Document:

EXHIBIT 10.41

 

First Amendment to Fourth Amended and
Restated Loan and Security Agreement, dated December 31, 2004 by and among The
Children’s Place Retail Stores, Inc. and each of its subsidiaries that are
signatories thereto, as borrowers, the financial institutions named therein,
and Wells Fargo Retail Finance, LLC, as agent

 

 

FIRST
AMENDMENT TO FOURTH AMENDED AND RESTATED

 

LOAN AND
SECURITY AGREEMENT WELLS FARGO RETAIL FINANCE, LLC, Agent

 

December 31, 2004

 

THIS FIRST AMENDMENT TO FOURTH
AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “First Amendment”) is made in consideration
of the mutual covenants contained herein and benefits to be derived herefrom to
the Fourth Amended and Restated Loan and Security Agreement (the “Loan Agreement”) dated October 30, 2004 and
effective as of October 31, 2004 among The Children’s Place Retail Stores, Inc.
(the “Parent”) and each of the Parent’s
Subsidiaries identified on the signature pages thereto (such Subsidiaries,
together with Parent, are referred to hereinafter individually and
collectively, jointly and severally, as the “Borrowers”),
with each of their chief executive offices located at 915 Secaucus Road,
Secaucus, New Jersey 07094, on the one hand, and the financial
institutions listed on the signature pages thereto (such financial
institutions, together with their respective successors and assigns, are
referred to hereinafter each individually as a “Lender” and collectively as the “Lenders”), and Wells Fargo Retail Finance, LLC, as Agent, Congress
Financial Corporation (New England), as Documentation Agent, and LaSalle Retail
Finance, a Division of LaSalle Business Credit, LLC, as Co-Agent, on the other
hand.

 

Background:

 

The Borrowers and the Lenders
desire to amend the Loan Agreement. 
Accordingly, it is hereby agreed by and between the Borrowers and the
Lenders, as follows:

 

1.                                       Amendment to Loan Agreement:    The
provisions of Section 7.19(b) are hereby deleted in their entirety, and the
following is inserted in their place:

 

“(b)                           Fail to achieve, on and as of December 31,
2004, (i) Availability in an amount not less than $20,000,000.00, (ii) an
outstanding balance of all Advances less than or equal to $20,000,000.00, and
(iii) a permanent reduction of the outstanding balance of the Temporary Overadvance
Facility to $0.00.

 

2.                                       Ratification of Loan Documents. No Claims against the  Lenders:

 

a.                                       Except
as provided herein, all terms and conditions of the Loan Agreement and of each
of the other Loan Documents remain in full force and effect.  The  Borrowers hereby ratify, confirm, and
re-affirm all terms and provisions of the Loan Documents.

 

b.                                      The
Borrowers acknowledge and agree that there is no basis nor set of facts on
which any amount (or any portion thereof) owed by the Borrowers under any Loan
Document could be reduced, offset, waived, or forgiven, 

 

1

 

by rescission or otherwise; nor is there any
claim, counterclaim, off set, or defense (or other right, remedy, or basis
having a similar effect) available to the Borrowers with regard thereto; nor is
there any basis on which the terms and conditions of any of the Obligations
could be claimed to be other than as stated on the written instruments which
evidence such Obligations.

 

c.                                       The
Borrowers hereby acknowledge and agree that the Borrowers have no offsets,
defenses, claims, or counterclaims against the Lenders, or their respective
officers, directors, employees, attorneys, representatives, predecessors,
successors, or assigns with respect to the Obligations, or otherwise, and that
if the Borrowers now have, or ever did have, any offsets, defenses, claims, or
counterclaims against the Lenders, or their respective officers, directors,
employees, attorneys, representatives, predecessors, successors, and assigns,
whether known or unknown, at law or in equity, from the beginning of the world
through this date and through the time of execution of this First Amendment,
all of them are hereby expressly WAIVED,
and the Borrowers hereby RELEASE
the Lenders, and their respective officers, directors, employees, attorneys,
representatives, predecessors, successors, and assigns from any liability
therefor.

 

3.                                       Miscellaneous:

 

a.                                       Terms
used in this First Amendment which are defined in the Loan Agreement are used
as so defined.

 

b.                                      This
First Amendment may be executed in counterparts, each of which when so executed
and delivered shall be an original, and all of which together shall constitute
one agreement.

 

c.                                       This
First Amendment expresses the entire understanding of the parties with respect
to the transactions contemplated hereby. 
No prior negotiations or discussions shall limit, modify, or otherwise
affect the provisions hereof.

 

d.                                      Any
determination that any provision of this First Amendment or any application
hereof is invalid, illegal, or unenforceable in any respect and in any instance
shall not affect the validity, legality, or enforceability of such provision in
any other instance, or the validity, legality, or enforceability of any other
provisions of this First Amendment.

 

e.                                       The
Borrowers shall pay on demand all costs and expenses of the Lenders, including,
without limitation, attorneys’ fees incurred by the

 

2

 

Lenders in connection with the preparation,
negotiation, execution, and delivery of this First Amendment.

 

f.                                         In
connection with the interpretation of this First Amendment and all other
documents, instruments, and agreements incidental hereto:

 

i.                                          All
rights and obligations hereunder and thereunder, including matters of
construction, validity, and performance, shall be governed by and construed in
accordance with the law of the State of California and are intended to take
effect as sealed instruments.

 

ii.                                       The
captions of this First Amendment are for convenience purposes only, and shall
not be used in construing the intent of the Lenders and the Borrowers under
this First Amendment.

 

iii.                                    In
the event of any inconsistency between the provisions of this First Amendment
and any of the other Loan Documents or other agreements entered into by and
between the Lenders and the Borrowers, the provisions of this First Amendment
shall govern and control.

 

g.                                      The
Lenders and the Borrowers have prepared this First Amendment and all documents,
instruments, and agreements incidental hereto with the aid and assistance of
their respective counsel.  Accordingly,
all of them shall be deemed to have been drafted by the Lenders and the
Borrowers and shall not be construed against either party.

 

[Signatures
Follow]

 

3

 

	
   

  	
  THE CHILDREN’S PLACE RETAIL

  STORES, INC., a Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Seth
  Udasin

  
	
   

  	
  Name:

  	
  Seth Udasin

  
	
   

  	
  Title:

  	
  Vice President, Chief
  Financial

  
	
   

  	
   

  	
  Officer and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE CHILDREN’S PLACE SERVICES

  COMPANY LLC, a Delaware limited

  liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Seth
  Udasin

  
	
   

  	
  Name:

  	
  Seth Udasin

  
	
   

  	
  Title:

  	
  Manager, Vice President,
  Chief

  
	
   

  	
   

  	
  Financial Officer and
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WELLS FARGO RETAIL FINANCE,

  LLC, a Delaware limited liability

  company,

  
	
   

  	
  as Agent and as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David
  Molinario

  
	
   

  	
  Name:

  	
  David Molinario

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CONGRESS FINANCIAL

  CORPORATION (NEW ENGLAND), a

  Massachusetts corporation, as

  Documentation Agent and as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Willis
  A. Williams

  
	
   

  	
  Name: 

  	
  Willis A. Williams

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  	
   

  
				

 

4

 

	
   

  	
  LASALLE RETAIL FINANCE,

  
	
   

  	
  a Division of LaSalle
  Business Credit,

  LLC, as Agent for Standard Federal

  Bank National Association

  
	
   

  	
  as Co-Agent and as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Matthew
  Potter

  
	
   

  	
  Name: 

  	
  Matthew Potter

  
	
   

  	
  Title:

  	
  Assistant Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WEBSTER BUSINESS CREDIT CORP.,

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Evan
  Israelson

  
	
   

  	
  Name: 

  	
  Evan Israelson

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE CIT GROUP/BUSINESS CREDIT,

  INC.,

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Manuel
  Borges

  
	
   

  	
  Name: 

  	
  Manuel Borges

  
	
   

  	
  Title:

  	
  Vice President

  
					

 

5EXHIBIT
10.42

 

Second Amendment
to Fourth Amended and Restated Loan and Security Agreement, Dated April 12,
2005, by and among The Children’s Place Retail Stores, Inc. and each of its
subsidiaries that are signatories thereto, as borrowers, the financial institutions
named therein, and Wells Fargo Retail Finance, LLC, as agent

 

 

SECOND AMENDMENT TO FOURTH
AMENDED AND RESTATED

 

LOAN AND SECURITY AGREEMENT WELLS
FARGO RETAIL FINANCE, LLC, Agent

 

April 12, 2005

 

THIS SECOND AMENDMENT TO FOURTH AMENDED AND RESTATED LOAN AND SECURITY
AGREEMENT (this “Second Amendment”) is made in
consideration of the mutual covenants contained herein and benefits to be
derived herefrom to the Fourth Amended
and Restated Loan and Security Agreement (the “Loan Agreement”) dated October 30, 2004 and effective
as of October 31, 2004, among The Children’s Place Retail Stores, Inc. (the “Parent”) and each of the Parent’s Subsidiaries identified on
the signature pages thereto (such Subsidiaries, together with Parent, are
referred to hereinafter individually and collectively, jointly and severally,
as the “Borrowers”), with each of their chief
executive offices located at 915 Secaucus Road, Secaucus, New Jersey
07094, on the one hand, and the financial institutions listed on the signature
pages thereto (such financial institutions, together with their respective
successors and assigns, are referred to hereinafter each individually as a “Lender” and collectively as the “Lenders”),
and Wells Fargo Retail Finance, LLC,
as Agent, Congress Financial
Corporation (New England), as Documentation Agent, and LaSalle Retail Finance, a Division of LaSalle
Business Credit, LLC, as Co-Agent, on the other hand.

 

Background:

 

The Borrowers and the Lenders desire to amend the Loan Agreement.  Accordingly, it is hereby agreed by and
between the Borrowers and the Lenders, as follows:

 

1.                                       Amendments to Loan Agreement:

 

a.                                       Section 1.1 of the Loan Agreement is
hereby amended by adding the following definition in the appropriate
alphabetical order:

 

“Capital Expenditures”
means the expenditure of funds or the incurrence of liabilities which may be
capitalized in accordance with GAAP, as then in effect as of the date of any
relevant determination.  If at any time a
change in GAAP or accounting method is implemented by the Company which would
be applicable to accounting periods ending subsequent to January 31, 2004,
the  testing of compliance by the
Borrowers with any financial performance covenant relating to Capital Expenditures
shall be made as if no such accounting change in GAAP or accounting method had been made (other than any such accounting change
specifically mentioned herein and taken into account in the setting of any such
covenant).

 

b.                                      Section 7.20 of the Loan Agreement is
hereby amended by deleting the phrase “Make capital expenditures (based upon
Parent’s Statement of

 

1

 

Cash Flows for
Investing Activities, exclusive of non-capital items)” and inserting the
following in its place:

 

“Make Capital Expenditures
(based upon Parent’s Statement of Cash Flows for Investing Activities, net of
construction allowances or other allowances granted by the applicable landlord,
exclusive of non-capital items and exclusive of any Capital Expenditures made
by Hoop Retail Stores, LLC and Hoop Canada Inc. during such period, to the extent
the aggregate amount of Capital Expenditures made by Hoop Retail Stores, LLC
and Hoop Canada, Inc. during such period exceeds the aggregate amount of
funding provided by the Borrower to such subsidiary during such  period)”

 

2.                                       Ratification of Loan Documents.
No Claims against the Lenders:

 

a.                                       Except as provided herein, all terms and
conditions of the Loan Agreement and of the other Loan Documents remain in full
force and effect.  The  Borrowers hereby ratify, confirm, and
re-affirm all terms and provisions of the Loan Documents.

 

b.                                      The Borrowers acknowledge and agree that
there is no basis nor set of facts on which any amount (or any portion thereof)
owed by the Borrowers under any Loan Document could be reduced, offset, waived,
or forgiven, by rescission or otherwise; nor is there any claim, counterclaim,
off set, or defense (or other right, remedy, or basis having a similar effect)
available to the Borrowers with regard thereto; nor is there any basis on which
the terms and conditions of any of the Obligations could be claimed to be other
than as stated on the written instruments which evidence such Obligations.

 

c.                                       The Borrowers hereby acknowledge and
agree that the Borrowers have no offsets, defenses, claims, or counterclaims
against the Lenders, or their respective officers, directors, employees,
attorneys, representatives, predecessors, successors, or assigns with respect
to the Obligations, or otherwise, and that if the Borrowers now have, or ever
did have, any offsets, defenses, claims, or counterclaims against the Lenders,
or their respective officers, directors, employees, attorneys, representatives,
predecessors, successors, and assigns, whether known or unknown, at law or in
equity, from the beginning of the world through this date and through the time
of execution of this Second Amendment, all of them are hereby expressly WAIVED, and the Borrowers hereby RELEASE the Lenders, and their respective
officers, directors, employees, attorneys, representatives, predecessors,
successors, and assigns from any liability therefor.

 

2

 

3.                                       Change in Accounting
Method does not constitute an Event of Default:

 

a.                                       The Lenders hereby acknowledge and agree
that any change in accounting method referred to in the revised definition of
Capital Expenditures set forth above does not constitute an Event of Default
and to the extent such would have constituted an Event of Default, the Lenders
hereby waive in all respects the Event of Default and agree they will not take
any action against Borrowers with respect thereto.

 

4.                                       Miscellaneous:

 

a.                                       Terms used in this Second Amendment which
are defined in the Loan Agreement are used as so defined.

 

b.                                      This Second Amendment may be executed in
counterparts, each of which when so executed and delivered shall be an
original, and all of which together shall constitute one agreement.  Delivery of an executed counterpart by
telefacsimile shall be equally as effective as delivery of an original executed
counterpart.

 

c.                                       This Second Amendment expresses the
entire understanding of the parties with respect to the transactions
contemplated hereby.  No prior
negotiations or discussions shall limit, modify, or otherwise affect the provisions
hereof.

 

d.                                      Any determination that any provision of
this Second Amendment or any application hereof is invalid, illegal, or
unenforceable in any respect and in any instance shall not affect the validity,
legality, or enforceability of such provision in any other instance, or the
validity, legality, or enforceability of any other provisions of this Second
Amendment.

 

e.                                       The Borrowers shall pay on demand all
costs and expenses of the Lenders, including, without limitation, attorneys’
fees incurred by the Lenders in connection with the preparation, negotiation,
execution, and delivery of this Second Amendment.

 

f.                                         In connection with the interpretation of
this Second Amendment and all other documents, instruments, and agreements
incidental hereto:

 

i.                                          All rights and obligations hereunder and
thereunder, including matters of construction, validity, and performance, shall
be

 

3

 

governed by and construed in accordance with the
law of the State of California and are intended to take effect as sealed
instruments.

 

ii.                                       The captions of this Second Amendment are
for convenience purposes only, and shall not be used in construing the intent
of the Lenders and the Borrowers under this Second Amendment.

 

iii.                                    In the event of any inconsistency between
the provisions of this Second Amendment and any of the other Loan Documents or
other agreements entered into by and between the Lenders and the Borrowers, the
provisions of this Second Amendment shall govern and control.

 

g.                                      The Lenders and
the Borrowers have prepared this Second Amendment and all documents,
instruments, and agreements incidental hereto with the aid and assistance of
their respective counsel.  Accordingly,
all of them shall be deemed to have been drafted by the Lenders and the
Borrowers and shall not be construed against either party.

 

	
   

  	
  THE
  CHILDREN’S PLACE RETAIL STORES, INC., a Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Seth Udasin

  
	
   

  	
  Name:

  	
  Seth Udasin

  
	
   

  	
  Title:

  	
  Vice President, Chief Financial

  Officer and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE
  CHILDREN’S PLACE SERVICES

  COMPANY LLC, a Delaware limited

  liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Seth Udasin

  
	
   

  	
  Name:

  	
  Seth Udasin

  
	
   

  	
  Title:

  	
  Manager, Vice President, Chief

  Financial Officer and Treasurer

  
				

 

4

 

	
   

  	
  WELLS
  FARGO RETAIL FINANCE,

  LLC, a Delaware limited liability

  company, as Agent and as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Erika Pfeifer

  
	
   

  	
  Name:

  	
  Erika Pfeifer

  
	
   

  	
  Title:

  	
  Assistant Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CONGRESS
  FINANCIAL

  CORPORATION (NEW ENGLAND), a

  Massachusetts corporation, as

  Documentation Agent and as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Willis A. Williams

  
	
   

  	
  Name:

  	
  Willis A. Williams

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  LASALLE
  RETAIL FINANCE,

  
	
   

  	
  a Division of LaSalle Business Credit,

  LLC, as Agent for Standard Federal

  Bank National Association

  
	
   

  	
  as Co-Agent and as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Matthew Potter

  
	
   

  	
  Name:

  	
  Matthew Potter

  
	
   

  	
  Title:

  	
  Assistant Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WEBSTER
  BUSINESS CREDIT CORP.,

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Evan Israelson

  
	
   

  	
  Name:

  	
  Evan Israelson

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE CIT
  GROUP/BUSINESS CREDIT, INC.,

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Manuel Borges

  
	
   

  	
  Name:

  	
  Manuel Borges

  
	
   

  	
  Title:

  	
  Vice President

  
				

 

5

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