Document:

exv10w2

GUARANTEE

     FOR VALUE RECEIVED, the sufficiency of which is hereby acknowledged, and in connection with
that certain funding agreement (the “Funding Agreement”), entered into by and between Principal
Life Insurance Company, an Iowa insurance company (“Principal Life”), and Principal Life Income
Fundings Trust 2008-71, a New York common law trust (the “Trust”), relating to the notes (the
“Notes”) issued by the Trust, Principal Financial Group, Inc., a Delaware corporation and the
indirect parent company of Principal Life (the “Guarantor”), hereby furnishes to the Trust its full
and unconditional guarantee of the Guaranteed Amounts (as hereinafter defined) as follows:

     1. Guarantee.

          (a) The Guarantor hereby fully, irrevocably, absolutely and unconditionally guarantees, as a
guarantee of payment and not merely as a guarantee of collection, immediate payment when due to the
Trust any payments required to be made by Principal Life to the Trust under the Funding Agreement
which shall become due and payable regardless of whether such payment is due at maturity, on an
interest payment date or as a result of redemption or otherwise (the “Scheduled Payments”) but
shall be unpaid by Principal Life (the “Guaranteed Amounts”). Notwithstanding anything to the
contrary contained herein, in no event shall the Guaranteed Amounts exceed the Deposit (as defined
in the Funding Agreement) of the Funding Agreement, plus accrued but unpaid interest and any other
amounts due and owing under the Funding Agreement, less any amounts paid by Principal Life to the
Trust.

          (b) In the event that Principal Life fails to make a Scheduled Payment in full when due (the
“Payment Notice Date”), then the Trust or Citibank, N.A., as indenture trustee for the benefit of
the holders of the Notes (the “Indenture Trustee”), pursuant to the indenture (the “Indenture”)
between the Trust and the Indenture Trustee, may present the Guarantor with notice (each, a
“Payment Notice”) of such failure in writing on or after the Payment Notice Date. The Payment
Notice shall identify (1) the Funding Agreement, (2) the Trust, (3) the Payment Notice Date and (4)
the amount of the Scheduled Payments not paid by Principal Life to the Trust as of the Payment
Notice Date. Upon receipt of such Payment Notice, the Guarantor will immediately pay the
Guaranteed Amounts pursuant to Section 7.

          (c) In the event that, after receipt of a Payment Notice from the Trust, the Guarantor fails
to make immediate payment to the Trust or the Indenture Trustee of the Guaranteed Amounts, then
the Trust and the Indenture Trustee may enforce the obligations of the Guarantor under this
Guarantee, including by immediately bringing suit directly against the Guarantor (without first
bringing suit against Principal Life) for the Guaranteed Amounts not paid to the Trust as of the
Payment Notice Date.

          (d) This Guarantee is an unsecured, unsubordinated and contingent obligation of the Guarantor
and ranks equally with all other unsecured and unsubordinated obligations of the Guarantor.

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     2. Termination. This Guarantee is a continuing and irrevocable guarantee of the Guaranteed
Amounts now or hereafter existing and shall terminate and be of no further force and effect with
respect to the Funding Agreement and the Notes upon the full payment of the Scheduled Payments or
upon the earlier extinguishment of the obligations of Principal Life under the Funding Agreement.

     3. Amendments. Subject to the trust agreement relating to the Trust and the Indenture, no
provision of this Guarantee may be waived, amended, supplemented or modified, except by a written
instrument executed by the Trust and the Guarantor.

     4. Assignment; Governing Law. This Guarantee shall inure to the benefit of the Trust and its
successors, assigns and pledgees. This Guarantee shall be governed by, and construed in accordance
with, the laws of the State of New York without regard to conflict of law principles.

     5. Notices. All notices given pursuant to this Guarantee shall be in writing, and shall
either be delivered, mailed or telecopied to the locations listed below or at such other address or
to the attention of such other persons as such party shall have designated for such purpose in a
written notice complying as to delivery with the terms of this Section 5. Each such notice shall
be effective (i) if given by telecopy, when transmitted to the applicable number so specified in
this Section 5 (such notice shall also be sent by mail, with first class postage prepaid), (ii) if
given by mail, three days after deposit in the mails with first class postage prepaid, or (iii) if
given by any other means, when actually delivered at such address.

If to the Guarantor:

Principal Financial Group, Inc.

711 High Street

Des Moines, Iowa 50392

Attention: General Counsel

Telephone: (515) 247-5111

Facsimile: (515) 248-3011

With a copy to:

Principal Life Insurance Company

711 High Street

Des Moines, Iowa 50392

Attention: Jim Fifield

Telephone: (515) 248-9196

Facsimile: (866) 496-6527

If to the Trust:

Principal Life Income Fundings Trust (followed by the number of the Trust specified in this Guarantee)

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c/o U.S. Bank Trust National Association

100 Wall Street, 16th Floor

New York, New York 10005

Attention: Janet P. O’Hara

Telephone: (212) 361-2527

Facsimile: (212) 809-5459

With a copy to:

Citibank, N.A.

Corporate and Investment Banking

388 Greenwich Street, 14th Floor

New York, New York 10013

Attention: Jennifer H. McCourt

Telephone: (212) 816-5680

Facsimile: (212) 816-5527

     6. Representations and Warranties. The Guarantor represents and warrants that: (i) it is duly
organized and in good standing under the laws of the jurisdiction of its organization and has full
capacity and right to make and perform this Guarantee, and all necessary authority has been
obtained; (ii) this Guarantee constitutes a legal, valid and binding obligation of the Guarantor
enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency and similar
laws affecting creditors’ rights and general principles of equity, regardless of whether
enforcement is sought in a proceeding in equity or at law; (iii) the making and performance of this
Guarantee does not and will not violate the provisions of any applicable law, regulation or order,
and does not and will not result in the breach of, or constitute a default under, any material
agreement, instrument or document to which it is a party or by which it or any of its property may
be bound or affected, except to the extent disclosed in the registration statement registering the
issuance of this Guarantee and the Funding Agreement, as amended, supplemented or modified from
time to time (the “Registration Statement”), and to the extent that any such violation, breach or
default does not result in a material adverse effect on the Guarantor; and (iv) all consents,
approvals, licenses and authorizations of, and filings and registrations with, any governmental
authority required under applicable law and regulations for the making and performance of this
Guarantee have been obtained or made and are in full force and effect, except to the extent
disclosed in the Registration Statement and to the extent that the failure to acquire any such
consent, approval, license, authorization, filing or registration does not result in a material
adverse effect on the Guarantor.

     7. Notice of, and Consent to, Security Interest. The Trust hereby notifies the Guarantor that
it has granted to the Indenture Trustee, on behalf of the holders of the Notes, a security interest
in the Collateral (as defined in the Indenture), including, but not limited to, any and all payment
to be made by the Guarantor to the Trust under this Guarantee. The Trust hereby notifies the
Guarantor that it has collaterally assigned to the Indenture Trustee, for the benefit of the
holders of the Notes, this Guarantee. The Guarantor, by executing this Guarantee, hereby (i)
affirms that it has made or simultaneously will make changes to its books and records to reflect
such security interest and collateral assignment, (ii) consents to the security interest

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granted, and collateral assignment made, by the Trust to the Indenture Trustee of this Guarantee,
(iii) agrees to make all payments due under this Guarantee to the Collection Account (as defined in
the Indenture) or any other account designated in writing to the Guarantor by the Indenture Trustee
and (iv) agrees to comply with all orders of the Indenture Trustee with respect to this Guarantee
without any further consent from the Trust.

     8. WAIVER OF JURY TRIAL; FINAL AGREEMENT. TO THE EXTENT ALLOWED BY APPLICABLE LAW, THE
GUARANTOR WAIVES TRIAL BY JURY WITH RESPECT TO ANY ACTION, CLAIM, SUIT OR PROCEEDING ON OR ARISING
OUT OF THIS GUARANTEE. THIS GUARANTEE REPRESENTS THE FINAL AGREEMENT BETWEEN THE GUARANTOR AND THE
TRUST AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS AMONG SUCH PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG SUCH PARTIES.

	 	 	 	 	 
	 	PRINCIPAL FINANCIAL GROUP, INC.

 	 
	 	By:  	/s/ Elizabeth D. Swanson
 	 
	 	 	Name:  	Elizabeth D. Swanson 	 
	 	 	Title:  	Counsel

	 	 	Date:  	 The Effective Date (as defined in the Funding 
Agreement) 	 
	 

Acknowledged and Agreed:

	 	 	 	 	 
	THE PRINCIPAL LIFE INCOME FUNDINGS

TRUST DESIGNATED IN THIS GUARANTEE

 	 	 
	By:  	U.S. Bank Trust National Association,

not in its individual capacity, but solely in its

capacity as trustee

 	 	 
	By:  	Bankers Trust Company, N.A.,

under Limited Power of Attorney, dated November 21, 2007

 	 	 
	By:  	/s/  Diana L. Cook
 	 	 
	 	Name:  	Diana L. Cook 	 	 
	 	Title:  	Vice President

	 	Date:  	 The Effective Date (as defined in the Funding 
Agreement) 	 	 
	 

4exv10w15

Exhibit 10.15

AMENDMENT NO. 1

          This AMENDMENT NO. 1, dated as of August 15, 2008 (this “Agreement”) is entered into
by and among ULTA SALON, COSMETICS & FRAGRANCE, INC., a Delaware corporation (the
“Borrower”), LASALLE BANK NATIONAL ASSOCIATION (in its individual capacity,
“LaSalle”), as administrative agent for the Lenders (in such capacity, “Administrative
Agent”) (capitalized terms not otherwise defined herein shall have the meaning assigned to such
terms in the Loan Agreement defined below) and the Lenders signatory hereto.

RECITALS

          WHEREAS, the Borrower has entered into that certain Third Amended and Restated Loan and
Security Agreement, dated as of June 29, 2007, among the Borrower, the Administrative Agent, the
Collateral Agent, LaSalle, as LC Issuer, JPMorgan Chase Bank, N.A. (in its individual capacity,
“JPM”), as Documentation Agent, and the Lenders party thereto from time to time (as
amended, restated, supplemented or otherwise modified from time to time, the “Loan
Agreement”); and

          WHEREAS, the Borrower has requested to amend certain provisions of the Loan Agreement.

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

SECTION ONE. AMENDMENTS.

     1.1 Clause (B)(a)(3) of the definition of “Change in Control” in Section 1.14 of the Loan
Agreement is hereby amended by deleting the brackets in the phrase “[thirty-five percent (35%)]” so
such phrase provides as follows: “thirty-five percent (35%)”.

     1.2 Section 1.72 of the Loan Agreement is hereby amended and restated in its entirety to
clarify the reference to the correct Exhibit to the Information Certificate so such Section
provides as follows:

     ““Permitted Holders” shall mean the persons listed on Exhibit B to the Information
Certificate under the headings of “Shareholders” and “Permitted Holders”, their respective
successors and assigns, and any Strategic Purchaser.”

     1.3 Each Lender hereby agrees that its Commitment and Pro Rata Share on the Amendment
Effective Date (as hereinafter defined) are as set forth in the columns “Total Commitment” and “New
Pro Rata Share” in the table below:

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Existing	 	 	 	 	 	Total	 	Old Pro Rata	 	New Pro
	Lender	 	Commitment	 	Increase	 	Commitment	 	Share	 	Rata Share
	LaSalle Bank National Association
	 	$	75,000,000	 	 	$	10,000,000	 	 	$	85,000,000	 	 	50.0%	 	 	 	42.5%	 	 
	Wachovia Capital Finance Corporation (Central)
	 	$	45,000,000	 	 	$	24,000,000	 	 	$	69,000,000	 	 	30.0%	 	 	 	34.5%	 	 
	JPMorgan Chase Bank, N.A.
	 	$	30,000,000	 	 	$	16,000,000	 	 	$	46,000,000	 	 	20.0%	 	 	 	23.0%	 	 

     1.4 After giving effect to the increase to the existing commitments as set forth in the table
above, Section 2.1(d) of the Loan Agreement is deleted in its entirety.

SECTION TWO. AGREEMENTS AMONG THE PARTIES HERETO.

     2.1 JPM and Wachovia Capital Finance Corporation (Central) (“WCF”) each hereby agree
to purchase, and LaSalle hereby agrees to sell, a portion of the Loans and Letter of Credit
Accommodations outstanding on the Amendment Effective Date (the “Outstanding Exposure”)
such that the Outstanding Exposure held by each Lender shall be equal to its Pro Rata Share (as set
forth in the column “New Pro Rata Share” in the above table). To give effect to the preceding
sentence, on the Amendment Effective Date, without further action by any Lender, (i) WCF shall be
deemed to have purchased a portion of the Outstanding Exposure equal to 4.5% from LaSalle, (ii) JPM
shall be deemed to have purchased a portion of the Outstanding Exposure equal to 3.0% from LaSalle,
(iii) LaSalle shall be deemed to have sold a portion of the Outstanding Exposure equal to 4.5% to
WCF, and (iv) LaSalle shall be deemed to have sold a portion of the Outstanding Exposure equal to
3.0% to JPM (collectively, the “Assignments and Assumptions”). Each of the Lenders,
Administrative Agent and Borrower agrees that (a) notwithstanding any provision in the Loan
Agreement to the contrary, the Assignments and Assumptions shall become effective without the
execution and delivery of any Assignment and Acceptance with respect thereto, (b) if the
consummation of the Assignments and Assumptions would otherwise cause the Borrower to pay “breakage
costs”, JPM and WCF each agree to purchase, and LaSalle agrees to sell, a participation in the
Outstanding Exposure such that the Outstanding Exposure held by each Lender (whether via
participations or otherwise) shall be equal to its Pro Rata Share (as set forth in the column “New
Pro Rata Share” in the above table); provided, that upon expiration of the relevant
Interest Periods, such participations shall automatically be deemed to be outright purchases by JPM
and WCF, and outright sales by LaSalle, of the applicable portion of the Outstanding Exposure and
shall be effective without the execution and delivery of any Assignment and Assumption with respect
thereto and (c) the Borrower shall not be responsible for the payment of any fees, costs or
expenses associated with the transactions described in this Section 2.1.

     2.2 Borrower hereby agrees to execute and deliver in escrow to Administrative Agent on the
Amendment Effective Date amended and restated promissory notes in the amount of the new Commitments
of each Lender. Administrative Agent hereby agrees to hold such amended and restated promissory
notes in escrow until Administrative Agent’s receipt of the original promissory notes currently
held by each Lender. Upon Administrative Agent’s receipt of such original promissory note,
Administrative Agent will mark such original promissory note as

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cancelled (if not so marked by the
applicable Lender), return the cancelled promissory note to Borrower and provide such Lender with
its amended and restated promissory note. By each Person’s execution of this Agreement, such
Person acknowledges the foregoing and authorizes Administrative Agent to take (and Administrative
Agent agrees to take) such actions.

SECTION THREE. CONDITIONS PRECEDENT.

     3.1 The provisions set forth in Sections One and Two hereof shall be effective as of the date
(the “Amendment Effective Date”) on which the following conditions precedent are satisfied:

     (a) Administrative Agent shall have received sufficient copies of this Agreement,
executed and delivered by Borrower, the Administrative Agent, and each Lender;

     (b) Administrative Agent shall have received an opinion of counsel to the Borrower in
form and substance reasonably acceptable to the Administrative Agent; and

     (c) Administrative Agent shall have received a certificate of the secretary of the
Borrower certifying (i) the names and signatures of the officers of the Borrower authorized
to execute and deliver this Agreement and any related documents, (ii) the amended and
restated certificate of incorporation of the Borrower and the amended and restated by-laws
of the Borrower are complete and correct copies as in effect on the date of such
certificate, and (iii) the resolutions of the Borrower’s board of directors approving and
authorizing the execution and delivery of this Agreement and any related documents.

SECTION FOUR. MISCELLANEOUS.

     4.1 Representations and Warranties. The representations and warranties contained in
the Loan Agreement and in the other Financing Agreements are true and correct in all material
respects after giving effect to this Agreement on and as of August 15, 2008 as though made on and
as of such date (except to the extent such representations and warranties expressly relate to an
earlier date, in which case such representations and warranties shall have been true and correct in
all material respects on and as of such earlier date), and no Event of Default or Default has
occurred and is continuing on and as of the August 15, 2008, or would result from this Agreement
becoming effective in accordance with its terms.

     4.2 Amendment, Modification and Waiver. This Agreement may not be amended, modified
or waived except by an instrument or instruments in writing signed and delivered on behalf of each
of the parties hereto.

     4.3 Entire Agreement. This Agreement, the Loan Agreement and the other Financing
Agreements constitute the entire agreement among the parties with respect to the subject matter
hereof and thereof and supersede all other prior agreements and understandings, both written and
verbal, among the parties or any of them with respect to the subject matter hereof.

     4.4 Governing Law. The validity, interpretation and enforcement of this Agreement and
any dispute arising out of the relationship between the parties hereto, whether in contract,

3

 

tort,
equity or otherwise, shall be governed by the internal laws of the State of Illinois (without
giving effect to principles of conflicts of law).

     4.5 Severability. Any term or provision of this Agreement which is invalid or
unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of
such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms
and provisions of this Agreement or affecting the validity or enforceability of any of the terms or
provisions of this Agreement in any other jurisdiction. If any provision of this Agreement is so
broad as to be unenforceable, the provision shall be interpreted to be only so broad as would be
enforceable.

     4.6 Counterparts. This Agreement may be executed in counterparts, each of which shall
be deemed to be an original, but all of which shall constitute one and the same agreement.
Delivery of an executed counterpart of this Agreement by facsimile or other electronic transmission
shall have the same force and effect as the delivery of an original executed counterpart of this
Agreement. Any party delivering an executed counterpart of this Agreement by facsimile or other
electronic transmission shall also deliver an original executed counterpart, but the failure to do
so shall not affect the validity, enforceability or binding effect of this Agreement.

[The remainder of this page is intentionally left blank]

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     IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to
execute and deliver this Agreement as of the date above first written.

	 	 	 	 	 	 	 
	 	 	BORROWER:	 	 
	 
	 	 	 	 	 	 
	 	 	ULTA SALON, COSMETICS & FRAGRANCE,	 	 
	 

	 	INC.	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gregg R. Bodnar	 	 
	 

	 	 	 	 

Name: Gregg R. Bodnar
	 	 
	 

	 	 	 	Title: Chief Financial Officer	 	 

[Signature Page to Amendment No. 1 – 3rd Amended and Restated Loan and Security Agreement]

 

 

	 	 	 	 	 	 	 
	 	 	LASALLE BANK NATIONAL ASSOCIATION,	 	 
	 	 	as Administrative Agent and a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Thomas Lesch	 	 
	 

	 	Name:
	 	 

Thomas Lesch
	 	 
	 

	 	Title:
	 	Vice President	 	 

[Signature Page to Amendment No. 1 – 3rd Amended and Restated Loan and Security Agreement]

 

 

	 	 	 	 	 	 	 
	 	 	WACHOVIA CAPITAL FINANCE	 	 
	 	 	CORPORATION (CENTRAL),	 	 
	 	 	as a Lender	 	 
	 
	 

	 	By:
	 	/s/ Vicky Geist	 	 
	 

	 	Name:
	 	 

Vicky Geist
	 	 
	 

	 	Title:
	 	Director	 	 

[Signature
Page to Amendment No. 1 – 3rd Amended and Restated Loan and Security Agreement]

 

 

	 	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.,	 	 
	 	 	as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Teresa Bolick	 	 
	 

	 	Name:
	 	 

Teresa Bolick
	 	 
	 

	 	Title:
	 	Vice President	 	 

[Signature
Page to Amendment No. 1 – 3rd Amended and Restated Loan and Security Agreement]

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