the Control Party and the Trustee, in consultation with
the Co-Issuers (provided that such consultation with the Co-Issuers will not in any way limit or delay such Series 2012-1 Class A-1 Noteholders’, the Control Party’s and the Trustee’s ability to resolve such discrepancy),
and such resolution shall control in the absence of manifest error; provided further that the failure of any such notation to be made, or any finding that a notation is incorrect, in any such records shall not limit or otherwise affect the
obligations of the Co-Issuers under this Agreement or the Indenture. 
 SECTION 2.05 Reduction in Commitments.

 (a) The Co-Issuers may, upon three (3) Business Days’ notice to the Administrative Agent (who shall promptly notify
the Trustee, the Control Party, each Funding Agent and each Investor), effect a permanent reduction in the Series 2012-1 Class A-1 Maximum Principal Amount and a corresponding reduction in each Commitment Amount and Maximum Investor Group Principal
Amount on a pro rata basis; provided that (i) any such reduction will be limited to the undrawn portion of the Commitments, although any such reduction may be combined with a Voluntary Decrease effected pursuant to and in
accordance with Section 2.2(b) of the Series 2012-1 Supplement, (ii) any such reduction must be in a minimum amount of $5,000,000, (iii) after giving effect to such reduction, the Series 2012-1 Class A-1 Maximum Principal
Amount equals or exceeds $5,000,000, unless reduced to zero, and (iv) no such reduction shall be permitted if, after giving effect thereto, (x) the aggregate Commitment Amounts would be less than the Series 2012-1 Class A-1 Outstanding
Principal Amount (excluding any Undrawn L/C Face Amounts with respect to which cash collateral is held by the L/C Provider pursuant to Section 4.03(b)) or (y) the aggregate Commitment Amounts would be less than the sum of the
Swingline Commitment and the L/C Commitment. Any reduction made pursuant to this Section 2.05(a) shall be made ratably among the Investor Groups on the basis of their respective Maximum Investor Group Principal Amounts. 

(b) If any of the following events shall occur, then the Commitment Amounts shall be automatically and permanently reduced on the dates
and in the amounts set forth below with respect to the applicable event and the other consequences set forth below with respect to the applicable event shall ensue (and the Co-Issuers shall give the Trustee, the Control Party, each Funding Agent and
the Administrative Agent prompt written notice thereof): 
 (i) if the Outstanding Principal Amount of the Series
2012-1 Class A-1 Notes has not been paid in full or otherwise refinanced in full (which refinancing may also include an extension thereof) by the Business Day immediately preceding the Series 2012-1 Class A-1 Senior Notes Renewal Date,
(A) on such Business Day, (x) the principal amount of all then-outstanding Swingline Loans and Unreimbursed L/C Drawings shall be repaid in full with proceeds of Advances made on such date (and the Co-Issuers shall be deemed to have
delivered such Advance Requests under Section 2.03 as may be necessary to 

  
 10 

 
cause such Advances to be made), and (y) the Swingline Commitment and the L/C Commitment shall both be automatically and permanently reduced to zero; (B) upon a Series 2012-1
Class A-1 Senior Notes Amortization Event, (x) all undrawn portions of the Commitments shall automatically and permanently terminate and the corresponding portions of the Series 2012-1 Class A-1 Maximum Principal Amount and the
Maximum Investor Group Principal Amounts shall be automatically and permanently reduced by a corresponding amount (with respect to the Maximum Investor Group Principal Amounts, on a pro rata basis) and (y) the Commitment Amounts shall
automatically and permanently be reduced to zero (all Undrawn L/C Face Amounts having expired by their terms prior to such date) and (C) each payment of principal on the Series 2012-1 Class A-1 Outstanding Principal Amount occurring following
such Series 2012-1 Class A-1 Senior Notes Amortization Event shall result automatically and permanently in a dollar-for-dollar reduction of the Series 2012-1 Class A-1 Maximum Principal Amount and a corresponding reduction in each Maximum
Investor Group Principal Amount on a pro rata basis; 
 (ii) if a Rapid Amortization Event
occurs prior to the Series 2012-1 Class A-1 Senior Notes Renewal Date, then (A) on the date such Rapid Amortization Event occurs, (x) all undrawn portions of the Commitments shall automatically and permanently terminate, which
termination shall be deemed to have occurred immediately following the making of Advances pursuant to clause (B) below, and the corresponding portions of the Series 2012-1 Class A-1 Maximum Principal Amount and the Maximum Investor Group
Principal Amounts shall be automatically and permanently reduced by a corresponding amount (with respect to the Maximum Investor Group Principal Amounts, on a pro rata basis), (y) the Commitment Amounts shall automatically and
permanently be reduced to zero, which reduction shall be deemed to have occurred immediately following the making of Advances pursuant to clause (B) below, and (z) the Swingline Commitment and the L/C Commitment shall both be automatically
and permanently reduced to zero; (B) no later than the second Business Day after the occurrence of such Rapid Amortization Event, the principal amount of all then-outstanding Swingline Loans and Unreimbursed L/C Drawings shall be repaid in full
with proceeds of Advances (and the Co-Issuers shall be deemed to have delivered such Advance Requests under Section 2.03 as may be necessary to cause such Advances to be made); and (C) each payment of principal (which, for the
avoidance of doubt, shall include cash collateralization of Undrawn L/C Face Amounts pursuant to Sections 4.02, 4.03(a), 4.03(b) and 9.18(c)(ii)) on the Series 2012-1 Class A-1 Outstanding Principal Amount occurring on or
after the date of such Rapid Amortization Event (excluding the repayment of any outstanding Swingline Loans and Unreimbursed L/C Obligations with proceeds of Advances pursuant to clause (B) above) shall result automatically and permanently in a
dollar-for-dollar reduction of the Series 2012-1 Class A-1 Maximum Principal Amount and a corresponding reduction in each Maximum Investor Group Principal Amount on a pro rata basis; 

  
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 (iii) if a Change of Control occurs (unless the Control Party has provided
its prior written consent thereto), then (A) on the date such Change of Control occurs, (x) all undrawn portions of the Commitments shall automatically and permanently terminate, which termination shall be deemed to have occurred
immediately following the making of Advances pursuant to clause (B) below, and the corresponding portions of the Series 2012-1 Class A-1 Maximum Principal Amount and the Maximum Investor Group Principal Amounts shall be automatically and
permanently reduced by a corresponding amount (with respect to the Maximum Investor Group Principal Amounts, on a pro rata basis), (y) the Commitment Amounts shall automatically and permanently be reduced to zero, which reduction shall
be deemed to have occurred immediately following the making of Advances pursuant to clause (B) below, and (z) the Swingline Commitment and the L/C Commitment shall both be automatically and permanently reduced to zero; (B) if the
Series 2012-1 Prepayment Date specified in the applicable Prepayment Notice is scheduled to occur more than two Business Days after such occurrence, then no later than the second Business Day after the occurrence of such Change of Control, the
principal amount of all then outstanding Swingline Loans and Unreimbursed L/C Drawings shall be repaid in full with proceeds of Advances (and the Co-Issuers shall be deemed to have delivered such Advance Requests under Section 2.03 as
may be necessary to cause such Advances to be made); and (C) on the Series 2012-1 Prepayment Date specified in the applicable Prepayment Notice, (x) the Series 2012-1 Class A-1 Maximum Principal Amount, the Commitment Amounts and the
Maximum Investor Group Principal Amounts shall all be automatically and permanently reduced to zero, and (y) the Co-Issuers shall cause the Series 2012-1 Class A-1 Outstanding Principal Amount to be paid in full (or, in the case of any
then-outstanding Undrawn L/C Face Amounts, to be fully cash collateralized pursuant to Section 4.02 or 4.03), together with accrued interest and fees and all other amounts then due and payable to the Lender Parties, the
Administrative Agent and the Funding Agents under this Agreement and the other Related Documents and any unreimbursed Servicing Advances (with interest thereon at the Advance Interest Rate), subject to and in accordance with the Priority of
Payments; 
 (iv) if Indemnification Payments or Release Prices are allocated to and deposited in the Series
2012-1 Class A-1 Distribution Account in accordance with Section 3.6(j) of the Series 2012-1 Supplement at a time when either (i) no Senior Notes other than Series 2012-1 Class A-1 Senior Notes are Outstanding or
(ii) if a Series 2012-1 Class A-1 Senior Notes Amortization Period is continuing, then (x) the aggregate Commitment Amount shall be automatically and permanently reduced on the date of such deposit by an amount (the “Series
2012-1 Class A-1 Allocated Payment Reduction Amount”) equal to the amount of such deposit, and each Committed Note Purchaser’s Commitment Amount shall be reduced on a pro rata basis of such Series 2012-1 Class A-1 Allocated
Payment Reduction Amount based on each Committed Note Purchaser’s Commitment Amount and (y) the corresponding portions of the Series 2012-1 Class A-1 Maximum Principal Amount and the Maximum Investor Group Principal Amounts shall be

  
 12 

 
automatically and permanently reduced on a pro rata basis based on each Investor Group’s Maximum Investor Group Principal Amount by a corresponding amount on such date (and, if after
giving effect to such reduction the aggregate Commitment Amounts would be less than the sum of the Swingline Commitment and the L/C Commitment, then the aggregate amount of the Swingline Commitment and the L/C Commitment shall be reduced by the
amount of such difference, with such reduction to be allocated between them in accordance with the written instructions of the Co-Issuers delivered prior to such date; provided that after giving effect thereto the aggregate amount of the
Swingline Loans and the L/C Obligations do not exceed the Swingline Commitment and the L/C Commitment, respectively, as so reduced; provided further that in the absence of such instructions, such reduction shall be allocated first to the
Swingline Commitment and then to the L/C Commitment) and (z) the Series 2012-1 Class A-1 Outstanding Principal Amount shall be repaid or prepaid (which, for the avoidance of doubt, shall include cash collateralization of Undrawn L/C Face
Amounts pursuant to Sections 4.02, 4.03(a), 4.03(b) and 9.18(c)(ii)) in an aggregate amount equal to such Series 2012-1 Class A-1 Allocated Payment Reduction Amount on the date and in the order required by
Section 3.6(j) of the Series 2012-1 Supplement; and 
 (v) if any Event of Default shall occur and be
continuing (and shall not have been waived in accordance with the Base Indenture) and as a result the payment of the Series 2012-1 Class A-1 Notes is accelerated pursuant to the terms of the Base Indenture (and such acceleration shall not have been
rescinded in accordance with the Base Indenture), then in addition to the consequences set forth in clause (ii) above in respect of the Rapid Amortization Event resulting from such Event of Default, the Series 2012-1 Class A-1 Maximum Principal
Amount, the Commitment Amounts, the Swingline Commitment, the L/C Commitment and the Maximum Investor Group Principal Amounts shall all be automatically and permanently reduced to zero upon such acceleration and the Co-Issuers shall (in accordance
with the Series 2012-1 Supplement) cause the Series 2012-1 Class A-1 Outstanding Principal Amount to be paid in full (which, for the avoidance of doubt, shall include cash collateralization of Undrawn L/C Face Amounts pursuant to
Sections 4.02, 4.03(a), 4.03(b) and 9.18(c)(ii)) together with accrued interest, Series 2012-1 Class A-1 Quarterly Commitment Fees, Series 2012-1 Class A-1 Other Amounts and all other amounts then
due and payable to the Lender Parties, the Administrative Agent and the Funding Agents under this Agreement and the other Related Documents and any unreimbursed Servicing Advances (with interest thereon at the Advance Interest Rate) subject to and
in accordance with the Priority of Payments. 
 SECTION 2.06 Swingline Commitment. 

(a) On the terms and conditions set forth in the Indenture and this Agreement, and in reliance on the covenants, representations and
agreements set forth herein and therein, the Co-Issuers shall issue and shall cause the Trustee to authenticate the initial Series 2012-1 Class A-1 Swingline Note, which the Co-Issuers shall deliver to

  
 13 

 
the Swingline Lender on the Series 2012-1 Closing Date. Such initial Series 2012-1 Class A-1 Swingline Note shall be dated the Series 2012-1 Closing Date, shall be registered in the name of the
Swingline Lender or its nominee, or in such other name as the Swingline Lender may request, shall have a maximum principal amount equal to the Swingline Commitment, shall have an initial outstanding principal amount equal to the Series 2012-1 Class
A-1 Initial Swingline Principal Amount, and shall be duly authenticated in accordance with the provisions of the Indenture. Subject to the terms and conditions hereof, the Swingline Lender, in reliance on the agreements of the Committed Note
Purchasers set forth in this Section 2.06, agrees to make swingline loans (each, a “Swingline Loan” or a “Series 2012-1 Class A-1 Swingline Loan” and, collectively, the “Swingline Loans”
or the “Series 2012-1 Class A-1 Swingline Loans”) to the Co-Issuers from time to time during the period commencing on the Series 2012-1 Closing Date and ending on the date that is two Business Days prior to the Commitment
Termination Date; provided that the Swingline Lender shall have no obligation or right to make any Swingline Loan if, after giving effect thereto, (i) the aggregate principal amount of Swingline Loans outstanding would exceed the
Swingline Commitment then in effect (notwithstanding that the Swingline Loans outstanding at any time, when aggregated with the Swingline Lender’s other outstanding Advances hereunder, may exceed the Swingline Commitment then in effect) or
(ii) the Series 2012-1 Class A-1 Outstanding Principal Amount would exceed the Series 2012-1 Class A-1 Maximum Principal Amount. Each such borrowing of a Swingline Loan will constitute a Subfacility Increase in the outstanding principal amount
evidenced by the Series 2012-1 Class A-1 Swingline Note in an amount corresponding to such borrowing. Subject to the terms of this Agreement and the Series 2012-1 Supplement, the outstanding principal amount evidenced by the Series 2012-1 Class A-1
Swingline Note may be increased by borrowings of Swingline Loans or decreased by payments of principal thereon from time to time. 
 (b) Whenever the Co-Issuers desire that the Swingline Lender make Swingline Loans they shall (or shall cause the Manager on their behalf to) give the Swingline Lender and the Administrative Agent
irrevocable notice in writing not later than 12:00 p.m. (New York City time) on the proposed borrowing date, specifying (i) the amount to be borrowed, (ii) the requested borrowing date (which shall be a Business Day during
the Commitment Term not later than the date that is two Business Days prior to the Commitment Termination Date) and (iii) the payment instructions for the proceeds of such borrowing (which shall be consistent with the terms and provisions of
this Agreement and the Indenture and which proceeds shall be made available to Brand Holdings II (on behalf of the Co-Issuers)). Such notice shall be in the form of a Swingline Advance Request in the form attached hereto as Exhibit A-1
hereto (a “Swingline Loan Request”). Promptly upon receipt of any Swingline Loan Request (but in no event later than 2:00 p.m. (New York City time) on the date of such receipt), the Swingline Lender shall promptly notify the
Control Party and the Trustee thereof in writing. Each borrowing under the Swingline Commitment shall be in a minimum amount equal to $100,000. Promptly upon receipt of any Swingline Loan Request (but in no event later than 2:00 p.m. (New York
City time) on the date of such receipt), the Administrative Agent (based, with respect to any portion of the Series 2012-1 Class A-1 Outstanding Subfacility Amount held by any Person other than the Administrative Agent,

  
 14 

 
solely on written notices received by the Administrative Agent under this Agreement) will inform the Swingline Lender whether or not, after giving effect to the requested Swingline Loan, the
Series 2012-1 Class A-1 Outstanding Principal Amount would exceed the Series 2012-1 Class A-1 Maximum Principal Amount. If the Administrative Agent confirms that the Series 2012-1 Class A-1 Outstanding Principal Amount would not exceed the
Series 2012-1 Class A-1 Maximum Principal Amount after giving effect to the requested Swingline Loan, then not later than 3:00 p.m. (New York City time) on the borrowing date specified in the Swingline Loan Request, subject to the other
conditions set forth herein and in the Series 2012-1 Supplement, the Swingline Lender shall make available to Brand Holdings II (on behalf of the Co-Issuers) in accordance with the payment instructions set forth in such notice an amount in
immediately available funds equal to the amount of the requested Swingline Loan. 
 (c) The Co-Issuers hereby agree that each
Swingline Loan made by the Swingline Lender to the Co-Issuers pursuant to Section 2.06(a) shall constitute the promise and obligation of the Co-Issuers jointly and severally to pay to the Swingline Lender the aggregate unpaid principal
amount of all Swingline Loans made by such Swingline Lender pursuant to Section 2.06(a), which amounts shall be due and payable (whether at maturity or by acceleration) as set forth in this Agreement and in the Indenture for the Series
2012-1 Class A-1 Outstanding Principal Amount. 
 (d) In accordance with Section 2.03(a), the Co-Issuers agree to
cause requests for Borrowings to be made at least one time per week if any Swingline Loans are outstanding in amounts at least sufficient to repay in full all Swingline Loans outstanding on the date of the applicable request. In accordance with
Section 3.01(c), outstanding Swingline Loans shall bear interest at the Base Rate. 
 (e) If prior to the time
Advances would have otherwise been made pursuant to Section 2.06(d), an Event of Bankruptcy shall have occurred and be continuing with respect to any Co-Issuer or any other Securitization Entity or if for any other reason, as determined
by the Swingline Lender in its sole and absolute discretion, Advances may not be made as contemplated by Section 2.06(d), each Committed Note Purchaser shall, on the date such Advances were to have been made pursuant to the notice
referred to in Section 2.06(d) (the “Refunding Date”), purchase for cash an undivided participating interest in the then-outstanding Swingline Loans by paying to the Swingline Lender an amount (the “Swingline
Participation Amount”) equal to (i) its Committed Note Purchaser Percentage multiplied by (ii) the related Investor Group’s Commitment Percentage multiplied by (iii) the aggregate principal amount of
Swingline Loans then outstanding that was to have been repaid with such Advances. 
 (f) Whenever, at any time after the
Swingline Lender has received from any Investor such Investor’s Swingline Participation Amount, the Swingline Lender receives any payment on account of the Swingline Loans, the Swingline Lender will distribute to such Investor its Swingline
Participation Amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Investor’s participating interest was outstanding and funded and, in the case of principal and interest payments, to
reflect such Investor’s pro rata portion of such payment if such payment is 

  
 15 

 
not sufficient to pay the principal of and interest on all Swingline Loans then due); provided, however, that in the event that such payment received by the Swingline Lender is
required to be returned, such Investor will return to the Swingline Lender any portion thereof previously distributed to it by the Swingline Lender. 
 (g) Each applicable Investor’s obligation to make the Advances referred to in Section 2.06(d) and each Committed Note Purchaser’s obligation to purchase participating interests
pursuant to Section 2.06(e) shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or other right that such Investor, Committed Note Purchaser
or the Co-Issuers may have against the Swingline Lender, the Co-Issuers or any other Person for any reason whatsoever; (ii) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions
specified in Article VII other than at the time the related Swingline Loan was made; (iii) any adverse change in the condition (financial or otherwise) of the Co-Issuers; (iv) any breach of this Agreement or any other Indenture
Document by any Co-Issuer or any other Person; or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. 
 (h) The Co-Issuers may, upon three Business Days’ notice to the Administrative Agent and the Swingline Lender, effect a permanent reduction in the Swingline Commitment; provided that any such
reduction will be limited to the undrawn portion of the Swingline Commitment. If requested by the Co-Issuers in writing and with the prior written consent of the Swingline Lender and the Administrative Agent, the Swingline Lender may (but shall not
be obligated to) increase the amount of the Swingline Commitment; provided that, after giving effect thereto, the aggregate amount of the Swingline Commitment and the L/C Commitment does not exceed the aggregate amount of the Commitments.

 (i) The Co-Issuers may, upon notice to the Swingline Lender (who shall promptly notify the Administrative Agent and the
Trustee thereof in writing), at any time and from time to time, voluntarily prepay Swingline Loans in whole or in part without premium or penalty; provided that (x) such notice must be received by the Swingline Lender not later than 1:00
p.m. (New York City time) on the date of the prepayment, (y) any such prepayment shall be in a minimum principal amount of $100,000 or a whole multiple of $100,000 in excess thereof or, if less, the entire principal amount thereof then
outstanding and (z) if the source of funds for such prepayment is not a Borrowing, there shall be no unreimbursed Servicing Advances (or interest thereon) at such time. Each such notice shall specify the date and amount of such prepayment. If
such notice is given, the Co-Issuers shall make such prepayment directly to the Swingline Lender and the payment amount specified in such notice shall be due and payable on the date specified therein. 

SECTION 2.07 L/C Commitment. 
 (a) Subject to the terms and conditions hereof, the L/C Provider (or its permitted assigns pursuant to Section 9.17), in reliance on the agreements of the

  
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Committed Note Purchasers set forth in Sections 2.08 and 2.09, agrees to provide standby letters of credit, including Interest Reserve Letters of Credit (each, a
“Letter of Credit” and, collectively, the “Letters of Credit”) for the account of the Co-Issuers on any Business Day during the period commencing on the Series 2012-1 Closing Date and ending on the date that is ten
Business Days prior to the Commitment Termination Date to be issued in accordance with Section 2.07(h) in such form as may be approved from time to time by the L/C Provider; provided that the L/C Provider shall have no obligation
or right to provide any Letter of Credit on a requested issuance date if, after giving effect to such issuance, (i) the L/C Obligations would exceed the L/C Commitment or (ii) the Series 2012-1 Class A-1 Outstanding Principal Amount would
exceed the Series 2012-1 Class A-1 Maximum Principal Amount. 
 Each Letter of Credit shall (x) be denominated in Dollars,
(y) have a face amount of at least $100,000 (unless otherwise agreed by the L/C Provider) and (z) expire no later than the earlier of (A) the first anniversary of its date of issuance and (B) the date that is ten Business Days
prior to the Commitment Termination Date (the “Required Expiration Date”); provided that any Letter of Credit may provide for the automatic renewal thereof for additional periods, each individually not to exceed one year
(which shall in no event extend beyond the Required Expiration Date) unless the L/C Provider notifies the beneficiary of such Letter of Credit at least 30 calendar days prior to the then-applicable expiration date (or no later than the applicable
notice date, if earlier, as specified in such Letter of Credit) that such Letter of Credit shall not be renewed; provided further that any Letter of Credit may have an expiration date that is later than the Required Expiration Date so long as
either (x) the Undrawn L/C Face Amount with respect to such Letter of Credit has been fully cash collateralized by the Co-Issuers in accordance with Section 4.02 or 4.03 as of the Required Expiration Date and there are no
other outstanding L/C Obligations with respect to such Letter of Credit as of the Required Expiration Date or (y) other than with respect to Interest Reserve Letters of Credit, arrangements satisfactory to the L/C Provider in its sole and
absolute discretion have been made with the L/C Provider (and, if the L/C Provider is not the L/C Issuing Bank with respect to such Letter of Credit, the L/C Issuing Bank) pursuant to Section 4.04 such that such Letter of Credit shall
cease to be deemed outstanding or to be deemed a “Letter of Credit” for purposes of this Agreement as of the Commitment Termination Date. 
 Additionally, each Interest Reserve Letter of Credit shall (1) name the Trustee, for the benefit of the Senior Noteholders or the Senior Subordinated Noteholders, as applicable, as the beneficiary
thereof; (2) allow the Control Party on behalf of the Trustee to submit a notice of drawing in respect of such Interest Reserve Letter of Credit whenever amounts would otherwise be required to be withdrawn from the Senior Notes Interest Reserve
Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, pursuant to the Indenture; and (3) indicate by its terms that the proceeds in respect of drawings under such Interest Reserve Letter of Credit shall be paid
directly into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable. 

  
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 The L/C Provider shall not at any time be obligated to (I) provide any Letter of Credit
hereunder if such issuance would violate, or cause any L/C Issuing Bank to exceed any limits imposed by, any applicable Requirement of Law or (II) amend any Letter of Credit hereunder if (1) the L/C Provider would have no obligation at such
time to issue such Letter of Credit in its amended form under the terms hereof or (2) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit. 

(b) On the terms and conditions set forth in the Indenture and this Agreement, and in reliance on the covenants, representations and
agreements set forth herein and therein, the Co-Issuers shall issue and shall cause the Trustee to authenticate the initial Series 2012-1 Class A-1 L/C Note, which the Co-Issuers shall deliver to the L/C Provider on the Series 2012-1 Closing Date.
Such initial Series 2012-1 Class A-1 L/C Note shall be dated the Series 2012-1 Closing Date, shall be registered in the name of the L/C Provider or in such other name or nominee as the L/C Provider may request, shall have a maximum principal amount
equal to the L/C Commitment, shall have an initial outstanding principal amount equal to the Series 2012-1 Class A-1 Initial Aggregate Undrawn L/C Face Amount, and shall be duly authenticated in accordance with the provisions of the Indenture. Each
issuance of a Letter of Credit after the Series 2012-1 Closing Date will constitute an Increase in the outstanding principal amount evidenced by the Series 2012-1 Class A-1 L/C Note in an amount corresponding to the Undrawn L/C Face Amount of such
Letter of Credit. All L/C Obligations (whether in respect of Undrawn L/C Face Amounts or Unreimbursed L/C Drawings) shall be deemed to be principal outstanding under the Series 2012-1 Class A-1 L/C Note and shall be deemed to be Series 2012-1
Class A-1 Outstanding Principal Amounts for all purposes of this Agreement, the Indenture and the other Related Documents other than, in the case of Undrawn L/C Face Amounts, for purposes of accrual of interest. Subject to the terms of this
Agreement and the Series 2012-1 Supplement, the outstanding principal amount evidenced by the Series 2012-1 Class A-1 L/C Note may be increased by issuances of Letters of Credit or decreased by expirations thereof or reimbursements of drawings
thereunder or other circumstances resulting in the permanent reduction in any Undrawn L/C Face Amounts from time to time. The L/C Provider and the Co-Issuers agree to promptly notify the Administrative Agent and the Trustee of any such decreases for
which notice to the Administrative Agent is not otherwise provided hereunder. 
 (c) The Co-Issuers may (or shall cause the
Manager on their behalf to) from time to time request that the L/C Provider provide a new Letter of Credit by delivering to the L/C Provider at its address for notices specified herein an Application therefor (in the form required by the applicable
L/C Issuing Bank as notified to the Co-Issuers by the L/C Provider, which, for the L/C Issuing Bank as of the Closing Date, shall be in the form of Exhibit A-2 hereto), completed to the satisfaction of the L/C Provider, and such other certificates,
documents and other papers and information as the L/C Provider may request on behalf of the L/C Issuing Bank. Upon receipt of any completed Application, the L/C Provider will notify the Administrative Agent and the Trustee in writing of the amount,
the beneficiary and the requested expiration of the requested Letter of Credit (which shall comply with Section 2.07(a) and (i)) and, subject to the other conditions set forth herein and in the Series 2012-1 Supplement and upon
receipt of written confirmation from the Administrative Agent (based, with respect to any portion of the Series 2012-1 Class A-1 Outstanding Subfacility Amount held by any Person other than the Administrative Agent, solely on written notices
received by the Administrative 

  
 18 

 
Agent under this Agreement) that after giving effect to the requested issuance, the Series 2012-1 Class A-1 Outstanding Principal Amount would not exceed the Series 2012-1 Class A-1 Maximum
Principal Amount (provided that the L/C Provider shall be entitled to rely upon any written statement, paper or document believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons of the
Administrative Agent for purposes of determining whether the L/C Provider received such prior written confirmation from the Administrative Agent with respect to any Letter of Credit), the L/C Provider will cause such Application and the
certificates, documents and other papers and information delivered in connection therewith to be processed in accordance with the L/C Issuing Bank’s customary procedures and shall promptly provide the Letter of Credit requested thereby (but in
no event shall the L/C Provider be required to provide any Letter of Credit earlier than three Business Days after its receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto,
as provided in Section 2.07(a)) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed to by the L/C Provider and the Co-Issuers. The L/C Provider shall furnish a copy of such Letter of
Credit to the Manager (with a copy to the Administrative Agent) promptly following the issuance thereof. The L/C Provider shall promptly furnish to the Administrative Agent, which shall in turn promptly furnish to the Funding Agents, the Investors,
the Control Party and the Trustee, written notice of the issuance of each Letter of Credit (including the amount thereof). 
 (d)
The Co-Issuers shall jointly and severally pay ratably to the Committed Note Purchasers the L/C Quarterly Fees (as defined in the Series 2012-1 Class A-1 VFN Fee Letter, the “L/C Quarterly Fees”) in accordance with the terms of
the Series 2012-1 Class A-1 VFN Fee Letter and subject to the Priority of Payments. 
 (e) In addition, the Co-Issuers shall
jointly and severally pay to or reimburse the L/C Provider for the account of the applicable L/C Issuing Bank the L/C Fronting Fees (as defined in the Series 2012-1 Class A-1 VFN Fee Letter, the “L/C Fronting Fees”) in
accordance with the terms of the Series 2012-1 Class A-1 VFN Fee Letter and subject to the Priority of Payments. 
 (f) To
the extent that any provision of any Application related to any Letter of Credit is inconsistent with the provisions of this Article II, the provisions of this Article II shall apply. 

(g) The Co-Issuers may, upon three Business Days’ notice to the Administrative Agent and the L/C Provider, effect a permanent
reduction in the L/C Commitment; provided that any such reduction will be limited to the undrawn portion of the L/C Commitment. If requested by the Co-Issuers in writing and with the prior written consent of the L/C Provider and the
Administrative Agent, the L/C Provider may (but shall not be obligated to) increase the amount of the L/C Commitment; provided that, after giving effect thereto, the aggregate amount of the Swingline Commitment and the L/C Commitment does not
exceed the aggregate Commitment Amounts. 

  
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 (h) The L/C Provider shall satisfy its obligations under this Section 2.07 with
respect to providing any Letter of Credit hereunder by issuing such Letter of Credit itself if the L/C Issuing Bank Rating Test is satisfied with respect to the L/C Provider and the issuance of such Letter of Credit. If the L/C Issuing Bank Rating
Test is not satisfied with respect to the L/C Provider and the issuance of such Letter of Credit, a Person selected by (at the expense of) Brand Holdings II shall issue such Letter of Credit; provided that such Person and issuance of such
Letter of Credit satisfies the L/C Issuing Bank Rating Test (the L/C Provider in its capacity as the issuer of such Letter of Credit or such other Person selected by (at the expense of) Brand Holdings II being referred to as the “L/C Issuing
Bank” with respect to such Letter of Credit). The “L/C Issuing Bank Rating Test” is a test that is satisfied with respect to a Person issuing a Letter of Credit if the Person is a U.S. commercial bank that has, at the time
of the issuance of such Letter of Credit, (i) a short-term certificate of deposit rating of not less than “P-1” from Moody’s and “A-1” from S&P and (ii) a long-term unsecured debt rating of not less than
“Baa1” from Moody’s or “BBB+” from S&P or such other minimum long-term unsecured debt rating as may be reasonably required by the beneficiary of such proposed Letter of Credit. 

(i) The L/C Provider and, if the L/C Provider is not the L/C Issuing Bank for any Letter of Credit, the L/C Issuing Bank shall be under no
obligation to issue any Letter of Credit if: any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the L/C Provider or the L/C Issuing Bank, as applicable, from issuing the Letter
of Credit, or any law applicable to the L/C Provider or the L/C Issuing Bank, as applicable, or any request or directive (which request or directive, in the reasonable judgment of the L/C Provider or the L/C Issuing Bank, as applicable, has the
force of law) from any Governmental Authority with jurisdiction over the L/C Provider or the L/C Issuing Bank, as applicable, shall prohibit the L/C Provider or the L/C Issuing Bank, as applicable, from issuing of letters of credit generally or the
Letter of Credit in particular. 
 (j) Unless otherwise expressly agreed by the L/C Provider or the L/C Issuing Bank, as
applicable, and the Co-Issuers when a Letter of Credit is issued, the rules of the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice (or such later version thereof as may be
in effect at the time of issuance) shall apply to each standby Letter of Credit issued hereunder. 
 (k) For the avoidance of
doubt, the L/C Commitment shall be a sub-facility limit of the Commitment Amounts and aggregate outstanding L/C Obligations as of any date of determination shall be a component of the Series 2012-1 Class A-1 Outstanding Principal Amount on such
date of determination, pursuant to the definition thereof. 
 (l) If, on the date that is five Business Days prior to the
expiration of any Interest Reserve Letter of Credit, such Interest Reserve Letter of Credit has not been replaced or renewed and the Co-Issuers have not otherwise deposited funds into the Senior Notes Interest Reserve Account or the Senior
Subordinated Notes Interest Reserve Account, as applicable, in the amounts that would otherwise be required pursuant to the 

  
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Indenture had such Interest Reserve Letter of Credit not been issued, Brand Holdings II (or the Control Party on its behalf) will submit a notice of drawing under such Interest Reserve Letter of
Credit and use the proceeds thereof to fund a deposit into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, in an amount equal to the Senior Notes Interest Reserve Account Deficit
Amount or the Senior Subordinated Notes Interest Reserve Account Deficit Amount on such date, in each case calculated as if such Interest Reserve Letter of Credit had not been issued. 

(m) If, on any day an Interest Reserve Letter of Credit is outstanding, (i) the short-term debt credit rating of the L/C Issuing Bank
with respect to such Interest Reserve Letter of Credit is withdrawn by Standard & Poor’s or downgraded below “A-1” or is withdrawn by Moody’s or downgraded below “P-1” or (ii) the long-term debt credit
rating of such L/C Issuing Bank is withdrawn by Standard & Poor’s or downgraded below “BBB+” or is withdrawn by Moody’s or downgraded below “Baa1” (each of cases (i) and (ii), an “L/C Downgrade
Event”), on the fifth Business Day after the occurrence of such L/C Downgrade Event, Brand Holdings II (or the Control Party on its behalf) will submit a notice of drawing under each Interest Reserve Letter of Credit issued by such L/C
Issuing Bank and use the proceeds thereof to fund a deposit into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, in an amount equal to the Senior Notes Interest Reserve Account
Deficit Amount or the Senior Subordinated Notes Interest Reserve Account Deficit Amount on such date, in each case calculated as if such Interest Reserve Letter(s) of Credit had not been issued. 

SECTION 2.08 L/C Reimbursement Obligations. 
 (a) For the purpose of reimbursing the payment of any draft presented under any Letter of Credit, the Co-Issuers jointly and severally agree to pay the L/C Provider, for its own account or for the account
of the L/C Issuing Bank, as applicable, by 3:00 p.m. (New York City time) five Business Days after the day (subject to and in accordance with the Priority of Payments) on which the L/C Provider notifies the Co-Issuers and the Administrative Agent
(and in each case the Administrative Agent shall promptly, and in any event by 4:00 p.m. (New York City time) on the same Business Day as its receipt of the same, notify the Funding Agents) of the date and the amount of such draft, an amount in
Dollars equal to the sum of (i) the amount of such draft so paid (the “L/C Reimbursement Amount”) and (ii) any taxes, fees, charges or other costs or expenses (including amounts payable pursuant to
Section 3.02(c), and collectively, the “L/C Other Reimbursement Costs”) incurred by the L/C Issuing Bank in connection with such payment. Each drawing under any Letter of Credit shall (unless an Event of Bankruptcy shall
have occurred and be continuing with respect to any Co-Issuer or other Securitization Entity, in which cases the procedures specified in Section 2.09 for funding by Committed Note Purchasers shall apply) constitute a request by the
Co-Issuers to the Administrative Agent and each Funding Agent for a Base Rate Borrowing pursuant to Section 2.03 in the amount of the applicable L/C Reimbursement Amount, and the Co-Issuers shall be deemed to have made such request
pursuant to the procedures set forth in Section 2.03. The applicable Investors in each Investor Group hereby agree to make 

  
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Advances in an aggregate amount for each Investor Group equal to such Investor Group’s Commitment Percentage of the L/C Reimbursement Amount to pay the L/C Provider. The Borrowing date with
respect to such Borrowing shall be the first date on which a Base Rate Borrowing could be made pursuant to Section 2.03 if the Administrative Agent had received a notice of such Borrowing at the time the Administrative Agent receives
notice from the L/C Provider of such drawing under such Letter of Credit. Such Investors shall make the amount of such Advances available to the Administrative Agent in immediately available funds not later than 3:00 p.m.
(New York time) on such Borrowing date and the proceeds of such Advances shall be immediately made available by the Administrative Agent to the L/C Provider for application to the reimbursement of such drawing. 

(b) The Co-Issuers’ obligations under Section 2.08(a) shall be absolute and unconditional, and shall be performed
strictly in accordance with the terms of this Agreement, under any and all circumstances and irrespective of (i) any setoff, counterclaim or defense to payment that the Co-Issuers may have or have had against the L/C Provider, the L/C Issuing
Bank, any beneficiary of a Letter of Credit or any other Person, (ii) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (iii) payment by the L/C Issuing Bank under a Letter
of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, (iv) payment by the L/C Issuing Bank under a Letter of Credit to any Person purporting to be a trustee in bankruptcy,
debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under
the Bankruptcy Code or any other liquidation, conservatorship, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief laws of any jurisdictions or (v) any other
event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section 2.08(b), constitute a legal or equitable discharge of, or provide a right of setoff against, any
Co-Issuer’s obligations hereunder. The Co-Issuers also agree that the L/C Provider and the L/C Issuing Bank shall not be responsible for, and the Co-Issuers’ Reimbursement Obligations under Section 2.08(a) shall not be affected
by, among other things, the validity or genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, or any dispute between or among the Co-Issuers and any beneficiary
of any Letter of Credit or any other party to which such Letter of Credit may be transferred or any claims whatsoever of the Co-Issuers against any beneficiary of such Letter of Credit or any such transferee. Neither the L/C Provider nor the L/C
Issuing Bank shall be liable for any error, omission, interruption, loss or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit, except for direct damages (as opposed to
consequential damages, claims in respect of which are hereby waived by the Co-Issuers to the extent permitted by applicable law) caused by errors or omissions found by a final and nonappealable decision of a court of competent jurisdiction to have
resulted from the gross negligence or willful misconduct of the L/C Provider or the L/C Issuing Bank, as the case may be. The Co-Issuers agree that any action taken or omitted by the L/C Provider or the L/C Issuing Bank, as the case may be,

  
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under or in connection with any Letter of Credit or the related drafts or documents, if done in the absence of gross negligence or willful misconduct and in accordance with the standards of care
specified in the UCC of the State of New York, shall be binding on the Co-Issuers and shall not result in any liability of the L/C Provider or the L/C Issuing Bank to the Co-Issuers. As between the Co-Issuers and the L/C Issuing Bank, the
Co-Issuers hereby assume all risks of the acts or omissions of any beneficiary or transferee with respect to such beneficiary’s or transferee’s use of any Letter of Credit. In furtherance of the foregoing and without limiting the
generality thereof, the Co-Issuers agree with the L/C Issuing Bank that, with respect to documents presented that appear on their face to be in substantial compliance with the terms of a Letter of Credit, the L/C Issuing Bank may, in its sole
discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are
not in strict compliance with the terms of such Letter of Credit. 
 (c) If any draft shall be presented for payment under any
Letter of Credit, the L/C Provider shall promptly notify the Manager, the Co-Issuers and the Administrative Agent of the date and amount thereof. The responsibility of the applicable L/C Issuing Bank to the Co-Issuers in connection with any draft
presented for payment under any Letter of Credit shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit
in connection with such presentment are substantially in conformity with such Letter of Credit and, in paying such draft, such L/C Issuing Bank shall not have any responsibility to obtain any document (other than any sight draft, certificates and
documents expressly required by such Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of any Person(s) executing or delivering any such document. 

SECTION 2.09 L/C Participations. 
 (a) The L/C Provider irrevocably agrees to grant and hereby grants to each Committed Note Purchaser, and, to induce the L/C Provider to provide Letters of Credit hereunder (and, if the L/C Provider is not
the L/C Issuing Bank for any Letter of Credit, to induce the L/C Provider to agree to reimburse such L/C Issuing Bank for any payment of any drafts presented thereunder), each Committed Note Purchaser irrevocably and unconditionally agrees to accept
and purchase and hereby accepts and purchases from the L/C Provider, on the terms and conditions set forth below, for such Committed Note Purchaser’s own account and risk an undivided interest equal to its Committed Note Purchaser Percentage of
the related Investor Group’s Commitment Percentage of the L/C Provider’s obligations and rights under and in respect of each Letter of Credit provided hereunder and the L/C Reimbursement Amount with respect to each draft paid or reimbursed
by the L/C Provider in connection therewith. Subject to Section 2.07(c), each Committed Note Purchaser unconditionally and irrevocably agrees with the L/C Provider that, if a draft is paid under any Letter of Credit for which the L/C
Provider is not paid in full by the Co-Issuers in accordance with the terms of this Agreement, such Committed Note Purchaser shall pay to the Administrative Agent upon demand of the L/C Provider an amount equal to its Committed Note Purchaser
Percentage of the related Investor Group’s Commitment Percentage of the L/C Reimbursement Amount with respect to such draft, or any part thereof, that is not so paid. 

  
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 (b) If any amount required to be paid by any Committed Note Purchaser to the Administrative
Agent for forwarding to the L/C Provider pursuant to Section 2.09(a) in respect of any unreimbursed portion of any payment made or reimbursed by the L/C Provider under any Letter of Credit is paid to the Administrative Agent for
forwarding to the L/C Provider within three Business Days after the date such payment is due, such Committed Note Purchaser shall pay to Administrative Agent for forwarding to the L/C Provider on demand an amount equal to the product of
(i) such amount, times (ii) the daily average Federal Funds Rate during the period from and including the date such payment is required to the date on which such payment is immediately available to the L/C Provider, times
(iii) a fraction the numerator of which is the number of days that elapse during such period and the denominator of which is 360. If any such amount required to be paid by any Committed Note Purchaser pursuant to Section 2.09(a) is
not made available to the Administrative Agent for forwarding to the L/C Provider by such Committed Note Purchaser within three Business Days after the date such payment is due, the L/C Provider shall be entitled to recover from such Committed Note
Purchaser, on demand, such amount with interest thereon calculated from such due date at the Base Rate. A certificate of the L/C Provider submitted to any Committed Note Purchaser with respect to any amounts owing under this
Section 2.09(b), in the absence of manifest error, shall be conclusive and binding on such Committed Note Purchaser. Such amounts payable under this Section 2.09(b) shall be paid without any deduction for any withholding
taxes. 
 (c) Whenever, at any time after payment has been made under any Letter of Credit and the L/C Provider has received from
any Committed Note Purchaser its pro rata share of such payment in accordance with Section 2.09(a), the Administrative Agent or the L/C Provider receives any payment related to such Letter of Credit (whether directly from the
Co-Issuers or otherwise, including proceeds of collateral applied thereto by the L/C Provider), or any payment of interest on account thereof, the Administrative Agent or the L/C Provider, as the case may be, will distribute to such Committed Note
Purchaser its pro rata share thereof; provided, however, that in the event that any such payment received by the Administrative Agent or the L/C Provider, as the case may be, shall be required to be returned by the
Administrative Agent or the L/C Provider, such Committed Note Purchaser shall return to the Administrative Agent for the account of the L/C Provider the portion thereof previously distributed by the Administrative Agent or the L/C Provider, as the
case may be, to it. 
 (d) Each Committed Note Purchaser’s obligation to make the Advances referred to in
Section 2.08(a) and to pay its pro rata share of any unreimbursed draft pursuant to Section 2.09(a) shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff,
counterclaim, recoupment, defense or other right that such Committed Note Purchaser or the Co-Issuers may have against the L/C Provider, any L/C Issuing Bank, the Co-Issuers or any other Person for any reason whatsoever; (ii) the occurrence or
continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in Article VII other than at the time 

  
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the related Letter of Credit was issued; (iii) an adverse change in the condition (financial or otherwise) of the Co-Issuers; (iv) any breach of this Agreement or any other Indenture
Document by any Co-Issuer or any other Person; (v) any amendment, renewal or extension of any Letter of Credit in compliance with this Agreement or with the terms of such Letter of Credit, as applicable; or (vi) any other circumstance,
happening or event whatsoever, whether or not similar to any of the foregoing. 
 ARTICLE III 

INTEREST AND FEES 

SECTION 3.01 Interest. 
 (a) To the extent that an Advance is funded or maintained by a Conduit Investor through the issuance of Commercial Paper, such Advance shall bear interest at the CP Rate applicable to such Conduit
Investor. To the extent that, and only for so long as, an Advance is funded or maintained by a Conduit Investor through means other than the issuance of Commercial Paper (based on its determination in good faith that it is unable to raise or is
precluded or prohibited from raising, or that it is not advisable to raise, funds through the issuance of Commercial Paper in the commercial paper market of the United States to finance its purchase or maintenance of such Advance or any portion
thereof (which determination may be based on any allocation method employed in good faith by such Conduit Investor), including by reason of market conditions or by reason of insufficient availability under any of its Program Support Agreement or the
downgrading of any of its Program Support Providers), such Advance shall bear interest at (i) the Base Rate or (ii) if the required notice has been given pursuant to Section 3.01(b) with respect to such Advance, for any
Eurodollar Interest Period, the Eurodollar Rate applicable to such Eurodollar Interest Period for such Advance, in each case except as otherwise provided in the definition of Eurodollar Interest Period or in Section 3.03 or 3.04.
Each Advance funded or maintained by a Committed Note Purchaser or a Program Support Provider shall bear interest at (i) the Base Rate or (ii) if the required notice has been given pursuant to Section 3.01(b) with respect to
such Advance, for any Eurodollar Interest Period, the Eurodollar Rate applicable to such Eurodollar Interest Period for such Advance, in each case except as otherwise provided in the definition of Eurodollar Interest Period or in
Section 3.03 or 3.04. By (x) 11:00 a.m. (New York City time) on the second Business Day preceding each Accounting Date, each Funding Agent shall notify the Administrative Agent of the applicable CP Rate for each Advance made
by its Investor Group that was funded or maintained through the issuance of Commercial Paper and was outstanding during all or any portion of the Interest Period ending immediately prior to such Accounting Date and of the applicable interest rate
for each other Advance made by its Investor Group that was outstanding during all or any portion of such Interest Period and (y) 3:00 p.m. (New York City time) on the second Business Day preceding each Accounting Date, the Administrative Agent
shall notify Brand Holdings II (on behalf of the Co-Issuers), the Manager, the Trustee, the Servicer and the Funding Agents of such applicable CP Rate and of the applicable interest rate for each other Advance for such Interest Period and of the
amount of interest accrued on Advances during such Interest Period. 

  
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 (b) With respect to any Advance (other than one funded or maintained by a Conduit Investor
through the issuance of Commercial Paper), so long no Potential Rapid Amortization Event, Rapid Amortization Period or Event of Default has commenced and is continuing, the Co-Issuers may elect that such Advance bear interest at the Eurodollar Rate
for any Eurodollar Interest Period while such Advance is outstanding to the extent provided in Section 3.01(a) by giving notice thereof to the applicable Funding Agents prior to 12:00 p.m. (New York time) on the date which is three
Eurodollar Business Days prior to the commencement of such Eurodollar Interest Period. If such notice is not given in a timely manner, such Advance shall bear interest at the Base Rate. Each such conversion to or continuation of Eurodollar Advances
for a new Eurodollar Interest Period in accordance with this Section 3.01(b) shall be in an aggregate principal amount of $1,000,000 or an integral multiple of $500,000 in excess thereof. 

(c) Any outstanding Swingline Loans and Unreimbursed L/C Drawings shall bear interest at the Base Rate. By (x) 11:00 a.m.
(New York City time) on the second Business Day preceding each Accounting Date, the Swingline Lender shall notify the Administrative Agent in reasonable detail of the amount of interest accrued on any Swingline Loans during the Interest Period
ending on such date and the L/C Provider shall notify the Administrative Agent in reasonable detail of the amount of interest accrued on any Unreimbursed L/C Drawings during such Interest Period and the amount of fees accrued on any Undrawn L/C Face
Amounts during such Interest Period and (y) 3:00 p.m. on such date, the Administrative Agent shall notify the Servicer, the Trustee, Brand Holdings II (on behalf of the Co-Issuers) and the Manager of the amount of such accrued interest and fees
as set forth in such notices. 
 (d) All accrued interest pursuant to Section 3.01(a) or (c) shall be due
and payable in arrears on each Quarterly Payment Date in accordance with the applicable provisions of the Indenture. 
 (e) In
addition, under the circumstances set forth in Section 3.4 of the Series 2012-1 Supplement, the Co-Issuers shall jointly and severally pay quarterly interest in respect of the Series 2012-1 Class A-1 Outstanding Principal Amount in
an amount equal to the Series 2012-1 Class A-1 Quarterly Post-Renewal Date Contingent Interest payable pursuant to such Section 3.4 subject to and in accordance with the Priority of Payments. 

(f) All computations of interest at the CP Rate and the Eurodollar Rate, all computations of Series 2012-1 Class A-1 Quarterly
Post-Renewal Date Contingent Interest (other than any accruing on any Base Rate Advances) and all computations of fees shall be made on the basis of a year of 360 days and the actual number of days elapsed. All computations of interest at the Base
Rate and all computations of Series 2012-1 Class A-1 Quarterly Post-Renewal Date Contingent Interest accruing on any Base Rate Advances shall be made on the basis of a 365 (or 366, as applicable) day year and actual number of days elapsed.
Whenever any payment of interest, principal or fees hereunder shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall be included in the computation of the
amount of interest owed. Interest shall accrue on each Advance, Swingline Loan and Unreimbursed L/C Drawing from and including the day on which it is made to but excluding the date of repayment thereof. 

  
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 SECTION 3.02 Fees. 

(a) The Co-Issuers jointly and severally shall pay to the Administrative Agent for its own account the Administrative Agent Fees (as
defined in the Series 2012-1 Class A-1 VFN Fee Letter, collectively, the “Administrative Agent Fees”) in accordance with the terms of the Series 2012-1 Class A-1 VFN Fee Letter and subject to the Priority of Payments.

 (b) On each Quarterly Payment Date on or prior to the Commitment Termination Date, the Co-Issuers jointly and severally shall,
in accordance with Section 4.01, pay to each Funding Agent, for the account of the related Committed Note Purchaser(s), the Undrawn Commitment Fees (as defined in the Series 2012-1 Class A-1 VFN Fee Letter, the “Undrawn
Commitment Fees”) in accordance with the terms of the Series 2012-1 Class A-1 VFN Fee Letter and subject to the Priority of Payments. 
 (c) The Co-Issuers jointly and severally shall pay (i) the fees required pursuant to Section 2.07 in respect of Letters of Credit and (ii) any other fees set forth in the Series
2012-1 Class A-1 VFN Fee Letter (including any upfront and extension fees) subject to the Priority of Payments. 
 (d) All
fees payable pursuant to this Section 3.02 shall be calculated in accordance with Section 3.01(f) and paid on the date due in accordance with the applicable provisions of the Indenture. Once paid, all fees shall be
nonrefundable under all circumstances other than manifest error. 
 SECTION 3.03 Eurodollar Lending Unlawful. If any
Investor or Program Support Provider shall determine that any Change in Law makes it unlawful, or any Official Body asserts that it is unlawful, for any such Person to fund or maintain any Advance as a Eurodollar Advance, the obligation of such
Person to fund or maintain any such Advance as a Eurodollar Advance shall, upon such determination, forthwith be suspended until such Person shall notify the Administrative Agent, the related Funding Agent, the Manager and the Co-Issuers that the
circumstances causing such suspension no longer exist, and all then-outstanding Eurodollar Advances of such Person shall be automatically converted into Base Rate Advances at the end of the then-current Eurodollar Interest Period with respect
thereto or sooner, if required by such law or assertion. For purposes of this Agreement, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all regulations, requests, guidelines or directives issued in connection therewith
and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory
authorities, in each case, pursuant to Basel III, are deemed to have gone into effect and been adopted subsequent to the date hereof. 

  
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 SECTION 3.04 Deposits Unavailable. If the Administrative Agent shall have
determined that: 
 (a) by reason of circumstances affecting the relevant market, adequate and reasonable means
do not exist for ascertaining the interest rate applicable hereunder to the Eurodollar Advances; or 
 (b) with
respect to any interest rate otherwise applicable hereunder to any Eurodollar Advances the Eurodollar Interest Period for which has not then commenced, Investor Groups holding in the aggregate more than 50% of the Eurodollar Advances have determined
that such interest rate will not adequately reflect the cost to them of funding, agreeing to fund or maintaining such Eurodollar Advances for such Eurodollar Interest Period, 
 then, upon notice from the Administrative Agent (which, in the case of clause (b) above, the Administrative Agent shall give upon obtaining actual knowledge that such percentage of the
Investor Groups have so determined) to the Funding Agents, the Manager and Brand Holdings II (on behalf of the Co-Issuers), the obligations of the Investors to fund or maintain any Advance as a Eurodollar Advance after the end of the then-current
Eurodollar Interest Period, if any, with respect thereto shall forthwith be suspended and on the date such notice is given such Advances will convert to Base Rate Advances until the Administrative Agent has notified the Funding Agents and Brand
Holdings II (on behalf of the Co-Issuers) that the circumstances causing such suspension no longer exist. 
 SECTION 3.05
Increased Costs, etc. The Co-Issuers jointly and severally agree to reimburse each Investor and any Program Support Provider (each, an “Affected Person”, which term, for purposes of Sections 3.07 and 3.08,
shall also include the Swingline Lender and the L/C Issuing Bank) for any increase in the cost of, or any reduction in the amount of any sum receivable by any such Affected Person, including reductions in the rate of return on such Affected
Person’s capital, in respect of funding or maintaining (or of its obligation to fund or maintain) any Advances that arise in connection with any Changes in Law, except for such Changes in Law with respect to increased capital costs and Taxes
which shall be governed by Sections 3.07 and 3.08, respectively (whether or not amounts are payable thereunder in respect thereof). For purposes of this Agreement, (i) the Dodd-Frank Wall Street Reform and Consumer Protection
Act and all regulations, requests, guidelines or directives issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision
(or any successor or similar authority) or the United States or foreign regulatory authorities, in each case, pursuant to Basel III, are deemed to have gone into effect and been adopted subsequent to the date hereof. Each such demand shall be
provided to the related Funding Agent and the Co-Issuers in writing and shall state, in reasonable detail, the reasons therefor and the additional amount required fully to compensate such Affected Person for such increased cost or reduced amount of
return. Such additional amounts (“Increased Costs”) shall be deposited into the Collection Account by the Co-Issuers within five (5) Business Days of receipt of such notice to be payable as Class A-1 Senior 

  
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Notes Other Amounts, subject to and in accordance with the Priority of Payments, to the Administrative Agent and by the Administrative Agent to such Funding Agent and by such Funding Agent
directly to such Affected Person, and such notice shall, in the absence of manifest error, be conclusive and binding on the Co-Issuers; provided that with respect to any notice given to the Co-Issuers under this Section 3.05 the
Co-Issuers shall not be under any obligation to pay any amount with respect to any period prior to the date that is 90 days prior to such demand if the relevant Affected Person knew or could reasonably have been expected to know of the circumstances
giving rise to such increased costs or reductions in the rate of return; provided further that the foregoing limitation shall not apply to any increased costs or reductions in rate of return arising out of any retroactive application of any
Change in Law within such 90-day period. 
 SECTION 3.06 Funding Losses. In the event any Affected Person shall
incur any loss or expense (including any loss or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Affected Person to fund or maintain any portion of the principal amount of any Advance as a
Eurodollar Advance) as a result of: 
 (a) any conversion, repayment, prepayment or redemption (for any reason,
including, without limitation, as a result of any Decrease or the acceleration of the maturity of such Eurodollar Advance) of the principal amount of any Eurodollar Advance on a date other than the scheduled last day of the Eurodollar Interest
Period applicable thereto; 
 (b) any Advance not being funded or maintained as a Eurodollar Advance after a
request therefor has been made in accordance with the terms contained herein (for a reason other than the failure of such Affected Person to make an Advance after all conditions thereto have been met); or 

(c) any failure of the Co-Issuers to make a Decrease, prepayment or redemption with respect to any Eurodollar Advance
after giving notice thereof pursuant to the applicable provisions of the Series 2012-1 Supplement; 
 then, upon the written notice of any
Affected Person to the related Funding Agent and the Co-Issuers, the Co-Issuers jointly and severally shall deposit into the Collection Account (within five (5) Business Days of receipt of such notice) to be payable as Class A-1 Senior
Notes Other Amounts, subject to and in accordance with the Priority of Payments, to the Administrative Agent and by the Administrative Agent to such Funding Agent and such Funding Agent shall pay directly to such Affected Person such amount
(“Breakage Amount” or “Series 2012-1 Class A-1 Breakage Amount”) as will (in the reasonable determination of such Affected Person) reimburse such Affected Person for such loss or expense; provided that with
respect to any notice given to the Co-Issuers under this Section 3.06 the Co-Issuers shall not be under any obligation to pay any amount with respect to any period prior to the date that is 90 days prior to such notice if the relevant
Affected Person knew or could reasonably have been expected to know of the circumstances giving rise to such loss or expense. Such written notice (which shall include calculations in reasonable detail) shall, in the absence of manifest error, be
conclusive and binding on the Co-Issuers. 

  
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 SECTION 3.07 Increased Capital Costs. If any Change in Law affects or would
(i) affect the amount of capital required or reasonably expected to be maintained by any Affected Person or any Person controlling such Affected Person or (ii) subject any Affected Person or any Person controlling such Affected Person to
any Taxes (other than Class A-1 Taxes and Non-Excluded Taxes, in each case, imposed on or with respect to any payment made by or on account of any obligation of the Co-Issuers under this Agreement or any Related Document) on its loans, loan
principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto, and such Affected Person determines in its sole and absolute discretion that the rate of return on its or
such controlling Person’s capital as a consequence of its commitment hereunder or under a Program Support Agreement or the Advances, Swingline Loans or Letters of Credit made or issued by such Affected Person is reduced to a level below that
which such Affected Person or such controlling Person would have achieved but for the occurrence of any such circumstance, then, in any such case after notice from time to time by such Affected Person (or in the case of an L/C Issuing Bank, by the
L/C Provider) to the related Funding Agent and the Co-Issuers (or, in the case of the Swingline Lender or the L/C Provider, to the Co-Issuers), the Co-Issuers jointly and severally shall deposit into the Collection Account within five
(5) Business Days of the Co-Issuers’ receipt of such notice, to be payable as Class A-1 Senior Notes Other Amounts, subject to and in accordance with the Priority of Payments, to the Administrative Agent and by the Administrative
Agent to such Funding Agent (or, in the case of the Swingline Lender or the L/C Provider, directly to such Person) and such Funding Agent shall pay to such Affected Person, such amounts (“Increased Capital Costs”) as will be
sufficient to compensate such Affected Person or such controlling Person for such reduction in rate of return; provided that with respect to any notice given to the Co-Issuers under this Section 3.07 the Co-Issuers shall not be
under any obligation to pay any amount with respect to any period prior to the date that is 90 days prior to such notice if the relevant Affected Person knew or could reasonably have been expected to know of the Change in Law; provided
further that the foregoing limitation shall not apply to any increased costs or reductions in rate of return arising out of any retroactive application of any Change in Law within such 90-day period. A statement of such Affected Person as to any
such additional amount or amounts (including calculations thereof in reasonable detail), in the absence of manifest error, shall be conclusive and binding on the Co-Issuers. In determining such additional amount, such Affected Person may use any
method of averaging and attribution that it (in its reasonable discretion) shall deem applicable so long as it applies such method to other similar transactions. For purposes of this Agreement, (i) the Dodd-Frank Wall Street Reform and Consumer
Protection Act and all regulations, requests, guidelines or directives issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking
Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case, pursuant to Basel III, are deemed to have gone into effect and been adopted subsequent to the date hereof. 

  
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 SECTION 3.08 Taxes. 

(a) Except as otherwise required by law, all payments by the Co-Issuers of principal of, and interest on, the Advances, the Swingline
Loans and the L/C Obligations and all other amounts payable hereunder (including fees) shall be made free and clear of and without deduction or withholding for or on account of any present or future income, excise, documentary, property, stamp or
franchise taxes and other taxes, fees, duties, withholdings or other charges in the nature of a tax imposed by any taxing authority including all interest, penalties or additions to tax and other liabilities with respect thereto (all such taxes,
fees, duties, withholdings and other charges, and including all interest, penalties or additions to tax and other liabilities with respect thereto, being called “Class A-1 Taxes”), but excluding in the case of any Affected Person
(i) net income, franchise (imposed in lieu of net income) or similar Class A-1 Taxes (and including branch profits or alternative minimum Class A-1 Taxes) and any other Class A-1 Taxes imposed or levied on the Affected Person as a result of a
connection between the Affected Person and the jurisdiction of the governmental authority imposing such Class A-1 Taxes or any political subdivision or taxing authority thereof or therein (other than any such connection arising solely from such
Affected Person having executed, delivered or performed its obligations or received a payment under, or enforced, this Agreement or any other Related Document), (ii) with respect to any Affected Person organized under the laws of a jurisdiction
other than the United States or any state of the United States (“Foreign Affected Person”), any United States withholding tax that is imposed on amounts payable to the Foreign Affected Person at the time the Foreign Affected Person
becomes a party to this Agreement (or designates a new lending office, other than pursuant to Section 3.09), except to the extent that such Foreign Affected Person (or its assignor, if any) was already entitled, at the time of the designation
of the new lending office (or assignment), to receive additional amounts from the Co-Issuers with respect to withholding tax and (iii) any Class A-1 Taxes imposed pursuant to FATCA (such Class A-1 Taxes not excluded by (i), (ii) or
(iii) above being called “Non-Excluded Taxes”). If any Class A-1 Taxes are imposed and required by law to be deducted from any amount payable by the Co-Issuers hereunder to an Affected Person, then (x) if such Class A-1
Taxes are Non-Excluded Taxes, the amount of the payment shall be increased so that such payment is made, after withholding or deduction for or on account of such Non-Excluded Taxes (including any Non-Excluded Taxes on such additional amount), in an
amount that is not less than the amount provided for hereunder and (y) the Co-Issuers shall withhold the amount of such Class A-1 Taxes from such payment (as increased, if applicable, pursuant to the preceding clause (x)) and shall pay such
amount, subject to and in accordance with the Priority of Payments, to the taxing authority imposing such Class A-1 Taxes in accordance with applicable law. 
 (b) Moreover, if any Non-Excluded Taxes are directly asserted against any Affected Person or its agent with respect to any payment received by such Affected Person or its agent from the Co-Issuers or
otherwise in respect of any Related Document or the transactions contemplated therein, such Affected Person or its agent may pay such Non-Excluded Taxes and the Co-Issuers will jointly and severally, within five (5) Business Days of any
Co-Issuer’s receipt of written notice stating the amount of such Non-Excluded Taxes (including the calculation thereof in reasonable detail), deposit into 

  
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the Collection Account, to be distributed as Class A-1 Senior Notes Other Amounts, subject to and in accordance with the Priority of Payments, such additional amounts (collectively,
“Increased Tax Costs,” which term shall include all amounts payable by or on behalf of any Co-Issuer pursuant to this Section 3.08) as is necessary in order that the net amount received by such Affected Person or agent
after the payment of such Non-Excluded Taxes (including any Non-Excluded Taxes on such additional amount) shall equal the amount such Person would have received had no such Non-Excluded Taxes been asserted. 

(c) As promptly as practicable after the payment of any Class A-1 Taxes, and in any event within thirty (30) days of any such payment
being due, the Co-Issuers shall furnish to each applicable Affected Person or its agents a certified copy of an official receipt (or other documentary evidence satisfactory to such Affected Person and agents) evidencing the payment of such Class A-1
Taxes. If the Co-Issuers fail to pay any Class A-1 Taxes that are Non-Excluded Taxes when due to the appropriate taxing authority or fail to remit to the Affected Persons or their agents the required receipts (or such other documentary evidence)
with respect to such Taxes, the Co-Issuers shall jointly and severally indemnify (by depositing such amounts into the Collection Account, to be distributed subject to and in accordance with the Priority of Payments) each Affected Person and its
agents for any Non-Excluded Taxes that may become payable by any such Affected Person or its agents as a result of any such failure. 
 (d) Each Affected Person (other than any Affected Person that is not a Foreign Affected Person and is a corporation for United States federal income tax purposes) on or prior to the date it becomes a
party to this Agreement (and from time to time thereafter as soon as practicable after the obsolescence, expiration or invalidity of any form or document previously delivered) and to the extent permissible under then current law, shall deliver to
any Co-Issuer (or to more than one Co-Issuer, as the Co-Issuers may reasonably request), a United States Internal Revenue Service Form W-8BEN, Form W-8ECI, Form W-8IMY or Form W-9, as applicable, or applicable successor form, or such other forms or
documents (or successor forms or documents), appropriately completed and executed, as may be applicable to establish the extent to which a payment to such Affected Person is exempt from withholding or deduction of United States federal withholding
taxes. At the times prescribed in the preceding sentence, each Affected Person shall deliver to any Co-Issuer (or to more than one Co-Issuer, as the Co-Issuers may reasonably request), any other forms or documents (or successor forms or documents),
appropriately completed and executed, as may be applicable to establish the extent to which a payment to such Affected Person is exempt from withholding or deduction of Non-Excluded Taxes other than United States federal withholding taxes, provided
that the delivery of such documentation shall not be required if in the Affected Person’s reasonable judgment such delivery would subject such Affected Person to any material unreimbursed cost or expense or would materially prejudice the legal
or commercial position of such Affected Person. The Co-Issuers shall not be required to pay any increased amount under Section 3.08(a) or Section 3.08(b) to an Affected Person in respect of the withholding or deduction of
United States federal withholding taxes or other Non-Excluded Taxes imposed as the result of the failure or inability (other than as a result of a Change in Law) of such Affected Person to comply with the requirements set forth in this
Section 3.08(d). The Co-Issuers may rely on any form or document provided pursuant to this Section 3.08(d) until notified otherwise by the Affected Person that delivered such form or document. 

  
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 (e) If an Affected Person determines, in its sole reasonable discretion, that it has
received a refund of any Non-Excluded Taxes as to which it has been indemnified pursuant to this Section 3.08 or as to which it has been paid additional amounts pursuant to this Section 3.08, it shall promptly notify a
Co-Issuer and the Manager in writing of such refund and shall, within 30 days after receipt of a written request from the Co-Issuers, pay over such refund to a Co-Issuer (but only to the extent of indemnity payments made or additional amounts paid
to such Affected Person under this Section 3.08 with respect to the Non-Excluded Taxes giving rise to such refund), net of all out-of-pocket expenses (including the net amount of Taxes, if any, imposed on or with respect to such refund
or payment) of the Affected Person and without interest (other than any interest paid by the relevant taxing authority that is directly attributable to such refund of such Non-Excluded Taxes); provided that the Co-Issuers, immediately upon
the request of the Affected Person to any Co-Issuer (which request shall include a calculation in reasonable detail of the amount to be repaid), agree to repay the amount of the refund (and any applicable interest) (plus any penalties, interest or
other charges imposed by the relevant taxing authority with respect to such amount) to the Affected Person in the event the Affected Person or any other Person is required to repay such refund to such taxing authority. This Section 3.08
shall not be construed to require the Affected Person to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the Co-Issuers or any other Person. 

SECTION 3.09 Change of Lending Office. Each Committed Note Purchaser agrees that, upon the occurrence of any event giving
rise to the operation of Section 3.05 or 3.07 or the payment of additional amounts to it under Section 3.08(a) or (b) with respect to such Committed Note Purchaser, it will, if requested by the Co-Issuers,
use reasonable efforts (subject to overall policy considerations of such Committed Note Purchaser) to designate another lending office for any Advances affected by such event with the object of avoiding the consequences of such event;
provided that such designation is made on terms that, in the sole judgment of such Committed Note Purchaser, cause such Committed Note Purchaser and its lending office(s) or its related Conduit Investor to suffer no economic, legal or
regulatory disadvantage; and provided, further, that nothing in this Section 3.09 shall affect or postpone any of the obligations of the Co-Issuers or the rights of any Committed Note Purchaser pursuant to
Section 3.05, 3.07 and 3.08. If a Committed Note Purchaser notifies the Co-Issuers in writing that such Committed Note Purchaser will be unable to designate another lending office, the Co-Issuers may replace every member
(but not any subset thereof) of such Committed Note Purchaser’s entire Investor Group by giving written notice to each member of such Investor Group and the Administrative Agent designating one or more Persons that are willing and able to
purchase each member of such Investor Group’s rights and obligations under this Agreement for a purchase price that with respect to each such member of such Investor Group will equal the amount owed to each such member of such Investor Group
with respect to the Series 2012-1 Class A-1 Advance Notes (whether arising under the Indenture, this Agreement, the 

  
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Series 2012-1 Class A-1 Advance Notes or otherwise). Upon receipt of such written notice, each member of such Investor Group shall assign its rights and obligations under this Agreement
pursuant to and in accordance with Sections 9.17(a), (b) and (c), as applicable, in consideration for such purchase price and at the reasonable expense of the Co-Issuers (including, without limitation, the reasonable
documented fees and out-of-pocket expenses of counsel to each such member); provided, however, that no member of such Investor Group shall be obligated to assign any of its rights and obligations under this Agreement if the purchase
price to be paid to such member is not at least equal to the amount owed to such member with respect to the Series 2012-1 Class A-1 Advance Notes (whether arising under the Indenture, this Agreement, the Series 2012-1 Class A-1 Advance
Notes or otherwise). 
 ARTICLE IV 
 OTHER PAYMENT TERMS 
 SECTION 4.01 Time and Method of Payment. Except
as otherwise provided in Section 4.02, all amounts payable to any Funding Agent or Investor hereunder or with respect to the Series 2012-1 Class A-1 Advance Notes shall be made by wire transfer of immediately available funds in Dollars
not later than 1:00 p.m. (New York City time) on the date due to the applicable Funding Agent for the benefit of the applicable Person, or upon the order of the applicable Funding Agent for the benefit of the applicable Person, its
pro rata share (or other applicable share as provided herein) of such payment by wire transfer in like funds as received. Except as otherwise provided in Section 2.07 and Section 4.02, all amounts payable to the
Swingline Lender or the L/C Provider hereunder or with respect to the Swingline Loans and L/C Obligations shall be made to or upon the order of the Swingline Lender or the L/C Provider, respectively, by wire transfer of immediately available funds
in Dollars not later than 1:00 p.m. (New York City time) on the date due. Any funds received after that time will be deemed to have been received on the next Business Day. The Co-Issuers’ obligations hereunder in respect of any amounts
payable to any Investor shall be discharged to the extent funds are disbursed by the Co-Issuers to the applicable Funding Agent for the benefit of the applicable Person, or upon the order of the applicable Funding Agent for the benefit of the
applicable Person as provided herein or by the Trustee or Paying Agent in accordance with Section 4.02 whether or not such funds are properly applied by the applicable Funding Agent or by the Trustee or Paying Agent. 

SECTION 4.02 Order of Distributions (a) . Subject to Section 9.18(c)(ii), any amounts deposited into the Series
2012-1 Class A-1 Distribution Account in respect of accrued interest, letter of credit fees or undrawn commitment fees shall be distributed by the Trustee or the Paying Agent, as applicable, on the date due and payable under the Indenture and in the
manner provided therein, to the Series 2012-1 Class A-1 Noteholders of record on the applicable Record Date, ratably in proportion to the respective amounts due to such payees at each applicable level of the Priority of Payments in accordance with
the applicable Quarterly Noteholders’ Statement, the applicable written report provided to the Trustee under the Series 2012-1 Supplement or as provided in Section 3.3 of the Series 2012-1 Supplement. Subject to
Section 9.18(c)(ii), any amounts deposited into the Series 2012-1 Class A-1 Distribution Account in respect of outstanding principal 

  
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or face amounts shall be distributed by the Trustee or the Paying Agent, as applicable, on the date due and payable under the Indenture and in the manner provided therein, to the Series 2012-1
Class A-1 Noteholders of record on the applicable Record Date, in the following order of priority in accordance with the applicable Quarterly Noteholders’ Statement, the applicable written report provided to the Trustee under the Series 2012-1
Supplement or as provided in Section 3.3 of the Series 2012-1 Supplement: first, to the Swingline Lender and the L/C Provider in respect of outstanding Swingline Loans and Unreimbursed L/C Drawings, ratably in proportion to the
respective amounts due to such payees; second, to the other Series 2012-1 Class A-1 Noteholders in respect of their outstanding Advances, ratably in proportion thereto; and, third, any balance remaining of such amounts (up to an
aggregate amount not to exceed the amount of Undrawn L/C Face Amounts at such time) shall be paid to the L/C Provider, to be deposited by the L/C Provider into a cash collateral account in the name of the L/C Provider in accordance with
Section 4.03(b). Any amounts distributed to any Funding Agent pursuant to the Priority of Payments in respect of any other amounts related to the Class A-1 Notes shall be distributed by the applicable Funding Agent in accordance
with Section 4.01 on the date such amounts are due and payable hereunder to the applicable Series 2012-1 Class A-1 Noteholders and/or the Funding Agent for its own account, as applicable, ratably in proportion to the respective aggregate
of such amounts due to such payees. 
 SECTION 4.03 L/C Cash Collateral. (a) If as of the Required Expiration
Date, any Undrawn L/C Face Amounts remain in effect, the Co-Issuers shall either (i) provide cash collateral (in an aggregate amount equal to the amount of Undrawn L/C Face Amounts at such time, to the extent that such amount of cash collateral
has not been provided pursuant to Section 4.02 or 9.18(c)(ii)) to the L/C Provider, to be deposited by the L/C Provider into a cash collateral account in the name of the L/C Provider in accordance with Section 4.03(b)
or (ii) other than with respect to Interest Reserve Letters of Credit, make arrangements satisfactory to the L/C Provider in its sole and absolute discretion with the L/C Provider (and, if the L/C Provider is not the L/C Issuing Bank with
respect to such Letter of Credit, the L/C Issuing Bank) pursuant to Section 4.04 such that any Letters of Credit that remain outstanding as of the date that is ten Business Days prior to the Commitment Termination Date shall cease to be
deemed outstanding or to be deemed “Letters of Credit” for purposes of this Agreement as of the Commitment Termination Date. 
 (b) All amounts to be deposited in a cash collateral account pursuant to Section 4.02, Section 4.03(a) or Section 9.18(c)(ii) shall be held by the L/C Provider as
collateral to secure the Co-Issuers’ Reimbursement Obligations with respect to any outstanding Letters of Credit. The L/C Provider shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other
than any interest earned on the investment of such deposit in Permitted Investments, which investments shall be made at the written direction, and at the risk and expense, of Brand Holdings II (provided that if an Event of Default has
occurred and is continuing, such investments shall be made solely at the option and sole discretion of the L/C Provider), such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account and
all Taxes on such amounts shall be payable by the Co-Issuers. Moneys in such account shall automatically be applied by such L/C Provider to 

  
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reimburse it for any Unreimbursed L/C Drawings. Upon expiration of all then-outstanding Letters of Credit and payment in full of all Unreimbursed L/C Drawings, any balance remaining in such
account shall be paid over (i) if the Base Indenture and any Series Supplement remain in effect, to the Trustee to be deposited into the Collection Account and distributed in accordance with the terms of the Base Indenture and
(ii) otherwise to Brand Holdings II; provided that, upon an Investor ceasing to be a Defaulting Investor in accordance with Section 9.18(d), any amounts of cash collateral provided pursuant to Section 9.18(c)(ii)
upon such Investor becoming a Defaulting Investor shall be released and applied as such amounts would have been applied had such Investor not become a Defaulting Investor. 
 SECTION 4.04 Alternative Arrangements with Respect to Letters of Credit. Notwithstanding any other provision of this Agreement or any Related Document, a Letter of Credit (other than an
Interest Reserve Letter of Credit) shall cease to be deemed outstanding for all purposes of this Agreement and each other Related Document if and to the extent that provisions, in form and substance satisfactory to the L/C Provider (and, if the L/C
Provider is not the L/C Issuing Bank with respect to such Letter of Credit, the L/C Issuing Bank) in its sole and absolute discretion, have been made with respect to such Letter of Credit such that the L/C Provider (and, if applicable, the L/C
Issuing Bank) has agreed in writing, with a copy of such agreement delivered to the Administrative Agent, the Control Party, the Trustee and Brand Holdings II, that such Letter of Credit shall be deemed to be no longer outstanding hereunder, in
which event such Letter of Credit shall cease to be a “Letter of Credit” as such term is used herein and in the Related Documents. 
 ARTICLE V 
 THE ADMINISTRATIVE AGENT AND THE FUNDING AGENTS 

SECTION 5.01 Authorization and Action of the Administrative Agent. Each of the Lender Parties and the Funding Agents hereby
designates and appoints Barclays Bank PLC as the Administrative Agent hereunder, and hereby authorizes the Administrative Agent to take such actions as agent on their behalf and to exercise such powers as are delegated to the Administrative Agent by
the terms of this Agreement together with such powers as are reasonably incidental thereto. The Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any
Lender Party or any Funding Agent, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of the Administrative Agent shall be read into this Agreement or otherwise exist for the Administrative Agent.
In performing its functions and duties hereunder, the Administrative Agent shall act solely as agent for the Lender Parties and the Funding Agents and does not assume nor shall it be deemed to have assumed any obligation or relationship of trust or
agency with or for the Co-Issuers or any of its successors or assigns. The provisions of this Article (other than the rights of the Co-Issuers set forth in Section 5.07) are solely for the benefit of the Administrative Agent, the Lender
Parties and the Funding Agents, and the Co-Issuers shall not have any rights as a third party beneficiary of any such provisions. The Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel,
exposes the 

  
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Administrative Agent to personal liability or that is contrary to this Agreement or any Requirement of Law. The appointment and authority of the Administrative Agent hereunder shall terminate
upon the indefeasible payment in full of the Series 2012-1 Class A-1 Notes and all other amounts owed by the Co-Issuers hereunder to the Administrative Agent, all members of the Investor Groups, the Swingline Lender and the L/C Provider (the
“Aggregate Unpaids”) and termination in full of all Commitments and the Swingline Commitment and the L/C Commitment. 
 SECTION 5.02 Delegation of Duties. The Administrative Agent may execute any of its duties under this Agreement by or through agents or attorneys-in-fact and shall be entitled to advice of
counsel concerning all matters pertaining to such duties. The exculpatory provisions of this Article shall apply to any such agents or attorneys-in-fact and shall apply to their respective activities as Administrative Agent. The Administrative Agent
shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it in good faith. 

SECTION 5.03 Exculpatory Provisions. Neither the Administrative Agent nor any of its directors, officers, agents or employees
shall be (a) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this Agreement (except for its, their or such Person’s own gross negligence or willful misconduct as determined by a court
of competent jurisdiction by a final and nonappealable judgment), or (b) responsible in any manner to any Lender Party or any Funding Agent for any recitals, statements, representations or warranties made by the Co-Issuers contained in this
Agreement or in any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, this Agreement for the due execution, legality, value, validity, effectiveness, genuineness, enforceability
or sufficiency of this Agreement or any other document furnished in connection herewith, or for any failure of any Co-Issuer to perform its obligations hereunder, or for the satisfaction of any condition specified in Article VII. The
Administrative Agent shall not be under any obligation to any Investor or any Funding Agent to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement, or to
inspect the properties, books or records of the Co-Issuers. The Administrative Agent shall not be deemed to have knowledge of any Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default unless the Administrative
Agent has received notice in writing of such event from any Co-Issuer, any Lender Party or any Funding Agent. 

SECTION 5.04 Reliance. The Administrative Agent shall in all cases be entitled to rely, and shall be fully protected in
relying, upon any document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to the
Co-Issuers), independent accountants and other experts selected by the Administrative Agent. The Administrative Agent shall in all cases be fully justified in failing or refusing to take any action under this Agreement or any other document
furnished in connection herewith unless it shall first receive such advice or concurrence of any Lender Party or any Funding Agent as it deems appropriate 

  
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or it shall first be indemnified to its satisfaction by any Lender Party or any Funding Agent; provided that unless and until the Administrative Agent shall have received such advice, the
Administrative Agent may take or refrain from taking any action, as the Administrative Agent shall deem advisable and in the best interests of the Lender Parties and the Funding Agents. The Administrative Agent shall in all cases be fully protected
in acting, or in refraining from acting, in accordance with a request of Investor Groups holding more than 50% of the Commitments and such request and any action taken or failure to act pursuant thereto shall be binding upon the Lender Parties and
the Funding Agents. 
 SECTION 5.05 Non-Reliance on the Administrative Agent and Other Purchasers. Each of the
Lender Parties and the Funding Agents expressly acknowledges that neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates has made any representations or warranties to it and that no
act by the Administrative Agent hereafter taken, including, without limitation, any review of the affairs of the Co-Issuers, shall be deemed to constitute any representation or warranty by the Administrative Agent. Each of the Lender Parties and the
Funding Agents represents and warrants to the Administrative Agent that it has and will, independently and without reliance upon the Administrative Agent and based on such documents and information as it has deemed appropriate, made its own
appraisal of and investigation into the business, operations, property, prospects, financial and other conditions and creditworthiness of the Co-Issuers and made its own decision to enter into this Agreement. 

SECTION 5.06 The Administrative Agent in its Individual Capacity. The Administrative Agent and any of its Affiliates may make
loans to, accept deposits from, and generally engage in any kind of business with the Co-Issuers or any Affiliate of the Co-Issuers as though the Administrative Agent were not the Administrative Agent hereunder. 

SECTION 5.07 Successor Administrative Agent; Defaulting Administrative Agent. 

(a) The Administrative Agent may, upon 30 days notice to Brand Holdings II (on behalf of the Co-Issuers) and each of the Lender Parties
and the Funding Agents, and the Administrative Agent will, upon the direction of Investor Groups holding 100% of the Commitments (excluding any Commitments held by Defaulting Investors), resign as Administrative Agent. If the Administrative Agent
shall resign, then the Investor Groups holding more than (i) if no single Investor Group holds more than 50% of the Commitments, 50% of the Commitments or (ii) if a single Investor Group holds more than 50% of the Commitments, two thirds
of the Commitments (excluding any Commitments held by the resigning Administrative Agent or its Affiliates, and if all Commitments are held by the resigning Administrative Agent or its Affiliates, then the Co-Issuers), during such 30-day period,
shall appoint an Affiliate of a member of the Investor Groups as a successor administrative agent, subject to the consent of (i) the Co-Issuers at all times other than while an Event of Default has occurred and is continuing (which consent of
the Co-Issuers shall not be unreasonably withheld) and (ii) the Control 

  
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Party (which consent of the Control Party shall not be unreasonably withheld); provided that the Commitment of any Defaulting Investor shall be disregarded in the determination of whether
any threshold percentage of Commitments has been met under this Section 5.07(a). If for any reason no successor Administrative Agent is appointed by the Investor Groups during such 30-day period, then effective upon the expiration of
such 30-day period, the Co-Issuers shall make all payments in respect of the Aggregate Unpaids or under any fee letter delivered in connection herewith (including, without limitation, the Series 2012-1 Class A-1 VFN Fee Letter) directly to the
Funding Agents or the Swingline Lender or the L/C Provider, as applicable, and the Co-Issuers for all purposes shall deal directly with the Funding Agents or the Swingline Lender or the L/C Provider, as applicable, until such time, if any, as a
successor administrative agent is appointed as provided above, and the Co-Issuers shall instruct the Trustee in writing accordingly. After any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of
Section 9.05 and this Article V shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent under this Agreement. 

(b) The Co-Issuers may, upon the occurrence of any of the following events (any such event, a “Defaulting Administrative Agent
Event”) and with the consent of Investor Groups holding more than (i) if no single Investor Group holds more than 50% of the Commitments, 50% of the Commitments or (ii) if a single Investor Group holds more than 50% of the
Commitments, two thirds of the Commitments (the “Required Investor Group”), remove the Administrative Agent and, upon such removal, the Investor Groups holding more than 50% of the Commitments in the case of clause (i) above or
two thirds of the Commitments in the case of clause (ii) above (provided that the Commitment of any Defaulting Investor shall be disregarded in the determination of whether any threshold percentage of Commitments has been met under this
Section 5.07(b)) shall appoint an Affiliate of a member of the Investor Groups as a successor administrative agent, subject to the consent of (x) the Co-Issuers at all times other than while an Event of Default has occurred and is
continuing (which consent of the Co-Issuers shall not be unreasonably withheld) and (y) the Control Party (which consent of the Control Party shall not be unreasonably withheld): (i) an Event of Bankruptcy with respect to the
Administrative Agent; (ii) if the Person acting as Administrative Agent or an Affiliate thereof is also an Investor, any other event pursuant to which such Person becomes a Defaulting Investor; (iii) the failure by the Administrative Agent
to pay or remit any funds required to be remitted when due (in each case, if amounts are available for payment or remittance in accordance with the terms of this Agreement for application to the payment or remittance thereof) which continues for two
(2) Business Days after such funds were required to be paid or remitted; (iv) any representation, warranty, certification or statement made by the Administrative Agent under this Agreement or in any agreement, certificate, report or other
document furnished by the Administrative Agent proves to have been false or misleading in any material respect as of the time made or deemed made, and if such representation, warranty, certification or statement is susceptible of remedy in all
material respects, is not remedied within thirty (30) calendar days after knowledge thereof or notice by the Co-Issuers to the Administrative Agent, and if not susceptible of remedy in all material respects, upon notice by the Co-Issuers to the
Administrative Agent or (v) any act constituting the gross negligence or willful 

  
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misconduct of the Administrative Agent. If for any reason no successor Administrative Agent is appointed by the Investor Groups within 30 days of the Administrative Agent’s removal pursuant
to the immediately preceding sentence, then effective upon the expiration of such 30-day period, the Co-Issuers shall make all payments in respect of the Aggregate Unpaids or under any fee letter delivered in connection herewith (including, without
limitation, the Series 2012-1 Class A-1 VFN Fee Letter) directly to the Funding Agents or the Swingline Lender or the L/C Provider, as applicable, and the Co-Issuers for all purposes shall deal directly with the Funding Agents or the Swingline
Lender or the L/C Provider, as applicable, until such time, if any, as a successor administrative agent is appointed as provided above, and the Co-Issuers shall instruct the Trustee in writing accordingly. After any Administrative Agent’s
removal hereunder as Administrative Agent, the provisions of Section 9.05 and this Article V shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent under this
Agreement. 
 (c) If a Defaulting Administrative Agent Event has occurred and is continuing, the Co-Issuers may make all payments
in respect of the Aggregate Unpaids or under any fee letter delivered in connection herewith (including, without limitation, the Series 2012-1 Class A-1 VFN Fee Letter) directly to the Funding Agents or the Swingline Lender or the L/C Provider,
as applicable, and the Co-Issuers for all purposes may deal directly with the Funding Agents or the Swingline Lender or the L/C Provider, as applicable. 
 SECTION 5.08 Authorization and Action of Funding Agents. Each Investor is hereby deemed to have designated and appointed its related Funding Agent set forth next to such Investor’s name
on Schedule I (or identified as such Investor’s Funding Agent pursuant to any applicable Assignment and Assumption Agreement or Investor Group Supplement) as the agent of such Person hereunder, and hereby authorizes such Funding
Agent to take such actions as agent on its behalf and to exercise such powers as are delegated to such Funding Agent by the terms of this Agreement together with such powers as are reasonably incidental thereto. Each Funding Agent shall not have any
duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with the related Investor Group, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of such Funding
Agent shall be read into this Agreement or otherwise exist for such Funding Agent. In performing its functions and duties hereunder, each Funding Agent shall act solely as agent for the related Investor Group and does not assume nor shall it be
deemed to have assumed any obligation or relationship of trust or agency with or for the Co-Issuers, any of their successors or assigns or any other Person. Each Funding Agent shall not be required to take any action that exposes such Funding Agent
to personal liability or that is contrary to this Agreement or any Requirement of Law. The appointment and authority of the Funding Agents hereunder shall terminate upon the indefeasible payment in full of the Aggregate Unpaids of the Investor
Groups and the termination in full of all the Commitments. 
 SECTION 5.09 Delegation of Duties. Each Funding Agent
may execute any of its duties under this Agreement by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Each Funding Agent shall not be responsible for the negligence
or misconduct of any agents or attorneys-in-fact selected by it in good faith. 

  
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 SECTION 5.10 Exculpatory Provisions. Each Funding Agent and any of its
directors, officers, agents or employees shall not be (a) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this Agreement (except for its, their or such Person’s own gross negligence or
willful misconduct), or (b) responsible in any manner to the related Investor Group for any recitals, statements, representations or warranties made by the Co-Issuers contained in this Agreement or in any certificate, report, statement or other
document referred to or provided for in, or received under or in connection with, this Agreement, or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other document furnished in connection
herewith, or for any failure of any Co-Issuer to perform its obligations hereunder, or for the satisfaction of any condition specified in Article VII. Each Funding Agent shall not be under any obligation to the related Investor Group to
ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement, or to inspect the properties, books or records of the Co-Issuers. Each Funding Agent shall not be
deemed to have knowledge of any Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default unless such Funding Agent has received notice of such event from any Co-Issuer or any member of the related Investor Group.

 SECTION 5.11 Reliance. Each Funding Agent shall in all cases be entitled to rely, and shall be fully protected in
relying, upon any document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of the Administrative Agent and legal counsel (including,
without limitation, counsel to the Co-Issuers), independent accountants and other experts selected by such Funding Agent. Each Funding Agent shall in all cases be fully justified in failing or refusing to take any action under this Agreement or any
other document furnished in connection herewith unless it shall first receive such advice or concurrence of the related Investor Group as it deems appropriate or it shall first be indemnified to its satisfaction by the related Investor Group;
provided that unless and until such Funding Agent shall have received such advice, such Funding Agent may take or refrain from taking any action, as such Funding Agent shall deem advisable and in the best interests of the related Investor
Group. Each Funding Agent shall in all cases be fully protected in acting, or in refraining from acting, in accordance with a request of the related Investor Group and such request and any action taken or failure to act pursuant thereto shall be
binding upon the related Investor Group. 
 SECTION 5.12 Non-Reliance on the Funding Agent and Other Purchasers. The
related Investor Group expressly acknowledges that its Funding Agent and any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates has not made any representations or warranties to it and that no act by such Funding Agent
hereafter taken, including, without limitation, any review of the affairs of the Co-Issuers, shall be deemed to constitute any representation or warranty by such Funding Agent. 

  
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The related Investor Group represents and warrants to such Funding Agent that it has and will, independently and without reliance upon such Funding Agent and based on such documents and
information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, prospects, financial and other conditions and 
 creditworthiness of the Co-Issuers and made its own decision to enter into this Agreement. 
 SECTION 5.13 The Funding Agent in its Individual Capacity. Each Funding Agent and any of its Affiliates may make loans to, accept deposits from, and generally engage in any kind of business
with the Co-Issuers or any Affiliate of the Co-Issuers as though such Funding Agent were not a Funding Agent hereunder. 

SECTION 5.14 Successor Funding Agent. Each Funding Agent will, upon the direction of the related Investor Group, resign as
such Funding Agent. If such Funding Agent shall resign, then the related Investor Group shall appoint an Affiliate of a member of the related Investor Group as a successor funding agent (it being understood that such resignation shall not be
effective until such successor is appointed). After any retiring Funding Agent’s resignation hereunder as Funding Agent, subject to the limitations set forth herein, the provisions of Section 9.05 and this Article V
shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Funding Agent under this Agreement. 
 ARTICLE VI 
 REPRESENTATIONS AND WARRANTIES 

SECTION 6.01 The Co-Issuers. The Co-Issuers jointly and severally represent and warrant to each Lender Party that:

 (a) each of its representations and warranties in the Indenture and the other Related Documents (other than a
Related Document relating solely to a Series of Notes other than the Series 2012-1 Notes) is true and correct (a) if not qualified as to materiality or Material Adverse Effect, in all material respects and (b) if qualified as to
materiality or Material Adverse Effect, in all respects, as of the date originally made, as of the date hereof and as of the Series 2012-1 Closing Date (unless stated to relate solely to an earlier date, in which case such representations and
warranties shall be true and correct in all material respects as of such earlier date); 
 (b) no Potential Rapid
Amortization Event, Rapid Amortization Event, Default or Event of Default has occurred and is continuing; 
 (c)
as of the date hereof, neither they nor or any of their Affiliates, have, directly or through an agent, engaged in any form of general solicitation or general advertising in connection with the offering of the Series 2012-1 Class A-1 Notes under the
Securities Act or in any manner involving a public offering within the meaning of Section 4(2) of the Securities Act including, but not limited to, articles, notices or other communications published in any newspaper, 

  
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magazine, or similar medium or broadcast over television or radio or any seminar or meeting whose attendees have been invited by any general solicitation or general advertising; provided
that no representation or warranty is made with respect to the Lender Parties and their Affiliates; and none of the Co-Issuers nor any of their Affiliates has entered into any contractual arrangement with respect to the distribution of the Series
2012-1 Class A-1 Notes, except for this Agreement and the other Related Documents, and the Co-Issuers will not enter into any such arrangement; 
 (d) neither they nor any of their Affiliates have, directly or through any agent, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any “security” (as
defined in the Securities Act) that is or will be integrated with the sale of the Series 2012-1 Class A-1 Notes in a manner that would require the registration of the Series 2012-1 Class A-1 Notes under the Securities Act; 

(e) assuming the representations and warranties of each Lender Party set forth in Section 6.03 of this
Agreement are true and correct, the offer and sale of the Series 2012-1 Class A-1 Notes in the manner contemplated by this Agreement is a transaction exempt from the registration requirements of the Securities Act, and the Base Indenture is not
required to be qualified under the Trust Indenture Act; and 
 (f) the Co-Issuers have furnished to the
Administrative Agent and each Funding Agent true, accurate and complete copies of all other Related Documents (excluding Series Supplements and other Related Documents relating solely to a Series of Notes other than the Series 2012-1 Notes) to which
they are a party as of the Series 2012-1 Closing Date, all of which Related Documents are in full force and effect as of the Series 2012-1 Closing Date. 
 SECTION 6.02 Iconix. Iconix represents and warrants to each Lender Party that each representation and warranty made by it in each Related Document (other than a Related Document relating
solely to a Series of Notes other than the Series 2012-1 Notes) to which it is a party (including any representations and warranties made by it as Manager) is true and correct in all material respects as of the date originally made, as of the date
hereof and as of the Series 2012-1 Closing Date (unless stated to relate solely to a specified date, in which case such representations and warranties shall be true and correct in all material respects as of such specified date). 

SECTION 6.03 Lender Parties. Each of the Lender Parties represents and warrants to the Co-Issuers and Iconix as of the date
hereof (or, in the case of a successor or assign of an Investor, as of the subsequent date on which such successor or assign shall become or be deemed to become a party hereto) that: 

(a) it has had an opportunity to discuss the Co-Issuers’ and the Manager’s business, management and financial
affairs, and the terms and conditions of the proposed purchase of the Series 2012-1 Class A-1 Notes, with the Co-Issuers and the Manager and their respective representatives; 

  
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 (b) it is an “accredited investor” within the meaning of Rule
501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act and has sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of investing in, and is able and prepared to
bear the economic risk of investing in, the Series 2012-1 Class A-1 Notes; 
 (c) it is purchasing the Series
2012-1 Class A-1 Notes for its own account, or for the account of one or more “accredited investors” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act that meet the criteria described
in clause (b) above and for which it is acting with complete investment discretion, for investment purposes only and not with a view to distribution, subject, nevertheless, to the understanding that the disposition of its property
shall at all times be and remain within its control, and neither it nor its Affiliates has engaged in any general solicitation or general advertising within the meaning of the Securities Act, or the rules and regulations promulgated thereunder, with
respect to the Series 2012-1 Class A-1 Notes; 
 (d) it understands that (i) the Series 2012-1 Class A-1
Notes have not been and will not be registered or qualified under the Securities Act or any applicable state securities laws or the securities laws of any other jurisdiction and are being offered only in a transaction not involving any public
offering within the meaning of the Securities Act and may not be resold or otherwise transferred unless so registered or qualified or unless an exemption from registration or qualification is available, (ii) the Co-Issuers are not required to
register the Series 2012-1 Class A-1 Notes under the Securities Act or any applicable state securities laws or the securities laws of any other jurisdiction, (iii) any permitted transferee hereunder must be meet the criteria in clause
(b) above and (iv) any transfer must comply with the provisions of Section 2.8 of the Base Indenture, Section 4.3 of the Series 2012-1 Supplement and Section 9.03 or 9.17, as applicable, of this
Agreement; 
 (e) it will comply with the requirements of Section 6.03(d), above, in connection with
any transfer by it of the Series 2012-1 Class A-1 Notes; 
 (f) it understands that the Series 2012-1 Class A-1
Notes will bear the legend set out in the form of Series 2012-1 Class A-1 Notes attached to the Series 2012-1 Supplement and be subject to the restrictions on transfer described in such legend; 

(g) it will obtain for the benefit of the Co-Issuers from any purchaser of the Series 2012-1 Class A-1 Notes substantially
the same representations and warranties contained in the foregoing paragraphs, including by obtaining an executed Purchaser’s Letter from such purchaser; and 

(h) it has executed a Purchaser’s Letter substantially in the form of Exhibit D hereto. 

  
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 ARTICLE VII 
 CONDITIONS 
 SECTION 7.01 Conditions to Issuance and Effectiveness.
Each Lender Party will have no obligation to purchase the Series 2012-1 Class A-1 Notes hereunder on the Series 2012-1 Closing Date, and the Commitments, the Swingline Commitment and the L/C Commitment will not become effective, unless: 

(a) the Base Indenture, the Series 2012-1 Supplement and the other Related Documents shall be in full force and effect;

 (b) on the Series 2012-1 Closing Date, each Lender Party shall have received either a letter, in form and
substance reasonably satisfactory to it, from Moody’s stating that a long-term rating of “Baa1” has been assigned to the Series 2012-1 Class A-1 Notes or a letter, in form and substance reasonably satisfactory to it, from S&P
stating that a long-term rating of “BBB+” has been assigned to the Series 2012-1 Class A-1 Notes; 

(c) each Lender Party shall have received opinions of counsel, in each case dated as of the Series 2012-1 Closing Date and
addressed to the Lender Parties, from White & Case LLP, as counsel to the Co-Issuers and Iconix, and such local and special counsel as the Administrative Agent shall reasonably request, dated as of the Series 2012-1 Closing Date and
addressed to the Lender Parties, with respect to such matters as the Administrative Agent shall reasonably request (including, without limitation, company matters, non-consolidation matters, security interest matters relating to the Collateral, tax
and no-conflicts matters, and “true contribution” matters); and 
 (d) at the time of such issuance,
the additional conditions set forth in Schedule III and all other conditions to the issuance of the Series 2012-1 Class A-1 Notes under the Indenture shall have been satisfied or waived by such Lender Party. 

SECTION 7.02 Conditions to Initial Extensions of Credit. The election of each Conduit Investor to fund, and the obligation of
each Committed Note Purchaser to fund, the initial Borrowing hereunder, and the obligations of the Swingline Lender and the L/C Provider to fund the initial Swingline Loan or provide the initial Letter of Credit hereunder, respectively, shall be
subject to the satisfaction of the conditions precedent that (a) each Funding Agent shall have received a duly executed and authenticated Series 2012-1 Class A-1 Advance Note registered in its name or in such other name as shall have been
directed by such Funding Agent and stating that the principal amount thereof shall not exceed the Maximum Investor Group Principal Amount of the related Investor Group, (b) each of the Swingline Lender and the L/C Provider shall have received a
duly executed and authenticated Series 2012-1 

  
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Class A-1 Swingline Note or Series 2012-1 Class A-1 L/C Note, as applicable, registered in its name or in such other name as shall have been directed by it and stating that the principal amount
thereof shall not exceed the Swingline Commitment or L/C Commitment, respectively, (c) the Co-Issuers shall have 
 paid all fees required
to be paid by them on the Series 2012-1 Closing Date, including all fees required hereunder or under any fee letter delivered in connection herewith (including, without limitation the Series 2012-1 Class A-1 VFN Fee Letter) and (d) no
material negative finding resulting from an annual inspection pursuant to Section 8.01(d) shall exist; provided that this clause (d) shall be deemed satisfied as soon as the Co-Issuers have resolved such material negative finding to
the reasonable satisfaction of the Required Investor Group. 
 SECTION 7.03 Conditions to Each Extension of Credit.
The election of each Conduit Investor to fund, and the obligation of each Committed Note Purchaser to fund, any Borrowing on any day (including the initial Borrowing but excluding any Borrowings to repay Swingline Loans or L/C Obligations pursuant
to Section 2.05, 2.06 or 2.08, as applicable), and the obligations of the Swingline Lender to fund any Swingline Loan (including the initial one) and of the L/C Provider to provide any Letter of Credit (including the
initial one), respectively, shall be subject to the conditions precedent that on the date of such funding or provision, before and after giving effect thereto and to the application of any proceeds therefrom, the following statements shall be true
(without regard to any waiver, amendment or other modification of this Section 7.03 or any definitions used herein consented to by the Control Party unless Investors holding more than (i) if no single Investor Group holds more than
50% of the Commitments, 50% of the Commitments or (ii) if a single Investor Group holds more than 50% of the Commitments, two thirds of the Commitments (provided that the Commitment of any Defaulting Investor shall be disregarded in the
determination of whether any threshold percentage of Commitments has been met under this Section 7.03) have consented to such waiver, amendment or other modification for purposes of this Section 7.03); provided,
however, that if a Rapid Amortization Event has occurred and been declared by the Control Party pursuant to Section 9.1(a), (b), (c), (d), or (e) of the Base Indenture, consent to such waiver, amendment or other
modification from all Investors (provided that it shall not be the obligation of the Control Party to obtain such consent from the Investors) as well as the Control Party is required for purposes of this Section 7.03; and
provided further that if the second proviso to Section 9.01 is applicable to such waiver, amendment or other modification, then consent to such waiver, amendment or other modification from the Persons required by such proviso
shall also be required for purposes of this Section 7.03): 
 (a) (i) the representations and
warranties of the Co-Issuers set out in this Agreement and (ii) the representations and warranties of the Manager set out in this Agreement, in each such case, shall be true and correct (i) if qualified as to materiality or Material
Adverse Effect, in all respects and (ii) if not qualified as to materiality or Material Adverse Effect, in all material respects, as of the date of such funding or issuance, with the same effect as though made on that date (unless stated to
relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date); 

  
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 (b) there shall be no Potential Rapid Amortization Event, Rapid Amortization
Event, Default or Event of Default or Series 2012-1 Cash Trapping Period in existence at the time of, or after giving effect to, such funding or issuance, and no Change of Control to which the Control Party has not provided its prior written
consent; 
 (c) in the case of any Borrowing, the Co-Issuers shall have delivered or have been deemed to have
delivered to the Administrative Agent an executed advance request in the form of Exhibit A hereto with respect to such Borrowing (each such request, an “Advance Request” or a “Series 2012-1 Class A-1 Advance
Request”); 
 (d) the Senior Notes Interest Reserve Amount will be funded and/or an Interest Reserve
Letter of Credit will be maintained for such amount as of the date of such draw in the amounts required pursuant to the Indenture after giving effect to such draw; 

(e) all Undrawn Commitment Fees, Administrative Agent Fees, L/C Quarterly Fees and L/C Fronting Fees due and payable on or
prior to the date of such funding or issuance shall have been paid in full; 
 (f) all conditions to such
extension of credit or provision specified in Section 2.02, 2.03, 2.06 or 2.07 of this Agreement, as applicable, shall have been satisfied; and 

(g) no material negative finding resulting from an annual inspection pursuant to Section 8.01(d) shall exist;
provided that this clause (g) shall be deemed satisfied as soon as the Co-Issuers have resolved such material negative finding to the reasonable satisfaction of the Required Investor Group. 

The giving of any notice pursuant to Section 2.03, 2.06 or 2.07, as applicable, shall constitute a
representation and warranty by the Co-Issuers and the Manager that all conditions precedent to such funding or provision have been satisfied or will be satisfied concurrently therewith. 

ARTICLE VIII 

COVENANTS 
 SECTION 8.01
Covenants. Each of the Co-Issuers, jointly and severally, and the Manager, severally, covenants and agrees that, until all Aggregate Unpaids have been paid in full and all Commitments, the Swingline Commitment and the L/C Commitment have been
terminated, it will: 
 (a) unless waived in writing by the Control Party in accordance with Section 9.7 of
the Base Indenture, duly and timely perform all of its covenants (both affirmative and negative) and obligations under each Related Document to which it is a party; 

  
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 (b) not amend, modify, waive or give any approval, consent or permission
under any provision of the Base Indenture or any other Related Document to which it is a party unless any such amendment, modification, waiver or other action is in writing and made in accordance with the terms of the Base Indenture or such other
Related Document, as applicable; 
 (c) at the same time any report, notice or other document (other than any
report, notice or document relating solely to a Series of Notes other than the Series 2012-1 Notes) is provided to the Rating Agencies and/or the Trustee, or caused to be provided, by the Co-Issuers or the Manager under the Base Indenture
(including, without limitation, under Sections 8.8, 8.9 and/or 8.11 thereof), or under the Series 2012-1 Supplement or this Agreement, provide the Administrative Agent (who shall promptly provide a copy thereof to the
Lender Parties) with a copy of such report, notice or other document; provided, however, that neither the Manager nor the Co-Issuers shall have any obligation under this Section 8.01(c) to deliver to the Administrative
Agent copies of any Quarterly Noteholders’ Statements that relate solely to a Series of Notes other than the Series 2012-1 Notes; 
 (d) once per calendar year, following reasonable prior notice from the Administrative Agent (the “Annual Inspection Notice”), and during regular business hours, permit any one or more of
such Administrative Agent, any Funding Agent, the Swingline Lender or the L/C Provider, or any of their respective agents, representatives or permitted assigns, at the Co-Issuers’ expense, access (as a group, and not individually unless only
one such Person desires such access) to the offices of the Manager, the Co-Issuers and any other Securitization Entities, (i) to examine and make copies of and abstracts from all documentation relating to the Collateral on the same terms as are
provided to the Trustee under Section 8.6 of the Base Indenture, and (ii) to visit the offices and properties of the Manager, the Co-Issuers and any other Securitization Entities for the purpose of examining such materials described
in clause (i) above, and to discuss matters relating to the Collateral, or the administration and performance of the Base Indenture, the Series 2012-1 Supplement and the other Related Documents with any of the officers or employees of,
the Manager, the Co-Issuers and/or any other Securitization Entities, as applicable, having knowledge of such matters; provided, however, that upon the occurrence and continuation of a Potential Rapid Amortization Event, Rapid
Amortization Event, Series 2012-1 Cash Trapping Period, Default or Event of Default, the Administrative Agent, any Funding Agent, the Swingline Lender or the L/C Provider, or any of their respective agents, representatives or permitted assigns, at
the Co-Issuers’ expense may do any of the foregoing at any time during normal business hours and without advance notice; provided, further, that, in addition to any visits made pursuant to provision of an Annual Inspection Notice
or during the continuation of a Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default, the Administrative Agent, any Funding Agent, the Swingline Lender or the L/C Provider, or any of their respective agents,
representatives or permitted assigns, at their own expense, may do any of the foregoing at any time 

  
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during normal business hours following reasonable prior notice; and provided, further, that the Funding Agents, the Swingline Lender and the L/C Provider will be permitted to provide input
to the Administrative Agent with respect to the timing of delivery, and content, of the Annual Inspection Notice; provided, the timing of delivery and content of the Annual Inspection Notice shall be subject to the consent of the Required
Investor Group; 
 (e) not take, or cause to be taken, any action, including, without limitation, acquiring any
Margin Stock, that could cause the transactions contemplated by the Related Documents to fail to comply with the regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and X thereof; 

(f) not permit any amounts owed with respect to the Series 2012-1 Class A-1 Notes to be secured, directly or indirectly,
by any Margin Stock in a manner that would violate the regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and X thereof; 

(g) promptly provide such additional financial and other information with respect to the Related Documents (other than
Series Supplements and Related Documents relating solely to a Series of Notes other than the Series 2012-1 Notes), the Co-Issuers, the Manager or any Securitization Entities as the Administrative Agent may from time to time reasonably request;

 (h) deliver to the Administrative Agent (who shall promptly provide a copy thereof to the Lender Parties), the
financial statements prepared pursuant to Section 4.1 of the Base Indenture at the same time as the delivery of such statements under the Base Indenture; and 

(i) not (i) permit any Co-Issuer to use the proceeds of any draw under the Series 2012-1 Class A-1 Notes to make
distributions on its limited liability company interests to Iconix if such distributions will be used by Iconix pay dividends on Iconix shares, (ii) permit any Co-Issuer to use the proceeds of any draw under the Series 2012-1 Class A-1
Notes to make distributions on its limited liability company interests to Iconix if such distributions will be used by Iconix to repurchase Iconix shares unless the aggregate amount of such proceeds used to repurchase Iconix shares since the Series
2012-1 Closing Date is less than or equal to $50,000,000 or (iii) designate equity contributions as Retained Collections Contributions to the extent such equity contributions were funded by the proceeds of a draw under the Series 2012-1
Class A-1 Notes. 
 ARTICLE IX 
 MISCELLANEOUS PROVISIONS 
 SECTION 9.01 Amendments. No amendment to or
waiver or other modification of any provision of this Agreement, nor consent to any departure therefrom by the Manager or the Co-Issuers, shall in any event be effective unless the same shall be 

  
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in writing and signed by the Manager, the Co-Issuers and the Administrative Agent with the consent of the Required Investor Group; provided that the Commitment of any Defaulting Investor
shall be disregarded in the determination of whether such threshold percentage of Commitments has been met; provided, however, that, in addition, (i) the prior written consent of each affected Investor shall be required in
connection with any amendment, modification or waiver that (x) increases the amount of the Commitment of such Investor, extends the Commitment Termination Date or the Series 2012-1 Class A-1 Senior Notes Renewal Date, modifies the
conditions to funding such Commitment or otherwise subjects such Investor to any increased or additional duties or obligations hereunder or in connection herewith, (y) reduces the amount or delays the timing of payment of any principal,
interest, fees or other amounts payable to such Investor hereunder or (z) would have an effect comparable to any of those set forth in Section 13.2(a) of the Base Indenture that require the consent of each Noteholder or each
affected Noteholder; (ii) any amendment, modification or waiver that affects the rights or duties of any of the Swingline Lender, the L/C Provider, the Administrative Agent or the Funding Agents shall require the prior written consent of such
affected Person; and (iii) the prior written consent of each Investor, the Swingline Lender, the L/C Provider, the Administrative Agent and each Funding Agent shall be required in connection with any amendment, modification or waiver of this
Section 9.01. The Administrative Agent shall give notice to each Investor of any amendment to or waiver or other modification of any provision of this Agreement if such Investor’s prior written consent was not required under this
Section 9.01. For purposes of any provision of any other Indenture Document relating to any vote, consent, direction or the like to be given by the Series 2012-1 Class A-1 Noteholders, such vote, consent, direction or the like shall be
given by the Holders of the Series 2012-1 Class A-1 Advance Notes only and not by the Holders of any Series 2012-1 Class A-1 Swingline Notes or Series 2012-1 Class A-1 L/C Notes except to the extent that such vote, consent, direction or the like is
to be given by each affected Noteholder. 
 SECTION 9.02 No Waiver; Remedies. Any waiver, consent or approval given
by any party hereto shall be effective only in the specific instance and for the specific purpose for which given, and no waiver by a party of any breach or default under this Agreement shall be deemed a waiver of any other breach or default. No
failure on the part of any party hereto to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder, or any abandonment or discontinuation of steps
to enforce the right, power or privilege, preclude any other or further exercise thereof or the exercise of any other right. No notice to or demand on any party hereto in any case shall entitle such party to any other or further notice or demand in
the same, similar or other circumstances. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
 SECTION 9.03 Binding on Successors and Assigns. 
 (a) This Agreement
shall be binding upon, and inure to the benefit of, the Co-Issuers, the Manager, the Lender Parties, the Funding Agents, the Administrative Agent and their respective successors and assigns; provided, however, that none of the

  
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Co-Issuers nor the Manager may assign its rights or obligations hereunder or in connection herewith or any interest herein (voluntarily, by operation of law or otherwise) without the prior
written consent of each Lender Party (other than any Defaulting Investor); provided further that nothing herein shall prevent (1) the Co-Issuers from assigning their rights (but none of their duties or liabilities) to the Trustee under the Base
Indenture and the Series 2012-1 Supplement or (2) the Manager from assigning its rights and obligations hereunder to a Sucessor Manager; and provided, further that none of the Lender Parties may transfer, pledge, assign, sell
participations in or otherwise encumber its rights or obligations hereunder or in connection herewith or any interest herein except as permitted under Section 6.03, Section 9.17 and this Section 9.03. Nothing
expressed herein is intended or shall be construed to give any Person other than the Persons referred to in the preceding sentence any legal or equitable right, remedy or claim under or in respect of this Agreement except as provided in
Section 9.16. 
 (b) Notwithstanding any other provision set forth in this Agreement, each Investor may at any time
grant to one or more Program Support Providers a participating interest in or lien on such Investor’s interests in the Advances made hereunder and such Program Support Provider, with respect to its participating interest, shall be entitled to
the benefits granted to such Investor under this Agreement. 
 (c) In addition to its rights under Section 9.17, each
Conduit Investor may at any time assign its rights in the Series 2012-1 Class A-1 Advance Notes (and its rights hereunder and under the Related Documents) to its related Committed Note Purchaser or, subject to Section 6.03 and
Section 9.17(f), its related Program Support Provider or any Affiliate of any of the foregoing, in each case in accordance with the applicable provisions of the Indenture. Furthermore, each Conduit Investor may at any time grant a
security interest in and lien on, all or any portion of its interests under this Agreement, its Series 2012-1 Class A-1 Advance Note and all Related Documents to (i) its related Committed Note Purchaser, (ii) its Funding Agent,
(iii) any Program Support Provider who, at any time now or in the future, provides program liquidity or credit enhancement, including, without limitation, an insurance policy for such Conduit Investor relating to the Commercial Paper or the
Series 2012-1 Class A-1 Advance Notes, (iv) any other Person who, at any time now or in the future, provides liquidity or credit enhancement for the Conduit Investors, including, without limitation, an insurance policy relating to the
Commercial Paper or the Series 2012-1 Class A-1 Advance Notes or (v) any collateral trustee or collateral agent for any of the foregoing; provided, however, that any such security interest or lien shall be released upon assignment
of its Series 2012-1 Class A-1 Advance Note to its related Committed Note Purchaser. Each Committed Note Purchaser may assign its Commitment, or all or any portion of its interest under its Series 2012-1 Class A-1 Advance Note, this Agreement and
the Related Documents to any Person to the extent permitted by Section 9.17. Notwithstanding any other provisions set forth in this Agreement, each Committed Note Purchaser may at any time create a security interest in all or any portion
of its rights under this Agreement, its Series 2012-1 Class A-1 Advance Note and the Related Documents in favor of any Federal Reserve Bank in accordance with Regulation A of the F.R.S. Board or any similar foreign entity. 

  
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 SECTION 9.04 Survival of Agreement. All covenants, agreements, representations
and warranties made herein and in the Series 2012-1 Class A-1 Notes delivered pursuant hereto shall survive the making and the repayment of the Advances, the Swingline Loans and the Letters of Credit and the execution and delivery of this Agreement
and the Series 2012-1 Class A-1 Notes and shall continue in full force and effect until all interest on and principal of the Series 2012-1 Class A-1 Notes, and all other amounts owed to the Lender Parties, the Funding Agents and the Administrative
Agent hereunder and under the Series 2012-1 Supplement have been paid in full, all Letters of Credit have expired or been fully cash collateralized in accordance with the terms of this Agreement and the Commitments, the Swingline Commitment and the
L/C Commitment have been terminated. In addition, the obligations of the Co-Issuers and the Lender Parties under Sections 3.05, 3.06, 3.07, 3.08, 9.05, 9.10 and 9.11 shall survive the termination
of this Agreement. 
 SECTION 9.05 Payment of Costs and Expenses; Indemnification. 

(a) Payment of Costs and Expenses. The Co-Issuers jointly and severally agree to pay (by depositing such amounts into the
Collection Account to be distributed subject to and in accordance with the Priority of Payments), on the Series 2012-1 Closing Date (if invoiced at least one (1) Business Day prior to such date) or on or before five (5) Business Days after
written demand (in all other cases), all reasonable expenses of the Administrative Agent, each initial Funding Agent and each initial Lender Party (including the reasonable fees and out-of-pocket expenses of one counsel to the Administrative Agent,
the initial Funding Agents and the initial Lender Parties and, if reasonably necessary, one local counsel in any relevant jurisdiction, if any, as well as the fees and expenses of the Rating Agencies) in connection with (i) the negotiation,
preparation, execution and delivery of this Agreement and of each other Related Document, including schedules and exhibits, whether or not the transactions contemplated hereby or thereby are consummated, and (ii) any amendments, waivers,
consents, supplements or other modifications to this Agreement or any other Related Document as may from time to time hereafter be proposed. The Co-Issuers further jointly and severally agree to pay, subject to and in accordance with the Priority of
Payments, (i) all reasonable costs incurred by the Administrative Agent, each Funding Agent and each Lender Party in the enforcement of, or any related waiver or amendment requested under or with respect to, this Agreement or any other of the
Related Documents or the negotiation of any restructuring or “work-out”, whether or not consummated, of the Related Documents (including the reasonable fees and out-of-pocket expenses of one counsel to the Administrative Agent, the Funding
Agents and the Lender Parties and, if reasonably necessary, one local counsel in any relevant jurisdiction and of such other counsel in the event of a perceived or actual of conflict of interest) and (ii) any Taxes that may be payable in
connection with (1) the execution or delivery of this Agreement, (2) any Borrowing or Swingline Loan hereunder, (3) the issuance of the Series 2012-1 Class A-1 Notes, (4) any Letter of Credit hereunder or (5) any other
Related Documents. 

  
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 (b) Indemnification of the Lender Parties. In consideration of the execution and
delivery of this Agreement by the Lender Parties, the Co-Issuers hereby agree to jointly and severally indemnify and hold each Lender Party and each of their 
 officers, directors, employees, affiliates and agents (collectively, the “Indemnified Parties”) harmless (by depositing such amounts into the Collection Account to be distributed subject
to and in accordance with the Priority of Payments) from and against any and all actions, causes of action, suits, losses, liabilities and damages, and reasonable documented costs and expenses incurred in connection therewith (irrespective of
whether any such Indemnified Party is a party to the action for which indemnification hereunder is sought and including, without limitation, any liability in connection with the offering and sale of the Series 2012-1 Class A-2 Notes), including
reasonable documented attorneys’ fees and disbursements (collectively, the “Indemnified Liabilities”), incurred by the Indemnified Parties or any of them (whether in prosecuting or defending against such actions, suits or
claims) to the extent resulting from, or arising out of, or relating to: 
 (i) any transaction financed or to be
financed in whole or in part, directly or indirectly, with the proceeds of any Advance, Swingline Loan or Letter of Credit; 
 (ii) any breach by the Co-Issuers of their obligations under this Agreement or any other Related Document; or 
 (iii) the entering into and performance of this Agreement and any other Related Document by any of the Indemnified Parties; 
 except for any such Indemnified Liabilities arising for the account of a particular Indemnified Party by reason of the relevant Indemnified Party’s gross negligence or willful misconduct, bad faith
of or material breach of representations or covenants set forth herein, in each case, as determined by a court of competent jurisdiction by a final and non-appealable judgment. If and to the extent that the foregoing undertaking may be unenforceable
for any reason, the Co-Issuers hereby jointly and severally agree to make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities that is permissible under applicable law. The indemnity set forth in this
Section 9.05(b) shall in no event include indemnification for special, punitive, consequential or indirect damages of any kind or for any Taxes which are covered by (or expressly excluded from) the indemnification provided in
Section 3.08 or for any transfer Taxes with respect to its sale or assignment of all or any part of its respective rights and obligations under this Agreement and the Series 2012-1 Class A-1 Notes pursuant to Section 9.17.
The Co-Issuers shall give notice to the Rating Agencies of any claim for Indemnified Liabilities made under this Section 9.05(b). 
 (c) Indemnification of the Administrative Agent and each Funding Agent. 
 (i) In consideration of the execution and delivery of this Agreement by the Administrative Agent and each Funding Agent, the Co-Issuers hereby agree to jointly and severally indemnify and hold the
Administrative Agent and each Funding Agent and each of their officers, directors, employees, affiliates and agents (collectively, the “Agent Indemnified Parties”) harmless (by depositing such amounts into the Collection Account to
be distributed subject to and in 

  
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accordance with the Priority of Payments) from and against any and all actions, causes of action, suits, losses, liabilities and damages, and reasonable documented costs and expenses incurred in
connection therewith (irrespective of whether any such Agent Indemnified Party is a party to the action for which indemnification hereunder is sought and including, without limitation, any liability in connection with the offering and sale of the
Series 2012-1 Class A-2 Notes), including reasonable documented attorneys’ fees and disbursements (collectively, the “Agent Indemnified Liabilities”), incurred by the Agent Indemnified Parties or any of them (whether in
prosecuting or defending against such actions, suits or claims) to the extent resulting from, or arising out of, or relating to the entering into and performance of this Agreement and any other Related Document by any of the Agent Indemnified
Parties, except for any such Agent Indemnified Liabilities arising for the account of a particular Agent Indemnified Party by reason of the relevant Agent Indemnified Party’s gross negligence or willful misconduct. If and to the extent that the
foregoing undertaking may be unenforceable for any reason, the Co-Issuers hereby jointly and severally agree to make the maximum contribution to the payment and satisfaction of each of the Agent Indemnified Liabilities that is permissible under
applicable law. The indemnity set forth in this Section 9.05(c)(i) shall in no event include indemnification for special, punitive, consequential or indirect damages of any kind or for any Taxes which are covered by (or expressly
excluded from) the indemnification provided in Section 3.08. The Co-Issuers shall give notice to the Rating Agencies of any claim for Agent Indemnified Liabilities made under this Section 9.05(c)(i). 

(ii) In consideration of the execution and delivery of this Agreement by the Administrative Agent and the related Funding
Agent, each Committed Note Purchaser, ratably according to its respective Commitment, hereby agrees to indemnify and hold the Administrative Agent and each of its officers, directors, employees, affiliates and agents (collectively, the
“Administrative Agent Indemnified Parties”) and such Funding Agent and each of its officers, directors, employees and agents (collectively, the “Funding Agent Indemnified Parties,” and together with the
Administrative Agent Indemnified Parties, the “Applicable Agent Indemnified Parties”) harmless from and against any and all actions, causes of action, suits, losses, liabilities and damages, and reasonable costs and expenses
incurred in connection therewith (solely to the extent not reimbursed by or on behalf of the Co-Issuers) (irrespective of whether any such Applicable Agent Indemnified Party is a party to the action for which indemnification hereunder is sought and
including, without limitation, any liability in connection with the offering and sale of the Series 2012-1 Class A-2 Notes), including reasonable attorneys’ fees and disbursements (collectively, the “Applicable Agent Indemnified
Liabilities”), incurred by the Applicable Agent Indemnified Parties or any of them (whether in prosecuting or defending against such actions, suits or claims) to the extent resulting from, or arising out of, or relating to the entering into
and performance of this Agreement and any other Related Document by any of the Applicable Agent Indemnified Parties, except for any such Applicable Agent Indemnified Liabilities arising for the account of a particular Applicable 

  
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Agent Indemnified Party by reason of the relevant Applicable Agent Indemnified Party’s gross negligence or willful misconduct. If and to the extent that the foregoing undertaking may be
unenforceable for any reason, each Committed Note Purchaser, ratably according to its respective Commitment, hereby agrees to make the maximum contribution to the payment and satisfaction of each of the Applicable Agent Indemnified Liabilities that
is permissible under applicable law. The indemnity set forth in this Section 9.05(c)(ii) shall in no event include indemnification for consequential or indirect damages of any kind or for any Taxes which are covered by (or expressly
excluded from) the indemnification provided in Section 3.08. 
 SECTION 9.06 Characterization as Related
Document; Entire Agreement. This Agreement shall be deemed to be a Related Document for all purposes of the Base Indenture and the other Related Documents. This Agreement, together with the Base Indenture, the Series 2012-1 Supplement, the
documents delivered pursuant to Article VII and the other Related Documents, including the exhibits and schedules thereto, contains a final and complete integration of all prior expressions by the parties hereto with respect to the
subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all previous oral statements and other writings with respect thereto. 

SECTION 9.07 Notices. All notices, amendments, waivers, consents and other communications provided to any party hereto under
this Agreement shall be in writing and addressed, delivered or transmitted to such party at its address, e-mail address (if provided), or facsimile number set forth below its signature hereto, in the case of the Co-Issuers or the Manager, or on
Schedule II, in the case of the Lender Parties, the Administrative Agent and the Funding Agents, or in each case at such other address, e-mail address or facsimile number as may be designated by such party in a notice to the other
parties. Any notice, if mailed and properly addressed with postage prepaid or if properly addressed and sent by pre-paid courier service, shall be deemed given when received; any notice, if transmitted by e-mail, shall be deemed given when received;
any notice, if transmitted by facsimile, shall be deemed given when transmitted (so long as transmitted on a Business Day, otherwise the next succeeding Business Day) upon receipt of electronic confirmation of transmission. 

SECTION 9.08 Severability of Provisions. Any covenant, provision, agreement or term of this Agreement that is prohibited or
is held to be void or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of the prohibition or unenforceability without invalidating the remaining provisions of this Agreement. 

SECTION 9.09 Tax Characterization. Each party to this Agreement (a) acknowledges that it is the intent of the parties to
this Agreement that, for accounting purposes and for all federal, state and local income and franchise tax purposes, the Series 2012-1 Class A-1 Notes will be treated as evidence of indebtedness, (b) agrees to treat the Series 2012-1 Class A-1
Notes for all such purposes as indebtedness and (c) agrees that the provisions of the Related Documents shall be construed to further these intentions. 

  
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 SECTION 9.10 No Proceedings; Limited Recourse. 

(a) The Securitization Entities. Each of the parties hereto (other than the Co-Issuers) hereby covenants and agrees that, prior to
the date that is one year and one day after the payment in full of the last maturing Note issued by the Co-Issuers pursuant to the Base Indenture, it will not institute against, or join with any other Person in instituting against, any
Securitization Entity, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings, under any federal or state bankruptcy or similar law, all as more particularly set forth in Section 14.13 of
the Base Indenture and subject to any retained rights set forth therein; provided, however, that nothing in this Section 9.10(a) shall constitute a waiver of any right to indemnification, reimbursement or other payment from
the Securitization Entities pursuant to this Agreement, the Series 2012-1 Supplement, the Base Indenture or any other Related Document. In the event that a Lender Party (solely in its capacity as such) takes action in violation of this
Section 9.10(a), each affected Securitization Entity shall file or cause to be filed an answer with the bankruptcy court or otherwise properly contest or cause to be contested the filing of such a petition by any such Person against such
Securitization Entity or the commencement of such action and raise or cause to be raised the defense that such Person has agreed in writing not to take such action and should be estopped and precluded therefrom and such other defenses, if any, as
its counsel advises that it may assert. The provisions of this Section 9.10(a) shall survive the termination of this Agreement. Nothing contained herein shall preclude participation by a Lender Party in the assertion or defense of its
claims in any such proceeding involving any Securitization Entity. The obligations of the Co-Issuers under this Agreement are solely the limited liability company or corporate, as the case may be, obligations of the Co-Issuers. 

(b) The Conduit Investors. Each of the parties hereto (other than the Conduit Investors) hereby covenants and agrees that it will
not, prior to the date that is one year and one day after the payment in full of the latest maturing Commercial Paper or other debt securities or instruments issued by a Conduit Investor, institute against, or join with any other Person in
instituting against, such Conduit Investor, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any federal or state bankruptcy or similar law; provided, however, that nothing
in this Section 9.10(b) shall constitute a waiver of any right to indemnification, reimbursement or other payment from such Conduit Investor pursuant to this Agreement, the Series 2012-1 Supplement, the Base Indenture or any other
Related Document. In the event that the Co-Issuers, the Manager or a Lender Party (solely in its capacity as such) takes action in violation of this Section 9.10(b), such related Conduit Investor may file an answer with the bankruptcy
court or otherwise properly contest or cause to be contested the filing of such a petition by any such Person against such Conduit Investor or the commencement of such action and raise or cause to be raised the defense that such Person has agreed in
writing not to take such action and should be estopped and precluded therefrom and such other defenses, if any, as its counsel advises that it may assert. The provisions of this Section 9.10(b) shall survive the termination of this
Agreement. Nothing contained herein shall preclude participation by the Co-Issuers, the Manager or a Lender Party in assertion or defense of its claims in any such proceeding 

  
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involving a Conduit Investor. The obligations of the Conduit Investors under this Agreement are solely the corporate obligations of the Conduit Investors. No recourse shall be had for the payment
of any amount owing in respect of this Agreement, including any obligation or claim arising out of or based upon this Agreement, against any stockholder, employee, officer, agent, director, member, affiliate or incorporator (or Person similar to an
incorporator under state business organization laws) of any Conduit Investor; provided, however, nothing in this Section 9.10(b) shall relieve any of the foregoing Persons from any liability that any such Person may
otherwise have for its gross negligence or willful misconduct. 
 SECTION 9.11 Confidentiality. Each Lender Party
agrees that it shall not disclose any Confidential Information to any Person without the prior written consent of the Manager and the Co-Issuers, other than (a) to their Affiliates and their officers, directors, employees, agents and advisors,
including, without limitation, legal counsel and accountants (it being understood that the Person to whom such disclosure is made will be informed of the confidential nature of such Confidential Information and instructed to keep it confidential),
(b) to actual or prospective assignees and participants, and then only on a confidential basis (after obtaining such actual or prospective assignee’s or participant’s agreement to keep such Confidential Information confidential in a
manner substantially similar to this Section 9.11), (c) as requested by a Governmental Authority or self-regulatory organization or required by any law, rule or regulation or judicial process of which the Co-Issuers or the Manager,
as the case may be, has knowledge; provided that notice of such disclosure shall be provided to the Co-Issuers to the extent permitted by such law, rule or regulation or judicial process, as the case may be; provided further that each
Lender Party may disclose Confidential Information as requested by a Governmental Authority or self-regulatory organization or required by any law, rule or regulation or judicial process of which the Co-Issuers or the Manager, as the case may be,
does not have knowledge if such Lender Party is prohibited by law, rule or regulation or judicial process from disclosing such requirement to the Co-Issuers or the Manager, as the case may be, (d) to Program Support Providers (after obtaining
such Program Support Providers’ agreement to keep such Confidential Information confidential in a manner substantially similar to this Section 9.11), (e) to any Rating Agency providing a rating for any Series or Class of Notes
or any Conduit Investor’s debt or (f) in the course of litigation with the Co-Issuers, the Manager or such Lender Party; provided that notice of such disclosure shall be provided to the Co-Issuers prior to such disclosure. 

“Confidential Information” means information that the Co-Issuers or the Manager furnishes to a Lender Party, but does
not include (i) any such information that is or becomes generally available to the public other than as a result of a disclosure by a Lender Party or other Person to which a Lender Party delivered such information, (ii) any such
information that was in the possession of a Lender Party prior to its being furnished to such Lender Party by the Co-Issuers or the Manager, or (iii) that is or becomes available to a Lender Party from a source other than the Co-Issuers or the
Manager; provided that with respect to clauses (ii) and (iii) herein, such source is not (x) known to a Lender Party to be bound by a confidentiality agreement with the Co-Issuers or the Manager, as the case may
be, or (y) known to a Lender Party to be otherwise prohibited from transmitting the information by a contractual, legal or fiduciary obligation. 

  
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 SECTION 9.12 GOVERNING LAW; CONFLICTS WITH INDENTURE. THIS AGREEMENT AND ALL MATTERS
ARISING UNDER OR IN ANY MANNER RELATING TO THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT PROVISION OR RULE (WHETHER OF THE STATE OF NEW
YORK OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAW. IN THE
EVENT OF ANY CONFLICTS BETWEEN THIS AGREEMENT AND THE INDENTURE, THE INDENTURE SHALL GOVERN. 
 SECTION 9.13
JURISDICTION. ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY OF THE PARTIES HEREUNDER WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN ANY STATE OR (TO THE EXTENT PERMITTED BY LAW) FEDERAL COURT OF COMPETENT JURISDICTION
SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HEREUNDER ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE NONEXCLUSIVE JURISDICTION
OF THE AFORESAID COURTS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS AGREEMENT. 
 SECTION 9.14 WAIVER OF JURY TRIAL. ALL PARTIES HEREUNDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES IN CONNECTION HEREWITH OR THEREWITH. ALL PARTIES
ACKNOWLEDGE AND AGREE THAT THEY HAVE RECEIVED FULL AND SIGNIFICANT CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR ALL PARTIES TO ENTER INTO THIS AGREEMENT. 

SECTION 9.15 Counterparts. This Agreement may be executed in any number of counterparts (which may include facsimile or other
electronic transmission of counterparts) and by the different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original, and all of which together shall constitute one and the same instrument.

  
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 SECTION 9.16 Third Party Beneficiary. The Trustee, on behalf of the Secured
Parties, and the Control Party are express third party beneficiaries of this Agreement. 
 SECTION 9.17 Assignment.

 (a) Subject to Sections 6.03 and 9.17(f), any Committed Note Purchaser may at any time sell all or any part
of its rights and obligations under this Agreement, the Series 2012-1 Class A-1 Advance Notes and, in connection therewith, any other Related Documents to which it is a party, with the prior written consent (not to be unreasonably withheld) of the
Co-Issuers (or the Manager on behalf of the Co-Issuers), the Swingline Lender and the L/C Provider, to one or more financial institutions (an “Acquiring Committed Note Purchaser”) pursuant to an assignment and assumption agreement,
substantially in the form of Exhibit B (the “Assignment and Assumption Agreement”), executed by such Acquiring Committed Note Purchaser, such assigning Committed Note Purchaser, the Funding Agent with respect to such
Committed Note Purchaser, the Co-Issuers, the Swingline Lender and the L/C Provider and delivered to the Administrative Agent; provided that (i) no consent of the Co-Issuers shall be required for an assignment to another Committed Note
Purchaser or any Affiliate of a Committed Note Purchaser or if a Rapid Amortization Event or an Event of Default has occurred and is continuing and (ii) no consent of the Swingline Lender and the L/C Provider shall be required so long as the
Acquiring Committed Note Purchaser is rated at least “A-1” from Standard & Poor’s and “P1” from Moody’s. 
 (b) Without limiting the foregoing, subject to Sections 6.03 and 9.17(f), each Conduit Investor may assign all or a portion of the Investor Group Principal Amount with respect to such
Conduit Investor and its rights and obligations under this Agreement, the Series 2012-1 Class A-1 Advance Notes and, in connection therewith, any other Related Documents to which it is a party to a Conduit Assignee with respect to such Conduit
Investor, without the prior written consent of the Co-Issuers. Upon such assignment by a Conduit Investor to a Conduit Assignee, (i) such Conduit Assignee shall be the owner of the Investor Group Principal Amount or such portion thereof with
respect to such Conduit Investor, (ii) the related administrative or managing agent for such Conduit Assignee will act as the Funding Agent for such Conduit Assignee hereunder, with all corresponding rights and powers, express or implied,
granted to the Funding Agent hereunder or under the other Related Documents, (iii) such Conduit Assignee and its liquidity support provider(s) and credit support provider(s) and other related parties, in each case relating to the Commercial
Paper and/or the Series 2012-1 Class A-1 Advance Notes, shall have the benefit of all the rights and protections provided to such Conduit Investor herein and in the other Related Documents (including, without limitation, any limitation on recourse
against such Conduit Assignee as provided in this paragraph), (iv) such Conduit Assignee shall assume all of such Conduit Investor’s obligations, if any, hereunder or under the Base Indenture or under any other Related Document with
respect to such portion of the Investor Group Principal Amount and such Conduit 

  
 59 

 
Investor shall be released from such obligations, (v) all distributions in respect of the Investor Group Principal Amount or such portion thereof with respect to such Conduit Investor shall
be made to the applicable Funding Agent on behalf of such Conduit Assignee, (vi) the definition of the term “CP Funding Rate” with respect to the portion of the Investor Group Principal Amount with respect to such Conduit Investor, as
applicable, funded or maintained with commercial paper issued by such Conduit Assignee from time to time shall be determined in the manner set forth in the definition of “CP Funding Rate” applicable to such Conduit Assignee on the basis of
the interest rate or discount applicable to Commercial Paper issued by or for the benefit of such Conduit Assignee (rather than any other Conduit Investor), (vii) the defined terms and other terms and provisions of this Agreement and the other
Related Documents shall be interpreted in accordance with the foregoing, and (viii) if requested by the Funding Agent with respect to such Conduit Assignee, the parties will execute and deliver such further agreements and documents and take
such other actions as the Funding Agent may reasonably request to evidence and give effect to the foregoing. No assignment by any Conduit Investor to a Conduit Assignee of all or any portion of the Investor Group Principal Amount with respect to
such Conduit Investor shall in any way diminish the obligation of the Committed Note Purchasers in the same Investor Group as such Conduit Investor under Section 2.03 to fund any Increase not funded by such Conduit Investor or such
Conduit Assignee. 
 (c) Subject to Sections 6.03 and 9.17(f), any Conduit Investor and the related Committed
Note Purchaser(s) may at any time sell all or any part of their respective rights and obligations under this Agreement, the Series 2012-1 Class A-1 Advance Notes and, in connection therewith, any other Related Documents to which it is a party, to a
multi-seller commercial paper conduit, whose commercial paper is rated at least “A-1” from Standard & Poor’s and “P1” from Moody’s, and one or more financial institutions providing support to such multi-seller
commercial paper conduit (an “Acquiring Investor Group”) pursuant to a transfer supplement, substantially in the form of Exhibit C (the “Investor Group Supplement” or the “Series 2012-1 Class A-1
Investor Group Supplement”), executed by such Acquiring Investor Group, the Funding Agent with respect to such Acquiring Investor Group (including the Conduit Investor and the Committed Note Purchasers with respect to such Investor Group),
such assigning Conduit Investor and the Committed Note Purchasers with respect to such Conduit Investor, the Funding Agent with respect to such assigning Conduit Investor and Committed Note Purchasers, the Co-Issuers, the Swingline Lender and the
L/C Provider and delivered to the Administrative Agent. For the avoidance of doubt, this Section 9.17(c) is intended to permit and provide for (i) assignments from a Committed Note Purchaser to a Conduit Investor in a different
Investor Group and (ii) assignments from a Conduit Investor to a Committed Note Purchaser in a different Investor group, and, in each of (i) and (ii), Exhibit C shall be revised to reflect such assignments. 

(d) Subject to Sections 6.03 and 9.17(f), the Swingline Lender may at any time assign all its rights and obligations
hereunder and under the Series 2012-1 Class A-1 Swingline Note, in whole but not in part, with the prior written consent of the Co-Issuers (or the Manager on behalf of the Co-Issuers) and the Administrative Agent, which consent shall not be
unreasonably withheld, to a financial institution pursuant to an 

  
 60 

 
agreement with, and in form and substance reasonably satisfactory to, the Administrative Agent and the Co-Issuers, whereupon the assignor shall be released from its obligations hereunder;
provided that no consent of the Co-Issuers shall be required if a Rapid Amortization Event or an Event of Default has occurred and is continuing; provided, further, that the prior written consent of each Funding Agent (other
than any Funding Agent with respect to which all of the Committed Note Purchasers in such Funding Agent’s Investor Group are Defaulting Investors), which consent shall not be unreasonably withheld, shall be required if such financial
institution is not a Committed Note Purchaser. 
 (e) Subject to Sections 6.03 and 9.17(f), the L/C Provider
may at any time assign all or any portion of its rights and obligations hereunder and under the Series 2012-1 Class A-1 L/C Note with the prior written consent of the Co-Issuers and the Administrative Agent, which consent shall not be unreasonably
withheld, to a financial institution pursuant to an agreement with, and in form and substance reasonably satisfactory to, the Administrative Agent and the Co-Issuers, whereupon the assignor shall be released from its obligations hereunder to the
extent so assigned; provided that no consent of the Co-Issuers shall be required if a Rapid Amortization Event or an Event of Default has occurred and is continuing. 
 (f) Any assignment of the Series 2012-1 Class A-1 Notes shall be made in accordance with the applicable provisions of the Indenture. 

SECTION 9.18 Defaulting Investors. (a) The Co-Issuers may, at their sole expense and effort, upon notice to such Defaulting
Investor and the Administrative Agent, (i) require any Defaulting Investor to sell all of its rights, obligations and commitments under this Agreement, the Series 2012-1 Class A-1 Notes and, in connection therewith, any other Related
Documents to which it is a party, to an assignee; provided that (x) such assignment is made in compliance with Section 9.17 and (y) such Defaulting Investor shall have received from such assignee an amount equal to such
Defaulting Investor’s Committed Note Purchaser Percentage of the related Investor Group Principal Amount of such Defaulting Investor and all accrued interest thereon, accrued fees and all other amounts payable to such Defaulting Investor
hereunder or (ii) remove any Defaulting Investor as an Investor by paying to such Defaulting Investor an amount equal to such Defaulting Investor’s Committed Note Purchaser Percentage of the related Investor Group Principal Amount of such
Defaulting Investor and all accrued interest thereon, accrued fees and all other amounts payable to such Defaulting Investor hereunder. 
 (b) In the event that a Defaulting Investor desires to sell all or any portion of it rights, obligations and commitments under this Agreement, the Series 2012-1 Class A-1 Notes and, in connection
therewith, any other Related Documents to which it is a party, to an unaffiliated third party assignee for an amount less than 100% (or, if only a portion of such rights, obligations and commitments are proposed to be sold, such portion) of such
Defaulting Investor’s Committed Note Purchaser Percentage of the related Investor Group Principal Amount of such Defaulting Investor and all accrued interest thereon, accrued fees and all other amounts payable to such Defaulting Investor

  
 61 

 
hereunder, such Defaulting Investor shall promptly notify Brand Holdings II of the proposed sale (the “Sale Notice”). Each Sale Notice shall certify that such Defaulting Investor
has received a firm offer from the prospective unaffiliated third party and shall contain the material terms of the proposed sale, including, without limitation, the purchase price of the proposed sale and the portion of such Defaulting
Investor’s rights, obligations and commitments proposed to be sold. Brand Holdings II and any of its Affiliates shall have an option for a period of three (3) Business Day from the date the Sale Notice is given to elect to purchase such
rights, obligations and commitments at the same price and subject to the same material terms as described in the Sale Notice. Brand Holdings II or any of its Affiliates may exercise such purchase option by notifying such Defaulting Investor before
expiration of such three (3) Business Day period that it wishes to purchase all (but not a portion) of the rights, obligations and commitments of such Defaulting Investor proposed to be sold to such unaffiliated third party. If Brand Holdings
II or any of its Affiliates gives notice to such Defaulting Investor that it desires to purchase such, rights, obligations and commitments, Brand Holdings II or such Affiliate shall promptly pay the purchase price to such Defaulting Investor. If
Brand Holdings II or any of its Affiliates does not respond to any Sale Notice within such three (3) Business Day period, Brand Holdings II and its Affiliates shall be deemed not to have exercised such purchase option. 

(c) Notwithstanding anything to the contrary contained in this Agreement, if any Investor becomes a Defaulting Investor, then, until such
time as such Investor is no longer a Defaulting Investor, to the extent permitted by applicable law: 
 (i) Such
Defaulting Investor’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in Section 9.01. 

(ii) Any payment of principal, interest, fees or other amounts payable to the account of such Defaulting Investor (whether
voluntary or mandatory, at maturity or otherwise) shall be applied (and the Co-Issuers shall instruct the Trustee to apply such amounts) as follows: first, to the payment of any amounts owing by such Defaulting Investor to the Administrative
Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Investor to the L/C Provider or the Swingline Lender hereunder; third, to provide cash collateral to the L/C Provider in
accordance with Section 4.03(b) in an amount equal to the amount of Undrawn L/C Face Amounts at such time multiplied by the Commitment Percentage of such Defaulting Investor’s Investor Group multiplied by the Committed Note
Purchaser Percentage of such Defaulting Investor; fourth, as the Co-Issuers may request (so long as no Default or Event of Default exists), to the funding of any Advance in respect of which such Defaulting Investor has failed to fund its
portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Co-Issuers, to be held in a deposit account and released pro rata in order to
(x) satisfy such Defaulting Investor’s potential future funding obligations with respect to Advances under this Agreement and (y) to provide cash collateral to the L/C Provider in accordance with Section 4.03(b) in

  
 62 

 
an amount equal to the amount of any future Undrawn L/C Face Amounts multiplied by the Commitment Percentage of such Defaulting Investor’s Investor Group multiplied by the Committed Note
Purchaser Percentage of such Defaulting Investor; sixth, to the payment of any amounts owing to the Investors, the L/C Provider or the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Investor,
the L/C Provider or the Swingline Lender against such Defaulting Investor as a result of such Defaulting Investor’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment
of any amounts owing to the Co-Issuers as a result of any judgment of a court of competent jurisdiction obtained by the Co-Issuers against such Defaulting Investor as a result of such Defaulting Investor’s breach of its obligations under this
Agreement; and eighth, to such Defaulting Investor or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Advances or any extensions of credit
resulting from a drawing under any Letter of Credit that has not been reimbursed as an Advance pursuant to Section 2.08(a) in respect of which such Defaulting Investor has not fully funded its appropriate share, and (y) such
Advances were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 7.03 were satisfied or waived, such payment shall be applied solely to pay the Advances of, and extensions of credit
resulting from a drawing under any Letter of Credit that has not been reimbursed as an Advance pursuant to Section 2.08(a) owed to, all Non-Defaulting Investors on a pro rata basis prior to being applied to the payment of any
Advances of, participations required to be purchased pursuant to Section 2.09(a) owed to, such Defaulting Investor until such time as all Advances and funded and unfunded participations in L/C Obligations and Swingline Loans are held by
the Investors pro rata in accordance with the Commitments without giving effect to Section 9.18(c)(iii). Any payments, prepayments or other amounts paid or payable to a Defaulting Investor that are applied (or held) to pay amounts
owed by a Defaulting Investor or to post cash collateral pursuant to this Section 9.18(c)(ii) shall be deemed paid to and redirected by such Defaulting Investor, and each Investor irrevocably consents hereto. 

(iii) All or any part of such Defaulting Investor’s participation in L/C Obligations and Swingline Loans shall be
reallocated among the non-Defaulting Investors pro rata based on their Commitments (calculated without regard to such Defaulting Investor’s Commitment) but only to the extent that (x) the conditions set forth in
Section 7.03 are satisfied at the time of such reallocation (and, unless the Co-Issuers shall have otherwise notified the Administrative Agent at such time, the Co-Issuers shall be deemed to have represented and warranted that such
conditions are satisfied at such time), and (y) such reallocation does not cause the product of any non-Defaulting Investor’s related Investor Group Principal Amount multiplied by such non-Defaulting Investor’s Committed Note
Purchaser Percentage to exceed such non-Defaulting Investor’s Commitment Amount. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Investor arising from that Investor having
become a Defaulting Investor, including any claim of a non-Defaulting Investor as a result of such non-Defaulting Investor’s increased exposure following such reallocation. 

  
 63 

 (iv) If the reallocation described in clause (iii) above cannot, or can
only partially, be effected, the Co-Issuers shall, without prejudice to any right or remedy available to them hereunder or under law, prepay Swingline Loans in an amount equal to the amount that cannot be so reallocated. 

(d) If the Co-Issuers, the Administrative Agent, the Swingline Lender and the L/C Provider agree in writing that an Investor is no longer
a Defaulting Investor, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any cash
collateral), that Investor will, to the extent applicable, purchase that portion of outstanding Advances of the other Investors or take such other actions as the Administrative Agent may determine to be necessary to cause the Advances and funded and
unfunded participations in Letters of Credit and Swingline Loans to be held pro rata by the Investors in accordance with their respective Commitments (without giving effect to Section 9.18(c)(iii)), whereupon such Investor will cease to
be a Defaulting Investor; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Co-Issuers while that Investor was a Defaulting Investor; and provided,
further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Investor to Investor will constitute a waiver or release of any claim of any party hereunder arising from that
Investor’s having been a Defaulting Investor. 
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

  
 64 

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

			
	ICON BRAND HOLDINGS LLC, as Co-Issuer
		
	By:	 	 /s/ Warren Clamen

		 	Name: Warren Clamen
		 	Title: Vice President and Treasurer
		
	Address:	 	Icon Brand Holdings LLC
		 	1450 Broadway
		 	New York, New York 10018
		
	Attention:	 	Andrew Tarshis
	Facsimile:	 	212-391-0127
	
	ICON DE INTERMEDIATE HOLDINGS LLC, as Co-Issuer
		
	By:	 	 /s/ Warren Clamen

		 	Name: Warren Clamen
		 	Title: Vice President and Treasurer
		
	Address:	 	Icon DE Intermediate Holdings LLC
		 	1450 Broadway
		 	New York, New York 10018
		
	Attention:	 	Andrew Tarshis
	Facsimile:	 	212-391-0127
	
	ICON DE HOLDINGS LLC, as Co-Issuer
		
	By:	 	 /s/ Warren Clamen

		 	Name: Warren Clamen
		 	Title: Vice President and Treasurer
		
	Address:	 	Icon DE IP Holdings LLC
		 	1450 Broadway
		 	New York, New York 10018
		
	Attention:	 	Andrew Tarshis
	Facsimile:	 	212-391-0127

  
 Signature Page
to Series 2012-1 Class A-1 Note Purchase Agreement 

 
			
	ICON NY HOLDINGS LLC, as Co-Issuer
		
	By:	 	 /s/ Warren Clamen

		 	Name: Warren Clamen
		 	Title: Vice President and Treasurer
		
	Address:	 	Icon NY IP Holdings LLC
		 	1450 Broadway
		 	New York, New York 10018
		
	Attention:	 	Andrew Tarshis
	Facsimile:	 	212-391-0127

  
 Signature Page
to Series 2012-1 Class A-1 Note Purchase Agreement 

 
			
	ICONIX BRAND GROUP, INC., as Manager
		
	By:	 	 /s/ Neil Cole

		 	Name: Neil Cole
		 	Title: President and Chief Executive Officer
		
	Address:	 	Iconix Brand Group, Inc.
		 	1450 Broadway
		 	New York, New York 10018
		
	Attention:	 	Andrew Tarshis
	Facsimile:	 	212-391-0127

  
 Signature Page
to Series 2012-1 Class A-1 Note Purchase Agreement 

 
			
	BARCLAYS BANK PLC, as Administrative Agent
		
	By:	 	 /s/ Cory Wishengrad

	Name:	 	Cory Wishengrad
	Title:	 	Managing Director

  
 Signature Page
to Series 2012-1 Class A-1 Note Purchase Agreement 

 
			
	BARCLAYS BANK PLC, as L/C Provider
		
	By:	 	 /s/ Cory Wishengrad

	Name:	 	Cory Wishengrad
	Title:	 	Managing Director

  
 Signature Page
to Series 2012-1 Class A-1 Note Purchase Agreement 

 
			
	 BARCLAYS BANK PLC, as Swingline Lender

		
	By:	 	 /s/ Cory Wishengrad

	Name:	 	Cory Wishengrad
	Title:	 	Managing Director

  
 Signature Page
to Series 2012-1 Class A-1 Note Purchase Agreement 

 
			
	 BARCLAYS BANK PLC, as a Committed Note
 Purchaser

		
	By:	 	/s/ Cory Wishengrad
	Name:	 	Cory Wishengrad
	Title:	 	Managing Director
	
	 BARCLAYS BANK PLC, as the related Funding
 Agent

		
	By:	 	/s/ Cory Wishengrad
	Name:	 	Cory Wishengrad
	Title:	 	Managing Director

  
 Signature Page
to Series 2012-1 Class A-1 Note Purchase Agreement 

 
			
	MIDLAND NATIONAL LIFE INSURANCE COMPANY, as a Committed Note Purchaser
	
	By: Guggenheim Partners Investment Management, LLC
		
	By:	 	 /s/ Anne B. Walsh

	Name:	 	Anne B. Walsh
	Title:	 	Senior Managing Director
	
	MIDLAND NATIONAL LIFE INSURANCE COMPANY, as the related Funding Agent
	
	By: Guggenheim Partners Investment Management, LLC
		
	By:	 	 /s/ Anne B. Walsh

	Name:	 	Anne B. Walsh
	Title:	 	Senior Managing Director

  
 Signature Page
to Series 2012-1 Class A-1 Note Purchase Agreement 

  

							
		 		 	 NORTH AMERICA COMPANY FOR LIFE AND HEALTH INSURANCE, as a Committed Note Purchaser

 
 By: Guggenheim Partners Investment Management, LLC

				
		 		 	By:	 	/s/ Anne B. Walsh
		 		 	Name:	 	Anne B. Walsh
		 		 	Title:	 	Senior Managing Director
			
		 		 	NORTH AMERICA COMPANY FOR LIFE AND HEALTH INSURANCE, as the related Funding Agent
			
		 		 	By: Guggenheim Partners Investment Management, LLC
				
		 		 	By:	 	/s/ Anne B. Walsh
		 		 	Name:	 	Anne B. Walsh
		 		 	 Title:
	 	Senior Managing Director

 Signature Page to Series 2012-1 Class A-1 Note Purchase Agreement 

							
		 		 	CREDIT SUISSE AG, NEW YORK BRANCH, as Funding Agent for the Investor Group, comprised of itself and the entities set forth below
				
		 		 	By:	 	/s/ Jason Muncy
		 		 	Name:	 	Jason Muncy
		 		 	Title:	 	Vice President
				
		 		 	By:	 	/s/ Michaelangelo Raimondi
		 		 	Name:	 	Michaelangelo Raimondi
		 		 	Title:	 	Associate
			
		 		 	CREDIT SUISSE AG, CAYMAN ISLAND BRANCH, as the Committed Note Purchaser with respect to such Investor Group
				
		 		 	By:	 	/s/ Jason Muncy
		 		 	Name:	 	Jason Muncy
		 		 	Title:	 	Authorized Signatory
				
		 		 	By:	 	/s/ Michaelangelo Raimondi
		 		 	Name:	 	Michaelangelo Raimondi
		 		 	Title:	 	Authorized Signatory
			
		 		 	MOUNTCLIFF FUNDING, LLC, as the Conduit Investor with respect to such Investor Group
				
		 		 	By:	 	/s/ Joseph Soave
		 		 	Name:	 	Joseph Soave
		 		 	 Title:
	 	Chief Financial Officer

 Signature Page to Series 2012-1 Class A-1 Note Purchase Agreement 

  

							
		 		 	GOLDMAN SACHS BANK USA, as a Committed Note Purchaser
				
		 		 	By:	 	/s/ Mark Walton
		 		 	Name:	 	Mark Walton
		 		 	Title:	 	Vice President
			
		 		 	GOLDMAN SACHS BANK USA, as the related Funding Agent
				
		 		 	By:	 	/s/ Mark Walton
		 		 	Name:	 	Mark Walton
		 		 	Title:	 	Vice President

 Signature Page to Series 2012-1 Class A-1 Note Purchase Agreement 

 SCHEDULE I TO CLASS A-1          

NOTE PURCHASE AGREEMENT 
 INVESTOR GROUPS AND COMMITMENTS 
  

													
	 Investor Group/

Funding Agent
	  	 Maximum
 Investor Group
 Principal Amount
	 	  	 Conduit Investor
 (if any)
	  	 Committed Note
 Purchaser(s)
	  	 Commitment
 Amount
	 
	 Barclays Bank PLC
	  	$	65,000,000	  	  	N/A	  	Barclays Bank PLC	  	$	65,000,000	  
					
	 Guggenheim Partners Investment Management, LLC
	  	$	7,500,000	  	  	N/A	  	Midland National Life Insurance Company	  	$	7,500,000	  
					
	 Guggenheim Partners Investment Management, LLC
	  	$	7,500,000	  	  	N/A	  	North American Company for Life and Health Insurance	  	$	7,500,000	  
					
	 Credit Suisse AG, New York Branch
	  	$	10,000,000	  	  	Mountcliff Funding, LLC	  	Credit Suisse AG, Cayman Island Branch	  	$	10,000,000	  
					
	 Goldman Sachs Bank USA
	  	$	10,000,000	  	  	N/A	  	Goldman Sachs Bank USA	  	$	10,000,000	  

  
 Sch I - 1

 SCHEDULE II TO CLASS A-1         

NOTE PURCHASE AGREEMENT 
 NOTICE ADDRESSES FOR LENDER PARTIES AND AGENTS 
 CONDUIT INVESTORS:

 Mountcliff Funding, LLC 

Attention: Young Park: Corporate Trust and Agency Services—Commercial Paper 
 60 Wall Street—MS NYC 60-2606 
 New York, New York 10005 

Phone: (212) 250-2397 
 Fax:
(212) 553-2464 
 Email: mountcliff.group@db.com 
 with a copy to: 
 Attention: Vidrik Frankfather 

20 Gates Management LLC 
 30 Irving Place, 2nd
Floor 
 New York, New York 10003 

Phone: (212) 295-4146 
 Fax:
(212) 295-3785 
 Email: vfrankfather@20gates.com 
 Email: mountcliff@20gates.com 

  
 Sch II - 1

 COMMITTED NOTE PURCHASERS: 
 Barclays Bank PLC 
 Barclays Bank PLC 

70 Hudson Street, 7th Floor 
 Jersey City, New
Jersey 07302 
 Attention: Nicholas Cristofano 
 Telephone: 201-499-3735 
 Facsimile: 212-299-0337 

and 
 Barclays Bank PLC 

745 Seventh Avenue, 5th Floor 
 New York, New
York 10019 
 Attention: Charles Siew 

Telephone: 212-412-6736 
 Facsimile: 212-520-0686

 Midland National Life Insurance Company 
 c/o Guggenheim Partners Investment Management, LLC 
 135 East 57th Street 

New York, NY 10022 
 Attention: Erin King

 Email: Erin.king@guggenheimpartners.com 
 Phone: 310-576-1229 
 Fax: 310-576-1227 
 North American Company for Life and Health Insurance 
 c/o Guggenheim Partners Investment
Management, LLC 
 135 East 57th Street 

New York, NY 10022 
 Attention: Erin King

 Email: Erin.king@guggenheimpartners.com 
 Phone: 310-576-1229 
 Fax: 310-576-1227 
 Credit Suisse AG, Cayman Islands Branch 
 c/o Credit Suisse AG, New York Branch 

11 Madison Avenue, 4th Floor 
 New York, NY 10010

 Attention: Robbin Conner 
 Email:
Robbin.connner@credit-suisse.com 
 Phone: (212) 325-6688 
 Fax: (212) 322-2609 

  
 Sch II - 2

 With a copy to: 
 Attention: Jason Muncy 
 Email: Jason.muncy@credit-suisse.com 

Phone: (212) 538-6689 
 Fax:
(212) 322-1016 
 With a copy to: 

Attention: Fred Mastromarino 
 Email:
Fred.mastromarino@credit-suisse.com 
 Email: abcp.monitoring@credit-suisse.com 
 Phone: (212) 325-1735 
 Fax: (917) 326-4430 

 
 Goldman Sachs Bank USA 

200 West Street 
 New York, New York 10282

  
 Sch II - 3

 FUNDING AGENTS: 
 Barclays Bank PLC  
 Barclays Bank PLC 

70 Hudson Street, 7th Floor 
 Jersey City, New
Jersey 07302 
 Attention: Nicholas Cristofano 
 Telephone: 201-499-3735 
 Facsimile: 212-299-0337 

and 
 Barclays Bank PLC 

745 Seventh Avenue, 5th Floor 
 New York, New
York 10019 
 Attention: Charles Siew 

Telephone: 212-412-6736 
 Facsimile: 212-520-0686

 Midland National Life Insurance Company 
 c/o Guggenheim Partners Investment Management, LLC 
 135 East 57th Street 

New York, NY 10022 
 Attention: Erin King

 Email: Erin.king@guggenheimpartners.com 
 Phone: 310-576-1229 
 Fax: 310-576-1227 
 North American Company for Life and Health Insurance 
 c/o Guggenheim Partners Investment
Management, LLC 
 135 East 57th Street 

New York, NY 10022 
 Attention: Erin King

 Email: Erin.king@guggenheimpartners.com 
 Phone: 310-576-1229 
 Fax: 310-576-1227 
 Credit Suisse AG, New York Branch 
 11 Madison Avenue, 4th Floor 

New York, NY 10010 
 Attention: Robbin Conner

  

  
 Sch II - 4

 Email: Robbin.connner@credit-suisse.com 
 Phone: (212) 325-6688 
 Fax: (212) 322-2609 

With a copy to: 
 Attention: Jason Muncy

 Email: Jason.muncy@credit-suisse.com 

Phone: (212) 538-6689 
 Fax:
(212) 322-1016 
 With a copy to: 

Attention: Fred Mastromarino 
 Email:
Fred.mastromarino@credit-suisse.com 
 Email: abcp.monitoring@credit-suisse.com 
 Phone: (212) 325-1735 
 Fax: (917) 326-4430 

Goldman Sachs Bank USA 
 200 West Street

 New York, New York 10282 

  
 Sch II - 5

 ADMINISTRATIVE AGENT: 
 Barclays Bank PLC  
 Barclays Bank PLC 

70 Hudson Street, 7th Floor 
 Jersey City, New
Jersey 07302 
 Attention: Nicholas Cristofano 
 Telephone: 201-499-3735 
 Facsimile: 212-299-0337 

and 
 Barclays Bank PLC 

745 Seventh Avenue, 5th Floor 
 New York, New
York 10019 
 Attention: Charles Siew 

Telephone: 212-412-6736 
 Facsimile: 212-520-0686

 SWINGLINE LENDER: 

Barclays Bank PLC  
 Barclays Bank PLC
70 
 Hudson Street, 7th Floor 
 Jersey
City, New Jersey 07302 
 Attention: Nicholas Cristofano 
 Telephone: 201-499-3735 
 Facsimile: 212-299-0337 

and 
 Barclays Bank PLC 

745 Seventh Avenue, 5th Floor 
 New York, New
York 10019 
 Attention: Charles Siew 

Telephone: 212-412-6736 
 Facsimile: 212-520-0686

  
 Sch II - 6

 L/C PROVIDER: 
 Barclays Bank PLC  
 Barclays Bank PLC 

70 Hudson Street, 7th Floor 
 Jersey City, New
Jersey 07302 
 Attention: Nicholas Cristofano 
 Telephone: 201-499-3735 
 Facsimile: 212-299-0337 

and 
 Barclays Bank PLC 

200 Park Avenue 
 New York, New York 10166

 Attention: Dawn Townsend 
 Telephone:
201-499-2081 
 Facsimile: 212-412-5011 

and 
 Barclays Bank PLC 

745 Seventh Avenue, 5th Floor 
 New York, New
York 10019 
 Attention: Charles Siew 

Telephone: 212-412-6736 
 Facsimile: 212-520-0686

  
 Sch II - 7

 SCHEDULE V TO CLASS A-1         

NOTE PURCHASE AGREEMENT 
 ADDITIONAL CLOSING CONDITIONS 
 The following are the additional conditions to initial
issuance and effectiveness referred to in Section 7.01(d): 
 (a) All corporate proceedings and other legal matters
incident to the authorization, form and validity of each of the Related Documents, and all other legal matters relating to the Related Documents and the transactions contemplated thereby, shall be satisfactory to the Lender Parties, and the
Co-Issuers and Iconix shall have furnished to the Lender Parties all documents and information that the Lender Parties or their counsel may request to enable them to pass upon such matters. 

(b) The Lender Parties shall have received evidence satisfactory to the Lender Parties and their counsel, that on or before the Series
2012-1 Closing Date, all existing Liens (other than Permitted Liens) on the Collateral shall have been released and UCC-1 financing statements and all assignments and other instruments required to be filed on or prior to the Series 2012-1 Closing
Date pursuant to the Related Documents have been or are being filed. 
 (c) The Lender Parties shall have received an opinion of
SNR Denton US LLP, counsel to the Trustee, dated the Series 2012-1 Closing Date and addressed to the Lender Parties, in form and substance satisfactory to the Lender Parties and their counsel. 

(d) The Lender Parties shall have received an opinion of in-house counsel to the Back-Up Manager, dated the Series 2012-1 Closing Date and
addressed to the Lender Parties, in form and substance satisfactory to the Lender Parties and their counsel. 
 (e) The Lender
Parties shall have received an opinion of Andrascik & Tita LLC, counsel to the Servicer, dated the Series 2012-1 Closing Date and addressed to the Lender Parties, in form and substance reasonably satisfactory to the Lender Parties and their
counsel. 
 (f) The Lender Parties shall have received a certificate of the Chief Financial Officer of each of the Co-Issuers, or
other officers reasonably satisfactory to the Lender Parties, dated the Series 2012-1 Closing Date, to the effect that, to the best of each such officer’s knowledge (i) the representations and warranties of such Co-Issuer in this Agreement
and in any Related Document to which such Co-Issuer is a party are true and correct (A) if qualified as to materiality or Material Adverse Effect, in all respects and (B) if not so qualified, in all material respects, in each case, on and
as of the Series 2012-1 Closing Date (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date) and (ii) that such Co-Issuer
has complied with all agreements in all material respects and satisfied all conditions on such Co-Issuer’s part to be performed or satisfied hereunder or under the Related Documents at or prior to the Series 2012-1 Closing Date. 

  
 Sch II - 1

 (g) The Lender Parties shall have received a certificate of the Chief Financial Officer of
Iconix, or another officer reasonably satisfactory to the Lender Parties, dated the Series 2012-1 Closing Date, to the effect that to the best of each such officer’s knowledge (i) the representations and warranties of Iconix in this
Agreement are true and correct on and as of the date hereof and the Series 2012-1 Closing Date (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects
as of such earlier date) and the representations and warranties of Iconix, individually and as the Manager, in any other Related Documents to which Iconix is a party are true and correct (A) if qualified as to materiality or Material Adverse
Effect, in all respects and (B) if not so qualified, in all material respects, in each case, on and as of the date hereof and the Series 2012-1 Closing Date (unless stated to relate solely to an earlier date, in which case such representations
and warranties shall be true and correct in all material respects as of such earlier date); and (ii) Iconix, individually and as the Manager, has complied in all material respects with all agreements and satisfied all conditions on its part to
be performed or satisfied hereunder or under the Related Documents at or prior to the Series 2012-1 Closing Date. 
 (h) There
shall exist at and as of the Series 2012-1 Closing Date no condition that would constitute a default (or an event that with notice or the lapse of time, or both, would constitute a default) under the Indenture or a material breach under any of the
Related Documents as in effect at the Series 2012-1 Closing Date (or an event that with notice or lapse of time, or both, would constitute such a default or material breach). 
 (i) Iconix and each Co-Issuer shall have furnished to the Lender Parties a certificate, dated as of the Series 2012-1 Closing Date, of the Chief Financial Officer (or, if such entity has no Chief
Financial Officer, of another Authorized Officer) of each such entity as to the Solvency of such entity following the consummation of the transactions contemplated by this Agreement. 

(j) None of the transactions contemplated by this Agreement shall be subject to an injunction (temporary or permanent) and no restraining
order or other injunctive order shall have been issued; and there shall not have been any legal action, order, decree or other administrative proceeding instituted or threatened against the Co-Issuers, Iconix or the Lender Parties that would
reasonably be expected to adversely impact the issuance of the Series 2012-1 Notes or the Lender Parties’ activities in connection therewith or any other transactions contemplated by the Related Documents. 

(k) The representations and warranties of each of the Co-Issuers, Iconix, individually and as the Manager, contained in the Related
Documents to which each of the Co-Issuers and Iconix is a party will be true and correct (i) if qualified as to materiality, in all respects, and (ii) if not so qualified, in all material respects, as of the Series 2012-1 Closing Date
(unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct (x) if qualified as to materiality, in all respects, and (y) if not so qualified, in all material respects, as
of such earlier date). 

  
 Sch II - 2

 (l) The Co-Issuers shall have delivered $600,000,000 of the Series 2012-1 Class A-2 Notes to
the Initial Purchasers on the Series 2012-1 Closing Date. 
 (m) On or prior to the Series 2012-1 Closing Date, Iconix and the
Co-Issuers shall have furnished to the Lender Parties such further certificates and documents as the Lender Parties may reasonably request. 
 All opinions, letters, evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form and substance
satisfactory to counsel for the Administrative Agent. 

  
 Sch II - 3

 EXHIBIT A TO CLASS
A-1              
 NOTE PURCHASE AGREEMENT

 ADVANCE REQUEST 
 ICONIX FINANCING 
 SERIES 2012-1 VARIABLE FUNDING SENIOR NOTES,
CLASS A-1 
 TO: 

BARCLAYS BANK PLC, as Administrative Agent 
 70 Hudson Street, 7th Floor 
 Jersey City, New Jersey 07302 

Attention: Nicholas Cristofano 
 Telephone:
201-499-3735 
 Facsimile: 212-299-0337 

and 
 745 Seventh Avenue, 5th Floor 

New York, New York 10019 
 Attention: Charles
Siew 
 Telephone: 212-412-6736 

Facsimile: 212-520-0686 
 Ladies and Gentlemen:

 This Advance Request is delivered to you pursuant to Section 2.03 of that certain Series 2012-1 Class A-1 Note
Purchase Agreement, dated as of November 29, 2012 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Series 2012-1 Class A-1 Note Purchase Agreement”) among Icon Brand Holdings LLC,
the other Co-Issuers named therein, Iconix Brand Group, Inc., as Manager, the Conduit Investors, Committed Note Purchasers and Funding Agents named therein, the L/C Provider and Swingline Lender named therein, and Barclays Bank PLC, as
Administrative Agent (in such capacity, the “Administrative Agent”). 
 Unless otherwise defined herein or as
the context otherwise requires, terms used herein have the meaning assigned thereto under or as provided in the Recitals and Section 1.01 of the Series 2012-1 Class A-1 Note Purchase Agreement. 

The undersigned hereby requests that Advances be made in the aggregate principal amount of
$            on             , 20            . 

[IF CO-ISSUERS ARE ELECTING EURODOLLAR RATE FOR THESE ADVANCES ON THE DATE MADE IN ACCORDANCE WITH SECTION 3.01(b) OF THE CLASS A-1
NOTE PURCHASE AGREEMENT, ADD THE FOLLOWING SENTENCE: The undersigned hereby elects that the Advances that are not funded at the CP Rate by an Eligible Conduit Investor shall be Eurodollar Advances and the related Eurodollar Interest Period shall
commence on the date of such Eurodollar Advances and end on but exclude the next Quarterly Payment Date.] 

  
 A-1

 The undersigned hereby acknowledges that the delivery of this Advance Request and the
acceptance by the undersigned of the proceeds of the Advances requested hereby constitute a representation and warranty by the undersigned that, on the date of such Advances, and before and after giving effect thereto and to the application of the
proceeds therefrom, all conditions set forth in Section 7.03 of the Series 2012-1 Class A-1 Note Purchase Agreement have been satisfied and all statements set forth in Section 6.01 of the Series 2012-1 Class A-1 Note Purchase
Agreement are true and correct. 
 The undersigned agrees that if prior to the time of the Advances requested hereby any matter
certified to herein by it will not be true and correct at such time as if then made, it will immediately so notify both you and each Investor. Except to the extent, if any, that prior to the time of the Advances requested hereby you and each
Investor shall receive written notice to the contrary from the undersigned, each matter certified to herein shall be deemed once again to be certified as true and correct at the date of such Advances as if then made. 

Please wire transfer the proceeds of the Advances, first,
$[            ] to the Swingline Lender and $[            ] to the L/C Provider for application to repayment of outstanding
Swingline Loans and Unreimbursed L/C Drawings, as applicable, and, second, to Brand Holdings II (on behalf of the Co-Issuers pursuant to the following instructions: 
 [insert payment instruction for payment to Brand Holdings II] 

  
 A-2

 The undersigned has caused this Advance Request to be executed and delivered, and the
certification and warranties contained herein to be made, by its duly Authorized Officer this             day of             ,
20            . 
  

			
	 ICONIX BRAND GROUP, INC., as
 Manager on behalf of the Co-Issuers

		
	By:	 	  

		 	Name:
		 	Title:

  
 A-3

 EXHIBIT A-1 TO CLASS A-1          

 NOTE PURCHASE AGREEMENT 
 SWINGLINE LOAN REQUEST 
 ICONIX FINANCING 

SERIES 2012-1 VARIABLE FUNDING SENIOR NOTES, CLASS A-1 
 TO: 
 BARCLAYS BANK PLC, as Swingline Lender 

70 Hudson Street, 7th Floor 
 Jersey City, New
Jersey 07302 
 Attention: Nicholas Cristofano 
 Telephone: 201-499-3735 
 Facsimile: 212-299-0337 

and 
 745 Seventh Avenue, 5th Floor 

New York, New York 10019 
 Attention: Charles
Siew 
 Telephone: 212-412-6736 

Facsimile: 212-520-0686 
 Ladies and Gentlemen:

 This Swingline Loan Request is delivered to you pursuant to Section 2.06 of that certain Series 2012-1 Class A-1
Note Purchase Agreement, dated as of November 29, 2012 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Series 2012-1 Class A-1 Note Purchase Agreement”) among Icon Brand Holdings
LLC, the other Co-Issuers named therein, Iconix Brand Group, Inc., as Manager, the Conduit Investors, Committed Note Purchasers and Funding Agents named therein, the L/C Provider named therein, Barclays Bank PLC, as Swingline Lender (in such
capacity, the “Swingline Lender”) and Barclays Bank PLC, as Administrative Agent (in such capacity, the “Administrative Agent”). 
 Unless otherwise defined herein or as the context otherwise requires, terms used herein have the meaning assigned thereto under or as provided in the Recitals and Section 1.01 of the Series
2012-1 Class A-1 Note Purchase Agreement. 
 The undersigned hereby requests that Swingline Loans be made in the aggregate
principal amount of $            on             , 20            .

  
 A-1 - 1

 The undersigned hereby acknowledges that the delivery of this Swingline Loan Request and the
acceptance by the undersigned of the proceeds of the Swingline Loans requested hereby constitute a representation and warranty by the undersigned that, on the date of such Advances, and before and after giving effect thereto and to the application
of the proceeds therefrom, all conditions set forth in Section 7.03 of the Series 2012-1 Class A-1 Note Purchase Agreement have been satisfied and all statements set forth in Section 6.01 of the Series 2012-1 Class A-1 Note
Purchase Agreement are true and correct. 
 The undersigned agrees that if prior to the time of the Swingline Loans requested
hereby any matter certified to herein by it will not be true and correct at such time as if then made, it will immediately so notify you. Except to the extent, if any, that prior to the time of the Swingline Loans requested hereby you shall receive
written notice to the contrary from the undersigned, each matter certified to herein shall be deemed once again to be certified as true and correct at the date of such Swingline Loans as if then made. 

Please wire transfer the proceeds of the Swingline Loans to Brand Holdings II (on behalf of the Co-Issuers) pursuant to the following
instructions: 
 [insert payment instructions for payment to Brand Holdings II] 

  
 A-1 - 2

 The undersigned has caused this Swingline Loan Request to be executed and delivered, and the certification
and warranties contained herein to be made, by its duly Authorized Officer this             day of             ,
20            . 
  

			
	ICONIX BRAND GROUP, INC., as Manager on behalf of the Co-Issuers
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-1 - 3

 EXHIBIT A-2 TO CLASS A-1          

 NOTE PURCHASE AGREEMENT 
 FORM OF L/C APPLICATION 
 ICONIX FINANCING 

SERIES 2012-1 VARIABLE FUNDING SENIOR NOTES, CLASS A-1 
 TO: 
 BARCLAYS BANK PLC, as L/C Provider 

Barclays Bank PLC 
 70 Hudson Street, 7th Floor

 Jersey City, New Jersey 07302 

Attention: Nicholas Cristofano 
 Telephone:
201-499-3735 
 Facsimile: 212-299-0337 

and 
 Barclays Bank PLC 

200 Park Avenue 
 New York, New York 10166

 Attention: Dawn Townsend 
 Telephone:
201-499-2081 
 Facsimile: 212-412-5011 

and 
 Barclays Bank PLC 

745 Seventh Avenue, 5th Floor 
 New York, New
York 10019 
 Attention: Charles Siew 

Telephone: 212-412-6736 
 Facsimile: 212-520-0686

 Ladies and Gentlemen: 
 This Application is delivered to you pursuant to Section 2.07 of that certain Series 2012-1 Class A-1 Note Purchase Agreement, dated as of November 29, 2012 (as amended, supplemented,
amended and restated or otherwise modified from time to time, the “Series 2012-1 Class A-1 Note Purchase Agreement”) among Icon Brand Holdings LLC, the other Co-Issuers named therein, Iconix Brand Group, Inc., as Manager, the
Conduit Investors, Committed Note Purchasers and Funding Agents named therein, Barclays Bank PLC, as L/C Provider (in such capacity, the “L/C Provider”), the Swingline Lender named therein and Barclays Bank PLC, as Administrative
Agent (in such capacity, the “Administrative Agent”). 

  
 A-2 - 1

 Unless otherwise defined herein or as the context otherwise requires, terms used herein have
the meaning assigned thereto under or as provided in the Recitals and Section 1.01 of the Series 2012-1 Class A-1 Note Purchase Agreement. 
 The undersigned hereby requests the issuance of a Letter of Credit in the amount of $            to be issued for the benefit of
            as beneficiary at the address below, with a copy to Brand Holdings II, thereof on             ,
20            . 
 [INSERT BENEFICIARY DETAILS] 

The undersigned hereby acknowledges that the delivery of this Application and the issuance of the Letter of Credit hereunder hereby
constitutes a representation and warranty by the undersigned that, on the date of the issuance of such Letter of Credit, all conditions set forth in Section 7.03 of the Series 2012-1 Class A-1 Note Purchase Agreement have been satisfied
and all statements set forth in Section 6.01 of the Series 2012-1 Class A-1 Note Purchase Agreement are true and correct. 
 The undersigned agrees that if prior to the time of issuance of the Letter of Credit requested hereby any matter certified to herein by it will not be true and correct at such time as if then made, it
will immediately so notify you. Except to the extent, if any, that prior to the time of the issuance of the Letter of Credit requested hereby you shall receive written notice to the contrary from the undersigned, each matter certified to herein
shall be deemed once again to be certified as true and correct at the date of the issuance of such Letter of Credit as if then made. 

  
 A-1 - 2

 The undersigned has caused this Application to be executed and delivered, and the certification and
warranties contained herein to be made, by its duly Authorized Officer this             day of             ,
20            . 
  

			
	 ICONIX BRAND GROUP, INC., as
 Manager on behalf of the Co-Issuers

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 A-1 - 3

 EXHIBIT B TO CLASS A-1           

 NOTE PURCHASE AGREEMENT 

ASSIGNMENT AND ASSUMPTION AGREEMENT, dated as of [ ], among [ ] (the “Transferor”), each
purchaser listed as an Acquiring Committed Note Purchaser on the signature pages hereof (each, an “Acquiring Committed Note Purchaser”), the Funding Agent with respect to such Acquiring Committed Note Purchaser listed on the
signature pages hereof (each, a “Funding Agent”), and the Co-Issuers[, Swingline Lender and L/C
Provider]1 listed on the signature pages hereof.

 W I T N E S S E T H: 

WHEREAS, this Assignment and Assumption Agreement is being executed and delivered in accordance with Section 9.17(a) of the
Series 2012-1 Class A-1 Note Purchase Agreement, dated as of November 29, 2012 (as from time to time amended, supplemented or otherwise modified in accordance with the terms thereof, the “Series 2012-1 Class A-1 Note Purchase
Agreement”; terms defined therein being used herein as therein defined), among the Co-Issuers, the Conduit Investors, Committed Note Purchasers and Funding Agents named therein, the L/C Provider and Swingline Lender named therein, Iconix
Brand Group, Inc., as Manager, and Barclays Bank PLC, as Administrative Agent (in such capacity, the “Administrative Agent”); 
 WHEREAS, each Acquiring Committed Note Purchaser (if it is not already an existing Committed Note Purchaser) wishes to become a Committed Note Purchaser party to the Series 2012-1 Class A-1 Note Purchase
Agreement; and 
 WHEREAS, the Transferor is selling and assigning to each Acquiring Committed Note Purchaser, [all] [a portion
of] its rights, obligations and commitments under the Series 2012-1 Class A-1 Note Purchase Agreement, the Series 2012-1 Class A-1 Advance Notes and each other Related Document to which it is a party with respect to the percentage of its Commitment
Amount specified on Schedule I attached hereto; 
 NOW, THEREFORE, the parties hereto hereby agree as follows:

 Upon the execution and delivery of this Assignment and Assumption Agreement by each Acquiring Committed Note Purchaser, each
related Funding Agent, the Transferor, the Swingline Lender, the L/C Provider and, to the extent required by Section 9.17(a) of the Series 2012-1 Class A-1 Note Purchase Agreement, the Co-Issuers (the date of such execution and delivery,
the “Transfer Issuance Date”), each Acquiring Committed Note Purchaser shall be a Committed Note Purchaser party to the Series 2012-1 Class A-1 Note Purchase Agreement for all purposes thereof. 

 
  

	1 	 No consent of the Swingline Lender and the L/C Provider shall be required so long as the Acquiring Committed Note Purchaser is rated at least
“A-1” from Standard & Poor’s and “P1” from Moody’s. 

  
 B-1

 The Transferor acknowledges receipt from each Acquiring Committed Note Purchaser of an
amount equal to the purchase price, as agreed between the Transferor and such Acquiring Committed Note Purchaser (the “Purchase Price”), of the portion being purchased by such Acquiring Committed Note Purchaser (such Acquiring
Committed Note Purchaser’s “Purchased Percentage”) of (i) the Transferor’s Commitment under the Series 2012-1 Class A-1 Note Purchase Agreement and (ii) the Transferor’s Committed Note Purchaser Percentage
of the related Investor Group Principal Amount. The Transferor hereby irrevocably sells, assigns and transfers to each Acquiring Committed Note Purchaser, without recourse, representation or warranty, and each Acquiring Committed Note Purchaser
hereby irrevocably purchases, takes and assumes from the Transferor, such Acquiring Committed Note Purchaser’s Purchased Percentage of (x) the Transferor’s Commitment under the Series 2012-1 Class A-1 Note Purchase Agreement and
(y) the Transferor’s Committed Note Purchaser Percentage of the related Investor Group Principal Amount. 
 The
Transferor has made arrangements with each Acquiring Committed Note Purchaser with respect to (i) the portion, if any, to be paid, and the date or dates for payment, by the Transferor to such Acquiring Committed Note Purchaser of any program
fees, undrawn facility fee, structuring and commitment fees or other fees (collectively, the “Fees”) [heretofore received] by the Transferor pursuant to Section 3.02 of the Series 2012-1 Class A-1 Note Purchase Agreement
prior to the Transfer Issuance Date [and (ii) the portion, if any, to be paid, and the date or dates for payment, by such Acquiring Committed Note Purchaser to the Transferor of Fees or [ ] received by such Acquiring Committed Note Purchaser
pursuant to the Series 2012-1 Supplement from and after the Transfer Issuance Date]. 
 From and after the Transfer Issuance
Date, amounts that would otherwise be payable to or for the account of the Transferor pursuant to the Series 2012-1 Supplement or the Series 2012-1 Class A-1 Note Purchase Agreement shall, instead, be payable to or for the account of the Transferor
and the Acquiring Committed Note Purchasers, as the case may be, in accordance with their respective interests as reflected in this Assignment and Assumption Agreement, whether such amounts have accrued prior to the Transfer Issuance Date or accrue
subsequent to the Transfer Issuance Date. 
 Each of the parties to this Assignment and Assumption Agreement agrees that at any
time and from time to time upon the written request of any other party, it will execute and deliver such further documents and do such further acts and things as such other party may reasonably request in order to effect the purposes of this
Assignment and Assumption Agreement. 
 By executing and delivering this Assignment and Assumption Agreement, the Transferor and
each Acquiring Committed Note Purchaser confirm to and agree with each other and the other parties to the Series 2012-1 Class A-1 Note Purchase Agreement as follows: (i) other than the representation and warranty that it is the legal and
beneficial owner of the interest being assigned hereby free and clear of any adverse claim, the Transferor makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in
connection with the Series 2012-1 Supplement, the Series 2012-1 Class A-1 Note Purchase Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Indenture, the Series 2012-1 Class A-1 Notes, the
Related Documents or any instrument or document furnished pursuant thereto; (ii) the Transferor makes no representation or warranty and assumes no responsibility with respect to the 

  
 B-2

 
financial condition of the Co-Issuers or the performance or observance by the Co-Issuers of any of the Co-Issuers’ obligations under the Indenture, the Series 2012-1 Class A-1 Note Purchase
Agreement, the Related Documents or any other instrument or document furnished pursuant hereto; (iii) each Acquiring Committed Note Purchaser confirms that it has received a copy of the Indenture, the Series 2012-1 Class A-1 Note Purchase
Agreement and such other Related Documents and other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption Agreement; (iv) each Acquiring Committed Note
Purchaser will, independently and without reliance upon the Administrative Agent, the Transferor, the Funding Agent or any other Investor Group and based on such documents and information as it shall deem appropriate at the time, continue to make
its own credit decisions in taking or not taking action under the Series 2012-1 Class A-1 Note Purchase Agreement; (v) each Acquiring Committed Note Purchaser appoints and authorizes the Administrative Agent to take such action as agent on its
behalf and to exercise such powers under the Series 2012-1 Class A-1 Note Purchase Agreement as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto, all in accordance with
Article V of the Series 2012-1 Class A-1 Note Purchase Agreement; (vi) each Acquiring Committed Note Purchaser appoints and authorizes its related Funding Agent to take such action as agent on its behalf and to exercise such powers
under the Series 2012-1 Class A-1 Note Purchase Agreement as are delegated to such Funding Agent by the terms thereof, together with such powers as are reasonably incidental thereto, all in accordance with Article V of the Series 2012-1
Class A-1 Note Purchase Agreement; (vii) each Acquiring Committed Note Purchaser agrees that it will perform in accordance with their terms all of the obligations that by the terms of the Series 2012-1 Class A-1 Note Purchase Agreement are
required to be performed by it as an Acquiring Committed Note Purchaser; and (viii) each Acquiring Committed Note Purchaser hereby represents and warrants to the Co-Issuers and the Manager that: (A) it has had an opportunity to discuss the
Co-Issuers’ and the Manager’s business, management and financial affairs, and the terms and conditions of the proposed purchase, with the Co-Issuers and the Manager and their respective representatives; (B) it is an “accredited
investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act and has sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of
investing in, and is able and prepared to bear the economic risk of investing in, the Series 2012-1 Class A-1 Notes; (C) it is purchasing the Series 2012-1 Class A-1 Notes for its own account, or for the account of one or more “accredited
investors” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act that meet the criteria described in clause (viii)(B) above and for which it is acting with complete investment
discretion, for investment purposes only and not with a view to distribution, subject, nevertheless, to the understanding that the disposition of its property shall at all times be and remain within its control, and neither it nor its Affiliates has
engaged in any general solicitation or general advertising within the meaning of the Securities Act with respect to the Series 2012-1 Class A-1 Notes; (D) it understands that (I) the Series 2012-1 Class A-1 Notes have not been and will not
be registered or qualified under the Securities Act or any applicable state securities laws or the securities laws of any other jurisdiction and are being offered only in a transaction not involving any public offering within the meaning of the
Securities Act and may not be resold or otherwise transferred unless so registered or qualified or unless an exemption from registration or qualification is available and an opinion of counsel shall have been delivered in advance to the Co-Issuers,
(II) the Co-Issuers are not required to 

  
 B-3

 register the Series 2012-1 Class A-1 Notes, (III) any permitted transferee hereunder must be an
“accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act and otherwise meet the criteria described under clause (B) above and (IV) any transfer must comply
with the provisions of Section 2.8 of the Base Indenture, Section 4.3 of the Series 2012-1 Supplement and Section 9.03 or 9.17, as applicable, of the Series 2012-1 Class A-1 Note Purchase Agreement;
(E) it will comply with the requirements of clause (viii)(D) above in connection with any transfer by it of the Series 2012-1 Class A-1 Notes; (F) it understands that the Series 2012-1 Class A-1 Notes will bear the legend set out in
the form of Series 2012-1 Class A-1 Notes attached to the Series 2012-1 Supplement and be subject to the restrictions on transfer described in such legend; (G) it will obtain for the benefit of the Co-Issuers from any purchaser of the Series
2012-1 Class A-1 Notes substantially the same representations and warranties contained in the foregoing paragraphs; and (H) it has executed a Purchaser’s Letter substantially in the form of Exhibit D to the Series 2012-1
Class A-1 Note Purchase Agreement. 
 Schedule I hereto sets forth (i) the Purchased Percentage for each
Acquiring Committed Note Purchaser, (ii) the revised Commitment Amounts of the Transferor and each Acquiring Committed Note Purchaser, and (iii) the revised Maximum Investor Group Principal Amounts for the Investor Groups of the Transferor
and each Acquiring Committed Note Purchaser (it being understood that if the Transferor was part of a Conduit Investor’s Investor Group and the Acquiring Committed Note Purchaser is intended to be part of the same Investor Group, there will not
be any change to the Maximum Investor Group Principal Amount for that Investor Group) and (iv) administrative information with respect to each Acquiring Committed Note Purchaser and its related Funding Agent. 

This Assignment and Assumption Agreement and all matters arising under or in any manner relating to this Assignment and Assumption
Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, and the obligations, rights and remedies of the parties hereto shall be determined in accordance with such law. 

ALL PARTIES HEREUNDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION BASED HEREON OR ON THE SERIES 2012-1 CLASS A-1 NOTE PURCHASE AGREEMENT, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS ASSIGNMENT AND ASSUMPTION AGREEMENT OR THE SERIES 2012-1 CLASS A-1 NOTE PURCHASE AGREEMENT, OR ANY COURSE OF
CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES IN CONNECTION HEREWITH OR THEREWITH. ALL PARTIES ACKNOWLEDGE AND AGREE THAT THEY HAVE RECEIVED FULL AND SIGNIFICANT CONSIDERATION FOR THIS PROVISION AND THAT
THIS PROVISION IS A MATERIAL INDUCEMENT FOR ALL PARTIES TO ENTER INTO THIS ASSIGNMENT AND ASSUMPTION AGREEMENT. 

  
 B-4

 IN WITNESS WHEREOF, the parties hereto have caused this Assignment and Assumption Agreement
to be executed by their respective duly authorized officers as of the date first set forth above. 
  

			
	 [     ], as Transferor

		
	 By:
	 	  

		 	 Title:

		
	 By:
	 	  

		 	 Title:

	
	 [     ], as Acquiring Committed Note Purchaser

		
	 By:
	 	  

		 	 Title:

	
	 [     ], as Funding Agent

		
	 By:
	 	  

		 	 Title:

  
 B-5

 
			
	CONSENTED AND ACKNOWLEDGED BY
	THE CO-ISSUERS:
	
	ICON BRAND HOLDINGS LLC, as Co-Issuer
		
	By:	 	 
		 	Name:
		 	Title:
	
	ICON DE INTERMEDIATE HOLDINGS LLC, as     Co-Issuer
		
	By:	 	 
		 	Name:
		 	Title:
	
	ICON DE HOLDINGS LLC, as Co-Issuer
		
	By:	 	 
		 	Name:
		 	Title:
	
	ICON NY HOLDINGS LLC, as Co-Issuer
		
	By:	 	 
		 	Name:
		 	Title:

  
 B-6

 
			
	[CONSENTED BY:
	
	BARCLAYS BANK PLC, as Swingline Lender
		
	By:	 	 
		 	Name:
		 	Title:
	
	BARCLAYS BANK PLC, as L/C Provider
		
	By:	 	 
		 	Name:
		 	Title:]

  
 B-7

			
		  	SCHEDULE I TO ASSIGNMENT

AND ASSUMPTION AGREEMENT

 LIST OF ADDRESSES FOR NOTICES 

AND OF COMMITMENT AMOUNTS 

[                    ], as 

Transferor 
 Prior Commitment Amount:
$[         ] 
 Revised Commitment Amount: $[         ]

 Prior Maximum Investor Group Principal Amount: $[         ] 

Revised Maximum Investor Group Principal Amount: $[         ] 

Related Conduit Investor 
 (if applicable)
                    [        ] 
 [                     ], as 
 Acquiring Committed Note Purchaser 
 Address: 

Attention: 
 Telephone: 

Facsimile: 
 Purchased Percentage of
Transferor’s Commitment: [            ]% 
 Prior Commitment Amount:
$[         ] 
 Revised Commitment Amount: $[         ]

 Prior Maximum Investor Group Principal Amount: $[         ] 

  
 B-8

 Revised Maximum Investor Group Principal Amount: $[        ]

 Related Conduit Investor 
 (if
applicable)                     [         ] 
 [                     ], as 
 related Funding Agent 
 Address: 

Attention: 
 Telephone: 
 Facsimile: 

  
 B-9

			
		  	EXHIBIT C TO CLASS A-1 

NOTE PURCHASE AGREEMENT

 INVESTOR GROUP SUPPLEMENT, dated as of
[            ], among (i) [            ] (the “Transferor Investor Group”),
(ii) [            ] (the “Acquiring Investor Group”) and (iii) the Funding Agent with respect to the Acquiring Investor Group listed on the signature pages hereof
(each, a “Funding Agent”). 
 W I T N E S S E T
H: 
 WHEREAS, this Investor Group Supplement is being executed and delivered in accordance with
Section 9.17(c) of the Series 2012-1 Class A-1 Note Purchase Agreement, dated as of November 29, 2012 (as from time to time amended, supplemented or otherwise modified in accordance with the terms thereof, the “Series 2012-1
Class A-1 Note Purchase Agreement”; terms defined therein being used herein as therein defined), among the Co-Issuers, the Conduit Investors, Committed Note Purchasers and Funding Agents named therein, the L/C Provider and Swingline Lender
named therein, Iconix Brand Group, Inc., as Manager, and Barclays Bank PLC, as Administrative Agent (in such capacity, the “Administrative Agent”); 
 WHEREAS, the Acquiring Investor Group wishes to become a Conduit Investor and [a] Committed Note Purchaser[s] with respect to such Conduit Investor under the Series 2012-1 Class A-1 Note Purchase
Agreement; and 
 WHEREAS, the Transferor Investor Group is selling and assigning to the Acquiring Investor Group [all] [a
portion of] its respective rights, obligations and commitments under the Series 2012-1 Class A-1 Note Purchase Agreement, the Series 2012-1 Class A-1 Advance Notes and each other Related Document to which it is a party with respect to the percentage
of its Commitment Amount specified on Schedule I attached hereto; 
 NOW, THEREFORE, the parties hereto hereby agree
as follows: 
 Upon the execution and delivery of this Investor Group Supplement by the Acquiring Investor Group, each related
Funding Agent with respect thereto, the Transferor Investor Group, the Swingline Lender, the L/C Provider and, to the extent required by Section 9.17(c) of the Series 2012-1 Class A-1 Note Purchase Agreement, the Co-Issuers (the date of
such execution and delivery, the “Transfer Issuance Date”), the Conduit Investor and the Committed Note Purchaser[s] with respect to the Acquiring Investor Group shall be parties to the Series 2012-1 Class A-1 Note Purchase
Agreement for all purposes thereof. 
 The Transferor Investor Group acknowledges receipt from the Acquiring Investor Group of
an amount equal to the purchase price, as agreed between the Transferor Investor Group and the Acquiring Investor Group (the “Purchase Price”), of the portion being purchased by the Acquiring Investor Group (the Acquiring Investor
Group’s “Purchased Percentage”) of (i) the aggregate Commitment[s] of the Committed Note Purchaser[s] included in the Transferor Investor Group under the Series 2012-1 Class A-1 Note Purchase Agreement and (ii) the
aggregate related Committed Note 

  
 C-1

 
Purchaser Percentage[s] of the related Investor Group Principal Amount. The Transferor Investor Group hereby irrevocably sells, assigns and transfers to the Acquiring Investor Group, without
recourse, representation or warranty, and the Acquiring Investor Group hereby irrevocably purchases, takes and assumes from the Transferor Investor Group, such Acquiring Investor Group’s Purchased Percentage of (x) the aggregate
Commitment[s] of the Committed Note Purchaser[s] included in the Transferor Investor Group under the Series 2012-1 Class A-1 Note Purchase Agreement and (y) the aggregate related Committed Note Purchaser Percentage[s] of the related Investor
Group Principal Amount. 
 The Transferor Investor Group has made arrangements with the Acquiring Investor Group with respect to
(i) the portion, if any, to be paid, and the date or dates for payment, by the Transferor Investor Group to such Acquiring Investor Group of any program fees, undrawn facility fee, structuring and commitment fees or other fees (collectively,
the “Fees”) [heretofore received] by the Transferor Investor Group pursuant to Section 3.02 of the Series 2012-1 Class A-1 Note Purchase Agreement prior to the Transfer Issuance Date [and (ii) the portion, if any,
to be paid, and the date or dates for payment, by such Acquiring Investor Group to the Transferor Investor Group of Fees or
[                                         ]
received by such Acquiring Investor Group pursuant to the Series 2012-1 Supplement from and after the Transfer Issuance Date]. 

From and after the Transfer Issuance Date, amounts that would otherwise be payable to or for the account of the Transferor Investor Group
pursuant to the Series 2012-1 Supplement or the Series 2012-1 Class A-1 Note Purchase Agreement shall, instead, be payable to or for the account of the Transferor Investor Group and the Acquiring Investor Group, as the case may be, in accordance
with their respective interests as reflected in this Investor Group Supplement, whether such amounts have accrued prior to the Transfer Issuance Date or accrue subsequent to the Transfer Issuance Date. 

Each of the parties to this Investor Group Supplement agrees that at any time and from time to time upon the written request of any other
party, it will execute and deliver such further documents and do such further acts and things as such other party may reasonably request in order to effect the purposes of this Investor Group Supplement. 

The Acquiring Investor Group has executed and delivered to the Administrative Agent a Purchaser’s Letter substantially in the form
of Exhibit D to the Series 2012-1 Class A-1 Note Purchase Agreement. 
 By executing and delivering this Investor Group
Supplement, the Transferor Investor Group and the Acquiring Investor Group confirm to and agree with each other and the other parties to the Series 2012-1 Class A-1 Note Purchase Agreement as follows: (i) other than the representation and
warranty that it is the legal and beneficial owner of the interest being assigned hereby free and clear of any adverse 

  
 C-2

 
claim, the Transferor Investor Group makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with
the Series 2012-1 Supplement, the Series 2012-1 Class A-1 Note Purchase Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Indenture, the Series 2012-1 Class A-1 Notes, the Related Documents or
any instrument or document furnished pursuant thereto; (ii) the Transferor Investor Group makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Co-Issuers or the performance or
observance by the Co-Issuers of any of the Co-Issuers’ obligations under the Indenture, the Series 2012-1 Class A-1 Note Purchase Agreement, the Related Documents or any other instrument or document furnished pursuant hereto; (iii) the
Acquiring Investor Group confirms that it has received a copy of the Indenture, the Series 2012-1 Class A-1 Note Purchase Agreement and such other Related Documents and other documents and information as it has deemed appropriate to make its own
credit analysis and decision to enter into this Investor Group Supplement; (iv) the Acquiring Investor Group will, independently and without reliance upon the Administrative Agent, the Transferor Investor Group, the Funding Agents or any other
Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Series 2012-1 Class A-1 Note Purchase Agreement; (v) the Acquiring
Investor Group appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Series 2012-1 Class A-1 Note Purchase Agreement as are delegated to the Administrative Agent by the
terms thereof, together with such powers as are reasonably incidental thereto, all in accordance with Article V of the Series 2012-1 Class A-1 Note Purchase Agreement; (vi) each member of the Acquiring Investor Group appoints and
authorizes its related Funding Agent, listed on Schedule I hereto, to take such action as agent on its behalf and to exercise such powers under the Series 2012-1 Class A-1 Note Purchase Agreement as are delegated to such Funding Agent by
the terms thereof, together with such powers as are reasonably incidental thereto, all in accordance with Article V of the Series 2012-1 Class A-1 Note Purchase Agreement; (vii) each member of the Acquiring Investor Group agrees
that it will perform in accordance with their terms all of the obligations that by the terms of the Series 2012-1 Class A-1 Note Purchase Agreement are required to be performed by it as a member of the Acquiring Investor Group; and (viii) each
member of the Acquiring Investor Group hereby represents and warrants to the Co-Issuers and the Manager that: (A) it has had an opportunity to discuss the Co-Issuers’ and the Manager’s business, management and financial affairs, and
the terms and conditions of the proposed purchase, with the Co-Issuers and the Manager and their respective representatives; (B) it is an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) of
Regulation D under the Securities Act and has sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of investing in, and is able and prepared to bear the economic risk of investing in,
the Series 2012-1 Class A-1 Notes; (C) it is purchasing the Series 2012-1 Class A-1 Notes for its own account, or for the account of one or more “accredited investors” within the meaning of Rule 501(a)(1), (2), (3) or (7) of
Regulation D under the Securities Act that meet the criteria described in clause (viii)(B) above and for which it is acting with 

  
 C-3

 
complete investment discretion, for investment purposes only and not with a view to distribution, subject, nevertheless, to the understanding that the disposition of its property shall at all
times be and remain within its control, and neither it nor its Affiliates has engaged in any general solicitation or general advertising within the meaning of the Securities Act with respect to the Series 2012-1 Class A-1 Notes; (D) it
understands that (I) the Series 2012-1 Class A-1 Notes have not been and will not be registered or qualified under the Securities Act or any applicable state securities laws or the securities laws of any other jurisdiction and are being offered
only in a transaction not involving any public offering within the meaning of the Securities Act and may not be resold or otherwise transferred unless so registered or qualified or unless an exemption from registration or qualification is available
and an opinion of counsel shall have been delivered in advance to the Co-Issuers, (II) the Co-Issuers are not required to register the Series 2012-1 Class A-1 Notes, (III) any permitted transferee hereunder must be it is an
“accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act and otherwise meet the criteria described under clause (B) above and (IV) any transfer must comply
with the provisions of Section 2.8 of the Base Indenture, Section 4.3 of the Series 2012-1 Supplement and Section 9.03 or 9.17, as applicable, of the Series 2012-1 Class A-1 Note Purchase Agreement;
(E) it will comply with the requirements of clause (viii)(D) above in connection with any transfer by it of the Series 2012-1 Class A-1 Notes; (F) it understands that the Series 2012-1 Class A-1 Notes will bear the legend set out in
the form of Series 2012-1 Class A-1 Notes attached to the Series 2012-1 Supplement and be subject to the restrictions on transfer described in such legend; (G) it will obtain for the benefit of the Co-Issuers from any purchaser of the Series
2012-1 Class A-1 Notes substantially the same representations and warranties contained in the foregoing paragraphs; and (H) it has executed a Purchaser’s Letter substantially in the form of Exhibit D to the Series 2012-1
Class A-1 Note Purchase Agreement. 
 Schedule I hereto sets forth (i) the Purchased Percentage for the
Acquiring Investor Group, (ii) the revised Commitment Amounts of the Transferor Investor Group and the Acquiring Investor Group, and (iii) the revised Maximum Investor Group Principal Amounts for the Transferor Investor Group and the
Acquiring Investor Group and (iv) administrative information with respect to the Acquiring Investor Group and its related Funding Agent. 
 This Investor Group Supplement and all matters arising under or in any manner relating to this Investor Group Supplement shall be governed by, and construed in accordance with, the laws of the State of
New York, and the obligations, rights and remedies of the parties hereto shall be determined in accordance with such law. 

ALL PARTIES HEREUNDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION BASED HEREON OR ON THE SERIES 2012-1 CLASS A-1 NOTE PURCHASE AGREEMENT, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS INVESTOR GROUP SUPPLEMENT OR THE SERIES 2012-1 CLASS A-1 NOTE

  
 C-4

 
PURCHASE AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES IN CONNECTION HEREWITH OR THEREWITH. ALL PARTIES ACKNOWLEDGE AND
AGREE THAT THEY HAVE RECEIVED FULL AND SIGNIFICANT CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR ALL PARTIES TO ENTER INTO THIS INVESTOR GROUP SUPPLEMENT. 

  
 C-5

 IN WITNESS WHEREOF, the parties hereto have caused this Investor Group Supplement to be
executed by their respective duly authorized officers as of the date first set forth above. 
  

			
	 [            ], as Transferor Investor
Group

		
	 By:
	 	 
	 Title: 
	 	
	
	 [            ], as Acquiring Investor
Group

		
	 By:
	 	 
	 Title:
	 	
	
	 [            ], as Funding Agent

		
	 By:
	 	 
	 Title:
	 	

  
 C-6

			
		  	SCHEDULE I TO 

INVESTOR GROUP SUPPLEMENT

 LIST OF ADDRESSES FOR NOTICES 

AND OF COMMITMENT AMOUNTS 

[                    ], as 

Transferor Investor Group 
  

	
	Prior Commitment Amount: $[            ]
	
	Revised Commitment Amount: $[            ]
	
	Prior Maximum Investor Group Principal Amount: $[            ]
	
	Revised Maximum Investor Group Principal Amount: $[            ]
	
	[                    ], as
Acquiring Investor Group
	  
 Address:

 
 Attention:

 
 Telephone:

 
 Facsimile:

	
	Purchased Percentage of Transferor Investor Group’s Commitment: [            ]%
	
	Prior Commitment Amount: $[            ]
	
	Revised Commitment Amount: $[            ]
	
	Prior Maximum Investor Group Principal Amount: $[            ]

  
 C-7

	
	Revised Maximum Investor Group Principal Amount: $[            ]
	
	[                     ], as
related Funding Agent
	  
 Address:

 
 Attention:

 
 Telephone:

 
 Facsimile:

  
 C-8

 EXHIBIT D TO CLASS A-1  

NOTE PURCHASE AGREEMENT 
 [FORM OF PURCHASER’S LETTER] 
  

			
	 [INVESTOR]
 [INVESTOR
ADDRESS]
 Attention: [INVESTOR CONTACT]
	  	[Date]

 Ladies and Gentlemen: 
 Reference is hereby made to the Class A-1 Note Purchase Agreement dated November 29, 2012 (the “NPA”) relating to the offer and sale (the “Offering”) of up to
$100,000,000 of Series 2012-1 Variable Funding Senior Notes, Class A-1 (the “Securities”) of Icon Brand Holdings LLC, Icon DE Intermediate Holdings LLC, Icon DE Holdings LLC and Icon NY Holdings LLC (collectively, the
“Co-Issuers”). The Offering will not be required to be registered with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the “Act”) under an exemption from registration
granted in Section 4(2) of the Act and Regulation D promulgated under the Act. Barclays Bank PLC is acting as administrative agent (the “Administrative Agent”) in connection with the Offering. Unless otherwise defined herein,
capitalized terms have the definitions ascribed to them in the NPA. Please confirm with us your acknowledgement and agreement with the following: 
 (a) You are an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act (an “Accredited Investor”) and have
sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of investing in, and are able and prepared to bear the economic risk of investing in, the Securities. 

(b) Neither the Administrative Agent nor its Affiliates (i) has provided you with any information with respect to the
Co-Issuers, the Securities or the Offering other than the information contained in the NPA, which was prepared by the Co-Issuers, or (ii) makes any representation as to the credit quality of the Co-Issuers or the merits of an investment in the
Securities. The Administrative Agent has not provided you with any legal, business, tax or other advice in connection with the Offering or your possible purchase of the Securities. 

(c) You acknowledge that you have completed your own diligence investigation of the Co-Issuers and the Securities and have
had sufficient access to the agreements, documents, records, officers and directors of the Co-Issuers to make your investment decision related to the Securities. You further acknowledge that you have had an opportunity to discuss the
Co-Issuers’ and the Manager’s business, management and financial affairs, and the terms and conditions of the proposed purchase, with the Co-Issuers and the Manager and their respective representatives. 

  
 D-1

 (d) The Administrative Agent may currently or in the future own securities
issued by, or have business relationships (including, among others, lending, depository, risk management, advisory and banking relationships) with, the Co-Issuers and their affiliates, and the Administrative Agent will manage such security positions
and business relationships as it determines to be in its best interests, without regard to the interests of the holders of the Securities. 
 (e) You are purchasing the Securities for your own account, or for the account of one or more Persons who are Accredited Investors who meet the criteria described in paragraph (a) above and for whom
you are acting with complete investment discretion, for investment purposes only and not with a view to distribution, subject, nevertheless, to the understanding that the disposition of your property shall at all times be and remain within your
control, and neither you nor your Affiliates has engaged in any general solicitation or general advertising within the meaning of the Act, or the rules and regulations promulgated thereunder with respect to the Securities. You confirm that, to the
extent you are purchasing the Securities for the account of one or more other Persons, (i) you have been duly authorized to make the representations, warranties, acknowledgements and agreements set forth herein on their behalf and (ii) the
provisions of this letter constitute legal, valid and binding obligations of you and any other Person for whose account you are acting; 
 (f) You understand that (i) the Securities have not been and will not be registered or qualified under the Act or any applicable state securities laws or the securities laws of any other jurisdiction
and are being offered only in a transaction not involving any public offering within the meaning of the Act and may not be resold or otherwise transferred unless so registered or qualified or unless an exemption from registration or qualification is
available and an opinion of counsel shall have been delivered in advance to the Co-Issuers, (ii) the Co-Issuers are not required to register the Securities, (iii) any permitted transferee under the NPA must be an Accredited Investor and
(iv) any transfer must comply with the provisions of Section 2.8 of the Base Indenture, Section 4.3 of the Series 2012-1 Supplement and Section 9.03 or 9.17 of the NPA, as applicable; 

(g) You will comply with the requirements of paragraph (f) above in connection with any transfer by you of the
Securities; 
 (h) You understand that the Securities will bear the legend set out in the form of Securities
attached to the Series 2012-1 Supplement and be subject to the restrictions on transfer described in such legend; 
 (i) Either (i) you are not acquiring or holding the Securities for or on behalf of, or with the assets of, any plan, account or other arrangement that is subject to Section 406 of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or provisions under any Similar Law (as defined in the Series 2012-1 Supplemental
Definitions List attached to the Series 2012-1 Supplement as Annex A) or (ii) your purchase and holding of the Securities will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code
or a violation of any applicable Similar Law; and 

  
 D-2

 (j) You will obtain for the benefit of the Co-Issuers from any purchaser of
the Securities substantially the same representations and warranties contained in the foregoing paragraphs. 
 This letter agreement will be
governed by and construed in accordance with the laws of the State of New York. 
 You understand that the Administrative Agent
will rely upon this letter agreement in acting as a Administrative Agent in connection with the Offering. You agree to notify the Administrative Agent promptly in writing if any of your representations, acknowledgements or agreements herein cease to
be accurate and complete. You irrevocably authorize the Administrative Agent to produce this letter to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters set forth herein. 

 

			
	BARCLAYS BANK PLC
		
	By: 	 	 
		 	Name:
		 	Title:
	
	Agreed and Acknowledged:
	
	[INVESTOR]
		
	By:	 	 
		 	Name:
		 	Title:

  
 D-3Management Agreement  Dated November 29, 2012

 Exhibit 10.2 

 
  

 
 November 29, 2012

 MANAGEMENT AGREEMENT 
 among 
 ICON DE INTERMEDIATE HOLDINGS LLC, 

ICON BRAND HOLDINGS LLC, 
 ICON DE HOLDINGS LLC, 
 ICON NY HOLDINGS LLC, 

ICONIX BRAND GROUP, INC., 
 as Manager and in its individual capacity, 
 and 

CITIBANK, N.A., 

as Trustee 
  

 
  

 
 

 

							
	ARTICLE I DEFINITIONS	  	 	2	  
			
	 Section 1.1
	 	Certain Definitions	  	 	2	  
	 Section 1.2
	 	Other Defined Terms	  	 	7	  
	 Section 1.3
	 	Other Terms	  	 	8	  
	 Section 1.4
	 	Computation of Time Periods	  	 	8	  
		
	ARTICLE II ADMINISTRATION AND MANAGEMENT OF SECURITIZED ASSETS	  	 	8	  
			
	 Section 2.1
	 	Iconix to Act as the Manager	  	 	8	  
	 Section 2.2
	 	Certain Amendments to Documents Governing Securitized Assets	  	 	10	  
	 Section 2.3
	 	Concentration Accounts	  	 	11	  
	 Section 2.4
	 	Records	  	 	11	  
	 Section 2.5
	 	Administrative Duties of Manager	  	 	12	  
	 Section 2.6
	 	No Offset	  	 	12	  
	 Section 2.7
	 	Compensation	  	 	13	  
	 Section 2.8
	 	Indemnification	  	 	13	  
	 Section 2.9
	 	Nonpetition Covenant	  	 	14	  
	 Section 2.10  
	 	Certain Amendments to Documents Governing Securitized Assets	  	 	14	  
		
	ARTICLE III STATEMENTS AND REPORTS	  	 	14	  
			
	 Section 3.1
	 	Reporting by the Manager	  	 	14	  
	 Section 3.2
	 	Appointment of Independent Accountant	  	 	14	  
	 Section 3.3
	 	Annual Accountants’ Reports	  	 	15	  
		
	ARTICLE IV THE MANAGER	  	 	15	  
			
	 Section 4.1
	 	Representations and Warranties Concerning the Manager	  	 	15	  
	 Section 4.2
	 	Existence	  	 	18	  
	 Section 4.3
	 	Performance of Obligations	  	 	18	  
	 Section 4.4
	 	Merger; Resignation and Assignment	  	 	21	  
	 Section 4.5
	 	Taxes	  	 	21	  
	 Section 4.6
	 	Notice of Certain Events	  	 	22	  
	 Section 4.7
	 	Capitalization	  	 	22	  
	 Section 4.8
	 	Maintenance of Separateness	  	 	22	  
	 Section 4.9
	 	No ERISA Plan	  	 	23	  
		
	ARTICLE V COVENANTS AS TO AMENDING OR ENTERING INTO NEW LICENSE AGREEMENTS	  	 	23	  
			
	 Section 5.1
	 	Covenants Made in Respect of Amending or Entering into New License Agreements	  	 	23	  
		
	ARTICLE VI DEFAULT	  	 	24	  
			
	 Section 6.1
	 	Manager Termination Event	  	 	24	  
	 Section 6.2
	 	Disentanglement	  	 	27	  
	 Section 6.3
	 	No Effect on Other Parties	  	 	27	  
	 Section 6.4
	 	Rights Cumulative	  	 	28	  

  
 -i-

							
		
	ARTICLE VII CONFIDENTIALITY	  	 	28	  
			
	 Section 7.1        
	 	Confidentiality	  	 	28	  
		
	ARTICLE VIII MISCELLANEOUS PROVISIONS	  	 	29	  
			
	 Section 8.1
	 	Term of this Agreement	  	 	29	  
	 Section 8.2
	 	Amendments to this Agreement	  	 	30	  
	 Section 8.3
	 	Amendments to other Agreements	  	 	30	  
	 Section 8.4
	 	Acknowledgement	  	 	30	  
	 Section 8.5
	 	Governing Law; Waiver of Jury Trial; Jurisdiction	  	 	31	  
	 Section 8.6
	 	Notices	  	 	31	  
	 Section 8.7
	 	Severability of Provisions	  	 	31	  
	 Section 8.8
	 	Delivery Dates	  	 	32	  
	 Section 8.9
	 	Binding Effect; Limited Rights of Others	  	 	32	  
	 Section 8.10
	 	Article and Section Headings	  	 	32	  
	 Section 8.11
	 	Counterparts	  	 	32	  

 EXHIBITS 
  

					
	EXHIBIT A	  	—	  	  JOINDER AGREEMENT
	EXHIBIT B	  	—	  	  POWER OF ATTORNEY

  
 -ii-

 MANAGEMENT AGREEMENT 

This MANAGEMENT AGREEMENT, dated as November 29, 2012 (this “Agreement”), is entered into by and among Icon DE
Intermediate Holdings LLC, a Delaware limited liability company (“Brand Holdings I”), Icon Brand Holdings LLC, a Delaware limited liability company (“Brand Holdings II”), Icon DE Holdings LLC, a Delaware limited
liability company (“IP Holder I”), Icon NY Holdings LLC, a Delaware limited liability company (“IP Holder II”, and together with Brand Holdings I, Brand Holdings II and IP Holder I, the
“Co-Issuers”), Iconix Brand Group, Inc., a Delaware corporation (“Iconix” or the “Manager”), Citibank, N.A., a national banking association, as trustee (the “Trustee”), and any
other Securitization Entity that becomes party to this Agreement by execution of a joinder substantially in the form attached hereto as Exhibit A. For all purposes of this Agreement, capitalized terms used herein but not otherwise defined
herein shall have the meanings ascribed thereto in Annex A to the Base Indenture (as defined below). 
 RECITALS

 WHEREAS, the Co-Issuers have entered into the Base Indenture (the “Base Indenture”), dated as of the
date of this Agreement, with Citibank, N.A., as trustee and securities intermediary, pursuant to which the Co-Issuers shall issue series of notes (the “Notes”) from time to time, on the terms described therein. Pursuant to the Base
Indenture and the G&C Agreements, as security for the indebtedness represented by the Notes and the other Obligations, the Securitization Entities are and will be granting to the Trustee on behalf of the Secured Parties, a security interest in
the Collateral; 
 WHEREAS, each of the Securitization Entities desires to have the Manager enforce, or otherwise assist each
Securitization Entity in enforcing, its rights and powers and perform, or otherwise assist each Securitization Entity in performing, its duties and obligations under the Managed Documents to which it is party in accordance with the Management
Standard; 
 WHEREAS, each of the Securitization Entities desires to have the Manager enter into certain agreements and acquire,
manage and dispose of certain assets from time to time on its behalf, in each case in accordance with the Management Standard; 

WHEREAS, each of IP Holder I, IP Holder II and any Additional IP Holder joining this Agreement (each an “IP Holder” and
together, the “IP Holders”) desire to respectively appoint the Manager as its agent for providing comprehensive intellectual property development, enforcement, maintenance, protection, defense, management, licensing, contract
administration and other duties or services in connection with the Securitized IP Assets in accordance with the Management Standard; 
 WHEREAS, each of the Securitization Entities desires that the Manager and its affiliates provide, and the Manager and its affiliates wish to provide to the Securitization Entities, certain business and
additional services related to the Securitized Assets (defined below); 

 WHEREAS, the Manager has agreed to exercise the rights and powers granted hereunder and to
perform its management obligations and duties hereunder, all in accordance with the Management Standard; and 
 WHEREAS, each of
the Securitization Entities desires to enter into this Agreement to provide for, among other things, the management of the respective rights and powers and the performance of the respective duties and obligations of the Securitization Entities, as
applicable, under or in connection with the Related Documents, each of the assets contributed pursuant to the Contribution Agreements, each License Agreement entered into or amended after the Closing Date and any other assets acquired by the
Securitization Entities from time to time (the “Securitized Assets”), by the Manager, all in accordance with the Management Standard. 
 NOW THEREFORE, in consideration of the premises and the mutual agreements hereinafter set forth, the parties hereto agree as follows: 

ARTICLE I 

DEFINITIONS 
 Section 1.1 Certain Definitions. Capitalized terms used herein but not otherwise defined herein or in Annex A to the Base Indenture shall have the following meanings: 

“Additional Services” means the following services and actions taken on behalf of and in the name of the
applicable Securitization Entity: 
 (a) calculating and compiling information required in connection with any report to be
delivered pursuant to any Related Document (other than the Back-Up Management Agreement); 
 (b) preparing and filing of all tax
returns and tax reports required to be prepared by any Securitization Entity; 
 (c) performing the duties and obligations of the
Securitization Entities pursuant to the Related Documents; 
 (d) ensuring material compliance by the Securitization Entities
with applicable laws and regulation; 
 (e) performing the obligations of the Securitization Entities under the Managed
Documents, including entering into new Managed Documents from time to time; 
 (f) enforcing and providing legal services with
respect to the Securitized Assets; 
 (g) providing accounting and financial reporting services; 

  
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 (h) on behalf of and in the name of the Securitization Entities, performing such functions
and duties, and preparing and filing such documents, as are required under the Indenture or the G&C Agreements to be performed, prepared and/or filed by the Securitization Entities, including: 

(i) causing the IP Holders to execute and record such financing statements (including continuation statements) or
amendments thereof or supplements thereto or such other instruments as the Trustee (at the direction of the Control Party), the Control Party and the Securitization Entities together may from time to time reasonably request in connection with the
security interests in the Securitized IP Assets granted by the IP Holders to the Trustee; provided that such requests are consistent with the standards and obligations set forth in the Base Indenture; and 

(ii) causing the IP Holders to execute grants of security interests or any similar instruments as the Trustee (at the
direction of the Control Party), the Control Party and the Securitization Entities together may from time to time reasonably request; provided that such requests are consistent with the standards and obligations set forth in the Base
Indenture that are intended to evidence such security interests in the Securitized IP Assets and recording such grants or other instruments with the relevant authority including the PTO, the U.S. Copyright Office or any applicable foreign
intellectual property office as may be agreed upon by the parties to such agreements; and 
 (i) any and all additional services
that the Manager deems necessary or convenient in connection with the foregoing. 
 “Agreement” has the
meaning set forth in the preamble hereto. 
 “Base Indenture” has the meaning set forth in the recitals
hereto. 
 “Business Services” means the following services and actions taken on behalf of and in the
name of the applicable Securitization Entity: 
 (a) enforcing, and/or assisting in the enforcement of, IP Holder I’s, IP
Holder II’s and any Additional IP Holder’s legal title in and to the Securitized IP Assets and exercising, or assisting with the exercise of, IP Holder I’s, IP Holder II’s, and any Additional IP Holder’s rights, and
performing, or assisting with the performance of, IP Holder I’s, IP Holder II’s, and any Additional IP Holder’s obligations, under each Securitized License Agreement, including ensuring that any use of the Securitized IP Assets
satisfies the quality control provisions of such Securitized License Agreement and is in compliance with all applicable laws; 

(b) collecting License Payments payable under the Securitized License Agreements and otherwise enforcing the Securitized License
Agreements; 
 (c) collecting distributions declared by the Joint Ventures; 

  
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 (d) taking such actions on behalf of the IP Holders as an IP Holder may reasonably request
or as the Manager may reasonably recommend that are expressly required by the terms, provisions and purposes of the Securitized License Agreements; 
 (e) preparing for execution by the IP Holders or any other appropriate Person all documents, certificates and other filings as the IP Holders shall be required to prepare and/or file under the terms of
the Securitized License Agreements; 
 (f) securing, preparing and negotiating New License Agreements and securing, preparing and
negotiating any renewals of Existing License Agreements; 
 (g) providing all information, notices and documentation required to
be delivered by any Securitization Entity as the member of a Joint Venture; 
 (h) exercising all voting rights held by any
Securitization Entity under a Joint Venture Agreement; 
 (i) managing the assets of each Joint Venture, on behalf of the
applicable Securitization Entity, as a member of such Joint Venture, or as administrative manager thereof; 
 (j) enforcing the
terms of the Joint Venture Agreements; 
 (k) establishing and/or providing quality control services and standards and monitoring
industry conditions; 
 (l) identifying and soliciting third parties with interest in potentially entering into licensing
arrangements; 
 (m) formulating and implementing growth and business strategies and causing the IP Holders to enter into or
renew License Agreements; 
 (n) approving designs for the licensed products proposed by the Licensees under the Securitized
License Agreements; 
 (o) providing trend direction to the Licensees with respect to the Securitized Brands; 

(p) crafting and developing advertisements, engaging spokespersons, arranging advertising and promotional events, securing product
placements, and other value enhancement services; 
 (q) providing personnel necessary or desirable for each Securitization
Entity’s business; 
 (r) supporting the development of new products; and 

(s) performing the obligations and enforcing the rights of each IP Holder as a licensee under the International Sublicenses to which it is
a party. 

  
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 “Cold Back-Up Management Duties” has the meaning set forth in the
Back-Up Management Agreement. 
 “Confidential Information” means information (including Know-How)
treated as confidential and proprietary by its owner that is disclosed by a party hereto (“Discloser”), either directly or indirectly, in writing or orally, to another party hereto (“Recipient”). 

“Current Practices” means, in respect of any action or inaction, the practices, standards and procedures of
Iconix and its Subsidiaries as performed or that have been performed immediately prior to the Closing Date. 

“Discloser” has the meaning ascribed to such term in the definition of “Confidential Information.”

 “Disentanglement” has the meaning set forth in Section 6.2(a) hereof. 

“Disentanglement Period” has the meaning set forth in Section 6.2(c) hereof. 

“Disentanglement Services” has the meaning set forth in Section 6.2(a) hereof. 

“Environmental Laws” has the meaning given to such term in Section 4.1(m)(i) hereof. 

“Hot Back-Up Management Duties” has the meaning set forth in the Back-Up Management Agreement. 

“Iconix” has the meaning set forth in the preamble hereto. 

“Indemnitee” has the meaning set forth in Section 2.8 hereof. 

“Independent Accountants” has the meaning set forth in Section 3.2 hereof. 

“IP Services” means the following services and actions taken on behalf of and in the name of the applicable
Securitization Entity: 
 (a) maintaining and/or assisting with the enforcement and defense of the IP Holders’ rights in and
to the Securitized IP Assets, including, but not limited to, diligently prosecuting Trademark applications and maintaining Trademark registrations, timely filing statements of use, applications for renewal and affidavits of use and/or
incontestability and paying all fees required by applicable law; searching and clearing the trademarks included in the Additional Securitized IP Assets; responding to third-party oppositions of Trademark applications or registrations; responding to
any office action or other examiner requests; conducting searches, monitoring and taking appropriate actions to oppose or contest any applications or registrations for Trademarks that are likely to cause confusion with or to dilute, or otherwise
violate any IP Holder’s rights in or to, the Securitized Trademarks; 
 (b) applying for registration of copyrights and
timely filing maintenance and registration fees; 

  
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 (c) diligently prosecuting applications (including, but not limited to, divisionals,
continuation-in-parts, provisionals, and reissues) and maintaining any patents, including, but not limited to, timely paying all maintenance and registration fees required by applicable law and responding to office actions, requests for
reexamination, interferences and any other patent office requests or requirements; 
 (d) maintaining registrations for all
domain names included in the Securitized IP Assets; 
 (e) in the event that the Manager becomes aware of any imitation,
infringement, dilution, misappropriation and/or unauthorized use of the Securitized IP Assets, or any portion thereof, taking reasonable actions to protect, police and enforce such Securitized IP Assets, including, as appropriate, on behalf of and
in the name of the applicable IP Holder, (i) preparing, issuing and responding to and further prosecuting cease and desist, demand and notice letters and requests for a license; and (ii) assist with commencing, prosecuting and/or resolving
a claim or suit against such imitation, infringement, dilution, misappropriation and/or the unauthorized use of the Securitized IP Asset, and seeking all appropriate monetary and equitable remedies in connection therewith; and 

(f) paying or arranging for payment or discharge of taxes and Liens levied on or threatened against the Securitized IP Assets. 

“Managed Document” means any contract, agreement, arrangement or understanding evidencing or relating to any of
the Securitized Assets, including, without limitation, the Securitized License Agreements and the Contribution Agreements. 

“Management Fee” means for each Monthly Allocation Date within a Quarterly Collection Period, an amount, equal to
22.5% of the aggregate amount of Retained Collections received by any Securitization Party and deposited into any Concentration Account or the Collection Account during the immediately preceding calendar month. 

“Management Standard” means (i) using the same degree of care, skill, prudence and diligence and the Current
Practices or, to the extent of changed circumstances or practices, consistent with the standards the Manager would implement or observe if the Securitized Assets were owned by the Manager, with the objective of maximizing long-term net cash flow
from exploitation of the Securitized IP Assets and (ii) in a manner that does not discriminate in any material respect against the Securitized Assets in favor of other assets that the Manager or any of its Affiliates manages, services and
markets and otherwise in its good faith business judgment. 
 “Manager Termination Event” has the
meaning set forth in Section 6.1(a) hereof. 
 “Notes” has the meaning set forth in the recitals
hereto. 

  
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 “Power of Attorney” means the authority granted by Brand Holdings I,
Brand Holdings II, IP Holder I, IP Holder II and any Additional IP Holder to the Manager pursuant to a Power of Attorney in substantially the form set forth as Exhibit B hereto. 

“Recipient” has the meaning ascribed to such term in the definition of “Confidential
Information.” 
 “Securitized Assets” has the meaning set forth in the recitals hereto.

 “Services” means collectively, the Business Services, the IP Services and the Additional Services.

 “Significant Subsidiary” means any Subsidiary of Iconix (i) in which Iconix owns a greater than
75% ownership interest; (ii) that Iconix consolidates in its financial statements and that has $100 million or more of Indebtedness; or (iii) whose Indebtedness is otherwise full recourse to Iconix. 

“Subsidiary Debt” means Indebtedness of a Significant Subsidiary other than Indebtedness owed to Iconix or its
Affiliates. 
 “Successor Manager” means any successor to the Manager selected by the Control Party (at
the direction of the Controlling Class Representative) upon the resignation or removal of the Manager pursuant to the terms of this Agreement. 
 “Transition Plan” has the meaning set forth in the Back-Up Management Agreement. 
 “Trustee” has the meaning set forth in the preamble hereto. 
 “Trustee Indemnitee” has the meaning set forth in Section 2.8(b) hereof. 
 “Warm Back-Up Management Duties” has the meaning set forth in the Back-Up Management Agreement. 
 Section 1.2 Other Defined Terms. 
 (a) Each term defined in the
singular form in Section 1.1 or elsewhere in this Agreement shall mean the plural thereof when the plural form of such term is used in this Agreement and each term defined in the plural form in Section 1.1 shall mean the singular thereof
when the singular form of such term is used herein. 
 (b) The words “hereof,” “herein,”
“hereunder” and similar terms when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and article, section, subsection, schedule and exhibit references herein are
references to articles, sections, subsections, schedules and exhibits to this Agreement unless otherwise specified. 

  
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 Section 1.3 Other Terms. All accounting terms not specifically defined herein
shall be construed in accordance with GAAP. All terms used in Article 9 of the UCC in the State of New York, and not specifically defined herein, are used herein as defined in such Article IX. 

Section 1.4 Computation of Time Periods. Unless otherwise stated in this Agreement, in the computation of a period of time
from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each means “to but excluding.”

 Section 1.5 Interpretation of Manager’s Rights. The parties acknowledge and agree that (1) the
Securitized IP Assets are only licensed hereunder to the Manager on a limited basis pursuant to the last sentence of Section 2.1 and not assigned to the Manager, (2) the IP Holders retain all rights of ownership in and to the Securitized
IP Assets and (3) all decisions concerning the quality of the goods and services offered under any Securitized IP Assets shall be determined in the sole discretion of the applicable IP Holder and communicated to the Manager, who shall comply
with such instructions. 
 ARTICLE II 
 Administration and Management of Securitized Assets 
 Section 2.1
Iconix to Act as the Manager. 
 (a) Engagement of the Manager. The Securitization Entities hereby engage and
authorize the Manager and the Manager hereby accepts such engagement to perform the Services in accordance with the terms of this Agreement and, except as otherwise provided herein, the Management Standard. With respect to the IP Services, the
Manager shall perform the IP Services in accordance with the Management Standard unless any applicable IP Holder determines, in its sole discretion, that additional or alternative action is necessary or desirable in furtherance of the protection of
the Securitized IP Assets, in which case the Manager shall perform such IP Services and additional related services as are reasonably requested by such IP Holder. The Manager, on behalf of the Securitization Entities, shall have full power and
authority, acting alone and subject only to the Management Standard and the specific requirements and prohibitions of this Agreement, the Indenture and the other Related Documents, to do and take any and all actions, or to refrain from taking any
such actions, and to do any and all things in connection with performing the Services that the Manager may deem necessary or desirable; provided that all decisions concerning the quality of the goods and services offered under any Securitized
IP Assets shall be determined in the sole discretion of the applicable IP Holder and communicated to the Manager, who shall comply with such instructions. Without limiting the generality of the foregoing, but subject to the provisions of this
Agreement, the Indenture and the other Related Documents, including, without limitation, Section 2.9, the Manager, in connection with performing the Services, is hereby authorized and empowered to execute and deliver, in the Manager’s own
name (in its capacity as Manager) or in the name of any Securitization Entity, on behalf of any Securitization Entity or the Trustee, as the case may be, any and all instruments of satisfaction or cancellation, or of partial or full release or
discharge, and all other comparable instruments, with respect to the Securitized Assets. To the extent required to perform the Services, and only to the extent necessary, the IP Holders hereby grant the Manager and, to the extent delegation is
permitted hereunder, its Subsidiaries, a non-exclusive non-assignable or transferable right and license to use the Securitized IP Assets to perform the Services. 

  
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 (b) Delegation of Duties. The Manager may delegate and perform its duties under this
Agreement to a Subsidiary who is not a Securitization Entity without obtaining consent so long as such Subsidiary (A) has demonstrated an ability to professionally and competently perform duties similar to those imposed on the Manager under
this Agreement, (B) is legally qualified and has the capacity to act as Manager under this Agreement and (C) immediately after such delegation, utilizes personnel performing the duties required thereunder who are the same individuals who
would have performed such duties had the delegation not occurred. No delegation of duties by the Manager shall relieve it from any liability hereunder. 
 (c) Actions to Perfect Security Interests. Subject to the terms of the Base Indenture and any applicable Series Supplement, the Manager shall take those actions that are required under the Related
Documents to maintain continuous perfection and priority (subject to Permitted Liens) of any Securitization Entity’s and the Trustee’s respective interests in the Collateral. Without limiting the foregoing, the Manager shall file or cause
to be filed the financing statements on Form UCC-1 (or the PPSA, as the case may be), and assignments and/or amendments of financing statements on Form UCC-3 (or the PPSA, as the case may be), and other filings required to be filed in connection
with the Contribution Agreements, the Securitized License Agreements, the Securitized IP Assets, the Base Indenture, the other Related Documents and the transactions contemplated thereby. 

(d) Ownership of Iconix’s IP. All Securitized IP Assets, including all Additional Securitized IP Assets, shall be owned
exclusively by the IP Holders in accordance with Section 5.2(a)(i). The Manager does hereby irrevocably assign and transfer to IP Holder I and IP Holder II all right, title and interest in and to any Initial Securitized IP Assets that the
Manager has acquired or developed, and does hereby and irrevocably assign and transfer to the applicable IP Holder all right title and interest in and to any Securitized IP Assets that the Manager may acquire or develop, in each case, including all
appurtenant goodwill and choses in action, and will take all appropriate measures to record any such assignments, at the Manager’s sole cost and expense. The Manager expressly agrees that, to the fullest extent allowed by law, copyrighted works
included in any such Securitized IP Assets shall be deemed to be “works made for hire” as that term is defined in Section 101 of the United States Copyright Act, as amended and if not deemed as such shall be assigned under the other
provisions of this section. All use of the Securitized IP Assets hereunder, and any goodwill that may arise from the provision of the Services by the Manager, shall inure solely to the benefit of the applicable IP Holder. 

(e) Grant of Power of Attorney. In order to provide the Manager with the authority to perform and execute its duties and
obligations as set forth herein, Brand Holdings I, Brand Holdings II, IP Holder I, IP Holder II and any Additional IP Holder hereby agree to execute, upon request of the Manager, a Power of Attorney, which Powers of Attorney shall terminate in the
event that the Manager’s rights under this Agreement are terminated as provided herein. 

  
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 (f) Manager Insurance. The Manager agrees to maintain adequate insurance in
accordance with industry standards and consistent with the type and amount maintained by the Manager on the Closing Date. Such insurance will cover each of the Securitization Entities, as an additional insured or loss payee, to the extent that such
Securitization Entity has an insurable interest therein. 
 (g) Collection of Payments; Remittances; Collection Account.
The Manager shall cause the collection of all amounts owing under the terms and provisions of each Managed Document in accordance with the Management Standard. 
 (h) Collections. The Manager shall use commercially reasonable efforts to cause all Collections due and to become due to any Securitization Entity to be deposited into a Concentration Account or
the Collection Account, as the case may be, in accordance with Section 5.10 of the Base Indenture. 
 (i) Deposit of
Misdirected Funds; No Commingling; Misdirected Payments. The Manager shall promptly deposit into any Concentration Account, as determined by the Manager, by the third Business Day immediately following actual knowledge of the receipt thereof by
the Manager or any of its Affiliates and in the form received or in cash, all payments received by the Manager or any of its Affiliates in respect of the Securitized Assets incorrectly sent to the Manager or any of its Affiliates. The Manager shall
not commingle with its own assets and shall keep separate, segregated and appropriately marked and identified all Securitized Assets and any other property comprising any part of the Collateral, and for such time, if any, as such Securitized Assets
or such other property are in the possession or control of the Manager to the extent such Securitized Assets or such other property is Collateral, the Manager shall hold the same in trust for the benefit of the Trustee and the Secured Parties (or,
following termination of the Indenture, the applicable Securitization Entity). Additionally, the Manager shall notify the Trustee in writing of any amounts incorrectly deposited into the Collection Account, and arrange for the prompt remittance by
the Trustee of such funds from the Collection Account to the Manager. The Trustee shall have no obligation to verify any information provided to it by the Manager hereunder and shall remit such funds to the Manager based solely on the notification
it receives from the Manager. 
 (j) Other Amounts Received. The Manager shall cause all amounts received, other than
Collections, to be deposited directly into an account maintained by Iconix or an Iconix Entity (other than the Securitization Entities) and not subject to the Lien of the Trustee pursuant to the Related Documents. 

Section 2.2 Certain Amendments to Documents Governing Securitized Assets. Except with the prior written consent of the
Control Party, the Manager shall not (a) take any action (or omit to take any action) or permit any such action or inaction with respect to the Securitized Assets or (b) permit the termination, amendment or waiver of any provision of any
document governing the Securitized Assets, other than in accordance with the Management Standard; provided, however, that this Section 2.10 shall not permit the termination, amendment or waiver of, any provision of any Related
Document other than in accordance with the terms of such Related Document. 

  
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 Section 2.3 Concentration Accounts. 

(a) The Manager shall maintain the Concentration Accounts, deposit funds therein and withdraw funds therefrom in accordance with the terms
of the Indenture. 
 (b) In the event Iconix has deposited cash collateral as security for its obligations under any Iconix
Letter of Credit Agreement into a bank account maintained in the name of Brand Holdings II, (i) if Iconix fails to make any payment to the Co-Issuers when due under such Iconix Letter of Credit Agreement, the Manager will withdraw the amount of
such delinquent payment from such bank account within one Business Day of the due date of such payment under the Iconix Letter of Credit Agreement and deposit such amount into the Collection Account, and (ii) if the amount on deposit in such
account exceeds an amount equal to 105% of the aggregate exposure under all outstanding Iconix Letters of Credit, the Manager will, within five Business Days after obtaining Actual Knowledge of such excess, withdraw the amount of such excess from
such account and pay such excess to Iconix. 
 Section 2.4 Records. The Manager shall retain all data (including,
without limitation, computerized records) relating directly to, or maintained in connection with, the servicing of the Securitized Assets at its address indicated in Section 8.6 of the Base Indenture (or at an off-site storage facility
reasonably acceptable to Brand Holdings II and the Control Party) or, upon 30 days’ notice to Brand Holdings II, the Servicer, the Back-Up Manager, Brand Holdings I, IP Holder I, IP Holder II and any Additional IP Holder, the Rating Agencies,
the Control Party, the Controlling Class Representative and the Trustee, at such other place where the servicing office of the Manager is located, and shall give the Servicer, the Back-Up Manager, the Control Party, the Controlling Class
Representative and the Trustee or any Person appointed by any of them access to all such data in accordance with the terms and conditions set forth in Section 8.6 of the Base Indenture; provided, however, that the Trustee shall
not be obligated to verify, recalculate or review any such data. If the rights of the Manager shall have been terminated in accordance with Section 6.1 or the Manager shall have resigned pursuant to Section 4.4(b), the Manager shall, upon
demand of the Trustee (based upon the written direction of the Control Party), in the case of a termination pursuant to Section 6.1 or a resignation pursuant to Section 4.4(b), deliver to the demanding party or its designee all data in its
possession or under its control (including, without limitation, computerized records) necessary for the servicing of the Securitized Assets; provided, however, that the Manager may retain a single set of copies of any books and records
that the Manager reasonably believes will be required by it for the purpose of performing any of the Manager’s accounting, public reporting or other administrative functions that are performed in the ordinary course of the Manager’s
business; and provided, further, that the Manager shall have access, during normal business hours and upon reasonable notice, to all books and records that the Manager reasonably believes would be necessary or desirable for the Manager
in connection with the preparation of any tax or other governmental reports and filings and other uses; and provided, further, that if Brand Holdings II or the Trustee shall desire to dispose of any of such books and records at any
time within five years of the Manager’s termination, Brand Holdings II shall, prior to such disposition, give the Manager a reasonable opportunity, at the Manager’s expense, to segregate and remove such books and records as the Manager may
select. The provisions of this Section 2.4 shall not require the Manager to transfer any proprietary material or computer programs unrelated to the servicing of the Securitized Assets. 

  
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 Section 2.5 Administrative Duties of Manager. 

(a) Duties with Respect to the Related Documents. The Manager shall perform its duties and the duties of each applicable
Securitization Entity under the Related Documents except for those duties that are required to be performed by the equityholders or the managers of a limited liability company or the stockholders or directors of a corporation pursuant to applicable
law. In furtherance of the foregoing, the Manager shall consult the managers or the directors, as the case may be, of the Securitization Entities as the Manager deems appropriate regarding the duties of the Securitization Entities under the Related
Documents. The Manager shall monitor the performance of the Securitization Entities and, promptly upon obtaining knowledge thereof, shall advise the applicable Securitization Entity when action is necessary to comply with such Securitization
Entity’s duties under the Related Documents. The Manager shall prepare for execution by the Securitization Entities or shall cause the preparation by other appropriate Persons of all documents, reports, filings, instruments, certificates,
notices and opinions as it shall be the duty of the Securitization Entities to prepare, file or deliver pursuant to the Related Documents. 
 (b) Duties with Respect to the Securitization Entities. In addition to the duties of the Manager set forth in this Agreement or any of the other Related Documents, the Manager, in accordance with
the Management Standard, shall perform such calculations and shall prepare for execution by the Securitization Entities or shall cause the preparation by other appropriate Persons of all documents, reports, filings, instruments, certificates,
notices and opinions as it shall be the duty of the Securitization Entities to prepare, file or deliver pursuant to securities laws. Pursuant to the directions of the Securitization Entities and in accordance with the Management Standard, the
Manager shall administer, perform or supervise the performance of such other activities in connection with the Securitization Entities as are not covered by any of the foregoing provisions and as are expressly requested by any Securitization Entity
and are reasonably within the capability of the Manager. 
 (c) Records. The Manager shall maintain, at its sole cost and
expense, appropriate books of account and records relating to the Services performed under this Agreement. Such books of account and records shall be accessible for inspection by the Trustee, the Securitization Entities, the Servicer, the Back-Up
Manager, the Control Party, and the Controlling Class Representative or any Person appointed by any of them during normal business hours and upon reasonable notice. 
 (d) Election of Controlling Class Representative. Pursuant to Section 11.1(d) of the Base Indenture, if the CCR Election Period results in a tie, the Manager shall select the Controlling Class
Representative from among the candidates with the highest votes and shall direct the Trustee to appoint such CCR Candidate as the Controlling Class Representative. 
 Section 2.6 No Offset. The obligations of the Manager under this Agreement shall not be subject to, and the Manager hereby waives, any defense, counterclaim or right of offset which the
Manager has or may have against the Securitization Entities, whether in respect of this Agreement, any other Related Document, any document governing any Securitized Asset or otherwise. 

  
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 Section 2.7 Compensation. As compensation for the performance of its obligations
under this Agreement, the Manager shall be entitled to receive arm’s-length fees out of funds available therefore in accordance with the Priority of Payments, as follows: 
 (a) On each Monthly Allocation Date, payable in arrears, an amount equal to the Monthly Management Fee; and 
 (b) On each Monthly Allocation Date, the Supplemental Management Fee, if any. 

Section 2.8 Indemnification. 
 (a) The Manager agrees to indemnify and hold each Securitization Entity, the Servicer, both in its capacity as Servicer and as Control Party, and the Trustee, and their respective officers, directors,
employees and agents (each an “Indemnitee”) harmless against all claims, losses, penalties, fines, forfeitures, legal fees and related costs and judgments and other costs, fees and reasonable expenses that any of them may incur as a
result of (i) the failure of the Manager to perform its obligations under this Agreement, (ii) the breach by the Manager of any representation, warranty or covenant under this Agreement or (iii) the Manager’s negligence, bad
faith or willful misconduct. 
 (b) Any Indemnitee that proposes to assert the right to be indemnified under Section 2.8
will promptly, after receipt of notice of the commencement of any action, suit or proceeding against such party in respect of which a claim is to be made against the Manager under this Section 2.8, notify the Manager of the commencement of such
action, suit or proceeding, enclosing a copy of all papers served. In the event that any action, suit or proceeding shall be brought against any Indemnitee (other than the Trustee and its officers, directors, employees and agents), such Indemnitee
shall notify the Manager of the commencement thereof and the Manager shall be entitled to participate in, and to the extent that it shall wish, to assume the defense thereof, with counsel reasonably satisfactory to such Indemnitee, and after notice
from the Manager to such Indemnitee of its election to assume the defense thereof, the Manager shall not be liable to such Indemnitee for any legal expenses subsequently incurred by such Indemnitee in connection with the defense thereof;
provided that the Manager shall not enter into any settlement with respect to any claim or proceeding unless such settlement includes a release of such Indemnitee from all liability on claims that are the subject matter of such settlement;
and provided further that the Indemnitee shall have the right to employ its own counsel in any such action the defense of which is assumed by the Manager in accordance with this Section 2.8, but the fees and expenses of such
counsel shall be at the expense of such Indemnitee unless the employment of counsel by such Indemnitee has been specifically authorized by the Manager, or unless the Manager is advised in writing by counsel that joint representation would give rise
to a conflict between the Indemnitee’s position and the position of the Manager and its Affiliates in respect of the defense of the claim. In the event that any action, suit or proceeding shall be brought against the Trustee or any of its
officers, directors, employees or agents (each, a “Trustee Indemnitee”), it shall notify the Manager of the commencement thereof and the Trustee Indemnitee shall have the right to employ its own counsel in any such action at the
expense of the Manager. No Indemnitee shall settle or compromise any claim covered pursuant to this Section 2.8 without the prior written consent of the Manager, which shall not be unreasonably withheld, conditioned or delayed. The provisions
of this Section 2.8 shall survive the termination of this Agreement or the earlier resignation or removal of any party hereto. 

  
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 Section 2.9 Nonpetition Covenant. The Manager shall not, prior to the date that
is one year and one day after the payment in full of the Outstanding Principal Amount of the Notes of any Series, petition or otherwise invoke the process of any court or governmental authority for the purpose of commencing or sustaining a case
against any Securitization Entity under any insolvency law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of any Securitization Entity or any substantial part of its property, or ordering
the winding up or liquidation of the affairs of any Securitization Entity. 
 Section 2.10 Certain Amendments to
Documents Governing Securitized Assets. Except with the prior written consent of the Control Party, the Manager shall not (a) take any action (or omit to take any action) (or permit any such action or inaction) with respect to the
Securitized Assets or (b) permit the termination, amendment or waiver of any provision of any document governing the Securitized Assets, other than in accordance with the Management Standard; provided, however, that this
Section 2.10 shall not permit the termination, amendment or waiver of, any provision of any Related Document other than in accordance with the terms of such Related Document. 

ARTICLE III 

Statements and Reports 
 Section 3.1 Reporting by the Manager. 
 (a) Reports Required
Pursuant to the Indenture. The Manager, on behalf of Brand Holdings II, will furnish, or cause to be furnished, to the Trustee, the Servicer, the Back-Up Manager and each Paying Agent, as applicable, all reports required to be delivered by any
Securitization Entity to such Persons pursuant to Section 4.1 of the Base Indenture. 
 (b) Instructions as to
Withdrawals and Payments. The Manager, on behalf of Brand Holdings II, will furnish, or cause to be furnished, to the Trustee or the Paying Agent, as applicable, written instructions to make withdrawals and payments from the Collection Account
and any other Base Indenture Accounts or any Series Account, as contemplated herein, in the Base Indenture or in any Series Supplement. The Trustee and the Paying Agent shall follow any such written instructions in accordance with the terms and
conditions of the Base Indenture and any applicable Series Supplement. 
 Section 3.2 Appointment of Independent
Accountant. Brand Holdings II shall appoint a firm of independent public accountants of recognized national reputation to serve as the independent accountants (“Independent Accountants”) for purposes of preparing and delivering
the reports required by Section 3.3. It is hereby acknowledged that the accounting firm of BDO USA, LLP is acceptable for purposes of serving as Independent Accountants. Brand Holdings II may not remove the Independent Accountants without first
giving 30 days’ prior written notice to the Independent Accountants, with a copy of such notice also given concurrently to the Trustee, the Rating Agencies, the Servicer, the Back-Up Manager and the Manager. Upon any resignation by such firm or
removal of such firm, Brand Holdings II shall promptly appoint a successor thereto that shall also be a firm of independent public accountants of recognized national reputation to serve as the Independent Accountants hereunder. If Brand Holdings II
shall fail to appoint a successor firm of Independent Accountants which has resigned or been removed within 30 days after the effective date of such resignation or removal, the Control Party shall promptly appoint a successor firm of independent
public accountants of recognized national reputation that is reasonably satisfactory to the Manager to serve as the Independent Accountants hereunder. The fees of any Independent Accountants shall be payable by Brand Holdings II. 

  
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 Section 3.3 Annual Accountants’ Reports. On or before ninety (90) days
after the end of each fiscal year of the Manager, the Manager shall deliver to Brand Holdings II, the Trustee, the Servicer and the Rating Agencies (i) a report of the Independent Accountants or the Back-Up Manager summarizing the findings of a
set of agreed-upon procedures performed by the Independent Accountants or the Back-Up Manager with respect to compliance by the Quarterly Noteholders’ Statements for such fiscal year (or other period) with the standards set forth in ARTICLE
II with respect to such fiscal year (or other) period, and (ii) a report of the Independent Accountants or the Back-Up Manager to the effect that such firm has examined the assertion of the Manager’s management as to its compliance
with its management requirements for such fiscal year (or other period), and that (A) in the case of the Independent Accountants, such examination was made in accordance with standards established by the American Institute of Certified Public
Accountants and (B) except as described in the report, management’s assertion is fairly stated in all material respects. In the case of the Independent Accountants, the report will also indicate that the firm is independent of the Manager
within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants. The reports delivered pursuant to this Section 3.3 shall not be required to be delivered to Noteholders or posted to the
Trustee’s password-protected website if the Independent Accounts have not received any engagement letter generally recommended or required in accordance with standards established by the American Institute of Certified Public Accountants.

 ARTICLE IV 
 The Manager 
 Section 4.1 Representations and Warranties Concerning
the Manager. The Manager represents and warrants to Brand Holdings II and the other Securitization Entities, and the Trustee, as of each Series Closing Date (except if otherwise expressly noted), as follows: 

(a) Organization and Good Standing. The Manager (i) is a corporation, duly formed and organized, validly existing and in good
standing under the laws of the State of Delaware, (ii) is duly qualified to do business as a foreign corporation and in good standing under the laws of each jurisdiction in which it is required to be qualified, except to the extent that the
failure to so qualify is not reasonably likely to result in a Material Adverse Effect and (iii) has the power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently
conducted and to perform its obligations under this Agreement. 

  
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 (b) Power and Authority; No Conflicts. The execution and delivery by the Manager of
this Agreement and its performance of, and compliance with, the terms hereof are within the power of the Manager and have been duly authorized by all necessary corporate action on the part of the Manager. Neither the execution and delivery of this
Agreement, nor the consummation of the transactions herein contemplated to be consummated by the Manager, nor compliance with the provisions hereof, will conflict with or result in a breach of, or constitute a default (or an event which, with notice
or lapse of time, or both, would constitute a default) under (i) any order of any Governmental Authority or any of the provisions of any Requirement of Law binding on the Manager or its properties, except to the extent that such conflict,
breach or default would not result in a Material Adverse Effect, (ii) the Iconix Charter Documents or (iii) any of the provisions of any indenture, mortgage, lease, contract or other instrument to which the Manager is a party or by which
it or its property is bound or result in the creation or imposition of any Lien (other than a Lien created under the Related Documents) upon any of its property pursuant to the terms of any such indenture, mortgage, leases, contract or other
instrument except to the extent such default, creation or imposition would not result in a Material Adverse Effect. 
 (c)
Consents. The Manager is not required to obtain the consent of any party or the consent, license, approval or authorization of, or file any registration or declaration with, any Governmental Authority in connection with the execution,
delivery or performance by the Manager of this Agreement, or the validity or enforceability of this Agreement against the Manager. 
 (d) Due Execution and Delivery. This Agreement has been duly executed and delivered by the Manager and constitutes a legal, valid and binding instrument enforceable against the Manager in
accordance with its terms (subject to applicable insolvency laws and to general principles of equity). 
 (e) No
Litigation. There are no actions, suits, investigations or proceedings pending or, to the knowledge of the Manager, threatened against or affecting the Manager, before or by any Governmental Authority having jurisdiction over the Manager or any
of its properties or with respect to any of the transactions contemplated by this Agreement (i) asserting the illegality, invalidity or unenforceability, or seeking any determination or ruling that would affect the legality, binding effect,
validity or enforceability of this Agreement, or (ii) which could reasonably be expected to have a Material Adverse Effect. The Manager is in compliance with all Requirements of Law except to the extent that the failure to comply therewith
could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (f) Due Qualification. The
Manager has obtained or made all licenses, registrations, consents, approvals, waivers and notifications of creditors, lessors and other Persons, in each case, in connection with the execution and delivery of this Agreement by the Manager, and the
consummation by the Manager of all the transactions herein contemplated to be consummated by the Manager and the performance of its obligations hereunder, except to the extent that the failure to do so could not reasonably be expected to have a
Material Adverse Effect. 
 (g) No Default. The Manager is not in default under any agreement, contract, instrument or
indenture to which the Manager is a party or by which it or its properties is or are bound, or with respect to any order of any Governmental Authority, which would have a Material Adverse Effect; and no event has occurred which with notice or lapse
of time or both would constitute such a default with respect to any such agreement, contract, instrument or indenture, or with respect to any such order of any Governmental Authority, which would have a Material Adverse Effect. 

  
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 (h) Taxes. The Manager has filed or caused to be filed all federal tax returns and
all state and other tax returns which, to its knowledge, are required to be filed. The Manager has paid or made adequate provisions for the payment of all taxes shown as due on such returns, and all assessments made against it or any of its property
(other than any amount of tax the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of the Manager). The charges,
accruals and reserves on the Manager’s books in respect of taxes are, in the Manager’s reasonable opinion, adequate. 

(i) Accuracy of Information. As of the date thereof, the information contained in the final offering memorandum, dated
November 16, 2012, relating to the Notes issued on the Closing Date, regarding (i) the Manager, (ii) the servicing of the Securitized Assets by the Manager and (iii) the description of this Agreement therein does not contain any
untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 

(j) No Material Adverse Change. Since December 31, 2011, there has been no development or event that has had or could
reasonably be expected to have a Material Adverse Effect. 
 (k) No ERISA Plan. Neither the Manager nor any corporation or
any trade, business, organization or other entity (whether or not incorporated) that would be treated together with the Manager as a single employer under Section 414(b), (c), (m) or (o) of the Code or Section 4001(a)(14) of
ERISA has established, maintains, contributes to, or has any liability in respect of (or has in the past six years established, maintained, contributed to, or had any liability in respect of) any Plan. The Manager is not a member of a Controlled
Group which has any contingent liability with respect to any post-retirement welfare benefits under a Welfare Plan, other than liability for continuation coverage described in Part 6 of Subtitle B of Title I of ERISA or other applicable continuation
of coverage laws. 
 (l) Environmental Matters. 

(i) The Manager (A) is, and for the past three years has been, in material compliance with any and all applicable
foreign, federal, state and local laws and regulations, and directives of any Governmental Authority relating to the protection of human health and safety, natural resources, the environment or hazardous or toxic substances or wastes, pollutants or
contaminants (“Environmental Laws”), (B) has received and will have in full force and effect all material permits, licenses or other approvals required of it under applicable Environmental Laws to conduct its businesses
(including, without limitation, the business of servicing the Securitized Assets) and (C) is in compliance with all terms and conditions of any such permit, license or approval. 

  
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 (ii) There are no material costs or liabilities associated with
Environmental Laws (including, without limitation, any capital operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints on operating
activities and any potential liabilities to third parties). 
 (m) No Manager Termination Event. No Manager Termination
Event has occurred or is continuing, and, to the knowledge of the Manager, there is no event which, with notice or lapse of time, or both, would constitute a Manager Termination Event. 

Section 4.2 Existence. The Manager shall keep in full effect its existence under the laws of the state of its incorporation,
and maintain its rights and privileges necessary or desirable in the normal conduct of its business and the performance of its obligations hereunder, and will obtain and preserve its qualification to do business in each jurisdiction in which the
failure to so qualify either individually or in the aggregate would be reasonably likely to have a Material Adverse Effect. 

Section 4.3 Performance of Obligations. 
 (a) Punctual Performance. The Manager shall punctually perform and observe all of its obligations and agreements contained in this Agreement in accordance with the terms hereof and in accordance
with the Management Standard. 
 (b) Limitations of Responsibility of the Manager. The Manager will have no responsibility
under this Agreement other than to render the Services called for hereunder in good faith and consistent with the Management Standard. 
 (c) Right to Receive Instructions. In the event that the Manager is unable to decide between alternative courses of action, or is unsure as to the application of any provision of this Agreement or
any other Related Document, or any such provision is, in the good faith judgment of the Manager, ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement or any
other Related Document permits any determination by the Manager or is silent or is incomplete as to the course of action which the Manager is required to take with respect to a particular set of facts, the Manager may give notice (in such form as
shall be appropriate under the circumstances) to the Control Party requesting instructions in accordance with the Base Indenture and, to the extent that the Manager shall have acted or refrained from acting in good faith in accordance with any such
instructions received from the Control Party, the Manager shall not be liable on account of such action or inaction to any Person; provided that the Control Party shall be under no obligation to provide any instruction if it is unable to
decide between alternative courses of action. Subject to the Management Standard, if the Manager shall not have received appropriate instructions from the Control Party within ten days of such notice (or within such shorter period of time as may be
specified in such notice) the Manager may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Related Documents, as the Manager shall deem to be in the best interests of the
Noteholders and the Securitization Entities. The Manager shall have no liability to any Secured Party, any Noteholder or the Controlling Class Representative for such action or inaction taken in reliance on the preceding sentence except for the
Manager’s own willful misconduct or negligence. 

  
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 (d) No Duties Except as Specified in this Agreement or in Instructions. The Manager
shall not have any duty or obligation to manage, make any payment in respect of, register, record, sell, reinvest, dispose of, create, perfect or maintain title to, or any security interest in, or otherwise deal with the Collateral, to prepare or
file any report or other document or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Manager is a party, except as expressly provided by the terms of this Agreement and
consistent with the Management Standard, and no implied duties or obligations shall be read into this Agreement against the Manager. The Manager nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be
necessary to discharge any Liens on any part of the Securitized Assets which result from claims against the Manager personally that are not related to the ownership or administration of the Securitized Assets or the transactions contemplated by the
Related Documents. 
 (e) No Action Except Under Specified Documents or Instructions. The Manager shall not manage,
control, use, sell, reinvest, dispose of or otherwise deal with any part of the Collateral except in accordance with the powers granted to, and the authority conferred upon, the Manager pursuant to this Agreement. 

(f) Limitations on the Manager’s Liability. Subject to the Management Standard, and except for any loss, liability, expense,
damage or injury arising out of, or resulting from, (i) any breach or default by the Manager in the observance or performance of any of its agreements contained in this Agreement, (ii) the breach by the Manager of any representation or
warranty made by it herein or (iii) acts or omissions constituting the Manager’s own willful misconduct, bad faith or negligence in the performance of its duties hereunder or otherwise, neither the Manager nor any of its Affiliates (other
than the Securitization Entities), managers, officers, members or employees shall be liable to any Securitization Entity, the Servicer, the Control Party, the Back-Up Manager, the Noteholders or any other Person under any circumstances, including,
without limitation: 
 (i) for any error of judgment made in good faith; 

(ii) for any action taken or omitted to be taken by the Manager in good faith and in accordance with the Management
Standard or in accordance with the instructions of the Control Party made in accordance herewith; 
 (iii) for
any representation, warranty, covenant, agreement or indebtedness of any Securitization Entity under the Notes or any Related Document, or for any other liability or obligation of any Securitization Entity; 

(iv) for or in respect of the validity or insufficiency of this Agreement or for the due execution hereof by any party
hereto other than the Manager, or for the form, character, genuineness, sufficiency, value or validity of any part of the Collateral, or for or in respect of the validity or insufficiency of the Related Documents; and 

(v) for any action or inaction of the Trustee or the Control Party, or for the performance of, or the supervision of the
performance of, any obligation under this Agreement or any other Related Document that is required to be performed by the Trustee or the Control Party under this Agreement or any other Related Document. 

  
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 (g) No Financial Liability. No provision of this Agreement (other than the last
sentence of clause (d) above) shall require the Manager to expend or risk its funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder, if the Manager shall have reasonable grounds for
believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it. Notwithstanding the foregoing, the Manager shall be obligated to perform its obligations hereunder, consistent
with the Management Standard, notwithstanding the fact that the Manager is not entitled to be reimbursed for any of its expenses (other than indemnification payments made by Licensees) incurred in connection with its obligations hereunder.

 (h) Reliance. The Manager may conclusively rely on, and shall be protected in acting or refraining from acting when
doing so, in each case in accordance with any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the
proper party or parties. The Manager may accept a certified copy of a resolution of the board of directors or other governing body of any Person as conclusive evidence that such resolution has been duly adopted by such body and that the same is in
full force and effect. As to any fact or matter the manner or ascertainment of which is not specifically prescribed herein, the Manager may for all purposes hereof rely on a certificate, signed by any Authorized Officer of the relevant party, as to
such fact or matter, and such certificate shall constitute full protection to the Manager for any action taken or omitted to be taken by it in good faith in reliance thereon. 
 (i) Consultations with Third Parties; Advice of Counsel. In the exercise and performance of its duties and obligations hereunder or under any of the other Related Documents, the Manager
(i) may act directly or through agents or attorneys pursuant to agreements entered into with any of them and (ii) may, at the expense of the Manager, consult with counsel, accountants and other professionals or experts selected and
monitored by the Manager in good faith and in the absence of gross negligence, and the Manager shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the advice or opinion of any such counsel, accountants
or other professionals or experts. 
 (j) Independent Contractor. In performing its obligations as manager hereunder the
Manager acts solely as an independent contractor of the Securitization Entities. Nothing in this Agreement shall, or shall be deemed to, create or constitute any joint venture, partnership, employment or any other relationship between any of the
Securitization Entities and the Manager other than the independent contractor contractual relationship established hereby. Nothing herein shall be deemed to vest in the Manager title or any ownership or property interest in or to the Securitized IP
Assets. The Manager shall not be, nor shall be deemed to be, liable for any acts or obligations of the Securitization Entities, the Control Party or the Trustee (except as set forth in Section 4.3(f) hereof) and, without limiting the foregoing,
the Manager shall not be liable under or in connection with the Notes. The Manager shall not be responsible for any amounts required to be paid by the Trustee under or pursuant to the Indenture. 

  
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 Section 4.4 Merger; Resignation and Assignment. 

(a) Preservation of Existence. The Manager shall not merge into any other Person or convey, transfer or lease all or substantially
all of its assets; provided, however, that nothing contained in this Agreement shall be deemed to prevent (a) the merger into the Manager of another Person, (b) the consolidation of the Manager and another Person,
(c) the merger of the Manager into another Person or (d) the sale of all or substantially all of the property or assets of the Manager to another Person, so long as (i) the surviving Person of the merger or the purchaser of the assets
of the Manager shall continue to be engaged in the same line of business as the Manager and shall have the capacity to perform its obligations hereunder with at least the same degree of care, skill and diligence as measured by customary practices
with which the Manager is required to perform such obligations hereunder and (ii) in the case of a merger or sale, the surviving Person of the merger or the purchaser of the assets of the Manager shall expressly assume all obligations of the
Manager under this Agreement and expressly agree to be bound by all provisions applicable to the Manager under this Agreement in a supplement to this Agreement in form and substance reasonably satisfactory to the Control Party and the Trustee.

 (b) Resignation. The Manager shall not resign from the rights, powers, obligations and duties hereby imposed on it with
respect to the performance of the Services except (a) upon determination that (i) the performance of its duties hereunder is no longer permissible under applicable law and (ii) there is no reasonable action which the Manager could
take to make the performance of its duties hereunder permissible under applicable law or (b) if the Manager is terminated as the Manager pursuant to Section 6.1(b). As to clause (a)(i) of this clause (b), any such
determination permitting the resignation of the Manager shall be evidenced by an Opinion of Counsel to such effect delivered to the Trustee, the Servicer, the Back-Up Manager and Brand Holdings II. No such resignation shall become effective until a
Successor Manager shall have assumed the responsibilities and obligations of the Manager in accordance with Section 6.1(b). The Trustee, the Servicer, the Back-Up Manager, Brand Holdings II and the Rating Agencies shall be notified of such
resignation in writing by the Manager. From and after such effectiveness, the Successor Manager shall be, to the extent of the assignment, the “Manager” hereunder. Except as provided above in this Section 4.4(b), the Manager may not
assign this Agreement or any of its rights, powers, duties or obligations hereunder. 
 (c) Termination of Duties. The
duties and obligations of the Manager under this Agreement shall continue until such obligations shall have been terminated as provided in Section 4.4(b) or Section 6.1(b). Such duties and obligations shall survive the exercise by any of
the Securitization Entities, the Trustee or the Control Party of any right or remedy under this Agreement, or the enforcement by any Securitization Entity, the Trustee, the Control Party or any Noteholder of any provision of the Indenture, the other
Related Documents, the Notes or this Agreement. 
 Section 4.5 Taxes. The Manager shall file or cause to be filed
all federal tax returns and all state and other tax returns which are required to be filed by the Manager. The Manager shall pay or make adequate provisions for the payment of all taxes shown as due on such returns, and all assessments made against
it or any of its property (other than any amount of tax the validity of which is being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of the Manager). The
charges, accruals and reserves on the Manager’s books in respect of taxes shall be, in the Manager’s reasonable opinion, adequate. 

  
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 Section 4.6 Notice of Certain Events. On the determination of either the chief
financial officer or the chief legal officer of the Manager regarding the occurrence of any of the following events: (a) a Manager Termination Event or (b) any litigation, arbitration or other proceeding pending before or by any court,
administrative agency, arbitrator or governmental body having jurisdiction over the Manager or any of its properties either asserting the illegality, invalidity or unenforceability of any of the Related Documents, seeking any determination or ruling
that would affect the legality, binding effect, validity or enforceability of any of the Related Documents or which could reasonably be expected to have a Material Adverse Effect, the Manager shall provide written notice to the Trustee, the Control
Party, the Servicer, the Back-Up Manager, Brand Holdings II and the Rating Agencies of the same promptly and in any event within five (5) Business Days . 
 The Manager shall provide each Rating Agency three (3) Business Days’ prior written notice of the issuance of any additional debt by the Manager or any other Non-Securitization Entity.

 Section 4.7 Capitalization. The Manager shall have sufficient capital to perform all of its obligations under
this Agreement at all times from the Closing Date and until the Indenture has been terminated in accordance with the terms thereof. 
 Section 4.8 Maintenance of Separateness. The Manager covenants that, except as contemplated by the Related Documents: 
 (a) the books and records of each Securitization Entity will be maintained separately from those of the Manager and each of its Affiliates that is not a Securitization Entity; 

(b) all financial statements of the Manager that are consolidated to include any Securitization Entity and that are distributed to any
party will contain notes clearly stating that (i) all of such Securitization Entity’s assets are owned by such Securitization Entity and (ii) such Securitization Entity is a separate entity and has creditors who have received
interests in the Securitization Entity’s assets; provided that the notes to the financial statement may address the Securitization Entities as a group, and not individually, if all the Securitization Entities in the group are
consolidated through one subsidiary of the Manager. 
 (c) the Manager will observe (and will cause each of its Affiliates that
is not a Securitization Entity to observe) limited liability company or corporate formalities in its dealing with any Securitization Entity; 
 (d) the Manager shall not (and shall not permit any of its Affiliates that is not a Securitization Entity to) commingle its funds with any funds of any Securitization Entity; provided that the
foregoing shall not prohibit the Manager from holding funds of the Securitization Entity in its capacity as manager for such entity in a segregated account identified for such purpose; 

  
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 (e) the Manager will (and shall cause each of its Affiliates that is not a Securitization
Entity to) maintain arm’s length relationships with each Securitization Entity and each of the Manager and its Affiliates that are not Securitization Entities will be compensated at market rates for any services it renders or otherwise
furnishes to such Securitization Entity; 
 (f) the Manager will not be, and will not hold itself out to be, responsible for the
debts of any Securitization Entity or the decisions or actions in respect of the daily business and affairs of any Securitization Entity and the Manager will not permit any Securitization Entity to hold the Manager out to be responsible for the
debts of such Securitization Entity or the decisions or actions in respect of the daily business and affairs of such Securitization Entity; and 
 (g) upon an officer of the Manager obtaining actual knowledge that any of the foregoing provisions in this Section 4.9 hereof has been breached or violated in any material respect, the Manager will
take such actions as may be reasonable and appropriate under the circumstances to correct and remedy such breach or violation as soon as reasonably practicable under such circumstances. 

Section 4.9 No ERISA Plan. Neither the Manager nor any corporation or any trade, business, organization or other entity
(whether or not incorporated), that would be treated together with the Manager as a single employer under Section 414(b), (c), (m) or (o) of the Code or Section 4001(a)(14) of ERISA shall establish, maintain, contribute to, incur
any obligation to contribute to, or incur any liability in respect of, any Plan that is subject to Title IV of ERISA. 

ARTICLE V 

Covenants as to Amending or Entering into New License Agreements 

Section 5.1 Covenants Made in Respect of Amending or Entering into New License Agreements. The Manager shall not enter into,
or cause any IP Holder to enter into, or amend or modify, any License Agreement unless such License Agreement (when executed or after giving effect to such amendment or modification): 

(a) does not contain terms and conditions that are reasonably expected to result in (A) a material decrease in the
amount of Retained Collections, taken as a whole, or (B) a material adverse change in the nature or quality of Retained Collections, taken as a whole; 
 (b) is the legal, valid and binding obligation of the parties thereto, has been fully and properly executed by the parties thereto and is enforceable against the parties thereto in accordance with its
terms (except as such enforceability may be limited by bankruptcy or insolvency laws and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law); 

(c) complies in all material respects with all applicable Requirements of Law; 

(d) is not a New License Agreement with a Licensee that is, to the Manager’s knowledge, subject to any Event of
Bankruptcy; 

  
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 (e) has License Payments that are based upon sales royalties and that are
payable at least quarterly; provided, however, that the Manager may permit the applicable Licensee to enter into License Agreements that provide for License Payments based upon sales royalties to be payable less frequently than
quarterly if the aggregate License Payments based upon sales royalties from all such Securitized License Agreements that provide for payment of License Payments based upon sales royalties less frequently than quarterly are not reasonably anticipated
to exceed 10% of total Retained Collections in the twelve-month period immediately following the commencement of any such License Agreement; 
 (f) contains no express contractual rights of set-off or express contractual defenses to obligations to make payment of any amounts payable by the Licensee under such License Agreement; provided
that any such License Agreement may include contractual rights of set-off or contractual defenses to payment, so long as the License Payments under the Securitized License Agreements containing such rights of set-off and defenses to payment in any
annual period are not reasonably expected to exceed 10% of total Retained Collections in the twelve-month period immediately following the commencement of any such License Agreement; and 

(g) contains no restrictions on assignment that are reasonably expected to be materially more onerous on the
Securitization Entity than the Securitized License Agreements executed prior to the Closing Date; provided, however, that the Manager may cause a Securitization Entity to enter into License Agreements that include such restrictions
with the prior written consent of the Control Party, such consent not to be unreasonably withheld (it being agreed that in determining whether to so consent, the Control Party may assess whether such restrictions (together with other structural
protections implemented by the Manager or such Securitization Entity and described in an Officer’s Certificate of such Securitization Entity delivered to the Control Party) will adversely affect the liquidation value of all Securitized License
Agreements and the Securitized IP Assets); provided that the License Payments from such Securitized License Agreements for which consent is obtained are not reasonably anticipated to exceed 5% of total Retained Collections in the twelve-month
period immediately following the commencement of any such License Agreement. 
 ARTICLE VI 

Default 

Section 6.1 Manager Termination Event. 
 (a) Manager Termination Events. Any of the following events or occurrences shall constitute a Manager Termination Event (a “Manager Termination Event“) under this Agreement, the
assertion as to the occurrence of which may be made, and notice of which may be given, by either Brand Holdings II or the Trustee (acting at the direction of the Control Party): 

(i) any failure by the Manager to remit to the Collection Account, any Base Indenture Account or any Series Account,
within two (2) Business Days of its actual knowledge of its receipt thereof, any payments required to be deposited into the Collection Account, such Base Indenture Account or such Series Account received by it in respect of the Securitized
Assets; 

  
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 (ii) the Interest-Only DSCR for any Quarterly Payment Date is less than
1.20x and the Control Party reasonably determines that such decline in the Interest-Only DSCR is primarily attributable to acts or omissions of the Manager rather than factors affecting the Securitization Entities’ industry generally;

 (iii) any failure by the Manager to provide (A) any required certificate or report set forth in
Sections 4.1(a), (d) or (k) of the Base Indenture within three (3) Business Days of its due date or (B) any required certificate or report set forth in Section 4.1(c) of the Base Indenture when
due; 
 (iv) a material default by the Manager in the due performance and observance of any provision of this
Agreement or any other Related Document to which it is party and the continuation of such default uncured for a period of thirty (30) days after it has been notified thereof by any Securitization Entity or the Control Party, or otherwise
obtained actual knowledge of such default; provided, however, that as long as the Manager is diligently attempting to cure such default, such cure period shall be extended by an additional period as may be required to cure such
default, but in no event by more than an additional forty-five (45) days; 
 (v) any representation,
warranty or statement of the Manager made in this Agreement or any other Related Document or in any certificate, report or other writing delivered pursuant thereto that is not qualified by materiality or the definition of “Material Adverse
Effect” proves to be incorrect in any material respect, or any such representation, warranty or statement of the Manager that is qualified by materiality or the definition of “Material Adverse Effect” proves to be incorrect, in each
case as of the time when the same was made or deemed to have been made or as of any other date specified in such document or agreement; 
 (vi) an Event of Bankruptcy with respect to the Manager shall have occurred; 
 (vii) a final non-appealable judgment or order for the payment of money is rendered against the Manager and such judgment or order is in an amount that, when aggregated with the amount of other
unsatisfied final judgments or orders against the Manager exceeds $10.0 million (exclusive of any portion thereof which is insured) and is not paid or discharged within thirty (30) days; 

(viii) payment of any Indebtedness of the Manager or payment of any Subsidiary Debt of a Significant Subsidiary, in each
case, in a principal amount greater than $15.0 million is accelerated at any time following the occurrence of any event of default under the terms of such Indebtedness or such Subsidiary Debt and, in the case of such Subsidiary Debt, such
accelerated Subsidiary Debt is not satisfied or acceleration is not otherwise waived within two (2) Business Days; or 

  
 -25-

 (ix) this Agreement or a material portion thereof ceases to be in full force
and effect or enforceable in accordance with its terms (other than in accordance with the express termination provisions thereof), or the Manager asserts as much in writing. 
 (b) Remedies. Upon the occurrence and continuance of any Manager Termination Event, subject to the limitations set forth in the Indenture, (i) the Control Party, acting at the direction of the
Controlling Class Representative, may waive such Manager Termination Event or (ii) Brand Holdings II or the Control Party, acting at the direction of the Controlling Class Representative, may, by written direction to the Trustee (with copies to
the Manager, the Back-Up Manager and the Rating Agencies and to whichever of Brand Holdings II and the Control Party has not provided such notice) (provided that no such notice shall be required following the occurrence of a Manager
Termination Event described in Section 6.1(a)(vi), for which termination shall be automatic), direct the Trustee to terminate all of the rights, powers, duties, obligations and responsibilities of the Manager under this Agreement, including,
without limitation, all rights of the Manager to receive all or a portion of the management compensation provided for in Section 2.7, other than to the extent accrued prior to such termination and not previously paid. Upon any termination or
the giving of the notice referred to in the preceding sentence, the Manager shall promptly notify Brand Holdings II, the Trustee, the Servicer and the Back-Up Manager of such notice and the rights, powers, duties, obligations and responsibilities of
the Manager under this Agreement to the extent specified in such notice, whether with respect to the Securitized Assets, the Collection Account, any Monthly Management Fee, Supplemental Management Fee (other than to the extent accrued prior to such
termination and not previously paid) or otherwise shall vest in and be assumed by any Successor Manager appointed by the Control Party. No termination or resignation of the Manager shall become effective until a Successor Manager whose appointment
has been directed and approved by the Control Party (acting at the direction of the Controlling Class Representative) shall have assumed the rights, powers, duties, obligations and responsibilities of the Manager. The Manager shall cooperate with
the Successor Manager to facilitate such transition, shall execute and deliver any instrument as shall reasonably be necessary for such transition, and shall use best efforts to promptly assign and transfer to the Successor Manager all books and
records, property, money and other assets held by such Manager hereunder; provided, however, that the Manager shall have access, during normal business hours and upon reasonable notice, to all books and records that the Manager
reasonably believes would be necessary or desirable for the Manager in connection with the preparation of any tax or other governmental reports and filings and other uses. 
 (c) From and during the continuation of a Manager Termination Event where the rights and powers of the Manager have been terminated, each Securitization Entity and the Trustee (at the direction of the
Control Party) are hereby irrevocably authorized and empowered to execute and deliver, on behalf of the Manager, as attorney in fact or otherwise, all documents and other instruments, and to do or accomplish all other acts or things necessary or
appropriate, to effect such vesting and assumption. 

  
 -26-

 Section 6.2 Disentanglement. 

(a) Obligations. The Manager is required to cooperate with the Back-Up Manager in the performance of the Back-up Manager’s
Cold Back-Up Management Duties and Warm Back-Up Management Duties. Upon termination of the Manager following a Manager Termination Event, the Manager shall (i) cooperate with the Back-Up Manager in the conduct of the Hot Back-Up Management
Duties and the implementation of the Transition Plan until a Successor Manager is identified and (ii) accomplish a complete transition to the Successor Manager, without interruption or adverse impact on the provision of the Services (the
“Disentanglement”). Thereafter, the Manager shall cooperate fully with the Successor Manager and otherwise promptly take all actions required to assist in effecting a complete Disentanglement and shall follow any directions that may
be provided by the Control Party or the Back-Up Manager. The Manager shall provide all information and assistance regarding the terminated Services required for Disentanglement, including data conversion and migration, interface specifications and
related professional services. The Manager shall provide for the prompt and orderly conclusion of all work as the Servicer and the Back-Up Manager may direct, including completion or partial completion of projects, documentation of all work in
progress, and other measures to assure an orderly transition to the Successor Manager. All services relating to Disentanglement (“Disentanglement Services”), including all reasonable training for personnel of the Back-Up Manager,
the Successor Manager or the Successor Manager’s designated alternate service provider in the performance of the Services, shall be deemed a part of the Services to be performed by the Manager. The Manager will use commercially reasonable
efforts to utilize existing resources to perform the Disentanglement Services. 
 (b) Charges for Disentanglement
Services. So long as the Manager continues to provide the Services (whether or not the Manager has been terminated as Manager) during the Disentanglement Period, the Manager shall continue to be paid its compensation set forth in
Section 2.7. Upon the Successor Manager’s assumption of the obligation to perform all Services hereunder, the Manager shall be entitled to reimbursement of its actual costs for the provision of any Disentanglement Services. 

(c) Duration of Disentanglement Obligations. The Manager’s obligation to provide Disentanglement Services will continue during
the period (the “Disentanglement Period”) commencing on the date that a Manager Termination Event occurs and ending on the date on which the Successor Manager or the re-engaged Manager shall assume all of the obligations of the
Manager hereunder. 
 (d) Confidential Information. The Manager will comply with the terms of ARTICLE VII relating
to the return and destruction of Confidential Information. 
 Section 6.3 No Effect on Other Parties. Upon any
termination of the rights and powers of the Manager from time to time pursuant to Section 6.1, or a resignation pursuant to Section 4.4(b), upon any appointment of a Successor Manager, all the rights, powers, duties, obligations and
responsibilities of the Securitization Entities, the Control Party or the Trustee under this Agreement, the Indenture and the other Related Documents shall remain unaffected by such termination or appointment and shall remain in full force and
effect thereafter, except as otherwise expressly provided in this Agreement or in the Indenture. 

  
 -27-

 Section 6.4 Rights Cumulative. All rights and remedies from time to time
conferred upon or reserved to the Securitization Entities, the Trustee, the Servicer, the Control Party, the Back-Up Manager or the Noteholders or to any or all of the foregoing are cumulative, and none is intended to be exclusive of another or any
other right or remedy which they may have at law or in equity. Except as otherwise expressly provided herein, no delay or omission in insisting upon the strict observance or performance of any provision of this Agreement, or in exercising any right
or remedy, shall be construed as a waiver or relinquishment of such provision, nor shall it impair such right or remedy. Every right and remedy may be exercised from time to time and as often as deemed expedient. 

ARTICLE VII 

Confidentiality 
 Section 7.1 Confidentiality. 
 (a) The parties hereto acknowledge that
during the term of this Agreement each party may receive Confidential Information from another party hereto. Each party agrees to maintain the Confidential Information in the strictest of confidence and will not, at any time, use, disseminate or
disclose any Confidential Information to any person or entity other than those of its employees or representatives who have a “need to know”, who have been apprised of this restriction. Recipient shall be liable for any breach of this
Section 7.1(a) by any of its employees or representatives and shall immediately notify Discloser in the event of any loss or disclosure of any Confidential Information of Discloser. Upon termination of this Agreement, Recipient will return to
Discloser, or at Discloser’s request, destroy, all documents and records in its possession containing the Confidential Information of Discloser. Confidential Information shall not include information that: (i) is already known to Recipient
without restriction on use or disclosure prior to receipt of such information from Discloser; (ii) is or becomes part of the public domain other than by breach of this Agreement by, or other wrongful act of, Recipient; (iii) is developed
by Recipient independently of and without reference to any Confidential Information; (iv) is received by Recipient from a third party who is not under any obligation to Discloser to maintain the confidentiality of such information; or
(v) is required to be disclosed by applicable law, statute, rule, regulation, subpoena, court order or legal process; provided that Recipient shall promptly inform the Discloser of any such requirement and cooperate with any attempt by
the Discloser to obtain a protective order or other similar treatment. It shall be the obligation of Recipient to prove that such an exception to the definition of Confidential Information exists. 

  
 -28-

 (b) Notwithstanding anything to the contrary contained in Section 7.1(a), the
Securitization Entities, the Trustee, the Servicer, the Back-Up Manager or the Noteholders may use, disseminate or disclose any Confidential Information (i) to any person or entity in connection with the enforcement of rights of the
Securitization Entities, the Trustee, the Servicer, the Back-Up Manager or the Noteholders under the Indenture or the Related Documents or (ii) to those persons or entities as is necessary for the Trustee’s performance of its duties
pursuant to and in accordance with the Indenture and the Related Documents; provided, however, that prior to disclosing any such Confidential Information: 

(i) to any such person or entity other than in connection with any judicial or regulatory proceeding, such person or
entity shall agree in writing to maintain such Confidential Information in a manner at least as protective of the Confidential Information as the terms of Section 7.1(a); or 

(ii) to any such person or entity in connection with any judicial or regulatory proceeding, the Recipient will
(x) promptly notify Discloser of each such requirement and identify the documents so required thereby, so that Discloser may seek an appropriate protective order or similar treatment and/or waive compliance with the provisions of this
Agreement; (y) use reasonable efforts to assist Discloser in obtaining such protective order or other similar treatment protecting such Confidential Information prior to any such disclosure; and (z) consult with Discloser on the
advisability of taking legally available steps to resist or narrow the scope of such requirement. If, in the absence of such a protective order or similar treatment, the Recipient is nonetheless required by mandatory applicable law to disclose any
part of Discloser’s Confidential Information which is disclosed to it under this Agreement, the Recipient may disclose such Confidential Information without liability under this Agreement, except that the Recipient will furnish only that
portion of the Confidential Information which is legally required. 
 ARTICLE VIII 

Miscellaneous Provisions 
 Section 8.1 Term of this Agreement. The respective duties and obligations of the Manager and the Securitization Entities created by this Agreement shall terminate upon the final payment or
other liquidation of the last outstanding Securitized Asset included in the Collateral or, as long as no Notes are Outstanding and the Indenture has been satisfied and discharged pursuant to Article XII of the Base Indenture, upon written
agreement by the parties to this Agreement. Upon termination of this Agreement pursuant to this Section 8.1, the Manager shall pay over to the applicable Securitization Entity or any other Person entitled thereto all proceeds of the Securitized
Assets held by the Manager. The provisions of Section 2.8 shall survive termination of this Agreement. 

  
 -29-

 Section 8.2 Amendments to this Agreement. 

(a) This Agreement may be amended from time to time in writing by the parties to this Agreement; provided that (i) any
amendment that could reasonably materially adversely affect the interest of the Noteholders shall require the consent of the Control Party, which consent shall not be unreasonably withheld, and (ii) with the consent of the Control Party, a
Securitization Entity may be withdrawn from this Agreement if the Equity Interests of such Securitization Entity are foreclosed upon in the exercise of remedies upon an Event of Default. Notwithstanding the foregoing, no consent of the Control Party
shall be required: 
 (i) to correct or amplify the description of any required activities of the Manager;

 (ii) to add to the duties or covenants of the Manager for the benefit of any Noteholders or any other Secured
Parties, or to add provisions to this Agreement so long as such action does not materially adversely affect the interests of the Noteholders; 
 (iii) to correct any manifest error or to cure any ambiguity, defect or provision that may be inconsistent with the terms of the Indenture or any other Related Document, or to correct or supplement any
provision herein that may be inconsistent with the terms of the Indenture or any offering memorandum; 
 (iv) to
evidence the succession of another Person to any party to this Agreement; 
 (v) to add Additional Securitization
Entities as parties to this Agreement pursuant to the execution of Exhibit A; or 
 (vi) to comply with
Requirements of Law. 
 (b) Promptly after the execution of any amendment to this Agreement, the Manager shall send to the
Trustee, the Servicer and the Back-Up Manager a conformed copy of such amendment. 
 (c) Any amendment or modification effected
contrary to the provisions of this Section 8.2 shall be null and void. 
 Section 8.3 Amendments to other
Agreements. The Co-Issuers and the Trustee agree not to amend the Indenture or the Related Documents without the Manager’s consent if such amendment (as evidenced by an Officer’s Certificate of the Co-Issuers) would materially increase
the Manager’s obligations or liabilities, or materially decrease the Manager’s rights or remedies under this Agreement, the Indenture or any other Related Document. 
 Section 8.4 Acknowledgement. Without limiting the foregoing, the Manager hereby acknowledges that, on the date hereof, the Securitization Entities will pledge to the Trustee under the
Indenture, all of such Securitization Entities’ right and title to, and interest in, this Agreement and the Collateral; and such pledge includes all of such Securitization Entities’ rights, remedies, powers and privileges, and all claims
of such Securitization Entities against the Manager, under or with respect to this Agreement (whether arising pursuant to the terms of this Agreement or otherwise available at law or in equity), including (i) the rights of such Securitization
Entities and the obligations of the Manager hereunder and (ii) the right, at any time, to give or withhold consents, requests, notices, directions, approvals, demands, extensions or waivers under or with respect to this Agreement or 

  
 -30-

 
the obligations in respect of the Manager hereunder to the same extent as such Securitization Entities may do. The Manager hereby consents to such pledge described above, acknowledges and agrees
that the Trustee and its assigns and the Control Party, shall be third-party beneficiaries of the rights of such Securitization Entities arising hereunder and agrees that the Trustee or the Control Party may enforce the provisions of this Agreement,
exercise the rights of such Securitization Entities and enforce the obligations of the Manager hereunder without the consent of the such Securitization Entities. 
 Section 8.5 Governing Law; Waiver of Jury Trial; Jurisdiction. 
 (a)
This Agreement shall be construed in accordance with and governed by the laws of the State of New York without regard to conflicts of law principles (other than Sections 5-1401 and 5-1402 of the General Obligations Law of the State of New York).

 (b) The parties hereto each hereby waive any right to have a jury participate in resolving any dispute, whether in contract,
tort or otherwise, arising out of, connected with, relating to or incidental to the transactions contemplated by this Agreement. 

(c) The parties hereto each hereby irrevocably submit (to the fullest extent permitted by applicable law) to the non-exclusive
jurisdiction of any New York state or federal court sitting in the borough of Manhattan, New York City, State of New York, over any action or proceeding arising out of or relating to this Agreement or any related documents and the parties hereto
hereby irrevocably agree that all claims in respect of such action or proceeding shall be heard and determined in such New York state or federal court. The parties hereto each hereby irrevocably waive, to the fullest extent permitted by applicable
law, any objection each may now or hereafter have, to remove any such action or proceeding, once commenced, to another court on the grounds of forum non conveniens or otherwise. 

Section 8.6 Notices. All notices, requests or other communications desired or required to be given under this Agreement shall
be in writing and shall be sent by (a) certified or registered mail, return receipt requested, postage prepaid, (b) national prepaid overnight delivery service, (c) telecopy or other facsimile transmission (following with hard copies
to be sent by national prepaid overnight delivery service) or (d) personal delivery with receipt acknowledged in writing, to the address set forth in the Base Indenture. Any party hereto may change its address for notices hereunder by giving
notice of such change to the other parties hereto, with a copy to the Control Party. Any change of address of a Noteholder shown on a Note Register shall, after the date of such change, be effective to change the address for such Noteholder
hereunder. All notices and demands shall be deemed to have been given either at the time of the delivery thereof to any officer or manager of the Person entitled to receive such notices and demands at the address of such Person for notices
hereunder, or on the third day after the mailing thereof to such address, as the case may be. 
 Section 8.7
Severability of Provisions. If one or more of the provisions of this Agreement shall be for any reason whatever held invalid or unenforceable, such provisions shall be deemed severable from the remaining covenants, agreements and provisions
of this Agreement and such invalidity or unenforceability shall in no way affect the validity or enforceability of such remaining provisions, or the rights of any parties hereto. To the extent permitted by law, the parties hereto waive any provision
of law which renders any provision of this Agreement invalid or unenforceable in any respect. 

  
 -31-

 Section 8.8 Delivery Dates. If the due date of any notice, certificate or report
required to be delivered by the Manager hereunder falls on a day that is not a Business Day, the due date for such notice, certificate or report shall be automatically extended to the next succeeding day that is a Business Day. 

Section 8.9 Binding Effect; Limited Rights of Others. The provisions of this Agreement shall be binding upon and inure to the
benefit of the respective successors and assigns of the parties hereto. Except as provided in the preceding sentence and except for the rights of the third party beneficiaries described in Section 8.4, nothing in this Agreement expressed or
implied, shall be construed to give any Person other than the parties hereto any legal or equitable right, remedy or claim under or in respect of this Agreement or any covenants, agreements, representations or provisions contained herein.

 Section 8.10 Article and Section Headings. The Article and Section headings herein are for convenience of
reference only, and shall not limit or otherwise affect the meaning hereof. 
 Section 8.11 Counterparts. This
Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. 
 [The remainder of this page is intentionally left blank.] 

  
 -32-

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

			
	ICONIX BRAND GROUP, INC.
	as Manager and in its individual capacity
		
	By: 	 	/s/ Neil Cole
		 	Name: Neil Cole
		 	Title: President and CEO
	
	ICON DE INTERMEDIATE HOLDINGS LLC
		
	By:	 	/s/ Warren Clamen
		 	Name: Warren Clamen
		 	Title: Vice President and Treasurer
	
	ICON BRAND HOLDINGS LLC
		
	By:	 	/s/ Warren Clamen
		 	Name: Warren Clamen
		 	Title: Vice President and Treasurer
	
	ICON DE HOLDINGS LLC
		
	By:	 	/s/ Warren Clamen
		 	Name: Warren Clamen
		 	Title: Vice President and Treasurer
	
	ICON NY HOLDINGS LLC
		
	By:	 	/s/ Warren Clamen
		 	Name: Warren Clamen
		 	Title: Vice President and Treasurer

 Signature Page to Iconix Management Agreement 

 
			
	CITIBANK, N.A., not in its individual capacity but solely as Trustee
		
	By: 	 	/s/ Jacqueline Suarez
		 	Name: Jacqueline Suarez
		 	Title: Vice President

 Signature Page to Iconix Management Agreement 

 EXHIBIT A 
 JOINDER AGREEMENT 
 This Joinder Agreement (this
“Agreement”), dated as of [insert date], among [insert name] (the “Additional Securitization Entity”), Iconix Brand Group, Inc., a Delaware corporation (the “Manager”), and Citibank,
N.A., a national banking association, as trustee (the “Trustee”). 
 Section 1. Reference to Management
Agreement; Definitions. Reference is made to the Management Agreement, dated as of November 29, 2012, as now in effect (the “Management Agreement”), among Icon DE Intermediate Holdings LLC, a Delaware limited liability
company (“Brand Holdings I”), Icon Brand Holdings LLC, a Delaware limited liability company (“Brand Holdings II”), Icon DE Holdings LLC, a Delaware limited liability company (“IP Holder I”), Icon NY
Holdings LLC, a Delaware limited liability company (“IP Holder II” and, together with Brand Holdings I, Brand Holdings II and IP Holder I, the “Co-Issuers”), Iconix Brand Group, Inc., as the Manager and in its
individual capacity, and the Trustee. For all purposes of this Agreement, capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed thereto in Annex A to the Base Indenture dated as of November 29, 2012, as
now in effect (the “Base Indenture”), among the Co-Issuers and Citibank, N.A., a national banking association, as Trustee and securities intermediary. 
 Section 2. Joinder. Effective as of the date on which all the conditions in Section 3 below are satisfied (the “Joinder Date”), the Additional Securitization
Entity joins in and becomes party (as fully as if the Additional Securitization Entity had been an original signatory thereto) to the Management Agreement as a party thereunder for all purposes thereof. 

Section 3. Conditions. The effectiveness of the joinder in Section 2 above shall be subject to the satisfaction
of the following conditions on or prior to the Joinder Date: 
 (a) Proper Proceedings. This Agreement shall have been
authorized by all necessary corporate or other proceedings. All necessary consents, approvals and authorizations of any governmental or administrative agency or any other Person of any of the transactions contemplated hereby shall have been obtained
and shall be in full force and effect. 
 (b) General. All legal and corporate proceedings in connection with the
transactions contemplated by this Agreement shall be reasonably satisfactory in form and substance to the Control Party and the Control Party shall have received copies of all documents, including certified copies of the formation documents of the
Additional Securitization Entity, records of limited liability company or corporate proceedings, certificates as to signatures and incumbency of officers and opinions of counsel, which the Control Party may have reasonably requested in connection
therewith, such documents where appropriate to be certified by proper corporate or governmental authorities. 
 Section 4.
Further Assurances. The Additional Securitization Entity will, upon the request of the Control Party from time to time, execute, acknowledge and deliver, and file and record, all such instruments, and take all such action, as the Control
Party may reasonably request to carry out the intent and purpose of this Agreement and any other Related Document. 

 Exhibit A 
 Page 2 
  

 Section 5. Notices. Any notice or other communication to the Additional
Securitization Entity in connection with this Agreement or any other Related Document shall be deemed to be delivered if in writing and addressed to: 
 [Insert Address] 
 Section 6. General. This Agreement, the
Management Agreement and the other Related Documents constitute the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior and current understandings and agreements, whether written or oral.
Except to the extent specifically supplemented hereby, the provisions of the Related Documents shall remain unmodified. The Management Agreement and the Related Documents, each as supplemented hereby, are each confirmed as being in full force and
effect. This Agreement shall constitute a Related Document. This Agreement may be executed in any number of counterparts, which together shall constitute one instrument, and shall bind and inure to the benefit of the parties hereto and their
respective successors and assigns, including as such successors and assigns all holders of any obligations evidenced by the Notes. This Agreement shall be construed in accordance with and governed by the laws of the State of New York without regard
to conflicts of law principles (other than Sections 5-1401 and 5-1402 of the General Obligations Law of the State of New York). 

[The remainder of this page is intentionally left blank.] 

  

 Exhibit A 
 Page 3 
  

 Each of the parties has executed this Agreement under seal by a duly authorized officer
as of the date first written above. 
  

			
	[NAME OF ADDITIONAL SECURITIZATION ENTITY]
		
	By:	 	 
		 	Name:
		 	Title:
	
	ICONIX BRAND GROUP INC., as Manager
		
	By:	 	 
		 	Name:
		 	Title:
	
	CITIBANK, N.A., not in its individual capacity but solely as Trustee
		
	By:	 	 
		 	Name:
		 	Title:

  

 EXHIBIT B 
 POWER OF ATTORNEY 
 KNOWN ALL MEN BY THESE PRESENTS, that [Icon DE
Intermediate Holdings LLC][Icon Brand Holdings LLC][Icon NY Holdings LLC], a Delaware limited liability company, ([“Brand Holdings I”][“Brand Holdings II”][“IP Holder I”][“IP Holder
II”]), hereby appoints Iconix Brand Group, Inc., a Delaware corporation, and any and all officers thereof as its true and lawful attorney-in-fact, with full power of substitution, in connection with the services ascribed below with respect
to the Securitized IP Assets (as such terms are defined or incorporated by reference into the Management Agreement, dated as of November 29, 2012, by and among Icon DE Intermediate Holdings LLC, a Delaware limited liability company
(“Brand Holdings I”), Icon Brand Holdings LLC, a Delaware limited liability company (“Brand Holdings II”), Icon DE Holdings, a Delaware limited liability company (“IP Holder I”), Icon NY Holdings, a
Delaware limited liability company (“IP Holder II” and together with Brand Holdings I, Brand Holdings II and IP Holder I, the “Co-Issuers”), and any other Securitization Entity that becomes party to thereto by
execution of a joinder (the “Management Agreement”)), with full irrevocable power and authority in the place of [Brand Holdings I][Brand Holdings II][IP Holder I][IP Holder II] and in the name of [Brand Holdings I][ Brand Holdings
II][IP Holder I][IP Holder II] or in its own name as nominee for [Brand Holdings I][ Brand Holdings II][IP Holder I][IP Holder II], to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or
desirable to accomplish the foregoing, subject to the Management Agreement, including, without limitation, the full power to: 

(i) sign its name upon all filings and to do all things necessary to maintain and register the Securitized Trademarks with the PTO, any
state trademark registry and/or any applicable foreign intellectual property office; 
 (ii) sign its name upon all filings and
to do all things necessary to maintain and prosecute Patents among the Securitized IP Assets with the PTO and with [the Canadian intellectual property office]; 
 (iii) sign its name upon all filings and to do all things necessary to maintain, register and renew the Copyrights among the Securitized IP Assets with the United States Copyright Office and with [the
Canadian intellectual property office]; 
 (iv) sign its name upon all filings and to do all things necessary to maintain,
register and renew domain names among the Securitized IP Assets; 
 (v) perform such functions and duties, and prepare and file
such documents, as are required under the Base Indenture (as defined in the Management Agreement) to be performed, prepared and/or filed by [Brand Holdings I][ Brand Holdings II][IP Holder I][IP Holder II], including: (i) executing and
recording such financing statements (including continuation statements) or amendments thereof or supplements thereto or other instruments as the Trustee and the Co-Issuers may from time to time reasonably request in order to perfect and maintain the
security interests in the Securitized IP Assets granted by [Brand Holdings I][ Brand 

 Exhibit B 
 Page 2 
  

 
Holdings II][IP Holder I][IP Holder II] to the Trustee (as defined in the Management Agreement) under the Related Documents (as defined in the Management Agreement) in accordance with the UCC (as
defined in the Management Agreement); and (ii) executing grants of security interests or any similar instruments required under the Related Documents to evidence such security interests in the Securitized IP Assets and recording such grants or
other instruments with the relevant authority including the U.S. Patent and Trademark Office, the U.S. Copyright Office or [the Canadian intellectual property office]; 
 (vi) take such actions on behalf of [Brand Holdings I][ Brand Holdings II][IP Holder I][IP Holder II] that are expressly required by the terms, provisions and purposes of the License Agreements; or cause
the preparation by other appropriate persons, of all documents, certificates and other filings as [Brand Holdings I][Brand Holdings II][IP Holder I][IP Holder II] shall be required to prepare and/or file under the terms of the License Agreements;
and 
 (vii) pay or arrange for payment or discharge taxes and liens levied or placed on or threatened against the Securitized IP
Assets. 
 This Power of Attorney is governed by the laws of the State of New York applicable to powers of attorney made and to
be exercised wholly within such State. 
 Dated: This
[                                        ]

  

			
	[                           
             ]
		
	By:	 	 
	Name: 	 	
	Title:	 	

  

 Exhibit B 
 Page 3 
  

					
	 STATE OF NEW YORK
	  	)	  	
		  	:	  	ss.:
	 COUNTY OF NEW YORK  
	  	)	  	

 On the
[                    ], before me the undersigned, personally appeared
                                    , personally known to me or
proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual,
or the person upon behalf of which the individual acted, executed the instrument. 
  

	
	
	 
	Notary Public

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