Document:

Exhibit 10(z)

Exhibit 10(z)

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EXECUTION COPY

 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

dated as of

May 6, 2010,

among

LIZ CLAIBORNE, INC.,

MEXX EUROPE B.V.,

JUICY COUTURE EUROPE LIMITED,

and

LIZ CLAIBORNE CANADA INC.,

as Borrowers,

The GUARANTORS Party Hereto,

The LENDERS Party Hereto

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent and US Collateral Agent,

JPMORGAN CHASE BANK, N.A., TORONTO BRANCH,

as Canadian Administrative Agent and Canadian Collateral Agent,

J.P. MORGAN EUROPE LIMITED,

as European Administrative Agent and European Collateral Agent,

BANK OF AMERICA, N.A.,

as Syndication Agent,

and

WACHOVIA CAPITAL FINANCE CORPORATION (NEW ENGLAND), NATIONAL

ASSOCIATION, SUNTRUST BANK and GENERAL ELECTRIC CAPITAL CORPORATION,

as Documentation Agents

 

J.P. MORGAN SECURITIES INC., BANC OF AMERICA SECURITIES LLC, WELLS FARGO

CAPITAL FINANCE, LLC and SUNTRUST ROBINSON HUMPHREY, INC.,

as Joint Lead Arrangers and Joint Bookrunners

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	ARTICLE I Definitions
	 	 	1	 
	SECTION 1.01 Defined Terms
	 	 	1	 
	SECTION 1.02 Classification of Loans and Borrowings
	 	 	71	 
	SECTION 1.03 Terms Generally
	 	 	71	 
	SECTION 1.04 Accounting Terms; GAAP
	 	 	73	 
	SECTION 1.05 Currency Translations
	 	 	74	 
	 
	 	 	 	 
	ARTICLE II The Credits
	 	 	74	 
	SECTION 2.01 Commitments
	 	 	74	 
	SECTION 2.02 Loans and Borrowings
	 	 	75	 
	SECTION 2.03 Requests for Borrowing of Revolving Loans
	 	 	77	 
	SECTION 2.04 Protective Advances
	 	 	78	 
	SECTION 2.05 Swingline Loans
	 	 	80	 
	SECTION 2.06 Letters of Credit
	 	 	85	 
	SECTION 2.07 Funding of Borrowings
	 	 	90	 
	SECTION 2.08 Interest Elections
	 	 	91	 
	SECTION 2.09 Termination and Reduction of Commitments; Increase in Commitments
	 	 	93	 
	SECTION 2.10 Repayment of Loans; Evidence of Debt
	 	 	96	 
	SECTION 2.11 Prepayment of Loans
	 	 	98	 
	SECTION 2.12 Fees
	 	 	100	 
	SECTION 2.13 Interest
	 	 	101	 
	SECTION 2.14 Alternate Rate of Interest
	 	 	102	 
	SECTION 2.15 Increased Costs
	 	 	103	 
	SECTION 2.16 Break Funding Payments
	 	 	105	 
	SECTION 2.17 Taxes
	 	 	105	 
	SECTION 2.18 Payments Generally; Allocation of Proceeds; Sharing of Set-offs
	 	 	110	 
	SECTION 2.19 Mitigation Obligations; Replacement of Lenders
	 	 	113	 
	SECTION 2.20 Returned Payments
	 	 	114	 
	SECTION 2.21 Bankers’ Acceptances
	 	 	114	 
	SECTION 2.22 Circumstances Making Bankers’ Acceptances Unavailable
	 	 	118	 
	SECTION 2.23 Defaulting Lenders
	 	 	119	 
	 
	 	 	 	 
	ARTICLE III Representations and Warranties
	 	 	121	 
	SECTION 3.01 Organization; Powers
	 	 	121	 
	SECTION 3.02 Authorization; Enforceability
	 	 	121	 
	SECTION 3.03 Governmental Approvals; No Conflicts
	 	 	122	 
	SECTION 3.04 Financial Condition; No Material Adverse Change
	 	 	122	 
	SECTION 3.05 Properties
	 	 	123	 
	SECTION 3.06 Litigation and Environmental Matters
	 	 	123	 
	SECTION 3.07 Compliance with Laws and Agreements
	 	 	123	 
	SECTION 3.08 Investment Company Status
	 	 	124	 

 

- i -

 

	 	 	 	 	 
	 	 	Page	 
	SECTION 3.09 Taxes
	 	 	124	 
	SECTION 3.10 ERISA; Benefit Plans
	 	 	124	 
	SECTION 3.11 Disclosure
	 	 	126	 
	SECTION 3.12 No Default
	 	 	126	 
	SECTION 3.13 Solvency
	 	 	126	 
	SECTION 3.14 Insurance
	 	 	128	 
	SECTION 3.15 Capitalization and Subsidiaries
	 	 	128	 
	SECTION 3.16 Security Interest in Collateral
	 	 	128	 
	SECTION 3.17 Employment Matters
	 	 	128	 
	SECTION 3.18 Common Enterprise
	 	 	129	 
	SECTION 3.19 Centre of Main Interests
	 	 	129	 
	SECTION 3.20 Regulation H
	 	 	129	 
	SECTION 3.21 Certain Documents
	 	 	129	 
	 
	 	 	 	 
	ARTICLE IV Conditions
	 	 	129	 
	SECTION 4.01 Effective Date
	 	 	129	 
	SECTION 4.02 Each Credit Event
	 	 	134	 
	 
	 	 	 	 
	ARTICLE V Affirmative Covenants
	 	 	135	 
	SECTION 5.01 Financial Statements; Borrowing Base and Other Information
	 	 	135	 
	SECTION 5.02 Notices of Material Events
	 	 	139	 
	SECTION 5.03 Existence; Conduct of Business
	 	 	140	 
	SECTION 5.04 Payment of Obligations
	 	 	141	 
	SECTION 5.05 Maintenance of Properties
	 	 	141	 
	SECTION 5.06 Books and Records; Inspection Rights
	 	 	141	 
	SECTION 5.07 Compliance with Laws
	 	 	141	 
	SECTION 5.08 Use of Proceeds
	 	 	144	 
	SECTION 5.09 Insurance
	 	 	144	 
	SECTION 5.10 Casualty and Condemnation
	 	 	144	 
	SECTION 5.11 Appraisals
	 	 	144	 
	SECTION 5.12 Field Examinations
	 	 	145	 
	SECTION 5.13 [Reserved]
	 	 	145	 
	SECTION 5.14 Additional Collateral; Further Assurances
	 	 	145	 
	SECTION 5.15 Financial Assistance
	 	 	147	 
	SECTION 5.16 Collateral Access Agreements and Deposit Account Control Agreements
	 	 	147	 
	SECTION 5.17 Transfer of Accounts of Specified European Loan Parties
	 	 	148	 
	SECTION 5.18 European Cash Management
	 	 	148	 
	SECTION 5.19 Post-Closing Obligations
	 	 	148	 
	 
	 	 	 	 
	ARTICLE VI Negative Covenants
	 	 	149	 
	SECTION 6.01 Indebtedness
	 	 	150	 
	SECTION 6.02 Liens
	 	 	152	 
	SECTION 6.03 Fundamental Changes
	 	 	155	 
	SECTION 6.04 Investments, Loans, Advances, Guarantees and Acquisitions
	 	 	156	 
	SECTION 6.05 Asset Sales
	 	 	159	 
	SECTION 6.06 [Reserved]
	 	 	160	 

 

- ii -

 

	 	 	 	 	 
	 	 	Page	 
	SECTION 6.07 [Reserved]
	 	 	161	 
	SECTION 6.08 Swap Agreements
	 	 	161	 
	SECTION 6.09 Restricted Payments; Certain Payments of Indebtedness
	 	 	161	 
	SECTION 6.10 Transactions with Affiliates
	 	 	164	 
	SECTION 6.11 Restrictive Agreements
	 	 	164	 
	SECTION 6.12 Amendment of Material Documents
	 	 	165	 
	SECTION 6.13 [Reserved]
	 	 	165	 
	SECTION 6.14 Sale and Leaseback Transaction
	 	 	165	 
	SECTION 6.15 Changes in Fiscal Periods
	 	 	165	 
	SECTION 6.16 Minimum Aggregate Availability
	 	 	166	 
	 
	 	 	 	 
	ARTICLE VII Events of Default
	 	 	166	 
	 
	 	 	 	 
	ARTICLE VIII The Administrative Agent, the European Administrative Agent, the Canadian Administrative Agent and the Collateral Agents
	 	 	170	 
	 
	 	 	 	 
	ARTICLE IX Miscellaneous
	 	 	178	 
	SECTION 9.01 Notices
	 	 	178	 
	SECTION 9.02 Waivers; Amendments
	 	 	181	 
	SECTION 9.03 Expenses; Indemnity; Damage Waiver
	 	 	183	 
	SECTION 9.04 Successors and Assigns
	 	 	186	 
	SECTION 9.05 Survival
	 	 	189	 
	SECTION 9.06 Counterparts; Integration; Effectiveness
	 	 	189	 
	SECTION 9.07 Severability
	 	 	190	 
	SECTION 9.08 Right of Setoff
	 	 	190	 
	SECTION 9.09 Governing Law; Jurisdiction; Consent to Service of Process
	 	 	190	 
	SECTION 9.10 WAIVER OF JURY TRIAL
	 	 	191	 
	SECTION 9.11 Headings
	 	 	191	 
	SECTION 9.12 Confidentiality
	 	 	191	 
	SECTION 9.13 Several Obligations; Nonreliance; Violation of Law
	 	 	192	 
	SECTION 9.14 USA PATRIOT Act
	 	 	193	 
	SECTION 9.15 Disclosure
	 	 	193	 
	SECTION 9.16 Appointment for Perfection
	 	 	193	 
	SECTION 9.17 Interest Rate Limitation
	 	 	193	 
	SECTION 9.18 Waiver of Immunity
	 	 	194	 
	SECTION 9.19 Currency of Payment
	 	 	194	 
	SECTION 9.20 Conflicts
	 	 	195	 
	SECTION 9.21 Parallel Debt
	 	 	195	 
	SECTION 9.22 Canadian Anti-Money Laundering Legislation
	 	 	196	 
	SECTION 9.23 Subordination
	 	 	197	 
	SECTION 9.24 Process Agent
	 	 	197	 
	SECTION 9.25 No Novation
	 	 	198	 
	SECTION 9.26 UK Loan Parties
	 	 	198	 
	SECTION 9.27 French Loan Guarantor
	 	 	198	 
	SECTION 9.28 Greek Loan Party
	 	 	198	 
	SECTION 9.29 Netherlands Security Agreements
	 	 	198	 
	SECTION 9.30 Reaffirmation and Accession by the Loan Parties
	 	 	199	 

 

- iii -

 

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	ARTICLE X Loan Guaranty
	 	 	199	 
	SECTION 10.01 Guaranty
	 	 	199	 
	SECTION 10.02 Guaranty of Payment
	 	 	204	 
	SECTION 10.03 No Discharge or Diminishment of Loan Guaranty
	 	 	205	 
	SECTION 10.04 Defenses Waived
	 	 	206	 
	SECTION 10.05 Rights of Subrogation
	 	 	206	 
	SECTION 10.06 Reinstatement; Stay of Acceleration
	 	 	206	 
	SECTION 10.07 Information
	 	 	206	 
	SECTION 10.08 [Reserved]
	 	 	207	 
	SECTION 10.09 Maximum Liability
	 	 	207	 
	SECTION 10.10 Limitations on Enforcement in respect of German Loan Parties
	 	 	207	 
	SECTION 10.11 Contribution
	 	 	210	 
	SECTION 10.12 Liability Cumulative
	 	 	210	 
	SECTION 10.13 Place of Performance
	 	 	210	 
	 
	 	 	 	 
	ARTICLE XI The Borrower Representative
	 	 	211	 
	SECTION 11.01 Appointment; Nature of Relationship
	 	 	211	 
	SECTION 11.02 Powers
	 	 	211	 
	SECTION 11.03 Employment of Agents
	 	 	211	 
	SECTION 11.04 Notices
	 	 	212	 
	SECTION 11.05 Successor Borrower Representative
	 	 	212	 
	SECTION 11.06 Execution of Loan Documents; Borrowing Base Certificate
	 	 	212	 
	SECTION 11.07 Reporting
	 	 	212	 

SCHEDULES:

	 	 	 	 	 
	Schedule 1.01(a)

	 	—
	 	Commitment Schedule
	Schedule 1.01(b)

	 	—
	 	Eligible Real Property
	Schedule 1.01(c)

	 	—
	 	Mandatory Cost Formula
	Schedule 1.01(d)

	 	—
	 	Mortgaged Properties
	Schedule 1.01(e)

	 	—
	 	Specified Loan Documents
	Schedule 2.06

	 	—
	 	Existing Letters of Credit
	Schedule 3.05

	 	—
	 	Real Property
	Schedule 3.06

	 	—
	 	Disclosed Matters
	Schedule 3.10

	 	—
	 	Foreign Benefit Arrangements and Foreign Pension Plans
	Schedule 3.14

	 	—
	 	Insurance
	Schedule 3.15

	 	—
	 	Capitalization and Subsidiaries
	Schedule 3.16

	 	—
	 	Filing Jurisdictions
	Schedule 5.19

	 	—
	 	Post-Closing Obligations
	Schedule 6.01

	 	—
	 	Existing Indebtedness
	Schedule 6.02

	 	—
	 	Existing Liens
	Schedule 6.04

	 	—
	 	Existing Investments
	Schedule 6.11

	 	—
	 	Existing Restrictions
	Schedule 8

	 	—
	 	European Collateral Agent Security Trust Provisions

 

- iv -

 

EXHIBITS:

	 	 	 	 	 
	Exhibit A

	 	—
	 	Form of Assignment and Assumption
	Exhibit B-1

	 	—
	 	Form of Aggregate Borrowing Base Certificate
	Exhibit B-2

	 	—
	 	Form of US Borrowing Base Certificate
	Exhibit B-3

	 	—
	 	Form of Canadian Borrowing Base Certificate
	Exhibit B-4

	 	—
	 	Form of European Borrowing Base Certificate
	Exhibit B-5

	 	—
	 	Form of UK Borrowing Base Certificate
	Exhibit C

	 	—
	 	Form of Compliance Certificate
	Exhibit D

	 	—
	 	Form of Joinder Agreement
	Exhibit E

	 	—
	 	Form of Exemption Certificate
	Exhibit F-1

	 	—
	 	Form of In-house Opinion of Liz Claiborne, Inc.
	Exhibit F-2

	 	—
	 	Form of Legal Opinion of Kramer Levin Naftalis & Frankel LLP
	Exhibit G

	 	—
	 	Form of Discount Note
	Exhibit H

	 	—
	 	Form of Intercreditor Agreement
	Exhibit I

	 	—
	 	Form of Borrowing Request

 

- v -

 

This SECOND AMENDED AND RESTATED CREDIT AGREEMENT dated as of May 6, 2010 (as it may be
amended or modified from time to time, this “Agreement”), among LIZ CLAIBORNE, INC., MEXX
EUROPE B.V., JUICY COUTURE EUROPE LIMITED, LIZ CLAIBORNE CANADA INC., the other Loan Parties from
time to time party hereto, the Lenders party hereto, JPMORGAN CHASE BANK, N.A., as Administrative
Agent and US Collateral Agent, J.P. MORGAN EUROPE LIMITED, as European Administrative Agent and
European Collateral Agent, JPMORGAN CHASE BANK, N.A., TORONTO BRANCH, as Canadian Administrative
Agent and Canadian Collateral Agent, BANK OF AMERICA, N.A., as Syndication Agent, and WACHOVIA
CAPITAL FINANCE CORPORATION (NEW ENGLAND), SUNTRUST BANK and GENERAL ELECTRIC CAPITAL CORPORATION,
as Documentation Agents, amends and restates in full the Amended and Restated Credit Agreement,
dated January 12, 2009 (as amended, restated, supplemented or otherwise modified prior to the date
hereof, the “Existing Credit Agreement”), among Liz Claiborne, Inc., Mexx Europe B.V., Liz
Claiborne Canada Inc., the other Loan Parties from time to time party thereto, the lenders party
thereto, JPMorgan Chase Bank, N.A., as administrative agent and US collateral agent, J.P. Morgan
Europe Limited, as European administrative agent and European collateral agent, JPMorgan Chase
Bank, N.A., Toronto Branch, as Canadian administrative agent and Canadian collateral agent, and the
other agents party thereto.

The parties hereto agree as follows:

ARTICLE I

Definitions

SECTION 1.01 Defined Terms. As used in this Agreement, the following terms have the
meanings specified below:

“ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan,
or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to
the Alternate Base Rate.

“Acceptance Fee” has the meaning assigned to such term in Section 2.21(m).

“Acceptance Obligations” means, as to any Loan Party, any and all obligations of such
Loan Party, whether absolute or contingent and howsoever and whensoever created, arising, evidenced
or acquired (including all renewals, extensions and modifications thereof), arising under or
evidenced by any bills of exchange, drafts or similar instruments drawn on any Loan Party and
accepted by such Loan Party (whether payable at sight, on demand or at any specified time) that are
purchased or otherwise assigned or payable to (whether by endorsement or otherwise) or held by any
Lender or any Affiliate of any Lender; provided that (i) for the avoidance of doubt, in no
event shall “Acceptance Obligations” include any obligations relating to BA Drawings, (ii) at or
prior to the time that any such obligation is incurred, the applicable Lender or its Affiliate
(other than JPMCB) shall have delivered written notice to the Administrative Agent of such
obligation and that it constitutes an Acceptance Obligation entitled to the benefits of the
Collateral Documents and (iii) the aggregate principal amount of all Acceptance Obligations
outstanding at any one time shall not exceed $10,000,000.

 

 

 

“Account” means, individually and collectively, any “Account” referred to in any
Security Agreement.

“Account Control Agreement” means, individually and collectively, any Deposit Account
Control Agreement and any agreement in writing in form and substance reasonably satisfactory to the
applicable Collateral Agent, by and among any Loan Party, the applicable Collateral Agent and any
securities intermediary in respect of any relevant securities account.

“Account Debtor” means any Person obligated on an Account.

“Account Party” means any Loan Party other than a US Loan Party, Canadian Loan Party,
Netherlands Loan Party, UK Loan Party or German Loan Party.

“Acquired JV Interests” has the meaning assigned to such term in Section 6.04(s).

“Adjusted Funding Amount” means, on any Interim Calculation Date, the excess of (i)
the aggregate principal amount of European Swingline Loans outstanding on such date over (ii) the
aggregate principal amount of the European Swingline Loans with respect to which the European
Administrative Agent has requested a Settlement pursuant to Section 2.05(c).

“Adjusted LIBO Rate” means, with respect to any Eurocurrency Borrowing for any
Interest Period, an interest rate per annum equal to (a) (i) the LIBO Rate for such Interest Period
multiplied (if applicable) by (ii) the Statutory Reserve Rate, plus (b) the
Mandatory Cost (in each case, rounded upwards, if necessary, to the next 1/16 of 1%).

“Administrative Agent” means JPMorgan Chase Bank, N.A., in its capacity as
administrative agent for the Lenders hereunder, and its successors in such capacity.

“Administrative Questionnaire” means an Administrative Questionnaire in a form
supplied by the Administrative Agent.

“Affiliate” means, with respect to a specified Person, another Person that directly,
or indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified.

“Agency Agreement” means the Agency Agreement, dated as of July 6, 2006, between Liz
Claiborne, Inc., as issuer, JPMorgan Chase Bank, N.A. and J.P. Morgan Bank Luxembourg S.A.

“Agents” means, individually and collectively, the Administrative Agent, the European
Administrative Agent, the Canadian Administrative Agent, the US Collateral Agent, the Canadian
Collateral Agent, the European Collateral Agent, the Syndication Agent and the Documentation
Agents.

“Aggregate Availability” means, with respect to all the Borrowers, at any time, an
amount equal to (a) the lesser of (i) the aggregate amount of the Commitments and (ii) the
Aggregate Borrowing Base minus (b) the total Revolving Exposure.

 

2

 

“Aggregate Borrowing Base” means the aggregate amount of the US Borrowing Base, the
Canadian Borrowing Base, the UK Borrowing Base and the European Borrowing Base; provided
that the maximum amount of (a) the Canadian Borrowing Base which may be included in the Aggregate
Borrowing Base is the Canadian Sublimit, (b) the UK Borrowing Base which may be included in the
Aggregate Borrowing Base is the UK Sublimit and (c) the European Borrowing Base which may be
included in the Aggregate Borrowing Base is the European Sublimit.

“Aggregate Borrowing Base Certificate” means a certificate, signed and certified as
accurate and complete by a Financial Officer of the Borrower Representative, in substantially the
form of Exhibit B-1.

“Aggregate Credit Exposure” means, at any time, the aggregate Credit Exposure of all
the Lenders.

“Agreement” has the meaning assigned to such term in the preamble hereto.

“Alabama Property” means that certain real property located at Lot 1, according to the
Interstate Industrial Park Plat No. 7, as said Map appears of record in the office of the Judge of
Probate of Montgomery County, Alabama in Plat Book 42, at Page 120.

“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of
(a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such
day plus 1/2 of 1% and (c) the Adjusted LIBO Rate for a one month interest period in effect
on such day (or if such day is not a Business Day, the immediately preceding Business Day)
plus 1%, provided that, for the avoidance of doubt, for purposes of this
definition, the Adjusted LIBO Rate for any day shall be based on the rate appearing on the Reuters
BBA Libor Rates Page 3750 (or on any successor or substitute page of such page) at approximately
11:00 a.m. London time on such day (or if such day is not a Business Day, the immediately preceding
Business Day). Any change in the Alternate Base Rate due to a change in the Prime Rate, the
Federal Funds Effective Rate or the Adjusted LIBO Rate shall be effective from and including the
effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted
LIBO Rate, respectively.

“Alternate Rate” means, for any day, the sum of (a) a rate per annum selected by the
Administrative Agent, in its reasonable discretion based on market conditions in consultation with
the Borrower Representative (or the applicable Borrower) and the Lenders, plus (b) the
Applicable Spread for Eurocurrency Loans, plus (c) the Mandatory Cost. When used in
reference to any Loan or Borrowing, “Alternate Rate” refers to whether such Loan, or the Loans
comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate
Rate.

“AML Legislation” has the meaning assigned to such term in Section 9.22(a).

“Applicable Commitment Fee Rate” means, for any day relating to each of Facility A and
Facility B, with respect to the commitment fees payable hereunder, the applicable rate per annum
set forth below, based upon the daily average Commitment Utilization Percentage during the most
recent fiscal quarter of the Company:

 

3

 

	 	 	 	 	 
	 	 	Applicable	 
	 	 	Commitment	 
	Commitment Utilization Percentage	 	Fee Rate	 
	Category 1 > 50%
	 	 	0.50	%
	Category 2 ≤ 50%
	 	 	0.75	%

For purposes of the foregoing, the Applicable Commitment Fee Rate shall be determined as of
the end of each fiscal quarter of the Company; provided that the Commitment Utilization
Percentage shall be deemed to be in Category 2 (A) at any time that an Event of Default has
occurred and is continuing (other than an Event of Default arising from the failure to deliver any
Borrowing Base Certificate) or (B) at the option of the Administrative Agent or at the request of
the Required Lenders if the Borrowers fail to deliver any Borrowing Base Certificate that is
required to be delivered by them pursuant to Section 5.01, during the period from the expiration of
the time for delivery thereof until each such Borrowing Base Certificate is so delivered.

“Applicable Percentage” means, with respect to any Facility A Lender or Facility B
Lender, (a) with respect to Revolving Loans, LC Exposure, Swingline Loans or Protective Advances, a
percentage equal to a fraction the numerator of which is such Lender’s Facility A Commitment or
Facility B Commitment, as applicable, and the denominator of which is the aggregate amount of the
Facility A Commitments or Facility B Commitments, as applicable (or, if the Facility A Commitments
or Facility B Commitments, as applicable, have terminated or expired, such Lender’s share of the
total Facility A Revolving Exposure or Facility B Revolving Exposure, respectively, at that time);
provided that in the case of Section 2.23(c) when a Specified Defaulting Lender shall
exist, “Applicable Percentage” pursuant to this clause (a) shall mean the percentage equal to a
fraction the numerator of which is such Lender’s Facility A Commitments or Facility B Commitments,
as applicable, and the denominator of which is the aggregate amount of the Facility A Commitments
or Facility B Commitments (disregarding any Specified Defaulting Lender’s Commitment), as
applicable and (b) with respect to the Aggregate Credit Exposure, a percentage based upon its share
of the Aggregate Credit Exposure and the aggregate amount of unused Facility A Commitments or
Facility B Commitments, as applicable.

“Applicable Spread” means, for any day, with respect to any ABR Loan, Canadian Prime
Rate Loan, Eurocurrency Loan, BA Drawing or Overnight LIBO Loan, as the case may be, the applicable
rate per annum set forth below under the caption “ABR Spread”, “Eurocurrency Spread”, “Canadian
Prime Spread”, “BA Drawing Spread” or “Overnight LIBO Spread”, as the case may be, based upon the
daily average Aggregate Availability during the most recent fiscal quarter of the Company (the
“Average Aggregate Availability”); provided that until the completion of one full
fiscal quarter after the Effective Date, the Applicable Spread shall be the applicable rate per
annum set forth below in Category 2:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Canadian	 	 	BA	 	 	Overnight	 
	Average Aggregate	 	ABR	 	 	Eurocurrency	 	 	Prime	 	 	Drawing	 	 	LIBO	 
	Availability	 	Spread	 	 	Spread	 	 	Spread	 	 	Spread	 	 	Spread	 
	Category 1
	 	 	2.25	%	 	 	3.25	%	 	 	2.25	%	 	 	3.25	%	 	 	3.25	%
	>$200,000,000
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

4

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Canadian	 	 	BA	 	 	Overnight	 
	Average Aggregate	 	ABR	 	 	Eurocurrency	 	 	Prime	 	 	Drawing	 	 	LIBO	 
	Availability	 	Spread	 	 	Spread	 	 	Spread	 	 	Spread	 	 	Spread	 
	Category 2
	 	 	2.50	%	 	 	3.50	%	 	 	2.50	%	 	 	3.50	%	 	 	3.50	%
	≤ $200,000,000 but
>$125,000,000
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Category 3
	 	 	2.75	%	 	 	3.75	%	 	 	2.75	%	 	 	3.75	%	 	 	3.75	%
	≤ $125,000,000
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

For purposes of the foregoing, the Applicable Spread shall be determined as of the end of each
fiscal quarter of the Company based upon the Aggregate Borrowing Base Certificate that is delivered
from time to time pursuant to Section 5.01, with any changes to the Applicable Spread resulting
from changes in the Average Aggregate Availability to be effective on the first day of the first
month following delivery of such Aggregate Borrowing Base Certificate; provided that the
Average Aggregate Availability shall be deemed to be in Category 3 (A) at any time that an Event of
Default has occurred and is continuing (other than an Event of Default arising from the failure to
deliver any Borrowing Base Certificate) or (B) if the Company fails to deliver any Borrowing Base
Certificate that is required to be delivered pursuant to Section 5.01, during the period from the
expiration of the time for delivery thereof until five days after each such Borrowing Base
Certificate is so delivered; provided further that if any Borrowing Base
Certificate is at any time restated or otherwise revised or if the information set forth in any
Borrowing Base Certificate otherwise proves to be false or incorrect such that the Applicable
Spread would have been higher than was otherwise in effect during any period, without constituting
a waiver of any Default or Event of Default arising as a result thereof, interest due under this
Agreement shall be immediately recalculated at such higher rate for any such applicable periods and
shall be due and payable on demand.

“Approved Fund” has the meaning assigned to such term in Section 9.04.

“Assignment and Assumption” means an assignment and assumption entered into by a
Lender and an assignee (with the consent of any party whose consent is required by Section 9.04),
and accepted by the Administrative Agent, in the form of Exhibit A or any other form
approved by the Administrative Agent.

“Attorney” has the meaning assigned to such term in Article VIII.

“Auditor’s Determination” has the meaning set forth in Section 10.10(c).

“Austrian Collateral Document” means any document governed by Austrian law and
creating a security interest over any Account or over any other property of any European Loan Party
in favor of the European Collateral Agent or any Lender, any Issuing Bank or any other Person to
which any European Loan Party or Canadian Loan Party owes any monies or incurs any obligations or
other liabilities under any Loan Document (which, for the purpose of this defined term shall
include the Existing Credit Agreement), in a form satisfactory to the European Collateral Agent, as
the same may be amended, restated or otherwise modified from time to time.

“Availability Period” means the period from and including the Effective Date to but
excluding Maturity Date.

 

5

 

“Available Commitments” means, at any time, the aggregate amount of the Commitments
then in effect minus the total Revolving Exposure at such time; provided that in
calculating the total Revolving Exposure for the purpose of determining the Available Commitment
pursuant to Section 2.12(a), the aggregate principal amount of Swingline Loans then outstanding
shall be deemed to be zero.

“Average Aggregate Availability” shall have the meaning set forth in the definition of
“Applicable Spread” set forth herein.

“BA Drawing” means B/As accepted and purchased, and any BA Equivalent Loan made in
lieu of such acceptance and purchase, on the same date and as to which a single Contract Period is
in effect.

“BA Equivalent Loan” means an extension of credit made by a Non BA Lender pursuant to
Section 2.21(j).

“Bankers’ Acceptance” and “B/A” means a bill of exchange, including a
depository bill issued in accordance with the Depository Bills and Notes Act (Canada), denominated
in Canadian Dollars, drawn by the Canadian Borrower and accepted by a Facility B Lender and shall
include a Discount Note except where the context otherwise requires.

“Banking Services” means each and any of the following bank services provided to any
Loan Party by any Lender or any of its Affiliates: (a) commercial credit cards, (b) stored value
cards, (c) purchasing cards and (d) treasury, depositary or cash management services (including,
without limitation, controlled disbursement, automated clearinghouse transactions, return items,
overdrafts and interstate depository network services) or any similar transaction.

“Banking Services Obligations” of the Loan Parties, means any and all obligations of
the Loan Parties, whether absolute or contingent and howsoever and whensoever created, arising,
evidenced or acquired (including all renewals, extensions and modifications thereof and
substitutions therefor) in connection with Banking Services.

“Banking Services Reserves” means all Reserves which the Administrative Agent from
time to time establishes in its Permitted Discretion for Banking Services then provided or
outstanding.

“Bankruptcy Code” means the provisions of Title 11 of the United States Code, 11 USC.
§§ 101 et seq., as amended, or any similar federal or state law for the relief of
debtors.

“Belgian Loan Guarantor” has the meaning assigned to such term in Section 10.01(q).

“Board” means the Board of Governors of the Federal Reserve System of the United
States of America (or any successor thereto).

“Bookrunners” means, individually or collectively, J.P. Morgan Securities Inc., Banc
of America Securities LLC, Wells Fargo Capital Finance, LLC and SunTrust Robinson Humphrey, Inc.,
in their respective capacities as joint bookrunners hereunder.

 

6

 

“Borrower” or “Borrowers” means, individually or collectively, the Company,
the Canadian Borrower, the UK Borrower and the European Borrower.

“Borrower Representative” means the Company, in its capacity as contractual
representative of the Borrowers pursuant to Article XI.

“Borrowing” means (a) Revolving Loans of the same Facility, Type and currency, made,
converted or continued on the same date and, in the case of Eurocurrency Loans, as to which a
single Interest Period is in effect and, in the case of BA Drawings, as to which a single Contract
Period is in effect, (b) a Swingline Loan and (c) a Protective Advance.

“Borrowing Base” means, individually and collectively, each of the Aggregate Borrowing
Base, the US Borrowing Base, the Canadian Borrowing Base, the UK Borrowing Base and the European
Borrowing Base.

“Borrowing Base Certificate” means, individually and collectively, each of the
Aggregate Borrowing Base Certificate, the US Borrowing Base Certificate, the Canadian Borrowing
Base Certificate, the UK Borrowing Base Certificate and the European Borrowing Base Certificate.

“Borrowing Request” means a request by the Borrower Representative (or the applicable
Borrower) for a Borrowing of Revolving Loans, in accordance with Section 2.03, in substantially the
form of Exhibit I.

“Business Day” means any day that is not a Saturday, Sunday or other day on which
commercial banks in New York City are authorized or required by law to remain closed;
provided that, (a) when used in connection with a Eurocurrency Loan, any Swingline Loan
made by the European Swingline Lender or any Facility B Letter of Credit other than a Canadian
Letter of Credit, the term “Business Day” shall also exclude any day on which banks are not open
for dealings in deposits in the applicable currency in the London interbank market, (b) when used
in connection with a Facility B Swingline Loan, Facility B Letter of Credit or Eurocurrency Loan,
in each case denominated in Euros, the term “Business Day” shall also exclude any day which is not
a TARGET Day (as determined by the Administrative Agent), (c) when used in connection with any
European Loan, European Swingline Loan or European Letter of Credit, the term “Business Day” shall
also exclude any day on which commercial banks in the Netherlands are authorized or required by law
to remain closed, (d) when used in connection with any UK Loan, UK Swingline Loan or UK Letter of
Credit, the term “Business Day” shall also exclude any day on which commercial banks in London,
England are authorized or required by law to remain closed, (e) when used in connection with any
Canadian Loan or Canadian Letter of Credit or any Loan or Letter of Credit issued in Canadian
Dollars, the term “Business Day” shall also exclude any day on which commercial banks in Toronto,
Canada are authorized or required by law to remain closed, (f) when used in connection with any
Loan denominated in Sterling, the term “Business Day” shall also exclude any day on which
commercial banks in London, England are authorized or required by law to remain closed and (g) when
used in connection with any Loan denominated in Yen, the term “Business Day” shall also exclude any
day on which commercial banks in Tokyo, Japan are authorized or required by law to remain closed;
provided further that notwithstanding anything to the contrary in this definition,
when used in connection with any Loan denominated in Euros to the UK Borrower or the European

 

7

 

Borrower, the term “Business Day” shall mean any day that is not a Saturday, Sunday or other
day on which commercial banks in London, England, are authorized or required by law to remain
closed.

“Canadian Administrative Agent” means JPMorgan Chase Bank, N.A., Toronto Branch, in
its capacity as administrative agent for the Facility B Lenders hereunder, and its successors in
such capacity (or such of its Affiliates as it may designate from time to time).

“Canadian Availability” means (a) the lesser of (x) the Canadian Sublimit and (y) the
sum of (i) the Canadian Borrowing Base plus (ii) solely to the extent the total Revolving
Exposure relating to the Canadian Borrower exceeds the Canadian Borrowing Base, the US Availability
(calculated without giving effect to any Canadian US Borrowing Base Utilization), minus (b)
the total Revolving Exposure relating to the Canadian Borrower.

“Canadian Benefit Plans” means any plan, fund, program, policy or agreement, whether
oral or written, formal or informal, funded or unfunded, insured or uninsured, providing employee
benefits, including medical, hospital care, dental, sickness, accident, disability, life insurance,
pension, retirement, supplemental retirement or savings benefits, maintained by any Loan Party or
any Subsidiary of any Loan Party or under which any Loan Party or any Subsidiary of any Loan Party
has any actual or potential liability with respect to any employee or former employee, but
excluding any Canadian Pension Plans.

“Canadian Borrower” means Liz Claiborne Canada Inc.

“Canadian Borrowing Base” means, at any time, with respect to the Canadian Loan
Parties, the sum of:

(a) 100% of the aggregate cash balances denominated in dollars or Canadian Dollars in
depositary accounts of the Canadian Loan Parties constituting investment accounts that are
held at JPMorgan Chase Bank, N.A. or any Affiliate thereof approved by the Administrative
Agent and subject to an Account Control Agreement and upon which the Canadian Collateral
Agent has a first priority perfected Lien for the benefit of the Agents, the applicable
Lenders and the applicable Issuing Banks, subject only to Liens permitted pursuant to
Section 6.02(f), plus

(b) the sum of (i) the product of (A) 85% multiplied by (B) the Canadian Loan
Parties’ Eligible Accounts at such time, minus the Dilution Reserve related to the
Canadian Loan Parties, and (ii) the product of (A) 90% multiplied by (B) the
Canadian Loan Parties’ Eligible Credit Card Account Receivables at such time, plus

(c) the product of 85% multiplied by the High Season or Low Season, as
applicable, Net Orderly Liquidation Value percentage in respect of Retail Inventory
identified in the most recent Inventory appraisal ordered by the Administrative Agent
multiplied by the Canadian Loan Parties’ Eligible Retail Inventory (other than
Eligible LC Inventory), valued at the lower of cost (determined on a first-in-first-out
basis) or market value, at such time, plus

 

8

 

(d) the product of 85% multiplied by the High Season or Low Season, as
applicable, Net Orderly Liquidation Value percentage in respect of Wholesale Inventory
identified in the most recent Inventory appraisal ordered by the Administrative Agent
multiplied by the Canadian Loan Parties’ Eligible Wholesale Inventory (other than
Eligible LC Inventory), valued at the lower of cost (determined on a first-in-first-out
basis) or market value, at such time, plus

(e) the product of 85% multiplied by the High Season or Low Season, as
applicable, Net Orderly Liquidation Value percentage in respect of Retail Inventory
identified in the most recent Inventory appraisal ordered by the Administrative Agent
multiplied by the Canadian Loan Parties’ Eligible Retail LC Inventory, valued at the
lower of cost (determined on a first-in-first-out basis) or market value, at such time,
plus

(f) the product of 85% multiplied by the High Season or Low Season, as
applicable, Net Orderly Liquidation Value percentage in respect of Wholesale Inventory
identified in the most recent Inventory appraisal ordered by the Administrative Agent
multiplied by the Canadian Loan Parties’ Eligible Wholesale LC Inventory, valued at
the lower of cost (determined on a first-in-first-out basis) or market value, at such time,
minus

(g) without duplication, applicable Reserves established by the Administrative Agent in
its Permitted Discretion.

The Administrative Agent may, in its Permitted Discretion, adjust Reserves (subject to Section
9.02(b)) used in computing the Aggregate Borrowing Base and the Canadian Borrowing Base, with any
such changes to be effective two Business Days after delivery of notice thereof to the Borrower
Representative and the Lenders. The Canadian Borrowing Base at any time shall be determined by
reference to the most recent Canadian Borrowing Base Certificate delivered to the Administrative
Agent pursuant to Section 5.01(g) of this Agreement.

“Canadian Borrowing Base Certificate” means a certificate, signed and certified as
accurate and complete by a Financial Officer of the Borrower Representative, in substantially the
form of Exhibit B-3.

“Canadian Collateral Agent” means JPMorgan Chase Bank, N.A., Toronto Branch, in its
capacity as collateral agent, security trustee and fondé de pouvoir for itself, the Administrative
Agent, the Issuing Banks and the Lenders, and its successors in such capacity (or such of its
Affiliates as it may designate from time to time).

“Canadian Dollars” and “C$” means dollars in the lawful currency of Canada.

“Canadian Funding Office” means the office of JPMorgan Chase Bank, N.A., Toronto
Branch specified in Section 9.01 or such other office as may be specified from time to time by the
Administrative Agent by written notice to the Canadian Borrower and the relevant Lenders.

“Canadian Group Member” means any Subsidiary of the Company (including the Canadian
Borrower) organized under the laws of Canada or any province or other political subdivision
thereof.

 

9

 

“Canadian Letter of Credit” means any Letter of Credit or similar instrument
(including a bank guarantee) acceptable to the applicable Issuing Bank issued hereunder for the
purpose of providing credit support for the Canadian Borrower.

“Canadian Loans” means, individually and collectively, the Canadian Revolving Loans,
the Canadian Swingline Loans and the Canadian Protective Advances.

“Canadian Loan Party” means any Loan Party (including the Canadian Borrower) organized
under the laws of Canada or any province or other political subdivision thereof.

“Canadian Pension Plans” means any pension plan, supplemental pension, retirement
savings, deferred profit sharing or other retirement income plan or arrangement of any kind,
registered or unregistered, established, maintained or contributed to by a Loan Party or any
Subsidiary of a Loan Party for its employees or former employees, but does not include the Canada
Pension Plan or the Quebec Pension Plan as maintained by the Government of Canada or the Province
of Quebec, respectively.

“Canadian Prime Rate” means on any day, the greater of (a) the annual rate of interest
announced from time to time by the Canadian Administrative Agent as being its reference rate then
in effect for determining interest rates on Canadian Dollar-denominated commercial loans made by it
in Canada and (b) the CDOR Rate for a one month term in effect from time to time plus 100 basis
points per annum.

“Canadian Prime Rate Loan” means a Loan denominated in Canadian Dollars the rate of
interest applicable to which is based upon the Canadian Prime Rate.

“Canadian Protective Advance” has the meaning assigned to such term in Section 2.04.

“Canadian Reaffirmation Agreement” means the Canadian Reaffirmation Agreement, dated
as of the date hereof, among the Canadian Loan Parties party thereto and the Canadian Collateral
Agent for the benefit of the Agents, the applicable Lenders and the applicable Issuing Banks, as
the same may be amended, restated or otherwise modified from time to time.

“Canadian Revolving Loan” means a Revolving Loan made to the Canadian Borrower.

“Canadian Security Agreement” means that certain Canadian Pledge and Security
Agreement dated January 12, 2009, between the Canadian Loan Parties party thereto and the Canadian
Collateral Agent for the benefit of the Agents, the applicable Lenders and the applicable Issuing
Banks, as the same may be amended, restated or otherwise modified from time to time, the Canadian
Reaffirmation Agreement, and any other pledge or security agreement entered into, on or after the
date of this Agreement, by any other Canadian Loan Party (as required by this Agreement or any
other Loan Document for the purpose of creating a Lien on the property of any Canadian Loan Party
(or any other property located in the Canada)), as the same may be amended, restated or otherwise
modified from time to time.

“Canadian Sublimit” means $40,000,000, as such sublimit may be reduced or terminated
in accordance with Section 2.09.

 

10

 

“Canadian Swingline Lender” means JPMorgan Chase Bank, N.A., Toronto Branch, in its
capacity as lender of Canadian Swingline Loans hereunder, and its successors and assigns in such
capacity.

“Canadian Swingline Loan” has the meaning assigned to such term in Section 2.05(a)(v).

“Canadian US Borrowing Base Utilization” means the excess of (i) the total Revolving
Exposure relating to the Canadian Borrower minus (ii) the Canadian Borrowing Base.

“Capital Expenditures” means, for any period, with respect to any Person, the
aggregate of all expenditures by such Person and its Subsidiaries for the acquisition or leasing
(pursuant to a capital lease) of fixed or capital assets or additions to equipment (including
replacements, capitalized repairs and improvements during such period) that should be capitalized
under GAAP on a consolidated balance sheet of such Person and its Subsidiaries (it being understood
that “Capital Expenditures” shall not include any portion of the purchase price of a Permitted
Acquisition that is required to be capitalized under GAAP).

“Capital Impairment” has the meaning set forth in Section 10.10.

“Capital Lease Obligations” of any Person means the obligations of such Person to pay
rent or other amounts under any lease of (or other arrangement conveying the right to use) real or
personal property, or a combination thereof, which obligations are required to be classified and
accounted for as capital leases on a consolidated balance sheet of such Person under GAAP, and the
amount of such obligations shall be the capitalized amount thereof determined in accordance with
GAAP.

“CDOR Rate” means on any day, with respect to a particular term as specified herein,
the annual rate of discount or interest which is the arithmetic average of the discount rates for
such term applicable to Canadian Dollar bankers’ acceptances identified as such on the Reuters
Screen CDOR Page at approximately 10:00 A.M. on such day, or if such day is not a Business Day,
then on the immediately preceding Business Day (as adjusted by the Canadian Administrative Agent
after 10:00 A.M. to reflect any error in any posted rate or in the posted average annual rate). If
the rate does not appear on the Reuters Screen CDOR Page as contemplated above, then the CDOR Rate
on any day shall be calculated as the arithmetic average of the annual discount rates for such term
applicable to Canadian Dollar bankers’ acceptances of, and as quoted by, the Schedule I Reference
Banks, as of 10:00 A.M. on that day, or if that day is not a Business Day, then on the immediately
preceding Business Day.

“Change in Control” means (a) the acquisition of ownership, directly or indirectly,
beneficially or of record, by any Person or group (within the meaning of Section 13(d) of the
Securities Exchange Act of 1934 and the rules and regulations of the U.S. Securities and Exchange
Commission thereunder as in effect on the date hereof) of Equity Interests representing more than
50% of the aggregate ordinary voting power represented by the issued and outstanding Equity
Interests of the Company; (b) occupation of a majority of the seats (other than vacant seats) on
the board of directors of the Company by Persons who were neither (i) nominated by the board of
directors of the Company, or a committee thereof, nor (ii) appointed by directors so nominated; (c)
the Company shall cease to own, directly or indirectly, free and

 

11

 

clear of all Liens or other encumbrances (other than Liens created pursuant to any Loan
Document), 100% of the outstanding voting Equity Interests of the Borrowers (other than the
Company) on a fully diluted basis (other than any directors’ qualifying shares of any Borrower); or
(d) the occurrence of a Put Event.

“Change in Law” means (a) the adoption of any law, rule, regulation, treaty, practice
or concession after the date of this Agreement, (b) any change in any law, rule, regulation,
treaty, practice or concession or in the interpretation or application thereof by any Governmental
Authority after the date of this Agreement or (c) compliance by any Lender or any Issuing Bank (or,
for purposes of Section 2.15(b), by any lending office of such Lender or such Issuing Bank or by
such Lender’s or such Issuing Bank’s holding company, if any) with any request, guideline,
directive, notice, ruling, statement or policy or practice statement (whether or not having the
force of law) of any Governmental Authority made or issued after the date of this Agreement.

“Charges” has the meaning assigned to such term in Section 9.17.

“Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan,
or the Loans comprising such Borrowing, are Revolving Loans, Swingline Loans or Protective
Advances.

“Code” means the Internal Revenue Code of 1986, as amended from time to time.

“Collateral” means any and all property or rights owned, leased or operated by a
Person covered by the Collateral Documents and any and all other property or rights owned, leased
or operated by any Loan Party, now existing or hereafter acquired, that may at any time be or
become subject to a security interest or Lien in favor of the applicable Collateral Agent (on
behalf of the Agents, the Lenders, and the Issuing Banks) pursuant to the Collateral Documents in
order to secure the Secured Obligations.

“Collateral Access Agreement” means, individually and collectively, each “Collateral
Access Agreement” referred to in any Security Agreement.

“Collateral Agent” means, individually and collectively, the US Collateral Agent,
Canadian Collateral Agent and European Collateral Agent.

“Collateral Document” means, individually and collectively, each Security Agreement,
each Mortgage and each other document granting a Lien upon any of the Collateral as security for
payment of the Secured Obligations.

“Collection Account” means, individually and collectively, each “Collection Account”
referred to in any Security Agreement.

“Commitment” means, with respect to each Lender, individually and collectively, the
Facility A Commitment and the Facility B Commitment of such Lender.

“Commitment Schedule” means the Schedule attached hereto as Schedule 1.01(a).

 

12

 

“Commitment Utilization Percentage” means, on any date, the percentage equivalent to a
fraction (a) with respect to Facility A, (i) the numerator of which is the total Facility A
Revolving Exposure and (ii) the denominator of which is the aggregate amount of the Facility A
Commitments (or, on any day after termination of the Facility A Commitments, the aggregate amount
of the Facility A Commitments in effect immediately preceding such termination) and (b) with
respect to Facility B, (i) the numerator of which is the total Facility B Revolving Exposure and
(ii) the denominator of which is the aggregate amount of the Facility B Commitments (or, on any day
after termination of the Facility B Commitments, the aggregate amount of the Facility B Commitments
in effect immediately preceding such termination).

“Company” means Liz Claiborne, Inc., a Delaware corporation.

“Company Plan” means any Plan, Foreign Pension Plan or Foreign Benefit Arrangement,
whether in effect on the date hereof or hereafter adopted.

“Confidential Information Memorandum” means the Confidential Information Memorandum
dated April 2010 relating to the Borrowers and the Transactions.

“Consolidated EBITDA” means, for any period, Consolidated Net Income from Continuing
Operations Attributable (determined in accordance with GAAP) to the Company for such period
plus (a) without duplication and to the extent reflected as a charge in the statement of
such Consolidated Net Income for such period, the sum of (i) income or franchise tax expense for
such period, (ii) Consolidated Interest Expense for such period, (iii) all amounts attributable to
depreciation and amortization expense for such period, (iv) any items of loss resulting from the
sale of assets other than in the ordinary course of business for such period, (v) any non-cash
charges for tangible or intangible impairments or asset write downs for such period (excluding any
write downs for write-offs of Inventory), (vi) any other extraordinary non-cash charges for such
period (but excluding any non-cash charge in respect of an item that was included in Consolidated
Net Income in a prior period and any non-cash charge that relates to the write-down or write-off of
inventory) and (vii) cash restructuring charges, cash charges in connection with store closures and
other non-recurring cash charges, in each case, related to cost reduction and brand exiting related
activities, incurred on or prior to the first anniversary of the Effective Date in an aggregate
amount not to exceed $30,000,000, minus (b) without duplication and to the extent included
in Consolidated Net Income, (i) any items of gain resulting from the sale of assets other than in
the ordinary course of business for such period, (ii) any cash payments made during such period in
respect of non-cash charges described in clause (a)(v) or (a)(vi) taken in a prior period, (iii)
any interest income for such period and (iv) any extraordinary gains and any non-cash items of
income for such period, all calculated for the Company and its Subsidiaries on a consolidated basis
in accordance with GAAP. Notwithstanding anything to the contrary set forth herein, for purposes
of calculating the Fixed Charge Coverage Ratio, Consolidated EBITDA shall include discontinued
operations of the Company and its Subsidiaries, as defined by GAAP, until the applicable restated
financial statements reflecting such discontinuation are available.

“Consolidated Interest Expense” means, with reference to any period, total interest
expense (including that attributable to Capital Lease Obligations) of the Company and its
Subsidiaries for such period with respect to all outstanding Indebtedness of the Company and its

 

13

 

Subsidiaries (including all commissions, discounts and other fees and charges owed with
respect to letters of credit and bankers’ acceptance financing and net costs under Swap Agreements
in respect of interest rates to the extent such net costs are allocable to such period in
accordance with GAAP), calculated on a consolidated basis for the Company and its Subsidiaries for
such period in accordance with GAAP.

“Consolidated Net Income” means, for any period, the consolidated net income (or loss)
of the Company and its Subsidiaries, determined on a consolidated basis in accordance with GAAP;
provided that there shall be excluded (a) the income (or deficit) of any Person accrued
prior to the date it becomes a Subsidiary or is merged into or consolidated or amalgamated with the
Company or any of its Subsidiaries, (b) the income (or deficit) of any Person (other than a
Subsidiary) in which the Company or any of its Subsidiaries has an ownership interest, except to
the extent that any such income is actually received by the Company or such Subsidiary in the form
of dividends or similar distributions and (c) the undistributed earnings of any Subsidiary to the
extent that the declaration or payment of dividends or similar distributions by such Subsidiary is
not at the time permitted by the terms of any contractual obligation (other than under any Loan
Document) or Requirement of Law applicable to such Subsidiary.

“Contract Period” means the term selected by the Canadian Borrower applicable to
Bankers’ Acceptances in accordance with Section 2.21(b).

“Contractual Obligation” means, as to any Person, any provision of any security issued
by such Person or of any agreement, instrument or other undertaking to which such Person is a party
or by which it or any of its property is bound.

“Control” means the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of a Person, whether through the ability to
exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

“Corresponding Debt” has the meaning assigned to such term in Section 9.21.

“Credit Card Account Receivables” means any receivables due to any Loan Party from the
credit card issuer in connection with purchases from and other goods and services provided by such
Loan Party on the following credit cards: Visa, MasterCard, American Express, Diners Club,
Discover, JCB, Carte Blanche and such other credit cards as the Administrative Agent shall
reasonably approve from time to time, in each case which have been earned by performance by such
Loan Party but not yet paid to such Loan Party by the credit card issuer or the credit card
processor, as applicable.

“Credit Exposure” means, as to any Facility A Lender or Facility B Lender at any time,
the sum of (a) such Lender’s Facility A Revolving Exposure or Facility B Revolving Exposure, as
applicable, at such time, plus (b) an amount equal to its Applicable Percentage, if any, of
the aggregate principal amount of Facility A Protective Advances or Facility B Protective Advances,
as applicable, outstanding at such time.

“Currency of Payment” has the meaning assigned to such term in Section 9.19.

 

14

 

“Custodian” has the meaning assigned to such term in Article VIII.

“Customer Credit Liability Reserves” means, at any time, 50% of the aggregate
remaining value at such time of outstanding gift certificates and gift cards sold by the Loan
Parties entitling the holder thereof to use all or a portion of the certificate or gift card to pay
all or a portion of the purchase price of Inventory.

“Danish Kroner” refers to the lawful currency of Denmark.

“Default” means any event or condition which constitutes an Event of Default or which
upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.

“Defaulting Lender” means any Lender, as determined by the Administrative Agent, that
has (a) failed to fund any portion of its Loans or participations in Letters of Credit or Swingline
Loans within three Business Days of the date required to be funded by it hereunder, (b) notified
any Borrower, the Administrative Agent, any Issuing Bank, any Swingline Lender or any Lender in
writing that it does not intend to comply with any of its funding obligations under this Agreement
or has made a public statement to the effect that it does not intend to comply with its funding
obligations under this Agreement or under other agreements in which it commits to extend credit,
(c) failed, within three Business Days after request by the applicable Administrative Agent, to
confirm that it will comply with the terms of this Agreement relating to its obligations to fund
prospective Loans and participations in then outstanding Letters of Credit and Swingline Loans, (d)
otherwise failed to pay over to the applicable Administrative Agent or any other Lender any other
amount required to be paid by it hereunder within three Business Days of the date when due, unless
the subject of a good faith dispute, or (e) (i) become or is insolvent or has a parent company that
has become or is insolvent or (ii) become the subject of a bankruptcy or insolvency proceeding, or
has had a receiver, interim receiver, receiver and manager, administrator, liquidator, conservator,
trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its
consent to, approval of or acquiescence in any such proceeding or appointment or has a parent
company that has become the subject of a bankruptcy or insolvency proceeding, or has had a
receiver, interim receiver, receiver and manager, administrator, liquidator, conservator, trustee
or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent
to, approval of or acquiescence in any such proceeding or appointment.

“Defaulting Loan Party” has the meaning set forth in Section 9.27(a).

“Departing Lender” has the meaning assigned to such term in Section 2.19(b).

“Deposit Account Control Agreement” means, individually and collectively, each
“Deposit Account Control Agreement” referred to in any Security Agreement or, in the case of any
Security Agreement other than the US Security Agreement or the Canadian Security Agreement, any
similar documentation or requirements necessary to perfect the security over the subject account
referred to in such Security Agreement.

“Designated German Subsidiaries” means Mexx Modehandels GmbH, a German limited
liability company (GmbH) having its registered office at Korschenbroich, Germany with registered
number HRB 5316 (commercial register of the local court of Neuss), Mexx Holding

 

15

 

GmbH, a German limited liability company (GmbH) having its registered office at
Korschenbroich, Germany with registered number HRB 5294 (commercial register of the local court of
Neuss), Verwaltungsgesellschaft Mexx Direct GmbH, a German limited liability company (GmbH) having
its registered office at Korschenbroich, Germany with registered number HRB 13778 (commercial
register of the local court of Neuss), Mexx Deutschland GmbH, a German limited liability company
(GmbH) having its registered office at Korschenbroich, Germany with registered number HRB 3035
(commercial register of the local court of Neuss) and Mexx Direct GmbH & Co. KG, a German limited
partnership (KG) having its registered office at Korschenbroich, Germany with registered number HRA
6551(commercial register of the local court of Neuss).

“Designated Loan Party” means Mexx Austria GmbH, Mexx Direct Holding B.V., Mexx Europe
B.V., Mexx Holding GmbH, Mexx Hellas EPE, Mexx Luxembourg S.Á.R.L., Mexx Modehandels GmbH, Mexx
Modehandels AG, Liz Claiborne 3 B.V. and Mexx Europe International B.V.

“Dilution Factors” means, without duplication, with respect to any period, the
aggregate amount of all deductions, credit memos, returns, adjustments, allowances, bad debt
write-offs and other non-cash credits which are recorded to reduce accounts receivable in a manner
consistent with current and historical accounting practices of the Loan Parties.

“Dilution Ratio” means, at any date, the amount (expressed as a percentage) equal to
(a) the aggregate amount of the applicable Dilution Factors for the 12 most recently ended fiscal
months divided by (b) total gross sales of the applicable Loan Parties for the 12 most
recently ended fiscal months.

“Dilution Reserve” means, at any date, the applicable Dilution Ratio
multiplied by the Eligible Accounts of the applicable Loan Parties, as the context may
require, on such date; provided that at all times that the Dilution Ratio is less than
5.0%, the Dilution Reserve shall be zero.

“Disclosed Matters” means the actions, suits and proceedings and the environmental
matters existing on the Effective Date and disclosed on Schedule 3.06.

“Discount Note” means a non-interest bearing promissory note denominated in Canadian
Dollars, substantially in the form of Exhibit G, issued by the Canadian Borrower to a Non BA Lender
to evidence a BA Equivalent Loan.

“Discount Proceeds” means for any Bankers’ Acceptance issued hereunder, an amount
calculated on the applicable Borrowing date or date of conversion or continuation by multiplying
(a) the face amount of the Bankers’ Acceptance by (b) the quotient obtained by dividing (i) one by
(ii) the sum of one plus the product of (A) the Discount Rate applicable to the Bankers’ Acceptance
and (B) a fraction, the numerator of which is the applicable Contract Period and the denominator of
which is 365, with the quotient being rounded up or down to the fifth decimal place and .00005
being rounded up.

“Discount Rate” means with respect to an issue of Bankers’ Acceptances with the same
maturity date, (a) for a Revolving Lender which is a Schedule I Lender, the CDOR Rate for the

 

16

 

appropriate term and (b) for a Revolving Lender which is not a Schedule I Lender, the
arithmetic average (rounded upwards to the nearest multiple of 0.01%) of the actual discount rates
(expressed as annual rates) for B/As for such term accepted by the Schedule II/III Reference Banks
established in accordance with their normal practices at or about 10:00 A.M. (Toronto time) on the
date of issuance but not to exceed the actual rate of discount applicable to B/As established
pursuant to clause (a) for the same B/A issue plus 10 basis points per annum.

“Document” has the meaning assigned to such term in the US Security Agreement.

“Documentation Agent” means, individually and collectively, Wachovia Capital Finance
Corporation (New England), SunTrust Bank and General Electric Capital Corporation, in their
respective capacities as Documentation Agent.

“Dollar Equivalent” means, on any date of determination, (a) with respect to any
amount expressed in Euros, Sterling, Canadian Dollars, Yen or any other currency other than
dollars, the amount of dollars that would be required to purchase the amount of such currency based
upon the Spot Selling Rate as of such date of determination and (b) with respect to any amount
expressed in dollars, such amount.

“dollars” or “$” means the lawful money of the United States of America unless
otherwise specified.

“Domestic Subsidiary” means any Subsidiary organized under the laws of any
jurisdiction within the United States.

“Draft” means (i) a blank bill of exchange, within the meaning of the Bills of
Exchange Act (Canada), drawn by the Canadian Borrower on a Facility B Lender, denominated in
Canadian Dollars and bearing such distinguishing letters and numbers as such Lender may determine,
but which at such time, except as otherwise provided herein, has not been completed or accepted by
such Lender or (ii) a depository bill within the meaning of the Depository Bills and Notes Act
(Canada); provided however that the Administrative Agent may require such Facility
B Lender to use a general form of Bankers’ Acceptance satisfactory to the Canadian Borrower and
such Lender, each acting reasonably, provided by the Administrative Agent for such purpose in place
of the Lender’s own form.

“Effective Date” means the date on which the conditions specified in Section 4.01 are
satisfied (or waived in accordance with Section 9.02).

“Eligible Accounts” means, at any time, the Accounts of any Loan Party which in
accordance with the terms hereof are eligible as the basis for the extension of Revolving Loans and
Swingline Loans and the issuance of Letters of Credit hereunder. Eligible Accounts shall not
include any Account:

(a) which is not subject to a first priority perfected security interest in favor of
the applicable Collateral Agent (for the benefit of the Agents, the applicable Lenders and
the applicable Issuing Banks);

 

17

 

(b) which is subject to any Lien other than (i) a Lien in favor of the applicable
Collateral Agent (for the benefit of the Agents, the applicable Lenders, the applicable
Issuing Banks and any other holder of applicable Secured Obligations), (ii) a Permitted
Encumbrance pursuant to clause (a) of the definition of “Permitted Encumbrance” which does
not have priority over the Lien in favor of the applicable Collateral Agent (for the benefit
of the Agents, the applicable Lenders and the applicable Issuing Banks), (iii) Prior Claims
that are unregistered and that secure amounts that are not yet due and payable and (iv) the
Permitted Second Priority Lien;

(c) (i) with respect to which the scheduled due date is more than 60 days after the
original invoice date, (ii) which is unpaid more than (A) 120 days (or, with respect to
Royalty Accounts, 180 days) after the date of the original invoice therefor; or (B) 60 days
after the original due date, or (iii) which has been written off the books of the applicable
Loan Party or otherwise designated as uncollectible (in determining the aggregate amount
from the same Account Debtor that is unpaid hereunder there shall be excluded the amount of
any net credit balances relating to Accounts due from an Account Debtor which are unpaid
more than 120 days from the date of invoice or more than 60 days from the due date);

(d) which is owing by an Account Debtor for which more than 50% of the Accounts owing
from such Account Debtor and its Affiliates are ineligible hereunder (it being understood
that in making any such determination, the face amount of the ineligible Accounts owing from
such Account Debtor shall be reduced by the amount of all actual discounts (including early
pay discounts), claims, credits or credits pending, promotional program allowances, price
adjustments or other allowances (including any amount that any Loan Party may be obligated
to rebate to an Account Debtor pursuant to the terms of any agreement or understanding
(written or oral)) applicable thereto);

(e) which is owing by an Account Debtor to the extent the aggregate amount of Accounts
owing from such Account Debtor and its Affiliates to such Loan Party exceeds 10% of the
aggregate amount of Eligible Accounts of such Loan Party; provided that (i) no
Accounts owing by Macy’s, Kohl’s, JCPenney’s, El Corte Inglés or TJX shall be ineligible
solely because of this clause (e) unless the aggregate amount of Accounts owing from any
such Account Debtor and its Affiliates to such Loan Party exceeds (x) 25%, in the case of
Kohl’s, Macy’s and JCPenney’s, (y) the lesser of 35% and $10,000,000, in the case of El
Corte Inglés, and (z) 15%, in the case of TJX, in each case, of the aggregate amount of
Eligible Accounts of such Loan Party, (ii) no Accounts of any Canadian Loan Party owing by
Hudson Bay, Sears or Costco shall be ineligible solely because of this clause (e) unless the
aggregate amount of Accounts owing from any such Account Debtor and its Affiliates to such
Canadian Loan Party exceeds (x) 25%, in the case of Hudson Bay and (y) 20%, in the case of
Sears and Costco, in each case, of the aggregate amount of Eligible Accounts of such
Canadian Loan Party and (iii) no Accounts owing by any Investment Grade Account Debtor shall
be ineligible solely because of this clause (e);

 

18

 

(f) with respect to which any covenant, representation, or warranty contained in this
Agreement or in any applicable Security Agreement has been breached or is not true;

(g) which (i) does not arise from the sale of goods or performance of services (for the
avoidance of doubt, Royalty Accounts and RSB Accounts shall be deemed to arise from the
performance of services) in the ordinary course of business, (ii) is not evidenced by an
invoice or other documentation reasonably satisfactory to the Administrative Agent which has
been sent to the Account Debtor, (iii) represents a progress billing, (iv) is contingent
upon any Loan Party’s completion of any further performance, (v) represents a sale on a
bill-and-hold, guaranteed sale, sale-and-return, sale on approval, consignment,
cash-on-delivery or any other repurchase or return basis or (vi) relates to payments of
interest or service or finance charges;

(h) for which the goods giving rise to such Account have not been shipped to the
Account Debtor or for which the services giving rise to such Account have not been performed
by the applicable Loan Party or which is otherwise recorded as deferred revenue or if such
Account was invoiced more than once;

(i) with respect to which any check or other instrument of payment has been returned
uncollected for any reason to the extent of such returned payment;

(j) which is owed by an Account Debtor that (i) has applied for or been the subject of
a petition or application for, suffered, or consented to the appointment of any receiver,
custodian, trustee, administrator, liquidator or similar official for such Account Debtor of
its assets, (ii) has had possession of all or a material part of its property taken by any
receiver, custodian, trustee or liquidator, (iii) has filed, or had filed against it, under
any Insolvency Laws, any assignment, application, request or petition for liquidation,
reorganization, compromise, arrangement, adjustment of debts, stay of proceedings,
adjudication as bankrupt, winding-up, or voluntary or involuntary case or proceeding, (iv)
has admitted in writing its inability to pay its debts as they become due, or (v) has ceased
operation of its business;

(k) which is owed by an Account Debtor which (i) does not maintain its chief executive
office (or its domicile, for the purposes of the Quebec Civil Code) in the United States,
Canada or, solely with respect to any Account Debtor of any Netherlands Loan Party or UK
Loan Party (or, with respect to Accounts in an aggregate amount not to exceed $10,000,000,
any Account Debtor of any US Loan Party or Canadian Loan Party), Norway, Switzerland or any
Permitted European Member State or (ii) is not organized under any applicable law of the
United States, any state of the United States or the District of Columbia, Canada or any
province or other political subdivision of Canada or, solely with respect to any Account
Debtor of any Netherlands Loan Party or UK Loan Party (or, with respect to Accounts in an
aggregate amount not to exceed $10,000,000, any Account Debtor of any US Loan Party or
Canadian Loan Party), Norway, Switzerland or any Permitted European Member State, unless, in
any such case, such Account is backed by a letter of credit reasonably acceptable to the
Administrative Agent

 

19

 

which is in the possession of, has been assigned to and is directly drawable by the
Administrative Agent;

(l) which is owed in any currency other than (i) dollars, Euros, or Canadian Dollars,
with respect to Accounts of the Canadian Loan Parties, (ii) dollars, Canadian Dollars, or
Euros, with respect to Accounts of the US Loan Parties, (iii) dollars, Euros, Sterling,
Danish Kroner or Swedish Kronor, with respect to Accounts of the Specified European Loan
Parties, or (iv) dollars, Euros, or Sterling, with respect to Accounts of the UK Loan
Parties; provided that the aggregate amount of Eligible Accounts denominated in
Danish Kroner and Swedish Kronor at any time shall not exceed 5.0% of all Eligible Accounts
at such time;

(m) which is owed by the government (or any department, agency, public corporation, or
instrumentality thereof, excluding states of the United States of America) of any country
and except to the extent that the subject Account Debtor is (i) the federal government of
the United States of America and, with respect to Accounts in excess of $5,000,000
(individually or in the aggregate) at any time, has complied with the Federal Assignment of
Claims Act of 1940, as amended (31 USC. § 3727 et seq. and 41 USC. § 15 et seq.), (ii) the
federal government of Canada and has complied with the Financial Administration Act
(Canada), as amended, (iii) the federal government of the Netherlands, or (iv) the federal
government of Germany, as applicable, and any other steps necessary to perfect the Lien of
the applicable Collateral Agent in such Account have been complied with to the satisfaction
of such applicable Collateral Agent;

(n) which is owed by any Affiliate, employee, officer, director, agent or stockholder
(other than any stockholder of the Company) of any Loan Party;

(o) which is evidenced by any promissory note, judgment, chattel paper or instrument;

(p) which is owed by an Account Debtor or any Affiliate of such Account Debtor to which
any Loan Party is indebted, but only to the extent of such indebtedness, or is subject to
any security, deposit, progress payment, retainage or other similar advance made by or for
the benefit of an Account Debtor, in each case to the extent thereof;

(q) which is subject to any counterclaim, deduction, defense, setoff or dispute but
only to the extent of any such counterclaim, deduction, defense, setoff or dispute;

(r) which is owed by an Account Debtor located in any jurisdiction which requires
filing of a “Notice of Business Activities Report” or other similar report in order to
permit such Loan Party to seek judicial enforcement in such jurisdiction of payment of such
Account, unless such Loan Party has filed such report or qualified to do business in such
jurisdiction;

(s) with respect to which such Loan Party has made any agreement with the Account
Debtor for any reduction thereof, other than discounts and adjustments given in

 

20

 

the ordinary course of business, or any Account which was partially paid and such Loan
Party created a new receivable for the unpaid portion of such Account;

(t) which does not comply in all material respects with the requirements of all
applicable laws and regulations, whether federal, provincial, territorial, state or local,
including without limitation the Federal Consumer Credit Protection Act, the Federal Truth
in Lending Act and Regulation Z of the Board;

(u) which is for goods that have been sold under a purchase order or pursuant to the
terms of a contract or other agreement or understanding (written or oral) that indicates or
purports that any Person other than such Loan Party has or has had an ownership interest in
such goods, or which indicates any party other than such Loan Party as payee or remittance
party;

(v) which was created on cash on delivery terms;

(w) which is subject to any limitation on assignments or other security interests
(whether arising by operation of law, by agreement or otherwise), unless the applicable
Collateral Agent has determined that such limitation is not enforceable;

(x) which is governed by the laws of any jurisdiction other than the United States, any
state thereof or the District of Columbia, Canada or any province or other political
subdivision of Canada (with respect to an Account Debtor of any Canadian Loan Party), the
Netherlands (with respect to an Account Debtor of the European Borrower), England and Wales
(with respect to an Account Debtor of the UK Borrower) or (with respect to RSB Accounts in
an amount not to exceed $500,000) Germany;

(y) in respect of which the Account Debtor is a consumer within applicable consumer
protection legislation;

(z) which was acquired or originated by any Person acquired directly or indirectly by
the Company after the date hereof until such time as a field exam in respect of such
Accounts reasonably satisfactory to the Administrative Agent, in its Permitted Discretion,
has been completed;

(aa) which is owed by an Account Debtor in respect of which the Company or any of its
Subsidiaries has received notice of any proceedings or actions which are threatened or
pending against such Account Debtor which would reasonably be expected to affect the value
of the Account as Collateral or the likelihood of payment by the Account Debtor;

(bb) which is a Credit Card Account Receivable;

(cc) which is not owned by a Loan Party or such Loan Party does not have good or
marketable title to such Account;

(cc) which the Administrative Agent in its Permitted Discretion determines may not be
paid by reason of the Account Debtor’s inability to pay; or

 

21

 

(dd) which is an RSB Account until such time as (x) a field exam in respect of such
Accounts reasonably satisfactory to the Administrative Agent and (y) diligence with respect
to RSB reasonably satisfactory to the Administrative Agent has been completed.

In determining the amount of an Eligible Account, the face amount of an Account may, in the
Administrative Agent’s Permitted Discretion, be reduced by, without duplication, to the extent not
reflected in such face amount, (i) the amount of all sales, advances or prepayments, accrued and
actual discounts (including early pay discounts), claims, credits or credits pending, promotional
program allowances, price adjustments, finance charges or other allowances (including any amount
that any Loan Party may be obligated to rebate to an Account Debtor pursuant to the terms of any
agreement or understanding (written or oral)) and (ii) the aggregate amount of all cash received in
respect of such Account but not yet applied by such Loan Party to reduce the amount of such
Account. Standards of eligibility may be made more restrictive (and such increased restrictiveness
subsequently reversed in whole or in part) from time to time solely by the Administrative Agent in
the exercise of its Permitted Discretion, with any such changes to be effective two Business Days
after delivery of notice thereof to the Borrower Representative and the Lenders.

“Eligible Credit Card Account Receivable” means any Credit Card Account Receivable
that (i) has been earned and represents the bona fide amounts due to a Loan Party from a credit
card processor and/or credit card issuer, and in each case originated in the ordinary course of
business of the applicable Loan Party and (ii) is not excluded as an Eligible Credit Card Account
Receivable pursuant to any of clauses (a) through (i) below. Without limiting the foregoing, to
qualify as an Eligible Credit Card Account Receivable, a Credit Card Account Receivable shall
indicate no person other than a Loan Party as payee or remittance party. Eligible Credit Card
Account Receivable shall not include any Credit Card Account Receivable if:

(a) such Credit Card Account Receivable is not owned by a Loan Party or such Loan Party
does not have good or marketable title to such Credit Card Account Receivable;

(b) such Credit Card Account Receivable does not constitute an “Account” (as defined in
the UCC or, with respect to the Canadian Borrower, the PPSA) or such Credit Card Account
Receivable has been outstanding more than five Business Days;

(c) the credit card issuer or credit card processor of the applicable credit card with
respect to such Credit Card Account Receivable is the subject of any bankruptcy or
insolvency proceedings;

(d) such Credit Card Account Receivable is not a valid, legally enforceable obligation
of the applicable credit card issuer with respect thereto;

(e) such Credit Card Account Receivable is not subject to a properly perfected first
priority security interest in favor of the applicable Collateral Agent (for the benefit of
the Agents, the applicable Lenders and the applicable Issuing Banks), or is subject to any
Lien whatsoever other than any Lien created pursuant to the Loan Documents, any Permitted
Encumbrances contemplated by the processor agreements and for which

 

22

 

appropriate Reserves (as determined by the Administrative Agent in its Permitted
Discretion) have been established and the Permitted Second Priority Lien;

(f) such Credit Card Account Receivable does not conform in all material respects to
all representations, warranties or other provisions in the Loan Documents or in the credit
card agreements relating to such Credit Card Account Receivable;

(g) such Credit Card Account Receivable is subject to risk of set-off, non-collection
or not being processed due to unpaid and/or accrued credit card processor fee balances, to
the extent of the lesser of the balance of such Credit Card Account Receivable or unpaid
credit card processor fees;

(h) such Credit Card Account Receivable is evidenced by “chattel paper” or an
“instrument” of any kind unless such “chattel paper” or “instrument” is in the possession of
the Administrative Agent, and to the extent necessary or appropriate, endorsed to the
Administrative Agent; or

(i) such Credit Card Account Receivable does not meet such other usual and customary
eligibility criteria for Credit Card Account Receivables as the Administrative Agent may
determine from time to time in its Permitted Discretion.

In determining the amount to be so included in the calculation of the value of an Eligible
Credit Card Account Receivable, the face amount thereof shall be reduced by, without duplication,
to the extent not reflected in such face amount, (i) the amount of all customary fees and expenses
in connection with any credit card arrangements and (ii) the aggregate amount of all cash received
in respect thereof but not yet applied by the Loan Party to reduce the amount of such Eligible
Credit Card Account Receivable.

“Eligible Inventory” means, at any time, the Inventory of a Loan Party which in
accordance with the terms hereof is eligible as the basis for the extension of Revolving Loans and
Swingline Loans and the issuance of Letters of Credit hereunder. Eligible Inventory shall not
include any Inventory:

(a) which is not subject to a first priority perfected Lien in favor of the applicable
Collateral Agent (for the benefit of the Agents, the applicable Lenders and the applicable
Issuing Banks);

(b) which is subject to any Lien other than (i) a Lien in favor of the applicable
Collateral Agent (for the benefit of the Agents, the applicable Lenders, the applicable
Issuing Banks and any other holder of applicable Secured Obligations), (ii) a Permitted
Encumbrance pursuant to clause (a) or (b) of the definition of Permitted Encumbrance
hereunder which does not have priority over the Lien in favor of the applicable Collateral
Agent (for the benefit of the Agents, the applicable Lenders and the applicable Issuing
Banks), (iii) Prior Claims that are unregistered and that secure amounts that are not yet
due and payable and (iv) the Permitted Second Priority Lien;

(c) which, in the Administrative Agent’s Permitted Discretion, is determined to be slow
moving, obsolete, unmerchantable, defective, used, unfit for sale, not salable

 

23

 

at prices approximating at least the cost of such Inventory in the ordinary course of
business, or unacceptable due to age, type, category and/or quantity (it being understood
that in the use of such Permitted Discretion, the Administrative Agent may take into account
whether such Inventory was treated as slow moving or otherwise unfit for sale in the
calculation of the applicable Net Orderly Liquidation Value);

(d) with respect to which any covenant, representation, or warranty contained in this
Agreement or any applicable Security Agreement has been breached or is not true;

(e) in which any Person other than the applicable Loan Party shall (i) have any direct
or indirect ownership, interest or title to such Inventory or (ii) be indicated on any
purchase order or invoice with respect to such Inventory as having or purporting to have an
interest therein;

(f) which is not finished goods or which constitutes work-in-process, raw materials
(other than raw materials located in the United States at any property owned by such Loan
Party or at any location leased by such Loan Party for which a Collateral Access Agreement
has been delivered to the Administrative Agent and continues to be in effect), spare or
replacement parts, subassemblies, packaging and shipping material, manufacturing supplies,
samples, prototypes, displays or display items, bill-and-hold goods, goods that are returned
or marked for return, repossessed goods, defective or damaged goods, goods held by a Loan
Party on consignment, or goods which are not of a type held for sale in the ordinary course
of business;

(g) which is not located in the United States, Canada (with respect to Inventory owned
by any US Loan Party or Canadian Loan Party), England, Wales and Ireland (with respect to
Inventory owned by any UK Loan Party), the Netherlands (with respect to Inventory owned by
any Netherlands Loan Party) or Germany (to the extent the European Borrower retains title to
such Inventory pursuant to an agreement that is satisfactory to the European Administrative
Agent and the aggregate amount of such Inventory does not exceed $15,000,000) or is in
transit from vendors and suppliers (it being understood, for the avoidance of doubt, that
any such Inventory that is in transit from any Loan Party to a warehouse owned or leased by
such Loan Party shall not be excluded pursuant to this clause (g) solely because such
Inventory is in transit so long as, in the case of any such Inventory in transit to a
warehouse leased by such Loan Party, either the Administrative Agent has received a
Collateral Access Agreement in respect thereof that continues to be in effect or a Rent
Reserve has been taken); provided that such Inventory in transit with a common
carrier from vendors and suppliers may be included as eligible pursuant to this clause (g)
so long as (1) the applicable Administrative Agent shall have received (x) a true and
correct copy of the bill of lading and other shipping documents for such Inventory, (y)
evidence of satisfactory casualty insurance naming the applicable Collateral Agent as loss
payee and otherwise covering such risks as the Administrative Agent may reasonably request,
and (z) if the bill of lading is (A) non-negotiable and the inventory is in transit to the
United States or Canada, a duly executed Collateral Access Agreement from the applicable
customs broker for such Inventory or (B) negotiable, confirmation that the bill is issued in
the name of the applicable Loan Party and consigned to the order of the Collateral Agent,
and an

 

24

 

acceptable agreement has been executed with the Loan Party’s customs broker, in which
the customs broker agrees that it holds the negotiable bill as agent for the applicable
Collateral Agent and has granted the applicable Collateral Agent access to the Inventory,
(2) the common carrier is not an Affiliate of the applicable vendor, supplier, distribution
center or initial Group Member, as applicable and (3) the aggregate amount of such Inventory
in transit (w) in the US Borrowing Base shall not exceed $35,000,000, (x) in the European
Borrowing Base shall not exceed $15,000,000, (y) in the Canadian Borrowing Base shall not
exceed $5,000,000, and (z) in the UK Borrowing Base shall not exceed $10,000,000, in each
case at any time;

(h) which is located in any (i) warehouse, cross-docking facility, distribution center,
regional distribution center or depot or (ii) any retail store located in a jurisdiction
providing for a common law or statutory landlord’s lien (or any retail store location in the
Province of Quebec in respect of which the landlord has filed a hypothec) on the personal
property of tenants, which lien or hypothec would be prior or superior to that of the
applicable Collateral Agent (for the benefit of the Agents, the applicable Lenders and the
applicable Issuing Banks), in each case leased by the applicable Loan Party unless (A) the
lessor has delivered to the Administrative Agent a Collateral Access Agreement which remains
in effect or (B) a Rent Reserve has been established by the Administrative Agent which Rent
Reserve may be reduced if a subsequent Collateral Access Agreement has been received by the
Administrative Agent;

(i) which is located in any third party warehouse or is in the possession of a bailee
(other than a third party processor but including any ecommerce service provider) and is not
evidenced by a Document (other than bills of lading to the extent permitted pursuant to
paragraph (g) above), unless (i) such warehouseman or bailee has delivered to the
Administrative Agent a Collateral Access Agreement which remains in effect and such other
documentation as the Administrative Agent may require or (ii) a Rent Reserve has been
established by the Administrative Agent which Rent Reserve may be reduced if a subsequent
Collateral Access Agreement has been received by the Administrative Agent;

(j) which is being processed offsite at a third party location or outside processor, or
is in-transit to or from said third party location or outside processor;

(k) which is the subject of a consignment by any Loan Party as consignor;
provided that Inventory of the Netherlands Loan Parties, in an aggregate amount not
to exceed $5,000,000, located in the Netherlands or Germany shall not be excluded pursuant
to this clause (l) solely because such Inventory is subject to a “four wall” concession
arrangement so long as a Rent Reserve has been established by the Administrative Agent;

(l) which is distressed Inventory, as determined by the Administrative Agent in its
Permitted Discretion;

(m) which contains or bears any intellectual property rights licensed to any Loan Party
unless the Administrative Agent is satisfied that it may sell or otherwise dispose of such
Inventory without (i) the consent of each applicable licensor, (ii) infringing the rights of
such licensor, (iii) violating any contract with such licensor, or (iv) incurring any
liability with respect to payment of royalties other than royalties

 

25

 

incurred pursuant to sale of such Inventory under the current licensing agreement;
provided however that any such Inventory bearing Intellectual Property
licensed to LC LIBRA, LLC pursuant to the Existing Donna Karan License shall not be
ineligible solely pursuant to this clause (m);

(n) which is not reflected in a current perpetual inventory report of such Loan Party
(unless such Inventory is reflected in a report to the Administrative Agent as “in transit”
Inventory and constitutes Eligible LC Inventory);

(o) for which reclamation rights have been asserted by the seller;

(p) (i) for which any contract relating to such Inventory expressly includes retention
of title in favor of the vendor or supplier thereof or (ii) for which any contract relating
to such Inventory does not address retention of title and the relevant Loan Party has not
represented to the Administrative Agent that there is no retention of title in favor of the
vendor or supplier thereof; provided that Inventory of a Loan Party other than a US
Loan Party of the types described in clauses (i) and (ii) above shall not be excluded from
Eligible Inventory solely pursuant to this clause (p) in the event that (x) the European
Administrative Agent shall have received evidence satisfactory to it that the full purchase
price of such Inventory has, or will have, been paid prior to or upon the delivery of such
Inventory to a Loan Party or (y) a Letter of Credit has been issued under this Agreement for
the purchase of such Inventory; or

(q) which the Administrative Agent deems not to be Eligible Inventory based on such
credit and collateral considerations as the Administrative Agent in its Permitted
Discretion, deems appropriate;

provided that in determining the value of the Eligible Inventory, such value shall be
reduced by, without duplication, any amounts representing (a) Vendor Rebates; (b) costs included in
Inventory relating to advertising; (c) the shrink reserve; (d) the unreconciled discrepancy between
the general inventory ledger and the perpetual Inventory ledger, to the extent the general
Inventory ledger reflects less Inventory than the perpetual inventory ledger; and (e) a reserve for
Inventory which is designated to be returned to vendor or which is recognized as damaged or off
quality by the applicable Loan Party.

Standards of eligibility may be made more restrictive (and such increased restrictiveness
subsequently reversed in whole or in part) from time to time solely by the Administrative Agent in
the exercise of its Permitted Discretion, with any such changes to be effective two Business Days
after delivery of notice thereof to the Borrower Representative and the Lenders.

“Eligible Juicy Couture Trademark Amount” means $10,000,000; provided that
such amount shall amortize quarterly on a straight-line basis to zero over two years commencing at
the end of the first full fiscal quarter following the Effective Date; provided
further that the Eligible Juicy Couture Trademark Amount shall be reduced on a pro rata
basis, determined by reference to the allocated value of each Juicy Couture Trademark, to the
extent that (i) any such Juicy Couture Trademark is no longer owned by a US Loan Party or (ii) the
US Collateral Agent does not have a perfected first priority Lien in such Juicy Couture Trademark.

 

26

 

“Eligible Kate Spade Trademark Amount” means $3,000,000; provided that such
amount shall amortize quarterly on a straight-line basis to zero over two years commencing at the
end of the first full fiscal quarter following the Effective Date; provided further
that the Eligible Kate Spade Trademark Amount shall be reduced on a pro rata basis, determined by
reference to the allocated value of each Kate Spade Trademark, to the extent that (i) any such Kate
Spade Trademark is no longer owned by a US Loan Party or (ii) the US Collateral Agent does not have
a perfected first priority Lien in such Kate Spade Trademark.

“Eligible LC Inventory” means the value of the undrawn face amount of commercial and
documentary Letters of Credit issued relating to the purchase price of Inventory that has or will
be shipped to a Loan Party’s location (as to which, in the case of locations leased by a Loan
Party, a Collateral Access Agreement has been obtained, or appropriate Rent Reserves have been
taken) and which Inventory (a) is or will be owned by a Loan Party, (b) is fully insured on terms
reasonably satisfactory to the applicable Collateral Agent, (c) is subject to a first priority Lien
upon such goods in favor of the applicable Collateral Agent (except for any possessor Lien upon
such goods in the possession of a freight carrier or shipping company securing only the freight
charges for the transportation of such goods to such Loan Party and other Permitted Encumbrances),
(d) is evidenced or deliverable pursuant to documents, notices, instruments, statements and bills
of lading that have been delivered to the applicable Collateral Agent or an agent acting on its
behalf, and (e) is otherwise deemed to be “Eligible Inventory” hereunder; provided that the
Aggregate Availability represented by the Eligible LC Inventory in (w) the US Borrowing Base shall
not exceed $60,000,000, (x) the Canadian Borrowing Base shall not exceed $15,000,000, (y) the
European Borrowing Base shall not exceed $25,000,000, and (z) the UK Borrowing Base shall not
exceed $20,000,000, in each case at any time. The applicable Collateral Agent shall have the right
to establish, modify, or eliminate Reserves against Eligible LC Inventory from time to time in its
Permitted Discretion. In addition, the applicable Collateral Agent shall have the right, from time
to time, to adjust any of the criteria set forth above and to establish new criteria with respect
to Eligible LC Inventory in its Permitted Discretion, subject to the approval of the Administrative
Agent in the case of adjustments, new criteria or the elimination of Reserves which have the effect
of making more credit available or are otherwise adverse to the Lenders; provided
however, for the avoidance of doubt, no such approval shall be required in the case of any
adjustment or the elimination of Reserves caused by operation of the provisions of this Agreement
relating to the Aggregate Borrowing Base.

“Eligible Liz Claiborne Trademark Amount” means $12,000,000; provided that
such amount shall amortize quarterly on a straight-line basis to zero over two years commencing at
the end of the first full fiscal quarter following the Effective Date; provided
further that the Eligible Liz Claiborne Trademark Amount shall be reduced on a pro rata
basis, determined by reference to the allocated value of each Liz Trademark, to the extent that (i)
any such Liz Trademark is no longer owned by a US Loan Party or (ii) the US Collateral Agent does
not have a perfected first priority Lien in such Liz Trademark.

“Eligible Lucky Brand Trademark Amount” means $5,000,000; provided that such
amount shall amortize quarterly on a straight-line basis to zero over two years commencing at the
end of the first full fiscal quarter following the Effective Date; provided further
that the Eligible Lucky Brand Trademark Amount shall be reduced on a pro rata basis, determined by
reference to the allocated value of each Lucky Brand Trademark, to the extent that (i) any such
Lucky Brand

 

27

 

Trademark is no longer owned by a US Loan Party or (ii) the US Collateral Agent does not have
a perfected first priority Lien in such Lucky Brand Trademark.

“Eligible Real Property” means, the real property listed on Schedule 1.01(b)
owned by any US Loan Party and any other real property that is approved by the Administrative Agent
on or prior to the second anniversary of the Effective Date, located in the United States and owned
by any US Loan Party, in each case (i) in respect of which an appraisal report has been delivered
to the Administrative Agent in form, scope and substance reasonably satisfactory to the
Administrative Agent, (ii) in respect of which the Administrative Agent is satisfied that all
actions necessary or desirable in order to create a perfected first priority Lien for the benefit
of the US Collateral Agent on such real property have been taken, including, the filing and
recording of Mortgages and that such real property is not subject to any other Lien (other than
those permitted under clauses (a), (b), (f) and (g) of the definition of Permitted Encumbrance,
under Section 6.02(k) and other than the Permitted Second Priority Lien), (iii) in respect of which
an environmental assessment report has been completed and delivered to the Administrative Agent in
form and substance reasonably satisfactory to the Administrative Agent, (iv) which is adequately
protected by fully-paid valid title insurance with endorsements and in amounts acceptable to the
Administrative Agent, insuring that the US Collateral Agent, for the benefit of the Agents, the
Lenders and the Issuing Banks, shall have a perfected first priority Lien on such real property,
evidence of which shall have been provided in form and substance satisfactory to the Administrative
Agent, and (v) if required by the Administrative Agent: (A) an ALTA survey has been delivered for
which all necessary fees have been paid and which is dated no more than 30 days prior to the date
on which the applicable Mortgage is recorded, certified to Administrative Agent and the issuer of
the title insurance policy in a manner satisfactory to the Administrative Agent by a land surveyor
duly registered and licensed in the state in which such Eligible Real Property is located and
acceptable to the Administrative Agent, and shows all buildings and other improvements, any offsite
improvements, the location of any easements, parking spaces, rights of way, building setback lines
and other dimensional regulations and the absence of encroachments, either by such improvements or
on to such property, and other defects, other than encroachments and other defects acceptable to
the Administrative Agent; (B) in respect of which local counsel for the applicable US Loan Parties
in states in which the Eligible Real Property is located have delivered a letter of opinion with
respect to the enforceability and perfection of the Mortgages and any related fixture filings in
form and substance reasonably satisfactory to the Administrative Agent; and (C) in respect of which
the applicable US Loan Party shall have used its reasonable commercial efforts to obtain estoppel
certificates executed by all tenants of such Eligible Real Property and such other consents,
agreements and confirmations of lessors and third parties have been delivered as the Administrative
Agent may deem necessary in its reasonable discretion, together with evidence that all other
actions that the Administrative Agent may deem necessary in order to create perfected first
priority Liens on the property described in the Mortgages have been taken.

“Eligible Retail Inventory” means Eligible Inventory that is Retail Inventory.

“Eligible Retail LC Inventory” means Eligible LC Inventory that is Retail Inventory.

 

28

 

“Eligible Trademark Amount” means the aggregate amount of the Eligible Liz Claiborne
Trademark Amount, the Eligible Kate Spade Trademark Amount, the Eligible Juicy Couture Trademark
Amount and the Eligible Lucky Brand Trademark Amount.

“Eligible Wholesale Inventory” means Eligible Inventory that is Wholesale Inventory.

“Eligible Wholesale LC Inventory” means Eligible LC Inventory that is Wholesale
Inventory.

“EMU Legislation” means the legislative measures of the European Council for the
introduction of, changeover to or operation of a single or unified European currency.

“Environmental Laws” means all laws (including common law), rules, regulations, codes,
ordinances, orders-in-council, orders, decrees, judgments, injunctions, notices or binding
agreements issued, promulgated or entered into by any Governmental Authority, relating to the
environment, preservation or reclamation of natural resources, the management, presence, release or
threatened release of any harmful or deterious substance or to health and safety matters.

“Environmental Liability” means any liability, contingent or otherwise (including any
liability for damages, costs of environmental investigation or remediation, fines, penalties or
indemnities), directly or indirectly resulting from or based upon (a) violation of or obligation
under any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment
or disposal of any Hazardous Materials, (c) the presence of or exposure to any Hazardous Materials,
(d) the release or threatened release of any Hazardous Materials into the environment or (e) any
contract, agreement or other consensual arrangement pursuant to which liability is assumed or
imposed with respect to any of the foregoing.

“Environmental Reserve” means reserves relating to environmental matters affecting any
Eligible Real Property deemed necessary by the Administrative Agent from time to time in its
Permitted Discretion.

“Equity Interests” means shares of capital stock, partnership interests, membership
interests in a limited liability company, beneficial interests in a trust or other equity ownership
interests in a Person, and any warrants, options or other rights entitling the holder thereof to
purchase or acquire any such equity interest.

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from
time to time.

“ERISA Affiliate” means any trade or business (whether or not incorporated) that,
together with any Loan Party, is treated as a single employer under Section 414 of the Code or,
solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single
employer under Section 414 of the Code.

“ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or
the regulations issued thereunder with respect to a Plan (other than an event for which the 30 day
notice period referred to in Section 4043(c) of ERISA is waived); (b) the existence with

 

29

 

respect to any Plan of a non-exempt “prohibited transaction,” as defined in Section 406 of
ERISA and Section 4975(f)(3) of the Code; (c) any failure of any Plan to satisfy the “minimum
funding standard” applicable to such Plan (as such term is defined in Sections 412 and 430 of the
Code or Section 302 of ERISA), whether or not waived; (d) the filing pursuant to Section 412(c) of
the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard
with respect to any Plan, the failure to make by its due date a required installment under Section
430(j) of the Code with respect to any Plan or the failure of any Loan Party or ERISA Affiliate to
make any required contribution to any Multiemployer Plan; (e) the incurrence by any Loan Party or
any ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any
Plan including, without limitation, the imposition of any Lien in favor of the PBGC or any Plan;
(f) the receipt by any Loan Party or any ERISA Affiliate from the PBGC or a Plan administrator of
any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to
administer any Plan under Section 4042 of ERISA; (g) a determination that any Plan is, or is
expected to be, in “at risk” status (within the meaning of Section 430 of the Code or Section 303
of ERISA); (h) the incurrence by any Loan Party or any of its ERISA Affiliates of any liability
with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (i)
the receipt by any Loan Party or any ERISA Affiliate of any notice, or the receipt by any
Multiemployer Plan from any Loan Party or any ERISA Affiliate of any notice, concerning the
imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected
to be, insolvent or in reorganization, within the meaning of Title IV of ERISA or in endangered or
critical status within the meaning of Section 432 of the Code or Section 305 of ERISA.

“Euro” or “€” refers to the single currency of the Participating Member
States.

“Euro Notes Documentation” means the Existing Euro Notes and all other agreements and
instruments executed in connection therewith.

“Euro Notes Refinancing Debt” has the meaning assigned to such term in Section 6.01.

“Eurocurrency” when used in reference to any Loan or Borrowing, refers to whether such
Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by
reference to the Adjusted LIBO Rate.

“European Account Transfer Trigger Event” means the first date after the Effective
Date on which a Full Cash Dominion Period is in effect.

“European Administrative Agent” means J.P. Morgan Europe Limited, in its capacity as
administrative agent for the Facility B Lenders hereunder, and its successors in such capacity (or
such of its Affiliates as it may designate from time to time).

“European Availability” means (a) the lesser of (x) the European Sublimit and (y) the
sum of (i) the European Borrowing Base plus (ii) solely to the extent the total Revolving
Exposure relating to the European Borrower exceeds the European Borrowing Base, the US Availability
(calculated without giving effect to any European US Borrowing Base Utilization), minus (b)
the total Revolving Exposure relating to the European Borrower.

“European Borrower” means Mexx Europe B.V.

 

30

 

“European Borrowing Base” means, at any time, with respect to the Netherlands Loan
Parties, the sum of:

(a) 100% of the aggregate cash balances denominated in dollars, Euros, Sterling or Yen
in depositary accounts of the Netherlands Loan Parties constituting investment accounts that
are held at JPMorgan Chase Bank, N.A. or any Affiliate thereof approved by the
Administrative Agent and subject to an Account Control Agreement and upon which the European
Collateral Agent has a first priority perfected Lien for the benefit of the Agents, the
applicable Lenders and the applicable Issuing Banks, subject only to Liens permitted
pursuant to Section 6.02(f), plus

(b) the product of (i) 85% multiplied by (ii) the Netherlands Loan Parties’
Eligible Accounts at such time, minus the Dilution Reserve related to the
Netherlands Loan Parties, plus

(c) the product of 85% multiplied by the High Season or Low Season, as
applicable, Net Orderly Liquidation Value percentage in respect of Retail Inventory
identified in the most recent Inventory appraisal ordered by the Administrative Agent
multiplied by the Netherlands Loan Parties’ Eligible Retail Inventory (other than
Eligible LC Inventory), valued at the lower of cost (determined on a first-in-first-out
basis) or market value, at such time, plus

(d) the product of 85% multiplied by the High Season or Low Season, as
applicable, Net Orderly Liquidation Value percentage in respect of Wholesale Inventory
identified in the most recent Inventory appraisal ordered by the Administrative Agent
multiplied by the Netherlands Loan Parties’ Eligible Wholesale Inventory (other than
Eligible LC Inventory), valued at the lower of cost (determined on a first-in-first-out
basis) or market value, at such time, plus

(e) the product of 85% multiplied by the High Season or Low Season, as
applicable, Net Orderly Liquidation Value percentage in respect of Retail Inventory
identified in the most recent Inventory appraisal ordered by the Administrative Agent
multiplied by the Netherlands Loan Parties’ Eligible Retail LC Inventory, valued at
the lower of cost (determined on a first-in-first-out basis) or market value, at such time,
plus

(f) the product of 85% multiplied by the High Season or Low Season, as
applicable, Net Orderly Liquidation Value percentage in respect of Wholesale Inventory
identified in the most recent Inventory appraisal ordered by the Administrative Agent
multiplied by the Netherlands Loan Parties’ Eligible Wholesale LC Inventory, valued
at the lower of cost (determined on a first-in-first-out basis) or market value, at such
time, minus

(g) without duplication, applicable Reserves established by the Administrative Agent in
its Permitted Discretion.

The Administrative Agent may, in its Permitted Discretion, adjust Reserves (subject to Section
9.02(b)) used in computing the Aggregate Borrowing Base and the European Borrowing Base, with any
such changes to be effective two Business Days after delivery of notice thereof to

 

31

 

the Borrower Representative and the Lenders in accordance with Section 11.04 of this
Agreement. The European Borrowing Base at any time shall be determined by reference to the most
recent European Borrowing Base Certificate delivered to the Administrative Agent pursuant to
Section 5.01(g) of this Agreement.

“European Borrowing Base Certificate” means a certificate, signed and certified as
accurate and complete by a Financial Officer of the Borrower Representative, in substantially the
form of Exhibit B-4.

“European Collateral Agent” means J.P. Morgan Europe Limited, in its capacity as
collateral agent and security trustee for itself, the Administrative Agent, the Issuing Banks and
the Lenders, and its successors in such capacity (or such of its Affiliates as it may designate
from time to time).

“European Group” means, collectively, each Netherlands Group Member, each German Group
Member and each UK Group Member.

“European Letter of Credit” means any Letter of Credit or similar instrument
(including a bank guarantee) acceptable to the applicable Issuing Bank issued hereunder for the
purpose of providing credit support for the European Borrower.

“European Loan Parties” means, individually and collectively, the Netherlands Loan
Parties, the German Loan Parties, the UK Loan Parties and any other Loan Party that is organized in
a member State of the European Union, Norway or Switzerland.

“European Loans” means, individually and collectively, the European Revolving Loans,
the European Swingline Loans and the European Protective Advances.

“European Protective Advance” has the meaning assigned to such term in Section 2.04.

“European Revolving Loan” means a Revolving Loan made to the European Borrower.

“European Security Agreement” means any document creating a security interest over any
Account of any Specified European Loan Party in favor of the European Collateral Agent in a form
satisfactory to the European Collateral Agent (that is not already included within the definitions
of German Security Agreement or Netherlands Security Agreement), as the same may be amended,
restated or otherwise modified from time, and any other document creating a security interest over
property of any Specified European Loan Party in favor of the European Collateral Agent in a form
satisfactory to the European Collateral Agent, on or after the date of this Agreement (that is not
already included within the definitions of German Security Agreement or Netherlands Security
Agreement), as the same may be amended, restated or otherwise modified from time to time, and any
Austrian Collateral Document (to the extent not otherwise a European Security Agreement).

“European Sublimit” means, $100,000,000, as such sublimit may be reduced or terminated
in accordance with Section 2.09.

 

32

 

“European Swingline Lender” means J.P. Morgan Europe Limited, in its capacity as
lender of European Swingline Loans hereunder, and its successors and assigns in such capacity.

“European Swingline Loan” has the meaning set forth in Section 2.05(a)(iii).

“European US Borrowing Base Utilization” means the excess of (i) the total Revolving
Exposure relating to the European Borrower minus (i) the European Borrowing Base.

“Events of Default” has the meaning assigned to such term in Article VII.

“Excluded Taxes” means, with respect to the Administrative Agent, the European
Administrative Agent, the Canadian Administrative Agent, any Collateral Agent, any Lender, any
Issuing Bank or any other recipient of any payment to be made by or on account of any obligation of
any Loan Party hereunder or any other Loan Document, (a) any Other Connection Taxes, (b) U.S.
federal withholding Tax (with respect to payments made by the Company), Canadian withholding tax
(with respect to payments made by the Canadian Borrower), Netherlands withholding tax (with respect
to payments made by the European Borrower), U.K. withholding tax (with respect to payments made by
the UK Borrower) whichever is applicable, imposed by a Requirement of Law (after giving effect to
the delivery of applicable tax forms) in effect at the time a Foreign Lender (other than an
assignee under Section 2.19(b)) becomes a party hereto (or designates a new lending office under
Section 2.19(a)), with respect to any payment made by or on account of any obligation of the
Company, the Canadian Borrower, the European Borrower or the UK Borrower, whichever is applicable,
to such Foreign Lender (other than any such payment made by such Person in a capacity other than as
a Borrower), except to the extent that such Foreign Lender (or its assignor, if any) was entitled,
at the time of designation of a new lending office (or assignment), to receive additional amounts
with respect to such withholding Tax under clause (a) of Section 2.17, (c) Taxes attributable to a
Lender’s (or, if required to provide forms under Section 2.17(g), a Lender’s beneficial owner’s)
failure to comply with Section 2.17(g), (d) any withholding Tax imposed as a result of a Lender’s
failure to provide forms described in Section 2.17(g) if such failure is solely due to the legal
restrictions imposed under the secrecy laws of the jurisdiction where such Lender is organized or
(e) any U.S. Federal withholding Taxes imposed by FATCA other than by reason of a Change in Law.

“Existing Convertible Notes” means the Company’s 6% Convertible Senior Notes due 2014.

“Existing Convertible Note Documents” means the indenture under which the Existing
Convertible Notes are issued and all other instruments, agreements and other documents evidencing
or governing the Existing Convertible Notes or providing for any other right in respect thereof.

“Existing Credit Agreement” shall have the meaning set forth in the preamble hereto.

“Existing Donna Karan License” means the License Agreement, dated as of December 13,
1997, between Donna Karan Studio LLC, as licensor and LC LIBRA, LLC, as licensee, as amended,
restated, supplemented or otherwise modified on or prior to the Original Effective Date.

 

33

 

“Existing Euro Notes” means the Company’s existing €350,000,000 5% notes due 2013.

“Existing Letters of Credit” means the letters of credit referred to on Schedule
2.06 hereto, which letters of credit have been issued by an Issuing Bank or any Lender.

“Existing Loan Documents” means the “Loan Documents” under and as defined in the
Existing Credit Agreement.

“Existing Mortgages” means each of the mortgages, deeds of trust or other agreements
made pursuant to the Existing Credit Agreement by any US Loan Party in favor or the US Collateral
Agent.

“Facility” means, individually and collectively, Facility A and Facility B.

“Facility A” means the Facility A Commitments and the extensions of credit made
thereunder.

“Facility A Commitment” means, with respect to each Facility A Lender, the commitment,
if any, of such Lender to make Facility A Revolving Loans and to acquire participations in Facility
A Letters of Credit, Facility A Protective Advances and Facility A Swingline Loans, expressed as an
amount representing the maximum possible aggregate amount of such Lender’s Facility A Revolving
Exposure hereunder, as such commitment may be reduced or increased from time to time pursuant to
(a) Section 2.09 and (b) assignments by or to such Lender pursuant to Section 9.04. The initial
amount of each Lender’s Facility A Commitment is set forth on the Commitment Schedule, or
in the Assignment and Assumption pursuant to which such Lender shall have assumed its Facility A
Commitment, as applicable. The initial aggregate amount of the Lenders’ Facility A Commitments is
$150,000,000.

“Facility A Credit Exposure” means, with respect to any Facility A Lender at any time,
the sum of such Lender’s Facility A Revolving Exposure plus an amount equal to such Lender’s
Applicable Percentage of the aggregate principal amount of Facility A Protective Advances
outstanding at such time.

“Facility A LC Exposure” means, at any time, the sum of (a) the aggregate undrawn
amount of all outstanding Facility A Letters of Credit at such time for the account of the Company
plus (b) the aggregate amount of all LC Disbursements in respect of Facility A Letters of
Credit that have not yet been reimbursed by or on behalf of the Company at such time. The Facility
A LC Exposure of any Lender at any time shall be its Applicable Percentage of the total Facility A
LC Exposure at such time.

“Facility A Lenders” means the Persons listed on the Commitment Schedule as
having a Facility A Commitment and any other Person that shall acquire a Facility A Commitment
pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party
hereto pursuant to an Assignment and Assumption.

“Facility A Letter of Credit” means any letter of credit or similar instrument
(including a bank guarantee) issued under this Agreement that is (a) reasonably acceptable to the
applicable Issuing Bank and (b) issued pursuant to Facility A for the purpose of providing credit
support for

 

34

 

the Company. For the avoidance of doubt, unless the context otherwise requires, references
herein to Facility A Letters of Credit shall include any time draft presented under a Facility A
Letter of Credit.

“Facility A Loans” means, individually and collectively, the Facility A Revolving
Loans, the Facility A Swingline Loans and the Facility A Protective Advances.

“Facility A Obligations” means all unpaid principal of and accrued and unpaid interest
on the Facility A Loans (or which would have accrued but for the commencement of any bankruptcy,
insolvency, receivership or similar proceeding, regardless of whether allowed or allowable in such
proceeding), all Facility A LC Exposure, all accrued and unpaid fees and all expenses,
reimbursements, indemnities and other obligations of the Loan Parties to the Facility A Lenders or
to any Facility A Lender, the Administrative Agent, any Issuing Bank in respect of a Facility A
Letter of Credit or any indemnified party arising under the Loan Documents, in each case, whether
direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter
incurred.

“Facility A Protective Advance” has the meaning assigned to such term in Section 2.04.

“Facility A Revolving Exposure” means, with respect to any Facility A Lender at any
time, the sum of the outstanding principal amount of such Lender’s Facility A Revolving Loans and
its Facility A LC Exposure plus an amount equal to its Applicable Percentage of the
aggregate principal amount of Facility A Swingline Loans outstanding at such time.

“Facility A Revolving Loans” has the meaning assigned to such term in Section 2.01.

“Facility A Swingline Loan” has the meaning assigned to such term in Section
2.05(a)(i).

“Facility A Swingline Sublimit” means $15,000,000.

“Facility B” means the Facility B Commitments and the extensions of credit made
thereunder.

“Facility B Borrower” means, individually and collectively, the Company (in its
capacity as a Borrower under Facility B), the European Borrower, the Canadian Borrower and the UK
Borrower.

“Facility B Commitment” means, with respect to each Facility B Lender, the commitment,
if any, of such Lender to make Facility B Revolving Loans and to acquire participations in Facility
B Letters of Credit, Facility B Protective Advances and Facility B Swingline Loans, expressed as an
amount representing the maximum possible aggregate amount of such Lender’s Facility B Revolving
Exposure hereunder, as such commitment may be reduced or increased from time to time pursuant to
(a) Section 2.09 and (b) assignments by or to such Lender pursuant to Section 9.04. The initial
amount of each Lender’s Facility B Commitment is set forth on the Commitment Schedule, or
in the Assignment and Assumption pursuant to which such Lender shall have assumed its Facility B
Commitment, as applicable. The initial aggregate amount of the Lenders’ Facility B Commitments is
$200,000,000.

 

35

 

“Facility B Credit Exposure” means, with respect to any Facility B Lender at any time,
the sum of such Lender’s Facility B Revolving Exposure plus an amount equal to such Lender’s
Applicable Percentage of the aggregate principal amount of Facility B Protective Advances
outstanding at such time.

“Facility B LC Exposure” means, at any time, the sum of (a) the aggregate undrawn
amount of all outstanding Facility B Letters of Credit at such time plus (b) the aggregate
amount of all LC Disbursements in respect of Facility B Letters of Credit that have not yet been
reimbursed by or on behalf of a Facility B Borrower at such time. The Facility B LC Exposure of
any Lender at any time shall be its Applicable Percentage of the total Facility B LC Exposure at
such time.

“Facility B Lenders” means the Persons listed on the Commitment Schedule as
having a Facility B Commitment and any other Person that shall acquire a Facility B Commitment
pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party
hereto pursuant to an Assignment and Assumption.

“Facility B Letter of Credit” means any letter of credit or similar instrument
(including a bank guarantee) issued under this Agreement that is (a) acceptable to the applicable
Issuing Bank and (b) issued pursuant to Facility B for the purpose of providing credit support for
a Facility B Borrower. For the avoidance of doubt, unless the context otherwise requires,
references herein to Facility B Letters of Credit shall include any time draft presented under a
Facility B Letter of Credit.

“Facility B Loans” means, individually and collectively, the Facility B Revolving
Loans, the Facility B Swingline Loans and the Facility B Protective Advances.

“Facility B Obligations” means all unpaid principal of and accrued and unpaid interest
on the Facility B Loans (or which would have accrued but for the commencement of any bankruptcy,
insolvency, receivership or similar proceeding, regardless of whether allowed or allowable in such
proceeding), all Facility B LC Exposure, all accrued and unpaid fees and all expenses,
reimbursements, indemnities and other obligations of the Loan Parties to the Facility B Lenders or
to any Facility B Lender, the Administrative Agent, the Issuing Bank in respect of a Facility B
Letter of Credit or any indemnified party arising under the Loan Documents, in each case, whether
direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter
incurred.

“Facility B Protective Advances” means, collectively, the European Protective
Advances, the Canadian Protective Advances, the UK Protective Advances and the Facility B US
Protective Advances.

“Facility B Revolving Exposure” means, with respect to any Facility B Lender at any
time, the sum of the outstanding principal amount of such Lender’s Facility B Revolving Loans and
its Facility B LC Exposure plus an amount equal to its Applicable Percentage of the
aggregate principal amount of Facility B Swingline Loans outstanding at such time.

“Facility B Revolving Loans” has the meaning assigned to such term in Section 2.01.

 

36

 

“Facility B Swingline Loans” means, collectively, the European Swingline Loans, the
Canadian Swingline Loans, the UK Swingline Loans and the Facility B US Swingline Loans.

“Facility B Swingline Sublimit” means $40,000,000.

“Facility B US Protective Advance” has the meaning assigned to such term in Section
2.04.

“Facility B US Swingline Loan” has the meaning assigned to such term in Section
2.05(a)(ii).

“FATCA” means Section 1471 or 1472 of the Code and regulations or official
interpretations thereof.

“Federal Funds Effective Rate” means, for any day, the weighted average (rounded
upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds
transactions with members of the Federal Reserve System arranged by Federal funds brokers, as
published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such
rate is not so published for any day that is a Business Day, the average (rounded upwards, if
necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received
by the Administrative Agent from three Federal funds brokers of recognized standing selected by it.

“Financial Officer” means the Executive Vice President — Chief Financial Officer,
chief financial officer, principal accounting officer, treasurer, assistant treasurer, controller
or assistant controller or similar officer of the Borrower Representative or any Loan Party.

“Finnish Loan Party” has the meaning assigned to such term in Section 10.01(j).

“Fixed Charges” means, with reference to any period, without duplication, Consolidated
Interest Expense required to be paid in cash, plus income taxes paid in cash (net of any
income tax refund received, but in no event less than zero), plus scheduled principal
payments on Indebtedness made during such period (including Capital Lease Obligation payments),
plus dividends or distributions paid in cash, plus cash contributions to any
Pension Plan all calculated for the Company and its Subsidiaries on a consolidated basis in
accordance with GAAP.

“Fixed Charge Coverage Ratio” means, the ratio, determined as of the end of each
fiscal month of the Company for the most-recently ended twelve fiscal months, of (a) Consolidated
EBITDA minus the unfinanced portion of Capital Expenditures, to (b) Fixed Charges, all
calculated for the Company and its Subsidiaries on a consolidated basis in accordance with GAAP.
Notwithstanding anything to the contrary set forth herein, for purposes of calculating the Fixed
Charge Coverage Ratio, Fixed Charge Coverage Ratio shall include discontinued operations of the
Company and its Subsidiaries, as defined by GAAP, until the applicable restated financial
statements reflecting such discontinuation are available.

“Flood Insurance” has the meaning assigned to such term in Section 4.01(o)(v).

 

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“Foreign Benefit Arrangements” means any employee benefit arrangement mandated by
non-US law that is maintained or contributed to by any Loan Party or any of its Subsidiaries or
Affiliates, including for the avoidance of doubt any Canadian Benefit Plan.

“Foreign Borrowing Base” means the aggregate amount of the Canadian Borrowing Base,
the UK Borrowing Base and the European Borrowing Base.

“Foreign Lender” means any Lender or Issuing Bank, (a) with respect to any Borrower
other than the Company and any Tax, that is treated as foreign or non-resident by the jurisdiction
imposing such Tax, (b) with respect to the Company, (1) that, is not a “United States person” as
defined by section 7701(a)(30) of the Code (a “US Person”), or (2) that is a partnership or other
entity treated as a partnership for United States federal income tax purposes which is a US Person,
but only to the extent the beneficial owners (including indirect partners if its direct partners
are partnerships or other entities treated as partnerships for United States federal income tax
purposes are US Persons) are not US Persons.

“Foreign Loan Parties” means, individually and collectively, the Loan Parties other
than the US Loan Parties.

“Foreign Pension Plan” means any employee benefit plan (within the meaning of Section
3(3) of ERISA, whether or not subject to ERISA) that is not subject to US law and is maintained or
contributed to by any Loan Party or any of its Subsidiaries or Affiliates, including any Canadian
Pension Plan.

“Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary.

“Free Reserves Available for Distribution” has the meaning assigned to such term in
Section 10.01(n)(ii).

“French Guaranteed Obligations” means, with respect to any French Loan Guarantor (i)
all Facility B Obligations, (ii) all Banking Services Obligations, (iii) all Acceptance Obligations
and (iv) all Secured Swap Obligations, in each case, of or owing by any European Loan Party and/or
Canadian Loan Party to one or more Lenders or their respective Affiliates, and any other
obligations and other actual or contingent liabilities from time to time incurred from time to time
incurred by a European Loan Party and/or a Canadian Loan Party to any Guaranteed Party under the
Loan Documents; provided that the amount of all such obligations shall be limited to all
outstanding amounts borrowed by the relevant French Loan Guarantor from the European Borrower (it
being understood, for the avoidance of doubt, that no obligations owed by any US Loan Party to any
Guaranteed Party shall be guaranteed by a French Loan Guarantor under this Agreement).

“French Intercompany Loan” means the outstanding amount of any one or all of the
intercompany loans advanced by the European Borrower to Mexx Boutiques SARL or to any other French
Loan Guarantor.

“French Loan Guarantor” means (i) Mexx Boutiques SARL a French société à
responsabilité limitée registered under number 343 317 699 RCS Paris whose registered office is

 

38

 

at 23 Bis Rue Nieuport, 92150 Suresnes (France) and (ii) any other Loan Guarantor incorporated
in France.

“Full Cash Dominion Period” means any Level 1 Minimum Aggregate Availability Period
(provided that a Full Cash Dominion Period may be discontinued no more than twice in any
period of twelve consecutive months).

“Funding Accounts” has the meaning assigned to such term in Section 4.01(g).

“GAAP” means generally accepted accounting principles in the United States of America.

“German Account Pledge Agreement” means any document governed by German law creating a
security interest over any Account of any German Loan Party or of the European Borrower in favor of
the European Collateral Agent in a form satisfactory to the European Collateral Agent.

“German Bankruptcy Reserve” means reserves for fees payable to an insolvency
administrator pursuant to Section 171 of the German Insolvency Code (Insolvenzordnung).

“German Global Assignment Agreement” means a German assignment agreement creating a
security interest over receivables of any German Loan Party in favor of the European Collateral
Agent in a form satisfactory to the European Collateral Agent.

“German Group Member” means, collectively, any Subsidiary of the Company (including
the Designated German Subsidiaries) incorporated or otherwise formed under the laws of Germany.

“German IP Transfer and Assignment Agreement” means any document creating a security
interest over all intellectual property rights, patents, trademarks, know-how and utility models
owned by any German Loan Party in favor of the European Collateral Agent and in a form approved by
the European Collateral Agent.

“German Land Charge Deed” means all deeds entered into by any German Loan Party in a
form approved by the European Collateral Agent pursuant to which the German Loan Party grants a
land charge on its real estate property in favor of the European Collateral Agent, accompanied by
an acceptance of debt (Übernahme der perönlichen Haftung) being immediately enforceable
(Unterwerfung unter die sofortige Zwangsvollstreckung) in accordance with section 800 of the German
code of civil procedure (Zivilproszessordnung) in favor of the European Collateral Agent.

“German Law Security Agreement” has the meaning assigned to such term in Article VIII.

“German Loan Party” means any Loan Party organized under the laws of Germany.

 

39

 

“German Partnership Interest Pledge Agreement” means any agreement creating a security
interest over the partnership interests in Mexx Direct GmbH & Co. KG or any other Germany Loan
Party organized as a limited partnership under German law.

“German Security Agreement” means each German Account Pledge Agreement, each German
Global Assignment Agreement, each German IP Transfer and Assignment Agreement, each German Land
Charge Deed, each German Partnership Interest Pledge Agreement, each German Security Purpose
Agreement, each German Share Pledge Agreement, each German Security Transfer Agreement, and each
German Security Trust Agreement as the same may be amended, restated or otherwise modified from
time to time, and any other pledge or security agreement entered into or acknowledged or consented
to (as appropriate), after the date of this Agreement, by any other German Loan Party (as required
by this Agreement or any other Loan Document for the purpose of creating a Lien on the property of
any German Loan Party (or any other property located in Germany)), as the same may be amended,
restated or otherwise modified from time to time.

“German Security Purpose Agreement” means any document determining the security
purpose of the security interest created under each German Land Charge Deed and entered into by
each German Loan Party in a form approved by the European Collateral Agent.

“German Security Transfer Agreement” means any document creating a security interest
over all assets (including but not limited to Inventory, stock machinery, equipment, fittings etc.)
owned by any German Loan Party or any Netherlands Loan Party and situated on any German Loan
Party’s business premises, in favor of the European Collateral Agent and in a form approved by the
European Collateral Agent.

“German Security Trust Agreement” means any document determining how the security
created by or pursuant to any German Security Agreement is to be held and administered by the
European Administrative Agent for and on behalf of the Lenders, in a form approved by the European
Collateral Agent.

“German Share Pledge Agreement” means any document creating a security interest over
the shares in each German Loan Party, in favor of the European Collateral Agent in a form approved
by the European Collateral Agent.

“Global Headquarters” means the Company’s global headquarters located at 1 Claiborne
Avenue, North Bergen, New Jersey 07047.

“Governmental Authority” means the government of the United States of America, Canada,
the Netherlands, Germany, Austria, England and Wales or any other nation or any political
subdivision thereof, whether state, provincial, territorial, municipal or local; the European
Central Bank, the Council of Ministers of the European Union or any other supranational body; and
any agency, authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government.

 

40

 

“Greek Account Pledge Agreement” means a document creating a security interest over
any Account of any Greek Loan Party in favor of the European Collateral Agent in a form
satisfactory to the European Collateral Agent.

“Greek Loan Party” means any Loan Party organized under the laws of Greece.

“Group Member” means any Loan Party other than an Account Party.

“Guarantee” of or by any Person (the “guarantor”) means any obligation,
contingent or otherwise, of the guarantor guaranteeing or having the economic effect of
guaranteeing any Indebtedness or other obligation of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of the
guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase
or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds
for the purchase of) any security for the payment thereof, (b) to purchase or lease property,
securities or services for the purpose of assuring the owner of such Indebtedness or other
obligation of the payment thereof, (c) to maintain working capital, equity capital or any other
financial statement condition or liquidity of the primary obligor so as to enable the primary
obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any
letter of credit or letter of guaranty issued to support such Indebtedness or other obligation;
provided that the term Guarantee shall not include endorsements for collection or deposit
in the ordinary course of business.

“Guaranteed Obligations” has the meaning assigned to such term in Section 10.01.

“Guaranteed Parties” has the meaning assigned to such term in Section 10.01.

“Hazardous Materials” means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, contaminants, wastes or other pollutants, including petroleum or
petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon
gas, infectious or medical wastes and all other substances or wastes of any nature regulated
pursuant to or that could result in liability under any Environmental Law.

“High Season” means all times other than Low Season.

“Hong Kong Intercompany Loan” means the intercompany loan made by the Company to Mexx
Europe International BV on May 23, 2001, and assigned by the Company to Liz Claiborne International
Limited on December 4, 2008.

“Hong Kong Intercompany Receivable” means the intercompany receivable, owing to Liz
Claiborne International Limited from the Company and certain of its Subsidiaries, representing
accrued commissions for sourcing and related services.

“Hong Kong Subordination Agreement” means that certain Subordination Agreement, dated
as of January 12, 2009, among Liz Claiborne International Limited and the Loan Parties, in form and
substance reasonably acceptable to the Administrative Agent.

“Immaterial Amendment” has the meaning assigned to such term in Section 4.02.

 

41

 

“Indebtedness” of any Person means, without duplication, (a) all obligations of such
Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes
or similar instruments or bankers’ acceptances, (c) all obligations of such Person upon which
interest charges are customarily paid, (d) all obligations of such Person under conditional sale or
other title retention agreements relating to property acquired by such Person, (e) all obligations
of such Person in respect of the deferred purchase price of property or services (excluding current
accounts payable incurred in the ordinary course of business), (f) all Indebtedness of others
secured by (or for which the holder of such Indebtedness has an existing right, contingent or
otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not
the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of
Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all obligations,
contingent or otherwise, of such Person as an account party in respect of letters of credit and
letters of guaranty for Indebtedness, (j) all obligations, contingent or otherwise, of such Person
in respect of bankers’ acceptances, (k) obligations under any liquidated earn-out and (l) any other
Off-Balance Sheet Liability. The Indebtedness of any Person shall include, without duplication,
the Indebtedness of any other entity (including any partnership in which such Person is a general
partner) to the extent such Person is liable therefor as a result of such Person’s ownership
interest in or other relationship with such entity, except to the extent the terms of such
Indebtedness provide that such Person is not liable therefor.

“Indemnification Claim” has the meaning set forth in Section 9.27(a).

“Indemnified Taxes” means Taxes other than Excluded Taxes and Other Taxes.

“Indemnitee” has the meaning assigned to such term in Section 9.03(b).

“Information” has the meaning assigned to such term in Section 9.12.

“Insolvency Laws” means each of the Bankruptcy Code, the Insolvency Act 1986, the
Council Regulation 1346/2000/EC on insolvency proceedings (European Union), the Bankruptcy and
Insolvency Act (Canada), the Companies’ Creditors Arrangement Act (Canada), the Winding-Up and
Restructuring Act (Canada) and any other applicable state, provincial, territorial or federal
bankruptcy laws, each as now and hereafter in effect, any successors to such statutes and any other
applicable insolvency or other similar law of any jurisdiction, including any law of any
jurisdiction permitting a debtor to obtain a stay or a compromise of the claims of its creditors
against it and including any rules and regulations pursuant thereto.

“Intellectual Property” means, individually and collectively, all worldwide
intellectual property and proprietary rights of any kind, including but not limited to, trademarks,
service marks, tradenames, copyrights, patents, trade secrets, industrial designs, internet domain
names, including any applications and registrations pertaining thereto and with respect to
trademarks, service marks and tradenames, the goodwill of the business symbolized thereby and
connected with the use thereof.

“Intercompany Obligations” means loans, advances, trade payables, credit financing or
borrowings among Mexx Europe Holding BV and its direct or indirect Subsidiaries.

 

42

 

“Intercompany Note” means the intercompany note dated as of January 12, 2009 entered
into by the Loan Parties (as the same has been amended, supplemented or otherwise modified from
time to time).

“Intercompany Services Receivables” means intercompany receivables owing from Loan
Parties to non-Loan Parties representing accrued payables in respect of services rendered to such
Loan Parties, solely to the extent that the obligations of the Loan Parties in connection therewith
are subordinated to the Obligations on terms reasonably satisfactory to the Administrative Agent.

“Intercreditor Agreement” means that certain Intercreditor Agreement, dated as of
January 12, 2009, substantially in the form of Exhibit H hereto, among the US Collateral
Agent, the Administrative Agent, the US Loan Parties and SunTrust Equity Funding, LLC.

“Interest Election Request” means a request by the Borrower Representative (or the
applicable Borrower) to convert or continue a Borrowing of Revolving Loans in accordance with
Section 2.08.

“Interest Payment Date” means (a) with respect to any ABR Loan, Canadian Prime Rate
Loan or Overnight LIBO Loan (including, in each case, a Swingline Loan), the first day of each
calendar month, (b) with respect to any Eurocurrency Loan, the last day of the Interest Period
applicable to the Borrowing of which such Loan is a part and, in the case of a Eurocurrency
Borrowing with an Interest Period of more than three months’ duration, each day prior to the last
day of such Interest Period that occurs at intervals of three months’ duration after the first day
of such Interest Period, (c) with respect to any Swingline Loan, the day that such Loan is required
to be repaid and (d) with respect to any Loan, the Maturity Date.

“Interest Period” means with respect to any Eurocurrency Borrowing, the period
commencing on the date of such Borrowing and ending (i) on the numerically corresponding day in the
calendar month that is one, two, three or six (or, if agreed to by all Lenders under the relevant
Facility, 12) months thereafter, as the Borrower Representative may elect or (ii) solely as
explicitly set forth in Section 2.05(c), the date that is one week thereafter; provided
that (a) if any Interest Period would end on a day other than a Business Day, such Interest Period
shall be extended to the next succeeding Business Day unless, in the case of a Eurocurrency
Borrowing only, such next succeeding Business Day would fall in the next calendar month, in which
case such Interest Period shall end on the next preceding Business Day and (b) in the case of
clause (i) above, any Interest Period pertaining to a Eurocurrency Borrowing that commences on the
last Business Day of a calendar month (or on a day for which there is no numerically corresponding
day in the last calendar month of such Interest Period) shall end on the last Business Day of the
last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing
initially shall be the date on which such Borrowing is made, and thereafter shall be the effective
date of the most recent conversion or continuation of such Borrowing.

“Interim Calculation Date” means each Business Day occurring during an Interim Period.

“Interim Period” means any period commencing on the first Business Day after any
Settlement Request Date with respect to any European Swingline Loan and ending on the Settlement
Date that is the associated therewith.

 

43

 

“Inventory” means, individually and collectively, “Inventory,” as referred to in any
Security Agreement.

“Investment Grade Account Debtor” means an Account Debtor that, at the time of
determination, has a corporate credit rating and/or family rating, as applicable, of BBB- or higher
by S&P or Baa3 or higher by Moody’s.

“Irish Debenture” means the debenture, dated the date hereof, from Juicy Couture
Ireland Ltd. in favor of J.P. Morgan Europe Limited.

“Issuing Bank” means, individually and collectively, JPMorgan Chase Bank, N.A., Bank
of America, N.A. and Wells Fargo Bank, National Association, together with any other Lenders
reasonably acceptable to the Administrative Agent, each in its capacity of the issuer of Letters of
Credit and its successors in such capacity as provided in Section 2.06(i). Any Issuing Bank may,
in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such
Issuing Bank (including pursuant to assignments of existing Letters of Credit), in which case the
term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued
(including following any such assignment) by such Affiliate.

“ITA” means the Income Tax Act (Canada), as amended.

“Italian Collateral Document” has the meaning set forth in Article VIII.

“JCPenney License Agreement” means the License Agreement by and between the Company,
J. C. Penney Corporation, Inc., J. C. Penney Company, Inc. and their subsidiaries, dated as of
October 7, 2009, as amended, supplemented or otherwise modified from time to time in accordance
with the terms hereof.

“Joinder Agreement” has the meaning assigned to such term in Section 5.14.

“JPMCB” means JPMorgan Chase Bank, N.A., a national banking association, in its
individual capacity, and its successors.

“Juicy Couture Trademark” means any current or future Trademarks owned, controlled,
licensed or used by Juicy Couture, Inc. or any of its Affiliates or the successors or assigns
thereof that comprise or contain the name “Juicy” and/or “Couture” and/or any variations,
stylizations or derivatives of any such Trademarks.

“Juicy Debenture” means the debenture, dated as of the date hereof, between the UK
Borrower and the European Collateral Agent, as the same may be amended, restated or otherwise
modified from time to time.

“Kate Spade JV Agreement” means the agreement governing the joint venture by and
between Kate Spade LLC and Sanei International Co., Ltd.

“Kate Spade Trademark” means any current or future Trademarks owned, controlled,
licensed or used by Kate Spade LLC or any of its Affiliates or the successors or assigns thereof

 

44

 

that comprise or contain the name “Kate” and/or “Spade” and/or any variations, stylizations or
derivatives of any such Trademarks.

“Law of 2002” has the meaning set forth in Section 10.01(i).

“LC Collateral Account” has the meaning assigned to such term in Section 2.06(j).

“LC Disbursement” means a payment made by an Issuing Bank pursuant to a Letter of
Credit, including in respect of a time draft presented thereunder. The date of an LC Disbursement
shall be the date of payment by such Issuing Bank under such Letter of Credit or a time draft
presented thereunder, as the case may be.

“LC Exposure” means, at any time, the sum of the Facility A LC Exposure and the
Facility B LC Exposure.

“LC Sublimit” $200,000,000; provided that the aggregate LC Exposure in respect
of standby Letters of Credit shall not exceed $65,000,000.

“LCE Debenture” means the debenture, dated as of the date hereof, between the Liz
Claiborne Europe and the European Collateral Agent, as the same may be amended, restated or
otherwise modified from time to time.

“Lead Arrangers” means, individually or collectively, J.P. Morgan Securities Inc.,
Banc of America Securities LLC, Wells Fargo Capital Finance, LLC and SunTrust Robinson Humphrey,
Inc., in their capacity as joint lead arrangers, and each of their successors in such capacity.

“Lenders” means the Facility A Lenders and the Facility B Lenders. Unless the context
otherwise requires, the term “Lenders” includes the Swingline Lenders.

“Letter of Credit” means, individually and collectively, each Facility A Letter of
Credit and each Facility B Letter of Credit.

“Letter of Credit Request” has the meaning assigned to such term in Section 2.06(a).

“Licensed Inventory Reserve” means reserves for accrued royalties owing to Donna Karan
Studio or any Affiliate thereof at any time that the most recent Collateral Report or Inventory
appraisal delivered to the Administrative Agent or the US Collateral Agent indicates a turnover
rate for the applicable Inventory that is equal to or greater than 75 days.

“LIBO Rate” means, with respect to any Eurocurrency Borrowing for any Interest Period,
the rate appearing on the applicable Reuters Screen (or on any successor or substitute page of such
Service, or any successor to or substitute for such Service, providing rate quotations comparable
to those currently provided on such page of such Service, as determined by the Administrative Agent
or the European Administrative Agent, as applicable, from time to time for purposes of providing
quotations of interest rates applicable to deposits in the relevant currency in the London
interbank market) at approximately 11:00 a.m., London time, on the Quotation Day, as the rate for
deposits in the relevant currency with a maturity comparable to such Interest

 

45

 

Period. In the event that such rate is not available at such time for any reason, then the
“LIBO Rate” with respect to such Eurocurrency Borrowing for such Interest Period shall be
the rate at which deposits in the relevant currency of $5,000,000 (or, the case of a currency other
than dollars, an approximate equivalent thereof as determined by the Administrative Agent) and for
a maturity comparable to such Interest Period are offered by the principal London office of the
Administrative Agent in immediately available funds to prime banks in the London interbank market
at approximately 11:00 a.m., London time on the Quotation Day.

“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien,
pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the
interest of a vendor or a lessor under any conditional sale agreement, capital lease or title
retention agreement (or any financing lease having substantially the same economic effect as any of
the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call
or similar right of a third party with respect to such securities.

“Liz Trademark” means any current or future Trademarks owned, controlled, licensed or
used by the Company or any of its Affiliates or the successors or assigns thereof that comprise or
contain the name “Liz” and/or “Claiborne” and/or any variations, stylizations or derivatives of any
such Trademarks.”

“Loan Documents” means this Agreement, any promissory notes issued pursuant to the
Agreement, any Letter of Credit applications, the Collateral Documents, the Loan Guaranty, the
Intercreditor Agreement, the Specified Loan Documents and all other agreements, instruments,
documents and certificates identified in Section 4.01 executed and delivered to, or in favor of,
the Administrative Agent, any Collateral Agent or any Lenders and including all other pledges,
powers of attorney, consents, assignments, contracts, notices, letter of credit agreements and all
other written matter whether heretofore, now or hereafter executed by or on behalf of any Loan
Party, or any Responsible Officer of any Loan Party, and delivered to the Administrative Agent, any
Collateral Agent or any Lender in connection with the Agreement or the transactions contemplated
thereby. Any reference in the Agreement or any other Loan Document to a Loan Document shall
include all appendices, exhibits or schedules thereto, and all amendments, restatements,
supplements or other modifications thereto, and shall refer to the Agreement or such Loan Document
as the same may be in effect at any and all times such reference becomes operative.

“Loan Guarantor” means (a) each US Loan Party, with respect to the Secured Obligations
of the other US Loan Parties, the Canadian Loan Parties and the European Loan Parties, (b) each
Canadian Loan Party, with respect to the Secured Obligations of the other Canadian Loan Parties and
the European Loan Parties, and (c) each European Loan Party, with respect to the Secured
Obligations of the other European Loan Parties and the Canadian Loan Parties.

“Loan Guaranty” means (i) Article X of this Agreement and (ii) each separate
guaranty, in form and substance reasonably satisfactory to the Administrative Agent, delivered by
any Foreign Subsidiary (which guaranty shall be governed by the laws of the country in which such
Foreign Subsidiary is located if the Administrative Agent requests that such law govern such
guaranty), in each case as it may be amended or modified and in effect from time to time.

 

46

 

“Loan Parties” means (i) the Company, the Company’s domestic Subsidiaries and any
other Subsidiaries of the Company that guarantee (or are directly liable for) the Synthetic Lease
Obligations, (ii) the European Borrower and its wholly-owned Subsidiaries organized under the laws
of the Netherlands or England and Wales, (iii) the Canadian Borrower and its wholly-owned
Subsidiaries organized under the laws of Canada or any province, territory or other political
subdivision thereof, (iv) the Designated German Subsidiaries and each of their wholly-owned
Subsidiaries organized under the laws of Germany, (v) the UK Borrower and its wholly-owned
Subsidiaries organized under the laws of England and Wales or Ireland, in each case with respect to
clauses (i) through (v) above, to the extent such entity is a party to any Loan Guaranty, and (vi)
each other Subsidiary who is a party hereto on the date hereof or becomes a party to this Agreement
pursuant to a Joinder Agreement or executes a separate Loan Guaranty and their respective
successors and assigns; provided that the Administrative Agent and the Company may agree in
writing that any inactive or less than wholly-owned Subsidiary shall not be a Loan Party hereunder.

“Loans” means the loans and advances made by the Lenders pursuant to this Agreement,
including Revolving Loans, Swingline Loans and Protective Advances and including BA Drawings.

“Local Time” means, (a) local time in London with respect to the times for the
determination of “Dollar Equivalent”, for the receipt of Borrowing Requests for Facility B Loans
other than Canadian Loans, and Facility B Letter of Credit Requests (other than in respect of
Canadian Letters of Credit) to an Issuing Bank, of any disbursement by the European Administrative
Agent of Facility B Loans other than Canadian Loans and for payment by the Borrowers with respect
to Facility B Loans other than Canadian Loans and reimbursement obligations in respect of Facility
B Letters of Credit other than Canadian Letters of Credit, (b) local time in New York, with respect
to the times for the receipt of Borrowing Requests of Facility A Loans, Facility A Letter of Credit
Requests to an Issuing Bank, for receipt and sending of notices by and disbursement by the
Administrative Agent or any Lender and any Issuing Bank and for payment by the Company with respect
to Facility A Loans and reimbursement obligations in respect of Facility A Letters of Credit, (c)
local time in London, with respect to the times for the determination of “LIBO Rate” and “Overnight
LIBO Rate”, (d) local time in Toronto, with respect to the times for receipt of Borrowing Requests
of Canadian Loans, Canadian Letter of Credit Requests to an Issuing Bank, for receipt and sending
of notices by and disbursement by the Canadian Administrative Agent or any Lender and any Issuing
Bank and for payment by the Canadian Borrower with respect to Canadian Loans and reimbursement
obligations in respect of Canadian Letters of Credit, (e) otherwise, if a place for any
determination is specified herein, the local time at such place of determination and (f) otherwise,
New York time.

“Lock Box Agreement” means, individually and collectively, each “Lock Box Agreement”
referred to in any Security Agreement.

“Low Season” means, for any period of determination of any Borrowing Base, (i) with
respect to Retail Inventory, the period commencing the first day of each fiscal year of the Company
and ending the last day of the August fiscal month of the Company of such year and (ii) with
respect to Wholesale Inventory, the period commencing the first day of the November

 

47

 

fiscal month of the Company of each year and ending the last day of the July fiscal month of
the Company of the following year.

“Lucky Brand Purchase Agreement” means that certain Stockholders Agreement, dated May
21, 1999, by and among Lucky Brand Dungarees, Inc., a Delaware corporation, the Company, Montesano
Family Trust, Perlman Family Trust and Trent D. Merrill as in effect on the Original Effective Date
(including as amended by the First Amendment to the Stockholders Agreement, dated as of January 28,
2005 and the Second Amendment to the Stockholders Agreement, dated as of September 20, 2007).

“Lucky Brand Trademark” means any current or future Trademarks owned, controlled,
licensed or used by Lucky Brand Dungarees, Inc. or any of its Affiliates or the successors or
assigns thereof that comprise or contain the name “Lucky” and/or “Dungarees” and/or any variations,
stylizations or derivatives of any such Trademarks.

“Luxembourg Loan Guarantor” has the meaning set forth in Section 10.01(i).

“Mac & Jac Purchase Agreement” means the Earn-Out Purchase Agreement by and among
0745557 B.C. LTD., Liz Claiborne, Inc., Eric Karls and Eric Karls, as Trustee of The Karls Family
Trust, dated as of January 26, 2006, as in effect on the Original Effective Date.

“Management Notification” has the meaning set forth in Section 10.10(c).

“Mandatory Cost” means, with respect to any period, the percentage rate per annum
determined in accordance with Schedule 1.01(c).

“Margin Stock” means “margin stock”, as such term is defined in Regulation U of the
Board.

“Material Adverse Effect” means a material adverse effect on (a) the business, assets,
property, operations or condition, financial or otherwise, of the Loan Parties, taken as a whole,
(b) the ability of any Loan Party to perform any of its obligations under the Loan Documents to
which it is a party, (c) the Collateral, any Collateral Agent’s Lien (for the benefit of the
Agents, the applicable Lenders and the applicable Issuing Banks) on the Collateral, or the priority
of any such Lien, or (d) the rights of or benefits available to the Administrative Agent, European
Administrative Agent, Canadian Administrative Agent, any Collateral Agent, any Issuing Bank or the
Lenders under any Loan Document.

“Material Indebtedness” means (i) Indebtedness (other than the Loans and Letters of
Credit), or obligations in respect of one or more Swap Agreements, of any one or more of the
Company and its Subsidiaries in an aggregate principal amount exceeding $40,000,000 and (ii) the
Synthetic Lease Obligations. For purposes of determining Material Indebtedness, the “obligations”
of any Borrower or any Subsidiary in respect of any Swap Agreement at any time shall be the maximum
aggregate amount (giving effect to any netting agreements) that such Borrower or such Subsidiary
would be required to pay if such Swap Agreement were terminated at such time.

 

48

 

“Material Subsidiary” means, as of any date of determination, any Subsidiary (a) whose
total assets at the last day of the Test Period ending on the last day of the most recent fiscal
period for which financials have been or were required to be delivered pursuant to Section 5.01(a),
(b) or (c) were equal to or greater than 5.0% of the Total Assets of the Company and its
Subsidiaries at such date or (b) whose revenues during such Test Period were equal to or greater
than 5.0% of the consolidated revenues of the Company and its Subsidiaries for such period, in each
case determined in accordance with GAAP; provided that (x) if, at any time and from time to
time after the Effective Date, Subsidiaries that are not Material Subsidiaries have, in the
aggregate, (i) total assets at the last day of such Test Period equal to or greater than 5.0% of
the Total Assets of the Company and its Subsidiaries at such date or (ii) revenues during such Test
Period equal to or greater than 5.0% of the consolidated revenues of the Company and its
Subsidiaries for such period, in each case determined in accordance with GAAP, then the Company
shall, on the date on which financial statements for such fiscal period are delivered pursuant to
this Agreement, designate in writing to the Administrative Agent one or more of such Subsidiaries
as “Material Subsidiaries” and (y) each Borrower (other than Company) shall at all times be
designated a “Material Subsidiary”.

“Maturity Date” means the earliest to occur of (i) August 6, 2014 or (ii) any earlier
date on which the Commitments are reduced to zero or otherwise terminated pursuant to the terms
hereof; provided that (x) in the event that the Existing Euro Notes are not refinanced,
purchased or defeased prior to April 8, 2013, the Maturity Date, as determined pursuant to clause
(i) hereof, shall be April 8, 2013 (it being understood that if any such refinancing or extension
shall provide for a maturity date that is earlier than 91 days following August 6, 2014, the
Maturity Date, as determined pursuant to clause (i) hereof, shall be the date that is 91 days prior
to the maturity date of such notes); and (y) in the event that the Existing Convertible Notes are
not refinanced, purchased or defeased prior to March 15, 2014, the Maturity Date, as determined
pursuant to clause (i) hereof, shall be March 15, 2014 (it being understood that if any such
refinancing or extension shall provide for a maturity date that is earlier than 91 days following
August 6, 2014, the Maturity Date, as determined pursuant to clause (i) hereof, shall be the date
that is 91 days prior to the maturity date of such notes).

“Maximum Liability” has the meaning assigned to such term in Section 10.09.

“Maximum Rate” has the meaning assigned to such term in Section 9.17.

“Mexx Trademark” means any current or future Trademarks owned, controlled, licensed or
used by Mexx Europe B.V. or any of its Affiliates or the successors or assigns thereof that
comprise or contain the name “Mexx” and/or variations, stylizations, or derivatives of any such
Trademarks.

“Minimum Aggregate Availability Period” means (including by reference to the Levels
described below), any period (a) commencing on the first date that Aggregate Availability for a
period of three consecutive Business Days (or, with respect to any Level 1 Minimum Aggregate
Availability Period, one Business Day) is less than the greater of:

	 	 	 
	Level 1:

	 	(i) $65,000,000 and (ii) an amount equal to 17.5% of the
Commitments then in effect;

 

49

 

	 	 	 
	Level 2:

	 	(i) $87,500,000 and (ii) an amount equal to 25% of the
Commitments then in effect, but more than Level 1; and
	 
	 	 
	Level 3:

	 	(i) $109,375,000 and (ii) an amount equal to 31.25% of the
Commitments then in effect, but more than Level 1 and Level 2;

and (b) ending after Aggregate Availability is greater than the amounts set forth above (with
respect to the applicable Level) for 30 consecutive days. For the avoidance of doubt, at any time
that Aggregate Availability is equal to or greater than the amounts set forth in Level 2 or Level 3
above, Aggregate Availability shall also be deemed to be greater than the applicable Level(s) below
such Level of Aggregate Availability and each Minimum Aggregate Availability Period Level shall
include each lesser Level.

“Moody’s” means Moody’s Investors Service, Inc.

“Mortgage” means any mortgage, hypothec, deed of trust, debenture, legal charge or
other agreement which conveys or evidences a Lien in favor of the applicable Collateral Agent, for
the benefit of the Agents, the applicable Lenders and the applicable Issuing Banks, on real
property of a Loan Party, including any amendment, modification or supplement thereto.

“Mortgaged Properties” means the real properties listed on Schedule 1.01(d)
and noted thereon as to which the applicable Collateral Agent for the benefit of the Agents, the
applicable Lenders and the applicable Issuing Banks shall be granted a Lien pursuant to the
Mortgages.

“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of
ERISA.

“Net Orderly Liquidation Value” means, with respect to Inventory, equipment or
intangibles of any Person, the orderly liquidation value thereof as determined in a manner
reasonably acceptable to the Administrative Agent by an appraiser acceptable to the Administrative
Agent, net of all costs of liquidation thereof.

“Net Proceeds” means, with respect to any event, (a) the cash proceeds received in
respect of such event including any cash received in respect of any non-cash proceeds (including
any cash payments received by way of deferred payment of principal pursuant to a note or
installment receivable or purchase price adjustment receivable or otherwise, but excluding any
interest payments), but only as and when received, net of (b) the sum of (i) all reasonable fees
and out-of-pocket expenses paid to third parties (other than Affiliates) in connection with such
event, (ii) in the case of a sale, transfer or other disposition of an asset (including pursuant to
a sale and leaseback transaction), the amount of all payments required to be made as a result of
such event to repay Indebtedness (other than Loans and (with respect to dispositions of Collateral)
Synthetic Lease Obligations) secured by such asset or otherwise subject to mandatory prepayment as
a result of such event and (iii) the amount of all taxes paid (or reasonably estimated to be
payable) and the amount of any reserves established to fund contingent liabilities

 

50

 

reasonably estimated to be payable, in each case during the year that such event occurred or
the next succeeding year and that are directly attributable to such event (as determined reasonably
and in good faith by a Financial Officer of the Borrower Representative).

“Netherlands” means the Kingdom of the Netherlands in Europe.

“Netherlands Group Member” means any Subsidiary of the Company (including the European
Borrower) incorporated or otherwise formed under the laws of the Netherlands.

“Netherlands Intercompany Receivable Amount” means, on any date, an amount equal to
the excess of (i) the aggregate amount of Specified Cash Collections held by the Subsidiaries of
the European Borrower over (ii) €400,000.

“Netherlands Loan Party” means, individually and collectively, any Loan Party
(including the European Borrower) incorporated or otherwise formed under the laws of the
Netherlands; provided that for purposes of the definition of the “European Borrowing Base”,
Netherlands Loan Party shall include Liz Claiborne Europe to the extent it continues to be a Loan
Party hereunder.

“Netherlands Security Agreement” means (a) each Netherlands law (undisclosed) pledge
over receivables, (b) each Netherlands law (disclosed) pledge over receivables, (c) each
Netherlands law (disclosed) pledge over intercompany receivables, (d) each Netherlands law
non-possessory pledge of movable assets, (e) each Netherlands law pledge over Intellectual Property
rights, (f) each Netherlands law (disclosed) pledge over a bank account or (g) each Netherlands
Share Pledge Agreement, in each case dated as of January 13, 2009, among any Netherlands Loan Party
and the European Collateral Agent, as the same may be amended, restated or otherwise modified from
time to time, and any other pledge or security agreement entered into, after the date of this
Agreement, by any Netherlands Loan Party (as required by this Agreement or any other Loan Document
for the purpose of creating a Lien on the property of any Netherlands Loan Party (or any other
property located in the Netherlands)), as the same may be amended, restated or otherwise modified
from time to time.

“Netherlands Share Pledge Agreement” means any document creating a security interest
over the shares in each Netherlands Loan Party, in favor of the European Collateral Agent in a form
approved by the European Collateral Agent.

“Non BA Lender” means a Lender that cannot or does not as a matter of policy accept
bankers’ acceptances.

“Non-Consenting Lender” has the meaning assigned to such term in Section 9.02(e).

“Non-Funding Lender” has the meaning assigned to such term in Section 2.07(b).

“Non-Paying Guarantor” has the meaning assigned to such term in Section 10.11.

“Norwegian Loan Party” means, individually and collectively, any Loan Party
incorporated or otherwise formed under the laws of Norway.

 

51

 

“Obligated Party” has the meaning assigned to such term in Section 10.02.

“Obligations” means the Facility A Obligations and the Facility B Obligations.

“Off-Balance Sheet Liability” of a Person means (a) any repurchase obligation or
liability of such Person with respect to accounts or notes receivable sold by such Person, (b) any
indebtedness, liability or obligation under any so-called “synthetic lease” transaction entered
into by such Person, or (c) any indebtedness, liability or obligation arising with respect to any
other transaction which is the functional equivalent of or takes the place of borrowing but which
does not constitute a liability on the balance sheets of such Person (other than operating leases).

“Ohio Property” means the land, building and improvements located at 8741 Jacquemin
Drive, West Chester, Ohio, together with all rights, easements and appurtenances thereto, and all
fixtures and equipment located thereon or used in connection therewith which as of the Effective
Date are subject to the Synthetic Lease and/or related capital leases, as applicable.

“Option Assets” has the meaning assigned to such term under the JCPenney License
Agreement.

“Original Effective Date” means the “Effective Date” as defined in the Existing Credit
Agreement.

“Other Connection Taxes” means, with respect to the Administrative Agent, the European
Administrative Agent, the Canadian Administrative Agent, any Collateral Agent, any Lender, any
Issuing Bank or any other recipient of any payment to be made by or on account of any obligation of
any Loan Party hereunder or under any other Loan Document, (a) Taxes imposed as a result of a
present or former connection between such recipient and the jurisdiction imposing such Tax (other
than connections arising from such recipient having executed, delivered, or become a party to,
performed its obligations or received payments under, received or perfected a security interest
under, sale or assignment of an interest in any Loan or Loan Document, engaged in any other
transaction pursuant to, or enforced, any Loan Documents) and (b) any branch profits taxes imposed
by the United States of America or any similar tax imposed by any other jurisdiction in which the
relevant Borrower is located.

“Other Taxes” means all present or future stamp, court or documentary Taxes and any
other excise, property, intangible, recording, filing or similar Taxes arising from any payment
made under, from the execution, delivery, performance, enforcement or registration of, or from the
receipt or perfection of a security interest under, or otherwise with respect to, any Loan
Document.

“Overnight LIBO” means, when used in reference to any Loan or Borrowing, whether such
Loan or the Loan comprising such Borrowing accrues interest at a rate determined by reference to
the Overnight LIBO Rate.

“Overnight LIBO Rate” means, with respect to any Overnight LIBO Borrowing or overdue
amount, (a) the rate of interest per annum (rounded upwards, if necessary, to the next 1/16 of 1%)
at which overnight deposits in Euros, Sterling, Canadian Dollars, dollars or Yen, as applicable, in
an amount approximately equal to the amount with respect to which such rate is

 

52

 

being determined, would be offered for such day by a branch or Affiliate of JPMCB in the
London interbank market for such currency to major banks in the London interbank market
plus (b) the Mandatory Cost.

“PA Exposure” means, at any time, the aggregate principal amount of all Protective
Advances outstanding at such time. The PA Exposure of any Lender at any time shall be its
Applicable Percentage of the total PA Exposure at such time.

“Parallel Debt” has the meaning assigned to such term in Section 9.21.

“Participant” has the meaning assigned to such term in Section 9.04.

“Participant Register” has the meaning set forth in Section 9.04(g)(i).

“Participating Member State” means each State so described in any EMU Legislation, and
includes, without limitation, each member State of the European Community that adopts or has
adopted the Euro as its lawful currency in accordance with EMU Legislation.

“Patriot Act” has the meaning set forth in Section 9.14.

“Paying Guarantor” has the meaning assigned to such term in Section 10.11.

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA
and any successor entity performing similar functions.

“Pennsylvania Property” means that certain real property located at One Liz Way, Mount
Pocono, Pennsylvania.

“Pension Plan” means any employee pension benefit plan (as defined in Section 3(2) of
ERISA) in respect of which any Loan Party or any ERISA Affiliate is (or, if such plan were
terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section
3(5) of ERISA, and any Foreign Pension Plan.

“Permitted Acquisition” means any acquisition by the Company or any other Group
Member, whether by purchase, merger, amalgamation or otherwise, of all or substantially all of the
assets of, all of the Equity Interests of, or a business line or unit or a division of, any Person;
provided that:

(a) such acquisition shall be consensual;

(b) such acquisition shall be consummated in accordance with all Requirements of Law,
except where the failure to so comply would not reasonably be expected to have a Material
Adverse Effect;

(c) in the case of the acquisition of Equity Interests, (i) all of the Equity Interests
(except for any such securities in the nature of directors’ qualifying shares) acquired or
otherwise issued by such Person or any newly formed Subsidiary of any Borrower in connection
with such acquisition shall be directly and beneficially owned

 

53

 

100% by the Company or any other Group Member and (ii) such newly acquired Subsidiary
shall be a Loan Party and the Company and its Subsidiaries shall have complied with Section
5.14 with respect thereto; and

(d) in the case of any acquisition in excess of $35,000,000 (whether paid in cash,
securities, the assumption of debt (including to the extent that any continuing debt would
be newly reflected on a consolidated balance sheet of the Company) or otherwise), the
Company shall furnish to the Administrative Agent at least five Business Days prior to such
proposed acquisition a certificate from a Financial Officer of the Borrower Representative
evidencing compliance with Section 6.04(n), together with such detailed information relating
thereto as the Administrative Agent may reasonably request to demonstrate such compliance;
and

provided further that it is understood that to the extent the assets acquired are
to be included in any Borrowing Base, due diligence (including, without limitation, field exams and
appraisals) in respect of such acquired assets satisfactory to the Administrative Agent, in its
Permitted Discretion, shall have been completed.

“Permitted Company Deferral Plan” means the Liz Claiborne, Inc. Outside Directors’
Deferral Plan, as in effect on the date hereof.

“Permitted Discretion” means a determination made in good faith and in the exercise of
reasonable (from the perspective of a secured asset-based lender) business judgment.

“Permitted Encumbrances” means:

(a) Liens imposed by law for taxes that are not yet due or are being contested in
compliance with Section 5.04;

(b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, landlord’s and
other like Liens imposed by law, arising in the ordinary course of business and securing
obligations that are not overdue by more than 30 days or are being contested in compliance
with Section 5.04, but excluding, for greater certainty, any landlord hypothecs registered
in the province of Quebec;

(c) pledges and deposits made in the ordinary course of business in compliance with
workers’ compensation, unemployment insurance and other social security laws or regulations;

(d) Liens granted and deposits made to secure the performance of bids, trade contracts,
leases, statutory obligations, surety and appeal bonds, performance bonds and other
obligations of a like nature, in each case in the ordinary course of business;

(e) judgment liens in respect of judgments that do not constitute an Event of Default
under paragraph (k) of Article VII;

(f) easements, zoning restrictions, rights-of-way and other encumbrances on real
property (whether owned or leased) or any interest therein, imposed by law or arising

 

54

 

or granted in the ordinary course of business, that do not secure any monetary
obligations and do not materially detract from the value of the affected property or
interfere with the ordinary conduct of business of any Loan Party or any of its
Subsidiaries;

(g) solely with respect to any Mortgaged Property, matters shown on Schedule B –
Section II of the title insurance policy delivered with respect thereto; and

(h) Liens in favor of a credit card processor arising in the ordinary course of
business under any processor agreement;

provided that the term “Permitted Encumbrances” shall not include any Lien securing
Indebtedness.

“Permitted European Member State” means any member state of the European Union that
was a member state prior to May 2004.

“Permitted Fee Receiver” means any US Fee Receiver that, with respect to any fees paid
under Section 2.12 (other than commitment fees), delivers to the Company and the Administrative
Agent, on or prior to the date on which such Person becomes a party hereto (and from time to time
thereafter upon the request of the Company and the Administrative Agent, unless such Lender or
Issuing Bank becomes legally unable to do so solely as a result of a Change in Law after becoming a
party hereto), accurate and duly completed copies (in such number as requested) of one or more of
Internal Revenue Service Forms W-9, W-8ECI, W-8EXP, W-8BEN or W-8IMY (together with, if applicable,
one of the aforementioned forms duly completed from each direct or indirect beneficial owner of
such Lender or Issuing Bank) or any successor thereto that entitle such Lender or Issuing Bank to a
complete exemption from U.S. withholding tax on such payments (provided that, in the case
of an Internal Revenue Service Form W-8BEN, a Lender or Issuing Bank providing such form shall
qualify as a Permitted Fee Receiver only if such form establishes such exemption on the basis of
the “business profits” or “other income” articles of a tax treaty to which the United States is a
party and provides a U.S. taxpayer identification number), in each case together with such
supplementary documentation as may be prescribed by applicable law to permit the Company or the
Administrative Agent to determine whether such Lender or Issuing Bank is entitled to such complete
exemption.

“Permitted Investments” means:

(a) direct obligations of, or obligations the principal of and interest on which are
unconditionally guaranteed by, a Governmental Authority of the United States, Canada (with
respect to investments made by any Canadian Group Member), the Netherlands (with respect to
investments made by any Netherlands Group Member), Germany (with respect to investments made
by any German Group Member) or England and Wales (with respect to investments made by any UK
Group Member), (or by any agency thereof, as applicable, to the extent such obligations are
backed by the full faith and credit of such government), in each case maturing within one
year from the date of acquisition thereof;

 

55

 

(b) investments in commercial paper maturing within 270 days from the date of
acquisition thereof and having, at such date of acquisition, the highest credit rating
obtainable from S&P or from Moody’s;

(c) investments in certificates of deposit, banker’s acceptances and time deposits
maturing within 180 days from the date of acquisition thereof issued or guaranteed by or
placed with, and money market deposit accounts issued or offered by, any domestic office of
any commercial bank organized under the laws of the United States, Canada (with respect to
investments made by any Canadian Group Member), the Netherlands (with respect to investments
made by any Netherlands Group Member), Germany (with respect to investments made by any
German Group Member), England and Wales (with respect to investments made by any UK Group
Member) or any State or Province or other political subdivision thereof, as applicable, in
each case, which has a combined capital and surplus and undivided profits of not less than
$500,000,000;

(d) fully collateralized repurchase agreements with a term of not more than 30 days for
securities described in clause (a) above and entered into with a financial institution
satisfying the criteria described in clause (c) above; and

(e) money market funds that (i) (x) comply with the criteria set forth in the U.S.
Securities and Exchange Commission Rule 2a-7 under the Investment Company Act of 1940 or (y)
are money market mutual funds (as defined in National Instrument 81-102 Mutual Funds) that
are reporting issuers (as defined as Ontario securities law) in the Province of Ontario,
(ii) are rated AAA by S&P or Aaa by Moody’s and (iii) have portfolio assets of at least
$5,000,000,000.

“Permitted Lien” means Liens permitted by Section 6.02.

“Permitted Second Priority Lien” shall have the meaning assigned to such term in
Section 6.02(s).

“Person” means any natural person, corporation, limited liability company, trust,
joint venture, association, company, partnership, Governmental Authority or other entity.

“Plan” means any employee benefit plan (as defined in Section 3(3) of ERISA),
including any employee welfare benefit plan (as defined in Section 3(1) of ERISA), any employee
pension benefit plan (as defined in Section 3(2) of ERISA), and any plan which is both an employee
welfare benefit plan and an employee pension benefit plan, and in respect of which any Loan Party
or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be
deemed to be) an “employer” as defined in Section 3(5) of ERISA.

“PP&E Component” means, at any time of determination of the US Borrowing Base, the
lesser of (x) $30,000,000 and (y) 50% of the fair market value of the Eligible Real Property on the
Effective Date (or, in the case of any real property on which a Mortgage is granted to the US
Collateral Agent after the Effective Date, on the date such Mortgage is granted) (such amount to
amortize monthly on a straight-line basis to zero over five years commencing at the end of the
first full fiscal quarter following the Effective Date (or, in the case of any real property on
which a

 

56

 

Mortgage is granted to the US Collateral Agent after the Effective Date, at the end of the
first full fiscal quarter following the date such Mortgage is granted)).

“PPSA” means the Personal Property Security Act (Ontario), including the regulations
thereto; provided that, if perfection or the effect of perfection or non-perfection or the
priority of any Lien created hereunder or under any other Loan Document on the Collateral is
governed by the personal property security legislation or other applicable legislation with respect
to personal property security in effect in a jurisdiction other than Ontario, “PPSA” means the
Personal Property Security Act or such other applicable legislation in effect from time to time in
such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect
of perfection or non-perfection or priority.

“Prepayment Event” means any termination or voluntary reduction of the Commitments
pursuant to Section 2.09(b) or (c).

“Prime Rate” means (a) for the purpose of dollar-denominated Loans made available to
the Company, the rate of interest per annum publicly announced from time to time by JPMCB as its
prime rate at its offices at 270 Park Avenue in New York City or any successor executive office,
and (b) for the purpose of dollar-denominated Loans made available to the Canadian Borrower, the
rate of interest per annum publicly announced from time to time by the Canadian Administrative
Agent as its prime rate for dollar-denominated commercial loans made in Canada; each change in the
Prime Rate shall be effective from and including the date such change is publicly announced as
being effective.

“Prior Claims” means all Liens created by applicable Canadian law (in contrast with
Liens voluntarily granted) which rank or are capable of ranking prior to or pari passu with the
Liens created by the Collateral Documents (or interests similar thereto under applicable law)
including for amounts owing for employee source deductions, vacation pay, goods and services taxes,
sales taxes, harmonized sales taxes, municipal taxes, workers’ compensation, Quebec corporate
taxes, pension fund obligations and overdue rents.

“Pro Forma Basis” means, with respect to any test hereunder in connection with any
event, that such test shall be calculated after giving effect on a pro forma basis
for the period of such calculation to (i) such event as if it happened on the first day of such
period or (ii) the incurrence of any Indebtedness by the Company or any Subsidiary and any
incurrence, repayment, issuance or redemption of other Indebtedness of the Company or any
Subsidiary occurring at any time subsequent to the last day of the Test Period and on or prior to
the date of determination, as if such incurrence, repayment, issuance or redemption, as the case
may be, occurred on the first day of the Test Period (it being understood that, in connection with
any such pro forma calculation prior to the delivery of financial statements for
the first fiscal month ended after the Effective Date, such calculation shall be made in a manner
satisfactory to the Administrative Agent in its Permitted Discretion).

“Projections” has the meaning assigned to such term in Section 5.01(f).

“Protective Advances” has the meaning assigned to such term in Section 2.04.

“Put Event” means a “Put Event” as defined in Schedule 2 to the Agency Agreement.

 

57

 

“Quebec Security Documents” means a deed of hypothec executed by any Loan Party from
time to time and any other related documents, bonds, debentures or pledge agreements required to
perfect a Lien in favor of the applicable Collateral Agent in the province of Quebec.

“Quotation Day” means, in respect of the determination of the LIBO Rate for any period
for Loans (a) in Sterling, the day which is the Business Day that is the first day of such Interest
Period, (b) in Euro, the day that is two Target Days prior the first day of such Interest Period
and (c) in dollars, Canadian Dollars or Yen, the day that is two Business Days prior to the first
day of such Interest Period.

“Register” has the meaning assigned to such term in Section 9.04.

“Related Parties” means, with respect to any specified Person, such Person’s
Affiliates and the respective directors, officers, employees, agents and advisors of such Person
and such Person’s Affiliates.

“Relevant Loan Party” has the meaning assigned to such term in Section 9.21(a).

“Rent Reserve” means (a) with respect to any store, warehouse, cross-docking facility,
distribution center, regional distribution center, depot or other location where any Inventory
subject to Liens arising by operation of law is located and with respect to which no Collateral
Access Agreement is in effect, a reserve equal to the greater of (i) two (or, in the case of any
store, warehouse, cross-docking facility, distribution center, regional distribution center, depot
or other location located in Canada, the Netherlands, England and Wales or Germany, three) months’
rent or (ii) if such facility is located in the Province of Quebec, the fixed amount of any
prior-ranking hypothec registered in favor of the applicable landlord, at such store, warehouse,
cross-docking facility, distribution center, regional distribution center, depot or other location
and (b) with respect to any Inventory subject to a “four wall” concession arrangement, a reserve
equal to the lesser of (x) the sum of (i) three months’ rent of the concessionaire plus (ii) three
months’ fees owing from the applicable Loan Party to the concessionaire and (y) the value of such
Inventory, valued at the lower of cost (determined on a first-in-first-out basis) or market value.

“Report” means reports prepared by the Administrative Agent or another Person showing
the results of appraisals, field examinations or audits pertaining to the assets of any Loan Party
from information furnished by or on behalf of any Loan Party, after the Administrative Agent has
exercised its rights of inspection pursuant to this Agreement, which Reports shall be distributed
to the Lenders by the Administrative Agent.

“Reported Acceptance Obligations” means Acceptance Obligations of any Loan Party owing
to one or more Lenders or their respective Affiliates; provided that, as of any date of
determination, such obligations shall constitute Reported Acceptance Obligations solely to the
extent that the Lender party thereto or its Affiliate (other than JPMCB) shall have reported the
amount of such outstanding obligations to the Administrative Agent as of the last day of the
previous fiscal quarter on or prior to the date that is 15 days following the end of such fiscal
quarter (or (x) prior to the date that is 15 days following the end of the first fiscal quarter
following the Effective Date, within 15 days of the Effective Date such Lender or Affiliate shall

 

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have reported the amount of such outstanding obligations as of the Effective Date, and (y)
within 10 days of any request therefor by the Administrative Agent, such Lender or Affiliate shall
have reported the amount of such outstanding obligations as of any other date reasonably requested
by the Administrative Agent).

“Reported Banking Services Obligations” means Banking Services Obligations of any Loan
Party owing to one or more Lenders or their respective Affiliates; provided that, as of any
date of determination, such obligations shall constitute Reported Banking Services Obligations
solely to the extent that the Lender party thereto or its Affiliate (other than JPMCB) shall have
reported the amount of such outstanding obligations to the Administrative Agent as of the last day
of the previous fiscal quarter on or prior to the date that is 15 days following the end of such
fiscal quarter (or (x) prior to the date that is 15 days following the end of the first fiscal
quarter following the Effective Date, within 15 days of the Effective Date such Lender or Affiliate
shall have reported the amount of such outstanding obligations as of the Effective Date, and (y)
within 10 days of any request therefor by the Administrative Agent, such Lender or Affiliate shall
have reported the amount of such outstanding obligations as of any other date reasonably requested
by the Administrative Agent).

“Reported Secured Swap Obligations” means Secured Swap Obligations of any Loan Party
owing to one or more Lenders or their respective Affiliates; provided that, as of any date
of determination, such obligations shall constitute Reported Secured Swap Obligations solely to the
extent that as of any date of determination, such Lender party thereto or its Affiliate (other than
JPMCB) shall have reported the amount of such outstanding Swap Obligations to the Administrative
Agent as of the last day of the previous fiscal quarter on or prior to the date that is 15 days
following the end of such fiscal quarter (or (x) prior to the date that is 15 days following the
end of the first fiscal quarter following the Effective Date, within 15 days of the Effective Date
such Lender or Affiliate shall have reported the amount of such outstanding obligations as of the
Effective Date and (y) within 10 days of any request therefor by the Administrative Agent, such
Lender or Affiliate shall have reported the amount of such outstanding Swap Obligations as of any
other date reasonably requested by the Administrative Agent).

“Reporting Date” has the meaning assigned to such term in Section 5.19.

“Required Facility B Lenders” means, at any time, Lenders having Credit Exposure and
unused Commitments with respect to Facility B representing more than 50% of the sum of the total
Credit Exposure and unused Commitments with respect to Facility B at such time.

“Required Lenders” means, at any time, Lenders having Credit Exposure and unused
Commitments representing more than 50% of the sum of the total Credit Exposure and unused
Commitments at such time.

“Requirement of Law” means, as to any Person, the Certificate of Incorporation (or
Certificate of Amalgamation, as applicable) and By Laws or other organizational, constating or
governing documents of such Person (including, without limitation, any Memorandum and any
Articles), and any law, treaty, rule or regulation or determination of an arbitrator or a court or

 

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other Governmental Authority, in each case applicable to or binding upon such Person or any of
its property or to which such Person or any of its property is subject.

“Reserves” means, individually and collectively, and without duplication, Customer
Credit Liability Reserves, Rent Reserves, Licensed Inventory Reserves, unpaid taxes and other
government reserves, the Environmental Reserve, reserves for accrued and unpaid interest on the
Secured Obligations (other than interest owing pursuant to the Synthetic Lease Documentation),
Dilution Reserves and any other reserves which the Administrative Agent deems necessary, in its
Permitted Discretion, to maintain (including, without limitation, Banking Services Reserves,
reserves for consignee’s, warehousemen’s and bailee’s charges (unless a Collateral Access Agreement
shall be in effect with respect to the subject property), reserves for Swap Obligations, reserves
for Acceptance Obligations, reserves in connection with RSB Accounts, reserves for shipping and
transportation costs, reserves for excise taxes, reserves for processor fees, the German Bankruptcy
Reserve, reserves for contingent liabilities of any Loan Party, reserves for uninsured losses of
any Loan Party, reserves for uninsured, underinsured, un-indemnified or under-indemnified
liabilities or potential liabilities with respect to any litigation and reserves for taxes, fees,
assessments, reserves for fees of collecting banks, reserves for the prescribed part of a UK Loan
Party’s net property that would be made available for the satisfaction of its unsecured liabilities
pursuant to §176A of the Insolvency Act 1986, reserves with respect to liabilities of a UK Loan
Party which constitute preferential debts pursuant to §386 of the Insolvency Act 1986 and other
governmental charges and Prior Claims) with respect to the Collateral or any Loan Party.

“Responsible Officer” means the chief executive officer, president, vice president,
secretary, assistant secretary or chief financial officer of any Person, but in any event, with
respect to financial matters, the chief financial officer of such Person.

“Restricted Payment” means any dividend or other distribution (whether in cash,
securities or other property) with respect to any Equity Interests in the Company or any
Subsidiary, or any payment (whether in cash, securities or other property), including any sinking
fund or similar deposit, on account of the purchase, redemption, retirement, acquisition,
cancellation or termination of any such Equity Interests in the Company or any option, warrant or
other right to acquire any such Equity Interests in the Company.

“Retail Inventory” means Inventory located at, or in transit to, any retail store.

“Revolving Exposure” means the sum of the Facility A Revolving Exposure plus
the Facility B Revolving Exposure.

“Revolving Exposure Limitations” has the meaning set forth in Section 2.01.

“Revolving Loan” means a Loan made pursuant to Section 2.01.

“Rhode Island Property” means the land, building and improvements located at One
Powder Hill Road, Lincoln, Rhode Island, together with all rights, easements and appurtenances
thereto, and all fixtures and equipment located thereon or used in connection therewith which as of
the Effective Date are subject to the Synthetic Lease and/or the related capital leases, as
applicable.

 

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“Royalty Account” means an Account of a Loan Party evidencing royalty payments owed to
such Loan Party in connection with the licensing of such Loan Party’s trademarks.

“RSB” means RSB Retail+Service Bank GmbH, Kornwestheim, Germany.

“RSB Account” means an Account of the European Borrower evidencing payments owed to
the European Borrower from RSB pursuant to the Unitex Agreement.

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw Hill
Companies, Inc.

“Schedule I Lender” means any Lender named on Schedule I to the Bank Act (Canada).

“Schedule I Reference Banks” means Royal Bank of Canada and Bank of Montreal or any
bank named on Schedule I to the Bank Act (Canada) as otherwise agreed by the Administrative Agent
and the Borrower Representative.

“Schedule II/III Reference Banks” means JPMorgan Chase Bank, N.A., Toronto Branch, or
any two other banks named on Schedule II or Schedule III to the Bank Act (Canada) as otherwise
agreed by the Administrative Agent and the Borrower Representative.

“Scheduled Bank Accounts” has the meaning assigned to such term in Section 5.19.

“Secured Obligations” means all Obligations, together with all Synthetic Lease
Obligations, Banking Services Obligations, Acceptance Obligations and Secured Swap Obligations.

“Secured Swap Obligations” means Swap Obligations of any Loan Party owing to one or
more Lenders or their respective Affiliates; provided that at or prior to the time that any
transaction relating to such Swap Obligation is executed, the Lender party thereto or its Affiliate
(other than JPMCB) shall have delivered written notice to the Administrative Agent that such a
transaction has been entered into and that it constitutes a Secured Swap Obligation entitled to the
benefits of the Collateral Documents.

“Security Agreement” means, individually and collectively, any US Security Agreement,
any Canadian Security Agreement, any Quebec Security Documents, any European Security Agreement,
any Netherlands Security Agreement, any German Security Agreement and/or any UK Security Agreement.

“Settlement” has the meaning assigned to such term in Section 2.05(c).

“Settlement Date” has the meaning assigned to such term in Section 2.05(c).

“Settlement Request Date” has the meaning assigned to such term in Section 2.05(c).

“Spanish Loan Party” means any Loan Party organized under the laws of Spain.

 

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“Spanish Security Agreements” means (a) the public deed formalizing (elevando a
publico) the agreement of release of a pledge over a collection account and creation of a new
pledge over a collection account, granted on January 13, 2009 before the Notary Public of Madrid,
Mr. José Miguel Lombardía, by and among MEXX EUROPE B.V as Pledgor and JP MORGAN EUROPE LIMITED as
European Collateral Agent, acting in its own name and behalf and in the name and for the benefit of
the Secured Parties (as defined therein) and (b) the public deed formalizing (elevando a publico)
the agreement of release of a pledge over bank accounts and creation of a new pledge over bank
accounts, granted on January 13, 2009 before the Notary Public of Madrid, Mr. José Miguel
Lombardía, by and among MEXX SOUTHERN EUROPE, S.L as Pledgor and JP MORGAN EUROPE LIMITED as
European Collateral Agent, acting in its own name and behalf and in the name and for the benefit of
the Secured Parties (as defined therein).

“Specified Cash Collections” means cash collections of Affiliates of the European
Borrower representing proceeds from the sale by such Affiliate of Inventory acquired, directly or
indirectly, from the European Borrower, the payment for which is currently accounted for as an
intercompany receivable on the books of the European Borrower.

“Specified Defaulting Lender” means any Lender that is a Defaulting Lender pursuant to
clauses (a), (b), (d) or (e) of the definition thereof set forth herein.

“Specified European Loan Parties” means the European Loan Parties other than the UK
Loan Parties.

“Specified German Guarantor” has the meaning set forth in Section 10.10.

“Specified Loan Documents” means the US Reaffirmation Agreement, the Canadian
Reaffirmation Agreement, the Irish Debenture, the UK Security Agreements and each other agreement
set forth on Schedule 1.01(e).

“Spot Selling Rate” means, on any date, as determined by the Administrative Agent, the
spot selling rate posted by Reuters on its website for the sale of the applicable currency for
dollars at approximately 11:00 a.m., Local Time, two Business Days prior to such date (the
“Applicable Quotation Date”); provided that if, for any reason, no such spot rate
is being quoted, the spot selling rate shall be determined by reference to such publicly available
service for displaying exchange rates as my be selected by the Administrative Agent, or, in the
event no such service is selected, such spot selling rate shall instead be the rate determined by
the Administrative Agent as the spot rate of exchange in the market where its foreign currency
exchange operations in respect of the applicable currency are then being conducted, at or about
11.00 a.m. Local Time, on the Applicable Quotation Date for the purchase of the relevant currency
for delivery two Business Days later.

“Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of
which is the number one and the denominator of which is the number one minus the aggregate of the
maximum reserve percentages (including any marginal, special, emergency or supplemental reserves)
expressed as a decimal established by the Board to which the Administrative Agent is subject with
respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to

 

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as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall
include those imposed pursuant to such Regulation D. Eurocurrency Loans shall be deemed to
constitute eurocurrency funding and to be subject to such reserve requirements without benefit of
or credit for proration, exemptions or offsets that may be available from time to time to any
Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be
adjusted automatically on and as of the effective date of any change in any reserve percentage.

“Sterling” and “£” refers to the lawful currency of the United Kingdom.

“Subordinated Indebtedness” of a Person means any Indebtedness of such Person the
payment of which is subordinated to payment of the Secured Obligations to the written satisfaction
of the Administrative Agent.

“subsidiary” means (i) with respect to any Person (the “parent”) at any date,
any corporation, limited liability company, partnership, association or other entity the accounts
of which would be consolidated with those of the parent in the parent’s consolidated financial
statements if such financial statements were prepared in accordance with GAAP as of such date, as
well as any other corporation, limited liability company, partnership, association or other entity
(a) of which securities or other ownership interests representing more than 50% of the equity or
more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the
general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as
of such date, otherwise Controlled by the parent or one or more subsidiaries of the parent or by
the parent and one or more subsidiaries of the parent and (ii) any subsidiary within the meaning of
§1159 of the UK Companies Act 2006 and any subsidiary undertaking within the meaning of §1162 of
the UK Companies Act 2006.

“Subsidiary” means any direct or indirect subsidiary of the Company or a Loan Party,
as applicable.

“Supermajority Lenders” means, at any time, Lenders having Credit Exposure and unused
Commitments representing at least 662/3% of the sum of the total Credit Exposure and
unused Commitments at such time.

“Swap Agreements” means any agreement with respect to any swap, forward, future or
derivative transaction or option or similar agreement involving, or settled by reference to, one or
more rates, currencies, commodities, equity or debt instruments or securities, or economic,
financial or pricing indices or measures of economic, financial or pricing risk or value or any
similar transaction or any combination of these transactions; provided that no phantom
stock or similar plan providing for payments only on account of services provided by current or
former directors, officers, employees or consultants of the Borrowers or the Subsidiaries shall be
a Swap Agreement.

“Swap Obligations” of a Person means any and all obligations of such Person, whether
absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired
(including all renewals, extensions and modifications thereof and substitutions therefor), under

 

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(a) any and all Swap Agreements, and (b) any and all cancellations, buy backs, reversals,
terminations or assignments of any Swap Agreement transaction.

“Swedish Kronor” refers to the lawful currency of Sweden.

“Swedish Loan Party” has the meaning assigned to such term in Section 10.01(m).

“Swingline Exposure” means, at any time, the aggregate principal amount of all
Swingline Loans outstanding at such time. The Swingline Exposure of any Lender at any time shall
be its Applicable Percentage of the total Swingline Exposure at such time.

“Swingline Lender” means, individually and collectively, the US Swingline Lender, the
European Swingline Lender, the Canadian Swingline Lender and the UK Swingline Lender, as the
context may require.

“Swingline Loan” means, individually and collectively, each US Swingline Loan, each
European Swingline Loan, each Canadian Swingline Loan and each UK Swingline Loan, as the context
may require.

“Swiss Federal Withholding Tax” means the source withholding tax currently imposed at
a rate of 35% pursuant to the Federal Law of 13 October 1965 concerning the Withholding Tax
(Bundesgesetz vom 13. Oktober 1965 über die Verrechnungssteuer).

“Swiss Loan Party” has the meaning assigned to such term in Section 10.01(n)(i).

“Syndication Agent” means Bank of America, N.A., in its capacity as Syndication Agent.

“Synthetic Lease Amendment” means the Seventh Amendment to Master Agreement, dated the
date hereof, among the Company, Liz Claiborne Accessories, Inc. SunTrust Bank, as lessor, the
lenders party thereto and SunTrust Equity Funding, LLC, as agent.

“Synthetic Lease Documentation” means the 2006 Synthetic Lease and all other
“Operative Documents” (as such term is defined in Appendix A to the 2006 Synthetic Lease), in each
case as amended, supplemented or otherwise modified from time to time in accordance with the terms
hereof.

“Synthetic Lease Obligations” means all “Obligations” (as defined in Appendix A to the
2006 Synthetic Lease) and any other obligations of the Company or any of its Subsidiaries
outstanding pursuant to the Synthetic Lease Documentation.

“Synthetic Lease Reserves” means, at any time, the amount of the Synthetic Lease
Obligations outstanding at such time.

“TARGET Day” means any day on which (i) TARGET2 is open for settlement of payments in
Euro and (ii) banks are open for dealings in deposits in Euro in the London interbank market.

 

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“TARGET2” means the Trans-European Automated Real-time Gross Settlement Express
Transfer payment system which utilizes a single shared platform and which was launched on November
19, 2007.

“Taxes” means any and all present or future taxes, levies, imposts, duties,
deductions, withholdings, assessments, fees or other similar charges imposed by any Governmental
Authority, including any interest, additions to tax or penalties applicable thereto.

“Test Period” means the most recent period of twelve consecutive fiscal months of the
Company ended on or prior to such time (taken as one accounting period) in respect of which
financial statements for each month, quarter or fiscal year in such period have been (or have been
required to be) delivered pursuant to Section 5.01(a), 5.01(b) or 5.01(c), as applicable.

“Total Assets” means, at any date, the amount that would, in conformity with GAAP, be
set forth opposite the caption “total assets” (or any like caption) on a consolidated balance sheet
of the Company and the Subsidiaries.

“Trademark” has the meaning set forth in the US Security Agreement.

“Trademark Disposition Date” has the meaning assigned to such term in Section 6.05(l).

“Trademark Secured Debt” shall have the meaning assigned to such term in Section
6.02(p)

“Transactions” means the execution, delivery and performance by the Loan Parties of
this Agreement and the other Loan Documents, the borrowing by the Borrowers of Loans and other
credit extensions, the use of the proceeds thereof and the issuance of Letters of Credit hereunder
and the guarantees and grants of security interests provided herein and therein.

“Transfer Date” has the meaning assigned to such term in Section 5.18(b).

“2006 Synthetic Lease” means the Amended and Restated Master Lease Agreement, dated as
of November 21, 2006 (as amended, supplemented or otherwise modified from time to time in
accordance with the terms hereof), between SunTrust Bank, as Lessor and the Company and Liz
Claiborne Accessories, Inc. as Lessees.

“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of
interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the
Adjusted LIBO Rate, the Alternate Base Rate, the Canadian Prime Rate or the Overnight LIBO Rate, or
whether such Loan is a BA Drawing.

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of
New York or any other state the laws of which are required to be applied in connection with the
issue of perfection of security interests.

“UK Availability” means (a) the lesser of (x) the UK Sublimit and (y) the sum of (i)
the UK Borrowing Base plus (ii) solely to the extent the total Revolving Exposure relating
to the UK Borrower exceeds the UK Borrowing Base, the US Availability (calculated without giving
effect

 

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to any UK US Borrowing Base Utilization), minus (b) the total Revolving Exposure
relating to the UK Borrower.

“UK Bank Account Charge” means the bank account charge, dated as of the date hereof,
among Mexx Europe International, Mexx Holding International B.V. and the European Collateral Agent,
as the same may be amended, restated or otherwise modified from time to time.

“UK Borrower” means Juicy Couture Europe Limited.

“UK Borrowing Base” means, at any time, with respect to the UK Loan Parties, the sum
of:

(a) 100% of the aggregate cash balances denominated in dollars, Euros, Sterling or Yen
in depositary accounts of the UK Loan Parties constituting investment accounts that are held
at JPMorgan Chase Bank, N.A. or any Affiliate thereof approved by the Administrative Agent
and subject to an Account Control Agreement and upon which the European Collateral Agent has
a first priority perfected Lien for the benefit of the Agents, the applicable Lenders and
the applicable Issuing Banks, subject only to Liens permitted pursuant to Section 6.02(f),
plus

(b) the product of (i) 85% multiplied by (ii) the UK Loan Parties’ Eligible
Accounts at such time, minus the Dilution Reserve related to the UK Loan Parties,
plus

(c) the product of 85% multiplied by the High Season or Low Season, as
applicable, Net Orderly Liquidation Value percentage in respect of Retail Inventory
identified in the most recent Inventory appraisal ordered by the Administrative Agent
multiplied by the UK Loan Parties’ Eligible Retail Inventory (other than Eligible LC
Inventory), valued at the lower of cost (determined on a first-in-first-out basis) or market
value, at such time, plus

(d) the product of 85% multiplied by the High Season or Low Season, as
applicable, Net Orderly Liquidation Value percentage in respect of Wholesale Inventory
identified in the most recent Inventory appraisal ordered by the Administrative Agent
multiplied by the UK Loan Parties’ Eligible Wholesale Inventory (other than Eligible
LC Inventory), valued at the lower of cost (determined on a first-in-first-out basis) or
market value, at such time, plus

(e) the product of 85% multiplied by the High Season or Low Season, as
applicable, Net Orderly Liquidation Value percentage in respect of Retail Inventory
identified in the most recent Inventory appraisal ordered by the Administrative Agent
multiplied by the UK Loan Parties’ Eligible Retail LC Inventory, valued at the lower
of cost (determined on a first-in-first-out basis) or market value, at such time,
plus

(f) the product of 85% multiplied by the High Season or Low Season, as
applicable, Net Orderly Liquidation Value percentage in respect of Wholesale Inventory
identified in the most recent Inventory appraisal ordered by the Administrative Agent
multiplied by the UK Loan Parties’ Eligible Wholesale LC Inventory, valued at the
lower of cost (determined on a first-in-first-out basis) or market value, at such time,
minus

 

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(g) without duplication, applicable Reserves established by the Administrative Agent in
its Permitted Discretion.

The Administrative Agent may, in its Permitted Discretion, adjust Reserves (subject to Section
9.02(b)) used in computing the Aggregate Borrowing Base and the UK Borrowing Base, with any such
changes to be effective two Business Days after delivery of notice thereof to the Borrower
Representative and the Lenders. The UK Borrowing Base at any time shall be determined by reference
to the most recent UK Borrowing Base Certificate delivered to the Administrative Agent pursuant to
Section 5.01(g) of this Agreement.

“UK Borrowing Base Certificate” means a certificate, signed and certified as accurate
and complete by a Financial Officer of the Borrower Representative, in substantially the form of
Exhibit B-5.

“UK Debenture” means, individually and collectively, the Juicy Debenture and the LCE
Debenture.

“UK Group Member” means any Subsidiary of the Company (including the UK Borrower)
organized under the laws of England and Wales.

“UK Letter of Credit” means any Letter of Credit or similar instrument (including a
bank guarantee) acceptable to the applicable Issuing Bank issued hereunder for the purpose of
providing credit support for the UK Borrower.

“UK Loans” means, individually and collectively, the UK Revolving Loans, the UK
Swingline Loans and the UK Protective Advances.

“UK Loan Party” means any Loan Party (including the UK Borrower) organized under the
laws of England and Wales; provided that for purposes of the definition of “UK Borrowing
Base”, “UK Loan Parties” shall not include Liz Claiborne Europe.

“UK Protective Advance” has the meaning assigned to such term in Section 2.04.

“UK Revolving Loan” means a Revolving Loan made to the UK Borrower.

“UK Security Agreements” means the UK Debentures, the UK Shares Charge, the UK Bank
Account Charge and any Collateral Document governed by English Law.

“UK Shares Charge” means the shares charge, dated as of the date hereof, between the
Company and the European Collateral Agent, as the same may be amended, restated or otherwise
modified from time to time.

“UK Sublimit” means $20,000,000, as such sublimit may be reduced or terminated in
accordance with Section 2.09.

“UK Swingline Lender” means J.P. Morgan Europe Limited, in its capacity as lender of
UK Swingline Loans hereunder, and its successors and assigns in such capacity.

 

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“UK Swingline Loan” has the meaning assigned to such term in Section 2.05(a)(iv).

“UK US Borrowing Base Utilization” means the excess of (i) the total Revolving
Exposure relating to the UK Borrower minus (ii) the UK Borrowing Base.

“United States” and “US” means the United States of America.

“Unitex Agreement” means the central settlement agreement to be entered into between
unitex GmbH, RSB and the European Borrower, in form and substance reasonably acceptable to the
Administrative Agent, as the same may be amended or modified from time to time in a manner not
adverse to the Lenders.

“Unitex Transaction” means the entering into of the Unitex Agreement by the parties
thereto.

“Unliquidated Obligations” means, at any time, any Secured Obligations (or portion
thereof) that are contingent in nature or unliquidated at such time, including any Secured
Obligation that is: (i) an obligation to reimburse a bank for drawings not yet made under a letter
of credit issued by it; (ii) any other obligation (including any guarantee) that is contingent in
nature at such time; or (iii) an obligation to provide collateral to secure any of the foregoing
types of obligations.

“Upstream- or Cross-stream Obligations” has the meaning assigned to such term in
Section 10.01(n)(i).

“US Availability” means an amount equal to (i) the US Borrowing Base minus
(ii) the total Revolving Exposure relating to the Company minus (iii) the Canadian US
Borrowing Base Utilization minus (iv) the European US Borrowing Base Utilization
minus (v) the UK US Borrowing Base Utilization; but in no event greater than the total
Commitments minus the total Revolving Exposure.

“US Borrowing Base” means, at any time, with respect to the US Loan
Parties, the sum of:

(a) 100% of the aggregate cash balances denominated in dollars in depositary accounts
of the US Loan Parties constituting investment accounts that are held at JPMorgan Chase
Bank, N.A. or any Affiliate thereof approved by the Administrative Agent and subject to an
Account Control Agreement and upon which the US Collateral Agent has a first priority
perfected Lien for the benefit of the Agents, the Lenders and the Issuing Banks, subject
only to Liens permitted pursuant to Section 6.02(f), plus

(b) the sum of (i) the product of (A) 85% multiplied by (B) the US Loan
Parties’ Eligible Accounts at such time, minus the Dilution Reserve related to the
US Loan Parties and (ii) the product of (A) 90% multiplied by (B) the US Loan
Parties’ Eligible Credit Card Account Receivables at such time, plus

(c) the product of 85% multiplied by the High Season or Low Season, as
applicable, Net Orderly Liquidation Value percentage in respect of Retail Inventory

 

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identified in the most recent inventory appraisal ordered by the Administrative Agent
multiplied by the US Loan Parties’ Eligible Retail Inventory (other than Eligible LC
Inventory), valued at the lower of cost (determined on a first-in-first-out basis) or market
value, at such time, plus

(d) the product of 85% multiplied by the High Season or Low Season, as
applicable, Net Orderly Liquidation Value percentage in respect of Wholesale Inventory
identified in the most recent inventory appraisal ordered by the Administrative Agent
multiplied by the US Loan Parties’ Eligible Wholesale Inventory (other than Eligible
LC Inventory), valued at the lower of cost (determined on a first-in-first-out basis) or
market value, at such time, plus

(e) the product of 85% multiplied by the High Season or Low Season, as
applicable, Net Orderly Liquidation Value percentage in respect of Retail Inventory
identified in the most recent inventory appraisal ordered by the Administrative Agent
multiplied by the US Loan Parties’ Eligible Retail LC Inventory, valued at the lower
of cost (determined on a first-in-first-out basis) or market value, at such time,
plus

(f) the product of 85% multiplied by the High Season or Low Season, as
applicable, Net Orderly Liquidation Value percentage in respect of Wholesale Inventory
identified in the most recent inventory appraisal ordered by the Administrative Agent
multiplied by the US Loan Parties’ Eligible Wholesale LC Inventory, valued at the
lower of cost (determined on a first-in-first-out basis) or market value, at such time,
plus

(g) the PP&E Component, plus

(h) prior to the Trademark Disposition Date, the Eligible Trademark Amount,
minus

(i) the Synthetic Lease Reserves, minus

(j) without duplication, applicable Reserves established by the Administrative Agent in
its Permitted Discretion.

The Administrative Agent may, in its Permitted Discretion, adjust Reserves (subject to Section
9.02(b)) used in computing the Aggregate Borrowing Base and the US Borrowing Base, with any such
changes to be effective two Business Days after delivery of notice thereof to the Borrower
Representative and the Lenders. The US Borrowing Base at any time shall be determined by reference
to the most recent US Borrowing Base Certificate delivered to the Administrative Agent pursuant to
Section 5.01(g) of this Agreement.

“US Borrowing Base Certificate” means a certificate, signed and certified as accurate
and complete by a Financial Officer of the Borrower Representative, in substantially the form of
Exhibit B-2.

“US Collateral” means the “Collateral” as defined in the US Security Agreement.

 

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“US Collateral Agent” means JPMCB, in its capacity as collateral agent and security
trustee for itself, the Administrative Agent, the Issuing Banks and the Lenders, and its successors
in such capacity.

“US Fee Receiver” means any Person that receives, or through a participating interest
participates in, any payments of fees from a US Person under Section 2.12 (other than commitment
fees).

“US Letter of Credit” means any letter of credit or similar instrument (including a
bank guarantee) acceptable to the applicable Issuing Bank issued in dollars for the purpose of
providing credit support for the Company.

“US Loan Party” means, individually and collectively, any Loan Party (including the
Company) organized under the laws of the United States.

“US Pledged Note” means any “Pledged Note”, as defined in the US Security Agreement.

“US Pledged Stock” means any “Pledged Stock”, as defined in the US Security Agreement

“US Protective Advance” means a Protective Advance made to or for the account of the
Company.

“US Reaffirmation Agreement” means the Reaffirmation Agreement and First Amendment,
dated as of the date hereof, among the Company, the other US Loan Parties, and the Administrative
Agent.

“US Revolving Loan” means a Revolving Loan made to the Company.

“US Security Agreement” means that certain US Pledge and Security Agreement, dated as
of January 12, 2009, between the US Loan Parties party thereto and the US Collateral Agent (for the
benefit of the Agents, the Lenders and the Issuing Banks), the US Reaffirmation Agreement and any
other pledge or security agreement entered into, after the date of this Agreement, by any US Loan
Party (as required by this Agreement or any other Loan Document for the purpose of creating a Lien
on the property of any Loan Party organized in the US (or any other property located therein)), or
any other Person, as the same may be amended, restated or otherwise modified from time to time.

“US Swingline Lender” means JPMCB, in its capacity as lender of US Swingline Loans
hereunder, and its successors and assigns in such capacity.

“US Swingline Loan” has the meaning assigned to such term in Section 2.05(a)(iv).

“U.S. Tax Compliance Certificate” has the meaning assigned to such term in Section
2.17(g)(iii).

 

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“Utilized Excess US Availability” means (a) the total Facility B Revolving Exposure
relating to the Canadian Borrower, the UK Borrower and the European Borrower minus (b) the sum of
(i) the lesser of (x) the Canadian Borrowing Base and (y) the total Facility B Revolving Exposure
relating to the Canadian Borrower, (ii) the lesser of (x) the European Borrowing Base and (y) the
total Facility B Revolving Exposure relating to the European Borrower and (iii) the lesser of (x)
the UK Borrowing Base and (y) the total Facility B Revolving Exposure relating to the UK Borrower;
provided that if (b) is greater than (a), the “Utilized Excess US Availability” shall be
deemed to be zero.

“VAT” means any tax imposed by EC Directive 2006/112/EC on the Common System of value
added tax and any national legislation implementing that directive, together with any legislation
supplemental thereto, and any other tax of a similar nature and all penalties, cost and interest
related thereto.

“Vendor Rebates” means, with respect to any Loan Party, credits earned from vendors
for volume purchases that reduce net inventory costs for such Loan Party.

“Wholesale Inventory” means Inventory located at, or in transit to, any warehouse.

“wholly owned” means, with respect to a Subsidiary of any Person, a Subsidiary of such
Person, all of the outstanding Equity Interests of which (other than (x) director’s qualifying
shares and (y) shares issued to foreign nationals to the extent required by applicable law) are
owned by such Person and/or by one or more wholly owned Subsidiaries of such Person.

“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a
complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of
Subtitle E of Title IV of ERISA.

“Withholding Agent” has the meaning assigned to such term in Section 2.17(a).

“Working Capital” means, at any date, the excess of current assets of the Company and
its Subsidiaries on such date over current liabilities of the Company and its Subsidiaries on such
date, all determined on a consolidated basis in accordance with GAAP.

“Yen” and “¥” refer to the lawful currency of Japan.

SECTION 1.02 Classification of Loans and Borrowings. For purposes of this Agreement,
Loans may be classified and referred to by Facility, (e.g., a “Facility A Loan”), Class (e.g., a
“Revolving Loan”) or by Type (e.g., a “Eurocurrency Loan”), by Facility and Class (e.g., a
“Facility A Revolving Loan”) or by Class and Type (e.g., a “Eurocurrency Revolving Loan”).
Borrowings also may be classified and referred to by Class (e.g., a “Borrowing of Revolving Loans”)
or by Type (e.g., a “Eurocurrency Borrowing”) or by Class and Type (e.g., a “Eurocurrency Borrowing
of Revolving Loans”).

SECTION 1.03 Terms Generally. (a) The definitions of terms herein shall apply
equally to the singular and plural forms of the terms defined. Whenever the context may require,
any pronoun shall include the corresponding masculine, feminine and neuter forms. The words
“include”, “includes” and “including” shall be deemed to be followed by the phrase “without

 

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limitation”. The word “will” shall be construed to have the same meaning and effect as the
word “shall”. Unless the context requires otherwise (i) any definition of or reference to any
agreement, instrument or other document herein shall be construed as referring to such agreement,
instrument or other document as from time to time amended, supplemented or otherwise modified
(subject to any restrictions on such amendments, supplements or modifications set forth herein),
(ii) any reference herein to any Person shall be construed to include such Person’s successors and
assigns, (iii) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be
construed to refer to this Agreement in its entirety and not to any particular provision hereof,
(iv) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to
refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (v) the words
“asset” and “property” shall be construed to have the same meaning and effect and to refer to any
and all tangible and intangible assets and properties, including cash, securities, accounts and
contract rights.

(b) In this Agreement, where it relates to a Netherlands Loan Party, a reference to:

(i) a necessary action to authorize, where applicable, includes without
limitation:

(A) any action required to comply with the Works Councils Act of the
Netherlands (Wet op de ondernemingsraden); and

(B) obtaining an unconditional positive advice (advies) from the
competent works council(s);

(C) gross negligence includes grove schuld;

(D) negligence includes schuld;

(ii) a security interest includes any mortgage (hypotheek), pledge (pandrecht),
retention of title arrangement (eigendomsvoorbehoud), privilege (voorrecht), right
of retention (recht van retentie), right to reclaim goods (recht van reclame), and,
in general, any right in rem (beperkte recht), created for the purpose of granting
security (goederenrechtelijk zekerheidsrecht);

(iii) willful misconduct includes opzet;

(iv) a winding-up, administration or dissolution (and any of those terms)
includes a Netherlands entity being declared bankrupt (failliet verklaard) or
dissolved (ontbonden);

(v) a moratorium includes surséance van betaling and granted a moratorium
includes surséance verleend;

(vi) any step or procedure taken in connection with insolvency proceedings
includes a Netherlands entity having filed a notice under section 36 of the Dutch
Tax Collection Act (Invorderingswet 1990);

 

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(vii) an administrative receiver includes a curator;

(viii) an administrator includes a bewindvoerder; and

(ix) an attachment includes a beslag.

(c) In this Agreement, where it relates to a German Loan Party, a reference to:

(i) a necessary action to authorize, where applicable, includes without
limitation, obtaining an unconditional positive advice from the competent works
council(s);

(ii) gross negligence includes grobe Fahrlässigkeit;

(iii) negligence includes Fahrlässigkeit;

(iv) a security interest includes any mortgage (Grundschuld, Hypothek), pledge
(Pfandrecht), retention of title arrangement (Eigentumsvorbehalt), right of
retention (Zurückbehaltungsrecht), right to reclaim goods (Herausgabeansprüche),
and, in general, any right in rem created for the purpose of granting security;

(v) a winding-up, administration or dissolution (and any of those terms)
includes a German entity being declared bankrupt (insolvent) or dissolved
(ausfgelöst);

(vi) any step or procedure taken in connection with insolvency proceedings
includes a German entity having applied for bankruptcy (Insolvenzantrag) or the
opening of bankruptcy proceedings (Insolvenzeröffnung); and

(vii) an administrator includes an Insolvenzverwalter or Sachverständiger.

SECTION 1.04 Accounting Terms; GAAP. Except as otherwise expressly provided herein,
all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in
effect from time to time; provided that, if the Borrower Representative notifies the
Administrative Agent that the Borrowers request an amendment to any provision hereof to eliminate
the effect of any change occurring after the date hereof in GAAP or in the application thereof on
the operation of such provision (or if the Administrative Agent notifies the Borrower
Representative that the Required Lenders request an amendment to any provision hereof for such
purpose), regardless of whether any such notice is given before or after such change in GAAP or in
the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect
and applied immediately before such change shall have become effective until such notice shall
have been withdrawn or such provision amended in accordance herewith. In the event that historical
accounting practices, systems or reserves relating to the components of the Aggregate Borrowing
Base or the Borrowing Base of any Borrower are modified in a manner that is adverse to the Lenders
in any material respect, the Borrowers will agree to maintain such additional

 

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reserves (for purposes of computing the Aggregate Borrowing Base and the Borrowing Base of
each Borrower) in respect to the components of the Aggregate Borrowing Base and the Borrowing Base
of each Borrower and make such other adjustments (which may include maintaining additional
reserves, modifying the advance rates or modifying the eligibility criteria for the components of
the Aggregate Borrowing Base and the Borrowing Base of each Borrower).

SECTION 1.05 Currency Translations. (a) For purposes of this Agreement and the other
Loan Documents, where the permissibility of a transaction or determinations of required actions or
circumstances depend upon compliance with, or are determined by reference to, amounts stated in
dollars, such amounts shall be deemed to refer to dollars or Dollar Equivalents and any requisite
currency translation shall be based on the Spot Selling Rate and the permissibility of actions
taken under Article VI shall not be affected by subsequent fluctuations in exchange rates
(provided that if Indebtedness is incurred to refinance, replace or renew other
Indebtedness, and such refinancing or renewal would cause the applicable dollar denominated
limitation to be exceeded if calculated at the Spot Selling Rate, such dollar denominated
restriction shall be deemed not to have been exceeded so long as (i) such refinancing, replacement
or renewal Indebtedness is denominated in the same currency as such Indebtedness being refinanced,
replaced or renewed and (ii) the principal amount of such refinancing or renewal Indebtedness does
not exceed the principal amount of such Indebtedness being refinanced or renewed except as
permitted under Section 6.01).

(b) For purposes of all calculations and determinations under this Agreement, any amount in
any currency other than dollars shall be deemed to refer to dollars or Dollar Equivalents and any
requisite currency translation shall be based on the Spot Selling Rate, and all certificates
delivered under this Agreement, shall express such calculations or determinations in dollars or
Dollar Equivalents.

(c) The Administrative Agent shall determine the Dollar Equivalent of (x) the Credit Exposure
based on the Spot Selling Rate (i) as of the end of each fiscal quarter of the Company, (ii) on or
about the date of the related notice requesting any extension of credit hereunder and (iii) on any
other date, in its reasonable discretion and (y) any other amount to be converted into Dollars in
accordance with the provisions hereof at the time of such conversion.

ARTICLE II

The Credits

SECTION 2.01 Commitments. Subject to the terms and conditions set forth herein, (a)
each Facility A Lender agrees to make Revolving Loans (the “Facility A Revolving Loans”)
from time to time during the Availability Period to the Company in dollars and (b) each Facility B
Lender agrees to make Revolving Loans (including, with respect to the Canadian Borrower, by way of
BA Drawings in accordance with Section 2.21) (the “Facility B Revolving Loans”) from time
to time during the Availability Period to (w) the Company in dollars, Canadian dollars, Euros,
Sterling and Yen, (x) the Canadian Borrower in dollars and Canadian dollars, (y) the European
Borrower in dollars, Euros and Sterling and (z) the UK Borrower in dollars, Euros and Sterling, if,
in each case after giving effect thereto:

 

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(i) the Facility A Credit Exposure or Facility B Credit Exposure of any Lender
would not exceed such Lender’s Facility A Commitment or Facility B Commitment, as
the case may be;

(ii) the total Facility A Credit Exposure would not exceed the aggregate amount
of the Facility A Commitments;

(iii) the total Facility B Credit Exposure would not exceed the aggregate
amount of the Facility B Commitments;

(iv) Canadian Availability shall not be less than zero;

(v) European Availability shall not be less than zero;

(vi) US Availability shall not be less than zero;

(vii) UK Availability shall not be less than zero;

(viii) the total Facility B Revolving Exposure relating to the European
Borrower would not exceed the European Sublimit;

(ix) the total Facility B Revolving Exposure relating to the Canadian Borrower
would not exceed the Canadian Sublimit;

(x) the total Facility B Revolving Exposure relating to the UK Borrower would
not exceed the UK Sublimit; and

(xi) the total Revolving Exposure relating to the Company denominated in
Canadian dollars, Euros, Sterling and Yen shall not exceed the Dollar Equivalent of
$50,000,000.

subject, in the case of each of clauses (iv), (v), (vi) and (vii) above, to the
Administrative Agent’s, European Administrative Agent’s or Canadian Administrative Agent’s
authority, as applicable, in their sole discretion, to make Protective Advances pursuant to
the terms of Section 2.04 (the limitations in the foregoing clauses (i) through (xi), the
“Revolving Exposure Limitations”). Within the foregoing limits and subject to the
terms and conditions set forth herein, each Borrower may borrow, prepay and reborrow its
Revolving Loans. For the avoidance of doubt, so long as the Revolving Exposure Limitations
shall have been met, subject to the terms and conditions set forth herein, the entire amount
of the Commitments under each of Facility A and Facility B shall be available to the Company
in dollars.

SECTION 2.02 Loans and Borrowings. (a) Each Loan (other than a Swingline Loan) shall
be made as part of a Borrowing consisting of Loans of the same Facility, Class and Type made by the
Lenders ratably in accordance with their respective Commitments of the applicable Facility and
Class. Each Protective Advance and Swingline Loan shall be made in accordance with the procedures
set forth in Sections 2.04 and 2.05, respectively.

 

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(b) Subject to Section 2.14 and Section 2.21, (i) each Borrowing of Facility A
Revolving Loans shall be comprised entirely of ABR Loans or Eurocurrency Loans as the
Company may request in accordance herewith, (ii) each Facility B Borrowing of US Revolving
Loans shall be comprised entirely of Eurocurrency Loans, (iii) each Borrowing of Canadian
Revolving Loans denominated in Canadian Dollars shall be comprised entirely of Canadian
Prime Rate Loans or, pursuant to Section 2.21, BA Drawings, (iv) each Borrowing of Canadian
Revolving Loans in dollars shall be comprised entirely of ABR Loans or Eurocurrency Loans as
the Canadian Borrower may request in accordance herewith, (v) each Borrowing of European
Revolving Loans shall be comprised entirely of Eurocurrency Loans and (vi) each Borrowing of
UK Revolving Loans shall be comprised entirely of Eurocurrency Loans. Each Facility A
Swingline Loan and each Canadian Swingline Loan denominated in dollars shall be an ABR Loan,
each Canadian Swingline Loan denominated in Canadian Dollars shall be a Canadian Prime Rate
Loan, and each Facility B Swingline Loan other than a Canadian Swingline Loan shall be an
Overnight LIBO Loan. Each Lender may make any Eurocurrency Loan to any Borrower by causing,
at its option, any domestic or foreign branch or Affiliate of such Lender to make such Loan;
provided that any exercise of such option shall not affect the obligation of the
Lenders to make Loans in accordance with the terms hereof or Borrowers to repay any such
Loan in accordance with the terms of this Agreement.

(c) At the commencement of each Interest Period for any Eurocurrency Borrowing of
Revolving Loans, such Borrowing shall be in an aggregate amount that is an integral multiple
of $1,000,000 (or in the case of any currency other than dollars, an approximate equivalent
thereof as determined by the Administrative Agent, European Administrative Agent or Canadian
Administrative Agent, as applicable) and not less than $5,000,000 (or in the case of any
currency other than dollars, an approximate equivalent thereof as determined by the
Administrative Agent, European Administrative Agent or Canadian Administrative Agent, as
applicable). ABR Borrowings of Revolving Loans and Canadian Prime Rate Borrowings of
Revolving Loans may be in any amount. Borrowings of more than one Type and Class may be
outstanding at the same time; provided that there shall not at any time be more than
a total of (i) 8 Eurocurrency Borrowings outstanding under Facility A, (ii) 6 Eurocurrency
Borrowings of the European Borrower, (iii) 3 Eurocurrency Borrowings of the Canadian
Borrower, (iv) 3 Eurocurrency Borrowings of the UK Borrower or (v) 6 Eurocurrency Borrowings
of the Company that are Facility B Borrowings.

(d) At the commencement of each Contract Period for any BA Drawing of Revolving Loans,
such Borrowing shall be in an aggregate face amount that is an integral multiple of
C$1,000,000 and not less than C$5,000,000; provided that there shall not at any time
be more than a total of 5 BA Drawings outstanding.

(e) Notwithstanding any other provision of this Agreement, neither the Borrower
Representative nor any Borrower shall be entitled to request, or to elect to convert or
continue, any Borrowing if the Interest Period requested with respect thereto would end
after the Maturity Date.

 

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(f) Each Facility A Loan shall be made in dollars, each Facility B Loan to the Company
shall be made in dollars, Euros, Canadian Dollars, Sterling or Yen, each Facility B Loan to
the Canadian Borrower shall be made in dollars or Canadian Dollars and each Facility B Loan
to the European Borrower or the UK Borrower shall be made in dollars, Euros or Sterling.

SECTION 2.03 Requests for Borrowing of Revolving Loans. Subject to Section 2.21, to
request a Borrowing of Revolving Loans, the Borrower Representative (or the applicable Borrower)
shall notify (i) the Administrative Agent, in the case of a requested Borrowing of Facility A
Revolving Loans, (ii) the European Administrative Agent, in the case of any request for Facility B
Revolving Loans other than Canadian Revolving Loans and (iii) the Canadian Administrative Agent, in
the case of any request for Canadian Revolving Loans, in each case either in writing with, in the
case of clauses (ii) and (iii) above, a copy to the Administrative Agent (delivered, in the case of
any notice to the European Administrative Agent, by facsimile or, in the case of any notice to the
Administrative Agent or the Canadian Administrative Agent, by hand delivery, facsimile or .pdf
transmission) in a form approved by the Administrative Agent, the European Administrative Agent
and/or the Canadian Administrative Agent, as applicable, and signed by the Borrower Representative
(or the applicable Borrower) or by telephone as follows:

(a) in the case of an ABR Borrowing by the Company, not later than 12:00 p.m., Local
Time (or in case of any such Borrowing, the proceeds of which are to be applied to finance
the reimbursement of an LC Disbursement as contemplated by Section 2.06(e), not later than
9:00 a.m., Local Time) on the date of the proposed Borrowing,

(b) in the case of a Eurocurrency Borrowing, not later than 11:00 a.m., Local Time,
three Business Days before the date of the proposed Borrowing,

(c) in the case of a BA Drawing, 12:00 p.m., Local Time, three Business Days before the
date of the proposed Borrowing, and

(d) in the case of a Canadian Prime Rate Borrowing or an ABR Borrowing by the Canadian
Borrower, not later than 12:00 p.m., Local Time two Business Days before the date of the
proposed Borrowing;

Each telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by facsimile
(in the case of any request delivered to the European Administrative Agent) or by hand delivery,
facsimile or .pdf transmission (in the case of any request delivered to the Administrative Agent or
the Canadian Administrative Agent), with a copy (in the case of any request delivered to the
European Administrative Agent or Canadian Administrative Agent) delivered to the Administrative
Agent, of a written Borrowing Request in a form approved by the Administrative Agent, the European
Administrative Agent and/or the Canadian Administrative Agent, as applicable, and signed by the
Borrower Representative (or the Borrower making such request). Each such telephonic and written
Borrowing Request shall specify the following information in compliance with Section 2.01:

(i) the name of the applicable Borrower;

 

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(ii) the aggregate amount of the requested Borrowing and a breakdown of the
separate wires comprising such Borrowing;

(iii) the Facility under which such Borrowing shall be made;

(iv) the date of such Borrowing, which shall be a Business Day;

(v) in the case of a Borrowing requested on behalf of a Facility B Borrower,
the currency of the requested Borrowing;

(vi) whether such Borrowing is to be an ABR Borrowing, a Canadian Prime Rate
Borrowing, a BA Drawing or a Eurocurrency Borrowing; and

(vii) in the case of a Eurocurrency Borrowing, the initial Interest Period to
be applicable thereto, which shall be a period contemplated by the definition of the
term “Interest Period” and in the case of a BA Drawing, the initial Contract Period
to be applicable thereto, which shall be a period contemplated by the definition of
the term “Contract Period”.

If no election as to the Type of Borrowing of Revolving Loans is specified, then (A) a Borrowing of
Facility A Revolving Loans or Canadian Revolving Loans requested in dollars shall be an ABR
Borrowing, (B) a Borrowing of Canadian Revolving Loans requested in Canadian Dollars shall be a
Canadian Prime Rate Borrowing and (C) a Borrowing of Facility B Revolving Loans other than Canadian
Revolving Loans shall be a Eurocurrency Borrowing with an Interest Period of one month. If no
Interest Period is specified with respect to any requested Eurocurrency Borrowing of Revolving
Loans, then the applicable Borrower shall be deemed to have selected an Interest Period of one
month’s duration. Promptly following receipt of a Borrowing Request in accordance with this
Section, the Administrative Agent, the Canadian Administrative Agent or the European Administrative
Agent, as applicable, shall advise each Lender of the details thereof and of the amount of such
Lender’s Loan to be made as part of the requested Borrowing.

SECTION 2.04 Protective Advances. (a) Subject to the limitations set forth below, the
Administrative Agent, the European Administrative Agent or the Canadian Administrative Agent, as
applicable, is authorized by the Borrowers and the Lenders, from time to time in the Administrative
Agent’s, the European Administrative Agent’s or the Canadian Administrative Agent’s, as the case
may be, sole discretion (but, in each case, shall have absolutely no obligation to), to make (i) in
the case of the Administrative Agent, Loans to the Company in dollars on behalf of the Facility A
Lenders (each such Loan, a “Facility A Protective Advance”), (ii) in the case of the
European Administrative Agent, Loans to the Company in dollars, Euros, Sterling, Yen or Canadian
dollars on behalf of the Facility B Lenders (each such Loan, a “Facility B US Protective
Advance”), (iii) in the case of the European Administrative Agent, Loans to the European
Borrower in dollars, Sterling or Euros on behalf of the Facility B Lenders (each such Loan, a
“European Protective Advance”), (iv) in the case of the Canadian Administrative Agent,
Loans to the Canadian Borrower in Canadian Dollars or dollars on behalf of the Facility B Lenders
(each such Loan, a “Canadian Protective Advance”), and/or (v) in the case of the European
Administrative Agent, Loans to the UK Borrower in dollars, Euros or Sterling on behalf of the
Facility B Lenders (each such Loan, a “UK Protective Advance”),

 

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which the Administrative Agent, European Administrative Agent or Canadian Administrative
Agent, as applicable, in its Permitted Discretion, deems necessary or desirable (i) to preserve or
protect the Collateral, or any portion thereof, (ii) to enhance the likelihood of, or maximize the
amount of, repayment of the Loans and other Obligations or (iii) to pay any other amount chargeable
to or required to be paid by the applicable Borrower pursuant to the terms of this Agreement,
including payments of reimbursable expenses (including costs, fees, and expenses as described in
Section 9.03) and other sums payable under the Loan Documents (any of such Loans are herein
referred to as “Protective Advances”); provided that no Protective Advance may
remain outstanding for more than 45 days; provided further that the aggregate
amount of (A) Facility A Protective Advances outstanding at any time shall not (x) exceed
$5,000,000 or (y) when added to the total Facility A Revolving Exposure, exceed the aggregate
amount of the Facility A Commitments, (B) Canadian Protective Advances outstanding at any time
shall not (x) exceed $2,500,000, (y) when added to the total Facility B Revolving Exposure relating
to the Canadian Borrower, exceed the Canadian Sublimit or (z) when added to the sum of the total
Facility B Revolving Exposure, the European Protective Advances, the UK Protective Advances and the
Facility B US Protective Advances, exceed the aggregate amount of the Facility B Commitments, (C)
European Protective Advances outstanding at any time shall not (x) exceed $7,500,000, (y) when
added to the total Facility B Revolving Exposure relating to the European Borrower, exceed the
European Sublimit or (z) when added to the sum of the total Facility B Revolving Exposure, the
Canadian Protective Advances, the UK Protective Advances and the Facility B US Protective Advances,
exceed the aggregate amount of the Facility B Commitments, (D) UK Protective Advances outstanding
at any time shall not (x) exceed $5,000,000, (y) when added to the total Facility B Revolving
Exposure relating to the UK Borrower, exceed the UK Sublimit or (z) when added to the sum of the
total Facility B Revolving Exposure, the Canadian Protective Advances, the European Protective
Advances and the Facility B US Protective Advances, exceed the aggregate amount of the Facility B
Commitments, and (E) Facility B US Protective Advances outstanding at any time shall not (x) exceed
$5,000,000 or (y) when added to the sum of the total Facility B Revolving Exposure, the European
Protective Advances, the UK Protective Advances and the Canadian Protective Advances, exceed the
aggregate amount of the Facility B Commitments. Protective Advances may be made even if the
conditions precedent set forth in Section 4.02 have not been satisfied. The Protective Advances
shall be secured by the Liens in favor of each applicable Collateral Agent (for the benefit of the
Agents, the applicable Lenders and the applicable Issuing Banks) in and to the Collateral and shall
constitute Obligations hereunder. All Facility A Protective Advances and Canadian Protective
Advances denominated in dollars shall be ABR Borrowings, all Canadian Protective Advances
denominated in Canadian Dollars shall be Canadian Prime Rate Borrowings and all Facility B
Protective Advances denominated in dollars, Euros, Sterling or Yen and all US Protective Advances
denominated in Canadian Dollars shall be Overnight LIBO Borrowings. The Administrative Agent’s,
European Administrative Agent’s and/or Canadian Administrative Agent’s, as the case may be,
authorization to make Protective Advances may be revoked at any time by the Required Lenders. Any
such revocation must be in writing and shall become effective prospectively upon the Administrative
Agent’s, European Administrative Agent’s or Canadian Administrative Agent’s (as applicable) receipt
thereof. At any time that there is sufficient Aggregate Availability and the conditions precedent
set forth in Section 4.02 have been satisfied, the Administrative Agent, European Administrative
Agent, or Canadian Administrative Agent, as applicable, may request the Lenders to make a Revolving

 

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Loan, in the currency in which the applicable Protective Advance was denominated, to repay a
Protective Advance. At any other time the Administrative Agent, European Administrative Agent or
Canadian Administrative Agent (as applicable) may require the Lenders to fund, in the currency in
which the applicable Protective Advance was denominated, their risk participations described in
Section 2.04(b). It is agreed that the Administrative Agent, the European Administrative Agent or
the Canadian Administrative Agent, as applicable, shall endeavor, but without any obligation, to
notify the Borrower Representative promptly after the making of any Protective Advance.

(b) Upon the making of a Protective Advance (whether before or after the occurrence of a
Default) by the Administrative Agent, the European Administrative Agent or the Canadian
Administrative Agent, as applicable, in accordance with the terms hereof, each Facility A Lender or
Facility B Lender, as applicable, shall be deemed, without further action by any party hereto, to
have unconditionally and irrevocably purchased from the Administrative Agent, the European
Administrative Agent or the Canadian Administrative Agent, as applicable, without recourse or
warranty, an undivided interest and participation in such Facility A Protective Advance or Facility
B Protective Advance, as applicable, in proportion to its Applicable Percentage. From and after
the date, if any, on which any Lender is required to fund (and has funded) its participation in any
Protective Advance purchased hereunder, the Administrative Agent, the European Administrative Agent
or the Canadian Administrative Agent, as applicable, shall promptly distribute to such Lender, such
Lender’s Applicable Percentage of all payments of principal and interest and all proceeds of
Collateral received by the Administrative Agent, European Administrative Agent or Canadian
Administrative Agent, as applicable, in respect of such Protective Advance.

SECTION 2.05 Swingline Loans. (a) The Swingline Loans.

(i) The Administrative Agent, the US Swingline Lender and the Facility A
Lenders agree that in order to facilitate the administration of this Agreement and
the other Loan Documents, promptly after the Borrower Representative delivers a
Borrowing Request to the Administrative Agent and the US Swingline Lender requesting
an ABR Borrowing under Facility A on behalf of the Company to be made pursuant to
this Section 2.05(a)(i), and provided that such ABR Borrowing request is
received by the Administrative Agent and the US Swingline Lender not later than
11:00 a.m., New York time, the US Swingline Lender may elect to have the terms of
this Section 2.05(a)(i) apply to such Borrowing Request by advancing, on behalf of
the Facility A Lenders and in the amount so requested, same day funds to the Company
on the date such request is received to the Funding Account(s) (each such Loan, a
“Facility A Swingline Loan”), with settlement among them as to the Facility
A Swingline Loans to take place on a periodic basis as set forth in Section 2.05(c).
Each Facility A Swingline Loan shall be subject to all the terms and conditions
applicable to other ABR Loans funded by the Facility A Lenders, except that all
payments thereon shall be payable to the US Swingline Lender solely for its own
account. In addition, no Facility A Swingline Loan shall be made if, after giving
effect thereto:

 

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(A) the Borrowers would not be in compliance with the Revolving
Exposure Limitations; or

(B) the aggregate principal amount of the outstanding Facility A
Swingline Loans would exceed the Facility A Swingline Sublimit.

(ii) The European Administrative Agent, the European Swingline Lender and the
Facility B Lenders agree that in order to facilitate the administration of this
Agreement and the other Loan Documents, promptly after the Borrower Representative
delivers a Borrowing Request to the European Administrative Agent (with a copy to
the Administrative Agent) requesting a Eurocurrency Borrowing under Facility B on
behalf of the Company to be made pursuant to this Section 2.05(a)(ii), and
provided that such Eurocurrency Borrowing request is received by the
European Administrative Agent not later than 10 a.m., London time, the European
Swingline Lender may elect to have the terms of this Section 2.05(a)(ii) apply to
such Borrowing Request by advancing, on behalf of the Facility B Lenders and in the
amount so requested, same day funds to the Company on the date (A) such request is
received, in the case of any such Borrowing denominated in dollars, Canadian
Dollars, Euros or Sterling or (B) that is one Business Day after the date such
request is received, in the case of any such Borrowing denominated in Yen, to the
Funding Account(s) (each such Loan, a “Facility B US Swingline Loan”), with
settlement among them as to the Facility B US Swingline Loans to take place on a
periodic basis as set forth in Section 2.05(c). Each Facility B US Swingline Loan
shall be subject to all the terms and conditions applicable to other Revolving Loans
funded by the Facility B Lenders, except that (i) such Facility B US Swingline Loan
shall accrue interest at a rate determined by reference to the Overnight LIBO Rate
and (ii) all payments thereon shall be payable to the European Swingline Lender
solely for its own account. In addition, no Facility B US Swingline Loan shall be
made if, after giving effect thereto:

(A) the Borrowers would not be in compliance with the Revolving
Exposure Limitations;

(B) the aggregate principal amount of the outstanding Facility B
Swingline Loans would exceed the Facility B Swingline Sublimit; or

(C) the aggregate principal amount of the outstanding Facility B US
Swingline Loans would exceed $15,000,000.

(iii) The European Administrative Agent, the European Swingline Lender and the
Facility B Lenders agree that in order to facilitate the administration of this
Agreement and the other Loan Documents, promptly after the Borrower Representative
delivers a Borrowing Request to the European Administrative Agent (with a copy to
the Administrative Agent) requesting a Eurocurrency Borrowing on behalf of the
European Borrower to be made pursuant to this Section 2.05(a)(iii) (or the European
Borrower delivers such

 

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Borrowing Request), and provided that such Eurocurrency Borrowing
request is received by the European Administrative Agent not later than 10:00 a.m.,
London time, the European Swingline Lender may elect to have the terms of this
Section 2.05(a)(iii) apply to such Borrowing Request by advancing, on behalf of the
Facility B Lenders and in the amount so requested, same day funds to the European
Borrower on the date such Borrowing Request is received to the Funding Account(s)
(each such Loan, a “European Swingline Loan”), with settlement among them as
to the European Swingline Loans to take place on a periodic basis as set forth in
Section 2.05(c). Each European Swingline Loan shall be subject to all the terms and
conditions applicable to other European Revolving Loans funded by the Facility B
Lenders, except that (i) such European Swingline Loan shall accrue interest at a
rate determined by reference to the Overnight LIBO Rate and (ii) all payments
thereon shall be payable to the European Swingline Lender solely for its own
account. In addition, no European Swingline Loan shall be made if, after giving
effect thereto:

(A) the Borrowers would not be in compliance with the Revolving
Exposure Limitations;

(B) the aggregate principal amount of the outstanding Facility B
Swingline Loans would exceed the Facility B Swingline Sublimit; or

(C) the aggregate principal amount of the outstanding European
Swingline Loans would exceed $15,000,000.

(iv) The European Administrative Agent, the UK Swingline Lender and the
Facility B Lenders agree that in order to facilitate the administration of this
Agreement and the other Loan Documents, promptly after the Borrower Representative
delivers a Borrowing Request to the European Administrative Agent (with a copy to
the Administrative Agent) requesting a Eurocurrency Borrowing on behalf of the UK
Borrower to be made pursuant to this Section 2.05(a)(iv) (or the UK Borrower
delivers such Borrowing Request), and provided that such Eurocurrency
Borrowing request is received by the European Administrative Agent not later than
10:00 a.m., London time, the UK Swingline Lender may elect to have the terms of this
Section 2.05(a)(iv) apply to such Borrowing Request by advancing, on behalf of the
Facility B Lenders and in the amount so requested, same day funds to the UK Borrower
on the date such Borrowing Request is received to the Funding Account(s) (each such
Loan, a “UK Swingline Loan”), with settlement among them as to the UK
Swingline Loans to take place on a periodic basis as set forth in Section 2.05(c).
Each UK Swingline Loan shall be subject to all the terms and conditions applicable
to other UK Revolving Loans funded by the Facility B Lenders, except that (i) such
UK Swingline Loan shall accrue interest at a rate determined by reference to the
Overnight LIBO Rate and (ii) all payments thereon shall be payable to the UK
Swingline Lender solely for its own account. In addition, no UK Swingline Loan
shall be made if, after giving effect thereto:

 

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(A) the Borrowers would not be in compliance with the Revolving
Exposure Limitations;

(B) the aggregate principal amount of the outstanding Facility B
Swingline Loans would exceed the Facility B Swingline Sublimit; or

(C) the aggregate principal amount of the outstanding UK Swingline
Loans would exceed $5,000,000.

(v) The Canadian Administrative Agent, the Canadian Swingline Lender and the
Facility B Lenders agree that in order to facilitate the administration of this
Agreement and the other Loan Documents, promptly after the Borrower Representative
delivers a Borrowing Request to the Canadian Administrative Agent and the Canadian
Swingline Lender (with a copy to the Administrative Agent) requesting a Canadian
Prime Rate Borrowing or an ABR Borrowing on behalf of the Canadian Borrower (or the
Canadian Borrower requests such Borrowing) to be made pursuant to this Section
2.05(a)(v), and provided that such Canadian Prime Rate Borrowing request or
ABR Borrowing request, as applicable, is received by the Canadian Administrative
Agent and the Canadian Swingline Lender not later than 11 a.m., Local Time, the
Canadian Swingline Lender may elect to have the terms of this Section 2.05(a)(v)
apply to such Borrowing Request by advancing, on behalf of the Facility B Lenders
and in the amount so requested, same day funds to the Canadian Borrower on the date
such Borrowing Request is received to the Funding Account(s) (each such Loan, a
“Canadian Swingline Loan”), with settlement among them as to the Canadian
Swingline Loans to take place on a periodic basis as set forth in Section 2.05(c).
Each Canadian Swingline Loan shall be subject to all the terms and conditions
applicable to other Loans funded by the Facility B Lenders that are Canadian Prime
Rate Loans or Canadian Loans that are ABR Loans, as applicable, except that all
payments thereon shall be payable to the Canadian Swingline Lender solely for its
own account. In addition, no Canadian Swingline Loan shall be made if, after giving
effect thereto:

(A) the Borrowers would not be in compliance with the Revolving
Exposure Limitations;

(B) the aggregate principal amount of the outstanding Facility B
Swingline Loans would exceed the Facility B Swingline Sublimit; or

(C) the aggregate principal amount of the outstanding Canadian
Swingline Loans would exceed $5,000,000.

(b) Lender Participations. Upon the making of a Facility A Swingline Loan or a
Facility B Swingline Loan (whether before or after the occurrence of a Default and
regardless of whether a Settlement has been requested with respect to such Swingline Loan),
each Facility A Lender or Facility B Lender, as applicable, shall be deemed, without further
action by any party hereto, to have unconditionally and irrevocably

 

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purchased from the applicable Swingline Lender, the Administrative Agent, the European
Administrative Agent or the Canadian Administrative Agent, as the case may be, without
recourse or warranty, an undivided interest and participation in such Swingline Loan in
proportion to its Applicable Percentage of the Facility A Commitments or Facility B
Commitments, as applicable. The applicable Swingline Lender, the Administrative Agent, the
Canadian Administrative Agent or the European Administrative Agent may, at any time, require
the applicable Lenders to fund, in the currency in which the applicable Swingline Loan was
denominated, their participations. From and after the date, if any, on which any Lender is
required to fund (and has funded) its participation in any Swingline Loan purchased
hereunder, the Administrative Agent, the Canadian Administrative Agent or the European
Administrative Agent, as applicable, shall promptly distribute to such Lender, such Lender’s
Applicable Percentage of all payments of principal and interest and all proceeds of
Collateral received by such Agent in respect of such Loan.

(c) Swingline Settlements. Each of the Administrative Agent, the Canadian
Administrative Agent and the European Administrative Agent, on behalf of the US Swingline
Lender, the European Swingline Lender, the UK Swingline Lender or the Canadian Swingline
Lender, as applicable, shall request settlement (a “Settlement”) with the Facility A
Lenders or Facility B Lenders, as applicable, on at least a weekly basis or on any earlier
date that the Administrative Agent elects, by notifying the applicable Lenders of such
requested Settlement by facsimile or e-mail no later than 11:00 a.m. Local Time (i) on the
date of such requested Settlement (the “Settlement Date”) with regard to US
Swingline Loans, (ii) two Business Days prior to the Settlement Date with regard to Canadian
Swingline Loans (or on the date of such requested Settlement, if a Default or an Event of
Default has occurred and is continuing) and (iii) two Business Days prior to the Settlement
Date with regard to European Swingline Loans and UK Swingline Loans (or on the date of such
requested Settlement, if a Default or an Event of Default has occurred and is continuing)
(the date of any request made pursuant to clauses (i), (ii) or (iii) above, a
“Settlement Request Date”). Each Facility A Lender or Facility B Lender, as
applicable (other than the Swingline Lenders, in the case of the Swingline Loans) shall
transfer, in the currency in which the applicable Loan was denominated, the amount of such
Lender’s Applicable Percentage of the outstanding principal amount of the applicable Loan
with respect to which Settlement is requested to the Administrative Agent, the Canadian
Administrative Agent or the European Administrative Agent, as applicable, to an account of
such Agent as such Agent may designate, not later than 2:00 p.m., Local Time, on such
Settlement Date. Settlements may occur during the existence of a Default and whether or not
the applicable conditions precedent set forth in Section 4.02 have then been satisfied.
Such amounts transferred to the applicable Agent shall be applied against the amounts of the
applicable Swingline Lender’s Swingline Loans and, together with such Swingline Lender’s
Applicable Percentage of such Swingline Loan, shall (so long as no Event of Default pursuant
to clause (h) or (i) of Article VII shall have occurred and be continuing) constitute
Revolving Loans of such applicable Lenders (and shall no longer constitute Swingline Loans).
Any such amounts comprising Revolving Loans and transferred to the applicable Agent to be
applied against Swingline Loans made pursuant to Section 2.05(a)(ii), 2.05(a)(iii) or
2.05(a)(iv) shall constitute Eurocurrency Revolving Loans with an Interest Period of one
week. If any such amount referred to in this clause (c) is not transferred to the
applicable Agent by any applicable

 

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Lender on such Settlement Date, the applicable Swingline Lender shall be entitled to
recover such amount on demand from such Lender together with interest thereon as specified
in Section 2.07.

SECTION 2.06 Letters of Credit. (a) General. Subject to the terms and
conditions set forth herein, the Borrower Representative may request the issuance of Letters of
Credit for its own account or for the account of another Borrower (or any Borrower may request the
issuance of Letters of Credit for its own account), in a form reasonably acceptable to the
Administrative Agent, European Administrative Agent or Canadian Administrative Agent, as
applicable, and the applicable Issuing Bank (a “Letter of Credit Request”), at any time and
from time to time during the Availability Period. In the event of any inconsistency between the
terms and conditions of this Agreement and the terms and conditions of any form of letter of credit
application or other agreement submitted by the Borrower Representative or any Borrower to, or
entered into by the Borrower Representative or any Borrower with, an Issuing Bank relating to any
Letter of Credit, the terms and conditions of this Agreement shall control.

(b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request
the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter
of Credit), the Borrower Representative (or the applicable Borrower) shall hand deliver or
facsimile (or transmit by electronic communication, if arrangements for doing so have been approved
by the applicable Issuing Bank) to the applicable Issuing Bank and the Administrative Agent (in the
case of Facility A Letters of Credit), the Canadian Administrative Agent (in the case of Canadian
Letters of Credit) with a copy to the Administrative Agent, or the European Administrative Agent
(with respect to European Letters of Credit, UK Letters of Credit and US Letters of Credit that are
Facility B Letters of Credit) with a copy to the Administrative Agent, prior to 9:00 a.m., Local
Time, at least three Business Days prior to the requested date of issuance, amendment, renewal or
extension, a Letter of Credit Request, or identifying the Letter of Credit to be amended, renewed
or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a
Business Day), the date on which such Letter of Credit is to expire (which shall comply with
paragraph (c) of this Section), the amount of such Letter of Credit, the currency of such Letter of
Credit (which shall be in dollars, in the case of each Facility A Letter of Credit, dollars,
Sterling or Euros, in the case of each Facility B Letter of Credit issued on behalf of the European
Borrower or the UK Borrower, dollars or Canadian Dollars, in the case of each Facility B Letter of
Credit issued on behalf of the Canadian Borrower or dollars, Canadian Dollars, Euros, Sterling or
Yen, in the case of each Facility B Letter of Credit issued on behalf of the Company), the name and
address of the beneficiary thereof and such other information as shall be necessary to prepare,
amend, renew or extend such Letter of Credit. If requested by the applicable Issuing Bank, the
applicable Borrower also shall submit a letter of credit application on such Issuing Bank’s
standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be
issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of
each Letter of Credit the Borrowers shall be deemed to represent and warrant that), after giving
effect to such issuance, amendment, renewal or extension (i) the aggregate LC Exposure shall not
exceed the LC Sublimit, (ii) the aggregate principal amount of outstanding Letters of Credit that
are standby Letters of Credit shall not exceed $65,000,000 and (iii) the Borrowers shall be in
compliance with the Revolving Exposure Limitations.

 

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(c) Expiration Date. Each Letter of Credit shall expire at or prior to the close of
business on the earlier of (i) the date one year after the date of the issuance of such Letter of
Credit (or, in the case of any renewal or extension thereof, one year after such renewal or
extension), subject to automatic extension or renewal for successive one-year periods (but in no
event shall such renewed Letter of Credit expire on a date that is later than the date set forth in
clause (ii) below) and (ii) the date that is five Business Days prior to the Maturity Date (it
being understood that any Letter of Credit that provides for time drafts to be submitted thereunder
shall have an expiry date which is in advance of such date five Business Days prior to the Maturity
Date by the number of days contemplated for such time drafts).

(d) Participations. By the issuance of a Letter of Credit (or an amendment to a
Letter of Credit increasing the amount thereof) and without any further action on the part of any
Issuing Bank or the Lenders, the applicable Issuing Bank hereby grants to each Facility A Lender,
with respect to a Facility A Letter of Credit, or each Facility B Lender, with respect to a
Facility B Letter of Credit, and each Facility A Lender or Facility B Lender, as applicable, hereby
acquires from the applicable Issuing Bank, a participation in such Letter of Credit equal to such
Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of
Credit. In consideration and in furtherance of the foregoing, (i) each Facility A Lender hereby
absolutely and unconditionally agrees to pay to the Administrative Agent, (ii) with respect to any
Facility B Letter of Credit other than a Canadian Letter of Credit, each Facility B Lender hereby
absolutely and unconditionally agrees to pay to the European Administrative Agent and (iii) with
respect to any Canadian Letters of Credit, each Facility B Lender hereby absolutely and
unconditionally promises to pay the Canadian Administrative Agent, in each case in the same
currency as the applicable LC Disbursement, for the account of the applicable Issuing Bank, such
Lender’s Applicable Percentage of each LC Disbursement made by such Issuing Bank and not reimbursed
by the applicable Borrower on the date due as provided in paragraph (e) of this Section, or of any
reimbursement payment required to be refunded to such Borrower for any reason. Each Lender
acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in
respect of Letters of Credit is absolute and unconditional and shall not be affected by any
circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or
the occurrence and continuance of a Default or reduction or termination of the Commitments, and
that each such payment shall be made without any offset, abatement, withholding or reduction
whatsoever.

(e) Reimbursement. If any Issuing Bank shall make any LC Disbursement in respect of a
Letter of Credit, the applicable Borrower shall reimburse such LC Disbursement by paying to (i) the
Administrative Agent (in the case of any Facility A Letter of Credit), (ii) the European
Administrative Agent (with respect to any Facility B Letter of Credit other than a Canadian Letter
of Credit) and (iii) the Canadian Administrative Agent (with respect to any Canadian Letter of
Credit), in each case in the currency in which the applicable Letter of Credit was issued, an
amount equal to such LC Disbursement not later than 1:00 p.m., Local Time, on the date that such LC
Disbursement is made, if the Borrower Representative or the applicable Borrower shall have received
notice of such LC Disbursement prior to 12:00 p.m., Local Time, on such date, or, if such notice
has not been received by the Borrower Representative or the applicable Borrower prior to such time
on such date, then not later than 12:00 p.m., Local Time, on (i) the Business Day that the Borrower
Representative or the applicable Borrower receives such notice, if such notice is received prior to
12:00 p.m., Local Time, on the day of receipt, or

 

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(ii) the Business Day immediately following the day that the Borrower Representative or the
applicable Borrower receives such notice, if such notice is not received prior to such time on the
day of receipt; provided that the Borrower Representative on behalf of the applicable
Borrower (or the applicable Borrower) may, subject to the conditions to borrowing set forth herein,
request in accordance with Section 2.03 or 2.05 that such payment be financed with a Borrowing of
Revolving Loans or a Swingline Loan in an equivalent amount and like currency and, to the extent so
financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the
resulting Borrowing of Revolving Loans or a Swingline Loan; provided further that
no such payment shall be permitted to be financed with a Eurocurrency Borrowing. If any Borrower
fails to make such payment when due, the Administrative Agent, the Canadian Administrative Agent or
the European Administrative Agent, as applicable, shall notify each Facility A Lender or Facility B
Lender, as applicable, of the applicable LC Disbursement, the payment then due from the applicable
Borrower in respect thereof and such Lender’s Applicable Percentage thereof. Promptly following
receipt of such notice, each applicable Lender shall pay to the Administrative Agent, the Canadian
Administrative Agent or the European Administrative Agent, as applicable, in the same currency as
the applicable LC Disbursement, its Applicable Percentage of the payment then due from the
applicable Borrower, in the same manner as provided in Section 2.07 with respect to Loans made by
such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment
obligations of the Lenders), and the applicable Agent shall promptly pay to the applicable Issuing
Bank the amounts so received by it from the Lenders. Promptly following receipt by the
Administrative Agent, the Canadian Administrative Agent or the European Administrative Agent, as
the case may be, of any payment from a Borrower pursuant to this paragraph, such Agent shall
distribute such payment to the applicable Issuing Bank or, to the extent that Lenders have made
payments pursuant to this paragraph to reimburse the applicable Issuing Bank, then such Agent shall
distribute such payment to such Lenders and the applicable Issuing Bank as their interests may
appear. Any payment made by a Lender pursuant to this paragraph to reimburse the applicable
Issuing Bank for any LC Disbursement (other than the funding of Revolving Loans or a Swingline Loan
as contemplated above) shall not constitute a Loan and shall not relieve the Borrowers or the Loan
Guarantors of their respective obligations to reimburse such LC Disbursement.

(f) Obligations Absolute. The Borrowers’ obligations to reimburse LC Disbursements as
provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and
shall be performed strictly in accordance with the terms of this Agreement under any and all
circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any
Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other
document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any
respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by an
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, or (iv) any other event or circumstance
whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of
this Section, constitute a legal or equitable discharge of, or provide a right of setoff against,
the Borrowers’ obligations hereunder. No Administrative Agent, Collateral Agent, Lender or Issuing
Bank, nor any of their Related Parties, shall have any liability or responsibility by reason of or
in connection with the issuance or transfer of any Letter of Credit or any payment or failure to
make any payment thereunder (irrespective of any of the circumstances referred to in the preceding
sentence), or any error, omission, interruption, loss or delay in transmission or

 

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delivery of any draft, notice or other communication under or relating to any Letter of Credit
(including any document required to make a drawing thereunder), any error in interpretation of
technical terms or any consequence arising from causes beyond the control of the applicable Issuing
Bank; provided that the foregoing shall not be construed to excuse the applicable Issuing
Bank from liability to any Borrower to the extent of any direct damages (as opposed to
consequential damages, claims in respect of which are hereby waived by the Borrowers to the extent
permitted by applicable law) suffered by such Borrower that are caused by the applicable Issuing
Bank’s failure to exercise care when determining whether drafts and other documents presented under
a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the
absence of gross negligence or willful misconduct on the part of an Issuing Bank (as finally
determined by a court of competent jurisdiction), such Issuing Bank shall be deemed to have
exercised care in each such determination. In furtherance of the foregoing and without limiting
the generality thereof, the parties agree that, with respect to documents presented which appear on
their face to be in substantial compliance with the terms of a Letter of Credit, the applicable
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.

(g) Disbursement Procedures. The applicable Issuing Bank shall, promptly following
its receipt thereof, examine all documents purporting to represent a demand for payment under a
Letter of Credit. The applicable Issuing Bank shall promptly notify the Administrative Agent,
Canadian Administrative Agent or the European Administrative Agent, as applicable, and the Borrower
Representative (or applicable Borrower) by telephone (confirmed by facsimile or .pdf transmission)
of such demand for payment and whether such Issuing Bank has made or will make an LC Disbursement
thereunder; provided that any failure to give or delay in giving such notice shall not
relieve the Borrowers or the Loan Guarantors of their obligations to reimburse the applicable
Issuing Bank and the applicable Lenders with respect to any such LC Disbursement.

(h) Interim Interest. If any Issuing Bank shall make any LC Disbursement, then,
unless a Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is
made, the unpaid amount thereof shall bear interest, for each day from and including the date such
LC Disbursement is made to but excluding the date that a Borrower reimburses such LC Disbursement,
at the rate per annum then applicable to (x) ABR Revolving Loans, in the case of an LC Disbursement
in respect of a Facility A Letter of Credit or a Canadian Letter of Credit denominated in dollars,
(y) Canadian Prime Rate Loans, in the case of an LC Disbursement in respect of a Canadian Letter of
Credit denominated in Canadian Dollars, and (z) Overnight LIBO Loans, in the case of an LC
Disbursement in respect of Facility B Letters of Credit other than Canadian Letters of Credit;
provided that, if the Borrowers fail to reimburse such LC Disbursement when due pursuant to
paragraph (e) of this Section, then Section 2.13(e) shall apply. Interest accrued pursuant to this
paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on
and after the date of payment by any Lender pursuant to paragraph (d) or (e) of this Section to
reimburse such Issuing Bank shall be for the account of such Lender to the extent of such payment.

 

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(i) Replacement of the Issuing Banks. Any Issuing Bank may be replaced at any time by
written agreement among the Borrower Representative, the Administrative Agent (not to be
unreasonably withheld or delayed), the replaced Issuing Bank and the successor Issuing Bank. The
Administrative Agent shall notify the Lenders of any such replacement of an Issuing Bank. At the
time any such replacement shall become effective, each Borrower shall pay all unpaid fees accrued
for the account of the replaced Issuing Bank pursuant to Section 2.12(b) owing by it. From and
after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the
rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit to
be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer
to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing
Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the
replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and
obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it
prior to such replacement, but shall not be required (or permitted) to issue additional Letters of
Credit or to renew existing Letters of Credit. If any Issuing Bank (or with respect to any Issuing
Bank that is an Affiliate of a Lender hereunder, if any such Lender that is an Affiliate thereof)
assigns, in one transaction or a series of transactions, all of its Loans and Commitments hereunder
pursuant to Section 9.04, such Issuing Bank shall be deemed to have agreed to be replaced by the
Administrative Agent as an Issuing Bank pursuant to this Section 2.06(i) and no notification to the
Lenders shall be required.

(j) Cash Collateralization. If any Event of Default shall occur and be continuing, on
the Business Day that the Borrower Representative receives notice from the Administrative Agent or
the Required Lenders demanding the deposit of cash collateral pursuant to this paragraph or if any
of the other provisions hereof require cash collateralization (or, on the Business Day on or
immediately following the maturity of the Loans if the Loans have been accelerated, without any
further notice), the Borrowers shall deposit in an account with the applicable Collateral Agent, in
the name of such Collateral Agent and for the benefit of the Agents, the applicable Lenders and the
applicable Issuing Banks (each an “LC Collateral Account”), an amount, in cash and in the
currency in which the applicable Letters of Credit are denominated, equal to 103% of the LC
Exposure as of such date plus accrued and unpaid interest thereon; provided that
the obligation to deposit such cash collateral shall become effective immediately, and such deposit
shall become immediately due and payable, without demand or other notice of any kind, upon the
occurrence of any Event of Default with respect to any Borrower described in clause (h) or (i) of
Article VII. Such deposit shall be held by the applicable Collateral Agent as collateral for the
payment and performance of the Secured Obligations. Each Collateral Agent shall have exclusive
dominion and control, including the exclusive right of withdrawal, over such account or such
account shall be subject to a Deposit Account Control Agreement and/or acknowledgement of notice,
as applicable, and each Borrower hereby grants the applicable Collateral Agent (for the benefit of
the Agents, the applicable Lenders and the applicable Issuing Banks) a security interest in the LC
Collateral Accounts. Other than any interest earned on the investment of such deposits, which
investments shall be made at the option and sole discretion of each Collateral Agent and at each
Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any,
on such investments shall accumulate in such account. Moneys in such account shall be applied by
each Collateral Agent to reimburse the applicable Issuing Bank for LC Disbursements for which it
has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of
the

 

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reimbursement obligations of such Borrowers for the LC Exposure at such time or, if the
maturity of the Loans has been accelerated (but subject to the consent of Lenders with LC Exposure
representing more than 50% of the total LC Exposure), be applied to satisfy other Secured
Obligations. If the Borrowers are required to provide an amount of cash collateral hereunder as a
result of the occurrence of an Event of Default, such amount (to the extent not applied as
aforesaid) shall be returned to the applicable Borrower or Borrower Representative for the account
of the applicable Borrower within two Business Days after all such Defaults have been cured or
waived.

(k) On the Effective Date, (i) each Existing Letter of Credit, to the extent outstanding,
shall be automatically and without further action by the parties thereto deemed converted into a
Letter of Credit under the applicable Facility (as reflected on Schedule 2.06) at the
request of the Company pursuant to this Section 2.06 and subject to the provisions hereof as if
each such Existing Letter of Credit had been issued on the Effective Date, (ii) each such Existing
Letter of Credit shall be included in the calculation of LC Exposure and “Facility A LC Exposure”
or “Facility B LC Exposure”, as applicable, and (iii) all liabilities of the Company and the other
Loan Parties with respect to such Existing Letters of Credit shall constitute Obligations.

(l) Reporting. Unless otherwise requested by the Administrative Agent, each Issuing
Bank shall report in writing to the Administrative Agent (and the Administrative Agent shall notify
the European Administrative Agent and/or the Canadian Administrative Agent, as applicable) (i) on
each Business Day, the aggregate undrawn amount of all outstanding Letters of Credit issued by it
(including a breakdown of the aggregate undrawn amount of all standby Letters of Credit and all
trade Letters of Credit issued by it), (ii) on each Business Day on which such Issuing Bank expects
to issue, amend, renew or extend any Letter of Credit, whether such Letter of Credit is a trade,
financial or performance Letter of Credit, and the aggregate face amount of the Letters of Credit
to be issued, amended, renewed or extended by it on such date, and no Issuing Bank shall be
permitted to issue, amend, renew or extend such Letter of Credit without first notifying the
Administrative Agent as set forth herein, (iii) on each Business Day on which such Issuing Bank
makes any LC Disbursement, the date of such LC Disbursement and the amount and currency of such LC
Disbursement and (iv) on any other Business Day, such other information as the Administrative Agent
shall reasonably request, including but not limited to prompt verification of such information as
may be requested by the Administrative Agent.

SECTION 2.07 Funding of Borrowings. (a) Each Lender shall make each Loan to be made by
it hereunder on the proposed date thereof by wire transfer of immediately available funds by 2:00
p.m., Local Time, to the account of the Administrative Agent, the Canadian Administrative Agent or
the European Administrative Agent, as applicable, in an amount equal to such Lender’s Applicable
Percentage; provided that Swingline Loans shall be made as provided in Section 2.05. Each
of the Administrative Agent, the Canadian Administrative Agent and the European Administrative
Agent, as applicable, will make such Loans available to the Borrower Representative (or, if
directed by the Borrower Representative, to the account of the applicable Borrower) by promptly
crediting the amounts so received, in like funds, to the Funding Account(s); provided that
Revolving Loans made to finance the reimbursement of (i) an LC Disbursement as provided in Section
2.06(e) shall be remitted by the Administrative Agent, the Canadian Administrative Agent or the
European Administrative Agent, as applicable, to the applicable Issuing Bank and (ii) a Protective
Advance shall be retained by the Administrative

 

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Agent, the Canadian Administrative Agent or the European Administrative Agent, as applicable,
and disbursed in its discretion.

(b) Unless the Administrative Agent, the Canadian Administrative Agent or the European
Administrative Agent, as applicable, shall have received notice from a Lender prior to the proposed
date of any Borrowing that such Lender will not make available to the Administrative Agent, the
Canadian Administrative Agent or the European Administrative Agent, as applicable, such Lender’s
share of such Borrowing, the Administrative Agent, the Canadian Administrative Agent or the
European Administrative Agent, as applicable, may assume that such Lender has made such share
available on such date in accordance with paragraph (a) of this Section and may, in reliance upon
such assumption, make available to the applicable Borrower a corresponding amount. In such event,
if a Lender has not in fact made its share of the applicable Borrowing available to the
Administrative Agent, the Canadian Administrative Agent or the European Administrative Agent, as
applicable (a “Non-Funding Lender”), then the applicable Lender and the Borrowers agree
(jointly and severally with each other Borrower, but severally and not jointly with the applicable
Lenders) to pay to the Administrative Agent, the Canadian Administrative Agent or the European
Administrative Agent, as applicable, forthwith on demand such corresponding amount with interest
thereon, for each day from and including the date such amount is made available to the applicable
Borrower to but excluding the date of payment to the Administrative Agent, the Canadian
Administrative Agent or the European Administrative Agent, as applicable, at (i) in the case of
such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the
Administrative Agent, the Canadian Administrative Agent or the European Administrative Agent, as
applicable, in accordance with banking industry rules on interbank compensation or (ii) in the case
of the Borrowers, the interest rate applicable to ABR Loans (in the case of dollar-denominated
amounts), Canadian Prime Rate Loans (in the case of Canadian Dollar-denominated amounts) or
Overnight LIBO Loans (in the case of Euro, Yen or Sterling-denominated amounts). If such Lender
pays such amount to the Administrative Agent, the Canadian Administrative Agent or the European
Administrative Agent, as applicable, then such amount shall constitute such Lender’s Loan included
in such Borrowing. Notwithstanding the foregoing, the Borrowers shall preserve their rights and
remedies against any Non-Funding Lender which has not made Loans required by the terms and
provisions hereof.

SECTION 2.08 Interest Elections. (a) Each Borrowing of Revolving Loans initially shall
be of the Type specified in the applicable Borrowing Request and (i) in the case of a Eurocurrency
Borrowing of Revolving Loans, shall have an initial Interest Period as specified in such Borrowing
Request and (ii) in the case of BA Drawings, shall have a Contract Period as specified in such
Borrowing Request. Thereafter, the Borrower Representative may elect to convert such Borrowing to
a different Type, to convert BA Drawings to Canadian Prime Rate Loans, to convert Canadian Prime
Rate Loans (other than Swingline Loans) into BA Drawings or to continue such Borrowing and, in the
case of a Eurocurrency Borrowing of Revolving Loans, may elect Interest Periods therefor, all as
provided in this Section. The Borrower Representative may elect different options with respect to
different portions of the affected Borrowing, in which case each such portion shall be allocated
ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising
each such portion shall be considered a separate Borrowing. This Section shall not apply to
Swingline Borrowings or Protective Advances, which may not be converted or continued.

 

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(b) To make an election pursuant to this Section, the Borrower Representative shall notify the
(i) Administrative Agent, with respect to each Facility A Revolving Loan, (ii) the European
Administrative Agent (with a copy to the Administrative Agent), with respect to any Facility B
Revolving Loan other than a Canadian Revolving Loan, and (iii) the Canadian Administrative Agent
(with a copy to the Administrative Agent) with respect to any Canadian Revolving Loan, of such
election by telephone by the time that a Borrowing Request would be required under Section 2.03 if
the Borrowers were requesting a Borrowing of Revolving Loans of the Type resulting from such
election to be made on the effective date of such election, subject to clause (f) below in the case
of BA Drawings. Each such telephonic Interest Election Request shall be irrevocable and shall be
confirmed promptly by facsimile to the European Administrative Agent or by hand delivery, facsimile
or .pdf transmission to the Administrative Agent or the Canadian Administrative Agent, as
applicable, of a written Interest Election Request in a form approved by the Administrative Agent,
the Canadian Administrative Agent or the European Administrative Agent, as applicable, and signed
by the Borrower Representative.

(c) Each telephonic and written Interest Election Request shall specify the following
information in compliance with Section 2.02:

(A) the Borrower, the Facility and the Borrowing to which such Interest
Election Request applies and, if different options are being elected with
respect to different portions thereof, the portions thereof to be allocated
to each resulting Borrowing (in which case the information to be specified
pursuant to clauses (C) and (D) below shall be specified for each resulting
Borrowing);

(B) the effective date of the election made pursuant to such Interest
Election Request, which shall be a Business Day;

(C) whether the resulting Borrowing is to be an ABR Borrowing, a
Eurocurrency Borrowing, a Canadian Prime Rate Borrowing, an Overnight LIBO
Rate Borrowing or a BA Drawing; and

(D) if the resulting Borrowing is a Eurocurrency Borrowing, the
Interest Period to be applicable thereto after giving effect to such
election, which shall be a period contemplated by the definition of the term
“Interest Period” and if the resulting Borrowing is a BA Drawing, the
Contract Period to be applicable thereto after giving effect to such
election, which shall be a period contemplated by the definition of the term
“Contract Period”.

If any such Interest Election Request requests a Eurocurrency Borrowing but does not specify an
Interest Period, then the Borrowers shall be deemed to have selected an Interest Period of one
month’s duration.

(d) Promptly following receipt of an Interest Election Request, the Administrative Agent, the
Canadian Administrative Agent or the European Administrative

 

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Agent, as applicable, shall advise each Lender of the details thereof and of such Lender’s
portion of each resulting Borrowing.

(e) If the Borrower Representative fails to deliver a timely Interest Election Request with
respect to a Eurocurrency Borrowing of Revolving Loans prior to the end of the Interest Period
applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such
Interest Period such Borrowing shall be converted to (i) an ABR Borrowing, in the case of a
Eurocurrency Borrowing of either Facility A Revolving Loans or Canadian Revolving Loans denominated
in dollars, (ii) a Eurocurrency Borrowing with an Interest Period of one month, in the case a
Eurocurrency Borrowing of Facility B Revolving Loans other than Canadian Revolving Loans and (iii)
a Canadian Prime Rate Borrowing, in the case of any BA Drawing. Notwithstanding any contrary
provision hereof, if an Event of Default has occurred and is continuing and the Administrative
Agent, at the request of the Required Lenders, so notifies the Borrower Representative, then, so
long as an Event of Default is continuing (i) no outstanding Borrowing of Revolving Loans may be
converted to or continued as a Eurocurrency Borrowing, (ii) no outstanding Canadian Prime Rate
Loans may be converted to BA Drawings, and (iii) unless repaid, (A) each Eurocurrency Borrowing of
Facility A Loans or of Canadian Revolving Loans denominated in dollars shall be converted to an ABR
Borrowing at the end of the Interest Period applicable thereto, (B) each Eurocurrency Borrowing of
Facility B Revolving Loans other than Canadian Revolving Loans shall be converted at the end of the
Interest Period applicable thereto to a Eurocurrency Borrowing with an Interest Period of one month
(or such shorter period determined by the European Administrative Agent in its Permitted
Discretion) and (C) each BA Drawing shall be converted to, or repaid with the proceeds of, a
Canadian Prime Rate Borrowing at the end of the Contract Period applicable thereto.

(f) At or before 12:00 p.m. 3 Business Days before the last day of the Contract Period of any
BA Drawing, the Borrower Representative shall give to the Canadian Administrative Agent its written
Interest Election Request in respect of such BA Drawing which shall specify either that the
Canadian Borrower intends to repay the maturing B/As on such date or to continue to issue B/As on
such date to provide for the payment of the maturing B/As. If the Borrower Representative fails
to deliver such timely notice with respect to a BA Drawing prior to the end of the Contract Period
applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such
Contract Period such Borrowing shall be converted to Canadian Prime Rate Loans. Upon the
conversion to or continuation of any Borrowing or portion thereof as a BA Drawing, the Discount
Proceeds that would otherwise be payable to the Canadian Borrower by each Facility B Lender
pursuant to Section 2.21(d) in respect of such new BA Drawing shall be applied against the
principal amount of such Borrowing (in the case of a conversion) or the reimbursement obligation
owed to such Lender in respect of such maturing B/As (in the case of a continuation) (collectively,
the “maturing amounts”) and the Canadian Borrower shall pay to such Facility B Lender an amount
equal to the excess of the maturing amounts over such Discount Proceeds.

SECTION 2.09 Termination and Reduction of Commitments; Increase in Commitments. (a)
Unless previously terminated, all Commitments shall terminate on the Maturity Date.

 

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(b) The Borrowers may at any time terminate in full the Commitments and/or may at any time
terminate in full the European Sublimit, the UK Sublimit and/or the Canadian Sublimit upon (i) the
payment in full in cash of all outstanding Loans, European Loans, UK Loans or Canadian Loans, as
applicable, together with accrued and unpaid interest thereon and on any Letters of Credit,
European Letters of Credit, UK Letters of Credit or Canadian Letters of Credit, as applicable, (ii)
the cancellation and return of all outstanding Letters of Credit, European Letters of Credit or
Canadian Letters of Credit, as applicable (or alternatively, with respect to each applicable Letter
of Credit, the furnishing to the applicable Collateral Agent of a cash deposit in the currency in
which the applicable Letters of Credit are denominated (or at the discretion of the Administrative
Agent a back up standby letter of credit satisfactory to the Administrative Agent and in the
currency in which the applicable Letters of Credit are denominated) equal to 103% of the LC
Exposure as of such date), (iii) the payment in full in cash of the accrued and unpaid fees, if
applicable, and (iv) the payment in full in cash of all reimbursable expenses and other
Obligations, Obligations of the European Borrower, Obligations of the UK Borrower or Obligations of
the Canadian Borrower, as applicable, together with accrued and unpaid interest thereon. Upon the
termination in full of the European Sublimit and the satisfaction in full of the Obligations of the
European Borrower (other than Obligations in respect of contingent liabilities not then due), (x)
the European Borrower will be released from its obligations under this Agreement and the other Loan
Documents (including, but not limited to, all reporting obligations contained in Section 5.01
relating to the European Borrowing Base) in its capacity as such, other than in respect of
obligations which expressly survive the term of this Agreement, (y) all Collateral securing the
European Loans, and any Loan Guaranties of the European Loans, will be released and (z) all events
relating to any European Account Transfer Trigger Event will cease to have effect. Notwithstanding
the foregoing, the termination of the European Sublimit without a corresponding termination of the
Commitments shall have no effect on the availability to the Company of all or any portion of the
Facility B Commitments. Upon the termination in full of the UK Sublimit and the satisfaction in
full of the Obligations of the UK Borrower (other than Obligations in respect of contingent
liabilities not then due), (x) the UK Borrower will be released from its obligations under this
Agreement and the other Loan Documents (including, but not limited to, all reporting obligations
contained in Section 5.01 relating to the UK Borrowing Base) in its capacity as such, other than in
respect of obligations which expressly survive the term of this Agreement and (y) all Collateral
securing the UK Loans, and any Loan Guaranties of the UK Loans, will be released. Notwithstanding
the foregoing, the termination of the UK Sublimit without a corresponding termination of the
Commitments shall have no effect on the availability to the Company of all or any portion of the
Facility B Commitments. Upon the termination in full of the Canadian Sublimit and the satisfaction
in full of the Obligations of the Canadian Borrower (other than Obligations in respect of
contingent liabilities not then due excluding, for greater certainty, any Obligations in respect of
BA Drawings), (x) the Canadian Borrower will be released from its obligations under this Agreement
and the other Loan Documents (including, but not limited to, all reporting obligations contained in
Section 5.01 relating to the Canadian Borrowing Base) in its capacity as such, other than in
respect of obligations which expressly survive the term of this Agreement and (y) all Collateral
securing the Canadian Loans, and any Loan Guaranties of the Canadian Loans, will be released.
Notwithstanding the foregoing, the termination of the Canadian Sublimit without a corresponding
termination of the Commitments shall have no effect on the availability to the Company of all or
any portion of the Facility B Commitments. For the avoidance of doubt, all

 

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payments of principal, interest, fees and expenses, and the furnishing of cash deposits, in
each case contemplated in this Section 2.09(b) shall be made (i) to the Administrative Agent to the
extent such payment or deposit is made in connection with a Facility A Loan or Facility A Letter of
Credit, (ii) to the European Administrative Agent to the extent such payment or deposit is made in
connection with a Facility B Loan other than a Canadian Loan or a Facility B Letter of Credit other
than a Canadian Letter of Credit and (iii) to the Canadian Administrative Agent to the extent such
payment or deposit is made in connection with a Canadian Revolving Loan or Canadian Letter of
Credit.

(c) The Borrowers may from time to time reduce the Commitments; provided that (i) each
such reduction shall be in an amount that is an integral multiple of $1,000,000 and not less than
$5,000,000, (ii) each such reduction shall be applied to the Facility A Commitments and the
Facility B Commitments ratably in accordance with the aggregate amount of the Commitments at such
time, and (iii) the Borrowers shall not reduce the Commitments if, after giving effect to any
concurrent prepayment of the Loans in accordance with Section 2.10, the Borrowers would not be in
compliance with the Revolving Exposure Limitations.

(d) The Borrower Representative shall notify (x) the Administrative Agent of any election to
terminate or reduce the Facility A Commitments, (y) the European Administrative Agent (with a copy
to the Canadian Administrative Agent and the Administrative Agent) of any election to terminate or
reduce the Facility B Commitments, the European Sublimit or the UK Sublimit and (z) the Canadian
Administrative Agent (with a copy to the Administrative Agent) of any election to terminate or
reduce the Canadian Sublimit, in each case under paragraph (b) or (c) of this Section, at least
three Business Days prior to the effective date of such termination or reduction, specifying such
election and the effective date thereof. Promptly following receipt of any notice, the
Administrative Agent, European Administrative Agent or Canadian Administrative Agent, as
applicable, shall advise the Lenders of the contents thereof. Each notice delivered by the
Borrower Representative pursuant to this Section shall be irrevocable; provided that a
notice of termination of the Commitments delivered by the Borrower Representative may state that
such notice is conditioned upon the effectiveness of other credit facilities, in which case such
notice may be revoked by the Borrower Representative (by notice to the Administrative Agent on or
prior to the specified effective date) if such condition is not satisfied. Any termination or
reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made
ratably among the Lenders in accordance with their respective Commitments.

(e) The Borrowers shall have the right to request an increase of the Commitments by an
aggregate amount of up to $150,000,000 by obtaining additional Commitments, either from one or more
of the Lenders or another lending institution provided that (i) any such request for an
increase shall be in a minimum amount of $25,000,000, (ii) the Administrative Agent has approved
the identity of any such new Lender, such approval not to be unreasonably withheld or delayed,
(iii) any such new Lender assumes all of the rights and obligations of a “Lender” hereunder, and
(iv) the procedures described in Section 2.09(f) have been satisfied. Each such increase shall
increase the Facility A Commitments and the Facility B Commitments ratably in accordance with the
aggregate amount of the Commitments at such time.

 

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(f) Any amendment hereto providing for the increase of the Commitment of a Lender or addition
of a Lender shall be in form and substance reasonably satisfactory to the Administrative Agent and
shall only require the written signatures of the Administrative Agent, the Borrowers, the Loan
Parties party hereto and the Lender(s) being added or increasing their Commitment, subject only to
the approval of the Supermajority Lenders if any such increase would cause the Commitments to
exceed $500,000,000. As a condition precedent to such an increase, (a) the Loan Parties shall
deliver to the Administrative Agent a certificate of each Loan Party (in sufficient copies for each
Lender, if requested by the Administrative Agent) signed by an authorized officer of such Loan
Party (i) certifying and attaching the resolutions adopted by such Loan Party approving or
consenting to such increase, (ii) certifying that any security and guarantee confirmations as may
have been reasonably requested by the Administrative Agent have been delivered and (iii) certifying
that, before and after giving effect to such increase, (A) the representations and warranties of
the Loan Parties contained in Article III and the other Loan Documents are true and correct, except
to the extent that such representations and warranties specifically refer to an earlier date, in
which case they are true and correct as of such earlier date, and (B) no Default shall have
occurred and be continuing and (b) each Loan Party shall deliver any confirmation of the security
interests or guarantee granted by it pursuant to the Loan Documents as the Administrative Agent may
reasonably request. In no event shall the interest rate applicable in respect of additional
Commitments or increases in Commitments made pursuant to this clause (f) be higher than the
interest rate paid and payable to the then existing Lenders in respect of their Commitments and the
terms applicable to such additional or increased Commitments shall be substantially the same as for
the existing Commitments).

(g) Within a reasonable time after the effective date of any increase, the Administrative
Agent shall, and is hereby authorized and directed to, revise the Commitment Schedule to reflect
such increase and shall distribute such revised Commitment Schedule to each of the Lenders and the
Borrowers, whereupon such revised Commitment Schedule shall replace the old Commitment Schedule and
become part of this Agreement. On the Business Day following any such increase, all outstanding
ABR Loans shall be reallocated among the Lenders (including any newly added Lenders) in accordance
with the Lenders’ respective revised Applicable Percentages. Eurocurrency Loans shall not be
reallocated among the Lenders prior to the expiration of the applicable Interest Period in effect
at the time of any such increase.

SECTION 2.10 Repayment of Loans; Evidence of Debt. (a) The Borrowers hereby
unconditionally promise to pay to the Administrative Agent, the Canadian Administrative Agent or
the European Administrative Agent, as applicable (i) for the account of each applicable Lender the
then unpaid principal amount of each Revolving Loan on the Maturity Date, (ii) for the account of
each applicable Facility B Lender, the then unpaid principal amount of any BA Drawing in accordance
with Section 2.21, and (iii) the then unpaid amount of each Protective Advance on the earlier of
the Maturity Date and demand by such Agent. For the avoidance of doubt, all payments of principal
contemplated in this Section 2.10(a) shall be made (i) to the Administrative Agent to the extent
such payment is made in connection with a Facility A Revolving Loan or Facility A Protective
Advance, (ii) to the European Administrative Agent to the extent such payment is made in connection
with (x) a Facility B Revolving Loan other than a Canadian Revolving Loan or (y) a Facility B
Protective Advance other than a Canadian Protective Advance, and (iii) to the Canadian
Administrative Agent to the extent such payment is

 

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made in connection with a Canadian Revolving Loan, a BA Drawing or a Canadian Protective
Advance.

(b) On each Business Day during any Full Cash Dominion Period, the Administrative Agent, the
Canadian Administrative Agent or the European Administrative Agent, as applicable, shall apply,
subject to Section 2.18(b), and in a manner consistent with the last sentence of Section 2.09(b),
all funds credited to any applicable Collection Account as of 10:00 a.m., Local Time, on such
Business Day (whether or not immediately available) and made available to it by the applicable
Collateral Agent first to prepay any Protective Advances that may be outstanding, pro rata,
second to prepay the Swingline Loans and third to prepay other Revolving Loans
(without a corresponding reduction in Commitments). Any such application of funds shall be made
(i) from Collection Accounts of the US Loan Parties first in respect of Obligations of the
Company, as directed by the Company (or, if on such date the applicable conditions precedent set
forth in Section 4.02 have not been satisfied, in respect of the Obligations of the Company under
each Facility ratably in accordance with the then outstanding amounts thereof) and second
in respect of Obligations of the European Borrower, the UK Borrower and the Canadian Borrower, as
directed by the Company (or, if on such date the applicable conditions precedent set forth in
Section 4.02 have not been satisfied, in respect of the Obligations of the European Borrower, the
UK Borrower and the Canadian Borrower, as directed by the Administrative Agent), in each case, in a
manner consistent with the first sentence of this clause (b), (ii) from Collection Accounts of the
Specified European Loan Parties or the Canadian Loan Parties, solely in respect of Obligations of
the European Borrower, the UK Borrower and the Canadian Borrower, respectively, as directed by the
Company (or, if on such date the applicable conditions precedent set forth in Section 4.02 have not
been satisfied, in respect of the Obligations of the European Borrower, the UK Borrower and the
Canadian Borrower, as directed by the Administrative Agent), in a manner consistent with the first
sentence of this clause (b), and (iii) from Collection Accounts of the UK Borrower, solely in
respect of the Obligations of the UK Borrower, as directed by the Administrative Agent.
Notwithstanding the foregoing, in the event that (x) the Administrative Agent, the Canadian
Administrative Agent or the European Administrative Agent, as applicable, receives amounts pursuant
to this Section 2.10(b) in any currency in which no Obligations are then outstanding, the
Administrative Agent, the Canadian Administrative Agent or the European Administrative Agent, as
applicable, may elect to either (A) solely to the extent the conditions set forth in Section 4.02
have been met, return such amounts to the applicable Loan Party upon such Loan’s Party request, (B)
convert such amounts to another currency and apply such converted amounts to outstanding
Obligations pursuant to this Section 2.10(b) or (C) retain such amounts for a reasonable period of
time pending any action taken pursuant to clauses (A) or (B) above or (y) on any Interim
Calculation Date, the European Administrative Agent receives amounts from Collection Accounts of
the Specified European Loan Parties pursuant to this Section 2.10(b) in excess of the Adjusted
Funding Amount, the European Administrative Agent may elect to either (A) retain such excess
amounts for a reasonable period of time to fund future requests for European Swingline Loans
pursuant to Section 2.05, (B) apply such excess amounts to the Obligations outstanding on such date
pursuant to this Section 2.10(b) or (C) solely to the extent the conditions set forth in Section
4.02 have been met, return such amounts to the applicable Loan Party upon such Loan Party’s
request.

 

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(c) Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of the Borrowers to such Lender resulting from each Loan made by such
Lender, including the amounts of principal and interest payable and paid to such Lender from time
to time hereunder.

(d) The Administrative Agent shall maintain accounts in which it shall record (i) the amount
of each Loan made hereunder, the Class and Type thereof and the Interest Period applicable thereto,
(ii) the amount of any principal or interest due and payable or to become due and payable from each
Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative
Agent, the Canadian Administrative Agent or the European Administrative Agent hereunder for the
account of the Lenders and each Lender’s share thereof.

(e) The entries made in the accounts maintained pursuant to paragraph (c) or (d) of this
Section shall be prima facie evidence of the existence and amounts of the obligations recorded
therein; provided that the failure of any Lender, the Administrative Agent, the Canadian
Administrative Agent or the European Administrative Agent to maintain such accounts or any error
therein shall not in any manner affect the obligation of the Borrowers to repay the Loans in
accordance with the terms of this Agreement.

(f) Any Lender may request that Loans made by it be evidenced by a promissory note. In such
event, the Borrowers shall prepare, execute and deliver to such Lender a promissory note payable to
the order of such Lender (or, if requested by such Lender, to such Lender and its registered
assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by
such promissory note and interest thereon shall at all times (including after assignment pursuant
to Section 9.04) be represented by one or more promissory notes in such form payable to the order
of the payee named therein (or, if such promissory note is a registered note, to such payee and its
registered assigns).

SECTION 2.11 Prepayment of Loans. (a) The Borrowers shall have the right at any time
and from time to time, and without premium or penalty, to prepay any Borrowing in whole or in part,
subject to prior notice in accordance with paragraph (d) of this Section, except that the Borrowers
shall not prepay any BA Drawings except on the last day of the Contract Period applicable thereto
(subject to any mandatory prepayment requirements hereunder).

(b) Except for Protective Advances permitted under Section 2.04, in the event and on such
occasion that the Borrowers are not in compliance with the Revolving Exposure Limitations, the
Borrowers shall promptly prepay (or, in the case of LC Exposure, cash collateralize) Revolving
Loans, LC Exposure and/or Swingline Loans in an aggregate amount necessary such that, on a pro
forma basis following such prepayments or cash collateralization, the Borrowers shall be in
compliance with the Revolving Exposure Limitations (it being understood that, in order to comply
with this clause (b), the Borrowers shall prepay all such Revolving Loans and Swingline Loans prior
to any cash collateralization of LC Exposure hereunder).

(c) In the event and on each occasion that any Net Proceeds are received by or on behalf of
the Company or any Subsidiary in respect of any transaction permitted pursuant to Section 6.05(g),
Section 6.05(l) or Section 6.05(q), the Borrowers shall, immediately after such

 

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Net Proceeds are received by the Company or any Subsidiary, prepay the Revolving Loans and
Swingline Loans in an aggregate amount equal to the lesser of (x) 100% of such Net Proceeds and (y)
the aggregate amount of Revolving Loans and Swingline Loans outstanding. However, notwithstanding
the foregoing, so long as no Event of Default shall have occurred and be continuing, if any
prepayment of Eurocurrency Loans would be required to be made under this Section 2.11(c) other than
on the last day of the Interest Period therefor, the Administrative Agent, at the direction of the
Borrower Representative, shall keep such funds in a non-interest bearing account and shall not
apply such funds to the prepayment of any such Eurocurrency Loan until the last day of such
Interest Period.

(d) The Borrower Representative shall notify the Administrative Agent, the Canadian
Administrative Agent and the European Administrative Agent, as applicable (and in the case of
prepayment of a Swingline Loan, the applicable Swingline Lender) by telephone (confirmed by
facsimile or, in the case of any notification to the Administrative Agent or the Canadian
Administrative Agent, .pdf transmission) of any prepayment hereunder (i) in the case of prepayment
of a Eurocurrency Borrowing of Revolving Loans, not later than 10:00 a.m., Local Time, two Business
Days before the date of prepayment, or (ii) in the case of prepayment of an ABR Borrowing of
Revolving Loans, a Canadian Prime Rate Borrowing of Revolving Loans or an Overnight LIBO Borrowing
of Revolving Loans, not later than 10:00 a.m., Local Time, on the date of prepayment. Each such
notice shall be irrevocable and shall specify the prepayment date and the principal amount of each
Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is
given in connection with a conditional notice of termination of the Commitments as contemplated by
Section 2.09, then such notice of prepayment may be revoked if such notice of termination is
revoked in accordance with Section 2.09. Promptly following receipt of any such notice relating to
a Borrowing of Revolving Loans, the applicable Agent shall advise the Lenders of the contents
thereof. Each partial prepayment of any Borrowing of Revolving Loans shall be in an amount that
would be permitted in the case of an advance of a Borrowing of Revolving Loans of the same Type as
provided in Section 2.02. Each prepayment of a Borrowing of Revolving Loans shall be applied
ratably to the Revolving Loans included in the prepaid Borrowing. Prepayments shall be accompanied
by accrued but unpaid interest to the extent required by Section 2.13.

(e) For the avoidance of doubt, all payments of principal, interest or fees made pursuant to
this Section 2.11 shall be made (i) to the Administrative Agent to the extent such payment or
deposit is made in connection with a Facility A Loan or Facility A Letter of Credit, (ii) to the
European Administrative Agent to the extent such payment is made in connection with (x) a Facility
B Letter of Credit other than a Canadian Letter of Credit or (y) a Facility B Loan other than a
Canadian Loan, and (iii) to the Canadian Administrative Agent to the extent such payment is made in
connection with a Canadian Letter of Credit or a Canadian Loan.

(f) In the event and on each occasion that any Net Proceeds are received by or on behalf of
the Company or any Subsidiary in respect of any Indebtedness referred to in Section 6.02(p), the
Borrowers shall, immediately after such Net Proceeds are received by the Company or any Subsidiary,
prepay the Revolving Loans and Swingline Loans in an aggregate amount equal to the lesser of (x)
100% of such Net Proceeds and (y) the aggregate amount of Revolving Loans and Swingline Loans
outstanding. However, notwithstanding the foregoing, so long as no

 

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Event of Default shall have occurred and be continuing, if any prepayment of Eurocurrency
Loans would be required to be made under this Section 2.11(f) other than on the last day of the
Interest Period therefor, the Administrative Agent, at the direction of the Borrower
Representative, shall keep such funds in a non-interest bearing account and shall not apply such
funds to the prepayment of any such Eurocurrency Loan until the last day of such Interest Period.

(g) For the avoidance of doubt, no mandatory prepayment hereunder shall cause a permanent
reduction in the Commitments.

SECTION 2.12 Fees. (a) The Company agrees to pay to the Administrative Agent for the
account of each Lender a commitment fee, which shall accrue at the Applicable Commitment Fee Rate
on the average daily amount of the Available Commitment of such Lender under Facility A and
Facility B during the period from and including the Effective Date to but excluding the date on
which the Lenders’ Commitments terminate. Accrued commitment fees shall be payable in arrears on
the first Business Day of each calendar quarter and on the date on which the Commitments terminate,
commencing on the first such date to occur after the Effective Date. All commitment fees shall be
computed on the basis of a year of 360 days and shall be payable for the actual number of days
elapsed. Notwithstanding anything to the contrary contained herein, all commitment fees shall be
paid by the Company to the Administrative Agent.

(b) The Borrowers agree to pay (i) to the Administrative Agent for the account of each
Facility A Lender a participation fee with respect to its participations in Facility A Letters of
Credit, (ii) to the European Administrative Agent for the account of each Facility B Lender a
participation fee with respect to its participations in Facility B Letters of Credit other than
Canadian Letters of Credit, (iii) to the Canadian Administrative Agent for the account of each
Facility B Lender a participation fee with respect to its participations in Canadian Letters of
Credit, which, in each case, shall accrue at the same Applicable Spread used to determine the
interest rate applicable to Eurocurrency Revolving Loans (or, in the case of documentary Letters of
Credit, 50% of such Applicable Spread) on the average daily amount of such Lender’s applicable LC
Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the
period from and including the Effective Date to but excluding the later of the date on which such
Lender’s Commitment terminates and the date on which such Lender ceases to have any such LC
Exposure, and (iv) to the applicable Issuing Bank a fronting fee, which shall accrue at a rate per
annum to be agreed with each Issuing Bank on the average daily amount of the LC Exposure (excluding
any portion thereof attributable to unreimbursed LC Disbursements) relating to Letters of Credit
issued by such Issuing Bank during the period from and including the Effective Date to but
excluding the later of the date of termination of the Commitments and the date on which there
ceases to be any LC Exposure, as well as such Issuing Bank’s standard fees with respect to the
issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings
thereunder. Participation fees and fronting fees accrued through and including the first day of
each calendar quarter shall be payable on the first Business Day of each calendar quarter and on
the date on which the Commitments terminate, commencing on the first such date to occur after the
date hereof; provided that all such fees shall be payable on the date on which the
Commitments terminate and any such fees accruing after the date on which the Commitments terminate
shall be payable on demand. Any other fees payable to an

 

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Issuing Bank pursuant to this paragraph shall be payable within 10 days after demand. All
participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall
be payable for the actual number of days elapsed.

(c) The Borrowers agree to pay to the Administrative Agent, for its own account, fees payable
in the amounts and at the times separately agreed upon between the Borrowers and the Administrative
Agent.

(d) All fees payable hereunder shall be paid on the dates due, in immediately available
dollars, to the Administrative Agent, European Administrative Agent or Canadian Administrative
Agent, as applicable, (or to the applicable Issuing Bank, in the case of fees payable to an Issuing
Bank) for distribution, in the case of commitment fees and participation fees, to the applicable
Lenders, ratably. Fees paid shall not be refundable under any circumstances.

SECTION 2.13 Interest. (a) The Loans comprising each ABR Borrowing (including each
Facility A Loan) shall bear interest at the Alternate Base Rate plus the Applicable Spread.

(b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO
Rate for the Interest Period in effect for such Borrowing plus the Applicable Spread.

(c) The Loans comprising each Overnight LIBO Borrowing (including each Facility B Swingline
Loan other than any Canadian Swingline Loan and each Facility B Protective Advance other than any
Canadian Protective Advance) shall bear interest at the Overnight LIBO Rate plus the Applicable
Spread.

(d) The Loans comprising each Canadian Prime Rate Borrowing shall bear interest at the
Canadian Prime Rate plus the Applicable Spread.

(e) Notwithstanding the foregoing, during the occurrence and continuance of an Event of
Default, the Administrative Agent or the Required Lenders may, at their option, by notice to the
Borrower Representative (which notice may be revoked at the option of the Required Lenders
notwithstanding any provision of Section 9.02 requiring the consent of “each Lender directly
affected thereby” for reductions in interest rates), declare that (i) all Loans and participation
fees on account of Letters of Credit shall bear interest at 2% plus the rate otherwise applicable
to such Loans or participation fees, as applicable, as provided in the preceding paragraphs of this
Section or (ii) in the case of any other amount outstanding hereunder, (x) if such amount is
denominated in dollars, such amount shall accrue at 2% plus the rate applicable to ABR Loans as
provided in paragraph (a) of this Section, (y) if such amount is denominated in Euros, Sterling or
Yen, such amount shall accrue at 2% plus the rate applicable to Overnight LIBO Rate Loans as
provided in paragraph (c) of this Section and (z) if such amount is denominated in Canadian
Dollars, such amount shall accrue at 2% plus the rate applicable to Canadian Prime Rate Loans as
provided in paragraph (d) of this Section.

(f) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date
for such Loan and upon termination of the Commitments; provided that (i) interest accrued
pursuant to paragraph (e) of this Section shall be payable on demand, (ii) in the event of

 

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any repayment or prepayment of any Loan (other than a prepayment of an ABR Loan or Canadian
Prime Rate Loan prior to the end of the Availability Period), accrued interest on the principal
amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in
the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest
Period therefor, accrued interest on such Loan shall be payable on the effective date of such
conversion. Accrued interest shall be payable (i) to the Administrative Agent for the account of
each Facility A Lender, ratably, with respect to interest on any Facility A Revolving Loan or
Facility A Swingline Loan, (ii) to the Administrative Agent with respect to interest on any
Facility A Protective Advance, (iii) to the European Administrative Agent for the account of each
Facility B Lender, ratably, with respect to interest on any Facility B Revolving Loan other than
any Canadian Revolving Loan or any Facility B Swingline Loan other than any Canadian Swingline
Loan, (iv) to the European Administrative Agent with respect to interest on any European Protective
Advance, any UK Protective Advance or any Facility B US Protective Advance, (v) to the Canadian
Administrative Agent for the account of each Facility B Lender, ratably, with respect to interest
on a Canadian Revolving Loan or a Canadian Swingline Loan, and (vi) to the Canadian Administrative
Agent with respect to interest on any Canadian Protective Advance.

(g) All interest hereunder shall be computed on the basis of a year of 360 days, except that
(i) interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate
is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a
leap year), and shall be payable for the actual number of days elapsed, (ii) interest computed on
Loans and Letters of Credit denominated in Sterling shall be computed on the basis of a year of 365
days, and shall be payable for the actual number of days elapsed and (iii) interest and fees
computed on Loans and Letters of Credit denominated in Canadian Dollars shall be computed on the
basis of a year of 365 days (or 366 days in a leap year). The applicable Alternate Base Rate,
Canadian Prime Rate, Discount Rate, Adjusted LIBO Rate or Overnight LIBO Rate shall be determined
by the Administrative Agent, the Canadian Administrative Agent or the European Administrative
Agent, as applicable, and such determination shall be conclusive absent manifest error.

(h) For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of
interest or fees to which the rates of interest or fees provided in this Agreement and the other
Loan Documents (and stated herein or therein, as applicable, to be computed on the basis of 360
days or any other period of time less than a calendar year) are equivalent are the rates so
determined multiplied by the actual number of days in the applicable calendar year and
divided by 360 or such other period of time, respectively.

(i) All interest hereunder shall be paid in the currency in which the Loan giving rise to such
interest is denominated.

SECTION 2.14 Alternate Rate of Interest. (a) If prior to the commencement of any
Interest Period for a Eurocurrency Borrowing:

(A) the Administrative Agent determines (which determination shall be
conclusive absent manifest error) that adequate and reasonable

 

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means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO
Rate, as applicable, for such Interest Period; or

(B) the Administrative Agent is advised by the Required Lenders that
the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest
Period will not adequately and fairly reflect the cost to such Lenders of
making or maintaining their Loans included in such Borrowing for such
Interest Period;

then the Administrative Agent shall give notice thereof to the Borrower Representative and the
Lenders by telephone, facsimile or .pdf transmission as promptly as practicable thereafter and,
until the Administrative Agent notifies the Borrower Representative and the Lenders that the
circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that
requests the conversion of any Borrowing of Revolving Loans to, or continuation of any Borrowing of
Revolving Loans as, a Eurocurrency Borrowing shall be ineffective, and any such request for a
continuation of a Eurocurrency Borrowing of Facility A Revolving Loans or Canadian Revolving Loans
denominated in dollars shall be deemed to be a request to convert such Borrowing to an ABR
Borrowing, (ii) if any Borrowing Request requests a Eurocurrency Borrowing of Facility A Revolving
Loans or Canadian Revolving Loans denominated in dollars, such Borrowing shall be made as an ABR
Borrowing and (iii) if any Borrowing Request requests (or any Interest Rate Election requests a
conversion to or continuation of) a Eurocurrency Borrowing of Facility B Revolving Loans other than
Canadian Revolving Loans denominated in dollars, such Borrowing shall be made as an Alternate Rate
Borrowing (and any request set forth in such Interest Rate Election shall be deemed to be a request
to convert such Borrowing to an Alternate Rate Borrowing).

(b) If at any time:

(A) the Administrative Agent determines (which determination shall be
conclusive absent manifest error) that adequate and reasonable means do not
exist for ascertaining the Overnight LIBO Rate; or

(B) the Administrative Agent is advised by the Required Lenders that
the Overnight LIBO Rate will not adequately and fairly reflect the cost to
such Lenders of making or maintaining their Loans included in any Overnight
LIBO Borrowing;

then the Administrative Agent shall give notice thereof to the Borrower Representative and the
Lenders by telephone, facsimile or .pdf transmission as promptly as practicable thereafter and,
until the Administrative Agent notifies the Borrower Representative and the Lenders that the
circumstances giving rise to such notice no longer exist, any Overnight LIBO Borrowing shall be
made as an Alternate Rate Borrowing.

SECTION 2.15 Increased Costs. (a) If any Change in Law shall:

(A) subject any Lender or any Issuing Bank to any (or any increase in
any) Other Connection Taxes with respect to this Agreement or any other Loan
Document, any Letter of Credit, or any participation in a

 

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Letter of Credit or any Loan made or Letter of Credit issued by it,
except any such Taxes imposed on or measured by its net income or profits
(however denominated), capital taxes imposed by a Canadian Governmental
Authority or franchise taxes imposed in lieu of net income, profits or
Canadian capital taxes and except to the extent the Loan Parties have paid
additional amounts to such Lender or Issuing Bank with respect to such Taxes
pursuant to Section 2.17;

(B) impose, modify or deem applicable any reserve, special deposit or
similar requirement against assets of, deposits with or for the account of,
or credit extended by, any Lender (except any such reserve requirement
reflected in the Adjusted LIBO Rate or Overnight LIBO Rate) or any Issuing
Bank; or

(C) impose on any Lender or any Issuing Bank or the London interbank
market any other condition affecting this Agreement or Eurocurrency Loans,
Overnight LIBO Loans, Bankers’ Acceptances or BA Equivalent Loans made by
such Lender or any Letter of Credit or participation therein;

and the result of any of the foregoing shall be to increase the cost to such Lender of making or
maintaining any Eurocurrency Loan or Overnight LIBO Loan (or of maintaining its obligation to make
any such Loan) or to increase the cost to such Lender or such Issuing Bank of participating in,
issuing or maintaining any Letter of Credit, Swingline Loan or Protective Advance, or of purchasing
or accepting Bankers’ Acceptances or making or maintaining BA Equivalent Loans or to reduce the
amount of any sum received or receivable by such Lender or such Issuing Bank hereunder (whether of
principal, interest or otherwise), then the Borrowers will pay to such Lender or such Issuing Bank,
as the case may be, such additional amount or amounts as will compensate such Lender or such
Issuing Bank, as the case may be, for such additional costs incurred or reduction suffered.

(b) If any Lender or any Issuing Bank determines that any Change in Law regarding capital
requirements has or would have the effect of reducing the rate of return on such Lender’s or such
Issuing Bank’s capital or on the capital of such Lender’s or such Issuing Bank’s holding company,
if any, as a consequence of this Agreement or the Loans made by, or participations in Letters of
Credit, Swingline Loans or Protective Advances held by, such Lender, or the Letters of Credit
issued by such Issuing Bank, to a level below that which such Lender or such Issuing Bank or such
Lender’s or such Issuing Bank’s holding company could have achieved but for such Change in Law
(taking into consideration such Lender’s or such Issuing Bank’s policies and the policies of such
Lender’s or such Issuing Bank’s holding company with respect to capital adequacy), then from time
to time the Borrowers will pay to such Lender or such Issuing Bank, as the case may be, such
additional amount or amounts as will compensate such Lender or such Issuing Bank or such Lender’s
or such Issuing Bank’s holding company for any such reduction suffered.

(c) A certificate of a Lender or any Issuing Bank setting forth the amount or amounts
necessary to compensate such Lender or such Issuing Bank or its holding company, as

 

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the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to
the Borrower Representative and shall be conclusive absent manifest error. The Borrowers shall pay
such Lender or such Issuing Bank, as the case may be, the amount shown as due on any such
certificate within 10 days after receipt thereof.

(d) Failure or delay on the part of any Lender or any Issuing Bank to demand compensation
pursuant to this Section shall not constitute a waiver of such Lender’s or such Issuing Bank’s
right to demand such compensation; provided that the Borrowers shall not be required to
compensate a Lender or an Issuing Bank pursuant to this Section for any increased costs or
reductions incurred more than 270 days prior to the date that such Lender or such Issuing Bank, as
the case may be, notifies the Borrower Representative of the Change in Law giving rise to such
increased costs or reductions and of such Lender’s or such Issuing Bank’s intention to claim
compensation therefor; provided further that, if the Change in Law giving rise to
such increased costs or reductions is retroactive, then the 270-day period referred to above shall
be extended to include the period of retroactive effect thereof.

SECTION 2.16 Break Funding Payments. In the event of (a) the payment of any principal
of any Eurocurrency Loan other than on the last day of an Interest Period applicable thereto
(including as a result of an Event of Default), (b) the conversion of any Eurocurrency Loan other
than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert,
continue or prepay any Eurocurrency Loan on the date specified in any notice delivered pursuant
hereto (regardless of whether such notice may be revoked under Section 2.09(d) and is revoked in
accordance therewith), or (d) the assignment of any Eurocurrency Loan other than on the last day of
the Interest Period applicable thereto as a result of a request by the Borrower Representative
pursuant to Section 2.19, then, in any such event, the Borrowers shall compensate each Lender for
the loss, cost and expense attributable to such event. In the case of a Eurocurrency Loan, such
loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender
to be the excess, if any, of (i) the amount of interest which would have accrued on the principal
amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been
applicable to such Loan, for the period from the date of such event to the last day of the then
current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for
the period that would have been the Interest Period for such Loan), over (ii) the amount of
interest which would accrue on such principal amount for such period at the interest rate which
such Lender would bid were it to bid, at the commencement of such period, for dollar deposits of a
comparable amount and period from other banks in the eurocurrency market. A certificate of any
Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this
Section shall be delivered to the Borrower Representative and shall be conclusive absent manifest
error. The Borrowers shall pay such Lender the amount shown as due on any such certificate within
10 days after receipt thereof.

SECTION 2.17 Taxes. (a) Any and all payments by or on account of any obligation of
any Loan Party hereunder or under any other Loan Document shall be made free and clear of and
without reduction or withholding for any Taxes; provided that if any applicable law (as
determined in the good faith discretion of an applicable Withholding Agent (as defined below))
requires the deduction or withholding of any Taxes from any such payment (including, for the
avoidance of doubt, any such deduction or withholding required to be made by the applicable Loan
Party, the Administrative Agent, the European Administrative Agent, the Canadian

 

105

 

Administrative Agent, any Collateral Agent or, in the case of any Lender that is treated as a
partnership for U.S. federal income tax purposes, by such Lender for the account of any of its
direct or indirect beneficial owners), the applicable Loan Party, the Administrative Agent, the
European Administrative Agent, the Canadian Administrative Agent, the applicable Collateral Agent,
the Lender or the applicable direct or indirect beneficial owner of a Lender that is treated as a
partnership for U.S. federal income tax purposes (any such person a “Withholding Agent”)
shall make such deductions and timely pay the full amount deducted to the relevant Governmental
Authority in accordance with applicable law and, if such Tax is an Indemnified Tax or Other Tax,
then the sum payable by the applicable Loan Party shall be increased as necessary so that after
making all required deductions (including deductions applicable to additional sums payable under
this Section) the Administrative Agent, the European Administrative Agent, the Canadian
Administrative Agent, each Collateral Agent, each Lender, any Issuing Bank or, in the case of any
Lender that is treated as a partnership or a disregarded entity for U.S. federal income tax
purposes, its direct or indirect beneficial owner, as the case may be, receives an amount equal to
the sum it would have received had no such deductions been made.

(b) The Loan Parties shall timely pay any Other Taxes to the relevant Governmental Authority
in accordance with applicable law. This paragraph (b) shall not apply to the extent that the Other
Taxes are compensated for by an increased payment under Section 2.17(a).

(c) The Loan Parties shall jointly and severally indemnify the Administrative Agent, the
European Administrative Agent, the Canadian Administrative Agent, each Collateral Agent, each
Lender and each Issuing Bank, within 10 days after demand therefor, for the full amount of any
Indemnified Taxes or Other Taxes paid or payable by the Administrative Agent, the European
Administrative Agent, the Canadian Administrative Agent, such Collateral Agent, such Lender (or its
beneficial owner) or such Issuing Bank in connection with the Loans or any amounts payable
hereunder or under any other Loan Documents or otherwise with respect to any Loan Document, as the
case may be (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to
amounts payable under this Section) and any reasonable expenses arising therefrom or with respect
thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or
liability delivered to the Borrower Representative by the Administrative Agent, the European
Administrative Agent, the Canadian Administrative Agent, a Collateral Agent, a Lender or an Issuing
Bank (with a copy to the Administrative Agent), as applicable, shall be conclusive absent manifest
error. This paragraph (c) shall not apply to the extent that the Indemnified Taxes or Other Taxes
are compensated for by an increased payment under Section 2.17(a) or a payment or reimbursement
under Section 2.17(b).

(d) Each Lender shall indemnify the Administrative Agent, the European Administrative Agent,
the Canadian Administrative Agent or any Collateral Agent, as applicable, within 10 days after
demand therefor, for the full amount of any Excluded Taxes attributable to such Lender that are
payable or paid by the Administrative Agent, the European Administrative Agent, the Canadian
Administrative Agent or any Collateral Agent, and reasonable expenses arising therefrom or with
respect thereto, whether or not such Excluded Taxes were correctly or legally imposed or asserted
by the relevant Governmental Authority. A certificate as to the

 

106

 

amount of such payment or liability delivered to any Lender by the Administrative Agent shall
be conclusive absent manifest error.

(e) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by a Loan
Party to a Governmental Authority, the Borrower Representative shall deliver to the Administrative
Agent the original or a certified copy of a receipt issued by such Governmental Authority
evidencing such payment, a copy of the return reporting such payment or other evidence of such
payment reasonably satisfactory to the Administrative Agent.

(f) Each US Fee Receiver hereby represents that it is a Permitted Fee Receiver and agrees, to
the extent legally entitled to do so, to update Internal Revenue Service Form W-9 (or its successor
form) or applicable Internal Revenue Service Form W-8 (or its successor form) upon any change in
such Person’s circumstances or if such form expires or becomes inaccurate or obsolete, and to
promptly notify the Borrower Representative and the Administrative Agent if such Person becomes
legally ineligible to provide such form. In the case of a Lender that is a domestic partnership or
disregarded entity for U.S. federal income tax purposes, this requirement shall also apply to its
beneficial owners. As of the Effective Date, no Loan Parties will withhold on any fees paid under
this Agreement.

(g) Any Foreign Lender that is entitled to an exemption from or reduction of any applicable
withholding tax with respect to payments hereunder or under any other Loan Document shall deliver
to the Borrower Representative (with a copy to the Administrative Agent), at the time or times
reasonably requested by the Borrower Representative or the Administrative Agent, such properly
completed and executed documentation prescribed by applicable law as will permit such payments to
be made without withholding or at a reduced rate of withholding of Tax. In addition, any Lender,
if requested by the Borrower Representative, the Administrative Agent or the European
Administrative Agent, the Canadian Administrative Agent or any Collateral Agent, shall deliver such
other documentation prescribed by applicable law or reasonably requested by the Borrower
Representative or the Administrative Agent as will enable the Borrower Representative, the
Administrative Agent, the European Administrative Agent, the Canadian Administrative Agent or any
Collateral Agent to determine whether or not such Lender is subject to backup withholding or
information reporting requirements. Notwithstanding anything to the contrary in the preceding two
sentences, the completion, execution and submission of such forms shall not be required if the
Foreign Lender is not legally entitled to do so. Without limiting the generality of the foregoing,
in the case of the Company or any other US Loan Party, any Foreign Lender to the Company or any
other US Loan Party shall, to the extent it is legally entitled to do so, deliver to the Borrower
Representative and the Administrative Agent (in such number of copies as shall be requested by the
recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this
Agreement (and from time to time thereafter upon the request of the Borrower Representative or the
Administrative Agent), whichever of the following is applicable:

(i) duly completed copies of Internal Revenue Service Form W-8BEN claiming
eligibility for benefits of an income tax treaty to which the United States of
America is a party,

(ii) duly completed copies of Internal Revenue Service Form W-8ECI,

 

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(iii) in the case of a Foreign Lender claiming the benefits of the exemption
for portfolio interest under section 881(c) of the Code, (x) a certificate
substantially in the form of Exhibit E to the effect that such Foreign
Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code,
(B) a “10 percent shareholder” of the Company within the meaning of section
881(c)(3)(B) of the Code, (C) a “controlled foreign corporation” described in
section 881(c)(3)(C) of the Code and (D) the interest payment in question is not
effectively connected with the United States trade or business conducted by such
Lender (a “U.S. Tax Compliance Certificate”) and (y) duly completed copies
of Internal Revenue Service Form W-8BEN,

(iv) to the extent a Foreign Lender is not the beneficial owner (for example,
where the Foreign Lender is a partnership or participating Lender granting a typical
participation), an Internal Revenue Service Form W-8IMY, accompanied by a Form
W-8ECI, W-8BEN, U.S. Tax Compliance Certificate, Form W-9, and/or other
certification documents from each beneficial owner, as applicable; provided
that, if the Foreign Lender is a partnership (and not a participating Lender) and
one or more beneficial owners of such Foreign Lender are claiming the portfolio
interest exemption, such Foreign Lender may provide a U.S. Tax Compliance
Certificate on behalf of each such beneficial owner, or

(v) any other form prescribed by applicable law as a basis for claiming
exemption from or a reduction in United States federal withholding tax duly
completed together with such supplementary documentation as may be prescribed by
applicable law to permit the Borrower Representative to determine the withholding or
deduction required to be made.

In addition, if a payment made to a Lender under any Loan Document would be subject to U.S. Federal
withholding Tax imposed by FATCA if such Lender fails to comply with the applicable reporting
requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as
applicable), such Lender shall deliver to the Withholding Agent (A) a certification signed by the
chief financial officer, principal accounting officer, treasurer or controller and (B) other
documentation reasonably requested by the Withholding Agent sufficient for the Withholding Agent to
comply with its obligations under FATCA and to determine that such Lender has complied with such
applicable reporting requirements.

Each Lender agrees that if any form or certification previously delivered by it expires or becomes
obsolete or inaccurate in any respect, it shall update such form or certification or promptly
notify the Borrower Representative and the Administrative Agent in writing of its legal inability
to do so.

(h) If the Administrative Agent, the European Administrative Agent, the Canadian
Administrative Agent, any Collateral Agent, any Lender or any Issuing Bank determines, in its sole
discretion, that it has received a refund of any Indemnified Taxes or Other Taxes as to which it
has been indemnified pursuant to this Section 2.17 (including additional amounts paid by any Loan
Party pursuant to this Section), it shall pay to the indemnifying party an amount equal to such
refund (but only to the extent of indemnity payments made under this

 

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Section with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net
of all out-of-pocket expenses (including any Taxes) of the Administrative Agent, the European
Administrative Agent, the Canadian Administrative Agent, such Collateral Agent, such Lender or such
Issuing Bank, as the case may be, and without interest (other than any interest paid by the
relevant Governmental Authority with respect to such refund); provided that such
indemnifying party, upon the request of the Administrative Agent, the European Administrative
Agent, the Canadian Administrative Agent, such Collateral Agent, such Lender or such Issuing Bank,
agrees to repay the amount paid over pursuant to this Section 2.17(h) (plus any penalties,
interest or other charges imposed by the relevant Governmental Authority) to the Administrative
Agent, the European Administrative Agent, the Canadian Administrative Agent, such Collateral Agent,
such Lender or such Issuing Bank in the event the Administrative Agent, the European Administrative
Agent, the Canadian Administrative Agent, such Collateral Agent, such Lender or such Issuing Bank
is required to repay such refund to such Governmental Authority. Notwithstanding anything to the
contrary in this paragraph (h), in no event will any Issuing Bank or Lender be required to pay any
amount to any Loan Party the payment of which would place the Issuing Bank or such Lender in a less
favorable net after-Tax position than the Issuing Bank or such Lender would have been in if the
indemnification payments or additional amounts giving rise to such refund had never been paid.
This paragraph shall not be construed to require the Administrative Agent, the European
Administrative Agent, the Canadian Administrative Agent, any Collateral Agent, any Lender or any
Issuing Bank to make available its Tax returns (or any other information relating to its Taxes
which it deems confidential) to the Borrowers or any other Person nor shall it be construed to
require the Administrative Agent, the European Administrative Agent, the Canadian Administrative
Agent, any Collateral Agent, any Lender or any Issuing Bank, as the case may be, to apply for or
otherwise initiate any refund contemplated in this Section 2.17.

(i) All amounts set out, or expressed to be payable under any Loan Document by any party to
the Administrative Agent, the European Administrative Agent, the Canadian Administrative Agent, any
Collateral Agent, any Lender or any Issuing Bank which (in whole or in part) constitute the
consideration for a supply for VAT purposes shall be deemed to be exclusive of any VAT which is
chargeable in connection therewith. If, in connection with this Agreement, VAT is chargeable to,
or in respect of any payment made by any Loan Party to, the Administrative Agent, the European
Administrative Agent, the Canadian Administrative Agent, any Collateral Agent, any Lender or any
Issuing Bank, such Loan Party shall promptly pay to the Administrative Agent, the European
Administrative Agent, the Canadian Administrative Agent, such Collateral Agent, such Lender or such
Issuing Bank, as the case may be, an amount equal to the amount of such VAT (and the Administrative
Agent, the European Administrative Agent, the Canadian Administrative Agent, such Collateral Agent,
such Lender or such Issuing Bank, as the case may be, shall promptly provide an appropriate VAT
invoice to such party).

(j) For the avoidance of doubt and without duplication, where any party is required under any
Loan Document to reimburse the Administrative Agent, the European Administrative Agent, the
Canadian Administrative Agent, any Collateral Agent, any Lender or any Issuing Bank, as the case
may be, for any costs or expenses, that party shall also at the same time pay and indemnify each
such Administrative Agent, European Administrative Agent, the Canadian Administrative Agent,
Collateral Agent, any Lender or any Issuing Bank, as the case may be, against all VAT and any stamp
duty, registration or other similar tax payables, in each

 

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case incurred in connection with the entry into, performance or enforcement of any Loan
Document.

(k) The agreements in this Section shall survive the termination of this Agreement and the
payment of the Loans and all other amounts payable hereunder.

SECTION 2.18 Payments Generally; Allocation of Proceeds; Sharing of Set-offs. (a) The
Borrowers shall make each payment required to be made by them hereunder (whether of principal,
interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.15, 2.16
or 2.17, or otherwise) prior to 2:00 p.m., Local Time, on the date when due, in immediately
available funds, without set-off or counterclaim. Except as otherwise expressly set forth herein,
all payments of Loans shall be paid in the currency in which such Loans were made and shall be made
for the account of the relevant Lenders pro rata in accordance with the respective unpaid principal
amounts of the Loans made to the applicable Borrower held by them. Any amounts received after such
time on any date may, in the discretion of the Administrative Agent, the European Administrative
Agent or the Canadian Administrative Agent, as applicable, be deemed to have been received on the
next succeeding Business Day for purposes of calculating interest thereon. All such payments shall
be made to (i) with respect to payments of Facility A Loans, LC Disbursements of any Issuing Bank
in respect of Facility A Letters of Credit, fronting fees payable to any Issuing Bank in respect of
Facility A Letters of Credit, fees payable pursuant to Section 2.12(a), participation fees in
respect of Facility A Letters of Credit payable pursuant to Section 2.12(b), and fees payable
pursuant to Section 2.12(c), the Administrative Agent at its offices at 10 South Dearborn,
22nd Floor, Chicago, Illinois 60603 USA, (ii) with respect to payments of Canadian
Loans, LC Disbursements of any Issuing Bank in respect of Canadian Letters of Credit, fronting fees
payable to any Issuing Bank in respect of Canadian Letters of Credit, the Canadian Administrative
Agent at its offices at 200 Bay Street, Royal Bank Plaza, Floor 18, Toronto M57 2J2 Canada and
(iii) for payments of Facility B Loans other than Canadian Loans, LC Disbursements of any Issuing
Bank in respect of Facility B Letters of Credit other than Canadian Letters of Credit, fronting
fees payable to any Issuing Bank in respect of Facility B Letters of Credit other than Canadian
Letters of Credit, the European Administrative Agent at its offices at 125 London Wall, London EC2Y
5AJ, United Kingdom, except payments to be made directly to an Issuing Bank or a Swingline Lender
as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and
9.03 shall be made directly to the Persons entitled thereto. Each of the Administrative Agent, the
European Administrative Agent and the Canadian Administrative Agent shall distribute any such
payments received by it for the account of any other Person to the appropriate recipient, in like
funds, promptly following receipt thereof. If any payment hereunder shall be due on a day that is
not a Business Day, the date for payment shall be extended to the next succeeding Business Day,
and, in the case of any payment accruing interest, interest thereon shall be payable for the period
of such extension. All payments hereunder shall be made in dollars, except that all payments in
respect of Loans (and interest thereon) and LC Exposures shall be made in the same currency in
which such Loan was made or Letter of Credit issued. During any Full Cash Dominion Period, solely
for purposes of determining the amount of Loans available for borrowing purposes, checks (in
addition to immediately available funds applied pursuant to Section 2.10(b)) from collections of
items of payment and proceeds of any Collateral shall be applied in whole or in part against the
applicable Obligations as of 10:00 a.m., Local Time, on the Business Day of receipt, subject to
actual collection.

 

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(b) Any proceeds of Collateral of any Loan Party received by the Administrative Agent or any
Collateral Agent (i) after an Event of Default has occurred and is continuing and the
Administrative Agent so elects or the Required Lenders so direct or (ii) at any other time, not
constituting (A) a specific payment of principal, interest, fees or other sum payable under the
Loan Documents (which shall be applied as specified by the Borrowers), (B) a mandatory prepayment
(which shall be applied in accordance with Section 2.11) or (C) amounts to be applied from the
Collection Account (which shall be applied in accordance with Section 2.10(b)), shall be applied,
subject to the Intercreditor Agreement, ratably first, to pay any fees, indemnities, or
expense reimbursements including amounts then due to the Administrative Agent, the European
Administrative Agent, the Canadian Administrative Agent, any Collateral Agent and any Issuing Bank
from, or guaranteed by, such Loan Party under the Loan Documents (other than in connection with
Banking Services Obligations, Acceptance Obligations, Swap Obligations or Synthetic Lease
Obligations), second, to pay any fees or expense reimbursements then due to the Lenders
from, or guaranteed by, such Loan Party under the Loan Documents (other than in connection with
Banking Services, Acceptance Obligations, Swap Obligations or Synthetic Lease Obligations),
third, to pay interest due in respect of the Protective Advances owing by or guaranteed by
such Loan Party, ratably, fourth, to pay the principal of the Protective Advances owing by
or guaranteed by such Loan Party, ratably, fifth, to pay interest then due and payable on
the Loans (other than the Protective Advances) and unreimbursed LC Disbursements, in each case
owing or guaranteed by such Loan Party, ratably, sixth, to prepay principal on the Loans
(other than the Protective Advances) and unreimbursed LC Disbursements owing or guaranteed by such
Loan Party, ratably, seventh, to pay an amount to the US Collateral Agent equal to 103% of
the aggregate undrawn face amount of all outstanding Letters of Credit issued on behalf of, or
guaranteed by, such Loan Party, to be held as cash collateral for such Obligations, eighth,
to the payment of any amounts owing with respect to Reported Banking Services Obligations, Reported
Acceptance Obligations and Reported Secured Swap Obligations owing or guaranteed by such Loan
Party, ratably, ninth, to the payment of any amounts owing with respect to Banking Services
Obligations (other than Reported Banking Services Obligations), Acceptance Obligations (other than
Reported Acceptance Obligations) and Secured Swap Obligations (other than Reported Secured Swap
Obligations) owing or guaranteed by such Loan Party, ratably, tenth, to the payment of any
other Secured Obligations (other than Synthetic Lease Obligations) due to the Administrative Agent,
the European Administrative Agent, the Canadian Administrative Agent, any Collateral Agent or any
Lender by, or guaranteed by, such Loan Party, ratably, and eleventh, any balance remaining
after the Secured Obligations shall have been paid in full and no Letters of Credit shall be
outstanding (other than Letters of Credit which have been cash collateralized in accordance with
the foregoing) shall be paid over to the applicable Loan Party at its Funding Account.
Notwithstanding anything to the contrary contained in this Agreement, unless so directed by the
Borrower Representative, or unless a Default is in existence, none of the Administrative Agent, the
European Administrative Agent, the Canadian Administrative Agent, the Collateral Agents nor any
Lender shall apply any payment which it receives from Collateral Proceeds to any Eurocurrency Loan
of a Class, except (a) on the expiration date of the Interest Period applicable to any such
Eurocurrency Loan or (b) in the event, and only to the extent, that there are no outstanding ABR
Loans, Overnight LIBO Loans or Canadian Prime Rate Loans of the same Class and, in any such event,
the Borrowers shall pay the break funding payment required in accordance with Section 2.16. Each
of the Administrative Agent, the European Administrative Agent, the Canadian Administrative Agent

 

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and the Lenders shall have the continuing and exclusive right to apply and reverse and reapply
any and all such proceeds and payments to any portion of the Secured Obligations to maximize
realization of the Collateral (it being understood that, notwithstanding the foregoing, in no event
shall payments be made pursuant to levels “eighth”, “ninth” or “tenth”
above prior to the payment in full of all obligations described in levels “first” through
“seventh” above). Notwithstanding the foregoing, any such application of proceeds from
Collateral of the European Loan Parties and the Canadian Loan Parties shall be made solely in
respect of Obligations of the European Loan Parties and the Canadian Loan Parties.

(c) At the election of the Administrative Agent, the European Administrative Agent or the
Canadian Administrative Agent, as the case may be, all payments of principal, interest, LC
Disbursements, fees, premiums, reimbursable expenses (including, without limitation, all
reimbursement for fees and expenses pursuant to Section 9.03), and other sums payable by any
Borrower under the Loan Documents, may be paid from the proceeds of Borrowings made by such
Borrower hereunder whether made following a request by the Borrower Representative pursuant to
Section 2.03 or a deemed request as provided in this Section or may be deducted from any deposit
account of such Borrower maintained with the Administrative Agent, the European Administrative
Agent or the Canadian Administrative Agent. Each Borrower hereby irrevocably authorizes (i) the
Administrative Agent, the European Administrative Agent or the Canadian Administrative Agent, as
applicable, to make a Borrowing for the purpose of paying each payment of principal, interest and
fees owing by such Borrower as it becomes due hereunder or any other amount due from such Borrower
under the Loan Documents and agrees that all such amounts charged shall constitute Loans (including
Swingline Loans, but such a Borrowing may only constitute a Protective Advance if it is to
reimburse costs, fees and expenses as described in Section 9.03) and that all such Borrowings shall
be deemed to have been requested pursuant to Sections 2.03, 2.04 or 2.05, as applicable and (ii)
the Administrative Agent, the European Administrative Agent or the Canadian Administrative Agent,
as applicable, to charge any deposit account of such Borrower maintained with such Agent for each
payment of principal, interest and fees owing by such Borrower as it becomes due hereunder or any
other amount due from such Borrower under the Loan Documents.

(d) If any Lender shall, by exercising any right of set-off or counterclaim, as a result of
Section 2.18(b) or otherwise, obtain payment in respect of any principal of or interest on any of
its Loans or participations in LC Disbursements resulting in such Lender receiving payment of a
greater proportion of the aggregate amount of its Loans and participations in LC Disbursements and
accrued interest thereon than the proportion received by any other Lender, then the Lender
receiving such greater proportion shall purchase (for cash at face value) participations in the
Loans and participations in LC Disbursements of other Lenders to the extent necessary so that the
benefit of all such payments shall be shared by the Lenders ratably in accordance with the
aggregate amount of principal of and accrued interest on their respective Loans and participations
in LC Disbursements; provided that (i) if any such participations are purchased and all or
any portion of the payment giving rise thereto is recovered, such participations shall be rescinded
and the purchase price restored to the extent of such recovery, without interest, and (ii) the
provisions of this paragraph shall not be construed to apply to any payment made by the Borrowers
pursuant to and in accordance with the express terms of this Agreement (other than Section 2.18(b))
or any payment obtained by a Lender as consideration for the assignment of or sale of a
participation in any of its Loans or participations in LC

 

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Disbursements to any assignee or participant, other than to the Borrowers or any Subsidiary or
Affiliate thereof (as to which the provisions of this paragraph shall apply). Each Borrower
consents to the foregoing and agrees, to the extent it may effectively do so under applicable law,
that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise
against such Borrower rights of set-off and counterclaim with respect to such participation as
fully as if such Lender were a direct creditor of such Borrower in the amount of such
participation.

(e) Unless the Administrative Agent shall have received notice from the Borrower
Representative prior to the date on which any payment is due to the Administrative Agent for the
account of the Lenders or an Issuing Bank hereunder that the Borrowers will not make such payment,
the Administrative Agent, the European Administrative Agent or the Canadian Administrative Agent,
as applicable, may assume that the Borrowers have made such payment on such date in accordance
herewith and may, in reliance upon such assumption, distribute to the Lenders or the applicable
Issuing Bank, as the case may be, the amount due. In such event, if the Borrowers have not in fact
made such payment, then each of the Lenders or the applicable Issuing Bank, as the case may be,
severally agrees to repay to the Administrative Agent, the European Administrative Agent and the
Canadian Administrative Agent, if applicable, forthwith on demand the amount so distributed to such
Lender or such Issuing Bank with interest thereon, for each day from and including the date such
amount is distributed to it to but excluding the date of payment to the Administrative Agent, the
European Administrative Agent or the Canadian Administrative Agent, if applicable, at a rate
determined by the relevant Administrative Agent in accordance with banking industry rules on
interbank compensation or, in the case of amounts due in dollars, the Federal Funds Effective Rate
if greater.

(f) If any Lender shall fail to make any payment required to be made by it hereunder, then the
Administrative Agent and, if applicable, the European Administrative Agent and/or the Canadian
Administrative Agent, may, in its discretion (notwithstanding any contrary provision hereof), apply
any amounts thereafter received by it for the account of such Lender to satisfy such Lender’s
obligations hereunder until all such unsatisfied obligations are fully paid.

SECTION 2.19 Mitigation Obligations; Replacement of Lenders. If any Lender requests
compensation under Section 2.15, or if the Borrowers are required to pay any additional amount to
any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, or
if any Lender is otherwise a Departing Lender (as defined below), then:

(a) such Lender shall use reasonable efforts to designate a different lending office
for funding or booking its Loans hereunder or to assign its rights and obligations hereunder
to another of its offices, branches or affiliates, if, in the judgment of such Lender, such
designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section
2.15 or 2.17, as the case may be, in the future, (ii) would not subject such Lender to any
unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender (and
the Borrowers hereby agree to pay all reasonable costs and expenses incurred by any Lender
in connection with any such designation or assignment) and (iii) would not breach any
applicable law;

 

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(b) the Borrowers may, at their sole expense and effort, require such Lender or any
Defaulting Lender (each herein, a “Departing Lender”), upon notice to the Departing
Lender and the Administrative Agent, to assign and delegate, without recourse (in accordance
with and subject to the restrictions contained in Section 9.04), all its interests, rights
and obligations under this Agreement to an assignee specified by the Borrowers that shall
assume such obligations (which assignee may be another Lender, if a Lender accepts such
assignment); provided that (i) the Borrowers shall have received the prior written
consent of the Administrative Agent (and if a Commitment is being assigned, the Issuing
Banks), which consent shall not unreasonably be withheld or delayed, (ii) the Departing
Lender shall have received payment of an amount equal to the outstanding principal of its
Loans and participations in LC Disbursements, Swingline Loans and Protective Advances,
accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from
the assignee (to the extent of such outstanding principal and accrued interest and fees) or
the Borrowers (in the case of all other amounts), (iii) any processing and recordation fee
owing pursuant to Section 9.04(c)(iv) in connection with such assignment shall be paid by
the applicable Borrower and (iv) in the case of any such assignment resulting from a claim
for compensation under Section 2.15 or payments required to be made pursuant to Section
2.17, such assignment will result in a reduction in such compensation or payments. A
Departing Lender shall not be required to make any such assignment and delegation if, prior
thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling
the Borrowers to require such assignment and delegation cease to apply.

SECTION 2.20 Returned Payments. If after receipt of any payment which is applied to
the payment of all or any part of the Obligations, the Administrative Agent, the European
Administrative Agent, the Canadian Administrative Agent, any Collateral Agent, any Issuing Bank or
any Lender is for any reason compelled to surrender such payment or proceeds to any Person because
such payment or application of proceeds is invalidated, declared fraudulent, set aside, determined
to be void or voidable as a preference, impermissible setoff, or a diversion of trust funds, or for
any other reason, then the Obligations or part thereof intended to be satisfied shall be revived
and continued and this Agreement shall continue in full force as if such payment or proceeds had
not been received by the Administrative Agent, the European Administrative Agent, the Canadian
Administrative Agent, such Collateral Agent, such Issuing Bank or such Lender. The provisions of
this Section 2.20 shall be and remain effective notwithstanding any contrary action which may have
been taken by the Administrative Agent, the European Administrative Agent, the Canadian
Administrative Agent, any Collateral Agent, any Issuing Bank or any Lender in reliance upon such
payment or application of proceeds. The provisions of this Section 2.20 shall survive the
termination of this Agreement.

SECTION 2.21 Bankers’ Acceptances. (a) The Canadian Borrower may issue Bankers’
Acceptances denominated in Canadian Dollars for acceptance and purchase by the Facility B Lenders
in accordance with the provisions of Section 2.01, Section 2.03 and this Section 2.21.

(b) Term. Each Bankers’ Acceptance shall have a Contract Period of approximately
thirty days, sixty days, ninety days or one hundred and eighty days or (with the consent of each
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days, subject to availability. No Contract Period shall extend beyond the Maturity Date. If
such Contract Period would otherwise end on a day that is not a Business Day, such Contract Period
shall end on the next preceding day that is a Business Day.

(c) Discount Rate. On each Borrowing date on which Bankers’ Acceptances are to be
accepted, the Canadian Administrative Agent shall advise the Canadian Borrower as to the Canadian
Administrative Agent’s determination of the applicable Discount Rate for the Bankers’ Acceptances
which any of the Facility B Lenders have agreed to purchase.

(d) Purchase. Each Facility B Lender agrees to purchase a Bankers’ Acceptance
accepted by it. The Canadian Borrower shall sell, and such Facility B Lender shall purchase, the
Bankers’ Acceptance at the applicable Discount Rate. Such Facility B Lender shall provide to the
Canadian Funding Office the Discount Proceeds less the Acceptance Fee payable by the Canadian
Borrower with respect to such Bankers’ Acceptance. Such proceeds will then be made available to
the Canadian Borrower by the Canadian Administrative Agent crediting an account as directed by the
Canadian Borrower with the aggregate of the amounts made available to the Canadian Administrative
Agent by such Facility B Lenders and in like funds as received by the Canadian Administrative
Agent.

(e) Sale. Each Facility B Lender may from time to time hold, sell, rediscount or
otherwise dispose of any or all Bankers’ Acceptances accepted and purchased by it.

(f) Power of Attorney for the Execution of Bankers’ Acceptances. To facilitate
borrowings under the Facility B Commitments by way of B/As, the Canadian Borrower hereby appoints
each Facility B Lender as its attorney to sign and endorse on its behalf, in handwriting or by
facsimile or mechanical signature as and when deemed necessary by such Facility B Lender, blank
forms of B/As. In this respect, it is each Facility B Lender’s responsibility to maintain an
adequate supply of blank forms of B/As for acceptance under this Agreement. The Canadian Borrower
recognizes and agrees that all B/As required to be accepted and purchased by any Facility B Lender
and which are signed and/or endorsed on its behalf by a Facility B Lender shall bind the Canadian
Borrower as fully and effectually as if signed in the handwriting of and duly issued by the proper
signing officers of the Canadian Borrower. Each Facility B Lender is hereby authorized to issue
such B/As endorsed in blank in such face amounts as may be determined by such Facility B Lender;
provided that the aggregate amount thereof is equal to the aggregate amount of B/As
required to be accepted and purchased by such Facility B Lender. No Facility B Lender shall be
liable for any damage, loss or other claim arising by reason of any loss or improper use of any
such instrument except the gross negligence or willful misconduct of such Facility B Lender or its
officers, employees, agents or representatives. On request by the Canadian Borrower, a Facility B
Lender shall cancel all forms of B/As which have been pre-signed or pre-endorsed by or on behalf of
the Canadian Borrower and which are held by such Facility B Lender and have not yet been issued in
accordance herewith. Each Facility B Lender shall maintain a record with respect to B/As held by
it in blank hereunder, voided by it for any reason, accepted and purchased by it hereunder, and
cancelled at their respective maturities. Each Facility B Lender agrees to provide such records to
the Canadian Borrower at the Canadian Borrower’s expense upon request.

 

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(g) Execution. Drafts drawn by the Canadian Borrower to be accepted as Bankers’
Acceptances shall be signed by a duly authorized officer or officers of the Canadian Borrower or
the Borrower Representative or by their respective attorneys including attorneys appointed pursuant
to Section 2.21(f) above. Notwithstanding that any Person whose signature appears on any Bankers’
Acceptance may no longer be an authorized signatory for the Canadian Borrower or Borrower
Representative, as applicable, at the time of issuance of a Bankers’ Acceptance, that signature
shall nevertheless be valid and sufficient for all purposes as if the authority had remained in
force at the time of issuance and any Bankers’ Acceptance so signed shall be binding on the
Canadian Borrower.

(h) Issuance. The Canadian Administrative Agent, promptly following receipt of a
notice of borrowing, continuation or conversion by way of Bankers’ Acceptances, shall advise the
applicable Facility B Lenders of the notice and shall advise each such Facility B Lender of the
face amount of Bankers’ Acceptances to be accepted by it and the applicable Contract Period (which
shall be identical for all Facility B Lenders). The aggregate face amount of Bankers’ Acceptances
to be accepted by a Facility B Lender shall be determined by the Administrative Agent by reference
to such Facility B Lender’s Applicable Percentage of the issue of Bankers’ Acceptances, except
that, if the face amount of a Bankers’ Acceptance which would otherwise be accepted by a Facility B
Lender would not be C$100,000, or a whole multiple thereof, the face amount shall be increased or
reduced by the Canadian Administrative Agent in its sole discretion to C$100,000, or the nearest
whole multiple of that amount, as appropriate; provided that after such issuance, the
Borrowers shall be in compliance with the Revolving Exposure Limitations.

(i) Waiver of Presentment and Other Conditions. The Canadian Borrower waives
presentment for payment and any other defense to payment of any amounts due to a Facility B Lender
in respect of a Bankers’ Acceptance accepted and purchased by it pursuant to this Agreement which
might exist solely by reason of the Bankers’ Acceptance being held, at the maturity thereof, by
such Facility B Lender in its own right and the Canadian Borrower agrees not to claim any days of
grace if such Facility B Lender as holder sues the Canadian Borrower on the Bankers’ Acceptance for
payment of the amount payable by the Canadian Borrower thereunder. On the specified maturity date
of a B/A, or the date of any prepayment thereof in accordance with this Agreement, if earlier, the
Canadian Borrower shall pay to such Facility B Lender that has accepted such B/A the full face
amount of such B/A (or shall make provision for payment by way of conversion or continuation in
accordance with Section 2.08) in full and absolute satisfaction of its obligations with respect to
such B/A, and after such payment, the Canadian Borrower shall have no further liability in respect
of such B/A (except to the extent that any such payment is rescinded or reclaimed by operation of
law or otherwise) and such Facility B Lender shall be entitled to all benefits of, and will make
and otherwise be responsible for all payments due to the redeeming holder or any third parties
under, such B/A.

(j) BA Equivalent Loans by Non BA Lenders. Whenever the Canadian Borrower requests a
borrowing by way of Bankers’ Acceptances, each Non BA Lender shall, in lieu of accepting and
purchasing any B/As, make a Loan (a “BA Equivalent Loan”) to the Canadian Borrower in the
amount and for the same term as each Draft which such Lender would otherwise have been required to
accept and purchase hereunder. Each such Lender will provide to the Canadian Administrative Agent
the amount of Discount Proceeds of such BA Equivalent

 

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Loan for the account of the Canadian Borrower in the same manner as such Lender would have
provided the Discount Proceeds in respect of the Draft which such Lender would otherwise have been
required to accept and purchase hereunder. Each such BA Equivalent Loan will bear interest at the
same rate that would result if such Lender had accepted (and been paid an acceptance fee) and
purchased (on a discounted basis) a B/A for the relevant Contract Period (it being the intention of
the parties that each such BA Equivalent Loan shall have the same economic consequences for the
relevant Lenders and the Canadian Borrower as the B/A that such BA Equivalent Loan replaces). All
such interest shall be paid in advance on the date such BA Equivalent Loan is made, and will be
deducted from the principal amount of such BA Equivalent Loan in the same manner in which the
discounted portion of a B/A would be deducted from the face amount of the B/A. Subject to the
repayment requirements of this Agreement, on the last day of the relevant Contract Period for such
BA Equivalent Loan, the Canadian Borrower shall be entitled to convert each such BA Equivalent Loan
into another type of Loan, or to roll over each such BA Equivalent Loan into another BA Equivalent
Loan, all in accordance with the applicable provisions of this Agreement. Each Non BA Lender may,
at its discretion, request in writing to the Canadian Administrative Agent and the Canadian
Borrower that BA Equivalent Loans made by it shall be evidenced by Discount Notes.

(k) Terms Applicable to BA Equivalent Loans. For greater certainty, all provisions of
this Agreement that are applicable to B/As shall also be applicable, mutatis mutandis, to
BA Equivalent Loans, and notwithstanding any other provision of this Agreement, all references to
principal amounts or any repayment or prepayment of any Loans that are applicable to B/As or BA
Drawings shall be deemed to refer to the full face amount thereof in the case of B/As and to the
principal amount of any portion thereof consisting of BA Equivalent Loans. As set out in the
definition of “Bankers’ Acceptances”, that term includes Discount Notes and all terms of this
Agreement applicable to Bankers’ Acceptances (including the provisions of Section 2.21(f) relating
to their execution by the Facility B Lenders under power of attorney) shall apply equally to
Discount Notes evidencing BA Equivalent Loans with such changes as may in the context be necessary.
For greater certainty:

(i) the term of a Discount Note shall be the same as the Contract Period for
Bankers’ Acceptances accepted and purchased on the same Borrowing date in respect of
the same borrowing;

(ii) an acceptance fee will be payable in respect of a Discount Note and shall
be calculated at the same rate and in the same manner as the Acceptance Fee in
respect of a Bankers’ Acceptance; and

(iii) the Discount Rate applicable to a Discount Note shall be the Discount
Rate applicable to Bankers’ Acceptances accepted by a Facility B Lender that is not
a Schedule I Lender in accordance with the definition of “Discount Rate” on the same
Borrowing date or date of continuation or conversion, as the case may be, in respect
of the same borrowing for the relevant Contract Period.

(l) Depository Bills and Notes Act. At the option of the Canadian Borrower and any
Facility B Lender, Bankers’ Acceptances under this Agreement to be accepted by such

 

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Facility B Lender may be issued in the form of depository bills for deposit with The Canadian
Depository for Securities Limited pursuant to the Depository Bills and Notes Act (Canada). All
depository bills so issued shall be governed by the provisions of this Section 2.21.

(m) Acceptance Fees. Upon acceptance of a Bankers’ Acceptance by a Facility B Lender,
the Canadian Borrower shall pay to the Canadian Administrative Agent on behalf of such Facility B
Lender a fee (the “Acceptance Fee”) payable in Canadian Dollars, calculated on the face
amount of the Bankers’ Acceptance at a rate per annum equal to the Applicable Spread on the basis
of the number of days in the Contract Period for such Bankers’ Acceptance. Any adjustment to the
Acceptance Fee (including any adjustment as necessary to reflect the operation of Section 2.13(e))
shall be computed based on the number of days remaining in the Contract Period of such Bankers’
Acceptances from and including the effective date of any change in the Applicable Spread. Any
increase in such Acceptance Fee shall be paid by the Canadian Borrower to the Canadian
Administrative Agent on behalf of the Facility B Lenders on the last day of the Contract Period of
the relevant Bankers’ Acceptance. Any decrease in such Acceptance Fee shall be paid by each
Facility B Lender to the Canadian Borrower, through the Canadian Administrative Agent, on the last
day of the Contract Period of the relevant Bankers’ Acceptance.

SECTION 2.22 Circumstances Making Bankers’ Acceptances Unavailable. (a) If prior to
the commencement of any Contract Period, (A) the Canadian Administrative Agent determines in good
faith, which determination shall be conclusive and binding on the Canadian Borrower, and notifies
the Canadian Borrower that, by reason of circumstances affecting the money market, there is no
readily available market for Bankers’ Acceptances, or (B) the Canadian Administrative Agent
determines (which determination shall be conclusive absent manifest error) that adequate and
reasonable means do not exist for ascertaining the Discount Rate or CDOR Rate, as applicable, for
such Contract Period; or (C) the Canadian Administrative Agent is advised by the Required Facility
B Lenders that the Discount Rate or CDOR Rate, as applicable, for such Contract Period will not
adequately and fairly reflect the cost to such Lenders of making or maintaining their portion of
such BA Drawings included in such Borrowing for such Contract Period then:

(i) the right of the Canadian Borrower to request a borrowing by way of BA
Drawing shall be suspended until the Canadian Administrative Agent determines that
the circumstances causing such suspension no longer exist and the Canadian
Administrative Agent so notifies the Canadian Borrower; and

(ii) any notice relating to a borrowing by way of BA Drawing which is
outstanding at such time shall be deemed to be a notice requesting a borrowing by
way of Canadian Prime Rate Loans (all as if it were a notice given pursuant to
Section 2.03).

(b) The Administrative Agent shall promptly notify the Canadian Borrower and the Facility B
Lenders of the suspension in accordance with Section 2.22(a) of the Canadian Borrower’s right to
request a borrowing by way of BA Drawing and of the termination of such suspension.

 

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SECTION 2.23 Defaulting Lenders. Notwithstanding any provision of this Agreement to
the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply
for so long as such Lender is a Defaulting Lender:

(a) fees shall cease to accrue on the unfunded portion of the Commitment of such
Defaulting Lender pursuant to Section 2.12(a);

(b) the Commitment and Revolving Exposure of such Defaulting Lender shall not be
included in determining whether all Lenders or the Required Lenders have taken or may take
any action hereunder (including any consent to any amendment or waiver pursuant to Section
9.02); provided that (x) any waiver, amendment or modification requiring the consent
of all Lenders or each affected Lender which affects such Defaulting Lender differently than
other affected Lenders shall require the consent of such Defaulting Lender and (y) for the
avoidance of doubt, the Commitment of any Defaulting Lender cannot be increased without such
Defaulting Lender’s consent;

(c) if any Swingline Exposure, PA Exposure or LC Exposure exists at the time a Lender
becomes a Specified Defaulting Lender then:

(i) all or any part of such Swingline Exposure, PA Exposure and LC Exposure
shall be reallocated among the non-Specified Defaulting Lenders in accordance with
their respective Applicable Percentages but only to the extent (x) the sum of all
non-Specified Defaulting Lenders’ Credit Exposures plus, without duplication, such
Specified Defaulting Lender’s PA Exposure, Swingline Exposure and LC Exposure, does
not exceed the total of all non-Specified Defaulting Lenders’ Commitments and (y)
the conditions set forth in Section 2.01 are satisfied at such time; and

(ii) if the reallocation described in clause (i) above cannot, or can only
partially, be effected, the Borrowers shall within one Business Day following notice
by the applicable Administrative Agent (x) first, prepay such PA Exposure and
Swingline Exposure and (y) second, cash collateralize such Defaulting Lender’s LC
Exposure (after giving effect to any partial reallocation pursuant to clause (i)
above) in accordance with the procedures set forth in Section 2.06(j) for so long as
such LC Exposure is outstanding;

(iii) if the Borrowers cash collateralize any portion of such Specified
Defaulting Lender’s LC Exposure pursuant to this Section 2.23(c), no Borrower shall
be required to pay any fees to such Specified Defaulting Lender pursuant to Section
2.12(b) with respect to such Specified Defaulting Lender’s LC Exposure during the
period such Specified Defaulting Lender’s LC Exposure is cash collateralized; or

(iv) if the LC Exposure of the non-Specified Defaulting Lenders is reallocated
pursuant to Section 2.23(c), then the fees payable to the Lenders pursuant to
Section 2.12(a) and Section 2.12(b) shall be adjusted in accordance with such
non-Specified Defaulting Lenders’ Applicable Percentages;

 

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The Administrative Agent, Canadian Administrative Agent or European Administrative Agent, as
applicable, shall promptly notify the Lenders of any reallocation described in this Section
2.23(c).

(d) so long as any Lender is a Defaulting Lender, no Swingline Lender shall be required
to fund any Swingline Loan and no Issuing Bank shall be required to issue, amend or increase
any Letter of Credit, unless it is satisfied that the related exposure will be 100% covered
by the Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by
the Borrower in accordance with Section 2.23(c), and participating interests in any such
newly issued or increased Letter of Credit or newly made Swingline Loan shall be allocated
among non-Defaulting Lenders in a manner consistent with Section 2.23(c)(i) (and Defaulting
Lenders shall not participate therein); and

(e) any amount payable to such Defaulting Lender hereunder (whether on account of
principal, interest, fees or otherwise and including any amount that would otherwise be
payable to such Defaulting Lender pursuant to Section 2.18(d) but excluding Section 2.19(b))
shall, in lieu of being distributed to such Defaulting Lender, be retained by the
Administrative Agent in a segregated account and, subject to any applicable requirements of
law, be applied at such time or times as may be determined by the Administrative Agent (i)
first, to the payment of any amounts owing by such Defaulting Lender to the Administrative
Agent, the European Administrative Agent, the Canadian Administrative Agent or any
Collateral Agent hereunder, (ii) second, pro rata, to the payment of any amounts owing by
such Defaulting Lender to any Issuing Bank or Swingline Lender hereunder, (iii) third, if so
determined by the Administrative Agent or requested by an Issuing Bank or Swingline Lender,
held in such account as cash collateral for future funding obligations of the Defaulting
Lender in respect of any existing or future participating interest in any Swingline Loan,
Letter of Credit or Protective Advance, (iv) fourth, to the funding of any Loan in respect
of which such Defaulting Lender has failed to fund its portion thereof as required by this
Agreement, as determined by the Administrative Agent, (v) fifth, if so determined by the
Administrative Agent and the Borrowers, held in such account as cash collateral for future
funding obligations of the Defaulting Lender in respect of any Loans under this Agreement,
(vi) sixth, to the payment of any amounts owing to the Lenders or any Issuing Bank or
Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained
by any Lender or such Issuing Bank or Swingline Lender against such Defaulting Lender as a
result of such Defaulting Lender’s breach of its obligations under this Agreement, (vii)
seventh, to the payment of any amounts owing to any Borrower as a result of any judgment of
a court of competent jurisdiction obtained by such Borrower against such Defaulting Lender
as a result of such Defaulting Lender’s breach of its obligations under this Agreement, and
(viii) eighth, to such Defaulting Lender or as otherwise directed by a court of competent
jurisdiction; provided that if such payment is (x) a prepayment of the principal
amount of any Loans or reimbursement obligations in respect of LC Disbursements which a
Defaulting Lender has funded its participation obligations and (y) made at a time when the
conditions set forth in Section 4.02 are satisfied, such payment shall be applied solely to
prepay the Loans of, and reimbursement

 

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obligations owed to, all non-Defaulting Lenders pro rata prior to being applied to the
prepayment of any Loans, or reimbursement obligations owed to, any Defaulting Lender.

(f) In the event that the Administrative Agent (or, in the case of any Facility B
Lender, the Canadian Administrative Agent and the European Administrative Agent), the
applicable Borrower(s), the applicable Issuing Bank(s) and the applicable Swingline
Lender(s) each agrees that a Defaulting Lender has adequately remedied all matters that
caused such Lender to be a Defaulting Lender, then the Swingline Exposure, LC Exposure and
PA Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s
Commitments and on such date such Lender shall purchase at par such of the Loans of the
other Lenders (other than Swingline Loans) as the Administrative shall determine may be
necessary in order for such Lender to hold such Loans in accordance with its Applicable
Percentage.

ARTICLE III

Representations and Warranties

Each Loan Party represents and warrants to the Lenders that:

SECTION 3.01 Organization; Powers. Each of the Loan Parties and each of its
Subsidiaries is duly organized or incorporated, validly existing and in good standing under the
laws of the jurisdiction of its organization or incorporation, has all requisite power and
authority to carry on its business as now conducted and, except where the failure to do so,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such
qualification is required.

SECTION 3.02 Authorization; Enforceability. (a) The Transactions are within each Loan
Party’s organizational powers and have been duly authorized by all necessary organizational actions
and, if required, actions by equity holders. The Loan Documents to which each Loan Party is a
party have been duly executed and delivered by such Loan Party and constitute a legal, valid and
binding obligation of such Loan Party, enforceable in accordance with its terms, subject to
applicable bankruptcy, insolvency, examination, reorganization, moratorium or other laws affecting
creditors’ rights generally and subject to general principles of equity, regardless of whether
considered in a proceeding in equity or at law.

(b) The choice of governing law provisions contained in this Agreement and each other Loan
Document to which any Loan Party is a party are enforceable in the jurisdictions where such Loan
Party is organized or incorporated or any Collateral of such Loan Party is located. Any judgment
obtained in connection with any Loan Document in the jurisdiction of the governing law of such Loan
Document will be recognized and be enforceable in the jurisdictions where such Loan Party is
organized or any Collateral is located.

(c) Subject to applicable Insolvency Laws and applicable principles of public policy, no
Foreign Loan Party, nor any of its property or assets has any immunity from jurisdiction of any
court or from any legal process (whether through service or notice, attachment

 

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prior to judgment, attachment in aid of execution, execution or otherwise) under the laws of
the jurisdiction in which such Foreign Loan Party is organized in respect of its obligations under
the Loan Documents to which it or its property or assets is subject.

(d) The Loan Documents to which each Foreign Loan Party is a party are in proper legal form
under the laws of the jurisdiction in which each such Foreign Loan Party is organized or
incorporated and existing (i) for the enforcement thereof against each such Foreign Loan Party
under the laws of each such jurisdiction and (ii) in order to ensure the legality, validity,
enforceability, priority or admissibility in evidence of such Loan Documents (provided that, with
respect such enforcement or admissibility, such documents may have to be translated into the
official language of the relevant jurisdiction which may be done at the time of enforcement or
admission, as applicable). It is not necessary to ensure the legality, validity, enforceability,
priority or admissibility in evidence of the Loan Documents to which any Foreign Loan Party is a
party that any such Loan Documents be filed, registered or recorded with, or executed or notarized
before, any court or other authority in the jurisdiction in which any such Foreign Loan Party is
organized or that any registration charge or stamp or similar tax be paid on or in respect of the
applicable Loan Documents or any other document, except for any such filing, registration,
recording, execution or notarization that is referred to in Section 3.16 or is not required to be
made until enforcement of the applicable Loan Document.

SECTION 3.03 Governmental Approvals; No Conflicts. The Transactions (a) do not
require any consent or approval of, registration or filing with, or any other action by, any
Governmental Authority, except such as have been obtained or made and are in full force and effect
and except for filings necessary to perfect Liens created pursuant to the Loan Documents, (b) will
not violate any Requirement of Law applicable to any Loan Party or any of its Subsidiaries, (c)
except as could not reasonably be expected to result, individually or in the aggregate, in a
Material Adverse Effect, will not violate or result in a default under any indenture, agreement or
other instrument binding upon any Loan Party or any of its Subsidiaries or its assets, or give rise
to a right thereunder to require any payment to be made by any Loan Party or any of its
Subsidiaries, and (d) will not result in the creation or imposition of any Lien, or require the
sharing of any Lien, on any asset of any Loan Party or any of its Subsidiaries, except as provided
in the Collateral Documents.

SECTION 3.04 Financial Condition; No Material Adverse Change. (a) The Company has
heretofore furnished to the Lenders its consolidated balance sheet and statements of income,
stockholders equity and cash flows as of and for the fiscal years ended January 3, 2009 and January
2, 2010, reported on by Deloitte & Touche LLP, a registered public accounting firm. Such financial
statements present fairly, in all material respects, the financial position and results of
operations and cash flows of the Company and its consolidated Subsidiaries as of such dates and for
such periods in accordance with GAAP. Neither the Company nor any of its consolidated Subsidiaries
has any material Guarantee obligations, contingent liabilities and liabilities for taxes, or any
long-term leases or unusual forward or long-term commitments, including any interest rate or
foreign currency swap or exchange transaction or other obligation in respect of derivatives, that
are not reflected in the most recent financial statements referred to in this paragraph.

 

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(b) Except for the Disclosed Matters, since January 2, 2010, there has been no development,
event, or circumstance that has had, or could reasonably be expected to have, a Material Adverse
Effect.

SECTION 3.05 Properties. (a) As of the date of this Agreement, Schedule 3.05
sets forth the address of each parcel of real property that is owned or leased by each Group
Member. Each of such leases and subleases is valid and enforceable in accordance with its terms
and is in full force and effect, and no material default by any party to any such lease or sublease
exists, except, in the case of any such sublease, where such default or such failure to be valid
and enforceable could not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. Each of the Loan Parties and its Subsidiaries has good and indefeasible
(or in the Province of Ontario, Canada, marketable and insurable) title to, or valid leasehold
interests in, all its real and personal property, free of all Liens other than Permitted Liens and
the Permitted Second Priority Lien, except where failure would not reasonably be expected to have a
Material Adverse Effect.

(b) Each Loan Party and its Subsidiaries owns, or is licensed to use, all material
Intellectual Property that is necessary to its business as currently conducted and the use thereof
by the Loan Parties and its Subsidiaries does not infringe in any material respect upon the rights
of any other Person, and the Loan Parties’ rights thereto are not subject to any licensing
agreement or similar arrangement other than licenses in the ordinary course of business.

SECTION 3.06 Litigation and Environmental Matters. (a) There are no actions, suits or
proceedings by or before any arbitrator or Governmental Authority pending against or, to the
knowledge of any Loan Party, threatened against or affecting the Loan Parties or any of their
Subsidiaries (i) that could reasonably be expected, individually or in the aggregate, to result in
a Material Adverse Effect (other than the Disclosed Matters) or (ii) that involve this Agreement or
the Transactions.

(b) Except for the Disclosed Matters (i) no Loan Party nor any of its Subsidiaries has
received notice of any claim with respect to any material Environmental Liability or knows of any
basis for it to have or be affected by any material Environmental Liability and (ii) except with
respect to any other matters that, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect, no Loan Party nor any of its Subsidiaries (1) has
failed to comply with any applicable Environmental Law or to obtain, maintain or comply with any
permit, license or other approval required under any Environmental Law or (2) has become subject to
any Environmental Liability.

(c) Since the Effective Date, there has been no change in the status of the Disclosed Matters
that, individually or in the aggregate, has resulted in, or materially increased the likelihood of,
a Material Adverse Effect.

SECTION 3.07 Compliance with Laws and Agreements. Each Loan Party and its
Subsidiaries is in compliance with all Requirements of Law applicable to it or its property and all
indentures, agreements and other instruments binding upon it or its property, except where the
failure to do so, individually or in the aggregate, could not reasonably be expected to result in a
Material Adverse Effect.

 

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SECTION 3.08 Investment Company Status. No Loan Party nor any of its Subsidiaries is
an “investment company” as defined in, or subject to regulation under, the Investment Company Act
of 1940 or shall register as, conduct its business or take any action which shall cause it to be
registered for the purposes of the European Communities (Markets in Financial Instruments)
Regulations 2007.

SECTION 3.09 Taxes. Each Loan Party and its Subsidiaries has timely filed or caused
to be filed all Tax returns and reports required to have been filed and has paid or caused to be
paid all Taxes required to have been paid by it, except Taxes that are being contested in good
faith by appropriate proceedings and for which such Loan Party or such Subsidiary, as applicable,
has set aside on its books adequate reserves. No tax liens have been filed and no claims are being
asserted with respect to any such taxes. Each Borrower is resident for Tax purposes only in the
jurisdiction of its establishment or incorporation as the case may be. Each Loan Party and its
Subsidiaries has withheld all employee withholdings and has made all employer contributions to be
withheld and made by it pursuant to applicable law on account of the Canada and Quebec pension
plans, employment insurance and employee income taxes. Each Loan Party and its Subsidiaries has,
where applicable, properly operated the PAYE System and has duly made all deductions and payments
required to be made in respect of national insurance contributions pursuant to UK Law.

SECTION 3.10 ERISA; Benefit Plans. (a) Except as could not reasonably be expected to
result, individually or in the aggregate, in a Material Adverse Effect: (i) no ERISA Event has
occurred or is reasonably expected to occur; (ii) each Loan Party and each of its ERISA Affiliates
is in compliance with the applicable provisions of ERISA, the Code and any other federal, state or
local laws relating to the Plans, and with all regulations and published interpretations
thereunder; (iii) all amounts required by applicable law with respect to, or by the terms of, any
retiree welfare benefit arrangement maintained by any Loan Party or any of its ERISA Affiliates has
an obligation to contribute have been accrued in accordance with Statement of Financial Accounting
Standards No. 106; (iv) the present value of all accumulated benefit obligations under each Plan
(based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87)
did not, as of the date of the most recent financial statements reflecting such amounts, exceed the
fair market value of the assets of such Plan allocable to such accrued benefits.

(b) No UK Loan Party nor any of its Subsidiaries or Affiliates is or has at any time after
April 27, 2004 been (i) an employer (for the purposes of Sections 38 to 51 of the UK Pensions Act
2004) of an occupational pension scheme which is not a money purchase scheme (both terms as defined
in the UK Pensions Schemes Act 1993), or (ii) “connected” with or an “associate” of (as those terms
are used in Sections 39 and 43 of the UK Pensions Act 2004) such an employer.

(c) As of the Effective Date, Schedule 3.10 lists all Foreign Benefit Arrangements and
Foreign Pension Plans currently maintained or contributed to by the Loan Parties and their
Subsidiaries. Except as could not reasonably be expected to result, individually or in the
aggregate, in a Material Adverse Effect: (i) all employer and employee contributions (including
insurance premiums) required from any Loan Party or any of its Subsidiaries or Affiliates by
applicable law or by the terms of any Foreign Benefit Arrangement or Foreign

 

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Pension Plan (including any policy held thereunder) have been made, or, if applicable, accrued
in accordance with normal accounting practices; (ii) the accrued benefit obligations of each
Foreign Pension Plan (based on those assumptions used to fund such Foreign Pension Plan) with
respect to all current and former participants do not exceed the assets of such Foreign Pension
Plan; (iii) each Foreign Pension Plan that is required to be registered has been registered and has
been maintained in good standing with applicable regulatory authorities; and (iv) each such Foreign
Benefit Arrangement and Foreign Pension Plan is in compliance (A) with all material provisions of
applicable law and all material applicable regulations and regulatory requirements (whether
discretionary or otherwise) and published interpretations thereunder with respect to such Foreign
Benefit Arrangement or Foreign Pension Plan and (B) with the terms of such plan or arrangement;
provided, however, that with respect to (ii), (iii) and (iv) above, “Foreign Pension
Plan” shall be read to exclude any government-run plan or scheme to which a Loan Party or any of
its Subsidiaries or Affiliates is required to make contributions under applicable law.

(d) (i) All pension schemes operated or maintained for the benefit of a Loan Party or any of
its Subsidiaries, Affiliates or ERISA Affiliates comply with all provisions of the relevant law and
employ reasonable actuarial assumptions; (ii) no Loan Party or any of its Subsidiaries, Affiliates
or ERISA Affiliates has any unsatisfied liability in respect of any pension scheme and there are no
circumstances which may give rise to any such liability; (iii) all pension schemes operated by or
maintained for the benefit of a Loan Party or any of its Subsidiaries, Affiliates or ERISA
Affiliates and/or any of its or their respective current or former employees are, to the extent
required by applicable law, funded or reserved; except in the case of subclauses (i), (ii) and
(iii), to the extent failure to do so (or, with the expiry of a grace period, the giving of notice,
the making of any determination under the Loan Documents or any combination of any of the foregoing
taking into account all remedies of the Loan Parties under the Loan Documents) could not reasonably
be expected to result, individually or in the aggregate, in a Material Adverse Effect.

(e) Except as could not reasonably be expected to result, individually or in the aggregate, a
Material Adverse Effect:

(i) There are no outstanding disputes concerning the assets held in any
Canadian Pension Plans or Canadian Benefit Plans pursuant to any funding agreement;

(ii) All employee contributions to any Canadian Pension Plans and Canadian
Benefit Plans required to be made by way of authorized payroll deduction have been
properly withheld and fully paid into such plans in a timely fashion;

(iii) All reports and disclosures relating to any Canadian Pension Plans and
Canadian Benefit Plans required by any applicable laws or regulations have been
filed or distributed in a timely fashion;

(iv) To the knowledge of the Loan Parties, there have been no improper
withdrawals, or applications of, the assets of any Canadian Pension Plans;

 

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(v) No amount is owing by or in respect of any Canadian Pension Plans under the
ITA or any provincial taxation statute;

(vi) No Canadian Pension Plan is a defined benefit pension plan that is
registered with the applicable governmental authorities for such plans;

(vii) The Loan Parties, after diligent enquiry, have neither any knowledge, nor
any grounds for believing, that any of the Canadian Pension Plans is the subject of
an investigation, any other proceeding, an action or a claim;

(viii) No promises of benefit improvements under any Canadian Benefit Plan or
Canadian Pension Plan have been made; and

(ix) Except as disclosed in Schedule 3.10, no Canadian Benefit Plan
provides benefits to retired employees or promises benefits at and after retirement
to active employees.

SECTION 3.11 Disclosure. Each Borrower has disclosed to the Lenders all agreements,
instruments and corporate or other restrictions to which it or any Subsidiary is subject, and all
other matters known to it, that, individually or in the aggregate, could reasonably be expected to
result in a Material Adverse Effect. Neither the Confidential Information Memorandum nor any of
the other reports, financial statements, certificates or other information furnished by or on
behalf of any Loan Party to the Administrative Agent or any Lender in connection with the
negotiation of this Agreement or any other Loan Document (as modified or supplemented by other
information so furnished) contains any material misstatement of fact or omits to state any material
fact necessary to make the statements therein, in the light of the circumstances under which they
were made, and taken as a whole, not misleading; provided that, with respect to projected
financial information, the Loan Parties represent only that such information was prepared in good
faith based upon assumptions believed to be reasonable at the time delivered and, if such projected
financial information was delivered prior to the Effective Date, as of the Effective Date.

SECTION 3.12 No Default. No Loan Party nor any of its Subsidiaries is in default in
the performance, observance or fulfillment of any of the obligations, covenants or conditions
contained in any agreement, instrument or other undertaking to which such Person is a party or by
which it or any of its property is bound in any respect that could reasonably be expected to have a
Material Adverse Effect. No Default or Event of Default has occurred and is continuing.

SECTION 3.13 Solvency. (a) Immediately after the consummation of the Transactions to
occur on the Effective Date, (i) the fair value of the assets of (x) the US Loan Parties and (y)
the Canadian Loan Parties, in each case, on a consolidated basis, at a fair valuation, will exceed
their respective debts and liabilities, subordinated, contingent or otherwise; (ii) the present
fair saleable value of the property of (x) the US Loan Parties and (y) the Canadian Loan Parties,
in each case, on a consolidated basis, will be greater than the amount that will be required to pay
the probable liability of their respective debts and other liabilities, subordinated, contingent or
otherwise, as such debts and other liabilities generally become absolute and matured; (iii) (x) the
US Loan Parties and (y) the Canadian Loan Parties, in each case on a consolidated basis, will be

 

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able to pay their respective debts and liabilities, subordinated, contingent or otherwise, as
such debts and liabilities become due, absolute and matured; (iv) (x) the US Loan Parties and (y)
the Canadian Loan Parties, in each case on a consolidated basis, will not have unreasonably small
capital with which to conduct the business in which they are engaged as such business is now
conducted and is proposed to be conducted after the Effective Date; (v) neither the US Loan Parties
nor the Canadian Loan Parties, in each case on a consolidated basis, have ceased paying their
current obligations in the ordinary course of business as they generally become due, (vi) the
property of (x) the US Loan Parties and (y) the Canadian Loan Parties, in each case on a
consolidated basis, at a fair valuation, is greater than the total amount of their respective debts
and liabilities, subordinated, contingent or otherwise; and (vii) the property of (x) the US Loan
Parties and (y) the Canadian Loan Parties, in each case on a consolidated basis, is sufficient, if
disposed of at a fairly conducted sale under legal process, to enable payment of all their
respective obligations, due and accruing.

(b) Immediately after the consummation of the Transactions to occur on the Effective Date, (i)
the fair value of the assets of each European Loan Party and each Account Party, at a fair
valuation, will exceed its debts and liabilities, subordinated, contingent or otherwise; (ii) the
present fair saleable value of the property of each European Loan Party and each Account Party will
be greater than the amount that will be required to pay the probable liability of its debts and
other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities
generally become absolute and matured; (iii) each European Loan Party and each Account Party will
be able to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts and
liabilities become due, absolute and matured; (iv) each European Loan Party and each Account Party
will not have unreasonably small capital with which to conduct the business in which it is engaged
as such business is now conducted and is proposed to be conducted after the Effective Date; (v) no
European Loan Party or Account Party has ceased paying its current obligations in the ordinary
course of business as they generally become due, (vi) the property of each European Loan Party and
each Account Party, at a fair valuation, is greater than the total amount of its debts and
liabilities, subordinated, contingent or otherwise; (vii) the property of each European Loan Party
and each Account Party is sufficient, if disposed of at a fairly conducted sale under legal
process, to enable payment of all its obligations, due and accruing; and (viii) in the case of a
German Loan Party (A) it is not in a situation to admit its inability or shall be unable to pay its
debts as they fall due (Zahlungsunfähigkeit), (B) it is not over-indebted (überschuldet) or in a
situation to file for insolvency because of any of the reasons set out in Sections 17 to 19 of the
German Insolvency Code (Insolvenzordnung), (C) its management is not required by law to file for
insolvency because of any of the circumstances specified in the preceding sub-clauses (A) or (B)
and (D) a competent court has not initiated any measures pursuant to Section 21 of the German
Insolvency Code (Insolvenzordnung). In the case of any Designated Loan Party, any such
determination set forth above (other than pursuant to clauses (iii), (v) and, with respect to any
Designated Loan Party that is a German Loan Party, (viii) above) shall be made without giving
effect to any intercompany obligations.

(c) No Loan Party intends to, or will permit any of its Subsidiaries to, and no Loan Party
believes that it or any of its Subsidiaries will, incur debts beyond its ability to pay such debts
as they mature, taking into account the timing of and amounts of cash to be received by it or any
such Subsidiary and the timing of the amounts of cash to be payable on or in respect of its
Indebtedness or the Indebtedness of any such Subsidiary.

 

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SECTION 3.14 Insurance. Schedule 3.14 sets forth a description of all
insurance maintained by or on behalf of the Loan Parties as of the Effective Date. As of the
Effective Date, all premiums in respect of such insurance have been paid. The Loan Parties believe
that the insurance maintained by or on behalf of the Loan Parties and their Subsidiaries are
adequate.

SECTION 3.15 Capitalization and Subsidiaries. Schedule 3.15 sets forth, as of
the Effective Date, (a) a correct and complete list of the name and relationship to the Company of
each and all of the Company’s Subsidiaries, (b) a true and complete listing of each class of
authorized Equity Interests of each Borrower (other than the Company), of which all of such issued
shares are validly issued, outstanding, fully paid and non-assessable (to the extent such concepts
are applicable), and owned beneficially and of record by the Persons identified on Schedule
3.15, and (c) the type of entity of the Company and each of its Subsidiaries. All of the
issued and outstanding Equity Interests owned by any Loan Party in its Subsidiaries has been (to
the extent such concepts are relevant with respect to such ownership interests) duly authorized and
issued and is fully paid and non assessable.

SECTION 3.16 Security Interest in Collateral. The provisions of this Agreement and
the other Loan Documents create legal and valid Liens on all the Collateral in favor of the
applicable Collateral Agent, for the benefit of the Agents, the applicable Lenders and the
applicable Issuing Banks, and (a) upon filing of UCC financing statements and the taking of any
other actions or making of filings required for perfection under the laws of the relevant
Collateral Documents and specified in such Collateral Documents, as necessary (including but not
limited to (i) the filing of financing statements under the PPSA and (ii) with respect to Liens
created by a UK Loan Party where registration of particulars of such Liens is required, the
registration at (x) the Companies Registration Office in England, Scotland and Wales, (y) the UK
Trademark Registry at the Patent Office in England, Scotland and Wales and (z) the UK Land Registry
or UK Charges Registry in England, Scotland and Wales), and, if applicable, the taking of actions
or making of filings with respect to Intellectual Property registrations or applications issued or
pending as specified, and, in the case of real property, filing of the Mortgages as necessary, such
Liens constitute perfected and continuing Liens on the Collateral, securing the applicable Secured
Obligations, enforceable against the applicable Loan Party and all third parties, and having
priority over all other Liens on the Collateral, except in the case of Permitted Liens, to the
extent any such Permitted Liens would have priority over the Liens in favor of the US Collateral
Agent, the Canadian Collateral Agent or the European Collateral Agent, as applicable, pursuant to
any applicable law. As of the Effective Date, the jurisdictions in which the filing of UCC
financing statements (or their equivalent under the PPSA) are necessary are listed on Schedule
3.16 and the jurisdictions in which the filing of the Mortgages are necessary are listed on
Schedule 3.16.

SECTION 3.17 Employment Matters. As of the Effective Date, there are no strikes,
lockouts or slowdowns, and no material unfair labor practice charges, against any Loan Party or its
Subsidiaries pending or, to the knowledge of the Borrowers, threatened. The terms and conditions
of employment, hours worked by and payments made to employees of the Loan Parties and their
Subsidiaries have not been in material violation of the Fair Labor Standards Act, the Employee
Standards Act (Ontario), or any other applicable federal, provincial, territorial, state, local or
foreign law dealing with such matters. All material payments due from any Loan Party or any of its
Subsidiaries, or for which any claim may be made against any Loan Party or

 

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any of its Subsidiaries, on account of wages, vacation pay and employee health and welfare
insurance and other benefits, including on account of the Canada and Quebec pension plans, have
been paid or accrued as a liability on the books of the Loan Party or such Subsidiary.

SECTION 3.18 Common Enterprise. The successful operation and condition of each of the
Loan Parties is dependent on the continued successful performance of the functions of the group of
the Loan Parties as a whole and the successful operation of each of the Loan Parties is dependent
on the successful performance and operation of each other Loan Party. Each Loan Party expects to
derive benefit (and its board of directors or other governing body has determined that it may
reasonably be expected to derive benefit), directly and indirectly, from (i) successful operations
of each of the other Loan Parties and (ii) the credit extended by the Lenders to the Borrowers
hereunder, both in their separate capacities and as members of the group of companies. Each Loan
Party has determined that execution, delivery, and performance of this Agreement and any other Loan
Documents to be executed by such Loan Party is within its purpose, will be of direct and indirect
benefit to such Loan Party, and is in its best interest.

SECTION 3.19 Centre of Main Interests. For the purposes of the Council of the
European Union Regulation No. 1346/2000 on Insolvency Proceedings, each European Loan Party’s
centre of main interests (as that term is used in Article 3(1) therein) is situated in its
jurisdiction of incorporation and it has no “establishment” (as that term is used in Article 2(h)
therein) in any other jurisdiction.

SECTION 3.20 Regulation H. No Mortgage encumbers improved real property that is
located in an area that has been identified by the Secretary of Housing and Urban Development as an
area having special flood hazards and in which flood insurance has been made available under the
National Flood Insurance Act of 1968 other than the property described on Schedule 1.01(d)
located in North Bergen, New Jersey.

SECTION 3.21 Certain Documents. The Borrower Representative has delivered to the
Administrative Agent a complete and correct copy of any agreements governing the Existing Euro
Notes and the 2006 Synthetic Lease, including the Existing Euro Notes Documentation and the
Synthetic Lease Documentation, and including any material amendments, supplements or modifications
with respect to any of the foregoing.

ARTICLE IV

Conditions

SECTION 4.01 Effective Date. The effectiveness of this Agreement and the obligations
of the Lenders to make Loans and of the Issuing Banks to issue Letters of Credit hereunder shall
not become effective until the date on which each of the following conditions is satisfied (or
waived in accordance with Section 9.02):

(a) Credit Agreement and Loan Documents. The Administrative Agent (or its
counsel) shall have received (i) from each party hereto either (A) a counterpart of this
Agreement signed on behalf of such party or (B) written evidence satisfactory to the
Administrative Agent (which may include facsimile or .pdf transmission of a signed

 

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signature page of this Agreement) that such party has signed a counterpart of this
Agreement and (ii) duly executed copies (or facsimile or .pdf copies) of the Specified Loan
Documents and such other certificates, documents, instruments and agreements as the
Administrative Agent shall reasonably request in connection with the transactions
contemplated by this Agreement and the other Loan Documents, including any promissory notes
requested by a Lender pursuant to Section 2.10 payable to the order of each such requesting
Lender and written opinions of the Loan Parties’ counsel, addressed to the Administrative
Agent (and, where applicable, the Canadian Administrative Agent and the European
Administrative Agent), the Issuing Banks and the Lenders.

(b) Financial Statements and Projections. The Lenders shall have received (i)
audited consolidated financial statements of the Company and its Subsidiaries for their 2008
and 2009 fiscal years, (ii) unaudited interim consolidated financial statements of the
Company and its Subsidiaries for each fiscal month ended after the date of the latest
applicable financial statements delivered pursuant to clause (i) of this paragraph as to
which such financial statements are available, (iii) monthly projections (including
forecasts of Aggregate Availability) of the Company and its Subsidiaries for each fiscal
month ending April 3, 2010 through January 1, 2011 and (iv) annual projections of the
Company and its Subsidiaries for fiscal year 2011 through 2014.

(c) Closing Certificates; Certified Certificate of Incorporation; Good Standing
Certificates. The Administrative Agent shall have received (i) a certificate of each
Loan Party, dated the Effective Date and executed by its Secretary, Assistant Secretary or
authorized manager or director, which shall (A) certify the resolutions of its Board of
Directors, Board of Managers, shareholders, members or other body authorizing the execution,
delivery and performance of the Loan Documents to which it is a party, (B) identify by name
and title and bear the signatures of any officers or managers of such Loan Party authorized
to sign the Loan Documents to which it is a party, (C) in respect of a UK Loan Party,
contain a statement to the effect that its entry into and performance of the transactions
contemplated by the Loan Documents do not and will not exceed any limit on its powers to
borrow, grant security or give the guarantees and indemnities contemplated by the Loan
Documents to which it is a party, and (D) contain appropriate attachments, including the
certificate or articles of incorporation or organization of each Loan Party certified by the
relevant authority of the jurisdiction of organization of such Loan Party, a true and
correct certified (if applicable) copy of its by-laws, memorandum and articles of
association or operating, management or partnership agreement (or, in each case, such
certificate shall certify that any such documents delivered to the Administrative Agent in
connection with the Existing Credit Agreement continue to be true, complete and correct
copies) and (with respect to any European Loan Party or Canadian Loan Party) a certified
list of its shareholders; and (ii) a long form certificate of good standing, status or
compliance, as applicable, for each Loan Party from its jurisdiction of organization (to the
extent such concept is relevant or applicable in such jurisdiction).

(d) No Default Certificate. The Administrative Agent shall have received a
certificate, signed by the chief financial officer of the Borrower Representative and dated
the Effective Date (i) stating that no Default has occurred and is continuing, (ii) stating

 

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that the representations and warranties contained in Article III are true and correct
as of such date, and (iii) certifying any other factual matters as may be reasonably
requested by the Administrative Agent.

(e) Fees. The Lenders, the Agents and the Lead Arrangers shall have received
all fees required to be paid, and all reasonable and documented out-of-pocket expenses for
which invoices have been presented (including the reasonable fees, disbursements and other
charges of one legal counsel of the Administrative Agent, as well as one local counsel of
the Administrative Agent in each relevant jurisdiction, and in the event of any conflict of
interest, additional counsel for affected indemnified persons), on or before the Effective
Date. All such amounts will be paid with proceeds of Loans made on the Effective Date and
will be reflected in the funding instructions given by the Borrower Representative to the
Administrative Agent on or before the Effective Date.

(f) Lien Searches. The Administrative Agent shall have received the results of
a recent lien search in each of the jurisdictions where the Loan Parties (other than the
European Loan Parties) are organized, and such search report shall reveal no liens on any of
the assets of the Loan Parties except for liens permitted by Section 6.02 or discharged on
or prior to the Effective Date pursuant to a pay-off letter or other documentation
satisfactory to the Administrative Agent.

(g) Funding Accounts. The Administrative Agent shall have received a notice
from the Borrower Representative setting forth the deposit account(s) of the Borrowers (the
“Funding Accounts”) to which the Lender is authorized by the Borrowers to transfer
the proceeds of any Borrowings requested or authorized pursuant to this Agreement.

(h) Collateral Access and Control Agreements. (i) The Borrowers shall have
used commercially reasonable efforts to obtain the Collateral Access Agreements required to
be provided pursuant to the Security Agreements and any such agreements so obtained shall
have been delivered to the Administrative Agent and (ii) the Administrative Agent shall have
received (x) each Deposit Account Control Agreement and Lock Box Agreement required to be
provided pursuant to the Security Agreements and (y) each account transfer agreement or
other document that the European Administrative Agent deems necessary to ensure future
compliance with Section 5.17.

(i) Solvency. The Administrative Agent shall have received a solvency
certificate from a Financial Officer of each Borrower (other than the European Borrower and
the UK Borrower which shall provide a representation as to solvency in a director’s
certificate).

(j) Borrowing Base Certificate. The Administrative Agent shall have received
(a) an Aggregate Borrowing Base Certificate which calculates the Aggregate Borrowing Base as
of April 3, 2010 and (b) a US Borrowing Base Certificate, Canadian Borrowing Base
Certificate, UK Borrowing Base Certificate and European Borrowing Base Certificate which
calculates each such Borrowing Base as of April 3, 2010, in each case on a pro forma basis
after giving effect to the Effective Date.

 

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(k) Closing Availability. After giving effect to all Borrowings to be made on
the Effective Date and the issuance of any Letters of Credit on the Effective Date and
payment of all fees and expenses due hereunder, and with all of the Loan Parties’
indebtedness, liabilities and obligations current, the Loan Parties’ Aggregate Availability
shall not be less than $150,000,000.

(l) Pledged Stock; Stock Powers; Pledged Notes. The US Collateral Agent, the
Canadian Collateral Agent or the European Collateral Agent, as applicable and with the
exception of the Netherlands Loan Parties, shall have received (i) the certificates
representing shares of Equity Interests pledged pursuant to the applicable Security
Agreements, together with an undated stock power or stock transfer form, as applicable, for
each such certificate executed in blank by a duly authorized officer of the pledgor thereof
and (ii) each promissory note (if any) pledged to the US Collateral Agent, the Canadian
Collateral Agent or the European Collateral Agent, as applicable and with the exception of
the Netherlands Loan Parties, pursuant to the Security Agreements endorsed (without
recourse) in blank (or accompanied by an executed transfer form in blank) by the pledgor
thereof or pursuant to a duly notarized German Share Pledge Agreement and the German
Partnership Interest Pledge Agreement.

(m) Filings, Registrations and Recordings. Each document (including any
Uniform Commercial Code financing statement) required by the Collateral Documents or under
law or reasonably requested by any Collateral Agent to be filed, registered or recorded in
order to create in favor of the applicable Collateral Agent, for the benefit of the Agents,
the applicable Lenders and the applicable Issuing Banks, a perfected Lien on the Collateral
described therein, prior and superior in right to any other Person (other than with respect
to Liens expressly permitted by Section 6.02), shall be in proper form for filing,
registration or recordation.

(n) Approvals. All material governmental and third party approvals (including
landlords’ and other consents) necessary in connection with the Transactions, the continuing
operations of the Company and its Subsidiaries and the transactions contemplated hereby
shall have been obtained and be in full force and effect, and all applicable waiting periods
shall have expired without any action being taken or threatened by any competent authority
that would restrain, prevent or otherwise impose adverse conditions on the Transactions or
the financing contemplated hereby.

(o) Mortgages, etc. The Loan Parties shall have delivered to the US Collateral
Agent, with respect to each Mortgaged Property subject to an Existing Mortgage pursuant to
the Existing Credit Agreement, each of the following, in form and substance reasonably
satisfactory to the Administrative Agent:

(i) an amendment to the Existing Mortgage covering such parcel of real property
in form and substance reasonably satisfactory to the Administrative Agent;

(ii) (1) an ALTA or other mortgagee’s title insurance policy for such Mortgaged
Property, together with such endorsements thereto as may be required

 

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by the US Collateral Agent or (2) a “date-down” endorsement to (or modification
of) the existing title insurance policy for such parcel of Mortgaged Property issued
by the title company that issued such existing title insurance policy, which
endorsement (or modification) shall update the effective date of such existing title
insurance policy and amend the description of the insured Existing Mortgage to
include the amendment to such Existing Mortgage;

(iii) evidence that the Company has paid all premiums in respect of the
endorsement to the existing title policy for such Mortgaged Property, as well as all
charges for mortgage recording taxes and mortgage filing fees payable in connection
with the recording of the amendment to the Existing Mortgage covering such parcel of
Mortgaged Property, and all related expenses, if any;

(iv) an opinion of counsel in the state in which such parcel of real property
is located in form and substance and from counsel reasonably satisfactory to the
Administrative Agent; and

(v) (1) a “Life-of-Loan” Federal Emergency Management Agency Standard Flood
Hazard Determination with respect to such Mortgaged Property (together with, if
required, a notice about special flood hazard area status and flood disaster
assistance duly executed by the Company or the applicable Loan Party in the event
any such Mortgaged Property is located in a special flood hazard area) and (2) if
any portion of such Mortgaged Property is located in an area identified by the
Federal Emergency Management Agency (or any successor agency) as a Special Flood
Hazard Area with respect to which flood insurance has been made available under the
National Flood Insurance Act of 1968 (now or as hereafter in effect or any successor
act thereto), (a) flood insurance with a financially sound and reputable insurer, in
an amount and otherwise sufficient to comply with all applicable rules and
regulations promulgated pursuant to (i) the National Flood Insurance Act of 1968 as
now or hereafter in effect or any successor statute thereto, (ii) the Flood Disaster
Protection Act of 1973 as now or hereafter in effect or any successor statute
thereto, (iii) the National Flood Insurance Reform Act of 1994 as now or hereafter
in effect or any successor statute thereto and (iv) the Flood Insurance Reform Act
of 2004 as now or hereafter in effect or any successor statute thereto (any such
insurance “Flood Insurance”) and (b) evidence of such insurance in form and
substance reasonably acceptable to the Administrative Agent.

(p) Insurance. The Administrative Agent shall have received evidence of
insurance coverage in form, scope, and substance reasonably satisfactory to the
Administrative Agent and otherwise in compliance with the applicable terms of the Security
Agreements (including Section 5.09 of this Agreement and the applicable provisions of the
Security Agreements).

(q) Appraisals and Field Exams. The Administrative Agent shall have received
appraisals of Inventory and real property and field exams from appraisers satisfactory to
the Administrative Agent.

 

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(r) Customer List. The Administrative Agent shall have received a true and
complete list of the names and addresses of the wholesale customers of each Loan Party.

(s) Letter of Credit Application. The Administrative Agent shall have received
a properly completed letter of credit application if the issuance of a Letter of Credit will
be required on the Effective Date.

(t) USA Patriot Act. Each Lender shall have received all information necessary
to enable such Lender to identify each Borrower and each other Loan Party to the extent
required for compliance with the Patriot Act or other “know your customer” and anti-money
laundering rules and regulations.

(u) Acknowledgement and Consent. The Administrative Agent shall have received
an Acknowledgement and Consent, substantially in the form of Schedule 1 to the US Security
Agreement, duly executed by each issuer of any US Pledged Stock or US Pledged Note that is
not a US Loan Party and has not delivered an Acknowledgment and Consent in connection with
the Existing Credit Agreement, in each case, in form and substance reasonably acceptable to
the Administrative Agent.

(v) Synthetic Lease Documents. The Administrative Agent shall have received
duly executed copies of the Synthetic Lease Documentation, including the Synthetic Lease
Amendment, in form and substance reasonably acceptable to the Administrative Agent.

The Administrative Agent shall notify the Borrowers and the Lenders of the Effective Date, and such
notice shall be conclusive and binding. After the Effective Date, the Administrative Agent shall
make available to the Lenders executed versions of the Loan Documents. Notwithstanding the
foregoing, neither this Agreement nor the obligations of the Lenders to make Loans and of any
Issuing Bank to issue Letters of Credit hereunder shall become effective unless each of the
foregoing conditions is satisfied (or waived pursuant to Section 9.02) at or prior to 2:00 p.m.,
New York time, on May 6, 2010 (and, in the event such conditions are not so satisfied or waived,
the Commitments shall terminate at such time).

SECTION 4.02 Each Credit Event. The obligation of each Lender to make a Loan on the
occasion of any Borrowing, and of each Issuing Bank to issue, amend, renew or extend any Letter of
Credit (other than any such amendments (“Immaterial Amendments”) that are purely
administrative in nature and, for the avoidance of doubt, do not involve amendments to the amount
or tenor of such Letter of Credit), is subject to the satisfaction of the following conditions:

(a) The representations and warranties of the Loan Parties set forth in this Agreement
shall be true and correct in all material respects on and as of the date of such Borrowing
or the date of issuance, amendment, renewal or extension of such Letter of Credit, as
applicable, except that such representations and warranties (i) that relate solely to an
earlier date shall be true and correct as of such earlier date and (ii) shall be true and
correct in all respects if they are qualified by a materiality standard.

 

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(b) At the time of and immediately after giving effect to such Borrowing or the
issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no
Default shall have occurred and be continuing.

(c) Each Borrowing and each issuance of any Letter of Credit shall be made in
compliance with the Revolving Exposure Limitations.

Each Borrowing and each issuance, amendment (other than any Immaterial Amendment), renewal or
extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the
Borrowers on the date thereof as to the matters specified in paragraphs (a), (b) and (c) of this
Section 4.02. Notwithstanding the failure to satisfy the conditions precedent set forth in
paragraphs (a) or (b) of this Section, unless otherwise directed by the Required Lenders, the
Administrative Agent may, but shall have no obligation to, continue to make (or authorize the
European Administrative Agent or Canadian Administrative Agent to make) Loans and an Issuing Bank
may, but shall have no obligation to, issue or cause to be issued any Letter of Credit (or amend,
renew or extend any Letter of Credit) for the ratable account and risk of Lenders from time to time
if the Administrative Agent believes that making such Loans or issuing or causing to be issued (or
amending, renewing or extending) any such Letter of Credit is in the best interests of the Lenders
(it being understood that in no event shall the Administrative Agent continue to make (or authorize
the European Administrative Agent or the Canadian Administrative Agent to make) Revolving Loans or
an Issuing Lender issue (or amend (other than pursuant to Immaterial Amendments), renew or extend)
Letters of Credit if an Event of Default pursuant to clauses (a), (b), (d) (solely with respect to
a failure to be in compliance with Section 6.16), (h), (i), (m), (n), (o) or (p) of Article VII
shall have occurred and be continuing).

ARTICLE V

Affirmative Covenants

Until the Commitments have expired or been terminated and the principal of and interest on
each Loan and all fees payable hereunder shall have been paid in full in cash and all Letters of
Credit shall have expired or terminated (or have been cash collateralized in accordance with
Section 2.06(j) hereof) and all LC Disbursements shall have been reimbursed, each Loan Party
executing this Agreement covenants and agrees, jointly and severally with all of the Loan Parties,
with the Lenders that:

SECTION 5.01 Financial Statements; Borrowing Base and Other Information. The Company
will furnish to the Administrative Agent (with copies to be provided to each Lender by the
Administrative Agent):

(a) within 90 days after the end of each fiscal year of the Company, its audited
consolidated balance sheet and related statements of operations, stockholders’ equity and
cash flows as of the end of and for such year, setting forth in each case in comparative
form the figures for the previous fiscal year, all reported on by Deloitte & Touche LLP or
another registered public accounting firm of recognized national standing (without a “going
concern” or like qualification or exception and without any qualification or exception as to
the scope of such audit) to the effect that such

 

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consolidated financial statements present fairly in all material respects the financial
condition and results of operations of the Company and its consolidated Subsidiaries on a
consolidated basis in accordance with GAAP consistently applied, accompanied by any required
auditors’ communications to the Audit Committee related to significant deficiencies and
material weaknesses prepared by said accountants;

(b) within 45 days after the end of each of the first three fiscal quarters of the
Company’s fiscal year, its consolidated balance sheet and related statements of operations,
stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the
then elapsed portion of the fiscal year, setting forth in each case in comparative form the
figures for the corresponding period or periods of (or, in the case of the balance sheet, as
of the end of) the previous fiscal year, all certified by a Financial Officer of the
Borrower Representative as presenting fairly in all material respects the financial
condition and results of operations of the Company and its consolidated Subsidiaries on a
consolidated basis in accordance with GAAP consistently applied, subject to normal year-end
audit adjustments;

(c) within 30 days (or, with respect to the twelfth fiscal month of each fiscal year,
within 60 days) after the end of each fiscal month of the Company (other than the third,
sixth and ninth fiscal month of each fiscal year), its consolidated balance sheet and
related statements of operations, stockholders’ equity and cash flows as of the end of and
for such fiscal month and the then elapsed portion of the fiscal year, setting forth in each
case in comparative form the figures for the corresponding period or periods of (or, in the
case of the balance sheet, as of the end of) the previous fiscal year, all certified by one
of its Financial Officers as presenting fairly in all material respects the financial
condition and results of operations of the Company and its consolidated Subsidiaries on a
consolidated basis in accordance with GAAP consistently applied, subject to normal year-end
audit adjustments;

(d) concurrently with any delivery of financial statements under clause (a), (b) or (c)
above, a certificate of a Financial Officer of the Borrower Representative in substantially
the form of Exhibit C (i) certifying, in the case of the financial statements
delivered under clause (b) or (c), as presenting fairly in all material respects the
financial condition and results of operations of the Company and its consolidated
Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject
to normal year-end audit adjustments, (ii) certifying as to whether a Default has occurred
and, if a Default has occurred, specifying the details thereof and any action taken or
proposed to be taken with respect thereto, (iii) demonstrating compliance with Section 6.16
and (iv) stating whether any change in GAAP or in the application thereof has occurred since
the date of the audited financial statements referred to in Section 3.04 and, if any such
change has occurred, specifying the effect of such change on the financial statements
accompanying such certificate;

(e) concurrently with any delivery of financial statements under clause (a) above, an
auditor’s report of the accounting firm that reported on such financial statements stating
whether they obtained knowledge during the course of their

 

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examination of such financial statements of any Event of Default (which report may be
limited to the extent required or advised by accounting rules or guidelines);

(f) as soon as available, but in any event 15 days prior to the end of each fiscal year
of the Company, a copy of the plan and forecast (including a projected consolidated balance
sheet, income statement and funds flow statement in form acceptable to the Administrative
Agent and including forecasts of Aggregate Availability) of the Company for each month of
the upcoming fiscal year (the “Projections”) in form reasonably satisfactory to the
Administrative Agent;

(g) as soon as available, but in any event within 20 days (or, in the case of the last
fiscal month of each fiscal year, 30 days) of the end of each fiscal month (or within three
Business Days of the end of each week at any time during a Full Cash Dominion Period), an
Aggregate Borrowing Base Certificate, a US Borrowing Base Certificate, a Canadian Borrowing
Base Certificate, a UK Borrowing Base Certificate and a European Borrowing Base Certificate,
in each case which calculates such Borrowing Base, and supporting information in connection
therewith, together with any additional reports with respect to the Aggregate Borrowing
Base, the US Borrowing Base, the Canadian Borrowing Base, the UK Borrowing Base or the
European Borrowing Base of a Borrower as the Administrative Agent or any Collateral Agent
may reasonably request; provided that no Canadian Borrowing Base Certificate, UK
Borrowing Base Certificate or European Borrowing Base Certificate or additional reports with
respect thereto shall be required if the European Sublimit, UK Sublimit or Canadian
Sublimit, as applicable, shall have been terminated;

(h) as soon as available but in any event within 20 days (or, in the case of the last
fiscal month of each fiscal year, 30 days) of the end of each fiscal month (or within three
Business Days of the end of each week at any time during a Full Cash Dominion Period) and at
such other times as may be reasonably requested by the Administrative Agent or any
Collateral Agent, as of the period then ended:

(i) a detailed aging of each Loan Party’s Accounts (1) including all invoices
aged by invoice date and due date (with an explanation of the terms offered) and (2)
reconciled to the applicable Borrowing Base Certificate delivered as of such date
prepared in a manner reasonably acceptable to the Administrative Agent, together
with a summary specifying the name, address, and balance due for each Account
Debtor;

(ii) a schedule detailing the Loan Parties’ Inventory, in form satisfactory to
the Administrative Agent, (1) by location (showing Inventory in transit, any
Inventory located with a third party under any consignment, bailee arrangement, or
warehouse agreement), by class (raw material, work-in-process and finished goods),
by product type, and by volume on hand, which Inventory shall be valued at the lower
of cost (determined on a first-in, first-out basis) or market and adjusted for
Reserves as the Administrative Agent has previously indicated to the Loan Parties
are deemed by the Administrative Agent to be appropriate, (2) including a report of
any variances or other results of Inventory

 

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counts performed by the Loan Parties since the last Inventory schedule
(including information regarding sales or other reductions, additions, returns,
credits issued by any Loan Party and complaints and claims made against any Loan
Party), and (3) reconciled to the applicable Borrowing Base Certificate delivered as
of such date;

(iii) a worksheet of calculations prepared by the Loan Parties to determine
Eligible Accounts and Eligible Inventory, such worksheets detailing the Accounts and
Inventory excluded from Eligible Accounts and Eligible Inventory and the reason for
such exclusion;

(iv) a reconciliation of the Loan Parties’ Accounts and Inventory between the
amounts shown in the applicable Loan Party’s general ledger and financial statements
and the reports delivered pursuant to clauses (i) and (ii) above; and

(v) a reconciliation of the loan balance per the Loan Parties’ general ledger
to the loan balance under this Agreement;

(i) as soon as available but in any event within 20 days (or, in the case of the last
fiscal month of each fiscal year, 30 days) of the end of each fiscal month and at such other
times as may be requested by the Administrative Agent, as of the month then ended, a
schedule and aging of the Loan Parties’ accounts payable, delivered electronically in a text
formatted file acceptable to the Administrative Agent;

(j) within 45 days of each March 31 and September 30, in the case of the US Loan
Parties and Canadian Loan Parties, or within 15 days of the end of each calendar month, in
the case of the European Loan Parties, (or upon the reasonable request of the Administrative
Agent), an updated customer list for each Loan Party, which list shall state the customer’s
name, mailing address and phone number (to the extent available) and shall be certified as
true and correct by a Financial Officer of the Borrower Representative;

(k) promptly upon the Administrative Agent’s reasonable request:

(i) copies of invoices in connection with the invoices issued by the Loan
Parties in connection with any Accounts, credit memos, shipping and delivery
documents, and other information related thereto;

(ii) copies of purchase orders, invoices, and shipping and delivery documents
in connection with any Inventory or Equipment purchased by any Loan Party; and

(iii) a schedule detailing the balance of all intercompany accounts of the Loan
Parties;

(l) as soon as possible and in any event within 30 days of filing thereof, copies of
all U.S. federal income tax returns (including all related schedules) filed by any

 

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Loan Party with the U.S. Internal Revenue Service; provided that for taxable
years during which the Company or any Loan Party did not incur any loss and for which the
Company or any Loan Party is not utilizing any net operating loss carrybacks or forwards,
the Company is required to provide only copies of page one through four and material related
schedules of U.S. federal income tax returns filed for such taxable years;

(m) promptly after the same become publicly available, copies of all periodic and other
reports, proxy statements and other materials filed by the Company or any Subsidiary with
the U.S. Securities and Exchange Commission, or any Governmental Authority succeeding to any
or all of the functions of said Commission, or with any national securities exchange, or
distributed by the Company to its shareholders generally, as the case may be;
provided that any documents required to be delivered pursuant to this clause (m)
shall be deemed to have been delivered on the date (i) on which the Company posts such
documents, or provides a link thereto on the Company’s website on the Internet at the
website address listed in Section 9.01; or (ii) on which such documents are posted on the
Company’s behalf on IntraLinks/IntraAgency or another relevant website, if any, to which
each Lender and the Administrative Agent have access (whether a commercial, third-party
website or whether sponsored by the Administrative Agent); provided further
that: (x) upon written request by the Administrative Agent, the Company shall deliver paper
copies of such documents to the Administrative Agent for further distribution to each Lender
until a written request to cease delivering paper copies is given by the Administrative
Agent and (y) the Company shall notify (which may be by facsimile or electronic mail) the
Administrative Agent of the posting of any such documents and provide to the Administrative
Agent by electronic mail electronic versions (i.e., soft copies) of such documents; and

(n) promptly following any request therefor, such other information regarding the
operations, business affairs and financial condition of any Loan Party or any Subsidiary, or
compliance with the terms of this Agreement, as the Administrative Agent, any Collateral
Agent or any Lender (through the Administrative Agent) may reasonably request.

SECTION 5.02 Notices of Material Events. The Loan Parties will furnish to the
Administrative Agent and each Lender prompt written notice (and in any event within five days after
such Loan Party obtains knowledge of any of the following events) of the following:

(a) the occurrence of any Default or Event of Default;

(b) any actual knowledge of the Loan Parties of, or any receipt of any notice of, any
governmental investigation or any litigation, arbitration or administrative proceeding
commenced or, to the knowledge of any Loan Party, threatened against any Loan Party or any
of its Subsidiaries that (i) seeks damages in excess of $25,000,000, (ii) seeks material
injunctive relief, (iii) is asserted or instituted against any Plan, Foreign Pension Plan,
Foreign Benefit Arrangement, its fiduciaries or its assets, (iv) alleges criminal misconduct
by any Loan Party or any of its Subsidiaries, (v) alleges the violation of any law
regarding, or seeks remedies in connection with, any Environmental Laws, or

 

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(vi) contests any tax, fee, assessment, or other governmental charge in excess of
$25,000,000;

(c) any Lien (other than Permitted Encumbrances) or claim made or asserted against any
of the Collateral in excess of $5,000,000;

(d) any loss, damage, or destruction to the Collateral in the amount of $25,000,000 or
more per occurrence or related occurrences, whether or not covered by insurance;

(e) any and all default notices received under or with respect to any leased location
or public warehouse where Collateral with a cost in excess of $2,000,000 is located (which
shall be delivered within five Business Days after receipt thereof);

(f) the occurrence of any ERISA Event or breach of the representations and warranties
in Section 3.10 that, alone or together with any other ERISA Events or breaches of such
representations and warranties that have occurred, could reasonably be expected to result in
liability of the Loan Parties and their Subsidiaries, whether directly or by virtue of their
affiliate with any ERISA Affiliate, in an aggregate amount exceeding $25,000,000;

(g) the release into the environment of any Hazardous Material that is required by any
applicable Environmental Law to be reported to a Governmental Authority and which could
reasonably be expected to lead to any material Environmental Liability;

(h) any other development that results in, or could reasonably be expected to result
in, a Material Adverse Effect; and

(i) any material amendments to the Kate Spade JV Agreement, which notice shall be
delivered, promptly after the same becomes effective, with a copy of such agreement and
amendments thereof delivered to the Administrative Agent simultaneously therewith.

Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer
or other executive officer of the Borrower Representative setting forth the details of the event or
development requiring such notice and any action taken or proposed to be taken with respect
thereto.

SECTION 5.03 Existence; Conduct of Business. Each Loan Party will, and will cause
each of its Subsidiaries to, (a) do or cause to be done all things necessary to preserve, renew and
keep in full force and effect its legal existence and, except where any of the following could not
reasonably be expected to result in a Material Adverse Effect, the rights, qualifications,
licenses, permits, franchises, governmental authorizations, intellectual property rights, licenses
and permits used or useful in the conduct of its business, and maintain all requisite authority to
conduct its business in each jurisdiction in which its business is conducted; provided that
the foregoing shall not prohibit any merger, amalgamation, consolidation, liquidation or
dissolution

 

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permitted under Section 6.03 and (b) carry on and conduct its business in substantially the
same manner and in substantially the same fields of enterprise as it is presently conducted.

SECTION 5.04 Payment of Obligations. Each Loan Party will, and will cause each of its
Subsidiaries to, pay or discharge all Material Indebtedness and all other material liabilities and
obligations, including Taxes, before the same shall become delinquent or in default, except where
(a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b)
such Loan Party or such Subsidiary has set aside on its books adequate reserves with respect
thereto in accordance with GAAP or local generally accepted accounting principles, as the case may
be, and (c) the failure to make payment pending such contest could not reasonably be expected to
result in a Material Adverse Effect.

SECTION 5.05 Maintenance of Properties. Each Loan Party will, and will cause each of
its Subsidiaries to, keep and maintain all property material to the conduct of its business in good
working order and condition, ordinary wear and tear excepted, except where the failure to do so
could not reasonably be expected to result in a Material Adverse Effect.

SECTION 5.06 Books and Records; Inspection Rights. Without limiting Sections 5.11 or
5.12 hereof, each Loan Party will, and will cause each of its Subsidiaries to, (a) keep proper
books of record and account in which full, true and correct entries in accordance with GAAP or
local generally accepted accounting principles, as the case may be, are made of all dealings and
transactions in relation to its business and activities and (b) permit any representatives
designated by the Administrative Agent, any Collateral Agent or any Lender (including employees of
the Administrative Agent, any Collateral Agent, any Lender or any consultants, accountants, lawyers
and appraisers retained by the Administrative Agent, any Collateral Agent or any Lender), upon
reasonable prior notice during normal business hours, to visit and inspect its properties and to
examine and make extracts from its books and records, including environmental assessment reports
and Phase I or Phase II studies, and the applicable Loan Party or Subsidiary will make its officers
and independent accountants available to discuss its affairs, finances and condition with such
representatives, all at such reasonable times as are requested during normal business hours. For
purposes of this Section 5.06, it is understood and agreed that a single site visit and inspection
may consist of examinations conducted at multiple relevant sites and involve one or more relevant
Loan Parties and Subsidiaries and their respective assets. All such site visits and inspections
shall be at the sole expense of the Loan Parties. The Loan Parties acknowledge that the
Administrative Agent and each Collateral Agent, after exercising its rights of inspection, may
prepare and distribute to the Lenders certain Reports pertaining to the Loan Parties’ and their
respective Subsidiaries assets for internal use by the Administrative Agent, each Collateral Agent
and the Lenders.

SECTION 5.07 Compliance with Laws. (a) Each Loan Party will, and will cause each of
its Subsidiaries to, comply with all Contractual Obligations and Requirements of Law applicable to
it or its property, except where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect.

(b) US and Foreign Plans and Arrangements.

 

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(i) For each Company Plan, each Loan Party will, and will cause each of its
Subsidiaries, Affiliates and ERISA Affiliates to, in a timely fashion comply with
and perform all of its obligations under and in respect of such Company Plan,
including under plan terms, any funding agreements and all applicable laws and
regulatory requirements (whether discretionary or otherwise); and

(ii) All employer or employee payments, contributions or premiums required to
be remitted, paid to or in respect of each Company Plan by a Loan Party or any
Subsidiary, Affiliate or ERISA Affiliate thereof shall be paid or remitted by each
Loan Party, or Subsidiary, Affiliate or ERISA Affiliate thereof in a timely fashion
in accordance with the terms thereof, any funding agreements and all applicable
laws; except, in the case of subclauses (i) and (ii) as could not reasonably be
expected to result, individually or in the aggregate, in a Material Adverse Effect;
and

(iii) The Loan Parties shall deliver to each Lender: (A) if requested by such
Lender, copies of each annual and other return, report or valuation with respect to
each Company Plan, as filed with any applicable Governmental Authority; (B) promptly
following receipt thereof, copies of any documents described in Sections 101(k) or
101(l) of ERISA that any Loan Party or any ERISA Affiliate may request with respect
to any Multiemployer Plan; provided that if the Loan Parties or any of their
ERISA Affiliates have not requested such documents or notices from the administrator
or sponsor of the applicable Multiemployer Plan, then, upon reasonable request of
the Administrative Agent, the Loan Parties and/or their ERISA Affiliates shall
promptly make a request for such documents or notices from such administrator or
sponsor and the Loan Parties shall provide copies of such documents and notices to
the Administrative Agent (on behalf of each requesting Lender) promptly after
receipt thereof; (C) promptly after receipt thereof, a copy of any material
direction, order, notice, ruling or opinion that any Loan Party or any Subsidiary,
Affiliate or ERISA Affiliate of any Loan Party may receive from any applicable
Governmental Authority with respect to any Company Plan; (D) notification within 30
days of (i) any increases having a cost to one or more of the Loan Parties or any
Subsidiary, Affiliate or Loan Party thereof in excess of $10,000,000 per annum in
the aggregate, in the benefits of any existing Company Plan, or (ii) the
establishment of any new Company Plan (or, in the case of any Canadian Plan, any
plan that is a “Registered Pension Plan” as that term is defined under subsection
248(1) of the Income Tax Act (Canada)), or the commencement of contributions to any
such plan to which any Loan Party, Subsidiary, Affiliate or ERISA Affiliate was not
previously contributing; and (E) notification within 30 days of any voluntary or
involuntary termination of, or participation in, a Company Plan.

(c) UK Loan Party Pension Plans and Benefit Plans.

(i) A UK Loan Party shall ensure that (A) neither it nor any of its
Subsidiaries or Affiliates is or has been at any time after April 27, 2004 an

 

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employer (for the purposes of Sections 38 to 51 of the UK Pensions Act 2004) of
an occupational pension scheme which is not a money purchase scheme (both terms as
defined in the UK Pension Schemes Act 1993) or “connected” with or an “associate” of
(as those terms are used in Sections 38 and 43 of the UK Pensions Act 2004) such an
employer and (B) no Person who becomes a Subsidiary or Affiliate of a UK Loan Party
after the date of this Agreement, was formerly an employer (for the purposes of
Sections 38 to 51 of the UK Pensions Act 2004) of an occupational pension scheme
which is not a money purchase scheme (both terms as defined in the UK Pension
Schemes Act 1993) or was formerly “connected” with or an “associate” of (as those
terms are used in Sections 38 and 43 of the UK Pensions Act 2004) such an employer.

(d) European Loan Party Pension Plans and Benefit Plans.

(i) No European Loan Party shall establish, nor shall it permit any of its
Subsidiaries or Affiliates to establish, any voluntary pension scheme and/or any
voluntary benefit plan without the prior consent of the Administrative Agent.

(ii) Each European Loan Party shall, and shall cause its Subsidiaries and
Affiliates to, maintain and operate its obligations under (A) its benefit plans, if
any, and (B) the voluntary pension schemes and/or voluntary benefit plans consented
to by the Administrative Agent, if any, in all respects in conformity with the
requirements of applicable law or contract; and

(iii) All pension schemes established or maintained by a Loan Party or any
Subsidiary, Affiliate or ERISA Affiliate thereof shall comply with all provisions of
the relevant law and employ reasonable actuarial assumptions; and no Loan Party or
any Subsidiary, Affiliate or ERISA Affiliate thereof shall have any unsatisfied
liability in respect of any pension scheme and there shall be no circumstances which
may give rise to any liability; except, in the case of subclauses (ii) and (iii), as
could not reasonably be expected to result, individually or in the aggregate, in a
Material Adverse Effect.

(e) Environmental Covenant. The Loan Parties and each of their Subsidiaries: (i)
shall be at all times in compliance with all applicable Environmental Laws, and undertake
reasonable efforts to ensure compliance in all material respects by all tenants and subtenants, if
any, with, all applicable Environmental Laws, and (ii) generate, use, treat, store, release,
transport, dispose of, and otherwise manage all Hazardous Materials in a manner that would not
reasonably be expected to result in a material liability to any Loan Party or any of its
Subsidiaries or to materially affect any real property owned or operated by any of them; and take
reasonable efforts to prevent any other Person from generating, using, treating, storing,
releasing, transporting, disposing of, or otherwise managing Hazardous Materials in a manner that
could reasonably be expected to result in a material liability to, or materially affect any real
property owned or operated by, any Loan Party or any of their Subsidiaries; it being understood
that this clause (e) shall be deemed not breached by a noncompliance with any of the foregoing (i)
or (ii) if, upon learning of such noncompliance or any condition that results from such
noncompliance, any affected Loan Parties and Subsidiaries promptly develop and diligently implement
a

 

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response to such noncompliance and any such condition that is consistent with principles of
prudent environmental management and all applicable Environmental Laws, and such response and
condition, in the aggregate with any other such responses and conditions, could not reasonably be
expected to have a Material Adverse Effect.

SECTION 5.08 Use of Proceeds. The proceeds of the Loans will be used only for working
capital needs and general corporate purposes, including refinancing, repayment, repurchase and cash
settlements of certain existing Indebtedness and acquisitions. No part of the proceeds of any Loan
and no Letter of Credit will be used, whether directly or indirectly, for any purpose that entails
a violation of any of the Regulations of the Board, including Regulations T, U and X.

SECTION 5.09 Insurance. Each Loan Party will maintain with financially sound and
reputable carriers having a financial strength rating of at least A- by A.M. Best Company (a)
insurance in such amounts (with no greater risk retention) and against such risks (including loss
or damage by fire or flood and loss in transit; theft, burglary, pilferage, larceny, employee
dishonesty, embezzlement, and other criminal activities; business interruption; and general
liability) and such other hazards, as is customarily maintained by companies of established repute
engaged in the same or similar businesses operating in the same or similar locations, (b) all
insurance required pursuant to the Collateral Documents or (in the case of Loan Parties located
outside of the United States) such other insurance maintained with other carriers as is
satisfactory to the Administrative Agent in its Permitted Discretion and (c) if any portion of any
Mortgaged Property is located in an area identified by the Federal Emergency Management Agency (or
any successor agency) as a Special Flood Hazard Area with respect to which flood insurance has been
made available under the National Flood Insurance Act of 1968 (now or as hereafter in effect or any
successor act thereto), Flood Insurance. The Borrowers will furnish to the Lenders, upon request
of the Administrative Agent, information in reasonable detail as to the insurance so maintained,
which may be a Memorandum of Insurance. The Borrowers shall require all such policies to name the
US Collateral Agent, the Canadian Collateral Agent or the European Collateral Agent (on behalf of
the Agents, the Lenders and the Issuing Banks) as additional insured or loss payee, as applicable.

SECTION 5.10 Casualty and Condemnation. The Borrowers (a) will furnish to the
Administrative Agent (for delivery to the Lenders) prompt written notice of any casualty or other
insured damage to any material portion of the Collateral or the commencement of any action or
proceeding for the taking of any material portion of the Collateral or interest therein under power
of eminent domain or by condemnation or similar proceeding and (b) will ensure that the net
proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or
otherwise) are collected and applied in accordance with the applicable provisions of this Agreement
and the Collateral Documents.

SECTION 5.11 Appraisals. On two occasions (or, (x) with respect to appraisals of real
property and Intellectual Property, one occasion and (y) with respect to Inventory appraisals, at
any time that Aggregate Availability is less than $70,000,000, three occasions) per calendar year,
as directed by the Administrative Agent or any Collateral Agent, the Loan Parties will provide the
Administrative Agent or such Collateral Agent with appraisals or updates thereof of their
Inventory, Intellectual Property or real property, as applicable, from an appraiser selected and

 

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engaged by the Administrative Agent or such Collateral Agent, and prepared on a basis
satisfactory to the Administrative Agent or such Collateral Agent, such appraisals and updates to
include, without limitation, information required by applicable law and regulations.
Notwithstanding the foregoing, in addition to the appraisals permitted above, there shall be no
limitation on the number of Inventory, Intellectual Property or real property appraisals (a) during
any Level 1 Minimum Aggregate Availability Period or (b) if an Event of Default shall have occurred
and be continuing. For purposes of this Section 5.11, it is understood and agreed that a single
Inventory, Intellectual Property or real estate appraisal may consist of examinations conducted at
multiple relevant sites, both domestic and international, and involve one or more relevant Loan
Parties and their assets. All such Collateral appraisals shall be at the sole expense of the Loan
Parties.

SECTION 5.12 Field Examinations. At the request of the Administrative Agent or any
Collateral Agent, the Loan Parties will permit, upon reasonable notice, the Administrative Agent
and/or any Collateral Agent to conduct field examinations during normal business hours to ensure
the adequacy of Collateral included in any Borrowing Base and related reporting and control
systems. Two such field examinations per calendar year shall be performed by the Administrative
Agent and shall be at the sole expense of the Loan Parties; provided that there shall be no
limitation on the number or frequency of field examinations at the sole expense of the Loan Parties
(a) during any Level 1 Minimum Aggregate Availability Period or (b) if an Event of Default shall
have occurred and be continuing. For purposes of this Section 5.12, it is understood and agreed
that a single field examination may be conducted at multiple relevant sites, both domestic and
international, and involve one or more relevant Loan Parties and their assets.

SECTION 5.13 [Reserved].

SECTION 5.14 Additional Collateral; Further Assurances. (a) Subject to applicable
law, the Company and each Subsidiary that is a Loan Party shall cause each of its Subsidiaries
formed or acquired after the date of this Agreement and organized under the laws of the United
States, Canada, the Netherlands, Germany, England and Wales, Ireland or, solely to the extent any
such Subsidiary formed or acquired after the date hereof opens any deposit account that the
European Administrative Agent determines is part of the European Borrower’s cash structure, any
other member state of the European Union, or, in each case, any political subdivision thereof
(within five Business Days after such formation or acquisition, or such longer period as may be
agreed to by the Administrative Agent) (A) in accordance with the terms of this Agreement to become
a Loan Party by executing the Joinder Agreement set forth as Exhibit D hereto (the
“Joinder Agreement”) or such other Loan Guaranty in form and substance satisfactory to the
Administrative Agent and (B) to execute and deliver such amendments, supplements or documents of
accession to any Collateral Documents as the applicable Collateral Agent deems necessary for such
new Subsidiary to grant to such Collateral Agent (for the benefit of the Agents, the applicable
Lenders and the applicable Issuing Banks) a perfected first priority security interest in the
Collateral described in such Collateral Document with respect to such new Subsidiary. Upon
execution and delivery of such documents and agreements, each such Person (i) shall automatically
become a Loan Guarantor hereunder and thereupon shall have all of the rights, benefits, duties, and
obligations in such capacity under the Loan Documents and (ii) will grant Liens to the applicable
Collateral Agent (in each case for the benefit of the Agents, the

 

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applicable Lenders and the applicable Issuing Banks) in any property of such Loan Party which
constitutes Collateral, including any parcel of real property located in the U.S. owned by such
Loan Party.

(b) (i) The Company and each Subsidiary that is a US Loan Party will cause (a) 100% (or such
lesser percentage owned by the Company or such US Loan Party, as applicable) of the issued and
outstanding Equity Interests of each of its direct domestic Subsidiaries and (b) 65% (or such
greater percentage that, due to a change in applicable law after the date hereof, (1) could not
reasonably be expected to cause the undistributed earnings of such foreign Subsidiary as determined
for U.S. federal income tax purposes to be treated as a deemed dividend to such foreign
Subsidiary’s U.S. parent and (2) could not reasonably be expected to cause any other material
adverse tax consequences) of the issued and outstanding Equity Interests entitled to vote (within
the meaning of Treas. Reg. Section 1.956-2(c)(2)) and 100% of the issued and outstanding Equity
Interests not entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) in each
foreign Subsidiary directly owned by the Company or any US Loan Party to be subject at all times to
a first priority, perfected Lien in favor of the US Collateral Agent pursuant to the terms and
conditions of the Loan Documents or other security documents as the Administrative Agent shall
reasonably request and (ii) subject to applicable law, each Subsidiary of the Company that is a
Foreign Loan Party (other than any Account Party) will cause 100% of the issued and outstanding
Equity Interests of each of its direct Subsidiaries that is organized in the same jurisdiction as
such Foreign Loan Party to be subject at all times to a first priority, perfected Lien in favor of
the applicable Collateral Agent pursuant to the terms and conditions of the Loan Documents or other
security documents as the Administrative Agent shall reasonably request.

(c) Without limiting the foregoing, subject to applicable law, each Loan Party will and will
cause each Subsidiary to execute and deliver, or cause to be executed and delivered, to the
Administrative Agent and each Collateral Agent such documents, agreements and instruments, and will
take or cause to be taken such further actions (including the filing and recording of financing
statements, fixture filings, mortgages, deeds of trust, hypothecs and other documents and such
other actions or deliveries of the type required by Section 4.01, as applicable), which may be
required by law or which the Administrative Agent or any Collateral Agent may, from time to time,
reasonably request to carry out the terms and conditions of this Agreement and the other Loan
Documents and to ensure perfection and priority of the Liens created or intended to be created by
the Collateral Documents, all at the expense of the Loan Parties (including, for the avoidance of
doubt, to reflect any change in the Secured Parties hereunder). In addition, each Loan Party will
execute and deliver, or cause to be executed and delivered, to the Administrative Agent and each
Collateral Agent filings with any governmental recording or registration office in any jurisdiction
required by the Administrative Agent or any Collateral Agent, in the exercise of its Permitted
Discretion, in order to perfect or protect the Liens of the applicable Collateral Agent granted
under any Collateral Document in any Intellectual Property.

(d) If any material assets (including any real property or improvements thereto or any
interest therein) are acquired by the Company or any Subsidiary that is a Loan Party (or (x) any
deposit accounts opened by any Subsidiary of the Company organized under the laws of any member
state of the European Union or (y) any existing deposit accounts of any Subsidiary

 

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of the Company organized under the laws of any member state of the European Union are
determined by the European Administrative Agent, in its Permitted Discretion, to comprise part of
the European Borrower’s cash structure) after the Effective Date (other than assets constituting
Collateral under the Security Agreement that become subject to the Lien in favor of the Agents, the
applicable Lenders and the applicable Issuing Banks upon acquisition thereof), the Company will
notify the Administrative Agent and the Lenders thereof, the Borrower will promptly cause such
assets (in the case of any deposit accounts referred to above, solely to the extent the European
Administrative Agent determines such deposit accounts are part of the European Borrower’s cash
structure) to be subjected to a Lien securing the applicable Secured Obligations and will take, and
cause its Subsidiaries that are Loan Parties to take, such actions as shall be necessary or
reasonably requested by the Administrative Agent or any Collateral Agent to grant and perfect such
Liens, including actions described in paragraph (c) of this Section and Section 4.01(o), all at the
expense of the Loan Parties.

(e) For the purposes of Section 5.14(c) and 5.14(d), (i) references to the actions and
deliverables required under Section 4.01(o)(i) with respect to any applicable hereafter-acquired
property shall be deemed to require delivery of Mortgages on such property, including evidence that
a counterpart of such Mortgage has been recorded in the place necessary, in the Administrative
Agent’s judgment, to create a valid and enforceable first priority Lien in favor of the US
Collateral Agent for the benefit of itself and the Lenders; (ii) references to “date-down”
endorsements (or modifications) in Section 4.01(o)(ii) shall refer to ALTA or other mortgagee’s
title insurance policies, together with such endorsements thereto as may be required by the
applicable Collateral Agent; and (iii) Mortgages filed pursuant to this Section 5.14 shall be
delivered to the applicable Collateral Agent in conjunction with an ALTA survey prepared of such
Mortgaged Property and certified to the applicable Collateral Agent by a surveyor acceptable to the
Administrative Agent.

SECTION 5.15 Financial Assistance. (a) Each Netherlands Loan Party and its
Subsidiaries shall comply in all respects with applicable legislation governing financial
assistance, including Sections 2:98C and 2:207C of the Dutch Civil Code. Each Canadian Loan Party,
UK Loan Party and German Loan Party shall comply in all respects with applicable legislation
governing financial assistance and/or capital maintenance, as applicable.

(b) The obligations of the Norwegian Loan Parties hereunder shall be limited, if (and only if)
required by the provisions as set out in the Norwegian Private Limited Liability Companies Act
1997, regulating unlawful financial assistance and other prohibited loans, guarantees and joint and
several liability and it is understood that the liability of the Norwegian Loan Parties hereunder
only applies to the extent permitted by the provisions of the Norwegian Private Limited Liability
Companies Act.

SECTION 5.16 Collateral Access Agreements and Deposit Account Control Agreements. The
Borrowers shall (i) use their commercially reasonable efforts to deliver to the Administrative
Agent any Collateral Access Agreements required pursuant to the Security Agreements and (ii)
deliver to the Administrative Agent any Deposit Account Control Agreement required to be delivered
pursuant to any Security Agreement, in each case, in form and substance reasonably acceptable to
the Administrative Agent.

 

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SECTION 5.17 Transfer of Accounts of Specified European Loan Parties. At any time
following the occurrence of a European Account Transfer Trigger Event, at the request of the
European Administrative Agent in its sole discretion, the Specified European Loan Parties shall
either (i) immediately cause all of their deposit accounts to be transferred to the name of the
European Administrative Agent or (ii) to the extent such deposit accounts cannot be transferred to
the European Administrative Agent, promptly open new deposit accounts with (and in the name of) the
European Administrative Agent, and the Specified European Loan Parties shall ensure that all monies
owing to them will immediately be re-directed to the transferred or new accounts held by the
European Administrative Agent.

SECTION 5.18 European Cash Management. (a) Except as otherwise provided in this
Agreement or any other Loan Document (including pursuant to Section 2.10(b)), the Company and each
Specified European Loan Party will, and will cause each of their Subsidiaries to, ensure that all
cash collections (other than any Specified Cash Collections) of such entity continue to be swept
(whether directly or indirectly) or otherwise deposited into the Collection Accounts of the
Specified European Loan Parties in substantially the same manner as in effect on the date hereof
(after giving effect to the Transactions).

(b) On the 15th day of each calendar month (or, if such date is not a Business Day,
on the first Business Day thereafter) (the “Transfer Date”), the European Borrower shall
deposit, or shall cause to be deposited, the Netherlands Intercompany Receivable Amount (calculated
as of the Transfer Date), if any, into a Collection Account of the European Borrower.

SECTION 5.19 Post-Closing Obligations. (a) On or prior to the date that is 60 days
following the Effective Date, the European Borrower shall provide the European Collateral Agent
with a status report with respect to each of the bank accounts set forth on Schedule
5.19(a) (the “Scheduled Bank Accounts”), each of which are currently expected to be
closed on or prior to such date. To the extent any Scheduled Bank Accounts remain open on such
date, the European Borrower shall provide the European Collateral Agent with a similar status
report on each 30-day anniversary thereof (each, a “Reporting Date”) until the date that
all Scheduled Bank Accounts are either closed or subject to a first priority security interest in
favor of the European Collateral Agent, for the benefit of the Agents, the applicable Lenders and
the applicable Issuing Banks, as described below. The European Borrower and/or each other Loan
Party holding any applicable Scheduled Bank Account shall, at the European Collateral Agent’s
request delivered on or prior to the date that is five Business Days following any Reporting Date,
(i) deliver to the European Collateral Agent, each in form and substance reasonably satisfactory to
the European Collateral Agent, one or more security agreements pursuant to which such Loan Party
grants a security interest to the European Collateral Agent, for the benefit of the Agents, the
applicable Lenders and the applicable Issuing Banks, in each Scheduled Bank Account that remains
open as of such date and has been designated by the European Collateral Agent, (ii) deliver all
notices required to be delivered pursuant to any such security agreement to any banking institution
at which any such account is held, (iii) use commercially reasonable efforts to procure any
acknowledgments of any such banking institution required pursuant to any such security agreement,
(iv) take all actions which may be required by law or which the Administrative Agent or the
European Collateral Agent may reasonably request to ensure perfection of the Liens created or
intended to be created by any such security agreement, prior and superior in right to any other
Person and (v) deliver to the Agents, the applicable Lenders

 

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and the applicable Issuing Banks an opinion of counsel, in form and substance reasonably
satisfactory to the Administrative Agent, stating that each such security agreement shall
constitute a fully perfected Lien on, and security interest in, each such Scheduled Bank Account,
in the case of each of clauses (i) through (v) above, within 30 days (or such later date agreed to
by the European Collateral Agent) of receipt of such request.

(b) On or prior to the date that is 30 days following the Effective Date (or such later date
as the Administrative Agent may approve in its sole discretion), deliver to the Administrative
Agent the Deposit Account Control Agreement listed on Schedule 5.19(b).

(c) Juicy Couture Ireland Limited shall use commercially reasonable efforts to procure, within
30 days of the execution of the Irish Debenture (or such later date agreed to by the European
Collateral Agent (it being understood that the European Collateral Agent may, in its sole
discretion, waive the requirements set forth in this Section 5.19(c))), the consent from Value
Retail Dublin Limited necessary to fully effect the charge given under clause 3.5 of the Irish
Debenture in respect of the agreement for license relating to part of Kildare Village dated 27
January 2009 and the license relating to part of Kildare Village dated 27 January 2009.

(d) Liz Claiborne Europe shall use commercially reasonable efforts, on or prior to the date
that is 60 days following the Effective Date (or such later date agreed to by the European
Collateral Agent in its sole discretion), to (x) implement a blocked account mechanism or other
mechanism, in each case, reasonably satisfactory to the European Collateral Agent, in respect of
each of the accounts of Liz Claiborne Europe as the European Collateral Agent shall determine (in
its sole discretion) to be a Collection Account, and (y) deliver to the European Collateral Agent
(A) documentation, in form and substance reasonably satisfactory to the European Collateral Agent,
granting a first priority fixed charge over each such Collection Account in favor of the European
Collateral Agent and (B) an opinion of counsel, in form and substance reasonably satisfactory to
the Administrative Agent, stating that such documentation shall constitute a fully perfected Lien
on, and security interest in, each such account. In the event that Liz Claiborne Europe shall fail
to deliver such documentation on or prior to such date referred to above after the use of
commercially reasonable efforts to do so, the assets of Liz Claiborne Europe shall be excluded from
any Borrowing Base.

(e) On or prior to the dates specified on Schedule 5.19(e), the Company will take, or
cause to be taken, the actions specified on Schedule 5.19(e).

ARTICLE VI

Negative Covenants

Until the Commitments have expired or terminated and the principal of and interest on each
Loan and all fees, expenses and other amounts payable under any Loan Document have been paid in
full in cash and all Letters of Credit have expired or terminated (or have been cash collateralized
in accordance with Section 2.06(j) hereof) and all LC Disbursements shall have been reimbursed, the
Loan Parties covenant and agree, jointly and severally, with the Lenders that:

 

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SECTION 6.01 Indebtedness. No Loan Party will, nor will it permit any of its
Subsidiaries to, create, incur or suffer to exist any Indebtedness, except:

(a) the Secured Obligations;

(b) Indebtedness existing on the date hereof and set forth on Schedule 6.01 and
extensions, renewals and replacements of any such Indebtedness in accordance with clause (f)
hereof;

(c) Indebtedness of any Borrower to any Subsidiary or any other Borrower and of any
Subsidiary to any Borrower or any other Subsidiary; provided that (i) Indebtedness
of any Subsidiary that is not a Loan Party to any Borrower or any Subsidiary that is a Loan
Party shall be subject to Section 6.04(d), Section 6.04(f) and Section 6.04(g) and (ii)
Indebtedness of any Borrower to any Subsidiary and Indebtedness of any Subsidiary that is a
Loan Party to any Borrower or to any other Subsidiary that is not a Loan Party shall be
subordinated to the Secured Obligations on terms reasonably satisfactory to the
Administrative Agent;

(d) Guarantees by any Borrower of Indebtedness of any Subsidiary or any other Borrower
and by any Subsidiary of Indebtedness of any Borrower or any other Subsidiary;
provided that (i) the Indebtedness so Guaranteed is permitted by this Section 6.01,
(ii) Guarantees by any Borrower or any Subsidiary that is a Loan Party of Indebtedness of
any Subsidiary that is not a Loan Party shall be subject to Section 6.04(e) and
(iii) Guarantees permitted under this clause (d) shall be subordinated to the Secured
Obligations of the applicable Subsidiary if, and on the same terms as, the Indebtedness so
Guaranteed is subordinated to the Secured Obligations;

(e) Indebtedness of any Borrower or any Subsidiary incurred to finance the acquisition,
construction or improvement of any fixed or capital assets (whether or not constituting
purchase money Indebtedness), including Capital Lease Obligations and any Indebtedness
assumed in connection with the acquisition of any such assets or secured by a Lien on any
such assets prior to the acquisition thereof; provided that (i) such Indebtedness is
incurred prior to or within 90 days after such acquisition or the completion of such
construction or improvement and (ii) the aggregate principal amount of Indebtedness
permitted by this paragraph (e) shall not exceed $100,000,000 at any time outstanding;

(f) Indebtedness which represents an extension, refinancing, replacement or renewal of
any of the Indebtedness described in paragraphs (b), (e), (i), (j), (k), (m) and (s) of this
Section 6.01; provided that, unless otherwise expressly permitted by this Section
6.01, (i) the principal amount (or accreted value, if applicable) thereof does not exceed
the principal amount (or accreted value, if applicable) of the Indebtedness so extended,
refinanced, replaced or renewed, (ii) any Liens securing such Indebtedness are not extended
to any additional property of any Loan Party or any of their respective Subsidiaries, (iii)
no Loan Party or Subsidiary of any Loan Party that is not originally obligated with respect
to repayment of such Indebtedness is required to become obligated with respect thereto
(except as would otherwise be permitted pursuant to clause (d)

 

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above), (iv) such extension, refinancing, replacement or renewal does not result in a
shortening of the average weighted maturity of the Indebtedness so extended, refinanced,
replaced or renewed and (v) if the Indebtedness that is refinanced, replaced, renewed, or
extended was subordinated in right of payment to the Secured Obligations, then the terms and
conditions of the refinancing, replacement, renewal, or extension Indebtedness must include
subordination terms and conditions that are at least as favorable to the Administrative
Agent and the Lenders as those that were applicable to the refinanced, replaced, renewed, or
extended Indebtedness;

(g) Indebtedness owed to any Person providing workers’ compensation, health, disability
or other employee benefits or property, casualty or liability insurance, pursuant to
reimbursement or indemnification obligations to such Person, in each case incurred in the
ordinary course of business;

(h) Indebtedness of any Borrower or any Subsidiary in respect of performance bonds, bid
bonds, appeal bonds, custom broker bonds, surety bonds and similar obligations, in each case
provided in the ordinary course of business;

(i) Indebtedness of the Company or any other US Loan Party; provided that both
immediately before and immediately after giving pro forma effect thereto (i)
no Default or Event of Default shall have occurred and be continuing and (ii) the Fixed
Charge Coverage Ratio for the Test Period in effect at the time such Indebtedness is to be
incurred, calculated on a Pro Forma Basis, shall be at least 1.25 to 1.00); provided
further that the aggregate principal amount of Indebtedness permitted by this
paragraph (i) shall not exceed $200,000,000 at any one time outstanding;

(j) Indebtedness of Foreign Subsidiaries that are not Loan Parties; provided
that the aggregate principal amount of Indebtedness permitted by this paragraph (j) shall
not exceed $50,000,000 at any time outstanding;

(k) Indebtedness of any Person that becomes a Subsidiary after the date hereof;
provided that (i) such Indebtedness exists at the time such Person becomes a
Subsidiary and is not created in contemplation of or in connection with such Person becoming
a Subsidiary and (ii) the aggregate principal amount of Indebtedness permitted by this
paragraph (k) shall not exceed $50,000,000 at any time outstanding;

(l) (x) Indebtedness in respect of the Existing Euro Notes and (y) Indebtedness which
represents an extension, refinancing, replacement or renewal thereof (including any
Guarantees thereof to the extent permitted pursuant to the following proviso) (the “Euro
Notes Refinancing Debt”); provided that, (i) the principal amount (or accreted
value, if applicable) of the Euro Notes Refinancing Debt does not exceed the principal
amount (or accreted value, if applicable) of the Existing Euro Notes so extended,
refinanced, replaced or renewed, plus, in the case of any Euro Notes Refinancing
Debt that constitutes Trademark Secured Debt, any additional amounts such that, after making
the prepayments required to be made pursuant to Section 2.11(f), the Net Proceeds of such
issuance of Euro Notes Refinancing Debt remaining shall not exceed the principal amount (or
accreted value, if applicable) of the Existing Euro Notes

 

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so extended, refinanced, replaced or renewed, (ii) such Euro Notes Refinancing Debt
shall be either (A) unsecured or (B) secured by Liens on assets that do not constitute
Collateral (other than Trademarks to the extent permitted pursuant to Section 6.02(p)) and
are otherwise permitted pursuant to Section 6.02, and (iii) such Euro Notes Refinancing Debt
does not have a shorter average weighted maturity than the Existing Euro Notes;

(m) Indebtedness in respect of the Synthetic Lease Documentation;

(n) Capital Lease Obligations in connection with sale and leaseback transactions
permitted pursuant to Section 6.14;

(o) Indebtedness of any German Loan Party under (i) direct pension commitments or (ii)
old-age part-time arrangements, to the extent such German Loan Party is required by
applicable law to enter into such old-age part-time arrangements; provided that
statutory insolvency protection measures for liabilities under (i) and (ii) are fulfilled;

(p) earn-out obligations pursuant to the Mac & Jac Purchase Agreement in an aggregate
amount not to exceed $20,000,000;

(q) a Guarantee granted pursuant to a declaration of joint and several liability used
for the purpose of Section 2:403 of the Dutch Civil Code (Burgerlijk Wetboek) (and any
residual liability under such declaration arising pursuant to section 2:404(2) of the Dutch
Civil Code) by a Netherlands Loan Party;

(r) any joint and several liability arising under any fiscal unity (fiscale eenheid)
between the Netherlands Group Members;

(s) Indebtedness in respect of the Existing Convertible Notes;

(t) other unsecured Indebtedness not otherwise permitted by this Section 6.01;
provided the aggregate principal amount of all Indebtedness permitted by this
paragraph (t) shall not exceed $150,000,000 at any time outstanding;

(u) unsecured Guarantees permitted by Section 6.04(s); and

(v) Indebtedness of the European Borrower incurred pursuant to the Unitex Agreement, in
an aggregate principal amount, when added to the fair market value of all Accounts sold
pursuant to Section 6.05(o) for which payment from the account debtor is not yet due (based
on the payment terms in effect when the Account was sold), not to exceed $2,500,000 at any
time outstanding.

SECTION 6.02 Liens. No Loan Party will, nor will it permit any of its Subsidiaries
to, create, incur, assume or permit to exist any Lien on any property or asset now owned or
hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable)
or rights in respect of any thereof, except:

 

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(a) Liens created pursuant to any Loan Document;

(b) Permitted Encumbrances;

(c) any Lien on any property or asset of any Borrower or any Subsidiary existing on the
date hereof and set forth on Schedule 6.02; provided that (i) such Lien
shall not apply to any other property or asset of such Borrower or Subsidiary and (ii) such
Lien shall secure only those obligations which it secures on the date hereof and extensions,
renewals and replacements thereof that do not increase the outstanding principal amount
thereof except to the extent permitted by clause (f) of Section 6.01;

(d) Liens on fixed or capital assets acquired, constructed or improved by any Borrower
or any Subsidiary; provided that (i) such security interests secure Indebtedness
permitted by clause (e) of Section 6.01, (ii) such security interests and the Indebtedness
secured thereby are incurred prior to or within 90 days after such acquisition or the
completion of such construction or improvement, (iii) the Indebtedness secured thereby does
not exceed 100% of the cost of acquiring, constructing or improving such fixed or capital
assets and (iv) such security interests shall not apply to any other property or assets of
such Borrower or Subsidiary or any other Borrower or Subsidiary;

(e) any Lien existing on any property or asset (other than Accounts and Inventory)
prior to the acquisition thereof by any Borrower or any Subsidiary or existing on any
property or asset (other than Accounts and Inventory) of any Person that becomes a
Subsidiary after the date hereof prior to the time such Person becomes a Subsidiary;
provided that (i) such Lien is not created in contemplation of or in connection with
such acquisition or such Person becoming a Subsidiary, as the case may be, (ii) such Lien
shall not apply to any other property or assets of such Borrower or Subsidiary or any other
Borrower or Subsidiary and (iii) such Lien shall secure only those obligations which it
secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the
case may be and extensions, renewals and replacements thereof that do not increase the
outstanding principal amount thereof except to the extent permitted by clause (f) of Section
6.01;

(f) Liens (i) of a collecting bank arising in the ordinary course of business under
Section 4-210 of the Uniform Commercial Code in effect in the relevant jurisdiction covering
only the items being collected upon or (ii) in favor of a banking institution arising as a
matter of law, encumbering amounts credited to deposit or securities accounts (including the
right of set-off) and which are within the general parameters customary in the banking
industry;

(g) Liens arising out of sale and leaseback transactions permitted pursuant to Section
6.14;

(h) Liens granted by a Subsidiary that is not a Loan Party in favor of any Borrower or
another Loan Party in respect of Indebtedness owed by such Subsidiary;

(i) Liens securing Indebtedness permitted by Section 6.01(i) in an aggregate amount not
to exceed $75,000,000 at any time outstanding;

 

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(j) Liens securing Indebtedness permitted by Section 6.01(j); provided that
such Lien shall only apply to the property of the applicable Foreign Subsidiary;

(k) Liens securing Indebtedness permitted pursuant to Section 6.01(m); provided
that such Lien shall not apply to any property or assets of the Company or any Subsidiary
other than (i) the real property subject to such Lien on the Original Effective Date (prior
to giving effect to the Existing Credit Agreement) and (ii) Liens on the Collateral, subject
to the Intercreditor Agreement;

(l) Liens securing Indebtedness permitted pursuant to Section 6.01(o), to the extent
required by mandatory law; provided that such Lien shall only apply to the property
of the applicable German Loan Party

(m) Liens relating to pooled deposit or sweep accounts of the European Borrower and its
Affiliates to the extent permitted under the applicable European Security Agreement;

(n) Liens not otherwise permitted by this Section 6.02 so long as (i) neither (A) the
aggregate outstanding principal amount of the obligations secured thereby nor (B) the
aggregate fair market value (determined as of the date such Lien is incurred) of the assets
subject thereto exceeds (as to the Borrowers and all Subsidiaries) $25,000,000 at any one
time and (ii) such Liens do not cover any Collateral other than any non-consensual Liens
arising by operation of law;

(o) Liens arising from any purchase option with respect to the Option Assets under the
JCPenney License Agreement;

(p) Liens on Trademarks of the US Loan Parties and Liens on the Mexx Trademark, in each
case securing Indebtedness of the Company or any other US Loan Party permitted pursuant to
Section 6.01 (the “Trademark Secured Debt”) in an aggregate amount of not less than
$150,000,000; provided that (x) the Net Proceeds received by the Company and its
Subsidiaries in connection with such Indebtedness shall be used to prepay the Loans in
accordance with Section 2.11(f), (y) such Liens may be first priority Liens so long as such
Trademarks and/or the Mexx Trademark, as applicable, shall be subject to a second priority
perfected security interest in favor of the applicable Collateral Agent (for the benefit of
the Agents, the applicable Lenders and the applicable Issuing Banks) and such Liens shall be
subject to an intercreditor agreement reasonably satisfactory to the Administrative Agent
and (z) the Administrative Agent and the applicable Collateral Agents shall have been
granted a non-exclusive royalty free license with respect to such Trademarks and/or the Mexx
Trademark, as applicable, to the extent any such Trademarks and/or the Mexx Trademark, as
applicable, are used in connection with any Collateral;

(q) Liens on the Alabama Property arising from the grant by the Company of an option to
purchase such property;

(r) Liens on Accounts of the European Borrower with an aggregate value of no more than
$2,500,000 securing Indebtedness permitted pursuant to Section 6.01(v);

 

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(s) Liens on the Collateral (other than the Trademarks referred to in clause (p) above)
(the “Permitted Second Priority Liens”) securing the Trademark Secured Debt;
provided that (x) the Net Proceeds received by the Company and its Subsidiaries in
connection with such Indebtedness shall be used to prepay the Loans in accordance with
Section 2.11(f), (y) such Liens shall be junior to the liens granted pursuant to the Loan
Documents to the applicable Collateral Agent, for the benefit of the Agents, the applicable
Lenders and the applicable Issuing Banks, and shall be subject to an intercreditor agreement
reasonably satisfactory to the Required Lenders and (z) the applicable Collateral Agent(s)
shall have been granted a second priority perfected Lien, for the benefit of the Agents, the
applicable Lenders and the applicable Issuing Banks, in any collateral securing the
Trademark Secured Debt that does not otherwise constitute Collateral.

Notwithstanding the foregoing, none of the Liens permitted pursuant to this Section 6.02 may at any
time attach to any Loan Party’s (i) Accounts, other than those permitted under clause (a) of the
definition of Permitted Encumbrance and clauses (a), (r) and (s) above, (ii) Inventory, other than
those permitted under clauses (a) and (b) of the definition of Permitted Encumbrance and clauses
(a) and (s) above, (iii) real property subject to a Mortgage, other than those permitted under
clauses (a), (b), (f) and (g) of the definition of Permitted Encumbrance and clauses (a), (g) and
(s) above, (iv) Trademarks of the US Loan Parties, other than those permitted under clause (a) of
the definition of Permitted Encumbrance and clauses (a), (p) and (s) above, or, in each case, other
than as provided in Section 6.02(k). Notwithstanding anything to the contrary contained in this
Agreement or any Collateral Document (including any provision for, reference to, or acknowledgement
of, any Lien or Permitted Lien), nothing herein and no approval by the Administrative Agent, any
Collateral Agent or the Lenders of any Lien or Permitted Lien (whether such approval is oral or in
writing) shall be construed as or deemed to constitute a subordination by the Administrative Agent,
any Collateral Agent or the Lenders of any security interest or other right, interest or Lien in or
to the Collateral or any part thereof in favor of any Lien or Permitted Lien or any holder of any
Lien or Permitted Lien.

SECTION 6.03 Fundamental Changes. (a) No Loan Party will, nor will it permit any of
its Subsidiaries to, amalgamate with, merge into or consolidate with any other Person, or permit
any other Person to amalgamate with, merge into or consolidate with it, or liquidate or dissolve,
except that, if at the time thereof and immediately after giving effect thereto no Event of Default
shall have occurred and be continuing (i) any Subsidiary of a Borrower may merge or amalgamate into
a Borrower in a transaction in which such Borrower continues or is the surviving entity and assumes
all obligations of such Borrower under the Loan Documents, (ii) any Loan Party (other than a
Borrower) may merge or amalgamate into or with any Loan Party (other than a Borrower) in a
transaction in which a Loan Party continues or is the surviving entity and assumes all obligations
of the Loan Party under the Loan Documents, (iii) any Subsidiary may transfer its assets to a Loan
Party and any Subsidiary which is a non-Loan Party may transfer its assets to a non-Loan Party,
(iv) any Subsidiary may liquidate or dissolve if (x) the Company determines in good faith that such
liquidation or dissolution is in the best interests of the Company and is not materially
disadvantageous to the Lenders and (y) in connection with any such dissolution of a Loan Party, all
of the material assets of such Loan Party are transferred to another Loan Party (it being
understood that any transfer of assets to an entity that is not a Loan Party must be separately
permitted pursuant to Section 6.04), and (v) any non-Loan Party

 

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may merge into, amalgamate with or consolidate with, another non-Loan Party; provided
that any such merger, amalgamation or consolidation involving a Person that is not a wholly owned
Subsidiary immediately prior to such merger, amalgamation or consolidation shall not be permitted
unless also permitted by Section 6.04.

(b) No Loan Party will, nor will it permit any of its Subsidiaries to, engage in any business
other than businesses of the type conducted by the Company and its Subsidiaries on the Effective
Date and businesses reasonably related or incidental thereto (including the provision of services).

SECTION 6.04 Investments, Loans, Advances, Guarantees and Acquisitions. No Loan Party
will, nor will it permit any of its Subsidiaries to, purchase, hold or acquire (including pursuant
to any merger or amalgamation with any Person that was not a Loan Party and a wholly owned
Subsidiary prior to such merger or amalgamation) any Equity Interests, evidences of indebtedness or
other securities (including any option, warrant or other right to acquire any of the foregoing) of,
make or permit to exist any loans or advances to, Guarantee any obligations of, or make or permit
to exist any investment or any other interest in, any other Person, or purchase or otherwise
acquire (in one transaction or a series of transactions) any assets of any other Person
constituting a business unit (whether through purchase of assets, merger, amalgamation or
otherwise), except:

(a) Permitted Investments, subject to, in the case of Loan Parties, control agreements
in favor of the applicable Collateral Agent (in each case for the benefit of the applicable
Agents, the applicable Lenders and the applicable Issuing Banks) or otherwise subject to a
perfected security interest in favor of the applicable Collateral Agent (in each case for
the benefit of the applicable Agents, the applicable Lenders and the applicable Issuing
Banks);

(b) investments (and commitments (including consummation of any “put” arrangement in
connection therewith) in respect thereof) in existence on the date of this Agreement and
described on Schedule 6.04 and renewals, replacements and extensions thereof;

(c) investments by the Loan Parties and their Subsidiaries in Equity Interests in their
respective Subsidiaries; provided that in the case of any investments made pursuant
to this paragraph (c) after the Effective Date by Loan Parties in Subsidiaries that are not
Loan Parties, both immediately before and immediately after giving pro forma
effect thereto, (i) no Default or Event of Default shall have occurred and be continuing,
(ii) the Fixed Charge Coverage Ratio for the Test Period in effect at the time such
investment is to occur shall be at least 1.25 to 1.00 (determined on a Pro Forma Basis in
respect of the Test Period in effect at such time) and (iii) no Level 2 Minimum Aggregate
Availability Period shall be in effect;

(d) loans or advances made by (i) any Borrower to any Subsidiary or any other Borrower
or (ii) any Subsidiary to any Borrower or any other Subsidiary, provided that in the
case of any loans and advances made by Loan Parties to Subsidiaries that are not Loan
Parties, both immediately before and immediately after giving pro forma
effect

 

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thereto, (i) no Default or Event of Default shall have occurred and be continuing, (ii)
the Fixed Charge Coverage Ratio for the Test Period in effect at the time such investment is
to occur shall be at least 1.25 to 1.00 (determined on a Pro Forma Basis in respect of the
Test Period in effect at such time) and (iii) no Level 2 Minimum Aggregate Availability
Period shall be in effect;

(e) Guarantees constituting Indebtedness permitted by Section 6.01; provided
that in the case of any Indebtedness of Subsidiaries that are not Loan Parties that is
Guaranteed by any Loan Party, both immediately before and immediately after giving
pro forma effect thereto, (i) no Default or Event of Default shall have
occurred and be continuing, (ii) the Fixed Charge Coverage Ratio for the Test Period in
effect at the time such investment is to occur shall be at least 1.25 to 1.00 (determined on
a Pro Forma Basis in respect of the Test Period in effect at such time) and (iii) no Level 2
Minimum Aggregate Availability Period shall be in effect;

(f) investments made by any Loan Party in any Subsidiary that is not a Loan Party of
the types described in paragraphs (c), (d) and (e) of this Section 6.04; provided
that both immediately before and after giving pro forma effect thereto, (i)
no Default or Event of Default shall have occurred and be continuing and (ii) no Level 2
Minimum Aggregate Availability Period shall be in effect; provided further
that the aggregate principal amount of all investments permitted by this paragraph (f) shall
not exceed $50,000,000 at any time outstanding;

(g) investments (including loans and advances) made by any Loan Party in any Subsidiary
that is not a Loan Party; provided that (i) such investments are made in the
ordinary course of business in connection with the Company’s and its Subsidiaries’ cash
management systems and (ii) both immediately before and immediately after giving pro
forma effect thereto, (x) no Default or Event of Default shall have occurred and be
continuing and (y) no Level 2 Minimum Aggregate Availability Period shall be in effect.

(h) loans or advances made by any Loan Party and the Subsidiaries to their employees on
an arms’-length basis in the ordinary course of business consistent with past practices for
travel and entertainment expenses, relocation costs and similar purposes up to a maximum of
$5,000,000 in the aggregate at any time outstanding;

(i) subject to the applicable provisions of any Security Agreements (including Sections
4.2(a) and 4.4 of the US Security Agreement and Sections 4.2(a) and 4.4 of the Canadian
Security Agreement, and any comparable provision of any European Security Agreement,
Netherlands Security Agreement, UK Security Agreement or German Security Agreement), notes
payable, or stock or other securities issued by Account Debtors to any Loan Party pursuant
to negotiated agreements with respect to settlement of such Account Debtor’s Accounts in the
ordinary course of business, consistent with past practices;

(j) investments in the form of Swap Agreements permitted by Section 6.08;

 

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(k) investments of any Person existing at the time such Person becomes a Subsidiary or
consolidates or merges or amalgamates with a Borrower or any Subsidiary (including in
connection with a Permitted Acquisition), so long as such investments were not made in
contemplation of such Person becoming a Subsidiary or of such consolidation, merger or
amalgamation;

(l) investments received in connection with the dispositions of assets permitted by
Section 6.05;

(m) investments constituting deposits described in clauses (c) and (d) of the
definition of the term “Permitted Encumbrances”;

(n) Permitted Acquisitions; provided that both immediately before and
immediately after giving pro forma effect thereto, (i) no Default or Event
of Default shall have occurred and be continuing and (ii) no Level 2 Minimum Aggregate
Availability Period shall be in effect;

(o) Guarantees by the Company or any of its Subsidiaries of leases (other than Capital
Leases) or of other obligations of the Company or any of its Subsidiaries that do not
constitute Indebtedness, in each case entered into in the ordinary course of business;

(p) investments of the assets of Kate Spade LLC in a joint venture organized under the
laws of Japan; provided that both immediately before and immediately after giving
pro forma effect thereto no Default or Event of Default shall have occurred
and be continuing; provided further that the aggregate principal amount of
all investments permitted by this paragraph (p) shall not exceed $20,000,000;

(q) purchases of additional Equity Interests in Lucky Brand Dungarees, Inc. pursuant to
the Lucky Brand Purchase Agreement in an aggregate amount not to exceed $15,000,000;

(r) other investments not otherwise permitted by this Section 6.04; provided
that both immediately before and immediately after giving pro forma effect
thereto, (i) no Default or Event of Default shall have occurred and be continuing, (ii) the
Fixed Charge Coverage Ratio for the Test Period in effect at the time such investment is to
occur shall be at least 1.25 to 1.00 (determined on a Pro Forma Basis in respect of the Test
Period in effect at such time) and (iii) no Level 2 Minimum Aggregate Availability Period
shall be in effect; provided further that the aggregate principal amount of
all investments permitted by this paragraph (r) shall not exceed $75,000,000 in any fiscal
year of the Company;

(s) purchases of additional Equity Interests in Kate Spade Japan Co., Ltd. (such Equity
Interests, the “Acquired JV Interests”) pursuant to Article VI of the Kate Spade JV
Agreement in an aggregate amount not to exceed $50,000,000 and any unsecured Guarantee by
the Company in respect thereof; provided that in the case of any purchases made or
any guarantee performed pursuant to this paragraph (s), both immediately before and
immediately after giving pro forma effect to such purchase or

 

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performance, (i) no Default or Event of Default shall have occurred and be continuing
and (ii) the Aggregate Availability shall not be less than $75,000,000; and

(t) unsecured Guarantees by the Company or any Subsidiary of obligations pursuant to
leases assigned to third parties pursuant to Section 6.05(p), entered into in the ordinary
course of business;

provided that, in the event that any investment, loan or advance is made in any Person
through substantially concurrent interim transfers of any amount through one or more other
Subsidiaries, then such other substantially concurrent interim transfers shall be disregarded for
purposes of this Section 6.04.

SECTION 6.05 Asset Sales. No Loan Party will, nor will it permit any of its
Subsidiaries to, sell, transfer, assign, lease or otherwise dispose of any asset, rights, or
properties, including any Equity Interest owned by it, nor will any Borrower permit any Subsidiary
to issue any additional Equity Interest in such Subsidiary (other than to another Borrower or
another Subsidiary in compliance with Section 6.04), except:

(a) sales, transfers and dispositions of (i) inventory in the ordinary course of
business and (ii) used, obsolete, worn out or surplus equipment or property in the ordinary
course of business;

(b) sales, transfers and dispositions to any Borrower or any Subsidiary;
provided that any such sales, transfers or dispositions involving a Subsidiary that
is not a Loan Party shall be made in compliance with Section 6.10 and 6.04;

(c) sales, transfers and dispositions of accounts receivable in connection with the
compromise, settlement or collection thereof;

(d) sales, transfers and dispositions of investments permitted by clauses (g), (i) and
(j) of Section 6.04;

(e) sale and leaseback transactions permitted pursuant to Section 6.14;

(f) dispositions resulting from any casualty or other insured damage to, or any taking
under power of eminent domain or by condemnation or similar proceeding of, any property or
asset of any Borrower or any Subsidiary;

(g) sales, transfers and other dispositions of assets that are not permitted by any
other paragraph of this Section; provided that (i) the aggregate fair market value
of all assets sold, transferred or otherwise disposed of in reliance upon this paragraph (g)
shall not exceed an amount equal to 15% of Total Assets and (ii) the Net Proceeds received
from any such sales, transfers or other dispositions are used to prepay Loans in accordance
with Section 2.11(c);

(h) licenses of Intellectual Property entered into by the Company or a Subsidiary in
the ordinary course of business;

 

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(i) Restricted Payments permitted by Section 6.09;

(j) dispositions of cash and Permitted Investments in the ordinary course of business
or in connection with a transaction otherwise permitted under this Agreement;

(k) dispositions of cash and property permitted by Section 6.04(g);

(l) the sale of the Option Assets pursuant to the terms of the JCPenney License
Agreement (the date of the consummation of such sale, the “Trademark Disposition
Date”); provided that (i) the aggregate cash consideration received by the
Company on the Trademark Disposition Date in respect of such sale shall be the required
amounts set forth in Section 5.3 of the JCPenney License Agreement and (ii) the Net Proceeds
received by the Company and its Subsidiaries on the Trademark Disposition Date from such
sale shall be used to prepay the Loans in accordance with Section 2.11(c);

(m) the sale of the Rhode Island Property or the Ohio Property; provided that
in connection with any such sale, the Company and/or any of its Subsidiaries shall have
repaid the Synthetic Lease Obligations in an amount equal to or greater than the lesser of
(x) the outstanding Synthetic Lease Obligations and (y) the Net Proceeds of such sale, on or
prior to the date that is one Business Day following receipt thereof by the Company and/or
any of its Subsidiaries;

(n) dispositions of property permitted by Section 6.04(p);

(o) the transfer of Accounts of the European Borrower pursuant to the Unitex Agreement;
provided that the fair market value of all Accounts sold pursuant to this clause (o)
for which payment from the account debtor is not yet due (based on the payment terms in
effect when the Account was sold), together with the aggregate principal amount of
Indebtedness incurred pursuant to Section 6.01(v) outstanding, shall not exceed $2,500,000
in the aggregate at any time;

(p) the sale, transfer or assignment of leased real property, together with fixtures
and equipment located on such real property, in each case in connection with store closures
in the ordinary course of business; and

(q) the sale of the Alabama Property or the Pennsylvania Property; provided, in
each case, that the Net Proceeds received from any such sale are used to prepay Loans in
accordance with Section 2.11(c);

provided that all sales, transfers, leases and other dispositions permitted hereby
permitted by paragraphs (b) (to the extent the applicable transaction is not solely among Loan
Parties), (e), (g), (h), (i), (j), (k), (l), (m), (o), (p) and (q) above shall be made for fair
value and (other than with respect to clause (p)) for at least 75% cash consideration (it being
understood that as it relates solely to the exercise of the “Year 10 Option Period” (as defined in
the JCPenney License Agreement) the payment of the required cash amounts set forth in Section 5.3
of the JCPenney License Agreement shall satisfy the foregoing cash consideration requirement).

SECTION 6.06 [Reserved].

 

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SECTION 6.07 [Reserved].

SECTION 6.08 Swap Agreements. No Loan Party will, nor will it permit any of its
Subsidiaries to, enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or
mitigate risks to which any Borrower or any Subsidiary has actual exposure (other than those in
respect of Equity Interests of any Subsidiary of the Company), and (b) Swap Agreements entered into
in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from
one floating rate to another floating rate or otherwise) with respect to any interest-bearing
liability or investment of any Borrower or any Subsidiary.

SECTION 6.09 Restricted Payments; Certain Payments of Indebtedness. (a) No Loan Party
will, nor will it permit any of its Subsidiaries to, declare or make, or agree to pay or make,
directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise)
to do so, except

(i) each Loan Party and its Subsidiaries may declare and pay dividends or other
distributions with respect to its common stock payable solely in additional shares
of its common stock, and, with respect to its preferred stock, payable solely in
additional shares of such preferred stock or in shares of its common stock;

(ii) Subsidiaries may declare and pay dividends ratably with respect to their
Equity Interests;

(iii) the Company may make payments required to be made pursuant to the
Permitted Company Deferral Plan;

(iv) the Company may make Restricted Payments, not exceeding $5,000,000 during
any fiscal year, pursuant to and in accordance with equity incentive plans or other
benefit plans for management or employees of the Company and the Subsidiaries and
for deceased and terminated employees and present and former directors (including
from their estates);

(v) the Company may make Restricted Payments (including in cash), not exceeding
$10,000,000 during any fiscal year; provided that that both immediately
before and immediately after giving pro forma effect thereto, (x) no
Default or Event of Default shall have occurred and be continuing and (y) the Fixed
Charge Coverage Ratio for the Test Period in effect at the time such payment is to
occur shall be at least 1.00 to 1.00 (determined on a Pro Forma Basis in respect of
the Test Period in effect at such time); and

(vi) the Company may make Restricted Payments (including in cash) so long as,
both immediately before and immediately after giving pro forma
effect thereto, (x) no Default or Event of Default shall have occurred and be
continuing, (y) the Fixed Charge Coverage Ratio for the Test Period in effect at the
time such payment is to occur shall be at least 1.25 to 1.00 (determined on a Pro
Forma Basis in respect of the Test Period in effect at such time), and (z) no Level
2 Minimum Aggregate Availability Period shall be in effect.

 

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(b) No Loan Party will, nor will it permit any of its Subsidiaries to, make or agree to pay or
make, directly or indirectly, any payment or other distribution (whether in cash, securities or
other property) of or in respect of principal of or interest on any Indebtedness (other than the
Synthetic Lease Obligations), or any payment or other distribution (whether in cash, securities or
other property), including any sinking fund or similar deposit, on account of the purchase,
redemption, retirement, acquisition, cancellation or termination of any Indebtedness (other than
the Synthetic Lease Obligations), except:

(A) payment of Indebtedness created under the Loan Documents;

(B) payment of regularly scheduled interest and principal payments as
and when due in respect of any Indebtedness, other than (x) payments in
respect of any Subordinated Indebtedness prohibited by the subordination
provisions thereof (including, for the avoidance of doubt, the Hong Kong
Intercompany Loan and, except as provided pursuant to clause (H) below, the
Hong Kong Intercompany Receivable and any other Intercompany Services
Receivable) and (y) payments or repayments of any kind which result in a
breach of Section 5.15 (Financial Assistance), including but not limited to
any payments (including interest) or repayments with respect to the Existing
Euro Notes and the €293,000,000 intercompany indebtedness between LCI
Acquisition U.S. Inc. as lender and Mexx Europe International B.V. as
borrower with the proceeds (directly or indirectly) of any Borrowings
hereunder by the Canadian Borrower, the UK Borrower or the European
Borrower;

(C) refinancings, replacements and renewals of Indebtedness to the
extent permitted by Section 6.01;

(D) payment of secured Indebtedness that becomes due as a result of the
voluntary sale or transfer of the property or assets securing such
Indebtedness;

(E) payment of Indebtedness owed to the Company or any Group Member;

(F) payment of Indebtedness owed by non-Loan Parties to Loan Parties;

(G) prepayments or repurchases of the Existing Euro Notes or the
Existing Convertible Notes in an aggregate amount not to exceed $50,000,000
in any fiscal year of the Company; provided that (i) both
immediately before and immediately after giving pro forma
effect thereto, (x) no Default or Event of Default shall have occurred and
be continuing and (y) Aggregate Availability shall not have been less than
the greater of (i) $109,375,000 and (ii) an amount equal to 31.25% of the
Commitments then in effect at any time during the three-month period
immediately

 

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preceding such prepayment or repurchase and (ii) in no event shall any
such prepayments or repurchases of the Existing Euro Notes be made with
proceeds of European Loans, UK Loans or Canadian Loans hereunder;

(H) payments to (x) Liz Claiborne International Limited in respect of
the Hong Kong Intercompany Receivable or (y) any other non-Loan Party in
respect of any Intercompany Services Receivable, in each case, the proceeds
of which shall be used to pay (i) the applicable payee’s operating costs and
expenses and other corporate overhead costs and expenses which are
reasonable and customary, in each case incurred in the ordinary course of
business, consistent with past practice, (ii) franchise and excise taxes and
other fees, taxes and expenses required to maintain such payee’s corporate
existence, (iii) customary salary, bonus and other benefits payable to
officers and employees of such payee, consistent with past practice or (iv)
taxes that are due and payable by such payee;

(I) prepayments or repurchases of the Existing Euro Notes and/or the
Existing Convertible Notes with the Net Proceeds of (i) any capital
contributions made to the Company, (ii) any issuance of common stock of the
Company, (iii) any incurrence of Subordinated Indebtedness of the Company or
any Subsidiary, (iv) any asset sale permitted pursuant to Section 6.05(g),
and (iv) any incurrence of Indebtedness described in Section 6.02(p);
provided that (x) both immediately before and immediately after
giving pro forma effect thereto, (1) no Default or Event of
Default shall have occurred and be continuing and (2) Aggregate Availability
shall not have been less than the greater of (A) $109,375,000 and (B) an
amount equal to 31.25% of the Commitments then in effect at any time during
the three-month period immediately preceding such prepayment or repurchase,
and (y) any Net Proceeds received by the Company and its Subsidiaries in
connection with such Subordinated Indebtedness, Indebtedness, asset sale,
issuance of common stock or capital contribution are first applied to prepay
the Loans in full in accordance with Section 2.11(a) (or in the case of any
such Indebtedness described in clause (iv) above, Section 2.11(f) or, in the
case of asset sales described in clause (iv) above, Section 2.11(c));

(J) payment of the cash portion of the settlement amount required to be
paid to any holder of Existing Convertible Notes upon the conversion thereof
in accordance with the terms of the Existing Convertible Note Documents;
provided that both immediately before and immediately after giving
pro forma effect thereto, no Default or Event of Default
shall have occurred and be continuing;

(K) other payments in respect of Indebtedness; provided (i)
that both immediately before and immediately after giving pro
forma effect thereto, (x) no Default or Event of Default shall have
occurred and be continuing, (y) the Fixed Charge Coverage Ratio for the Test
Period in

 

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effect at the time such payment is to occur shall be at least 1.25 to
1.00 (determined on a Pro Forma Basis in respect of the Test Period in
effect at such time) and (z) no Level 2 Minimum Aggregate Availability
Period shall be in effect and (ii) in no event shall any payments or
repayments of any kind be made with respect to the Existing Euro Notes with
proceeds of European Loans, UK Loans or Canadian Loans hereunder;

(L) conversion of the Existing Convertible Notes into equity in
accordance with the terms of the Existing Convertible Note Documents; and

(M) repurchase or exchange of the Existing Euro Notes with common stock
of the Company.

SECTION 6.10 Transactions with Affiliates. No Loan Party will, nor will it permit any
of its Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase,
lease or otherwise acquire any property or assets from, or otherwise engage in any other
transactions with, any of its Affiliates, except (a) transactions that are at prices and on terms
and conditions not less favorable to such Borrower or such Subsidiary than could be obtained on an
arm’s-length basis from unrelated third parties, (b) transactions between or among any Borrower and
any Subsidiary not involving any other Affiliate, (c) any loans, advances, Guarantees and other
investments permitted by Section 6.04(c), (d) or (e), (d) any Indebtedness permitted under Section
6.01(c) or (d), (e) any Restricted Payment permitted by Section 6.09, (f) loans or advances to
employees permitted under Section 6.04, (g) the payment of reasonable fees to directors of any
Borrower or any Subsidiary who are not employees of such Borrower or Subsidiary, and compensation
and employee benefit arrangements paid to, and indemnities provided for the benefit of, directors,
officers or employees of the Borrowers or their Subsidiaries in the ordinary course of business and
(h) any issuances of securities or other payments, awards or grants in cash, securities or
otherwise pursuant to, or the funding of, employment agreements, stock options, equity incentive
and stock ownership plans approved by a Borrower’s or Subsidiary’s board of directors.

SECTION 6.11 Restrictive Agreements. No Loan Party will, nor will it permit any of
its Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement or
other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of such
Loan Party or any of its Subsidiaries to create, incur or permit to exist any Lien upon any of its
material (individually or in the aggregate) property or assets, or (b) the ability of any
Subsidiary to pay dividends or other distributions with respect to any shares of its Equity
Interests or to make or repay loans or advances to any Borrower or any other Subsidiary or to
Guarantee Indebtedness of any Borrower or any other Subsidiary; provided that (i) the
foregoing shall not apply to restrictions and conditions imposed by law or by any Loan Document,
(ii) the foregoing shall not apply to restrictions and conditions imposed on the Loan Parties
existing on the date hereof identified on Schedule 6.11 (but shall apply to any extension
or renewal of, or any amendment or modification expanding the scope of, any such restriction or
condition), (iii) the foregoing shall not apply to customary restrictions and conditions contained
in agreements relating to the sale of a Subsidiary or assets pending such sale, provided
that such restrictions and conditions apply only to the Subsidiary or assets that is to be sold and
such sale is permitted

 

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hereunder, (iv) clause (a) of the foregoing shall not apply to restrictions or conditions
imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such
restrictions or conditions apply only to the property or assets securing such Indebtedness, (v)
clause (a) of the foregoing shall not apply to restrictions on the pledge of Equity Interests in
Kate Spade Japan Co., Ltd. pursuant to the Kate Spade JV Agreement, and (vi) clause (a) of the
foregoing shall not apply to customary restrictions set forth in license agreements in the ordinary
course of business so long as such provisions do not prohibit, restrict or impose any condition
upon the ability of such Loan Party or any of its Subsidiaries to (x) create, incur or permit to
exist Liens upon its property or assets in favor of any Agent, for the benefit of the applicable
Lenders and Issuing Banks or (y) dispose of the Collateral or restrict any Agent’s method and price
for disposing of Collateral (other than any such restrictions set forth in the Existing Donna Karan
License).

SECTION 6.12 Amendment of Material Documents. No Loan Party will, nor will it permit
any of its Subsidiaries to, amend, modify or waive any of its rights under (a) any agreement
relating to any Subordinated Indebtedness, the JCPenney License Agreement, the Synthetic Lease
Documentation, the Euro Notes Documentation or any Indebtedness permitted pursuant to Section
6.01(i) or (b) its certificate of incorporation, by-laws, operating, management or partnership
agreement or other organizational documents, in the case of each of clause (a) and (b) to the
extent any such amendment, modification or waiver would be materially adverse to the Lenders
(including, for the avoidance of doubt, any amendment or modification providing for an earlier
Trademark Disposition Date than as set forth in the JCPenney License Agreement in effect on
November 2, 2009).

SECTION 6.13 [Reserved].

SECTION 6.14 Sale and Leaseback Transaction. No Loan Party will, nor will it permit
any Subsidiary to, enter into any arrangement, directly or indirectly, whereby it shall sell or
transfer any property, real or personal, used or useful in its business, whether now owned or
hereafter acquired, and thereafter rent or lease such property or other property that it intends to
use for substantially the same purpose or purposes as the property sold or transferred, except for
any such sale of any fixed or capital assets by the Company or any Subsidiary that is made for cash
consideration in an amount not less than the fair value of such fixed or capital asset and is
either (a) consummated within 90 days after the Company or such Subsidiary acquires or completes
the construction of such fixed or capital asset or (b) a sale and leaseback of (i) the Global
Headquarters on terms reasonably satisfactory to the Administrative Agent or (ii) the Ohio
Property; provided in the case of this clause (b)(ii), that in connection with any such
sale and leaseback, the Company and/or any of its Subsidiaries shall have repaid the Synthetic
Lease Obligations in an amount equal to or greater than the lesser of (x) the outstanding Synthetic
Lease Obligations and (y) the Net Proceeds of such sale and leaseback, on or prior to the date that
is one Business Day following receipt thereof by the Company and/or any of its Subsidiaries.

SECTION 6.15 Changes in Fiscal Periods. No Loan Party will, nor will it permit any
Subsidiary to, permit the fiscal year of such Loan Party to end on a day other than (x) December
31, with respect to the European Loan Parties, or (y) the Saturday closest to December 31, with
respect to all other Loan Parties, or change the Company’s method of determining fiscal quarters or
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(such consent not to be unreasonably withheld or delayed), change its fiscal year end once
during the term of this Agreement to the Saturday closest to the end of any calendar month.

SECTION 6.16 Minimum Aggregate Availability. The Loan Parties will not permit the
Aggregate Availability at any time to be less than the greater of (i) $45,000,000 and (ii) an
amount equal to 11.25% of the Commitments then in effect. 

ARTICLE VII

Events of Default

If any of the following events (“Events of Default”) shall occur:

(a) a Borrower shall fail to pay any principal of any Loan owing by it or any
reimbursement obligation owing by it in respect of any LC Disbursement when and as the same
shall become due and payable, whether at the due date thereof or at a date fixed for
prepayment thereof or otherwise;

(b) a Borrower shall fail to pay any interest on any Loan owing by it or any fee or any
other amount owing by it (other than an amount referred to in paragraph (a) of this Article)
payable under this Agreement, when and as the same shall become due and payable, and such
failure shall continue unremedied for a period of three Business Days;

(c) any representation or warranty made or deemed made by or on behalf of any Loan
Party or any Subsidiary in or in connection with this Agreement or any Loan Document or any
amendment or modification thereof or waiver thereunder, or in any report, certificate,
financial statement or other document furnished pursuant to or in connection with this
Agreement or any Loan Document or any amendment or modification thereof or waiver
thereunder, shall prove to have been incorrect in any respect when made or deemed made (or
in any material respect if such representation or warranty is not by its terms already
qualified as to materiality);

(d) any Loan Party shall fail to observe or perform any covenant, condition or
agreement contained in Section 5.02(a), 5.03 (with respect to a Loan Party’s existence),
5.08 or 5.19 or in Article VI;

(e) any Loan Party shall fail to observe or perform any covenant, condition or
agreement contained in this Agreement or any other Loan Document (other than those which
constitute a default under another Section of this Article), and such failure shall continue
unremedied (i) for a period of five days after the earlier of any Loan Party’s knowledge of
such breach or notice thereof from the Administrative Agent (which notice will be given at
the request of any Lender) if such breach relates to terms or provisions of Section 5.01,
5.02(other than Section 5.02(a)), 5.03 (other than with respect to a Loan Party’s existence)
through 5.07, 5.09, 5.10 or 5.12 of this Agreement, (ii) for a period of 5 days after such
breach if such breach relates to the provisions of Section 5.18, (iii) for a period of 15
days after the earlier of any Loan Party’s knowledge of such breach or notice thereof from
the Administrative Agent (which notice will be given at the request of any

 

166

 

Lender) if such breach relates to terms or provisions of any other Section of this
Agreement or any other Loan Document or (iv) for a period beyond any period of grace (if
any) provided in such other Loan Document.

(f) any Loan Party or any Subsidiary shall fail to make any payment (whether of
principal or interest and regardless of amount) in respect of any Material Indebtedness,
when and as the same shall become due and payable subject to any applicable grace periods;

(g) any event or condition occurs that results in any Material Indebtedness becoming
due prior to its scheduled maturity or that enables or permits (with or without the giving
of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or
any trustee or agent on its or their behalf to cause any Material Indebtedness to become
due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to
its scheduled maturity; provided that this paragraph (g) shall not apply to secured
Indebtedness that becomes due as a result of the voluntary sale or transfer of the property
or assets securing such Indebtedness;

(h) (i) an involuntary proceeding (including the filing of any notice of intention in
respect thereof) shall be commenced or an involuntary petition shall be filed seeking (A)
bankruptcy, liquidation, winding-up, dissolution, reorganization, examination, suspension of
general operations or other relief in respect of a Loan Party or any Subsidiary of a Loan
Party (other than any member of the European Group) or its debts, or of a substantial part
of its assets, under any Insolvency Law now or hereafter in effect, (B) the composition,
rescheduling, reorganization, examination, arrangement or readjustment of, or other relief
from, or stay of proceedings to enforce, some or all of the debts or obligations of any Loan
Party or any Subsidiary of a Loan Party (other than a member of the European Group), (C) the
appointment of a receiver, interim receiver, receiver and manager, liquidator, provisional
liquidator, administrator, examiner, trustee, custodian, sequestrator, conservator,
examiner, agent or similar official for any Loan Party or any Subsidiary of a Loan Party
(other than a member of the European Group) or for any substantial part of its assets or (D)
possession, foreclosure, seizure or retention, sale or other disposition of, or other
proceedings to enforce security over any substantial part of the assets of any Loan Party or
any Subsidiary of a Loan Party (other than a member of the European Group) and, in any such
case, such proceeding or petition shall continue undismissed for 60 days or an order or
decree approving or ordering any of the foregoing shall be entered;

(ii) any corporate action, legal proceedings or other procedure or step is
taken in relation to:

(A) the suspension of payments, a moratorium of any indebtedness,
winding-up, dissolution, administration, examination or reorganization (by
way of voluntary arrangement, scheme of arrangement or otherwise) of any
member of the European Group;

 

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(B) a composition, compromise, assignment or arrangement with any
creditor of any member of the European Group;

(C) the appointment of a liquidator, receiver, administrative receiver,
administrator, examiner, compulsory manager or other similar officer in
respect of any member of the European Group or any of its assets; or

(D) enforcement of any Lien over any assets of any member of the
European Group,

or any analogous procedure or step is taken with respect to any member of the
European Group or its assets in any applicable jurisdiction;

(iii) any expropriation, attachment, sequestration, distress or execution or
any analogous process in any jurisdiction affects any asset or assets of a member of
the European Group having an aggregate value of $10,000,000 and is not discharged
within 30 days;

(i) (i) any Loan Party or any Material Subsidiary of a Loan Party (other than a member
of the European Group) shall (A) voluntarily commence any proceeding, file any petition,
pass any resolution or make any application seeking liquidation, reorganization,
administration or other relief under any Insolvency Law now or hereafter in effect, (B)
consent to the institution of, or fail to contest in a timely and appropriate manner, any
proceeding or petition described in paragraph (h) of this Article, (C) apply for or consent
to the appointment of a receiver, interim receiver, receiver and manager, liquidator,
assignee, trustee, custodian, sequestrator, administrator, examiner, conservator or similar
official for such Loan Party or any such Material Subsidiary of a Loan Party or for a
substantial part of its assets, (D) file an answer admitting the material allegations of a
petition filed against it in any such proceeding, (E) make a general assignment for the
benefit of creditors or (F) take any action for the purpose of effecting any of the
foregoing;

(ii) any member of the European Group is unable or admits inability to pay its
debts as they fall due or is deemed to or declared to be unable to pay its debts
under applicable law, suspends or threatens to suspend making payments on any of its
debts or, by reason of actual or anticipated financial difficulties, commences
negotiations with one or more of its creditors with a view to rescheduling any of
its indebtedness;

(iii) the value of the assets of any member of the European Group is less than
its liabilities (taking into account contingent and prospective liabilities but, in
the case of any Designated Loan Party, excluding intercompany obligations); or

(iv) a moratorium is declared in respect of any indebtedness of any member of
the European Group (if a moratorium occurs, the ending of the moratorium will not
cure any Event of Default caused by that moratorium).

 

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(j) any Loan Party or any Subsidiary of a Loan Party shall become unable, admit in
writing its inability or fail generally to pay its debts as they become due;

(k) one or more judgments for the payment of money in an aggregate amount in excess of
$40,000,000 (to the extent not covered by insurance as to which the relevant insurance
company has acknowledged coverage) shall be rendered against any Loan Party, any Subsidiary
of any Loan Party or any combination thereof and the same shall remain undischarged for a
period of 30 consecutive days during which execution shall not be effectively stayed, or any
action shall be legally taken by a judgment creditor to attach or levy upon any assets of
any Loan Party or any Subsidiary of any Loan Party to enforce any such judgment or any Loan
Party or any Subsidiary of any Loan Party shall fail within 30 days to discharge one or more
non-monetary judgments or orders which, individually or in the aggregate, could reasonably
be expected to have a Material Adverse Effect, which judgments or orders, in any such case,
are not stayed on appeal by proper proceedings diligently pursued;

(l) (i) an ERISA Event shall have occurred, (ii) a trustee shall be appointed by a
United States district court to administer any Plan, (iii) the PBGC shall institute
proceedings to terminate any Plan, (iv) any Loan Party or any of their respective ERISA
Affiliates shall have been notified by the sponsor of a Multiemployer Plan that it has
incurred or will be assessed Withdrawal Liability to such Multiemployer Plan and such entity
does not have reasonable grounds for contesting such Withdrawal Liability or is not
contesting such Withdrawal Liability in a timely and appropriate manner; or (v) any other
event or condition shall occur or exist with respect to a Plan; and in each case in clauses
(i) through (v) above, such event or condition, together with all other such events or
conditions, if any, could, in the opinion of the Required Lenders, reasonably be expected to
result, individually or in the aggregate, in a Material Adverse Effect;

(m) a Change in Control shall occur;

(n) the Loan Guaranty shall fail to remain in full force or effect or any action shall
be taken to discontinue or to assert the invalidity or unenforceability of the Loan
Guaranty, or any Loan Guarantor shall fail to comply with any of the terms or provisions of
the Loan Guaranty to which it is a party, or any Loan Guarantor shall deny that it has any
further liability under the Loan Guaranty to which it is a party, or shall give notice to
such effect;

(o) any Collateral Document shall for any reason fail to create a valid and perfected
first priority security interest in any Collateral purported to be covered thereby, except
as permitted by the terms of any Collateral Document, or any Collateral Document shall fail
to remain in full force or effect or any action shall be taken to discontinue or to assert
the invalidity or unenforceability of any Collateral Document; or

(p) any material provision of any Loan Document for any reason ceases to be valid,
binding and enforceable in accordance with its terms (or any Loan Party shall challenge the
enforceability of any Loan Document or shall assert in writing, or engage in any action or
inaction based on any such assertion, that any provision of any of the Loan

 

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Documents has ceased to be or otherwise is not valid, binding and enforceable in
accordance with its terms);

then, and in every such event (other than an event with respect to any Borrower described in
paragraph (h) or (i) of this Article), and at any time thereafter during the continuance of such
event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to
the Borrower Representative, take either or both of the following actions, at the same or different
times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately,
and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which
case any principal not so declared to be due and payable may thereafter be declared to be due and
payable), and thereupon the principal of the Loans so declared to be due and payable, together with
accrued interest thereon and all fees and other obligations of the Borrowers accrued hereunder,
shall become due and payable immediately, without presentment, demand, protest or other notice of
any kind, all of which are hereby waived by the Borrowers; and in case of any event with respect to
a Borrower described in paragraph (h) or (i) of this Article, the Commitments shall automatically
terminate and the principal of the Loans then outstanding, together with accrued interest thereon
and all fees and other obligations of the Borrowers accrued hereunder, shall automatically become
due and payable, without presentment, demand, protest or other notice of any kind, all of which are
hereby waived by the Borrowers. Upon the occurrence and the continuance of an Event of Default,
the Administrative Agent, the Canadian Administrative Agent, the European Administrative Agent and
each Collateral Agent may, and at the request of the Required Lenders shall, exercise any rights
and remedies provided to it under the Loan Documents or at law or equity, including all remedies
provided under the UCC and the PPSA.

ARTICLE VIII

The Administrative Agent, the European Administrative Agent, the Canadian Administrative Agent

and the Collateral Agents

(a) Each of the Lenders and the Issuing Banks hereby irrevocably appoints the Administrative
Agent, the European Administrative Agent, the Canadian Administrative Agent and each Collateral
Agent, each of them individually as its agent and authorizes the Administrative Agent, the European
Administrative Agent, the Canadian Administrative Agent and each Collateral Agent to take such
actions on its behalf, including execution of the other Loan Documents, and to exercise such powers
as are delegated to such Agent by the terms of the Loan Documents, together with such actions and
powers as are reasonably incidental thereto.

(b) Any bank serving as the Administrative Agent, the European Administrative Agent, the
Canadian Administrative Agent or a Collateral Agent hereunder shall have the same rights and powers
in its capacity as a Lender as any other Lender and may exercise the same as though it were not the
Administrative Agent, the European Administrative Agent, the Canadian Administrative Agent or a
Collateral Agent, and such bank and its Affiliates may accept deposits from, lend money to, invest
in and generally engage in any kind of business with the Loan Parties or any Subsidiary of a Loan
Party or other Affiliate thereof as if it were not

 

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the Administrative Agent, the European Administrative Agent, the Canadian Administrative Agent
or a Collateral Agent hereunder.

(c) Neither the Administrative Agent, the European Administrative Agent, the Canadian
Administrative Agent nor any Collateral Agent shall have any duties or obligations except those
expressly set forth in the Loan Documents. Without limiting the generality of the foregoing, (a)
neither the Administrative Agent, the European Administrative Agent, the Canadian Administrative
Agent nor any Collateral Agent shall be subject to any fiduciary or other implied duties,
regardless of whether a Default has occurred and is continuing, (b) neither the Administrative
Agent, the European Administrative Agent, the Canadian Administrative Agent nor any Collateral
Agent shall have any duty to take any discretionary action or exercise any discretionary powers,
except discretionary rights and powers expressly contemplated by the Loan Documents that such Agent
is required to exercise in writing as directed by the Required Lenders (or such other number or
percentage of the Lenders as shall be necessary under the circumstances as provided in Section
9.02), and (c) except as expressly set forth in the Loan Documents, neither the Administrative
Agent, the European Administrative Agent, the Canadian Administrative Agent nor any Collateral
Agent shall have any duty to disclose, and shall not be liable for the failure to disclose, any
information relating to any Loan Party or any of its Subsidiaries that is communicated to or
obtained by the bank serving as the Administrative Agent, the European Administrative Agent, the
Canadian Administrative Agent or any Collateral Agent or any of its Affiliates in any capacity.
Neither the Administrative Agent, the European Administrative Agent, the Canadian Administrative
Agent nor any Collateral Agent shall be liable for any action taken or not taken by it with the
consent or at the request of the Required Lenders (or such other number or percentage of the
Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the
absence of its own gross negligence or willful misconduct. Neither the Administrative Agent, the
European Administrative Agent, the Canadian Administrative Agent nor any Collateral Agent shall be
deemed to have knowledge of any Default unless and until written notice thereof is given to such
Agent by the Borrower Representative or a Lender, and neither the Administrative Agent, the
European Administrative Agent, the Canadian Administrative Agent nor any Collateral Agent shall be
responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with any Loan Document, (ii) the contents of any
certificate, report or other document delivered hereunder or in connection with any Loan Document,
(iii) the performance or observance of any of the covenants, agreements or other terms or
conditions set forth in any Loan Document, (iv) the adequacy, accuracy or completeness of any
information (whether oral or written) set forth or in connection with any Loan Document, (v) the
legality, validity, enforceability, effectiveness, adequacy or genuineness of any Loan Document or
any other agreement, instrument or document, (vi) the creation, perfection or priority of Liens on
the Collateral or the existence of the Collateral, or (vii) the satisfaction of any condition set
forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items
expressly required to be delivered to the Administrative Agent, the European Administrative Agent,
the Canadian Administrative Agent or any Collateral Agent.

(d) The Administrative Agent, the European Administrative Agent, the Canadian Administrative
Agent and each Collateral Agent shall each be entitled to rely upon, and shall not incur any
liability for relying upon, (i) any representation, notice, request, certificate, consent,
statement, instrument, document or other writing or communication believed

 

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by it to be genuine, correct and to have been authorized, signed or sent by the proper Person,
(ii) any statement made to it orally or by telephone and believed by it to be made or authorized by
the proper Person or (iii) any statement made by a director, authorized signatory or employee of
any Person regarding any matters which may reasonably be assumed to be within his or her knowledge
or within his or her power to verify. The Administrative Agent, the European Administrative Agent,
the Canadian Administrative Agent and each Collateral Agent may consult with legal counsel (who may
be counsel for the Borrowers), independent accountants and other experts selected by it, and shall
not be liable for any action taken or not taken by it in accordance with the advice of any such
counsel, accountants or experts.

(e) The Administrative Agent, the European Administrative Agent, the Canadian Administrative
Agent and each Collateral Agent may perform any and all its duties and exercise its rights and
powers by or through any one or more sub-agents appointed by the Administrative Agent, the European
Administrative Agent, the Canadian Administrative Agent or each Collateral Agent, as the case may
be. The Administrative Agent, the European Administrative Agent, the Canadian Administrative Agent
and each Collateral Agent and any such sub-agent may perform any and all its duties and exercise
its rights and powers through their respective Related Parties. The exculpatory provisions of the
preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the
Administrative Agent, the European Administrative Agent, the Canadian Administrative Agent and each
Collateral Agent and any such sub-agent, and shall apply to their respective activities in
connection with the syndication of the credit facilities provided for herein as well as activities
as the Administrative Agent, the European Administrative Agent, the Canadian Administrative Agent
and each Collateral Agent, as the case may be.

(f) Subject to the appointment and acceptance of a successor Administrative Agent, European
Administrative Agent, the Canadian Administrative Agent or Collateral Agent, as the case may be, as
provided in this paragraph, the Administrative Agent, the European Administrative Agent, the
Canadian Administrative Agent and each Collateral Agent, may resign at any time by notifying the
Lenders, the Issuing Banks and the Borrower Representative. Upon any such resignation, the
Required Lenders shall have the right, in consultation with the Borrowers, to appoint a successor
(which shall, (x) in the case of the European Collateral Agent only, be an Affiliate of the
Administrative Agent acting through an office in the United Kingdom and (y) in the case of the
Canadian Administrative Agent only, be an Affiliate of the Administrative Agent acting through a
branch or an office in Canada). If no successor shall have been so appointed by the Required
Lenders and shall have accepted such appointment within 30 days after the retiring Agent gives
notice of its resignation, then the retiring Agent may, on behalf of the Lenders and the Issuing
Banks, appoint its successor in such capacity, which shall be a commercial bank or an Affiliate of
any such commercial bank or a Lender (and (x) in the case of the European Collateral Agent only, be
an Affiliate of the Administrative Agent acting through an office in the United Kingdom and (y) in
the case of the Canadian Collateral Agent only, be an Affiliate of the Administrative Agent acting
through an office in Canada). Upon the acceptance of its appointment as Administrative Agent,
European Administrative Agent, Canadian Administrative Agent or a Collateral Agent hereunder by a
successor, such successor shall succeed to and become vested with all the rights, powers,
privileges, obligations and duties of the retiring Administrative Agent, European Administrative
Agent, Canadian Administrative Agent or Collateral Agent, and the retiring Administrative Agent,
European Administrative

 

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Agent, Canadian Administrative Agent or Collateral Agent shall be discharged from its duties
and any further obligations hereunder. The retiring Administrative Agent, European Administrative
Agent, Canadian Administrative Agent or Collateral Agent shall, at its own cost, make available to
the successor Administrative Agent, European Administrative Agent, Canadian Administrative Agent or
Collateral Agent any documents and records and provide any assistance which the successor
Administrative Agent, European Administrative Agent, Canadian Administrative Agent or Collateral
Agent may reasonably request for the purposes of performing its functions as Administrative Agent,
European Administrative Agent, Canadian Administrative Agent or Collateral Agent under the Loan
Documents. The fees payable by the Borrowers to a successor Administrative Agent, European
Administrative Agent, Canadian Administrative Agent or Collateral Agent shall be the same as those
payable to its predecessor unless otherwise agreed between the Borrowers and such successor. After
the Administrative Agent’s, European Administrative Agent’s, Canadian Administrative Agent’s or
Collateral Agent’s resignation hereunder, the provisions of this Article and Section 9.03 shall
continue in effect for the benefit of such retiring Agent, its sub-agents and their respective
Related Parties in respect of any actions taken or omitted to be taken by any of them while it was
acting as Administrative Agent, European Administrative Agent, Canadian Administrative Agent or
Collateral Agent.

(g) Each Lender acknowledges that it has, independently and without reliance upon the
Administrative Agent, the European Administrative Agent, the Canadian Administrative Agent any
Collateral Agent or any other Lender and based on such documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender
also acknowledges that it will, independently and without reliance upon the Administrative Agent,
the European Administrative Agent, the Canadian Administrative Agent, any Collateral Agent or any
other Lender and based on such documents and information as it shall from time to time deem
appropriate, continue to make its own decisions in taking or not taking action under or based upon
this Agreement, any other Loan Document or related agreement or any document furnished hereunder or
thereunder.

(h) Each Lender hereby agrees that (a) it has been provided access to each Report prepared by
or on behalf of the Administrative Agent; (b) neither the Administrative Agent, the European
Administrative Agent, the Canadian Administrative Agent nor any Collateral Agent (i) makes any
representation or warranty, express or implied, as to the completeness or accuracy of any Report or
any of the information contained therein or any inaccuracy or omission contained in or relating to
a Report and (ii) shall be liable for any information contained in any Report; (c) the Reports are
not comprehensive audits or examinations, and that any Person performing any field examination will
inspect only specific information regarding the Loan Parties and will rely significantly upon the
Loan Parties’ books and records, as well as on representations of the Loan Parties’ personnel and
that neither the Administrative Agent, the European Administrative Agent, the Canadian
Administrative Agent nor any Collateral Agent undertakes any obligation to update, correct or
supplement the Reports; (d) it will keep all Reports confidential and strictly for its internal
use, and it will not share the Report with any other Person except as otherwise permitted pursuant
to Section 9.12 of this Agreement; and (e) without limiting the generality of any other
indemnification provision contained in this Agreement, it will pay and protect, and indemnify,
defend, and hold the Administrative Agent, the European Administrative Agent, the Canadian
Administrative Agent, each Collateral Agent and any such other Person preparing a Report harmless
from and against,

 

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the claims, actions, proceedings, damages, costs, expenses, and other amounts (including
reasonable attorney fees) incurred by as the direct or indirect result of any third parties who
might obtain all or part of any Report through the indemnifying Lender (except as permitted
pursuant to Section 9.12 of this Agreement).

(i) The US Collateral Agent shall act as the secured party, on behalf of the Administrative
Agent, the Lenders and the Issuing Banks, with respect to all Collateral of each Loan Party that is
organized in any jurisdiction, other than any Participating Member State, the United Kingdom or
Canada, the Canadian Collateral Agent shall act as the secured party, on behalf of the
Administrative Agent, the Lenders and the Issuing Banks, with respect to all Collateral of each
Loan Party that is organized under the laws of Canada or any province or other political
subdivision thereof and the European Collateral Agent shall act as the secured party, on behalf of
the Administrative Agent, the Lenders and the Issuing Banks, with respect to all Collateral of a
Loan Party that is organized in any Participating Member State or in the United Kingdom.

(j) Each Lender, each Issuing Bank, the US Collateral Agent, the Canadian Collateral Agent,
the European Administrative Agent, the Canadian Administrative Agent and the Administrative Agent
appoints the European Collateral Agent to act as security trustee under and in connection with the
Netherlands Security Agreement and the UK Security Agreement on the terms and conditions set forth
on Schedule 8.

(k) The Syndication Agent and Documentation Agents shall not have any right, power,
obligation, liability, responsibility or duty under this Agreement other than those applicable to
all Lenders as such.

(l) For the purposes of holding any security granted by any Borrower or any other Loan Party
pursuant to the laws of the Province of Quebec to secure payment of any bond issued by any Borrower
or any Loan Party, each Agent, each Lender and each Issuing Bank hereby irrevocably appoints and
authorizes the Canadian Collateral Agent and, to the extent necessary, ratifies the appointment and
authorization of the Canadian Collateral Agent, to act as the person holding the power of attorney
(i.e. “fondé de pouvoir”) (in such capacity, the “Attorney”) of the Agents, the Lenders and
the Issuing Banks as contemplated under Article 2692 of the Civil Code of Québec, and to enter
into, to take and to hold on its behalf, and for its benefit, any hypothec, and to exercise such
powers and duties that are conferred upon the Attorney under any hypothec. Moreover, without
prejudice to such appointment and authorization to act as the person holding the power of attorney
as aforesaid, each Agent, each Lender and each Issuing Bank hereby irrevocably appoints and
authorizes the Canadian Collateral Agent (in such capacity, the “Custodian”) to act as
agent and custodian for and on behalf of the Agents, the Lenders and the Issuing Banks to hold and
be the sole registered holder of any bond which may be issued under any hypothec, the whole
notwithstanding Section 32 of An Act respecting the special powers of legal persons (Quebec) or any
other applicable law, and to execute all related documents. Each of the Attorney and the Custodian
shall: (a) have the sole and exclusive right and authority to exercise, except as may be otherwise
specifically restricted by the terms hereof, all rights and remedies given to the Attorney and the
Custodian (as applicable) pursuant to any hypothec, bond, pledge, applicable laws or otherwise, (b)
benefit from and be subject to all provisions hereof with respect to the Canadian Collateral Agent

 

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mutatis mutandis, including, without limitation, all such provisions with respect to the
liability or responsibility to and indemnification by the Agents, the Lenders and the Issuing
Banks, and (c) be entitled to delegate from time to time any of its powers or duties under any
hypothec, bond, or pledge on such terms and conditions as it may determine from time to time. Any
person who becomes an Agent, a Lender or an Issuing Bank shall, by its execution of an Assignment
and Assumption, be deemed to have consented to and confirmed: (i) the Attorney as the person
holding the power of attorney as aforesaid and to have ratified, as of the date it becomes an
Agent, a Lender or an Issuing Bank, as applicable all actions taken by the Attorney in such
capacity, and (ii) the Custodian as the agent and custodian as aforesaid and to have ratified, as
of the date it becomes an Agent, a Lender or an Issuing Bank, all actions taken by the Custodian in
such capacity. The substitution of the Canadian Collateral Agent pursuant to the provisions of
this Article VIII shall also constitute the substitution of the Attorney and the Custodian.

(m) Each Lender and each Issuing Bank hereby irrevocably appoints the European Collateral
Agent to constitute, register, manage and enforce any security interest created by any Collateral
Document governed by French law on its behalf in accordance with the provisions of article 2328-1
of the French Civil Code.

(n) In relation to any Austrian Collateral Document, each Lender, each Issuing Bank, the
European Borrower, Mexx Direct GmbH & Co. KG (a German limited partnership (KG) having its
registered office at Korschenbroich, Germany with registered number HRA 6551(commercial register of
the local court of Neuss)) and each Loan Party organized under Austrian law hereby

(i) grants to the European Collateral Agent a power of attorney (Vollmacht):

(a) to execute for and on behalf of each of them any and all Austrian
Collateral Documents, any related notices and to do and perform all acts it
deems necessary or desirable to create valid rights (including rights in rem
(dingliche Rechte)) under any Austrian Collateral Document; and

(b) to appoint for and on behalf of each of them, itself or any other
Person as its representative in relation to any Austrian Collateral
Document, to exercise for and on behalf of them all rights set forth in the
Austrian Collateral Documents (including, without limitation, the right to
give notice, to make any declaration in relation thereto, to enforce the
security rights, to make all calculations in relation thereto and to release
the security as provided therein).

(ii) agrees that the European Collateral Agent also acts for others and itself
in relation to the Austrian Collateral Documents, any related notice and any measure
or other act (including, without limitation, legal proceedings in Austrian courts)
it deems necessary at any time from time to time;

 

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(iii) authorizes the European Collateral Agent to authorize any other Person
with substitute powers to act for and on behalf of them; and

(iv) agrees to have executed for and on behalf of each of them any Austrian
Collateral Documents and any related notices, which relate to the Existing Credit
Agreement.

(o) All references to the Existing Credit Agreement in the Austrian Collateral Documents shall
be deemed to refer also to this Agreement. All rights and security interest granted to, or created
for the benefit of, the European Collateral Agent or any Secured Party (as defined in the
respective Austrian Collateral Document) under the Austrian Collateral Documents shall not cease to
exist by reason of the entering into or execution of this Agreement. All rights and security
interest granted to, or created for the benefit of, the European Collateral Agent or any Secured
Party (as defined in the respective Austrian Collateral Document) and all obligations of the
European Borrower, Mexx Direct GmbH & Co. KG and each Loan Party organized under Austrian law,
shall continue to be in full force and effect with respect to the Existing Credit Agreement and
this Agreement.

(p) The European Borrower, Mexx Direct GmbH & Co. KG and each Loan Party organized under
Austrian law hereby waive all their objections and defenses in relation to the Existing Credit
Agreement which any of them may have had or has pursuant to Austrian law or otherwise against the
European Collateral Agent, any Lender, any Issuing Bank or any other Person to which any European
Loan Party or Canadian Loan Party owes any monies or incurs any obligations or other liabilities
under any Loan Documents as the same may be amended, restated or otherwise modified from time to
time.

(q) In relation to any Collateral Document governed by Italian law (each an “Italian
Collateral Document”), each Lender, each Issuing Bank and each Agent hereby grants to the
European Collateral Agent a power of attorney (i.e. mandato con rappresentanza) in order to:

(a) execute in its name and on its behalf any and all Italian
Collateral Documents in the capacity of secured creditor (creditore
garantito); and

(b) appoint in its name and on its behalf the European Collateral Agent
as its agent under such Italian Collateral Document, and therefore to
exercise in its name and on its behalf any and all rights set forth therein
in favor of the secured creditors (which shall include, without limitation,
the right to send any notice and make any declaration thereunder, the right
to enforce the security and to make any calculation in relation thereto and
the right to release the security in the circumstances set forth therein).

(r) Each Lender and each Issuing Bank hereby irrevocably appoints the European Collateral
Agent to constitute, register, manage and enforce any security interest created by any Collateral
Document governed by Spanish law on its behalf and therefore to exercise in its name and on its
behalf any and all rights in favor of the Secured Parties (which

 

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shall include, without limitation, the right to send any notice and make any declaration
thereunder, the right to enforce the security and to make any calculation in relation thereto and
the right to release the security in the circumstances set forth therein).

(s) In relation to any Collateral Document governed by the laws of Germany (for the purposes
of this Article VIII, each a “German Law Security Agreement”), each Lender, each Agent,
each Issuing Bank, each other Secured Party and each Foreign Loan Party hereby:

(i) grants to the European Collateral Agent a power of attorney (Vollmacht):

(a) to execute for and on behalf of each of them any German Law
Security Agreement, any related notices and to do and perform all acts it
deems necessary or desirable to create valid rights (including rights in rem
(dingliche Rechte)) under any German Law Security Document in their favor
and to execute for and on behalf of each of them any German Security Trust
Agreement appointing the European Collateral Agent as security trustee with
respect to any security interest created under the German Law Security
Agreements; and

(b) to appoint for and on behalf of each of them, itself or any other
Person as its representative in relation to any German Law Security
Agreement, to exercise for and on behalf of them all rights set forth in any
German Law Security Agreement in their favor (including, without limitation,
the right to give notice, to make any declaration in relation thereto, to
enforce the security rights, to make all calculations in relation thereto
and to release the security as provided therein).

(ii) releases the European Collateral Agent from the restrictions of section 181 German
Civil Code (BGB), in particular, but not limited to, with respect to the exercise of the power
of attorney (Vollmacht) granted pursuant to this Article VIII and agrees that the European
Collateral Agent also acts for others and itself in relation to any German Law Security
Agreement, any related notice and any measure or other act (including, without limitation,
legal proceedings in Germany) it deems necessary at any time from time to time; and

(iii) authorizes the European Collateral Agent to authorize any other Person with
substitute powers to act for and on behalf of them.

Each German Loan Party represents to each of the Lenders that the release granted pursuant to
Section 11.07 is effective under the term of its constitutional documents.

(t) In relation to each Collateral Document governed by Luxembourg Law, each Lender and each
Issuing Bank hereby irrevocably appoints the European Collateral Agent to (i) without limitation,
constitute, register, manage, enforce or release, as the case may be, any security interest created
thereby, as well as take any action as may be necessary or useful in connection therewith and (ii)
more generally, exercise on behalf of each of them, any and all rights and powers set forth
therein.

 

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(u) Each of the Lenders hereby acknowledges that is has received and reviewed the
Intercreditor Agreement and agrees to be bound by the terms thereof. Each Lender (and each Person
that becomes a Lender hereunder pursuant to Section 9.04) hereby (i) acknowledges that JPMorgan
Chase Bank, N.A. is acting under the Intercreditor Agreement in multiple capacities as the
Collateral Agent and the Credit Agreement Representative (as defined in the Intercreditor
Agreement) and (ii) waives any conflict of interest, now contemplated or arising hereafter, in
connection therewith and agrees not to assert against JPMorgan Chase Bank, N.A. any claims, causes
of action, damages or liabilities of whatever kind or nature relating thereto. Each Lender (and
each Person that becomes a Lender hereunder pursuant to Section 9.04) hereby agrees that JPMorgan
Chase Bank, N.A., in its various capacities thereunder, may take such action on its behalf as is
contemplated by the terms of the Intercreditor Agreement. Each Lender hereby agrees that,
notwithstanding anything herein to the contrary, the Lien and security interest granted to the US
Collateral Agent on the US Collateral pursuant to this Agreement or any other Loan Document and the
exercise of any right or remedy by the US Collateral Agent hereunder or under any other Loan
Document are subject to the provisions of the Intercreditor Agreement. In the event of any
conflict between the terms of the Intercreditor Agreement, this Agreement and any other Loan
Document, the terms of the Intercreditor Agreement shall govern and control with respect to any
right or remedy.

(v) Each of the Lenders hereby acknowledges that (x) it has received and reviewed the US
Reaffirmation Agreement, (y) it consents to the terms thereof, including any amendments to the US
Security Agreement contained therein, and agrees to be bound thereby and directs the Administrative
Agent to execute the US Reaffirmation Agreement.

(w) Each of the Lenders hereby acknowledges that (x) it has received and reviewed the Canadian
Reaffirmation Agreement, (y) it consents to the terms thereof, including any amendments to the
Canadian Security Agreement contained therein, and agrees to be bound thereby and directs the
Canadian Administrative Agent to execute the Canadian Reaffirmation Agreement.

ARTICLE IX

Miscellaneous

SECTION 9.01 Notices. (a) Except in the case of notices and other communications
expressly permitted to be given by telephone (and subject to paragraph (b) below), all notices and
other communications provided for herein shall be in writing and shall be delivered by facsimile,
in the case of any notice to the European Administrative Agent, or by hand or overnight courier
service, mailed by certified or registered mail or sent by facsimile or .pdf transmission, in the
case of any notice to any other Person, as follows:

(i) if to any Loan Party, to the Borrower Representative at:

Liz Claiborne, Inc.

5901 West Side Avenue (or One Claiborne Avenue)

North Bergen, New Jersey 07047

 

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Attention: Robert Vill

Telephone: 201-295-7515

Facsimile: 201-295-7825

with a copy to the General Counsel

Liz Claiborne, Inc.

5901 West Side Avenue (or One Claiborne Avenue)

North Bergen, New Jersey 07047

Attention: The General Counsel

Telephone: 212-626-3240

Facsimile: 212-626-5746

(ii) if to the Administrative Agent, the US Collateral Agent or the US
Swingline Lender, to:

JPMorgan Chase Bank, N.A.

270 Park Avenue, 44th Floor

New York, NY 10017

Attention: Scott Troy

Facsimile: 646-534-2274

(iii) if to the European Collateral Agent, to:

J.P. Morgan Europe Limited

10 Aldermanbury

London EC2V 7RF

United Kingdom

Attention: Tim Jacob

Facsimile: +44 20 7325 6813

(iv) if to the European Administrative Agent, the European Swingline Lender or
the UK Swingline Lender, to:

J.P. Morgan Europe Limited

Loans Agency 9th floor

125 London Wall

London EC2Y 5AJ

United Kingdom

Attention: Loans Agency

Facsimile: +44 20 7777 2360

(v) if to the Canadian Collateral Agent, to:

J.P. Morgan Chase Bank, N.A., Toronto Branch

200 Bay Street

Royal Bank Plaza, South Tower, Suite 1800

Toronto M5J 2J2 Canada

 

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Attention: Agostino Marchetti

Telecopy: (416) 981-2365

(vi) if to the Canadian Administrative Agent or the Canadian Swingline Lender,
to:

J.P. Morgan Chase Bank, N.A., Toronto Branch

200 Bay Street

Royal Bank Plaza, South Tower, Suite 1800

Toronto M5J 2J2 Canada

Attention: Agostino Marchetti

Telecopy: (416) 981-2365

(vii) if to any Issuing Bank, as notified to the Administrative Agent and the
Borrower Representative.

(viii) if to any other Lender, to it at its address or facsimile number set
forth in its Administrative Questionnaire.

All such notices and other communications (i) sent by hand or overnight courier service, or mailed
by certified or registered mail, shall be deemed to have been given when received or (ii) sent by
facsimile or .pdf transmission shall be deemed to have been given when sent; provided that
if not given during normal business hours for the recipient, shall be deemed to have been given at
the opening of business on the next Business Day for the recipient.

(b) Notices and other communications to the Lenders hereunder may be delivered or furnished by
electronic communications (including e-mail and internet or intranet websites) pursuant to
procedures approved by the Administrative Agent; provided that the foregoing shall not
apply to notices pursuant to Article II or to Event of Default certificates delivered pursuant to
Section 5.01(e) unless otherwise agreed by the Administrative Agent, the Canadian Administrative
Agent and/or the European Administrative Agent, as the case may be, and the applicable Lender;
provided further that notices to the European Administrative Agent must be
delivered by facsimile. The Administrative Agent or the Borrower Representative (on behalf of the
Loan Parties) may, in its discretion, agree to accept notices and other communications to it
hereunder by electronic communications pursuant to procedures approved by it; provided that
approval of such procedures may be limited to particular notices or communications. All such
notices and other communications (i) sent to an e-mail address shall be deemed received upon the
sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt
requested” function, as available, return e-mail or other written acknowledgement);
provided that if not given during the normal business hours of the recipient, such notice
or communication shall be deemed to have been given at the opening of business on the next Business
Day for the recipient, and (ii) posted to an Internet or intranet website shall be deemed received
upon the deemed receipt by the intended recipient at its e-mail address as described in the
foregoing clause (b)(i) of notification that such notice or communication is available and
identifying the website address therefor.

 

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(c) Any party hereto may change its address or facsimile number for notices and other
communications hereunder by notice to the other parties hereto.

(d) Any notice or document to be delivered to any Loan Party incorporated or domiciled in
Austria under or in connection with this Agreement or any other Loan Document shall be sent to an
address located outside of the territory of the Republic of Austria (unless it is necessary and
reasonably desirable for the perfection of any Collateral Document or any security interest for
such notice or document to be sent to an address located within the territory of the Republic of
Austria).

(e) Mexx Austria GmbH hereby appoints and authorizes the European Borrower as its
representative for receipt of all communication, notices and documents, including all Loan
Documents, which are deemed to have been duly received by Mexx Austria GmbH at the time when
received by the European Borrower.

SECTION 9.02 Waivers; Amendments. (a) No failure or delay by any Agent, any Issuing
Bank or any Lender in exercising any right or power hereunder or under any other Loan Document
shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or
power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any
other or further exercise thereof or the exercise of any other right or power. The rights and
remedies of the Agents, the Issuing Banks and the Lenders hereunder and under any other Loan
Document are cumulative and are not exclusive of any rights or remedies that they would otherwise
have. No waiver of any provision of any Loan Document or consent to any departure by any Loan
Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b)
of this Section, and then such waiver or consent shall be effective only in the specific instance
and for the purpose for which given. Without limiting the generality of the foregoing, the making
of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default,
regardless of whether any Agent, any Lender or any Issuing Bank may have had notice or knowledge of
such Default at the time.

(b) Neither this Agreement nor any other Loan Document (other than the Intercreditor
Agreement) nor any provision hereof or thereof may be waived, amended or modified except (i) in the
case of this Agreement, pursuant to an agreement or agreements in writing entered into by the
Borrowers (and, in the case of any such waiver, amendment or modification that changes any
provision of the Loan Guaranty, the other Loan Parties) and the Required Lenders or (ii) in the
case of any other Loan Document (other than the Intercreditor Agreement), pursuant to an agreement
or agreements in writing entered into by the Administrative Agent, the applicable Collateral Agent
(to the extent it is a party to such Loan Document) and each Loan Party that is a party thereto,
with the consent of the Required Lenders; provided that no such agreement shall (i)
increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce or
forgive the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon,
or reduce or forgive any interest or fees payable hereunder, without the written consent of each
Lender directly affected thereby, (iii) postpone any scheduled date of payment of the principal
amount of any Loan or LC Disbursement, or any date for the payment of any interest, fees or other
Obligations payable hereunder, or reduce the amount of, waive or excuse any such payment, postpone
the scheduled

 

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date of expiration of any Commitment, without the written consent of each Lender affected
thereby, (iv) increase the advance rates set forth in the definition of US Borrowing Base, Canadian
Borrowing Base, UK Borrowing Base or European Borrowing Base without the written consent of each
Lender, (v) change Section 2.18(b) or (d) in a manner that would alter the manner in which payments
are shared or change any provision requiring ratable funding, without the written consent of each
Lender, (vi) modify eligibility criteria, as such eligibility criteria are in effect on the
Effective Date (including adding new categories of eligible assets or eliminating any category of
the reserves, or increasing the sublimits set forth in any Borrowing Base, increasing the PP&E
Component or increasing the Eligible Trademark Amount), in any manner that has the effect of
increasing the amounts available to be borrowed hereunder without the written consent of the
Supermajority Lenders (it being understood, for the avoidance of doubt, that any reduction in the
Synthetic Lease Reserves pursuant to the definition thereof as in effect on the date hereof shall
be permitted), (vii) reduce or eliminate reserves related to the Synthetic Lease Obligations
without the consent of each Lender (it being understood, for the avoidance of doubt, that any
reduction in the Synthetic Lease Reserves pursuant to the definition thereof as in effect on the
date hereof shall be permitted), (viii) change any of the provisions of this Section or the
definition of “Required Lenders” or “Supermajority Lenders” or any other provision of any Loan
Document specifying the number or percentage of Lenders (or Lenders of any Class) required to
waive, amend or modify any rights thereunder or make any determination or grant any consent
thereunder, without the written consent of each Lender, (ix) release any Loan Guarantor that
constitutes a Material Subsidiary from its obligation under its Loan Guaranty or limit its
liability thereunder (except, in each case, as otherwise permitted herein or in the other Loan
Documents), without the written consent of each Lender, (x) except as provided in paragraph (d) of
this Section or in any Collateral Document, release all or substantially all of the Collateral,
without the written consent of each Lender, (xi) add additional available currencies to any
Facility without the written consent of each Lender directly affected thereby, (xii) increase the
Canadian Sublimit, the European Sublimit or the UK Sublimit without the written consent of the
Supermajority Lenders, (xiii) change Section 2.11(c) without the written consent of the
Supermajority Lenders, (xiv) reduce the thresholds set forth in, or waive compliance with, Section
6.16 without the consent of the Supermajority Lenders, (xv) except as expressly permitted pursuant
to Section 6.02(p), subordinate the Liens in favor of the applicable Collateral Agents on all or
substantially all of the Collateral without the written consent of the Supermajority Lenders, or
(xvi) except as otherwise provided in Section 2.09, increase the total Commitments without the
written consent of the Supermajority Lenders; provided further that no such agreement shall
amend, modify or otherwise affect the rights or duties of any Agent, any Lender that is an Issuing
Bank or any Swingline Lender hereunder without the prior written consent of such Agent, such
Issuing Bank or such Swingline Lender, as the case may be. The Administrative Agent may also amend
the Commitment Schedule to reflect assignments entered into pursuant to Section 9.04.

(c) Neither the Intercreditor Agreement nor any provision thereof may be waived, amended or
modified except with the consent of the Required Lenders (or any greater number of Lenders that
would have been required if such waiver, amendment or modification had been subject to the
provisions of clause (b) above).

(d) The Lenders hereby irrevocably authorize each Collateral Agent, at its option and in its
sole discretion, to release any Liens granted to such Collateral Agent by the

 

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Loan Parties on any Collateral (i) upon the termination of the all Commitments, payment and
satisfaction in full in cash of all Secured Obligations (other than Unliquidated Obligations), and
the cash collateralization of all Unliquidated Obligations in a manner reasonably satisfactory to
each affected Lender, (ii) constituting property being sold or disposed of in compliance with the
terms of this Agreement, (iii) constituting property leased to a Loan Party under a lease which has
expired or been terminated in a transaction permitted under this Agreement or (iv) as required to
effect any sale or other disposition of such Collateral in connection with any exercise of remedies
by a Collateral Agent or the Lenders pursuant to Article VII, or (v) if such Liens were granted by
any Loan Party with respect to which 100% of its Equity Interests have been sold in a transaction
permitted pursuant to Section 6.05. Except as provided in the preceding sentence, no Collateral
Agent will release any Liens on Collateral without the prior written authorization of the Required
Lenders. The Lenders hereby irrevocably authorize the Administrative Agent, at its option and in
its sole discretion, to release any Loan Guarantor from its obligation under its Loan Guaranty if
100% of the Equity Interests of such Loan Guarantor have been sold in a transaction permitted
pursuant to Section 6.05. Any such release shall not in any manner discharge, affect, or impair
the Obligations or any Liens (other than those expressly being released) upon (or obligations of
the Loan Parties in respect of) all interests retained by the Loan Parties, including the proceeds
of any sale, all of which shall continue to constitute part of the Collateral. Notwithstanding
anything to the contrary set forth above, the Lenders hereby irrevocably authorize the US
Collateral Agent and/or the European Collateral Agent, as applicable, to subordinate any Liens on
the Trademarks of the US Loan Parties and/or the Mexx Trademark, as applicable, in favor of such
Collateral Agent to the Liens on such trademarks granted to the holders of any Indebtedness
referred to in Section 6.02(p).

(e) If, in connection with any proposed amendment, waiver or consent requiring the consent of
“each Lender”, “each Lender affected thereby,” or “the Supermajority Lenders” the consent of the
Required Lenders is obtained, but the consent of other necessary Lenders is not obtained (any such
Lender whose consent is necessary but not obtained being referred to herein as a
“Non-Consenting Lender”), then the Borrowers may elect to replace a Non-Consenting Lender
as a Lender party to this Agreement; provided that, concurrently with such replacement, (i)
another bank or other entity which is reasonably satisfactory to the Borrowers and the
Administrative Agent shall agree, as of such date, to purchase for cash, at par, the Loans and
other Obligations due to the Non-Consenting Lender pursuant to an Assignment and Assumption and to
become a Lender for all purposes under this Agreement and to assume all obligations of the
Non-Consenting Lender to be terminated as of such date and to comply with the requirements of
paragraph (b) of Section 9.04, and (ii) the Borrowers shall pay to such Non-Consenting Lender in
same day funds on the day of such replacement (1) all interest, fees and other amounts then accrued
but unpaid to such Non-Consenting Lender by the Borrowers hereunder to and including the date of
termination, including without limitation payments due to such Non-Consenting Lender under Sections
2.15 and 2.17, and (2) an amount, if any, equal to the payment which would have been due to such
Lender on the day of such replacement under Section 2.16 had the Loans of such Non-Consenting
Lender been prepaid on such date rather than sold to the replacement Lender.

SECTION 9.03 Expenses; Indemnity; Damage Waiver. (a) Borrowers shall pay (i) all
reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, the European
Administrative Agent, the Canadian Administrative Agent, each Collateral Agent,

 

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each Lead Arranger, each Bookrunner and their respective Affiliates, including the reasonable
fees, charges and disbursements of counsel for the Administrative Agent, the European
Administrative Agent, the Canadian Administrative Agent, the Lead Arrangers, each Collateral Agent
and each Bookrunner (limited, in the absence of an actual conflict of interest, to one counsel and
one third party appraiser and/or field examiner in each relevant jurisdiction), as the case may be,
in connection with the syndication and distribution (including, without limitation, via the
internet or through a service such as Intralinks) of the credit facilities provided for herein, the
preparation and administration of the Loan Documents or any amendments, modifications or waivers of
the provisions of the Loan Documents (whether or not the transactions contemplated hereby or
thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by any Issuing
Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or
any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by any Agent, any
Bookrunner, any Issuing Bank or any Lender, including the reasonable fees, charges and
disbursements of any counsel for any Agent, any Issuing Bank or any Lender, in connection with the
enforcement, collection or protection of its rights in connection with the Loan Documents,
including its rights under this Section, or in connection with the Loans made or Letters of Credit
issued hereunder, including all such out-of-pocket expenses incurred during any workout,
restructuring or negotiations in respect of such Loans or Letters of Credit. Expenses being
reimbursed by the Borrowers under this Section include, without limiting the generality of the
foregoing, costs and expenses incurred in connection with:

(i) appraisals, subject to the limitations set forth in Section 5.11;

(ii) insurance reviews;

(iii) field examinations and the preparation of Reports based on the fees
charged by a third party retained by the Administrative Agent or any Collateral
Agent or the internally allocated fees for each Person employed by the
Administrative Agent or any Collateral Agent with respect to each field examination,
together with the reasonable fees and expenses associated with collateral monitoring
services performed by the Specialized Due Diligence Group of the Administrative
Agent (and the Borrowers agree to modify or adjust the computation of the Borrowing
Base—which may include maintaining additional Reserves, modifying the advance rates
or modifying the eligibility criteria for the components of the Borrowing Base—to
the extent required by the Administrative Agent as a result of any such evaluation,
appraisal or monitoring);

(iv) taxes, fees and other charges for (A) lien and title searches and title
insurance and (B) recording the Collateral Documents, filing financing statements
and continuations, and other actions to perfect, protect, and continue the Liens of
each Collateral Agent;

(v) sums paid or incurred to take any action required of any Loan Party under
the Loan Documents that such Loan Party fails to pay or take; and

 

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(vi) forwarding loan proceeds, collecting checks and other items of payment,
and establishing and maintaining the accounts and lock boxes, and costs and expenses
of preserving and protecting the Collateral.

All of the foregoing costs and expenses may be charged when due to the Borrowers as Revolving
Loans or to another deposit account, all as described in Section 2.18(c).

(b) The Borrowers shall, jointly and severally, indemnify the Agents, the Lead Arrangers, the
Issuing Banks and each Lender, and each Related Party of any of the foregoing Persons (each such
Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any
and all losses, claims, damages, penalties, liabilities and related expenses, including the fees,
charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any
Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of
the Loan Documents or any agreement or instrument contemplated thereby, the performance by the
parties hereto of their respective obligations thereunder or the consummation of the Transactions
or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of the
proceeds therefrom (including any refusal by any Issuing Bank to honor a demand for payment under a
Letter of Credit if the documents presented in connection with such demand do not strictly comply
with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of
Hazardous Materials on or from any property owned or operated by any Loan Party or any of their
Subsidiaries, or any Environmental Liability related in any way to any Loan Party or any of their
Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding
relating to any of the foregoing, whether based on contract, tort or any other theory and
regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall
not, as to any Indemnitee, be available to the extent that such losses, claims, damages, penalties,
liabilities or related expenses are determined by a court of competent jurisdiction by final and
nonappealable judgment to have resulted from the gross negligence, bad faith or willful misconduct
of such Indemnitee.

(c) To the extent that the Borrowers fail to pay any amount required to be paid by it to any
Agent, any Issuing Bank or any Swingline Lender under paragraph (a) or (b) of this Section, each
Lender severally agrees to pay to such Agent, such Issuing Bank or such Swingline Lender, as the
case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable
unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that
the unreimbursed expense or indemnified loss, claim, damage, penalty, liability or related expense,
as the case may be, was incurred by or asserted against such Agent, such Issuing Bank or such
Swingline Lender in its capacity as such.

(d) To the extent permitted by applicable law, no Loan Party shall assert, and each hereby
waives, any claim against any Indemnitee, on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages) arising out of, in
connection with, or as a result of, this Agreement or any agreement or instrument contemplated
hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof.

(e) All amounts due under this Section shall be payable promptly after written demand
therefor.

 

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SECTION 9.04 Successors and Assigns. (a) The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby (including any Affiliate of any Issuing Bank that issues any Letter of
Credit and, for the avoidance of doubt, any successor by merger of any Lender), except that (i) the
Loan Parties may not assign or otherwise transfer any of their rights or obligations hereunder
without the prior written consent of each Lender (and any attempted assignment or transfer by any
Loan Party without such consent shall be null and void) and (ii) no Lender may assign or otherwise
transfer its rights or obligations hereunder except in accordance with this Section. Nothing in
this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the
parties hereto, their respective successors and assigns permitted hereby (including any Affiliate
of any Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in
paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related
Parties of each of the Agents, the Issuing Banks and the Lenders) any legal or equitable right,
remedy or claim under or by reason of this Agreement.

(b) Subject to the conditions set forth in paragraph (c)(ii) below, any Lender may assign to
one or more assignees (other than the Company or any Affiliate thereof) all or a portion of its
rights and obligations under this Agreement (including all or a portion of its Commitment and the
Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably
withheld) of:

(i) the Borrower Representative, provided that no consent of the
Borrower Representative shall be required for an assignment to a Lender, an
Affiliate of a Lender, an Approved Fund or, if a Default has occurred and is
continuing, any other assignee; and

(ii) the Administrative Agent and any Lender that is an Issuing Bank that has
Letters of Credit outstanding in an aggregate amount in excess of $5,000,000 at such
time.

(c) Assignments shall be subject to the following additional conditions:

(i) except in the case of an assignment to a Lender, an Affiliate of a Lender
or an Approved Fund or an assignment of the entire remaining amount of the assigning
Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of
the assigning Lender subject to each such assignment (determined as of the date the
Assignment and Assumption with respect to such assignment is delivered to the
Administrative Agent) shall not be less than $5,000,000, unless each of the Borrower
Representative and the Administrative Agent otherwise consent; provided that
(1) no such consent of the Borrower Representative shall be required if an Event of
Default has occurred and is continuing and (2) such amounts shall be aggregated in
respect of each Lender and its Affiliates or Approved Funds, if any;

(ii) in order to comply with the Dutch Act on the Financial Supervision (Wet op
het financieel toezicht), the amount transferred by any Lender under this Section
9.04(c) at any time shall include an outstanding portion

 

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of at least €50,000 (or its equivalent in other currencies) or such other
amount as may be required from time to time by the Dutch Act on the Financial
Supervision (or implementing legislation) or if less, the new Lender shall confirm
in writing to the Borrowers that it is a professional market party within the
meaning of the Dutch Act on the Financial Supervision;

(iii) each partial assignment shall be made as an assignment of a proportionate
part of all of the assigning Lender’s rights and obligations under this Agreement;

(iv) the parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Assumption, together with a processing and
recordation fee of $3,500 to be paid by the assignee or the assignor; and

(v) the assignee, if it shall not be a Lender, shall deliver to the
Administrative Agent an Administrative Questionnaire in which the assignee
designates one or more credit contacts to whom all syndicate-level information
(which may contain material non-public information about the Company, the Loan
Parties and their Related Parties or their respective securities) will be made
available and who may receive such information in accordance with the assignee’s
compliance procedures and applicable laws, including federal, provincial,
territorial and state securities laws.

For the purposes of this Section 9.04, the term “Approved Fund” has the following
meaning:

“Approved Fund” means any Person (other than a natural person) that is engaged in
making, purchasing, holding or investing in bank loans and similar extensions of credit in the
ordinary course of its business and that is administered or managed by (a) a Lender, (b) an
Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a
Lender.

(d) Subject to acceptance and recording thereof pursuant to paragraph (e) of this Section,
from and after the effective date specified in each Assignment and Assumption the assignee
thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment
and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning
Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption,
be released from its obligations under this Agreement (and, in the case of an Assignment and
Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such
Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of
Sections 2.15, 2.16, 2.17 and 9.03). Any assignment or transfer by a Lender of rights or
obligations under this Agreement that does not comply with this Section 9.04 shall be treated for
purposes of this Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with paragraph (g) of this Section.

(e) The Administrative Agent, acting solely for this purpose as an agent of the Borrowers,
shall maintain at one of its offices a copy of each Assignment and Assumption

 

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delivered to it and a register for the recordation of the names and addresses of the Lenders,
and the Commitment of, and principal amount of the Loans and LC Disbursements owing to, each Lender
pursuant to the terms hereof from time to time (the “Register”). The entries in the
Register shall be conclusive, and the Borrowers, the Administrative Agent, each Collateral Agent,
the Issuing Banks and the Lenders may treat each Person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary. The Register shall be available for inspection by the
Borrowers, the Issuing Banks and any Lender, at any reasonable time and from time to time upon
reasonable prior notice.

(f) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning
Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee
shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph
(c)(iv) of this Section and any written consent to such assignment required by paragraph (b) of
this Section, the Administrative Agent shall accept such Assignment and Assumption and record the
information contained therein in the Register; provided that if either the assigning Lender
or the assignee shall have failed to make any payment required to be made by it pursuant to Section
2.05, 2.06(d) or (e), 2.07(b), 2.18(d) or 9.03(c), the Administrative Agent shall have no
obligation to accept such Assignment and Assumption and record the information therein in the
Register unless and until such payment shall have been made in full, together with all accrued
interest thereon. No assignment shall be effective for purposes of this Agreement unless it has
been recorded in the Register as provided in this paragraph.

(g) (i) Any Lender may, without the consent of the Borrowers, any Agent, any Issuing Bank or
any Swingline Lender, sell participations to one or more banks or other entities (a
“Participant”) in all or a portion of such Lender’s rights and obligations under this
Agreement (including all or a portion of its Commitment and the Loans owing to it);
provided that (A) such Lender’s obligations under this Agreement shall remain unchanged,
(B) such Lender shall remain solely responsible to the other parties hereto for the performance of
such obligations and (C) the Borrowers, the Agents, the Issuing Banks and the other Lenders shall
continue to deal solely and directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells
such a participation shall provide that such Lender shall retain the sole right to enforce this
Agreement and to approve any amendment, modification or waiver of any provision of this Agreement;
provided that such agreement or instrument may provide that such Lender will not, without
the consent of the Participant, agree to any amendment, modification or waiver described in the
first proviso to Section 9.02(b) that affects such Participant. Subject to paragraph (g)(ii) of
this Section, the Borrowers agree that each Participant shall be entitled to the benefits of
Sections 2.15, 2.16 and 2.17 to the same extent as if it were a Lender (without duplication of any
benefits of the Lender under such Sections) and had acquired its interest by assignment pursuant to
paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be
entitled to the benefits of Section 9.08 as though it were a Lender; provided such
Participant agrees to be subject to Section 2.18(d) as though it were a Lender. Each Lender that
sells a participation shall, acting solely for this purpose as an agent of the Borrowers, maintain
a register on which it enters the name and address of each Participant and the principal amounts
(and stated interest) of each Participant’s interest in the Loans or other

 

188

 

obligations under this Agreement (the “Participant Register”). The entries in the
Participant Register shall be conclusive absent manifest error, and such Lender shall treat each
person whose name is recorded in the Participant Register as the owner of such participation for
all purposes of this Agreement notwithstanding any notice to the contrary.

(ii) A Participant shall not be entitled to receive any greater payment under
Section 2.15 or 2.17 than the applicable Lender would have been entitled to receive
with respect to the participation sold to such Participant, unless the sale of the
participation to such Participant is made with the Borrower Representative’s prior
written consent. A Participant that would be a Foreign Lender if it were a Lender
shall not be entitled to the benefits of Section 2.17 unless the Borrower
Representative and the Administrative Agent, the European Administrative Agent or
the Canadian Administrative Agent, as applicable, is notified of the participation
sold to such Participant and such Participant agrees, for the benefit of the
Borrowers and any Withholding Agent, to comply with Section 2.17(g) as though it
were a Lender.

(h) Any Lender may at any time pledge or assign a security interest in all or any portion of
its rights under this Agreement to secure obligations of such Lender, including without limitation
any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall
not apply to any such pledge or assignment of a security interest; provided that no such
pledge or assignment of a security interest shall release a Lender from any of its obligations
hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

SECTION 9.05 Survival. All covenants, agreements, representations and warranties made
by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in
connection with or pursuant to this Agreement or any other Loan Document shall be considered to
have been relied upon by the other parties hereto and shall survive the execution and delivery of
the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of
any investigation made by any such other party or on its behalf and notwithstanding that any Agent,
any Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect
representation or warranty at the time any credit is extended hereunder, and shall continue in full
force and effect as long as the principal of or any accrued interest on any Loan or any fee or any
other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is
outstanding (unless the same has been cash collateralized in accordance with Section 2.06(j)
hereof) and so long as the Commitments have not expired or terminated. The provisions of Sections
2.15, 2.16, 2.17 and 9.03 and Article VIII shall survive and remain in full force and effect
regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans,
the expiration or termination of the Letters of Credit and the Commitments or the termination of
this Agreement or any provision hereof.

SECTION 9.06 Counterparts; Integration; Effectiveness. This Agreement may be executed
in counterparts (and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract.
This Agreement, the other Loan Documents and any separate letter agreements with

 

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respect to fees payable to the Administrative Agent constitute the entire contract among the
parties relating to the subject matter hereof and supersede any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof. Except as provided in
Section 4.01, this Agreement shall become effective when it shall have been executed by the
Administrative Agent and when the Administrative Agent shall have received counterparts hereof
which, when taken together, bear the signatures of each of the other parties hereto, and thereafter
shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement
by facsimile or .pdf transmission shall be effective as delivery of a manually executed counterpart
of this Agreement.

SECTION 9.07 Severability. Any provision of any Loan Document held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such invalidity, illegality or unenforceability without affecting the validity, legality
and enforceability of the remaining provisions thereof; and the invalidity of a particular
provision in a particular jurisdiction shall not invalidate such provision in any other
jurisdiction.

SECTION 9.08 Right of Setoff. If an Event of Default shall have occurred and be
continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time
to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general
or special, time or demand, provisional or final) at any time held and other obligations at any
time owing by such Lender or Affiliate to or for the credit or the account of the Borrowers or any
Loan Guarantor against any and all of the Secured Obligations held by such Lender, irrespective of
whether or not such Lender shall have made any demand under the Loan Documents and although such
obligations may be unmatured. The applicable Lender shall promptly notify the Borrower
Representative and the Administrative Agent of such set-off or application, provided that
any failure to give or any delay in giving such notice shall not affect the validity of any such
set-off or application under this Section. The rights of each Lender under this Section are in
addition to other rights and remedies (including other rights of setoff) which such Lender may
have.

SECTION 9.09 Governing Law; Jurisdiction; Consent to Service of Process. (a) The Loan
Documents (other than Section 9.21 of this Agreement (which shall be governed by the laws of
Germany or the State of New York, as applicable), Section 9.30 (which shall be governed by the laws
of the Netherlands or the State of New York, as applicable) and Section 10.10 of this Agreement
(which shall be governed by the laws of Germany) and other than those containing a contrary express
choice of law provision) shall be governed by and construed in accordance with the laws of the
State of New York, but giving effect to federal laws applicable to national banks.

(b) Each Loan Party hereby irrevocably and unconditionally submits, for itself and its
property, to the nonexclusive jurisdiction of any US Federal or New York State court sitting in the
Borough of Manhattan, New York in any action or proceeding arising out of or relating to any Loan
Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding
may be heard and determined in such New York State or, to the extent permitted by law, in such
Federal court. Each of the parties hereto agrees that a final judgment

 

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in any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this
Agreement or any other Loan Document shall affect any right that the Administrative Agent, the
European Administrative Agent, the Canadian Administrative Agent, any Collateral Agent, any Issuing
Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement
or any other Loan Document against any Loan Party or its properties in the courts of any
jurisdiction.

(c) Each Loan Party hereby irrevocably and unconditionally waives, to the fullest extent it
may legally and effectively do so, any objection which it may now or hereafter have to the laying
of venue of any suit, action or proceeding arising out of or relating to this Agreement or any
other Loan Document in any court referred to in paragraph (b) of this Section. Each of the parties
hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an
inconvenient forum to the maintenance of such action or proceeding in any such court.

(d) Each party to this Agreement irrevocably consents to service of process in the manner
provided for notices in Section 9.01. Nothing in this Agreement or any other Loan Document will
affect the right of any party to this Agreement to serve process in any other manner permitted by
law.

SECTION 9.10 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION.

SECTION 9.11 Headings. Article and Section headings and the Table of Contents used
herein are for convenience of reference only, are not part of this Agreement and shall not affect
the construction of, or be taken into consideration in interpreting, this Agreement.

SECTION 9.12 Confidentiality. Each of the Agents, the Issuing Banks and the Lenders
agrees to maintain the confidentiality of the Information (as defined below), except that
Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and
agents, including accountants, legal counsel and other advisors (it being understood that the
Persons to whom such disclosure is made will be informed of the confidential nature of such
Information and instructed to keep such Information confidential), (b) to the extent requested by
any regulatory authority, (c) to the extent required by Requirement of Laws or by any subpoena or
similar legal process, (d) to any other party to this Agreement, (e) in connection with the

 

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exercise of any remedies hereunder or any suit, action or proceeding relating to this
Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f)
subject to an agreement containing provisions substantially the same as those of this Section, to
(i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its
rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its
advisors) to any swap or derivative transaction relating to the Loan Parties and their obligations,
(g) with the consent of the Borrower Representative or (h) to the extent such Information (i)
becomes publicly available other than as a result of a breach of this Section or (ii) becomes
available to the Administrative Agent, any Issuing Bank or any Lender on a non-confidential basis
from a source other than the Borrowers. For the purposes of this Section, “Information”
means all information received from the Borrowers and the other Loan Parties relating to the
Borrowers and the other Loan Parties or their business, other than any such information that is
available to the Administrative Agent, any Issuing Bank or any Lender on a non-confidential basis
prior to disclosure by the Borrowers or any other Loan Party; provided that, in the case of
information received from the Borrowers or any Loan Party after the date hereof, such information
is clearly identified at the time of delivery as confidential. Any Person required to maintain the
confidentiality of Information as provided in this Section shall be considered to have complied
with its obligation to do so if such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own confidential
information.

EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12 FURNISHED TO IT PURSUANT
TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE COMPANY AND ITS
AFFILIATES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS
DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT
WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE
LAW, INCLUDING FEDERAL, PROVINCIAL, TERRITORIAL AND STATE SECURITIES LAWS.

ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWERS OR
THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE
SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE COMPANY,
THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH
LENDER REPRESENTS TO THE BORROWERS AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS
ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL
NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW, INCLUDING
FEDERAL, PROVINCIAL, TERRITORIAL AND STATE SECURITIES LAWS.

SECTION 9.13 Several Obligations; Nonreliance; Violation of Law. The respective
obligations of the Lenders hereunder are several and not joint and the failure of any Lender to
make any Loan or perform any of its obligations hereunder shall not relieve any other Lender

 

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from any of its obligations hereunder. Each Lender hereby represents that it is not relying
on or looking to any Margin Stock for the repayment of the Borrowings provided for herein.
Anything contained in this Agreement to the contrary notwithstanding, neither any Issuing Bank nor
any Lender shall be obligated to extend credit to the Borrowers in violation of any Requirement of
Law.

SECTION 9.14 USA PATRIOT Act. Each Lender that is subject to the requirements of the
USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot
Act”) hereby notifies the Borrowers that pursuant to the requirements of such Act, it is
required to obtain, verify and record information that identifies the Borrowers, which information
includes the names and addresses of the Borrowers and other information that will allow such Lender
to identify the Borrowers in accordance with such Act. The Borrowers agree to provide such
information to each Lender on request.

SECTION 9.15 Disclosure. Each Loan Party and each Lender hereby acknowledges and
agrees that the Administrative Agent and/or its Affiliates from time to time may hold investments
in, make other loans to or have other relationships with any of the Loan Parties and their
respective Affiliates.

SECTION 9.16 Appointment for Perfection. Each Lender hereby appoints each other
Lender as its agent for the purpose of perfecting Liens (in each case for the benefit of the
Agents, the Lenders and the Issuing Banks) in assets which, in accordance with Article 9 of the UCC
or any other applicable law can be perfected only by possession. Should any Lender (other than any
Collateral Agent) obtain possession of any such Collateral, such Lender shall notify the
Administrative Agent and, promptly upon the request of the Administrative Agent, shall deliver such
Collateral to the applicable Collateral Agent or otherwise deal with such Collateral in accordance
with the instructions of the applicable Collateral Agent.

SECTION 9.17 Interest Rate Limitation. (a) Notwithstanding anything herein to the
contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges
and other amounts which are treated as interest on such Loan under applicable law (collectively the
“Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be
contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance
with applicable law, the rate of interest payable in respect of such Loan hereunder, together with
all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent
lawful, the interest and Charges that would have been payable in respect of such Loan but were not
payable as a result of the operation of this Section shall be cumulated and the interest and
Charges payable to such Lender in respect of other Loans or periods shall be increased (but not
above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the
Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.

(b) If any provision of this Agreement or of any of the other Loan Documents would obligate
any Loan Party to make any payment of interest or other amount payable to the Lenders in an amount
or calculated at a rate which would be prohibited by the laws of Canada or of any political
subdivision thereof or would result in a receipt by the Lenders of interest at a criminal rate (as
such terms are construed under the Criminal Code (Canada)) then,

 

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notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted
with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not
be so prohibited by law or so result in a receipt by the Lenders of interest at a criminal rate,
such adjustment to be effected, to the extent necessary, as follows: (1) firstly, by reducing the
amount or rate of interest required to be paid to the Lenders under this Agreement, and (2)
thereafter, by reducing any fees, commissions, premiums and other amounts required to be paid to
the Lenders which would constitute “interest” for purposes of Section 347 of the Criminal Code
(Canada). Notwithstanding the foregoing, and after giving effect to all adjustments contemplated
thereby, if the Lenders shall have received an amount in excess of the maximum permitted by that
section of the Criminal Code (Canada), the Loan Parties shall be entitled, by notice in writing to
the Canadian Administrative Agent, to obtain reimbursement from the Lenders in an amount equal to
such excess and, pending such reimbursement, such amount shall be deemed to be an amount payable by
the Lenders to the Borrower Representative. Any amount or rate of interest referred to in this
Section 9.17(b) shall be determined in accordance with generally accepted actuarial practices and
principles as an effective annual rate of interest over the term that the applicable Loan remains
outstanding on the assumption that any charges, fees or expenses that fall within the meaning of
“interest” (as defined in the Criminal Code (Canada)) shall, if they relate to a specific period of
time, be pro-rated over that period of time and otherwise be pro-rated over the period from the
Effective Date to the Maturity Date and, in the event of a dispute, a certificate of a Fellow of
the Canadian Institute of Actuaries appointed by the Canadian Administrative Agent shall be
conclusive for the purposes of such determination.

SECTION 9.18 Waiver of Immunity. To the extent that any Loan Party has, or hereafter
may be entitled to claim or may acquire, for itself, any Collateral or other assets of the Loan
Parties, any immunity (whether sovereign or otherwise) from suit, jurisdiction of any court or from
any legal process (whether through service of notice, attachment prior to judgment, attachment in
aid of execution or otherwise) with respect to itself, any Collateral or any other assets of the
Loan Parties, such Loan Party hereby waives such immunity in respect of its obligations hereunder
and under any promissory notes evidencing the Loans hereunder and any other Loan Document to the
fullest extent permitted by applicable law and, without limiting the generality of the foregoing,
agrees that the waivers set forth in this Section 9.18 shall be effective to the fullest extent now
or hereafter permitted under the Foreign Sovereign Immunities Act of 1976 (as amended, and together
with any successor legislation) and are, and are intended to be, irrevocable for purposes thereof.

SECTION 9.19 Currency of Payment. Each payment owing by any Borrower hereunder shall
be made in the relevant currency specified herein or, if not specified herein, specified in any
other Loan Document executed by the Administrative Agent, the US Collateral Agent, the Canadian
Collateral Agent or the European Collateral Agent (the “Currency of Payment”) at the place
specified herein (such requirements are of the essence of this Agreement). If, for the purpose of
obtaining judgment in any court, it is necessary to convert a sum due hereunder in a Currency of
Payment into another currency, the parties hereto agree that the rate of exchange used shall be
that at which in accordance with normal banking procedures the Administrative Agent could purchase
such Currency of Payment with such other currency at the Spot Selling Rate on the Business Day
preceding that on which final judgment is given. The obligations in respect of any sum due
hereunder to any Lender or any Issuing Bank shall, notwithstanding any adjudication expressed in a
currency other than the Currency of Payment, be

 

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discharged only to the extent that, on the Business Day following receipt by such Lender or
Issuing Bank of any sum adjudged to be so due in such other currency, such Lender or Issuing Bank
may, in accordance with normal banking procedures, purchase the Currency of Payment with such other
currency. Each Borrower agrees that (a) if the amount of the Currency of Payment so purchased is
less than the sum originally due to such Lender or Issuing Bank in the Currency of Payment, as a
separate obligation and notwithstanding the result of any such adjudication, such Borrower shall
immediately pay the shortfall (in the Currency of Payment) to such Lender or Issuing Bank and (b)
if the amount of the Currency of Payment so purchased exceeds the sum originally due to such Lender
or Issuing Bank, such Lender or Issuing Bank shall promptly pay the excess over to such Borrower in
the currency and to the extent actually received.

SECTION 9.20 Conflicts. In the event of any conflict between the terms of this
Agreement and the terms of any other Loan Document (other than the Intercreditor Agreement), the
terms of this Agreement shall, to the extent of such conflict, prevail.

SECTION 9.21 Parallel Debt. (a) To grant the security and to ensure the continuing
validity of security granted pursuant to any Netherlands Security Agreement, any German Security
Agreement and any Greek Account Pledge Agreement, as applicable, to the European Collateral Agent,
each Netherlands Loan Party, each German Loan Party and each Greek Loan Party, as applicable (each
a “Relevant Loan Party”), irrevocably and unconditionally undertakes in advance to pay to
the European Collateral Agent amounts equal to any amounts owing from time to time by a Foreign
Loan Party to any Guaranteed Party under (a) any Loan Document, (b) any Secured Swap Obligations,
(c) any Acceptance Obligations and/or (d) any Banking Services Obligations, in each case as and
when those amounts are due (collectively, in respect of a Relevant Loan Party, its “Parallel
Debt”).

(b) Each Relevant Loan Party, the Administrative Agent, the European Collateral Agent and the
other Guaranteed Parties acknowledge that each Parallel Debt is a several and a separate and
independent obligation from, and shall not in any way limit or affect, the corresponding
obligations of a Foreign Loan Party to any Guaranteed Party under (a) any Loan Document, (b) any
Secured Swap Obligations, (c) any Banking Services Obligations and/or (d) any Acceptance
Obligations (collectively, the “Corresponding Debt”) nor shall the amounts for which a
Relevant Loan Party is liable under its Parallel Debt be limited or affected in any way by the
Corresponding Debt provided that:

(i) the Parallel Debt of each Relevant Loan Party shall be decreased to the
extent that the Corresponding Debt has been irrevocably paid or (in the case of
guarantee obligations) discharged;

(ii) the Corresponding Debt shall be decreased to the extent that the Parallel
Debt of a Relevant Loan Party has been irrevocably paid or (in the case of guarantee
obligations) discharged; and

(iii) the amount of the Parallel Debt of each Relevant Loan Party shall at all
times be equal to the amount of the Corresponding Debt.

 

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(c) For the purpose of this Section 9.21, the European Collateral Agent acts in its own
name and on behalf of itself and not as agent, representative or trustee of any Guaranteed
Party, and its claims in respect of each Parallel Debt shall not be held on trust.

(d) The Liens granted under the Netherlands Security Agreements, the German Security
Agreements and any Greek Account Pledge Agreement, to the European Collateral Agent to
secure each Parallel Debt is granted to the European Collateral Agent in its capacity as
sole creditor of each Parallel Debt.

(e) All monies received or recovered by the European Collateral Agent pursuant to this
Section 9.21, and all amounts received or recovered by the European Collateral Agent from or
by the enforcement of any Lien granted to secure a Parallel Debt, shall be applied in
accordance with Section 2.18(b).

(f) The European Administrative Agent shall have its own independent right to demand
and receive payment of each Parallel Debt.

(g) Without limiting or affecting the European Collateral Agent’s rights against the
Loan Parties (whether under this Section 9.21 or under any other provision of the Loan
Documents), each Loan Party acknowledges that:

(i) nothing in this Section 9.21 shall impose any obligation on the European
Collateral Agent to advance any sum to any Loan Party or otherwise under any Loan
Document, except in its capacity as a Lender; and

(ii) for the purpose of any vote taken under any Loan Document, the European
Collateral Agent shall not be regarded as having any participation or commitment
other than those which it has in its capacity as a Lender.

(h) For the avoidance of doubt, (i) the Parallel Debt of each Relevant Loan Party will
become due and payable at the same time the Corresponding Debt (or a part thereof) becomes
due and payable and (ii) a Relevant Loan Party may not repay or prepay its Parallel Debt
unless directed to do so by the European Collateral Agent or the Lien pursuant to a
Netherlands Security Agreement, a German Security Agreement or a Greek Account Pledge
Agreement, as applicable, is enforced by the European Collateral Agent.

SECTION 9.22 Canadian Anti-Money Laundering Legislation. (a) Each Borrower
acknowledges that, pursuant to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act
(Canada) and other applicable anti-money laundering, anti-terrorist financing, government sanction
and “know your client” laws (collectively, including any guidelines or orders thereunder, “AML
Legislation”), the Lenders, the Issuing Banks and the Agents may be required to obtain, verify
and record information regarding the Borrowers and their respective directors, authorized signing
officers, direct or indirect shareholders or other Persons in control of the Borrowers, and the
transactions contemplated hereby. Each Borrower shall promptly provide all such information,
including supporting documentation and other evidence, as may be reasonably requested by any
Lender, any Issuing Bank or any Agent, or any prospective assignee

 

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or participant of a Lender, any Issuing Bank or any Agent, in order to comply with any
applicable AML Legislation, whether now or hereafter in existence.

(b) If the Canadian Administrative Agent has ascertained the identity of any Borrower
or any authorized signatories of the Borrower for the purposes of applicable AML
Legislation, then the Canadian Administrative Agent:

(i) Shall be deemed to have done so as an agent for each Lender and each
Issuing Bank, and this Agreement shall constitute a “written agreement” in such
regard between each Lender, each Issuing Bank and the Canadian Administrative Agent
within the meaning of the applicable AML Legislation; and

(ii) Shall provide to each Lender and each Issuing Bank copies of all
information obtained in such regard without any representation or warranty as to its
accuracy or completeness.

Notwithstanding the preceding sentence and except as may otherwise be agreed in writing, each of
the Lenders and each of the Issuing Banks agrees that neither the Canadian Administrative Agent nor
any other Agent has any obligation to ascertain the identity of the Borrowers or any authorized
signatories of the Borrowers on behalf of any Lender or any Issuing Bank, or to confirm the
completeness or accuracy of any information it obtains from any Borrower or any such authorized
signatory in doing so.

SECTION 9.23 Subordination. To the fullest extent permitted by applicable law, each
Loan Party party hereto hereby agrees that, upon the occurrence and during the continuance of an
Event of Default, unless otherwise agreed by the applicable Collateral Agent, all Indebtedness
owing to it by the Company or any of its Subsidiaries shall be fully subordinated to the
indefeasible payment in full in cash of such Loan Party’s Secured Obligations or Guaranteed
Obligations, as the case may be.

SECTION 9.24 Process Agent. Each Foreign Loan Party hereby irrevocably designates,
appoints and the Company, in the case of any suit, action or proceeding brought in the United
States as its designee, appointee and agent to receive, accept and acknowledge for and on its
behalf, and in respect of its property, service of any and all legal process, summons, notices and
documents that may be served in any action or proceeding arising out of or in connection with this
Agreement or any other Loan Document. Such service may be made by mailing (by registered or
certified mail, postage prepaid) or delivering a copy of such process to such Foreign Loan Party in
care of the Company at the Company’s address set forth in Section 9.01, and such Foreign Loan Party
hereby irrevocably authorizes and directs the Company to accept such service on its behalf. As an
alternative method of service, each Foreign Loan Party irrevocably consents to the service of any
and all process in any such action or proceeding by the mailing (by registered or certified mail,
postage prepaid) of copies of such process to the Company or such Foreign Loan Party at its address
specified in Section 9.01. Each Loan Party agrees that a final judgment in any such action or
proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by law.

 

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SECTION 9.25 No Novation. The parties hereto agree that the Lenders shall continue to
benefit from any security, guarantee, mortgage, lien or other encumbrance governed by French law
relating to the Existing Credit Agreement in accordance with article 1278 of the French Civil Code
(Code civil).

SECTION 9.26 UK Loan Parties. Each UK Loan Party hereby confirms and agrees that it
is joining the Existing Credit Agreement, as amended and restated hereby, as a UK Loan Party and a
European Loan Party for purposes of this Agreement and the other Loan Documents.

SECTION 9.27 French Loan Guarantor. The parties to this Agreement agree that (a) if
a Loan Party fails to pay any amount due and payable hereunder (the “Defaulting Loan
Party”) and as a result a French Loan Guarantor makes any payment to the Lenders, the
Administrative Agent, any Issuing Bank or any indemnified party arising under the Loan Documents
(whether from the proceeds of the enforcement of any European Security Agreement or under Article X
hereof), such French Loan Guarantor shall be subrogated to any rights the Lenders, the
Administrative Agent, any Issuing Bank or any indemnified party arising under the Loan Documents
may have against the Defaulting Loan Party to the extent of such payment and the Defaulting Loan
Party shall indemnify the French Loan Guarantor fully therefor (such indemnification being referred
to as the “Indemnification Claim”);

(b) in the circumstances referred to in paragraph (a) above, the relevant French Loan
Guarantor shall assign the Indemnification Claim to the European Borrower and such assignment shall
thus pro tanto discharge the obligations of such French Loan Guarantor to the European Borrower
under the relevant French Intercompany Loan;

(c) as a result of the assignment referred to in paragraph (b) above, the European Borrower
may request payment of the Indemnification Claim from the Defaulting Loan Party;

(d) if the Defaulting Loan Party is the European Borrower, the provisions of paragraph (a)
above shall apply and the Indemnification Claim shall be set off pro tanto against the relevant
French Intercompany Loan; and

(e) the European Borrower undertakes not to declare any French Intercompany Loan due and
payable and the French Loan Guarantors undertake not to repay the French Intercompany Loans until
all Facility B Obligations owing by the European Loan Parties and the Canadian Loan Parties have
been paid in full.

SECTION 9.28 Greek Loan Party (a). Mexx Europe International B.V. as the sole
shareholder of Mexx Hellas EPE approves the execution of this Agreement and the Greek Account
Pledge Agreement by Mexx Hellas EPE and recognizes such agreements as fully valid and binding for
Mexx Hellas EPE.

SECTION 9.29 Netherlands Security Agreements. Each Loan Party party to any
Netherlands Security Agreement confirms that such Netherlands Security Agreement shall remain in
full force and effect and it is expressly agreed by the parties to the Netherlands Security
Agreements that the Netherlands Security Agreements shall continue to secure all the liabilities
and obligations that such Netherlands Security Agreements are expressed to secure

 

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(including but not limited to the payment obligations of each relevant Loan Party under this
Agreement).

SECTION 9.30 Reaffirmation and Accession by the Loan Parties. (a) By executing and
delivering this Agreement, each Loan Party hereby reaffirms each of its obligations,
acknowledgments, consents and liabilities pursuant to each of the Hong Kong Subordination Agreement
and the Intercompany Note, or to the extent that a Loan Party was not previously a party to the
Hong Kong Subordination Agreement and the Intercompany Note, hereby becomes a party to and accedes
to each of the Hong Kong Subordination Agreement and the Intercompany Note (x) as “Payor” with
respect to the Subordination Agreement and (y) as “Payee” and, to the extent such Loan Party is a
borrower from time to time from any other Loan Party, as “Payor” with respect to the Intercompany
Note, in each case with respect to clauses (x) and (y) above, with the same force and effect as if
originally named as a party therein and, without limiting the generality of the foregoing, hereby
expressly assumes all obligations and liabilities assumed by the other Loan Parties as “Payee”
and/or “Payor”, as applicable, thereunder and each of the Loan Parties hereby expressly agrees to
and accepts such reaffirmation and/or accession (as applicable).

(b) Each of the US Loan Parties hereby acknowledges and reaffirms that it has granted a Lien
to the US Collateral Agent on the US Collateral and that, upon the occurrence and during the
continuance of an Event of Default, the US Collateral Agent shall have the rights and remedies set
forth in Article V of the US Security Agreement.

ARTICLE X

Loan Guaranty

SECTION 10.01 Guaranty. (a) Each Loan Guarantor and any of its successors or assigns
(other than those that have delivered a separate Loan Guaranty) hereby agrees that it is jointly
and severally liable for, and, as primary obligor and not merely as surety, absolutely and
unconditionally guarantees, to the extent permissible under the laws of the country in which such
Loan Guarantor is located or organized, to the Lenders, the Agents and the Issuing Banks
(collectively, the “Guaranteed Parties”) the prompt payment when due, whether at stated
maturity, upon acceleration or otherwise, and at all times thereafter, of the Secured Obligations
and all costs and expenses including, without limitation, all court costs and attorneys’ and
paralegals’ fees (including allocated costs of in-house counsel and paralegals) and expenses paid
or incurred by the Agents, the Issuing Banks and the Lenders in endeavoring to collect all or any
part of the Secured Obligations from, or in prosecuting any action against, any Borrower, any other
Loan Guarantor or any other guarantor of all or any part of the Secured Obligations (such costs and
expenses, together with the Secured Obligations, collectively the “Guaranteed
Obligations”). Each Loan Guarantor further agrees that the Guaranteed Obligations may be
extended or renewed in whole or in part without notice to or further assent from it, and that it
remains bound upon its guarantee notwithstanding any such extension or renewal. All terms of this
Loan Guaranty apply to and may be enforced by or on behalf of any domestic or foreign branch or
Affiliate of any Lender that extended any portion of the Guaranteed Obligations. Notwithstanding
anything in the foregoing to the contrary, in no event shall the Guaranteed

 

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Obligations guaranteed hereunder by any European Loan Party or Canadian Loan Party include the
Secured Obligations of any US Loan Party.

(b) If any payment by a Loan Guarantor or any discharge given by a Guaranteed Party (whether
in respect of the obligations of any Loan Guarantor or any security for those obligations or
otherwise) is avoided or reduced as a result of insolvency or any similar event: (a) the liability
of each Loan Guarantor shall continue as if the payment, discharge, avoidance or reduction had not
occurred; and (b) each Guaranteed Party shall be entitled to recover the value or amount of that
security or payment from each Loan Guarantor, as if the payment, discharge, avoidance or reduction
had not occurred.

(c) To the fullest extent permitted by applicable law, the obligations of each Loan Guarantor
under this Article X will not be affected by an act, omission, matter or thing which, but for this
Article X, would reduce, release or prejudice any of its obligations under this Article X (without
limitation and whether or not known to it or any Guaranteed Party) including: (a) any time, waiver
or consent granted to, or composition with, any Loan Guarantor or other person; (b) the release of
any other Loan Guarantor or any other person under the terms of any composition or arrangement with
any creditor of any member of the European Group; (c) the taking, variation, compromise, exchange,
renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or
security over assets of, any Loan Guarantor or other person or any non-presentation or
non-observance of any formality or other requirement in respect of any instrument or any failure to
realize the full value of any security; (d) any incapacity or lack of power, authority or legal
personality of or dissolution or change in the members or status of an Loan Guarantor or any other
person; (e) any amendment, novation, supplement, extension (whether of maturity or otherwise) or
restatement (in each case, however fundamental and of whatsoever nature) or replacement of a Loan
Document or any other document or security; (f) any unenforceability, illegality or invalidity of
any obligation of any person under any Loan Document or any other document or security; or (g) any
insolvency or similar proceedings.

(d) Without prejudice to the generality of the above, each Loan Guarantor expressly confirms,
as permissible under applicable law, that it intends that this guarantee shall extend from time to
time to any (however fundamental) variation, increase, extension or addition of or to any of the
Loan Documents and/or any amount made available under any of the Loan Documents for the purposes of
or in connection with any of the following: acquisitions of any nature; increasing working capital;
enabling investor distributions to be made; carrying out restructurings; refinancing or replacing
existing facilities; refinancing any other indebtedness; making facilities available to new
borrowers; any other variation or extension of the purposes for which any such facility or amount
might be made available from time to time; and any fees, costs and/or expenses associated with any
of the foregoing.

(e) Each Loan Guarantor waives any right it may have of first requiring any Guaranteed Party
(or any trustee or agent on its behalf) to proceed against or enforce any other rights or security
or claim payment from any person before claiming from that Loan Guarantor under this Article X.
This waiver applies irrespective of any law or any provision of a Loan Document to the contrary.

 

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(f) This Loan Guaranty is in addition to and is not in any way prejudiced by any other
guarantee or security now or subsequently held by any Guaranteed Party.

(g) This Loan Guaranty does not apply to any liability to the extent that it would result in
this Loan Guaranty constituting unlawful financial assistance within the meaning of Section 2:98(c)
and/or Section 2:207(c) of the Dutch Civil Code and within the meaning of Section 30 of the German
Limited Liability Company Act (GmbHG) or Section 57 of the German Stock Corporation Act
(Aktiengesetz), or any equivalent and applicable provisions under the laws of the jurisdiction of
incorporation of the relevant Loan Guarantor.

(h) The parties hereto hereby agree that the Guaranteed Obligations of each Loan Guarantor
incorporated under the laws of France shall be limited to the satisfaction of the French Guaranteed
Obligations.

(i) The guaranty granted by any Loan Guarantor organized under the laws of Luxembourg (each a
“Luxembourg Loan Guarantor”) under this Article X shall be limited to an aggregate amount
not exceeding the higher of (x) 90% of such Luxembourg Loan Guarantor’s capitaux propres (as
referred to in article 34 of the Luxembourg Law of 19 December 2002 on the commercial register and
annual accounts, as amended (the “Law of 2002”) as at the date on which a demand is made
and (y) 90% of such Luxembourg Loan Guarantor’s capitaux propres (as referred to in article 34 of
the Law of 2002) as at the date of this Agreement (it being understood that the limitations set
forth above shall not apply to the obligations and liabilities of any such Luxembourg Loan
Guarantor to the extent they relate to the obligations and liabilities under any Loan Document of
any subsidiary of the Luxembourg Loan Guarantor which may become a Borrower).

(j) This Loan Guaranty does not apply to any liability of a Loan Party incorporated in Finland
(a “Finnish Loan Party”) to the extent that it would (i) constitute unlawful financial
assistance within the meaning of chapter 13 section 10 of the Finnish Companies Act (2006/624, as
amended); or constitute unlawful distribution of assets within the meaning of chapter 13 sections 1
and 2 of the Finnish Companies Act (2006/624, as amended).

(k) The guarantee obligations to be assumed by any Italian Loan Party shall be limited to the
extent required to enable the Company to comply with applicable provision on financial assistance,
including, without limitation, article 2358 of the Italian Civil Code, and accordingly they would
not include any guarantee or security in respect of any indebtedness incurred in relation to the
financing and/or the refinancing of an acquisition or subscription of shares issued or to be issued
by the Italian Loan Party or by any direct or indirect controlling entity of the Italian Loan
Party.

(l) The maximum amount that any Italian Loan Party might be required to pay in respect of its
guarantee obligations under this Agreement shall not exceed the greater of (i) an amount equal to
80% multiplied by the sum of (A) the total value of the “patrimonio netto” (as such term is defined
in Article 2424 of the Italian Civil Code) of the Italian Loan Party, as stated from time to time
in its latest financial statements duly approved by a shareholders’ resolution plus (B) the global
amount of intercompany financing made available to the Italian Loan Party and outstanding other
than the intercompany financing contemplated in item (ii)

 

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below and (ii) an amount equal to 1.50 multiplied by the aggregate amount on-lent or
made available, directly or indirectly, by the Borrowers to the Italian Loan Party from amounts
borrowed from the Borrowers under this Agreement; provided, however, that for the
purposes of article 1938 of the Italian Civil Code (if applicable) the maximum amount that the
Italian Loan Party might be required to pay in respect of its guarantee obligations pursuant to
this Agreement shall not exceed $300,000,000.

(m) Notwithstanding anything to the contrary herein, the obligations and liabilities of a Loan
Party incorporated in Sweden (a “Swedish Loan Party”) under this Agreement and the scope of
the Agreement (including for the avoidance of doubt the Intercompany Note and the Hong Kong
Subordination Agreement) shall be limited if (and only if) required by an application of the
provisions of the Swedish Companies Act (Sw. aktiebolagslagen (2005:551)) regulating (i) prohibited
loans, guarantees and other security and (ii) distribution of assets (including profits and
dividends and any other form of transfer of value (Sw. värdeöverföring) within the meaning of the
Swedish Companies Act) taking into account also any other security granted and/or guarantee given
by a Swedish Loan Party subject to the corresponding limitation, and it is understood that the
obligations of a Swedish Loan Party for such obligations and liabilities under this Agreement shall
apply only to the extent permitted by the above-mentioned provisions as applied together with other
applicable provisions of the Swedish Companies Act, and the obligations of the Swedish Loan Party
hereunder shall be limited in accordance herewith.

(n) Limitation on Guaranty by Swiss Loan Party.

(i) If and to the extent that (x) any Loan Party incorporated in Switzerland (each of them a
“Swiss Loan Party”) guarantees or secures, or grants an indemnity in respect of,
obligations, liabilities, indemnities or undertakings of a Loan Party other than the relevant Swiss
Loan Party or any of its Subsidiaries, i.e. obligations, liabilities, indemnities or undertakings
of its (direct or indirect) parent company (upstream security) or its sister companies
(cross-stream security) (“Upstream- or Cross-stream Obligations”), and (y) the fulfillment
of such Upstream- or Cross-stream Obligations constitutes a repayment of capital
(Einlagerückgewähr), a violation of the legally protected reserves (gesetzlich geschützte Reserven)
or the payment of a dividend or constructive dividend (Gewinnausschüttung) under Swiss corporate
law, then the aggregate liability under such Upstream- or Cross-stream Obligations shall be limited
to that Swiss Loan Party’s Free Reserves Available for Distribution at the time of the enforcement
of the Upstream- or Cross-stream Obligations (all in accordance with Art. 675 paragraph 2 and Art.
671 paragraph 1 and 2 no. 3 of the Swiss Code of Obligations or Art. 798 paragraph 1 and Art. 801 of
the Swiss Code of Obligations respectively).

(ii) If and only to the extent required by applicable law in force at the relevant time, for
the purpose of clause (i) above, “Free Reserves Available for Distribution” means the
maximum amount of the relevant Swiss Loan Party’s profits and reserves available for distribution
at the time of the enforcement of Upstream- or Cross-stream Obligations, being equal to the
positive difference between (x) the assets of the relevant Swiss Loan Party and (y) the aggregate
of (A) all liabilities other than Up- and Cross-stream Obligations, (B) the amount of the
registered share capital, and (C) the statutory reserves (gesetzliche Reserven) to the extent such
reserves must be maintained by mandatory law at any given time. Each such amount shall

 

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be established in accordance with Swiss law and shall be confirmed by the auditors of the
relevant Swiss Loan Party based on an interim audited balance sheet. The relevant Swiss Loan Party
shall arrange for the interim audited balance sheet and the confirmation of the auditors
immediately after having been requested to make a payment or the rights under any of the Loan
Documents have been asserted in relation to Upstream- or Cross-stream Obligations.

(iii) Upon the fulfillment of such Upstream- or Cross-stream Obligations, the relevant Swiss
Loan Party in respect of the relevant payments, shall (x) if and to the extent required by
applicable law (including any applicable treaties for the avoidance of double taxation or bilateral
agreements between Switzerland and the European Union) in force at the relevant time, (A) use its
best endeavors to procure that such payments may be used to discharge its obligations and
liabilities under the Loan Documents without deduction of Swiss Federal Withholding Tax by
discharging the liability of such tax by notification pursuant to applicable law rather than
payment of the tax, (B) if the notification procedure pursuant to sub-paragraph (A) above does not
apply, deduct the Swiss Federal Withholding Tax at such rate (1) as then in force or (2) as
provided by any applicable treaties for the avoidance of double taxation or bilateral agreements
between Switzerland and the European Union from any such payments and promptly pay any such Swiss
Federal Withholding Tax deducted to the Swiss Federal Tax Administration, and (C) notify the
European Collateral Agent that such notification or deduction, as applicable, has been made, and
provide the European Collateral Agent with evidence that, as applicable, such a notification of the
Swiss Federal Tax Administration has been made or such Swiss Federal Withholding Tax deducted has
been paid to the Swiss Federal Tax Administration, (y) use its best endeavors to procure that any
person who is entitled to a full or partial refund of the Swiss Federal Withholding Tax deducted
from such payments will promptly after such deduction (1) request a refund of the Swiss Federal
Withholding Tax under applicable law (including treaties for the avoidance of double taxation or
bilateral agreements between Switzerland and the European Union), and (2) pay to the European
Collateral Agent upon receipt any amount so refunded; and (z) notwithstanding anything to the
contrary in the Loan Documents, not be required to gross up, indemnify or hold harmless any Lender
for the deduction of Swiss Federal Withholding Tax; provided that this should not in any
way limit any obligations of the Borrowers or any of the other Loan Parties (other than any Swiss
Loan Party) under the Loan Documents to indemnify the Lenders in respect of the deduction of the
Swiss Federal Withholding Tax and, for the avoidance of doubt, the amount of any such Swiss
Withholding Tax shall constitute Secured Obligations of the Loan Parties hereunder (other than any
Swiss Loan Party).

(o) Each Loan Guarantor incorporated in Spain hereby expressly waives any right to require
attachment (excusion o orden) and any presumption of obligations being several (division) under
Articles 1,830 et. seq. of the Spanish Civil Code (Código Civil).

Any guarantee, indemnity, obligation and liability granted or assumed pursuant to Article X by
a Spanish Loan Guarantor shall not extend to any obligation incurred by any Loan Party to the
extent that such guarantee, indemnity, obligation or liability would constitute unlawful financial
assistance within the meaning of Article 81 of Spanish Act 1564/1989 dated 22 December on Limited
Liability Companies (Real Decreto Legislativo 1564/1989 de 22 de diciembre, por el que se aprueba
el Texto Refundido de la Ley de Sociedades Anónimas) or

 

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Article 40.5 of the Spanish Limited Liability Companies Act 2/1995 (Ley de Sociedades de
Responsabilidad Limitada).

The Lenders, the Administrative Agent, the European Borrower and the Spanish Loan Party acknowledge
and accept that the amendments made to the Existing Credit Agreement as a consequence of this
Agreement are of a modificative nature (novación modificativa) and do not involve the cancellation
or extinction of the original obligations assumed by the Loan Parties under the Existing Credit
Agreement and, consequently, the Spanish Security Agreements remain in full force and effect
securing the “secured obligations” (as this term is defined in the corresponding Spanish Security
Agreement) as amended pursuant to this Agreement.

(p) The obligations of each Guarantor organized under Austrian law under this Agreement shall
at all times be limited to the extent that such obligations would not violate mandatory Austrian
capital maintenance rules pursuant to Austrian company laws, in particular, Section 82 of the Act
on Companies with Limited Liability (Gesetz über Gesellschaften mit beschränkter Haftung) or, as
applicable, Section 52 of the Austrian Act on Stock Corporations (Aktiengesetz).

(q) The total liability of any Loan Guarantor organized under the laws of Belgium (each a
“Belgian Loan Guarantor”) under this Section 10.01 shall (a) not cover any liability which
would constitute illegal financial assistance (as determined in Article 629 (or Article 329, as
applicable) of the Belgian Companies Code) and (b) in any event be limited to an aggregate amount
not exceeding the sum of (without double counting):

(i) the aggregate of all principal amounts borrowed by a Belgian Loan Guarantor
(or its direct or indirect Subsidiaries) under any intragroup arrangement
(regardless of the form thereof, including through the subscription of debt
instrument) that have been financed directly or indirectly by a borrowing under this
Agreement (without any reduction for any repayment thereof); plus

(ii) the aggregate of (A) ninety per cent (90%) of such Belgian Loan
Guarantor’s net assets (eigen vermogen/capitaux propres) (as determined in
accordance with the Belgian Companies Code and accounting principles generally
accepted in Belgium) as shown by its most recent audited annual financial statements
at the time the relevant demand is made and (B) the amount equal to any subordinated
debt it may owe, at the time a demand for payment under this guarantee is made.

SECTION 10.02 Guaranty of Payment. This Loan Guaranty is a guaranty of payment and
not of collection. Each Loan Guarantor waives any right to require any Agent, any Issuing Bank or
any Lender to sue any Borrower, any other Loan Guarantor, any other guarantor, or any other Person
obligated for all or any part of the Guaranteed Obligations (each, an “Obligated Party”),
or otherwise to enforce its payment against any collateral securing all or any part of the
Guaranteed Obligations.

As an original and independent obligation under this Loan Guaranty, each Loan Guarantor shall:

 

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(a) indemnify each Guaranteed Party and its successors, endorsees, transferees and
assigns and keep the Guaranteed Parties indemnified against all costs, losses, expenses and
liabilities of whatever kind resulting from the failure by the Loan Parties or any of them,
to make due and punctual payment of any of the Secured Obligations or resulting from any of
the Secured Obligations being or becoming void, voidable, unenforceable or ineffective
against any Loan Party (including, but without limitation, all legal and other costs,
charges and expenses incurred by each Guaranteed Party, or any of them, in connection with
preserving or enforcing, or attempting to preserve or enforce, its rights under this Loan
Guaranty); and

(b) pay on demand the amount of such costs, losses, expenses and liabilities whether or
not any of the Guaranteed Parties has attempted to enforce any rights against any Loan Party
or any other Person or otherwise.

SECTION 10.03 No Discharge or Diminishment of Loan Guaranty. (a) Except as otherwise
provided for herein, the obligations of each Loan Guarantor hereunder are unconditional and
absolute and not subject to any reduction, limitation, impairment or termination for any reason
(other than the indefeasible payment in full in cash of the Guaranteed Obligations), including:
(i) any claim of waiver, release, extension, renewal, settlement, surrender, alteration, or
compromise of any of the Guaranteed Obligations, by operation of law or otherwise; (ii) any change
in the corporate existence, structure or ownership of any Borrower or any other guarantor of or
other person liable for any of the Guaranteed Obligations; (iii) any insolvency, bankruptcy,
winding-up, liquidation, reorganization or other similar proceeding affecting any Obligated Party,
or their assets or any resulting release or discharge of any obligation of any Obligated Party; or
(iv) the existence of any claim, setoff or other rights which any Loan Guarantor may have at any
time against any Obligated Party, any Agent, any Issuing Bank, any Lender, or any other person,
whether in connection herewith or in any unrelated transactions.

(b) The obligations of each Loan Guarantor hereunder are not subject to any defense or setoff,
counterclaim, recoupment, or termination whatsoever by reason of the invalidity, illegality, or
unenforceability of any of the Guaranteed Obligations or otherwise, or any provision of applicable
law or regulation purporting to prohibit payment by any Obligated Party, of the Guaranteed
Obligations or any part thereof.

(c) Further, the obligations of any Loan Guarantor hereunder are not discharged or impaired or
otherwise affected by: (i) the failure of any Agent, any Issuing Bank or any Lender to assert any
claim or demand or to enforce any remedy with respect to all or any part of the Guaranteed
Obligations; (ii) any waiver or modification of or supplement to any provision of any agreement
relating to the Guaranteed Obligations; (iii) any release, non-perfection, or invalidity of any
indirect or direct security for the obligations of any Borrower for all or any part of the
Guaranteed Obligations or any obligations of any other guarantor of or other person liable for any
of the Guaranteed Obligations; (iv) any action or failure to act by any Agent, any Issuing Bank or
any Lender with respect to any collateral securing any part of the Guaranteed Obligations; or (v)
any default, failure or delay, willful or otherwise, in the payment or performance of any of the
Guaranteed Obligations, or any other circumstance, act, omission or delay that might in any manner
or to any extent vary the risk of such Loan Guarantor or that

 

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would otherwise operate as a discharge of any Loan Guarantor as a matter of law or equity
(other than the indefeasible payment in full in cash of the Guaranteed Obligations).

SECTION 10.04 Defenses Waived. To the fullest extent permitted by applicable law,
each Loan Guarantor hereby waives any defense based on or arising out of any defense of any
Borrower or any other Loan Guarantor or the unenforceability of all or any part of the Guaranteed
Obligations from any cause, or the cessation from any cause of the liability of any Borrower or any
other Loan Guarantor, other than the indefeasible payment in full in cash of the Guaranteed
Obligations. Without limiting the generality of the foregoing, each Loan Guarantor irrevocably
waives acceptance hereof, presentment, demand, protest and, to the fullest extent permitted by law,
any notice not provided for herein, as well as any requirement that at any time any action be taken
by any person against any Obligated Party, or any other person. Each Collateral Agent may, at its
election, foreclose on any Collateral held by it by one or more judicial or nonjudicial sales,
accept an assignment of any such Collateral in lieu of foreclosure or otherwise act or fail to act
with respect to any collateral securing all or a part of the Guaranteed Obligations, compromise or
adjust any part of the Guaranteed Obligations, make any other accommodation with any Obligated
Party or exercise any other right or remedy available to it against any Obligated Party, without
affecting or impairing in any way the liability of such Loan Guarantor under this Loan Guaranty
except to the extent the Guaranteed Obligations have been fully and indefeasibly paid in cash. To
the fullest extent permitted by applicable law, each Loan Guarantor waives any defense arising out
of any such election even though that election may operate, pursuant to applicable law, to impair
or extinguish any right of reimbursement or subrogation or other right or remedy of any Loan
Guarantor against any Obligated Party or any security.

SECTION 10.05 Rights of Subrogation. No Loan Guarantor will assert any right, claim
or cause of action, including, without limitation, a claim of subrogation, contribution or
indemnification that it has against any Obligated Party, or any collateral, until the Loan Parties
and the Loan Guarantors have fully performed all their obligations to the Agents, the Issuing Banks
and the Lenders and no Obligation is outstanding.

SECTION 10.06 Reinstatement; Stay of Acceleration. If at any time any payment of any
portion of the Guaranteed Obligations is rescinded or must otherwise be restored or returned upon
the insolvency, bankruptcy, or reorganization of any Borrower or otherwise, each Loan Guarantor’s
obligations under this Loan Guaranty with respect to that payment shall be reinstated at such time
as though the payment had not been made and whether or not the Agents, the Issuing Banks and the
Lenders are in possession of this Loan Guaranty. If acceleration of the time for payment of any of
the Guaranteed Obligations is stayed upon the insolvency, bankruptcy or reorganization of any
Borrower, all such amounts otherwise subject to acceleration under the terms of any agreement
relating to the Guaranteed Obligations shall nonetheless be payable by the Loan Guarantors
forthwith on demand by the Lender.

SECTION 10.07 Information. Each Loan Guarantor assumes all responsibility for being
and keeping itself informed of the Borrowers’ financial condition and assets, and of all other
circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature,
scope and extent of the risks that each Loan Guarantor assumes and incurs under this Loan Guaranty,
and agrees that neither any Agent, any Issuing Bank nor any Lender shall have

 

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any duty to advise any Loan Guarantor of information known to it regarding those circumstances
or risks.

SECTION 10.08 [Reserved].

SECTION 10.09 Maximum Liability. The provisions of this Loan Guaranty are severable,
and in any action or proceeding involving any corporate law, or any provincial, state, federal or
foreign bankruptcy, insolvency, reorganization or other law affecting the rights of creditors
generally, if the obligations of any Loan Guarantor under this Loan Guaranty would otherwise be
held or determined to be void, voidable, avoidable, invalid or unenforceable on account of the
amount of such Loan Guarantor’s liability under this Loan Guaranty, then, notwithstanding any other
provision of this Loan Guaranty to the contrary, the amount of such liability shall, without any
further action by the Loan Guarantors or the Lenders, be automatically limited and reduced to the
highest amount that is valid and enforceable as determined in such action or proceeding (such
highest amount determined hereunder being the relevant Loan Guarantor’s “Maximum
Liability”). This Section with respect to the Maximum Liability of each Loan Guarantor is
intended solely to preserve the rights of the Lenders to the maximum extent not subject to
avoidance under applicable law, and no Loan Guarantor nor any other person or entity shall have any
right or claim under this Section with respect to such Maximum Liability, except to the extent
necessary so that the obligations of any Loan Guarantor hereunder shall not be rendered voidable
under applicable law. Each Loan Guarantor agrees that the Guaranteed Obligations may at any time
and from time to time exceed the Maximum Liability of each Loan Guarantor without impairing this
Loan Guaranty or affecting the rights and remedies of the Lenders hereunder; provided that
nothing in this sentence shall be construed to increase any Loan Guarantor’s obligations hereunder
beyond its Maximum Liability.

SECTION 10.10 Limitations on Enforcement in respect of German Loan Parties (a) Each
Lender agrees to restrict the enforcement of any Loan Guaranty or indemnity granted pursuant to
this Agreement by a German Loan Party which is constituted in the form of a German limited
liability company (Gesellschaft mit beschränkter Haftung — GmbH) or a limited partnership
(Kommanditgesellschaft) with a GmbH as its sole general partner (Komplementär — GmbH & Co. KG)
(each a “Specified German Guarantor”) to the extent that (i) such Loan Guaranty or
indemnity secures liabilities of its direct or indirect shareholder(s) or partners (upstream) or
any entity affiliated to such shareholder or partner (verbundenes Unternehmen) within the meaning
of section 15 of the German Stock Corporation Act (Aktiengesetz) (cross-stream) (other than the
liabilities of any Subsidiary of a Specified German Guarantor and, for the avoidance of doubt, the
own liabilities of such Specified German Guarantor) and (ii) the payment under such Loan Guaranty
or indemnity would cause the amount of a Specified German Guarantor’s net assets (or, if a
Specified German Guarantor is a GmbH & Co. KG, the net assets of its general partner), as adjusted
pursuant to the following provisions, to fall below the amount of its or its general partner’s
registered share capital (Stammkapital) (Begründung einer Unterbilanz) or to increase any already
existing capital impairment (Vertiefung einer Unterbilanz) in violation of sections 30 and 31
GmbHG, (each such event is hereinafter referred to as a “Capital Impairment”). For the
purposes of the calculation of a Capital Impairment, the following balance sheet items shall be
adjusted as follows:

 

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(i) the amount of any increase of the Specified German Guarantor’s or its
general partner’s registered share capital after the date of this Agreement that has
been effected without prior written consent of the European Administrative Agent
shall be deducted from the Specified German Guarantor’s or its general partner’s
registered share capital

(ii) loans provided to the Specified German Guarantor or its general partner by
any member of the group shall be disregarded if and to the extent such loans are
subordinated or are considered subordinated by operation of law and such loans are
not shown in the balance sheet as liability of the Specified German Guarantor or its
general partner, as applicable; and

(iii) loans or other contractual liabilities incurred in violation of the
provisions of the Loan Documents shall be disregarded.

(b) In a situation where a Specified German Guarantor or its general partner would not
have sufficient assets to maintain its registered share capital after satisfaction (in whole
or in part) of the relevant demand, such Specified German Guarantor or its general partner
shall dispose of all assets, to the extent legally permitted, which are not necessary for
its business (nicht betriebsnotwendig) on market terms where the relevant assets are shown
in the balance sheet of such Specified German Guarantor or its general partner with a book
value which is significantly lower than the market value of such assets, unless such
disposal would not be commercially justifiable, provided that the European
Collateral Agent consents to the fact that a disposal would not be commercially justifiable.

(c) The limitation pursuant to this Section 10.10 shall apply, subject to the following
requirements, if following the call of guarantee obligations by a Lender, the Specified
German Guarantor or its general partner notifies the European Collateral Agent
(“Management Notification”) within 15 Business Days upon receipt of the relevant
demand that a Capital Impairment would occur (setting out in reasonable detail to what
extent a Capital Impairment would occur and providing prima facie evidence that a
realization or other measures undertaken in accordance with the mitigation provisions set
out above would not prevent such Capital Impairment). If the Management Notification is
contested by the European Collateral Agent or the Lenders, the Specified German Guarantor
undertakes (at its own cost and expense) to arrange for the preparation of a balance sheet
by the applicable auditors in order to have such auditors determine whether (and if so, to
what extent) any payment under the Loan Guaranty would cause a Capital Impairment (the
“Auditor’s Determination”). The Auditor’s Determination shall be prepared, taking
into account the adjustments set out in Sections 10.10(a)(i), (ii) and (iii) above, by
applying the generally accepted accounting principles applicable from time to time in
Germany (Grundsätze ordnungsmäßiger Buchführung) based on the same principles and evaluation
methods as constantly applied by the Specified German Guarantor (and its general partner, if
applicable) in the preparation of its financial statements, in particular in the preparation
of its most recent annual balance sheet, and taking into consideration applicable court
rulings of German courts. The Specified German Guarantor shall provide the Auditor’s
Determination to the European Collateral

 

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Agent within 25 Business Days from the date on which the European Collateral Agent
contested the Management Notification in writing. The Auditor’s Determination shall be
binding on the Specified German Guarantor and the Lenders.

(d) Notwithstanding the above, the provisions of paragraph (a) of this Section 10.10
shall not apply:

(i) if the Specified German Guarantor is party as dominated entity
(beherrschtes Unternehmen) of a domination agreement (Beherrschungsvertrag) and/or a
profit and loss agreement (Gewinnabführungsvertrag) pursuant to section 30 para 1
sentence 2 of the Limited Liability Company Act (GmbHG) unless the dominating entity
is insolvent;

(ii) if the Specified German Guarantor (or its general partner, if applicable)
has a recourse right (Rückgriffsanspruch) towards its direct or indirect
shareholder(s) or partners (upstream) or any entity affiliated to such shareholder
or partner (verbundenes Unternehmen) within the meaning of section 15 of the German
Stock Corporation Act (Aktiengesetz) (cross-stream) which is fully recoverable
(werthaltig), whereby (a) the full recoverability (Werthaltigkeit) is assumed,
unless the Specified German Guarantor sets out in reasonable detail to what extent
the recourse right (Rückgriffsanspruch) is not fully recoverable (nicht vollwertig)
and, if reasonably requested by the European Collateral Agent, an auditor has
confirmed that the recourse right (Rückgriffsanspruch) is not fully recoverable
(nicht vollwertig) pursuant to section 30 para 1 sentence 2 of the Limited Liability
Company Act (GmbHG) and (b) the Specified German Guarantor ensures that such a
recourse right (Rügriffsanspruch) is agreed with the relevant shareholder, partner
or affiliated entity referred to above;

(iii) for so long as the Specified German Guarantor or its general partner fail
to deliver the Management Notification and/or the Auditor’s Determination pursuant
to Section 10.10(c), unless the Specified German Guarantor or its general partner,
as applicable, prove in a court proceeding that the disputed amount is necessary for
maintaining its registered share capital;

(iv) to any amounts borrowed under the Loan Documents to the extent the
proceeds of such borrowing are on-lent to the Specified German Guarantor or its
general partner or its subsidiaries to the extent that any amounts so on-lent are
still outstanding at the time the relevant demand is made against the Specified
German Guarantor or its general partner and the repayment of such loans as a result
of such on-lending is not prohibited by operation of law; or

(v) (for the avoidance of doubt) to any amounts borrowed under the Loan
Documents by the Specified German Guarantor or its general partner to the extent
that any amounts so borrowed are still outstanding at the time the relevant demand
for repayment is made against the Specified German Guarantor or its general partner.

 

209

 

SECTION 10.11 Contribution. In the event any Loan Guarantor (a “Paying
Guarantor”) shall make any payment or payments under this Loan Guaranty or shall suffer any
loss as a result of any realization upon any collateral granted by it to secure its obligations
under this Loan Guaranty, each other Loan Guarantor (each a “Non-Paying Guarantor”) shall
contribute to such Paying Guarantor an amount equal to such Non-Paying Guarantor’s “Applicable
Percentage” of such payment or payments made, or losses suffered, by such Paying Guarantor. For
purposes of this Article X, each Non-Paying Guarantor’s “Applicable Percentage” with respect to any
such payment or loss by a Paying Guarantor shall be determined as of the date on which such payment
or loss was made by reference to the ratio of (i) such Non-Paying Guarantor’s Maximum Liability as
of such date (without giving effect to any right to receive, or obligation to make, any
contribution hereunder) or, if such Non-Paying Guarantor’s Maximum Liability has not been
determined, the aggregate amount of all monies received by such Non-Paying Guarantor from the
Borrowers after the date hereof (whether by loan, capital infusion or by other means) to (ii) the
aggregate Maximum Liability of all Loan Guarantors hereunder (including such Paying Guarantor) as
of such date (without giving effect to any right to receive, or obligation to make, any
contribution hereunder), or to the extent that a Maximum Liability has not been determined for any
Loan Guarantor, the aggregate amount of all monies received by such Loan Guarantors from the
Borrowers after the date hereof (whether by loan, capital infusion or by other means). Nothing in
this provision shall affect any Loan Guarantor’s several liability for the entire amount of the
Guaranteed Obligations (up to such Loan Guarantor’s Maximum Liability). Each of the Loan
Guarantors covenants and agrees that its right to receive any contribution under this Loan Guaranty
from a Non-Paying Guarantor shall be subordinate and junior in right of payment to the payment in
full in cash of the Guaranteed Obligations. This provision is for the benefit of the
Administrative Agent, the Collateral Agents, the Issuing Banks, the Lenders and the Loan Guarantors
and may be enforced by any one, or more, or all of them in accordance with the terms hereof.

SECTION 10.12 Liability Cumulative. The liability of each Loan Party as a Loan
Guarantor under this Article X is in addition to and shall be cumulative with all liabilities of
each Loan Party to the Agents, the Issuing Banks and the Lenders under this Agreement and the other
Loan Documents to which such Loan Party is a party or in respect of any obligations or liabilities
of the other Loan Parties, without any limitation as to amount, unless the instrument or agreement
evidencing or creating such other liability specifically provides to the contrary.

SECTION 10.13 Place of Performance. (a) At all times, the exclusive place of
performance (Erfüllungsort) of all rights and obligations under this Agreement and the other Loan
Documents shall be at place where the Administrative Agent has its office in New York, New York or
any other place reasonably designated by the Administrative Agent from time to time. The
performance of any rights and obligations under this Agreement and any other Loan Document shall in
no case be deemed to be in the Republic of Austria. For the avoidance of doubt, all payments made
hereunder by any European Loan Party shall be deemed to be made at the place where the applicable
Collection Account from which such payment is made is held and, with respect to any Collection
Account held in the Republic of Austria, payments made from such account hereunder shall be deemed
to have been made at the place where the head office of the European Collateral Agent in the
Netherlands is domiciled or at any other place reasonably designated by the European Collateral
Agent or the European Administrative Agent from time to

 

210

 

time. Payments hereunder are to be made only in bank accounts maintained outside of the
Republic of Austria.

(b) No original or certified copy of this Agreement or any other Loan Document shall be
brought into the Republic of Austria. Notwithstanding anything aforesaid, nothing herein shall
prevent the parties hereto from bringing an original or certified copy of this Agreement or any
other Loan Document into the Republic of Austria if this is required to enforce or defend their
rights arising out of, or in connection with, this Agreement or any other Loan Document.

(c) In case of any dispute in an Austrian court the parties hereto agree that the original
text of this Agreement and any other Loan Document shall be explicitly accepted without further
evidence (außer Streit gestellt) in such proceedings. If any party hereto should not explicitly
accept (außer Streit stellen) the original wording of these documents in proceedings in an Austrian
court, such party shall solely bear all stamp duties and other related charges, fees, interest and
costs levied by Austrian tax authorities if consequently a copy of any or all of such documents
need to be submitted to the Austrian court.

ARTICLE XI

The Borrower Representative

SECTION 11.01 Appointment; Nature of Relationship. The Company is hereby appointed by
each of the Borrowers as its contractual representative (herein referred to as the “Borrower
Representative”) hereunder and under each other Loan Document, and each of the Borrowers
irrevocably authorizes the Borrower Representative to act as the contractual representative of such
Borrower with the rights and duties expressly set forth herein and in the other Loan Documents.
The Borrower Representative agrees to act as such contractual representative upon the express
conditions contained in this Article XI. Additionally, each Borrower hereby appoints, to the
extent the Borrower Representative requests any Loan on behalf of such Borrower, the Borrower
Representative as its agent to receive all of the proceeds of such Loan in the Funding Account(s),
at which time the Borrower Representative shall promptly disburse such Loan to such Borrower.
Neither the Agents, the Lenders nor the Issuing Banks and their respective officers, directors,
agents or employees, shall be liable to the Borrower Representative or any Borrower for any action
taken or omitted to be taken by the Borrower Representative or the Borrowers pursuant to this
Section 11.01.

SECTION 11.02 Powers. The Borrower Representative shall have and may exercise such
powers under the Loan Documents as are specifically delegated to the Borrower Representative by the
terms of each thereof, together with such powers as are reasonably incidental thereto. The
Borrower Representative shall have no implied duties to the Borrowers, or any obligation to the
Lenders to take any action thereunder except any action specifically provided by the Loan Documents
to be taken by the Borrower Representative.

SECTION 11.03 Employment of Agents. The Borrower Representative may execute any of
its duties as the Borrower Representative hereunder and under any other Loan Document by or through
authorized officers.

 

211

 

SECTION 11.04 Notices. Each Borrower shall immediately notify the Borrower
Representative of the occurrence of any Default hereunder, each such notice to refer to this
Agreement describing such Default and stating that such notice is a “notice of default.” In the
event that the Borrower Representative receives such a notice, the Borrower Representative shall
give prompt notice thereof to the Administrative Agent, the Collateral Agents and the Lenders. Any
notice provided to the Borrower Representative hereunder shall constitute notice to each Borrower
on the date received by the Borrower Representative.

SECTION 11.05 Successor Borrower Representative. Upon the prior written consent of
the Administrative Agent, the Borrower Representative may resign at any time, such resignation to
be effective upon the appointment of a successor Borrower Representative acceptable to the
Administrative Agent. The Administrative Agent shall give prompt written notice of such
resignation to the Lenders.

SECTION 11.06 Execution of Loan Documents; Borrowing Base Certificate. The Borrowers
hereby empower and authorize the Borrower Representative, on behalf of the Borrowers, to execute
and deliver to the Agents and the Lenders the Loan Documents and all related agreements,
certificates, documents, or instruments as shall be necessary or appropriate to effect the purposes
of the Loan Documents, including without limitation, any Borrowing Base Certificate and any
certificates required pursuant to Article V. Each Borrower agrees that any action taken by the
Borrower Representative or the Borrowers in accordance with the terms of this Agreement or the
other Loan Documents, and the exercise by the Borrower Representative of its powers set forth
therein or herein, together with such other powers that are reasonably incidental thereto, shall be
binding upon all of the Borrowers.

SECTION 11.07 Reporting. Each Borrower hereby agrees that such Borrower shall furnish
promptly after each fiscal month to the Borrower Representative a copy of its Borrowing Base
Certificate and any other certificate or report required hereunder or requested by the Borrower
Representative on which the Borrower Representative shall rely to prepare the Aggregate Borrowing
Base Certificate and the Borrowing Base Certificate of each Borrower and Compliance Certificates
required pursuant to the provisions of this Agreement. For the purpose of this Section 11, the
Borrower Representative of each German Loan Party is hereby released from the restrictions of
section 181 German Civil Code (BGB). Each German Loan Party represents to each of the Lenders that
the release hereby granted is effective under the term of its constitutional documents.

 

212

 

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

	 	 	 	 	 	 	 	 	 
	 	 	BORROWERS:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	LIZ CLAIBORNE, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ Nicholas Rubino	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	    Nicholas Rubino	 	 
	 

	 	 	 	Title:	 	SVP, Chief Legal Officer, General
Counsel and Corporate Secretary	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	LIZ CLAIBORNE CANADA INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ Nicholas Rubino 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Nicholas Rubino 	 	 
	 

	 	 	 	Title:	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MEXX EUROPE B.V.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ G.J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G.J. Berghuis	 	 
	 

	 	 	 	Title:
	 	 Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	JUICY COUTURE EUROPE LIMITED	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ G.J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G.J. Berghuis 	 	 
	 

	 	 	 	Title:	 	Attorney in fact 	 	 

Signature Page to the Second Amended and Restated Credit Agreement

 

 

 

	 	 	 	 	 	 	 
	 	 	LOAN PARTIES (OTHER THAN BORROWERS):	 	 
	 
	 	 	 	 	 	 
	 	 	BOODLE, INC.	 	 
	 	 	DB NEWCO CORP.	 	 
	 	 	HAVANA LLC	 	 
	 	 	JERG, INC.	 	 
	 	 	JUICY COUTURE, INC.	 	 
	 	 	KATE SPADE LLC	 	 
	 	 	L. C. AUGUSTA, INC.	 	 
	 	 	L.C. CARIBBEAN HOLDINGS, INC.	 	 
	 	 	L.C. LICENSING, INC.	 	 
	 	 	L.C. SERVICE COMPANY, INC.	 	 
	 	 	L.C. SPECIAL MARKETS, INC.	 	 
	 	 	LC LIBRA, LLC	 	 
	 	 	LCI ACQUISITION U.S., INC.	 	 
	 	 	LCI HOLDINGS, INC.	 	 
	 	 	LCI INVESTMENTS, INC.	 	 
	 	 	LIZ CLAIBORNE ACCESSORIES, INC.	 	 
	 	 	LIZ CLAIBORNE ACCESSORIES-SALES, INC.	 	 
	 	 	LIZ CLAIBORNE COSMETICS, INC.	 	 
	 	 	LIZ CLAIBORNE EXPORT, INC.	 	 
	 	 	LIZ CLAIBORNE FOREIGN HOLDINGS, INC.	 	 
	 	 	LIZ CLAIBORNE JAPAN, INC.	 	 
	 	 	LIZ CLAIBORNE PUERTO RICO, INC.	 	 
	 	 	LIZ CLAIBORNE SALES, INC.	 	 
	 	 	LIZ CLAIBORNE SHOES, INC.	 	 
	 	 	LUCKY BRAND DUNGAREES, INC.	 	 
	 	 	LUCKY BRAND DUNGAREES STORES, INC.	 	 
	 	 	MONET INTERNATIONAL, INC.	 	 
	 	 	MONET PUERTO RICO, INC.	 	 
	 	 	NONEE I HOLDING, LLC	 	 
	 	 	NONEE I, LLC	 	 
	 	 	SEGRETS, INC.	 	 
	 	 	SKYLARK SPORT MARKETING CORPORATION	 	 
	 	 	WESTCOAST CONTEMPO PROMENADE, INC.	 	 
	 	 	WESTCOAST CONTEMPO RETAIL, INC.	 	 
	 	 	WESTCOAST CONTEMPO (U.S.A.) INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Nicholas Rubino
	 

	 	 	 	 

Name: Nicholas Rubino
	 	 
	 

	 	 	 	Title:   SVP, Chief Legal Officer, General
Counsel 
            and Corporate Secretary 	 	 

Signature Page to the Second Amended and Restated Credit Agreement

 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	JUICY COUTURE CANADA INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ Mark Weisz	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Mark Weisz	 	 
	 

	 	 	 	Title:	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	JUICY COUTURE IRELAND LIMITED	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ G. J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G. J. Berghuis	 	 
	 

	 	 	 	Title:	 	Attorney in fact	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	LIZ CLAIBORNE EUROPE	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ G.J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G.J. Berghuis	 	 
	 

	 	 	 	Title:	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MEXX AUSTRIA GMBH	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ G.J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G.J. Berghuis	 	 
	 

	 	 	 	Title:	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MEXX BELGIUM NV	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ G.J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G.J. Berghuis	 	 
	 

	 	 	 	Title:	 	Director	 	 

Signature Page to the Second Amended and Restated Credit Agreement

 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	RETRAIN NV	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ G.J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G.J. Berghuis	 	 
	 

	 	 	 	Title:	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MEXX SCANDINAVIA FINLAND OY	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ G.J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G.J. Berghuis	 	 
	 

	 	 	 	Title:	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MEXX BOUTIQUES SARL	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ G.J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G.J. Berghuis	 	 
	 

	 	 	 	Title:	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MEXX DEUTSCHLAND GMBH	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ G.J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G.J. Berghuis	 	 
	 

	 	 	 	Title:	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MEXX DIRECT GMBH & CO KG	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ G.J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G.J. Berghuis	 	 
	 

	 	 	 	Title:	 	Director	 	 

Signature Page to the Second Amended and Restated Credit Agreement

 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	MEXX HOLDING GMBH	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ G.J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G.J. Berghuis	 	 
	 

	 	 	 	Title:	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MEXX MODEHANDELS GMBH	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ G.J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G.J. Berghuis	 	 
	 

	 	 	 	Title:	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	VERWALTUNGSGESELLSCHAFT MEXX DIRECT MBH	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ G.J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G.J. Berghuis	 	 
	 

	 	 	 	Title:	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MEXX HELLAS EPE	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ G.J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G.J. Berghuis	 	 
	 

	 	 	 	Title:	 	Administrator	 	 

Signature Page to the Second Amended and Restated Credit Agreement

 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	MEXX IRELAND LIMITED	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	/s/ G.J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G.J. Berghuis	 	 
	 

	 	 	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	/s/ I.J.S. Vhegen	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	I.J.S. Vhegen	 	 
	 

	 	 	 	Title:
	 	Director/Secretary	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MEXX ITALY S.R.L.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ G.J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G.J. Berghuis	 	 
	 

	 	 	 	Title:	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MEXX LUXEMBOURG S.À.R.L.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ G.J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G.J. Berghuis	 	 
	 

	 	 	 	Title:	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	LIZ CLAIBORNE 3 B.V.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ G.J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G.J. Berghuis	 	 
	 

	 	 	 	Title:	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	LIZ CLAIBORNE 2 B.V.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ G.J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G.J. Berghuis	 	 
	 

	 	 	 	Title:	 	Director	 	 

Signature Page to the Second Amended and Restated Credit Agreement

 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	MEXX DIRECT HOLDING B.V.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ G.J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G.J. Berghuis	 	 
	 

	 	 	 	Title:	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MEXX EUROPE HOLDING B.V.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ G.J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G.J. Berghuis	 	 
	 

	 	 	 	Title:	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MEXX EUROPE INTERNATIONAL B.V.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ G.J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G.J. Berghuis	 	 
	 

	 	 	 	Title:	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MEXX GROUP B.V.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ G.J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G.J. Berghuis	 	 
	 

	 	 	 	Title:	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MEXX HOLDING INTERNATIONAL B.V.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ G.J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G.J. Berghuis	 	 
	 

	 	 	 	Title:	 	Director	 	 

Signature Page to the Second Amended and Restated Credit Agreement

 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	MEXX HOLDING NETHERLANDS B.V.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ G.J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G.J. Berghuis	 	 
	 

	 	 	 	Title:	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MEXX NEDERLAND B.V.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ G.J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G.J. Berghuis	 	 
	 

	 	 	 	Title:	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MEXX NEDERLAND RETAIL B.V.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ G.J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G.J. Berghuis	 	 
	 

	 	 	 	Title:	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MEXX SCANDINAVIA AS	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ G.J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G.J. Berghuis	 	 
	 

	 	 	 	Title:	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MEXX SOUTHERN EUROPE, S.L.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ G.J. Berghuis	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	G.J. Berghuis	 	 
	 

	 	 	 	Title:	 	Director	 	 

Signature Page to the Second Amended and Restated Credit Agreement

 

 

 

	 	 	 	 	 
	 	MEXX MODEHANDELS AG

 	 
	 	By:  	/s/ G.J. Berghuis	 
	 	 	Name:  	G.J. Berghuis	 
	 	 	Title:  	Director	 
	 
	 	MEXX SWITZERLAND GMBH

 	 
	 	By:  	/s/ G.J. Berghuis	 
	 	 	Name:  	G.J. Berghuis	 
	 	 	Title:  	Director	 
	 
	 	MEXX LIMITED

 	 
	 	By:  	/s/ G.J. Berghuis	 
	 	 	Name:  	G.J. Berghuis	 
	 	 	Title:  	Director	 
	 
	 	WESTCOAST CONTEMPO FASHIONS LIMITED

 	 
	 	By:  	/s/ Nicholas Rubino	 
	 	 	Name:  	Nicholas Rubino	 
	 	 	Title:  	Director	 
	 
	 	MEXX SCANDINAVIA AB

 	 
	 	By:  	/s/ G.J. Berghuis	 
	 	 	Name:  	G.J. Berghuis	 
	 	 	Title:  	Director	 
	 

Signature Page to the Second Amended and Restated Credit Agreement

 

 

 

	 	 	 	 	 
	 	MEXX EUROPRODUCTION B.V.

 	 
	 	By:  	/s/ G.J. Berghuis	 
	 	 	Name:  	G.J. Berghuis	 
	 	 	Title:  	Managing Director	 
	 

	 	 	 	 	 
	 	MEXX SPORT BENELUX B.V.

 	 
	 	By:  	/s/ G.J. Berghuis	 
	 	 	Name:  	G.J. Berghuis	 
	 	 	Title:  	Director	 

Signature Page to the Second Amended and Restated Credit Agreement

 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A., individually, as

Administrative Agent, US Collateral Agent and Lender

 	 
	 	By:  	/s/ Scott Troy	 
	 	 	Name:  	Scott Troy	 
	 	 	Title:  	Vice President	 

Signature Page to the Second Amended and Restated Credit Agreement

 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	J.P. MORGAN EUROPE LIMITED, individually, as European

Administrative Agent and European Collateral Agent

 	 
	 	By:  	T.J. Jacob	 
	 	 	Name:  	Tim Jacob	 
	 	 	Title:  	Senior Vice President	 

Signature Page to the Second Amended and Restated Credit Agreement

 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A., TORONTO BRANCH,

individually, as Canadian Administrative Agent and

Canadian Collateral Agent

 	 
	 	By:  	/s/ A. Marchetti	 
	 	 	Name:  	Auggie Marchetti	 
	 	 	Title:  	SVP	 

Signature Page to the Second Amended and Restated Credit Agreement

 

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., individually, as Lender

 	 
	 	By:  	/s/ Christine Hutchinson	 
	 	 	Name:  	Christine Hutchinson	 
	 	 	Title:  	Principal	 
	 

Signature Page to the Second Amended and Restated Credit Agreement

	 	 	 	 	 

 

 

 

	 	 	 	 	 
	 	GENERAL ELECTRIC CAPITAL CORPORATION, 
individually,
as Lender

 	 
	 	By:  	/s/ Peter F. Crispino	 
	 	 	Name:  	Peter F. Crispino	 
	 	 	Title:  	Duly Authorized Signatory	 

Signature Page to the Second Amended and Restated Credit Agreement

 

 

 

	 	 	 	 	 
	 	WACHOVIA CAPITAL FINANCE CORPORATION (NEW ENGLAND),

individually, as a Lender

 	 
	 	By:  	/s/ Justin Button	 
	 	 	Name:  	Justin Button	 
	 	 	Title:  	VP	 
	 

Signature Page to the Second Amended and Restated Credit Agreement

 

 

 

	 	 	 	 	 
	 	SUNTRUST BANK,

individually, as a Lender

 	 
	 	By:  	/s/ Angela Leake	 
	 	 	Name:  	Angela Leake	 
	 	 	Title:  	Vice President	 

Signature Page to the Second Amended and Restated Credit Agreement

 

 

 

Schedule 1.01(a)

Commitments

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Facility A	 	 	Facility B	 	 	 	 
	Bank	 	Commitment	 	 	Commitment	 	 	Total Commitment	 
	JPMorgan Chase Bank, N.A.
	 	$	34,285,714.29	 	 	$	45,714,285.71	 	 	$	80,000,000	 
	Bank of America, N.A.
	 	$	34,285,714.29	 	 	$	45,714,285.71	 	 	$	80,000,000	 
	Wells Fargo Capital Finance, LLC
	 	$	34,285,714.29	 	 	$	45,714,285.71	 	 	$	80,000,000	 
	Suntrust Robinson Humphrey Inc.
	 	$	34,285,714.29	 	 	$	45,714,285.71	 	 	$	80,000,000	 
	General Electric Capital Corporation
	 	$	12,857,142.86	 	 	$	17,142,857.14	 	 	$	30,000,000	 
	 
	 	 	 	 	 	 	 	 	 
	TOTAL
	 	$	150,000,000	 	 	$	200,000,000	 	 	$	350,000,000	 
	 
	 	 	 	 	 	 	 	 	 

 

 

 

 

Schedule 1.01(b)

Eligible Real Property

	 	 	 
	US Loan Party:	 	Real Property:
	(Owner)	 	Address
	LCI Holdings, Inc.

	 	One Claiborne Avenue

North Bergen, New Jersey 07047

or

5901 West Side Avenue

North Bergen, New Jersey 07047

One Liz Way

Mount Pocono, Pennsylvania 18344

 

1

 

SCHEDULE 1.01(c)

MANDATORY COST FORMULAE

1. The Mandatory Cost is an addition to the interest rate to compensate Lenders for
the cost of compliance with (a) the requirements of the Bank of England and/or the
Financial Services Authority (or, in either case, any other authority which replaces all
or any of its functions) or (b) the requirements of the European Central Bank.

2. On the first day of each Interest Period (or as soon as possible thereafter) the
European Administrative Agent shall calculate, as a percentage rate, a rate (the
“Additional Cost Rate”) for each Lender, in accordance with the paragraphs set
out below. The Mandatory Cost will be calculated by the European Administrative Agent as
a weighted average of the Lenders’ Additional Cost Rates (weighted in proportion to the
percentage participation of each Lender in the relevant Loan) and will be expressed as a
percentage rate per annum.

3. The Additional Cost Rate for any Lender lending from a Facility Office in a
Participating Member State will be the percentage notified by that Lender to the European
Administrative Agent. This percentage will be certified by that Lender in its notice to
the European Administrative Agent to be its reasonable determination of the cost
(expressed as a percentage of that Lender’s participation in all Loans made from that
Facility Office) of complying with the minimum reserve requirements of the European
Central Bank in respect of loans made from that Facility Office.

4. The Additional Cost Rate for any Lender lending from a Facility Office in the
United Kingdom will be calculated by the European Administrative Agent as follows:

	 	(a)	 	in relation to a Loan denominated in Sterling:

	 	 	 	 	 
	 

	 	AB + C (B - D)
+ E x 0.01	 	 
	 

	 	 	 	 
	 

	 	100 - (A + C)	 	 
	 

	 	 	 	per cent. per annum

	 	(b)	 	in relation to a Loan in any currency other than Sterling:

	 	 	 	 	 	 	 
	 

	 	 	E x
0.01
	 	 	 
	 

	 	 	300	 	 	 
	 

	 	 	 	 	 	per cent. per annum

Where:

A. is the percentage of Eligible Liabilities (assuming these to be in excess of any stated
minimum) which that Lender is from time to time required to maintain as an interest free cash ratio
deposit with the Bank of England to comply with cash ratio requirements.

 

 

 

B. is the percentage rate of interest (excluding the Applicable Spread and the Mandatory Cost
and, if the Loan is an Unpaid Sum, the additional rate of interest specified in Section 2.10(c) of
the Credit Agreement) payable for the relevant Interest Period on the Loan.

C. is the percentage (if any) of Eligible Liabilities which that Lender is required from time
to time to maintain as interest bearing Special Deposits with the Bank of England.

D. is the percentage rate per annum payable by the Bank of England to the European
Administrative Agent (or such other bank as may be designated by the European Administrative Agent
in consultation with the Borrower Representative) on interest bearing Special Deposits.

E. is designed to compensate Lenders for amounts payable under the Fees Rules and is
calculated by the European Administrative Agent as being the average of the most recent rates of
charge supplied by the Reference Banks to the European Administrative Agent pursuant to paragraph 7
below and expressed in Sterling per £1.0 million.

5. For the purposes of this Schedule:

(a) “Eligible Liabilities” and “Special Deposits” have the meanings given
to them from time to time under or pursuant to the Bank of England Act 1998 or (as may be
appropriate) by the Bank of England;

(b) “Facility Office” means the office or offices notified by a Lender to the
European Administrative Agent in writing on or before the date it becomes a Lender (or,
following that date, by not less than five Business Days’ written notice) as the office or
offices through which it will perform its obligations under this Agreement;

(c) “Fees Rules” means the rules on periodic fees contained in the FSA
Supervision Manual or such other law or regulation as may be in force from time to time in
respect of the payment of fees for the acceptance of deposits;

(d) “Fee Tariffs” means the fee tariffs specified in the Fees Rules under the
activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated fee required
pursuant to the Fees Rules but taking into account any applicable discount rate);

(e) “Reference Banks” means, in relation to each of the Eurodollar Base Rate and
the Eurodollar Rate and Mandatory Cost, the principal office in London, England of J.P. Morgan
Europe Limited, or such other bank or banks as may be designated by the European
Administrative Agent in consultation with Borrower Representative;

(f) “Tariff Base” has the meaning given to it in, and will be calculated in
accordance with, the Fees Rules; and

(g) “Unpaid Sum” means any sum due and payable but unpaid by any Loan Party under
the Loan Documents.

 

2

 

6. In application of the above formulae, A, B, C and D will be included in the formulae as
percentages (i.e. 5 per cent. will be included in the formula as 5 and not as 0.05). A negative
result obtained by subtracting D from B shall be taken as zero. The resulting figures shall be
rounded to four decimal places.

7. If requested by the European Administrative Agent, each Reference Bank shall, as soon as
practicable after publication by the Financial Services Authority, supply to the European
Administrative Agent, the rate of charge payable by that Reference Bank to the Financial Services
Authority pursuant to the Fees Rules in respect of the relevant financial year of the Financial
Services Authority (calculated for this purpose by that Reference Bank as being the average of the
Fee Tariffs applicable to that Reference Bank for that financial year) and expressed in Sterling
per £1.0 million of the Tariff Base of that Reference Bank.

8. Each Lender shall supply any information required by the European Administrative Agent for
the purpose of calculating its Additional Cost Rate. In particular, but without limitation, each
Lender shall supply the following information on or prior to the date on which it becomes a Lender:

(c) the jurisdiction of its Facility Office; and

(d) any other information that the European Administrative Agent may reasonably require for
such purpose.

Each Lender shall promptly notify the European Administrative Agent of any change to the
information provided by it pursuant to this paragraph.

9. The percentages of each Lender for the purpose of A and C above and the rates of charge of
each Reference Bank for the purpose of E above shall be determined by the European Administrative
Agent based upon the information supplied to it pursuant to paragraphs 7 and 8 above and on the
assumption that, unless a Lender notifies the European Administrative Agent to the contrary, each
Lender’s obligations in relation to cash ratio deposits and Special Deposits are the same as those
of a typical bank from its jurisdiction of incorporation with a Facility Office in the same
jurisdiction as its Facility Office.

10. The European Administrative Agent shall have no liability to any person if such
determination results in an Additional Cost Rate which over or under compensates any Lender and
shall be entitled to assume that the information provided by any Lender or Reference Bank pursuant
to paragraphs 3, 7 and 8 above is true and correct in all respects.

11. The European Administrative Agent shall distribute the additional amounts received as a
result of the Mandatory Cost to the Lenders on the basis of the Additional Cost Rate for each
Lender based on the information provided by each Lender and each Reference Bank pursuant to
paragraphs 3, 7 and 8 above.

12. Any determination by the European Administrative Agent pursuant to this Schedule in
relation to a formula, the Mandatory Cost, an Additional Cost Rate or any amount payable to a
Lender shall, in the absence of manifest error, be conclusive and binding on all parties to this
Agreement.

 

3

 

The European Administrative Agent may from time to time, after consultation with Borrower
Representative and the Lenders, determine and notify to all parties to this Agreement any
amendments which are required to be made to this Schedule 1.01(c) in order to comply with
any change in law, regulation or any requirements from time to time imposed by the Bank of England,
the Financial Services Authority or the European Central Bank (or, in any case, any other authority
which replaces all or any of its functions) and any such determination shall, in the absence of
manifest error, be conclusive and binding on all parties to this Agreement.

 

4

 

 

Schedule 1.01(d)

Mortgaged Properties

	 	 	 	 	 
	 	 	Address of Property	 	 
	Loan Party/Owner:	 	Mortgaged:	 	Mortgagee
	LCI Holdings, Inc.

	 	One Claiborne Avenue,

North Bergen, NJ 07047

or

5901 West Side Avenue

North Bergen, New Jersey 07047
	 	JPMORGAN CHASE BANK, N.A.,

as U.S. Collateral Agent, Mortgagee
	 
	 	 	 	 
	LCI Holdings, Inc.

	 	One Liz Way, 

Mt. Pocono, PA 18344
	 	JPMORGAN CHASE BANK, N.A.,

as U.S. Collateral Agent, Mortgagee
	 
	 	 	 	 
	Mexx Deutschland GmbH

	 	Mühlenstrasse 57

41352 Korschenbroich 

Germany
	 	J.P. MORGAN EUROPE LIMITED

as European Collateral Agent, Mortgagee

 

1

 

Schedule 1.01(e)

Specified Loan Documents

Germany

	1.	 	Notice and acknowledgement relating to updated schedule of Mexx Modehandels GmbH account
pledge agreement

	2.	 	Notice and acknowledgement relating to updated schedule of Mexx Modehandels GmbH account
pledge agreement (2)

	3.	 	Notice and acknowledgement relating to updated schedule of Mexx Modehandels GmbH account
pledge agreement (3)

	4.	 	Notice and acknowledgement relating to updated schedule of Mexx Direct GmbH & Co. KG account
pledge agreement

	5.	 	Subordination Agreement between Mexx Modehandels GmbH, Mexx Holdings GmbH and Mexx
Deutschland GmbH, amongst others
	 
	6.	 	Security Transfer Agreement between Mexx Europe B.V. and J.P. Morgan Europe Limited

England

	1.	 	Debenture between Juicy Couture Europe Limited and J.P. Morgan Europe Limited

	2.	 	Blocked Account Agreement between Juicy Couture Europe Ltd, J.P. Morgan Chase Bank N.A. and
J.P. Morgan Europe Ltd

	3.	 	Control Agreement re payables between Juicy Couture Europe Ltd, J.P. Morgan Chase Bank N.A.
and J.P. Morgan Europe Ltd
	 
	4.	 	Notice and acknowledgement re Control Agreement
	 
	5.	 	Notice of Charge re Lloyds TSB payment account from Juicy Couture Europe Ltd to Lloyds TSB
	 
	6.	 	Debenture between Liz Claiborne Europe and J.P. Morgan Europe Ltd.

	7.	 	Shares Charge between Liz Claiborne Inc. and J.P. Morgan Europe Ltd

	8.	 	Bank Account Charge between Mexx Holding International B.V. Mexx Europe International B.V.
and J.P. Morgan Europe Ltd

	9.	 	Notice from Mexx Holding International B.V. to Citibank
	 
	10.	 	Notice from Mexx Europe International B.V. to Citibank
	 
	11.	 	Shares Charge between Mexx Europe International B.V. and J.P. Morgan Europe Ltd.
	 
	12.	 	Notices and acknowledgements under original bank account pledge

 

1

 

Canada

	1.	 	Confirmation of Security Interest in Intellectual Property from Mexx Europe B.V.

US

	2.	 	Control Agreement between Juicy Couture Europe Ltd., J.P. Morgan Chase Bank NA and J.P.
Morgan Europe Ltd

	3.	 	Account Security Agreement between Juicy Couture Europe Ltd. and J.P. Morgan Chase Bank NA

The Netherlands

	1.	 	Notice (including waivers for the right of pledge and rights of set off arising from the
General Banking Conditions) and acknowledgement re update to schedule of Mexx Belgium B.V.
account bank pledge

	2.	 	Account Pledge Agreement between Mexx Europroduction B.V., Mexx Sports Benelux B.V., Mexx
Nederland Retail B.V. and J.P. Morgan Europe Limited

	3.	 	Notice and Acknowledgement between Mexx Europroduction B.V., Mexx Sports Benelux B.V., Mexx
Nederland Retail B.V. and ING Bank N.V.

	4.	 	Supplemental Deed of Pledge from Mexx Europe B.V.

Austria

	1.	 	Amendment Agreement to the Account Pledge between Mexx Austria and J.P. Morgan Europe Ltd
	 
	2.	 	Notice and acknowledgement re Amendment Agreement to Account Pledge
	 
	3.	 	Amendment Agreement between Mexx Europe B.V. and J.P. Morgan Europe Ltd
	 
	4.	 	Amendment Agreement between Mexx Direct GmbH & Co. KG and J.P. Morgan Europe Ltd
	 
	5.	 	Subordination Agreement between Mexx Austria and Mexx Europe B.V.
	 
	6.	 	Parent Undertaking from Mexx Holding Netherlands B.V.

Belgium

	1.	 	Notice and acknowledgement re update to Account Bank Pledge

France

	1.	 	Bank Account Pledge between Liz Claiborne Europe and J.P. Morgan Europe Ltd
	 
	2.	 	Notice from J.P. Morgan Europe Ltd to Société Générale
	 
	3.	 	Notice from J.P. Morgan Europe Ltd to, BNP Paribas Fortis

 

2

 

	4.	 	Notice from J.P. Morgan Europe Ltd to HSBC
	 
	5.	 	Amendment & Pledge Confirmation Agreement between Mexx Boutiques SARL and J.P. Morgan Europe
Ltd
	 
	6.	 	Notice from J.P. Morgan Europe Ltd to CIC

	7.	 	Notice from J.P. Morgan Europe Ltd to HSBC
	 
	8.	 	Pledge Confirmation Agreement between Mexx Europe B.V. and J.P. Morgan Europe Ltd
	 
	9.	 	Pledge Confirmation Agreement between Mexx Direct GmbH & Co. KG and J.P. Morgan Europe Ltd

Greece

	1.	 	Amendment agreement to account bank charge between Mexx Hellas EPE and J.P. Morgan Europe Ltd

	2.	 	Notice and acknowledgement re Amendment Agreement

Ireland

	1.	 	Share Charge (Juicy Couture Ireland Ltd) between Juicy Couture Europe Ltd. and J.P. Morgan
Europe Ltd
	 
	2.	 	Debenture between Juicy Couture Ireland Limited and J.P. Morgan Europe Ltd
	 
	3.	 	Notice and acknowledgement re Debenture
	 
	4.	 	Bank Account Charge (Floating) between Liz Claiborne Europe and J.P. Morgan Europe Ltd
	 
	5.	 	Notice and acknowledgement re Bank Account Charge
	 
	6.	 	Amended and Restated Bank Account Charge between Mexx Europe B.V. and J.P. Morgan Europe Ltd
	 
	7.	 	Notice and acknowledgement re Amended and Restated Bank Account Charge

	8.	 	Amended and Restated Deed of Charge over Bank Accounts between Mexx Ireland Ltd and J.P.
Morgan Europe Ltd

	9.	 	Notice and acknowledgement re Amended and Restated Deed of Charge over Bank Accounts

	10.	 	Subordination Agreement between Mexx Ireland Ltd and Mexx Europe International B.V.

 

3

 

Italy

	1.	 	Deed of Acknowledgement to the pledge agreement over the bank account between Mexx Europe
B.V. and J.P. Morgan Europe Ltd

	2.	 	Notice to account bank from Mexx Europe B.V. to BNP Paribas Fortis

	3.	 	Deed of Acknowledgement to the pledge agreement over the bank account between Mexx Italy
S.r.l. and J.P. Morgan Europe Ltd

	4.	 	Notice from Mexx Italy S.r.l. to ING Bank N.V.
	 
	5.	 	Notice from Mexx Italy S.r.l. to Unicredit
	 
	6.	 	Agreement re waiver of receivables between Mexx Italy S.r.l. and Mexx Europe B.V.

	7.	 	Assignment of receivables agreement between Mexx Italy S.r.l., Mexx Europe International B.V.
and Mexx Europe B.V.

Luxembourg

	1.	 	Confirmation Agreement between Mexx Luxembourg S.à.r.l. and J.P. Morgan Europe Ltd

	2.	 	Notice and acknowledgement between Mexx Luxembourg S.à.r.l., J.P. Morgan Europe Ltd and ING
Luxembourg S.A.

Norway

	1.	 	Amendment Agreement re changes of Pledge of Accounts Agreement between Mexx Scandinavia AS,
J.P. Morgan Europe Ltd and JPMorgan Chase Bank N.A.

Sweden

	1.	 	Amendment Agreement to existing Account bank pledge between Mexx Europe B.V. and J.P. Morgan
Europe Limited

	2.	 	Amendment agreement to existing Account bank pledge between Mexx Scandinavia AB and J.P.
Morgan Europe Limited

Switzerland

	1.	 	Subordination Agreement between Mexx Modehandels AG and Mexx Europe B.V.

 

4

 

Schedule 2.06

Schedule 2.06

Existing Letters of Credit

Facility A Letters of Credit:

(As of April 30, 2010)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Liability/	 	 	 
	 	 	 	 	 	 	 	 	 	 	Expiry/Maturity	 	 	 	Outstanding	 	 	Standby LC
	Name of Issuing Bank	 	Letter of Credit No.	 	Applicant	 	Beneficiary	 	Issue Date	 	Date	 	Currency	 	Balance	 	 	(Y/N)
	 
	 
	JPMorgan Chase Bank, N.A.

	 	HLCLIZ55001769
	 	Juicy Couture, Inc.
	 	DO DO FASHION LIMITED
	 	4/23/2010
	 	7/27/2010
	 	USD
	 	 	210,762.35	 	 	N
	JPMorgan Chase Bank, N.A.

	 	HLCLIZ55001768
	 	Liz Claiborne, Inc.
	 	VENTURA ENTERPRISE CO. INC
	 	11/25/2009
	 	7/30/2010
	 	USD
	 	 	388,204.34	 	 	N
	Total

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	598,966.69	 	 	 

 

1

 

 

Schedule 2.06

Schedule 2.06

Existing (Standby) Letters of Credit

Facility A Letters of Credit:

(As of April 30, 2010)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Liability/	 	 	 
	 	 	 	 	 	 	 	 	 	 	Expiry/Maturity	 	 	 	Outstanding	 	 	Standby LC
	Name of Issuing Bank	 	Letter of Credit No.	 	Applicant	 	Beneficiary	 	Issue Date	 	Date	 	Currency	 	Balance	 	 	(Y/N)
	JPMorgan Chase Bank, N.A.

	 	TPTS-699168
	 	Liz Claiborne Inc.
	 	Hartford Fire Insurance Company
	 	10/27/09
	 	10/5/10
	 	USD
	 	 	5,042,066	 	 	Y
	JPMorgan Chase Bank, N.A.

	 	TPTS-763153
	 	Liz Claiborne Inc.
	 	Lumbermens Mutual Casualty Company, American Motorists Insurance Company, American Manufacturers Mutual Insurance Company, American Protection Insurance Company, Natlsco, Inc.
	 	6/19/09
	 	10/14/10
	 	USD
	 	 	130,000	 	 	Y
	JPMorgan Chase Bank, N.A.

	 	CPCS-790154
	 	Liz Claiborne Inc.
	 	Zurich American Insurance Company
	 	8/27/09
	 	8/28/10
	 	USD
	 	 	5,385,000	 	 	Y
	JPMorgan Chase Bank, N.A.

	 	CPCS-752205
	 	Liz Claiborne Inc.
	 	Chair, Workers’ Compensation Board
	 	10/01/09
	 	10/20/10
	 	USD
	 	 	46,000	 	 	Y
	JPMorgan Chase Bank, N.A.

	 	CPCS-773046
	 	Liz Claiborne Inc.
	 	229 Newbury Street Trust
	 	10/15/09
	 	10/31/10
	 	USD
	 	 	65,000	 	 	Y
	JPMorgan Chase Bank, N.A.

	 	TPTS-749364
	 	Liz Claiborne Inc.
	 	Empire State Building Company
	 	6/8/09
	 	9/15/10
	 	USD
	 	 	173,500	 	 	Y
	JPMorgan Chase Bank, N.A.

	 	TPTS-725492
	 	Liz Claiborne Inc.
	 	17-19 Associates LLC
	 	2/12/10
	 	1/20/11
	 	USD
	 	 	340,836	 	 	Y
	JPMorgan Chase Bank, N.A.

	 	YPYS-725490
	 	Liz Claiborne Inc.
	 	17-19 Associates LLC
	 	2/12/10
	 	1/20/11
	 	USD
	 	 	834,700	 	 	Y

 

2

 

 

Schedule 2.06

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Liability/	 	 	 
	 	 	 	 	 	 	 	 	 	 	Expiry/Maturity	 	 	 	Outstanding	 	 	Standby LC
	Name of Issuing Bank	 	Letter of Credit No.	 	Applicant	 	Beneficiary	 	Issue Date	 	Date	 	Currency	 	Balance	 	 	(Y/N)
	JPMorgan Chase Bank, N.A.

	 	TPTS-731207
	 	Liz Claiborne Inc.
	 	650 Fifth Avenue Company
	 	3/23/09
	 	3/30/11
	 	USD
	 	 	500,000	 	 	Y
	JPMorgan Chase Bank, N.A.

	 	TPTS-701548
	 	Liz Claiborne Inc.
	 	125569 Canada Inc.
	 	4/24/09
	 	4/1/11
	 	CAD
	 	 	166,620	 	 	Y
	JPMorgan Chase Bank, N.A.

	 	TPTS-733655
	 	Liz Claiborne Inc.
	 	Chicago Oak Street Partners, LLC
	 	5/6/09
	 	5/1/11
	 	USD
	 	 	245,000	 	 	Y
	JPMorgan Chase Bank, N.A.

	 	CPCS-759972
	 	Liz Claiborne Inc.
	 	Marcarko Ltee
	 	2/5/10
	 	1/31/11
	 	CAD
	 	 	15,000	 	 	Y
	JPMorgan Chase Bank, N.A.

	 	CPCS-792315
	 	Liz Claiborne Inc.
	 	Ohio Bureau of Workers Compensation
	 	11/17/09
	 	10/29/10
	 	USD
	 	 	57,000	 	 	Y
	JPMorgan Chase Bank, N.A.

	 	TPTS-773043
	 	Liz Claiborne Inc.
	 	Aveda Services Inc. and The Estee Lauder Companies
	 	8/4/09
	 	8/19/10
	 	USD
	 	 	1,000,000	 	 	Y
	JPMorgan Chase Bank, N.A.

	 	CPCS-805289
	 	Liz Claiborne Inc.
	 	Galleria Mall Investors, LP.
	 	2/5/10
	 	1/31/11
	 	USD
	 	 	100,000	 	 	Y
	JPMorgan Chase Bank, N.A.

	 	CPCS-805184
	 	Liz Claiborne Inc.
	 	Keystone-Florida Property Holding Corp.
	 	2/5/10
	 	1/31/11
	 	USD
	 	 	100,000	 	 	Y
	JPMorgan Chase Bank, N.A.

	 	TPTS-676766
	 	Liz Claiborne Inc.
	 	48 West 25th Street, LLC
	 	12/31/09
	 	12/31/10
	 	USD
	 	 	825,000	 	 	Y
	JPMorgan Chase Bank, N.A.

	 	TPTS-774676
	 	Liz Claiborne Inc.
	 	US Bank
	 	7/9/09
	 	6/30/10
	 	USD
	 	 	2,000,000	 	 	Y
	JPMorgan Chase Bank, N.A.

	 	CPCS-805185
	 	Liz Claiborne Inc.
	 	STJTC II, LLC
	 	2/10/10
	 	12/31/10
	 	USD
	 	 	100,000	 	 	Y

 

3

 

Schedule 2.06

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Liability/	 	 	 
	 	 	 	 	 	 	 	 	 	 	Expiry/Maturity	 	 	 	Outstanding	 	 	Standby LC
	Name of Issuing Bank	 	Letter of Credit No.	 	Applicant	 	Beneficiary	 	Issue Date	 	Date	 	Currency	 	Balance	 	 	(Y/N)
	JPMorgan Chase Bank, N.A.

	 	CPCS-785707
	 	Liz Claiborne Inc.
	 	US Bank National Association
	 	2/19/10
	 	6/30/10
	 	CAD
	 	 	240,000	 	 	Y
	JPMorgan Chase Bank, N.A.

	 	CPCS-822619
	 	Liz Claiborne Inc.
	 	The Levy Group Inc.
	 	2/18/10
	 	10/31/10
	 	USD
	 	 	178,000	 	 	Y
	JPMorgan Chase Bank, N.A.

	 	CPCS-769781
	 	Liz Claiborne Inc.
	 	Port Logistics Group, Inc.
	 	3/22/10
	 	9/30/10
	 	USD
	 	 	400,000	 	 	Y
	JPMorgan Chase Bank, N.A.

	 	CPCS-819698
	 	Liz Claiborne Inc.
	 	JPMorgan Chase Bank, N.A.
	 	4/16/10
	 	02/28/11
	 	GBP
	 	 	770,000	 	 	Y
	JPMorgan Chase Bank, N.A.

	 	CPCS-817769
	 	Liz Claiborne Inc.
	 	JPMorgan Chase Bank, N.A.
	 	4/19/10
	 	8/31/10
	 	GBP
	 	 	68,000	 	 	Y
	Total

	 	 	 	 	 	 	 	 	 	 	 	USD
	 	 	17,522,102	 	 	 
	Total

	 	 	 	 	 	 	 	 	 	 	 	CAD
	 	 	421,620	 	 	 
	Total

	 	 	 	 	 	 	 	 	 	 	 	GBP
	 	 	838,000	 	 	 

 

4

 

Schedule 2.06

Schedule 2.06

Existing Letters of Credit

Facility B Letters of Credit:

(As of April 26, 2010)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Liability/	 	 	 
	 	 	 	 	 	 	 	 	Expiry/Maturity	 	 	 	Outstanding	 	 	Standby LC
	Letter of Credit No.	 	Applicant	 	Beneficiary	 	Issue Date	 	Date	 	Currency	 	Balance	 	 	(Y/N)
	Banque Artesia Netherlands
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	G02/9351
	 	Mexx Nederland	 	St.Pf.Prod.Sch. v. Voedselvoorz.	 	30-5-93	 	None	 	Euro	 	 	22,625	 	 	Y
	G02/9361
	 	Mexx Nederland	 	Vastgoedmij. Goudsemarkt	 	13-10-93	 	None	 	Euro	 	 	12,223	 	 	Y
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	G02/98043
	 	Mexx Group	 	Robeca/Points of Sale	 	08-07-98	 	31-12-2016	 	Euro	 	 	57,176	 	 	Y
	G02/98006
	 	Mexx Group	 	MBO-Ruijters	 	19-02-98	 	None	 	Euro	 	 	31,039	 	 	Y
	G02/98017
	 	Mexx Group	 	Rodamco Retail Nederland nv	 	01-04-98	 	None	 	Euro	 	 	69,882	 	 	Y
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total
	 	 	 	 	 	 	 	 	 	Euro	 	 	192,945	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ING Bank Netherlands
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1999.011.927
	 	Mexx Nederland	 	De Planeet Real Estate NV	 	24-11-1999	 	None	 	Euro	 	 	1,167	 	 	Y
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1999.012.422
	 	Mexx Nederland	 	Stichting Pensioenfonds Hoogovens	 	08-12-1999	 	None	 	Euro	 	 	40,840	 	 	Y
	2004.010.597
	 	Mexx Group	 	Counterguarantee ING Czech Republic for Mexx CR	 	20-12-2004	 	None	 	Euro	 	 	87,769	 	 	Y

 

5

 

Schedule 2.06

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Liability/	 	 	 
	 	 	 	 	 	 	 	 	Expiry/Maturity	 	 	 	Outstanding	 	 	Standby LC
	Letter of Credit No.	 	Applicant	 	Beneficiary	 	Issue Date	 	Date	 	Currency	 	Balance	 	 	(Y/N)
	2005.002.698
	 	Mexx Group	 	St. Philips Pensioenfonds	 	11-04-2005	 	None	 	Euro	 	 	16,300	 	 	Y
	2004.006.344
	 	Mexx Group	 	Guarantee for credit facility Hungary	 	09-02-2005	 	31-07-2012	 	Euro	 	 	100,000	 	 	Y
	2006.009.787
	 	Mexx Europe Holding	 	Counterguarantee ING Czech Republic for Mexx CR	 	12-12-2006	 	15-01-2013	 	Euro	 	 	25,140	 	 	Y
	2008.009.295
	 	Mexx Group	 	Guarantee for Mexx Austria GmbH - Kaufhaus Steffl Betriebs AG	 	01-12-2008	 	None	 	Euro	 	 	30,000	 	 	Y
	2009.006.001
	 	Mexx Group	 	MN services BV	 	9/3/2009	 	None	 	Euro	 	 	51,576.00	 	 	Y
	2009.005.993
	 	Mexx Group	 	Dela Vastgroep BV	 	9/15/2009	 	None	 	Euro	 	 	69,317.50	 	 	Y
	2009.005.896
	 	Mexx Nederland Retail	 	TCN	 	9/3/2009	 	None	 	Euro	 	 	15,210.73	 	 	Y
	 
	 	Mexx Europe	 	DHL Spain	 	2/15/2009	 	None	 	Euro	 	 	5,250.00	 	 	Y
	K6377449
	 	Mexx Europe	 	Rodamco	 	01/04/2010	 	 	 	Euro	 	 	49,046.07	 	 	Y
	Total
	 	 	 	 	 	 	 	 	 	Euro	 	 	491,616	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fortis Bank Belgium
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	899132062910
	 	Mexx Benelux	 	Wijnegem, Brussel Staete	 	16/03/2001	 	15/12/2014	 	Euro	 	 	140,191	 	 	Y
	899132062203
	 	Mexx Benelux	 	Kortrijk, Heveko	 	21/02/2001	 	31/12/2016	 	Euro	 	 	12,890	 	 	Y
	808080144235
	 	Mexx Benelux	 	Brussels International Trad	 	01/09/2008	 	30/04/2016	 	Euro	 	 	12,691	 	 	Y
	899132063112
	 	Mexx Benelux	 	Shop Immo	 	30/07/2001	 	31/05/2010	 	Euro	 	 	204,370	 	 	Y
	899132063213
	 	Mexx Benelux	 	Vanhout Liesbeth	 	02/08/2001	 	31/12/2011	 	Euro	 	 	32,037	 	 	Y
	899132063314
	 	Mexx Benelux	 	M en D Benelux NV	 	02/08/2001	 	30/04/20101	 	Euro	 	 	115,955	 	 	Y
	899132063415
	 	Mexx Benelux	 	Luiks BV	 	02/08/2001	 	30/04/20102	 	Euro	 	 	29,747	 	 	Y
	802140119465
	 	Mexx Benelux	 	Brugge, Redevco Immo	 	21/02/2002	 	06/04/2011	 	Euro	 	 	89,861	 	 	Y
	899132063516
	 	Mexx Benelux	 	Flanders Investment Company	 	13/09/2001	 	28/02/2011	 	Euro	 	 	48,029	 	 	Y
	804090028522
	 	Mexx Benelux	 	St. Niklaas Waasland S.C. (shop 95)	 	09/09/2004	 	15/05/2013	 	Euro	 	 	102,385	 	 	Y
	806020065915
	 	Mexx Benelux	 	St. Niklaas Waasland S.C. (shop 95)	 	20/04/2006	 	23/02/2013	 	Euro	 	 	49,742	 	 	Y
	809050059258
	 	Mexx Benelux	 	Compagnie Immobiliere du Brabanne	 	5/27/2009	 	2/2/2012	 	Euro	 	 	6,206	 	 	Y
	809050057238
	 	Mexx Benelux	 	Compagnie Immobiliere du Brabanne	 	5/27/2009	 	8/31/2014	 	Euro	 	 	133,842	 	 	Y
	809040013997
	 	Mexx Benelux	 	Van Gestel en CO	 	5/15/2009	 	12/31/2015	 	Euro	 	 	50,849	 	 	Y
	809020067161
	 	Mexx Benelux	 	Elisetic (beneficiary change due to change landlord April, 2009)	 	2/23/2009	 	3/31/2018	 	Euro	 	 	80,000	 	 	Y
	Total
	 	 	 	 	 	 	 	 	 	Euro	 	 	1,108,794	 	 	Y

 

	 	 	 
	1	 	In process of extending/re-issuance until 30/04/2019.
	 
	2	 	In process of extending/re-issuance until 30/04/2019.

 

6

 

Schedule 2.06

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Liability/	 	 	 
	 	 	 	 	 	 	 	 	Expiry/Maturity	 	 	 	Outstanding	 	 	Standby LC
	Letter of Credit No.	 	Applicant	 	Beneficiary	 	Issue Date	 	Date	 	Currency	 	Balance	 	 	(Y/N)
	ING/BBL Bank Belgium
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Mexx Benelux	 	Buytaert Jan	 	08/06/1997	 	30/06/2018	 	Euro	 	 	7,210	 	 	Y
	 
	 	Mexx Benelux	 	Imea AGO	 	15/07/1997	 	Indefinite period of time	 	Euro	 	 	7,065	 	 	Y
	 
	 	Mexx Benelux	 	Balda (Oostende)	 	09/01/2008	 	31/12/2011	 	Euro	 	 	52,678	 	 	Y
	Total
	 	 	 	 	 	 	 	 	 	Euro	 	 	66,953	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Commerzbank Germany
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	MOBAV00026000300
	 	Mexx Deutschland GmbH	 	MTC Munchener Mode- u. Textil-Center GmbH	 	12.01.2001	 	Indefinite	 	Euro	 	 	22,959	 	 	Y
	MOBAV00292000100
	 	Mexx Deutschland GmbH	 	Haus der Mode 5 Eschborn GbR	 	18.10.2000	 	Indefinite	 	Euro	 	 	10,067	 	 	Y
	MOBAV02246000100
	 	Mexx Deutschland GmbH	 	Häuser der Mode Eschborn GbR	 	03.09.2002	 	Indefinite	 	Euro	 	 	30,034	 	 	Y
	MOEAV87053882901
	 	Mexx Deutschland GmbH	 	Haus der Mode	 	11.12.1991	 	Indefinite	 	Euro	 	 	25,000	 	 	Y
	MOEAV97078000100
	 	Mexx Deutschland GmbH	 	Luserke GbR; Luerske Vermögensverw. GmbH	 	19.03.1997	 	Indefinite	 	Euro	 	 	18,148	 	 	Y
	MOBAV03049000100
	 	Mexx Deutschland GmbH	 	Luserke GbR; Luerske Vermögensverw. GmbH	 	18.02.2003	 	Indefinite	 	Euro	 	 	17,633	 	 	Y
	MOBAV03191000500
	 	Mexx Deutschland GmbH	 	GLOBABNA Immob. Verw. GmbH & Co Mitteld. Mode Center KG	 	10.07.2003	 	Indefinite	 	Euro	 	 	20,500	 	 	Y
	DAUAV70010450001
	 	Mexx Deutschland GmbH	 	FMM II Fashion Mall Munich GmbH & Co. KG	 	21.11.2008	 	Indefinite	 	Euro	 	 	61,852.11	 	 	Y
	MOEAV97244000100
	 	Mexx Modehandels GmbH	 	Neue Mitte Oberhausen Projektentw. GmbH & Co KG	 	01.09.1997	 	Indefinite	 	Euro	 	 	40,311	 	 	Y

 

7

 

Schedule 2.06

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Liability/	 	 	 
	 	 	 	 	 	 	 	 	Expiry/Maturity	 	 	 	Outstanding	 	 	Standby LC
	Letter of Credit No.	 	Applicant	 	Beneficiary	 	Issue Date	 	Date	 	Currency	 	Balance	 	 	(Y/N)
	MOEAV98209000100
	 	Mexx Modehandels GmbH	 	Debis Immobilienmanagem.GmbH	 	28.07.1998	 	Indefinite	 	Euro	 	 	69,945	 	 	Y
	 
	 
	MOBAV01228000200
	 	Mexx Modehandels GmbH	 	Kommanditges. Grundstücksges. Alster m.b.H. & Co.	 	06.08.2001	 	Indefinite	 	Euro	 	 	39,427	 	 	Y
	MOBAV00235000200
	 	Mexx Modehandels GmbH	 	Neue Mitte Oberhausen Projektentw. GmbH & Co KG	 	22.08.2000	 	Indefinite	 	Euro	 	 	121,859	 	 	Y
	 
	 
	MOBAV02029000300
	 	Mexx Modehandels GmbH	 	Deutsche Grundbesitz Anlagengesellschaft	 	29.01.2002	 	Indefinite	 	Euro	 	 	39,407	 	 	Y
	MOBAV04078000300
	 	Mexx Modehandels GmbH	 	VR Franconia GmbH	 	18.03.2004	 	Indefinite	 	Euro	 	 	58,860	 	 	Y
	MOBAV05292000100
	 	Mexx Modehandels GmbH	 	VR Bavaria GmbH	 	19.10.2005	 	Indefinite	 	Euro	 	 	40,095	 	 	Y
	Total
	 	 	 	 	 	 	 	 	 	Euro	 	 	616,097	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Liability/	 	 	 
	 	 	 	 	 	 	 	 	Expiry/Maturity	 	 	 	Outstanding	 	Standby LC	 
	Letter of Credit No.	 	Applicant	 	Beneficiary	 	Issue Date	 	Date	 	Currency	 	Balance	 	(Y/N)	 
	JP Morgan Chase
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CPCS-816417
	 	Mexx Europe BV	 	The Levy Group Inc.	 	4/9/2010	 	8/15/2010	 	USD	 	565,000	 	 	Y	 
	4L4S-716778
	 	Mexx Europe BV	 	Fortis Bank Nederland NV	 	1/14/2009	 	1/14/2011	 	Euro	 	6,875,000	 	 	Y	 

 

8

 

 

Schedule 3.05

A. Owned Real Property:

	 	 	 
	Loan Party:	 	Addresses:
	Liz Claiborne, Inc.

	 	Lot 1, according to

the Interstate Industrial Park Plat No. 7,

as said Map appears of record in the office of

the Judge of Probate of Montgomery County, Alabama

in Plat Book 42, at Page 120
	 
	 	 
	LCI Holdings, Inc.

	 	One Claiborne Avenue

North Bergen, New Jersey 07047

or

5901 West Side Avenue

North Bergen, New Jersey 07047
	 
	 	 
	LCI Holdings, Inc.

	 	One Liz Way

Mount Pocono, Pennsylvania 18344
	 
	 	 
	Mexx Deutschland GmbH

	 	Mühlenstrasse 57

41352 Korschenbroich

Germany

 

1

 

  

Schedule 3.05 B

3.05 B. Leased Real Property

1. Liz Claiborne Canada Inc.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Termination /
	 	 	 	 	 	 	 	 	 	 	Postal	 	Assignment
	No.	 	Mall Name:	 	Address:	 	City:	 	Province:	 	Code:	 	Date, if any
	1.

	 	Trinity Crossing (Innes & Lanthier)
	 	4210 Innes Road, unit G2-5
	 	Ottawa
	 	ON
	 	K4A5E6
	 	To be assigned — undetermined
	2.

	 	RioCan Centre Burloak
	 	3527 Wyecroft Road
	 	Oakville
	 	ON
	 	L6L 0B6
	 	To be assigned — undetermined
	3.

	 	South Trail Crossing
	 	4307 130th Ave. South East
	 	Calgary
	 	AB
	 	T2Z 3V8
	 	To be assigned — undetermined
	4.

	 	RioCan Beacon Hill
	 	11834 Sarcee Trail NW
	 	Calgary
	 	AB
	 	T3R 0A1
	 	To be assigned — undetermined
	5.

	 	Riocan Signal Hill Centre
	 	5518 Signal Hill Centre South West
	 	Calgary
	 	AB
	 	T3H 3P8
	 	To be assigned — undetermined
	6.

	 	Yonge Street
	 	267 Yonge Street
	 	Toronto
	 	ON
	 	M5B 1P4
	 	To be assigned — undetermined
	7.

	 	Ottawa Train Yards
	 	100 Trainyards Drive
	 	Ottawa
	 	ON
	 	K1G 3S2
	 	To be terminated
	8.

	 	Smartcentres Gatineau
	 	79, boulevard de La Gappe, Unit C5
	 	Gatineau
	 	QC
	 	J8T 0B5
	 	To be assigned — 6/15/10
	9.

	 	RioCan Chapman Mills Marketplace
	 	3161 Greenbank Road
	 	Ottawa
	 	ON
	 	K2J 4H9
	 	To be assigned — undetermined
	10.

	 	SmartCentres London North
	 	104-1300 Fanshawe Park Road West
	 	London
	 	ON
	 	N6G 5B1
	 	To be assigned — undetermined
	11.

	 	Westshore Town Centre
	 	2945 Jacklin Road
	 	Victoria
	 	BC
	 	V9B 5E3
	 	To be assigned  — 6/15/10
	12.

	 	Vaughan Mills
	 	1 Bass Pro Mills Drive
	 	Vaughan
	 	ON
	 	L4K 5W4
	 	To be assigned — undetermined
	13.

	 	RioCan Kirkland Centre
	 	3264 Jean-Yves
	 	Kirkland
	 	QC
	 	H9J 2R6
	 	To be assigned — undetermined
	14.

	 	RioCan Marketplace
	 	2181 Steeles Avenue West
	 	Toronto
	 	ON
	 	M3J 3N2
	 	To be assigned — undetermined
	15.

	 	King’s Crossing Fashion Outlet
	 	97 Dalton Avenue
	 	Kingston
	 	ON
	 	K7K 0C4
	 	To be assigned — undetermined
	16.

	 	Cookstown Manufacturer’s Outlet Mall
	 	3311 Simcoe Road 89
	 	Cookstown
	 	ON
	 	L0L 1L0
	 	To be terminated — 7/30/10
	17.

	 	St. Jacobs Outlet Mall
	 	25 Benjamin Road
	 	Waterloo
	 	ON
	 	N2V 2G8
	 	To be assigned  — 6/15/10
	18.

	 	Silver City Centre
	 	2280 City Park Drive
	 	Gloucester
	 	ON
	 	K1J 1J6
	 	To be assigned — undetermined
	19.

	 	Heartland Town Centre
	 	775 Britania Road West
	 	Mississauga
	 	ON
	 	L5V 2Y1
	 	To be assigned — undetermined
	20.

	 	College Square
	 	1365 Woodroffe Ave.
	 	Nepean
	 	ON
	 	K2G 1V7
	 	To be assigned — undetermined
	21.

	 	Kanata Entertainment Centrum
	 	625 Kanata Avenue
	 	Kanata
	 	ON
	 	K2T 1H6
	 	To be terminated
	22.

	 	Mayfield Common
	 	320 Mayfield Common
	 	Edmonton
	 	AB
	 	T5P 4B3
	 	To be assigned — undetermined
	23.

	 	RioCan Shawnessy Centre
	 	85 Shawville Blvd. SE
	 	Calgary
	 	AB
	 	T2Y 3H9
	 	To be assigned  — 6/15/10

 

1

 

 

Schedule 3.05 B

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Termination /
	 	 	 	 	 	 	 	 	 	 	Postal	 	Assignment
	No.	 	Mall Name:	 	Address:	 	City:	 	Province:	 	Code:	 	Date, if any
	24.

	 	SmartCentres Kenaston
	 	1589 Kenaston Blvd
	 	Winnipeg
	 	MA
	 	R3P 2N3
	 	To be assigned  — 6/15/10
	25.

	 	Spall Plaza
	 	1950 Harvey Avenue
	 	Kelowna
	 	BC
	 	V1Y 8J8
	 	To be assigned  — 6/15/10
	26.

	 	Deerfoot Outlet Mall
	 	901 64th Avenue NE
	 	Calgary
	 	AB
	 	T2P 7P4
	 	To be assigned — undetermined
	27.

	 	Sauvé Street
	 	550 Sauve West
	 	Montreal
	 	QC
	 	H3L 1Z8	 	 
	28.

	 	RioCan Kirkland Centre
	 	3244 Jean-Yves
	 	Kirkland
	 	QC
	 	H9J 2R6	 	 
	29.

	 	Trinity Commons
	 	190 Great Lakes Drive, Block E
	 	Brampton
	 	ON
	 	L6R 2K7	 	 
	30.

	 	Heartland Town Centre
	 	5950 Rodeo Drive
	 	Mississauga
	 	ON
	 	L5R 3V6	 	 
	31.

	 	RioCan Colossus Centre
	 	55 Colossus Drive, Bldg H
	 	Vaughan
	 	ON
	 	L4L 9J8	 	 
	32.

	 	Canada One Factory Outlets
	 	7500 Lundy’s Lane
	 	Niagara Falls
	 	ON
	 	L2H 1G8	 	 
	33.

	 	Riocan Signal Hill Centre
	 	5522 Signal Hill Centre South West
	 	Calgary
	 	AB
	 	T3H 3P8	 	 
	34.

	 	RioCan Langley Centre
	 	20150 Langley By-Pass
	 	Langley
	 	BC
	 	V6A 9J9	 	 
	35.

	 	Place Montreal Trust
	 	1500 McGill College
	 	Montreal
	 	QC
	 	H3A 3J5	 	 
	36.

	 	Ste. Catherine Street (First Floor)
	 	1125 Ste. Catherine West
	 	Montreal
	 	QC
	 	H3B 1H8	 	 
	37.

	 	Ste. Catherine Street (2nd Floor)
	 	1123 Ste-Catherine West
	 	Montreal
	 	QC
	 	H3B 1H8	 	 
	38.

	 	Ste. Catherine Street (Basement)
	 	1123 Ste. Catherine West
	 	Montreal
	 	QC
	 	H3B 1H8	 	 
	39.

	 	Fairview Pointe Claire
	 	6801 Route Trans-Canadienne
	 	Pte-Claire
	 	QC
	 	H9R 5J2	 	 
	40.

	 	Carrefour Laval
	 	3035 boul. Le Carrefour
	 	Laval
	 	QC
	 	H7T 1C8	 	 
	41.

	 	St-Denis Street
	 	4190 St-Denis Street
	 	Montreal
	 	QC
	 	H2W 2M5	 	 
	42.

	 	Galeries D’Anjou
	 	7999 boul. Galeries d’Anjou
	 	Anjou
	 	QC
	 	H1M 1W9	 	 
	43.

	 	Les Promenades St. Bruno
	 	217 boul. Des Promenades
	 	St-Bruno
	 	QC
	 	J3V 5K3	 	 
	44.

	 	Rockland Shopping Centre
	 	2305 Chemin Rockland
	 	Ville Mont-Royal
	 	QC
	 	H3P 3E9	 	 
	45.

	 	Place Laurier
	 	2700 Boul. Laurier
	 	Ste-Foy
	 	QC
	 	G1V 2L8	 	 
	46.

	 	Bayshore Shopping Centre
	 	100 Bayshore Drive
	 	Ottawa
	 	ON
	 	K2B 8C1	 	 
	47.

	 	St Laurent Shopping Centre
	 	1200 St-Laurent Blvd
	 	Ottawa
	 	ON
	 	K1K 3B8	 	 
	48.

	 	Rideau Centre
	 	50 Rideau Street
	 	Ottawa
	 	ON
	 	K1N 9J7	 	 
	49.

	 	Richmond Centre
	 	6551 No. 3 Road
	 	Richmond
	 	BC
	 	V6Y 1K3	 	 
	50.

	 	Fairview Park
	 	2960 Kindsway Dr.
	 	Kitchener
	 	ON
	 	N2C 1X1	 	 
	51.

	 	Lime Ridge Mall
	 	999 Upper Wentworth St.,
	 	Hamilton
	 	ON
	 	L9A 4X5	 	 
	52.

	 	Toronto Eaton Centre
	 	220 Yonge Street, 2nd Level
	 	Toronto
	 	ON
	 	M5B 2H1	 	 
	53.

	 	Square One Shopping Centre
	 	100 City Centre Drive
	 	Mississauga
	 	ON
	 	L5B 2C9	 	 
	54.

	 	Sherway Gardens
	 	25 The West Mall, Unit 1915
	 	Etobicoke
	 	ON
	 	M9C 1B8	 	 
	55.

	 	Masonville Place
	 	1680 Richmond Street
	 	London
	 	ON
	 	N6G 3Y9	 	 
	56.

	 	Fairview Mall
	 	1800 Sheppard Avenue East
	 	Toronto
	 	ON
	 	M2J 5A7	 	 

 

2

 

 

Schedule 3.05 B

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Termination /
	 	 	 	 	 	 	 	 	 	 	Postal	 	Assignment
	No.	 	Mall Name:	 	Address:	 	City:	 	Province:	 	Code:	 	Date, if any
	57.

	 	Yorkdale Shopping Centre
	 	3401 Dufferin Street Unit 142
	 	Toronto
	 	ON
	 	M6A 2T9	 	 
	58.

	 	Yorkdale Shopping Centre
	 	3401 Dufferin Street Unit 160
	 	Toronto
	 	ON
	 	M6A 2T9	 	 
	59.

	 	West Edmonton Mall
	 	8882-170th Street
	 	Edmonton
	 	AB
	 	T5T 4M2	 	 
	60.

	 	Chinook Centre (will be cancelled once new store is ready)
	 	6455 Macleod Trail South, #159
	 	Calgary
	 	AB
	 	T2H 0K9	 	 
	61.

	 	Market Mall
	 	3625 Shaganappi Trail N.W.
	 	Calgary
	 	AB
	 	T3A 0E2	 	 
	62.

	 	Orchard Park Shopping Centre
	 	2271 Harvey Avenue
	 	Kelowna
	 	BC
	 	V1Y 6H2	 	 
	63.

	 	SmartCentres Cambridge
	 	60 Pinebush Road
	 	Cambridge
	 	ON
	 	N1R 8K5	 	 
	64.

	 	Pacific Centre
	 	702 West Georgia St.
	 	Vancouver
	 	BC
	 	V7T 1A1	 	 
	65.

	 	Metropolis at Metrotown
	 	4800 Kingsway
	 	Burnaby
	 	BC
	 	V5H 4J2	 	 
	66.

	 	Robson Street
	 	1119 Robson Street
	 	Vancouver
	 	BC
	 	V6E 1B5	 	 
	67.

	 	Carrefour de la Rive Sud
	 	582 Chemin de Touraine
	 	Boucherville
	 	QC
	 	J4B 5E4	 	 
	68.

	 	Les Galeries de Lanaudiere
	 	492 Montée des Pionniers
	 	Lachenaie
	 	QC
	 	J6V 1N9	 	 
	69.

	 	Place Rosemere
	 	401 Labelle Boulevard
	 	Rosemere
	 	QC
	 	J7A 3T2	 	 
	70.

	 	Mega Centre Notre-Dame
	 	2190, Autoroute Chomedey
	 	Laval
	 	QC
	 	H7X 4G8	 	 
	71.

	 	Mega Centre Lebourgneuf
	 	200 Rue Bouvier
	 	Quebec
	 	QC
	 	G2J 1R8	 	 
	72.

	 	RioCan Sainte Foy
	 	1453 Jules Verne
	 	Ste-Foy
	 	QC
	 	G2G 2R8	 	 
	73.

	 	RioCan Centre Kingston
	 	616 Gardiner’s Road
	 	Kingston
	 	ON
	 	K7M 3X9	 	 
	74.

	 	RioCan Merivale Place
	 	1651 Merivale Road
	 	Nepean
	 	ON
	 	K2G 3K2	 	 
	75.

	 	Kanata Entertainment Centrum
	 	655 Kanata Avenue
	 	Kanata
	 	ON
	 	K2T 1H6	 	 
	76.

	 	Silver City Centre
	 	2280 City Park Drive
	 	Gloucester
	 	ON
	 	K1J 1J6	 	 
	77.

	 	Scarborough Town Centre
	 	300 Borough Drive
	 	Scarborough
	 	ON
	 	M6A 3A1	 	 
	78.

	 	Green Lane Centre
	 	18166 Yonge St., Bldg. A
	 	Newmarket
	 	ON
	 	L3Y 4V8	 	 
	79.

	 	RioCan Harwood Centre
	 	20 Kingston Road West
	 	Ajax
	 	ON
	 	L1T4K8	 	 
	80.

	 	Wellington Commons
	 	1230 Wellington Road
	 	London
	 	ON
	 	N6E 1M3	 	 
	81.

	 	Vaughan Mills
	 	1 Bass Pro Mills
	 	Vaughan
	 	ON
	 	L4K 5W4	 	 
	82.

	 	Hillcrest Mall
	 	9350 Yonge Street
	 	Richmond Hill
	 	ON
	 	L4C 5G2	 	 
	83.

	 	Place du Royaume
	 	1401 Talbot Boulevard
	 	Chicoutimi
	 	QC
	 	G7H 5N6	 	 
	84.

	 	Devonshire Mall
	 	3100 Howard Avenue
	 	Windsor
	 	ON
	 	N8X 3Y8	 	 
	85.

	 	SmartCentres Kenaston
	 	1589 Kenaston Blvd
	 	Winnipeg
	 	MA
	 	R3P 2N3	 	 
	86.

	 	South Edmonton Common
	 	2019, 99th Street North West
	 	Edmonton
	 	AB
	 	T6N 1M1	 	 
	87.

	 	Skyview Power Centre
	 	13666 137th Avenue
	 	Edmonton
	 	AB
	 	T5L 5G6	 	 
	88.

	 	Royal Oak Centre
	 	8888 Country Hills Blvd NW
	 	Calgary
	 	AB
	 	T3G 5T4
	 	To be terminated — 9/30/10
	89.

	 	SmartCentres Queensborough
	 	805 Boyd Street
	 	New Westminster
	 	BC
	 	V3M 5X2	 	 
	90.

	 	Le Mail Carnaval
	 	5000 Boulevard Taschereau
	 	Greenfield Park
	 	QC
	 	J4V 3M3	 	 

 

3

 

 

Schedule 3.05 B

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Termination /
	 	 	 	 	 	 	 	 	 	 	Postal	 	Assignment
	No.	 	Mall Name:	 	Address:	 	City:	 	Province:	 	Code:	 	Date, if any
	91.

	 	Les Rivieres
	 	4125 Boul. Des Forges, # L7
	 	Trois-Rivieres
	 	QC
	 	G8Y 1W1	 	 
	92.

	 	South Trail Crossing
	 	4307 130th Ave. South East
	 	Calgary
	 	AB
	 	T2Z 3V8	 	 
	93.

	 	Midtown Plaza
	 	201, 1 Ave. S.
	 	Saskatoon
	 	SC
	 	S7K 1J9	 	 
	94.

	 	Deerfoot Outlet Mall
	 	901 64 Ave. N.E.
	 	Calgary
	 	AB
	 	T2E 7P4	 	 
	95.

	 	The Shops at Don Mills
	 	24 Karl Fraser Road #J006A & J007
	 	Toronto
	 	ON
	 	M3C 0E8	 	 
	96.

	 	Mega Centre Vaudreuil
	 	3150 Boulevard de la Gare
	 	Vaudreuil
	 	QC
	 	J7V 8W5	 	 
	97.

	 	Rockland Shopping Centre
	 	2305 Chemin Rockland
	 	Ville Mt-Royal
	 	QC
	 	H3P 3E9	 	 
	98.

	 	RioCan Beacon Hill
	 	11826 Sarcee Trail NW
	 	Calgary
	 	AB
	 	T3R 0A1	 	 
	99.

	 	Eglinton Town Centre
	 	6 Lebovic Avenue
	 	Scarborough
	 	ON
	 	M1L 4V9	 	 
	100.

	 	Woodgrove Centre
	 	6631 Island Hwy. N.
	 	Nanaimo
	 	BC
	 	V9T 4T7	 	 
	101.

	 	Scarborough Town Centre
	 	300 Borough Drive
	 	Scarborough
	 	ON
	 	M1P 4P5	 	 
	102.

	 	Pen Centre
	 	221 Glendale Avenue
	 	St-Catharines
	 	ON
	 	L2T 2K9	 	 
	103.

	 	Dixie Outlet Mall
	 	1250 South Service Road
	 	Mississauga
	 	ON
	 	L5E 1V4	 	 
	104.

	 	Milton Crossroads West Shopping Centre
	 	1180 Steeles Ave. W. #L1 & L2
	 	Milton
	 	ON
	 	L9T 6C8	 	 
	105.

	 	CrossIron Mills
	 	261055 CrossIron Boulvard #275
	 	Rocky View
	 	AB
	 	T4A 0G3	 	 
	106.

	 	Promenades Tremblant
	 	255 rue De L’Aulnaie #202
	 	Mont-Tremblant
	 	QC
	 	J8E 0E5	 	 
	107.

	 	Factoreries St-Sauveur
	 	180B Chemin du Lac Millette
	 	St-Sauveur
	 	QC
	 	J0R 1R6	 	 
	108.

	 	South Point Exchange
	 	15057 32nd Avenue, Unit #920
	 	South Surrey
	 	BC
	 	V4P 0A2	 	 
	109.

	 	Queen Street
	 	364 Queen Street West
	 	Toronto
	 	ON
	 	M5V 2A2	 	 
	110.

	 	Quartiers Dix30
	 	9405 Leduc, #L9H
	 	Brossard
	 	QC
	 	J4Y 0A5	 	 
	111.

	 	Georgian Mall
	 	509 Bayfield Street
	 	Barrie
	 	ON
	 	L4M 4Z8	 	 
	112.

	 	Millstream village
	 	2401 A Millstream Road
	 	Victoria
	 	BC
	 	V9B 3R5	 	 
	113.

	 	Le Carrefour Champêtre Bromont
	 	90 Boulevard Le Carrefour, Suite 200
	 	Bromont
	 	QC
	 	J2L 3L1	 	 
	114.

	 	The Promenade Shopping Centre
	 	1 Promenade Circle
	 	Thornhill
	 	ON
	 	L4J 4P8	 	 
	115.

	 	Les Rivieres
	 	4125 Boul. Des Forges
	 	Trois-Rivieres
	 	QC
	 	G8Y 1W1	 	 
	116.

	 	Stone Road Mall
	 	435 Stone Road
	 	Guelph
	 	ON
	 	N1G 2X6	 	 
	117.

	 	Oakville Place
	 	240 Leighland Avenue
	 	Oakville
	 	ON
	 	L6H 3H6	 	 
	118.

	 	Cookstown Manufacturer’s Outlet Mall
	 	3311 Simcoe Road 89
	 	Cookstown
	 	ON
	 	L0L 1L0	 	 
	119.

	 	Dartmouth Crossing
	 	37 Hector Gate
	 	Dartmouth
	 	NS
	 	B3B 0C1	 	 
	120.

	 	Champlain Place
	 	477 Paul Street, Unit P-002
	 	Dieppe
	 	NB
	 	E1A 4X5	 	 
	121.

	 	Les Galeries de la Capitale
	 	5401 Boul. Des Galeries, Unit 159
	 	Quebec
	 	QC
	 	G2K 1N4	 	 
	122.

	 	Polo Park
	 	1485 Portage Avenue, Unit # L171B
	 	Winnipeg
	 	MA
	 	R3G 0W4	 	 

 

4

 

 

Schedule 3.05 B

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Termination /
	 	 	 	 	 	 	 	 	 	 	Postal	 	Assignment
	No.	 	Mall Name:	 	Address:	 	City:	 	Province:	 	Code:	 	Date, if any
	123.

	 	Upper Canada Mall
	 	17600 Yonge Street
	 	New Market
	 	ON
	 	L3Y 4Z1	 	 
	124.

	 	Carrefour Laval
	 	3035 boul. Le Carrefour, Unit J008A
	 	Laval
	 	QC
	 	H7T 1C8	 	 
	125.

	 	Square One Shopping Centre
	 	100 City Centre Drive, Unit 2-104
	 	Mississauga
	 	ON
	 	L5B 2C9	 	 
	126.

	 	Yorkdale Shopping Centre
	 	3401 Dufferin Street, Unit 85
	 	Toronto
	 	ON
	 	M6A 2T9	 	 
	127.

	 	Montreal Eaton Centre
	 	705 rue Sainte-Catherine Ouest, Units 3121 & 4111A
	 	Montreal
	 	QC
	 	H3B 4G5	 	 
	128.

	 	Rideau Centre
	 	50 Rideau Street, Unit 256
	 	Ottawa
	 	ON
	 	K1N 9J7	 	 
	129.

	 	Granville Street
	 	2723 Granville Street
	 	Vancouver
	 	BC
	 	V6H 3J1	 	 
	130.

	 	West Edmonton Mall
	 	8882 170th Street, Unit L115
	 	Edmonton
	 	AB
	 	T5T 4M2	 	 
	131.

	 	The Promenade Shopping Centre
	 	1 Promenade Circle, Unit 0246B
	 	Thornhill
	 	ON
	 	L4J 4P8	 	 
	132.

	 	Polo Park
	 	1485 Portage Ave., Unit 0226A
	 	Winnipeg
	 	MA
	 	R3G 0W4	 	 
	133.

	 	Metropolis at Metrotown
	 	4700 Kingsway, Unit 1185
	 	Burnaby
	 	BC
	 	V5H 4M1	 	 
	134.

	 	Toronto Eaton Centre
	 	220 Yonge Street, Unit B006
	 	Toronto
	 	ON
	 	M5B 2H1	 	 
	135.

	 	905 Hodge Street
	 	905 Hodge
	 	St-Laurent
	 	QC
	 	H4N 2B3	 	 
	136.

	 	905 Hodge Street
	 	905 Hodge
	 	St-Laurent
	 	QC
	 	H4N 2B3	 	 
	137.

	 	Marcel Laurin
	 	103 Marcel Laurin
	 	Montreal
	 	QC
	 	H4N 2M3
	 	To be terminated — 8/15/10
	138.

	 	CrossIron Mills
	 	261055 CrossIron Boulevard, Unit 305
	 	Rocky View
	 	AB
	 	T4A 0G3	 	 
	139.

	 	Smartcentres Gatineau
	 	79, boulevard de La Gappe, Unit C6
	 	Gatineau
	 	QC
	 	J8T 0B5	 	 
	140.

	 	Chinook Centre (relocation in 2010)
	 	6455 Macleod Trail South, Unit 0271
	 	Calgary
	 	AB
	 	T2H 0K9	 	 
	141.

	 	Riocan Signal Hill Centre(1)
	 	5470 Signal Hill Centre South West, Unit E5470
	 	Calgary
	 	AB
	 	T3H 3P8	 	 
	142.

	 	Queen Street(1)
	 	356 Queen Street
	 	Toronto
	 	ON
	 	M5V 2A2	 	 
	143.

	 	McLaughlin Road(1)
	 	6185 McLaughlin Road
	 	Mississauga
	 	ON
	 	L5R 3W7	 	 
	144.

	 	Carrefour Laval(2)
	 	3035 boul. Le Carrefour, Unit SD 07S
	 	Laval
	 	QC
	 	H7T 1C8	 	 
	145.

	 	Sherway Gardens(2)
	 	25 The West Mall, Unit s125
	 	Etobicoke
	 	ON
	 	M9C 1B8	 	 
	146.

	 	Chinook Centre(2)
	 	6455 Macleod Trail South, Unit 929
	 	Calgary
	 	AB
	 	T2H 0K9	 	 

 

5

 

 

Schedule 3.05 B

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Termination /
	 	 	 	 	 	 	 	 	 	 	Postal	 	Assignment
	No.	 	Mall Name:	 	Address:	 	City:	 	Province:	 	Code:	 	Date, if any
	147.

	 	Rideau Centre(2)
	 	50 Rideau Street, Unit S057
	 	Ottawa
	 	ON
	 	K1N 9J7	 	 
	148.

	 	Place Montreal Trust(2)
	 	1500 McGill College, Unit S538
	 	Montreal
	 	QC
	 	H3A 3J5	 	 
	149.

	 	Lime Ridge Mall(2)
	 	999 Upper Wentworth St., Unit S402
	 	Hamilton
	 	ON
	 	L9A 4X5	 	 
	150.

	 	Les Rivieres(2)
	 	4125 Boul. Des Forges, # L7
	 	Trois-Rivieres
	 	QC
	 	G8Y 1W1	 	 
	151.

	 	Pacific Centre(2)
	 	702 West Georgia St., Unit P202 Cage 19
	 	Vancouver
	 	BC
	 	V7T 1A1	 	 
	152.

	 	Les Promenades St. Bruno(2)
	 	217 boul. Des Promenades, Unit S208C
	 	St-Bruno
	 	QC
	 	J3V 5K3	 	 
	153.

	 	Scarborough Town Centre(2)
	 	300 Borough Drive, Unit 879A
	 	Scarborough
	 	ON
	 	M6A 3A1	 	 
	154.

	 	Yorkdale Shopping Centre(2)
	 	3401 Dufferin Street, Unit 857
	 	Toronto
	 	ON
	 	M6A 2T9	 	 
	155.

	 	Midtown Plaza(2)
	 	201, 1 Ave. South, Unit S247
	 	Saskatoon
	 	SC
	 	S7K 1J9	 	 
	156.

	 	Square One Shopping Centre(2)
	 	100 City Centre Drive, Unit
 S-109
	 	Mississauga
	 	ON
	 	L5B 2C9	 	 
	157.

	 	Galeries D’Anjou(2)
	 	7999 boul. Galeries d’Anjou, Unit S003
	 	Anjou
	 	QC
	 	H1M 1W9	 	 
	158.

	 	Yorkdale Shopping Centre(2)
	 	3401 Dufferin Street, Unit 1002
	 	Toronto
	 	ON
	 	M6A 2T9	 	 
	159.

	 	Metropolis at Metrotown(2)
	 	4700 Kingsway, Unit S12
	 	Burnaby
	 	BC
	 	V5H 4M1	 	 
	160.

	 	Champlain Place(2)
	 	477 Paul Street, Unit P-002
	 	Dieppe
	 	NB
	 	E1A 4X5	 	 
	161.

	 	Toronto Eaton Centre(2)
	 	220 Yonge Street, Unit R020
	 	Toronto
	 	ON
	 	M5B 2H1	 	 
	162.

	 	Park Royal Shopping Centre(2)
	 	2002 Park Royal South, Unit 1078
	 	West Vancouver
	 	BC
	 	V7T 2W4
	 	To be terminated once store is assigned. This is external storage space outside the Mall.
	163.

	 	Uptown
	 	3500 Uptown Boulevard, Unit 107
	 	Victoria
	 	BC
	 	V8Z OB9
	 	Lease subject to waiver of all conditions
	164.

	 	Yonge & Eglington
	 	2529 — 2533 Yonge Street
	 	Toronto
	 	ON
	 	M4P 2H9	 	 

 

6

 

 

Schedule 3.05 B

	 	 	 
	Notes: 
	 
	Note that all leases to be assigned on undetermined dates will be assigned no later than October
15, 2010.
	 	
	 
	Note that, with respect to the leases to be assigned, the related Personal Property (as such term
is defined in the No Interest Letter delivered by the US Collateral Agent and the Canadian
Collateral Agent on or about February 10, 2010) at these premises will also be assigned.

	 
	(1)	 	Note that these are subleased.
	 
	(2)	 	Note that these are storage leases.

 

7

 

  

Schedule 3.05 B

2. Mexx Modenhandels GmbH (Property leases in Germany)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	No.	 	Store No:	 	Address:	 	Location:	 	City:	 	Postal Code:
	 
	1.

	 	 	70513	 	 	Annastrasse 17
	 	ground floor, basement(s), first floor, attic
	 	Augsburg
	 	 	86150	 
	2.

	 	 	70604	 	 	Schlossstrasse 34-36/Grunewaldstrasse 1-3
	 	Unit 0.10.5
	 	Berlin — Steglitz
	 	 	12163	 
	3.

	 	 	70144	 	 	Potsdammer Platz Arkaden Block B
	 	Shop 12, basement
	 	Berlin Potsdamer LS
	 	 	10785	 
	4.

	 	 	71037	 	 	Am Bursigturm 2
	 	ground floor (unit 18/19)
	 	Berlin-Hallen am Borsigturm
	 	 	13507	 
	5.

	 	 	70482	 	 	Wilmersdorferstrasse 109-111
	 	first floor
	 	Berlin P&C Kant Center
	 	 	10627	 
	6.

	 	 	70237	 	 	Marktbrucke 4
	 	ground floor, first floor
	 	Bonn LS
	 	 	53111	 
	7.

	 	 	70608	 	 	Damm 17
	 	ground floor, first floor
	 	Braunschweig
	 	 	38100	 
	8.

	 	 	70980	 	 	Space Park Plaza 3
	 	Unit A-13
	 	Bremen
	 	 	28237	 
	9.

	 	 	70433	 	 	Westenhellweg 55-57
	 	basement, ground floor
	 	Dortmund Fam
	 	 	44137	 
	10.

	 	 	70308	 	 	Webergasse 1 Unit 104
	 	groundfloor
	 	Dresden LS
	 	 	01067	 
	11.

	 	 	70256	 	 	Schadowstrasse 39
	 	basement, ground floor, first floor
	 	Dusseldorf Tuchth. Fam
	 	 	40212	 
	12.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13.

	 	 	71012	 	 	Limbecker Platz 1
	 	ground floor (unit 01112007)
	 	Essen Limbecker Platz
	 	 	45127	 
	14.

	 	 	70209	 	 	Zeil 117
	 	basement, ground floor, first floor
	 	Frankfurt am Main Fam
	 	 	06313	 
	15.

	 	 	70606	 	 	Am Einkaufcentrum
	 	Unit 0.89 and 0.92
	 	Guntersdorf — Nova Eventis
	 	 	06254	 
	16.

	 	 	70204	 	 	Osdorfer Landstrasse 131
	 	Unit 29a
	 	Hamburg Brechtstr LS
	 	 	22609	 
	17.

	 	 	70236	 	 	Gerhofstrasse 1-3
	 	groundfloor, firstfloor
	 	Hamburg Gerh.st Fam
	 	 	20354	 
	18.

	 	 	70773	 	 	Heegbarg 33
	 	Unit 137, groundfloor
	 	Hamburg-Alstertal
	 	 	22391	 
	19.

	 	 	70935	 	 	Ernst- August- Platz 2
	 	ground floor, unit 00.S.41 and 00.L.02.1
	 	Hannover
	 	 	30159	 
	20.

	 	 	70189	 	 	Kaiserstrasse 143/145
	 	not specified, for details see enclosed map
	 	Karlsruhe LS
	 	 	76133	 
	21.

	 	 	70784	 	 	Schilderstrasse 46-48
	 	ground floor, first floor
	 	Koln
	 	 	50667	 
	22.

	 	 	70157	 	 	Hohestrasse 115/115A
	 	basement, ground floor, first floor
	 	Koln Hohestr Fam
	 	 	50667	 
	23.

	 	 	70306	 	 	Aachener Str. 1253
	 	Unit 1.26 and 1.27
	 	Koln RheinCenter Ki
	 	 	50858	 

 

1

 

 

Schedule 3.05 B

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	No.	 	Store No:	 	Address:	 	Location:	 	City:	 	Postal Code:
	 
	24.

	 	 	70896	 	 	Willy-Brandt-Platz 7
	 	Unit 0004U and 0075AU, basement
	 	Leipzig
	 	 	04109	 
	25.

	 	 	70934	 	 	Peterstrasse 16
	 	basement, ground floor
	 	Leipzig Peterstrasse
	 	 	04109	 
	26.

	 	 	70689	 	 	Breite strasse 29
	 	ground floor, first floor
	 	Lubeck
	 	 	23552	 
	27.

	 	 	70567	 	 	O6.5 — Planken
	 	ground floor, first floor
	 	Mannheim
	 	 	68161	 
	28.

	 	 	70214	 	 	Willy-Brandt-Platz 5
	 	Unit 0-19
	 	Munich LS
	 	 	81829	 
	29.

	 	 	70895	 	 	OEZ, Hanauer Str. 68
	 	Unit 00-460 ground floor
	 	Munich OEZ
	 	 	80993	 
	30.

	 	 	70307	 	 	Shop 1/365, Hanauerstrasse 68
	 	Unit 1/365
	 	Munich Olympia Ki
	 	 	80993	 
	31.

	 	 	70507	 	 	Ludgeristrasse 32-34
	 	ground floor
	 	Munster
	 	 	48143	 
	32.

	 	 	70107	 	 	Breite Gasse 88
	 	ground floor, first floor
	 	Nurnberg LS
	 	 	90402	 
	33.

	 	 	70091	 	 	Centro Allee 197
	 	ground floor
	 	Oberhausen Centro Ki
	 	 	46047	 
	34.

	 	 	70188	 	 	Centro Allee 55
	 	ground floor
	 	Oberhausen Centro LS
	 	 	46047	 
	35.

	 	 	70443	 	 	Rhein-Neckar-Zentrum Robert Schumanstrasse 1
	 	ground floor
	 	Rhein Neckar Z. Fam Viernheim
	 	 	68519	 
	36.

	 	 	70400	 	 	Tillsitterstrasse 15
	 	ground floor
	 	Sindelfingen WBo
	 	 	71065	 
	37.

	 	 	70605	 	 	Koningstrasse 58
	 	ground floor, first floor
	 	Stuttgart
	 	 	70173	 
	38.

	 	 	70414	 	 	Koningstrasse 12
	 	first floor
	 	Stuttgart LS P&C
	 	 	70173	 
	39.

	 	 	71032	 	 	Guntenbergstrasse 5
	 	second floor (unit 01.46)
	 	Weiterstadt
	 	 	64331	 
	40.

	 	 	70979	 	 	Alte Freiheit 9
	 	ground floor (unit 01.66)
	 	Wuppertal
	 	 	42103	 
	41.

	 	 	70238	 	 	Alter Spandauer Weg 1
	 	ground floor, unit 68, 69, 70
	 	Berlin Wusterm. FO
	 	 	14641	 
	42.

	 	 	70560	 	 	Bremer Strasse 115-117
	 	ground floor, unit B 1
	 	Bremen (Permanent location)
	 	 	28203	 
	43.

	 	 	70508	 	 	Otto-Hahn-Str. 1
	 	unit 56-57
	 	Ingolstadt FO
	 	 	85055	 
	44.

	 	 	70239	 	 	Friedrich Ebert Strasse 9-13
	 	ground floor
	 	Korschenbroich FO
	 	 	41352	 
	45.

	 	 	70295	 	 	Reyerhutterstrasse 45-47
	 	ground floor
	 	M.Gladbach FO
	 	 	41065	 
	46.

	 	 	70462	 	 	Industriestrasse 59
	 	ground floor
	 	Mulheim Karlich FO
	 	 	56218	 
	47.

	 	 	70836	 	 	Laurenzstrasse 51
	 	ground floor/first floor ? unit 104-105
	 	Ochtrup — FO
	 	 	48607	 
	48.

	 	 	70904	 	 	Schützenstrasse 50
	 	ground floor, unit 9
	 	Radolfzell — FO
	 	 	78315	 
	49.

	 	 	70402	 	 	Almosenberg
	 	Unit 55-56
	 	Wertheim FO
	 	 	97877	 
	50.

	 	 	70837	 	 	An der Vorburg 1
	 	ground floor, unit 44
	 	Wolfsburg FO
	 	 	38440	 
	51.

	 	 	70998	 	 	Londoner Bogen 10 — 90
	 	ground floor, unit 32
	 	Zweibrucken FO
	 	 	66482	 

 

2

 

 

Schedule 3.05 B

3. Liz Claiborne Europe (Property lease in the Netherlands)

	 	 	 	 	 	 	 	 	 	 	 	 	 
	No.	 	Store No:	 	Address:	 	Location:	 	City:	 	Postal Code:
	 
	1.

	 	 	70423	 	 	Piazza 25
	 	Basement, ground floor
	 	Eindhoven
	 	5611 AE

4. Mexx Nederland Retail BV (Property leases in the Netherlands)

	 	 	 	 	 	 	 	 	 	 	 	 	 
	No.	 	Store No:	 	Address:	 	Location:	 	City:	 	Postal Code:
	 
	1.

	 	 	70600	 	 	Belfort 1
	 	Blok 1A, unit 9 and 10, groundfloor, first floor
	 	Almere
	 	1315 VA
	2.

	 	 	70016	 	 	Binnenhof 73
	 	ground floor, basement (storage)
	 	Amstelveen
	 	1181 ZJ
	3.

	 	 	70015	 	 	Gelderlandplein 2
	 	ground floor
	 	Amsterdam Gelderlandplein
	 	1082 KX
	4.

	 	 	70547	 	 	Laat 114-118
	 	ground floor
	 	Alkmaar
	 	1811 EL
	5.

	 	 	70314	 	 	Langestraat 44/46
	 	ground floor
	 	Amersfoort
	 	3811 AH
	6.

	 	 	70264	 	 	Mooierstraat 23
	 	ground floor
	 	Amersfoort
	 	3811 EB
	7.

	 	 	70933	 	 	Barteljoristraat 13-17
	 	ground floor
	 	Haarlem
	 	2011 RA
	8.

	 	 	70010	 	 	Roselaarplein 20-21
	 	ground floor
	 	Roosendaal WBo
	 	4701 BR
	9.

	 	 	70566	 	 	Museumweg 10
	 	ground floor, first floor
	 	Lelystad
	 	8242 PD
	10.

	 	 	70255	 	 	Achterdoelen 100-102
	 	ground floor
	 	Ede
	 	6711 AV
	11.

	 	 	70358	 	 	Kerkstraat 59-61
	 	ground floor
	 	Hilversum
	 	1211 CL
	12.

	 	 	70426	 	 	Marktlaan 13-15
	 	ground floor
	 	Hoofddorp
	 	2132 DL
	13.

	 	 	70203	 	 	Haarlemmerstraat 95/97
	 	ground floor
	 	Leiden
	 	2312 DM
	14.

	 	 	70265	 	 	Molenstraat 4
	 	ground floor
	 	Naaldwijk
	 	2671 EX
	15.

	 	 	70298	 	 	Prins J.F. Promenade 115
	 	ground floor
	 	Rijswijk
	 	2284 DE
	16.

	 	 	70196	 	 	Prins W.A. Promenade 21
	 	ground floor
	 	Rijswijk
	 	2284 DH
	17.

	 	 	70777	 	 	Hamstraat 12
	 	ground floor
	 	Roermond
	 	6041 HB
	18.

	 	 	70299	 	 	Zuidplein Hoog 789
	 	ground floor
	 	Rotterdam Zuidplein
	 	3083 BJ
	19.

	 	 	70410	 	 	Hoofdstraat 52-56
	 	ground floor
	 	Veenendaal
	 	3901 AR
	20.

	 	 	70199	 	 	Liesveld 132
	 	ground floor (+ storage)
	 	Vlaardingen
	 	3131 CM
	21.

	 	 	71002	 	 	Woensel 275
	 	ground floor and first floor
	 	Woensel
	 	5625 AG

 

3

 

 

Schedule 3.05 B

5. Mexx Nederland BV (Property leases in the Netherlands)

	 	 	 	 	 	 	 	 	 	 	 	 	 
	No.	 	Store No:	 	Address:	 	Location:	 	City:	 	Postal Code:
	 
	1.

	 	 	70170	 	 	Kalverstraat 178
	 	ground floor
	 	Amsterdam Kalverstraat LS
	 	1012 XB
	2.

	 	 	70001	 	 	PC Hooftstraat 118-120
	 	ground floor
	 	Amsterdam PC Hooft LS
	 	1071 CD
	3.

	 	 	70013	 	 	Aankomstpassage 28
	 	ground floor
	 	Amsterdam Schiphol LS
	 	1118 AX
	4.

	 	 	70129	 	 	Ketelstraat 14
	 	ground floor
	 	Arnhem LS
	 	6811 CX
	5.

	 	 	70424	 	 	Wouwsestraat 2
	 	ground floor, first and second floor
	 	Bergen op Zoom Fam
	 	4611 PL
	6.

	 	 	70169	 	 	Ginnekenstraat 83/85
	 	ground floor
	 	Breda Fam
	 	4811 JE
	7.

	 	 	70302	 	 	Arena 175
	 	ground floor
	 	Den Bosch Ki
	 	5211 XT
	8.

	 	 	70128	 	 	Hoge Steenweg 25
	 	ground floor
	 	Den Bosch LS
	 	5211 JN
	9.

	 	 	70211	 	 	Wagenstraat 14
	 	ground floor, first, second and third floor
	 	Den Haag Fam
	 	2512 AX
	10.

	 	 	70297	 	 	Kleiweg 25
	 	ground floor
	 	Gouda
	 	2801 GD
	11.

	 	 	70092	 	 	Corio Centrum 27, Unit 28
	 	ground floor
	 	Heerlen LS
	 	6411 LX
	12.

	 	 	70303	 	 	Mincklerstraat 20, 6211 GN
	 	basement, ground floor
	 	Maastricht Mega
	 	6211 GX
	13.

	 	 	70296	 	 	Steenweg 7
	 	ground floor
	 	Roermond
	 	6041 EV
	14.

	 	 	70018	 	 	Lijnbaan 83
	 	basement, ground floor
	 	Rotterdam Lijnbaan Fam
	 	4701 BR
	15.

	 	 	70115	 	 	Oudegracht 91
	 	ground floor
	 	Utrecht Ki
	 	5038 BD
	16.

	 	 	70161	 	 	Oudegracht 129-139a
	 	ground floor
	 	Utrecht LS
	 	3511 AD
	17.

	 	 	70002	 	 	Nieuwe Marktpassage 25
	 	N/A
	 	Gouda*
	 	25, 2801HW

6. Westcoast Contempo Fashions Limited (Property leases in Canada)

	 	 	 
	No.	 	Address
	1.

	 	6700 Southridge Drive, Burnaby, British Columbia V3N 5G3
	2.

	 	555 Chabanel Street West, Suite M-04 and part of Suite M-20, Montreal, Quebec
	3.

	 	101 — 65 Wingold Ave, Toronto, Ontario M6B 1P8(sublease)

7. Liz Claiborne Europe (Property leases in United Kingdom)

	 	 	 
	No.	 	Address
	1.

	 	27 Bruton St., London W1J6QN England
	2.

	 	The Hartnell Building, 1st floor, 26 Bruton St., London W1J6QL England

 

	 	 	 
	*	 	Mexx Nederland BV subleases the store to the HSC
partner.

 

4

 

 

Schedule 3.05 B

8. Juicy Couture Canada Inc. (Property lease in Canada)

	 	 	 
	No.	 	Address
	1.

	 	Yorkdale Shopping Center, 3401 Dufferin Street, Suite 61 Toronto ON M6A 2T9**
	2.

	 	Vaughan Mills, 1 Bass Pro Mills Drive, Space #202, Vaughan, ON L4K 5W4

9. Juicy Couture Ireland Limited (Property lease in Ireland)

	 	 	 
	No.	 	Address
	1.

	 	10a Kildare Village, Nurney Road, Kildare Town, County Kildare, Ireland

10. Juicy Couture Europe Limited (Property leases in United Kingdom)

	 	 	 
	No.	 	Address
	1.

	 	Unit U107 Upper Level, West Mall, Bluewater,Dartford Kent, UK
	2.

	 	Unit 20 A, Bicester Village , Bicester, Oxfordshire, England**

	 	 	 
	Note:
	 
	**	 	Leases on these locations are partially executed by the tenant entities and the tenant entities
are waiting for the fully executed leases back from the landlords.

 

5

 

Schedule 3.05 B

Other Leased Real Property — US

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Banner	 	 	 	Landlord Entity under the
	Lease #	 	Location Name	 	Address 1	 	Address 2	 	City	 	State	 	Zip	 	/Tradename	 	Tenant Entity under the Lease	 	Lease
	 

	 	1441 Broadway (Sublease to IDA)
	 	1441 Broadway
 (portion of space)
	 	 	 	New York
	 	NY
	 	 	10018	 	 	LCI Facilities
	 	NYC Industrial Development Agency (Sub Tenant)
	 	Liz Claiborne, Inc. (Sub Landlord)
	 

	 	1441 Broadway (Sub-Sublease from IDA)
	 	1441 Broadway
 (portion of space)
	 	 	 	New York
	 	NY
	 	 	10018	 	 	LCI Facilities
	 	Liz Claiborne, Inc. (as Lessee)
	 	NYC Industrial Development Agency (as Lessor)
	001-57700V (FN1)

	 	650 Boulder Drive
	 	650 Boulder Drive
	 	 	 	Breinigsville
	 	PA
	 	 	18031	 	 	LCI Facilities
	 	Liz Claiborne, Inc.
	 	Liberty Property Limited Partnership
	001-61500-14

	 	Bill McComb’s Apartment
	 	325 Fifth Avenue
	 	 	 	New York
	 	NY
	 	 	 	 	 	McCombs Apartment
	 	Liz Claiborne, Inc.
	 	Briji & Amita Mittal
	001-61500-2 (partially sublet)

	 	1440 Broadway Office
	 	1440 Broadway
	 	 	 	New York
	 	NY
	 	 	10018	 	 	LCI Facilities
	 	Liz Claiborne, Inc.
	 	1440 Broadway Owner LLC
	001-61500-3 (partially sublet)

	 	1441 Broadway
	 	1441 Broadway
	 	 	 	New York
	 	NY
	 	 	10018	 	 	LCI Facilities
	 	Liz Claiborne, Inc.
	 	Lechar Realty Corp
	001-61500-8V (FN1)

	 	Empire State Building
	 	350 Fifth Avenue, 16th Floor
	 	 	 	New York
	 	NY
	 	 	10118	 	 	Monet Facilities
	 	Monet International, Inc.
	 	Empire State Building Company
	001-61500-9 (LCI is a subtenant)

	 	DKNY Jeans Office
	 	240 West 40th Street
	 	 	 	New York
	 	NY
	 	 	10018	 	 	DKNY Facilities
	 	LC Libra LLC
	 	The Donna Karan Company LLC
	006-00000V (FN1) (partially sublet)

	 	Atlanta Showroom
	 	260 Peachtree Street
	 	 	 	Atlanta
	 	GA
	 	 	30303	 	 	LC Service Company
	 	L.C. Service Company, Inc.
	 	260 Properties, L.L.C.
	085-51000V (FN1)

	 	120 Herrod Boulevard (Cosmetics)
	 	120 Herrod Boulevard
	 	 	 	Dayton
	 	NJ
	 	 	8810	 	 	LCI Facilities
	 	Liz Claiborne Cosmetics, Inc.
	 	Forsgate Industrial Complex
	102-05700

	 	Interstate Shopping Center
	 	Route 17 South
	 	 	 	Ramsey
	 	NJ
	 	 	7446	 	 	Liz Claiborne Company Store
	 	LCI Holdings, Inc.
	 	Gabrellian Associates
	102-06100

	 	Winter Park Village
	 	400 North Orlando Avenue
	 	 	 	Winter Park
	 	FL
	 	 	32789	 	 	Liz Claiborne Company Store
	 	LCI Holdings, Inc.
	 	Winter Park Town Center, Ltd.
	102-10010

	 	Louisiana Boardwalk
	 	380 Boardwalk Boulevard
	 	 	 	Bossier City
	 	LA
	 	 	71111	 	 	DKNY
	 	LCI Holdings, Inc.
	 	Louisiana Riverwalk, LLC
	102-10080

	 	Round Rock Premium Outlets
	 	4401 North IH 35
	 	 	 	Round Rock
	 	TX
	 	 	78664	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	CPG Tinton Falls Urban Renewal, LLC
	102-10100

	 	Tanger Factory Outlet Center
	 	4840 Tanger Outlet Boulevard
	 	 	 	Charleston
	 	SC
	 	 	29418	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Tanger Properties Limited Partnership
	102-10110

	 	Adirondack Outlet Mall
	 	1454 State Route 9
	 	 	 	Lake George
	 	NY
	 	 	12845	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Adirondack Factory Outlet Center, Inc.
	102-10120

	 	Rio Grande Valley Premium Outlets
	 	5001 E. Expressway
	 	 	 	Mercedes
	 	TX
	 	 	78570	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	CPG Mercedes, L.P.
	102-10130

	 	Orlando Outlet World
	 	5401 West Oakridge
	 	 	 	Orlando
	 	FL
	 	 	32819	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Orlando Outlet Owner LLC
	102-10140 Hybrid (FN4)

	 	Philadelphia Premium Outlets
	 	18 Lightcap Road
	 	 	 	Limerick
	 	PA
	 	 	19464	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Chelsea Limerick Holdings LLC
	102-10150

	 	The Outlet Shoppes at El Paso
	 	7051 South Desert Boulevard
	 	 	 	El Paso
	 	TX
	 	 	79835	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	El Paso Outlet Center, LLC
	102-10170

	 	Louisiana Boardwalk
	 	326 Plaza Loop
	 	 	 	Bossier City
	 	LA
	 	 	71111	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Louisiana Riverwalk, LLC

 

1

 

 

Schedule 3.05 B

Other Leased Real Property — US [updated as of 5/1/2010]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Banner	 	 	 	Landlord Entity under the
	Lease #	 	Location Name	 	Address 1	 	Address 2	 	City	 	State	 	Zip	 	/Tradename	 	Tenant Entity under the Lease	 	Lease
	102-10220

	 	Houston Premium Outlets
	 	29300 Hempstead Road
	 	 	 	Cypress
	 	TX
	 	 	77433	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	CPG Houston Holdings, L.P.
	102-16010 Hybrid (FN4)

	 	Las Vegas Premium Outlets
	 	I-15 at US 95 on Grand Central Parkway
	 	Unit 1380
	 	Las Vegas
	 	NV
	 	 	89106	 	 	DKNY
	 	LCI Holdings, Inc.
	 	Simon/Chelsea Las Vegas Development, LLC
	102-16020 Hybrid (FN4)

	 	Philadelphia Premium Outlets
	 	18 Lightcap Road
	 	 	 	Limerick
	 	PA
	 	 	19464	 	 	DKNY
	 	LCI Holdings, Inc.
	 	Chelsea Limerick Holdings LLC
	102-16050

	 	Jersey Gardens
	 	651 Kapkowski Road
	 	 	 	Elizabeth
	 	NJ
	 	 	7201	 	 	DKNY
	 	LCI Holdings, Inc.
	 	JG Elizabeth, LLC
	102-30100

	 	Lake Buena Vista Factory Stores
	 	15831 Apopka Vineland Road
	 	 	 	Orlando
	 	FL
	 	 	32821	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Lake Buena Vista Joint Venture
	102-30200

	 	Prime Outlets at St. Augustine
	 	500 Belz Outlet Bolevard
	 	 	 	St. Augustine
	 	FL
	 	 	32084	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	LVP St. Augustine Outlets LLC
	102-30300

	 	Tanger Outlet Center
	 	1475 North Burkhart Road
	 	Suite B-130
	 	Howell
	 	MI
	 	 	48855	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Tanger Properties Limited Partnership
	102-30400

	 	Blowing Rock Outlet Center
	 	US Highway 321, Suite 100
	 	 	 	Blowing Rock
	 	NC
	 	 	28605	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Tanger Properties Limited Partnership
	102-30600 (FN6)

	 	Prime Outlets at Hagerstown
	 	700 Prime Outlets Blvd.
	 	 	 	Hagerstown
	 	MD
	 	 	21740	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Outlet Village of Hagerstown Limited Partnership
	102-30900

	 	WaterMark Place Outlet Center
	 	4665 Vision Land Parkway
	 	 	 	Bessemer
	 	AL
	 	 	35022	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	WaterMark Place — Birmingham, LLC
	102-31000

	 	Factory Stores at Park City
	 	6699 North Landmark Drive
	 	Suite L120
	 	Park City
	 	UT
	 	 	84098	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	COROC/Park City L.L.C.
	102-31100

	 	Allen Premium Outlets
	 	820 West Stacy Road, Suite 190
	 	 	 	Allen
	 	TX
	 	 	75013	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Chelsea GCA Realty Partnership, L.P.
	102-31300

	 	Las Vegas Outlet Center
	 	7400 Las Vegas Blvd., South
	 	 	 	Las Vegas
	 	NV
	 	 	89123	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Chelsea Las Vegas Holdings LLC
	102-31500 Hybrid (FN4)

	 	Opry Mills
	 	168 Opry Mills Drive
	 	 	 	Nashville
	 	TN
	 	 	37214	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Opry Mills Mall Limited Partnership
	102-31700

	 	Arundel Mills
	 	7000 Arundel Mills Circle, Suite 438
	 	 	 	Hanover
	 	MD
	 	 	21076	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Arundel Mills, LP
	102-32100

	 	Sawgrass Mills Mall
	 	12801 West Sunrise Blvd., Suite 411
	 	 	 	Sunrise
	 	FL
	 	 	33323	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Sunrise Mills (MLP) Limited Partnership
	102-32200

	 	The Factory Stores
	 	1500 SE East Devils Lake Road
	 	Suite 500, Space B100
	 	Lincoln City
	 	OR
	 	 	97367	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	COROC/Lincoln City L.L.C.
	102-32400

	 	Las Americas Premium Outlets
	 	4201 Camino de la Plaza
	 	Suite G-138
	 	San Diego
	 	CA
	 	 	92173	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Chelsea San Diego Finance, LLC
	102-32500

	 	Great Lakes Crossings Mall
	 	4680 Baldwin Road, Suite M-903
	 	 	 	Auburn Hills
	 	MI
	 	 	48326	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Taubman Auburn Hills Associates Limited Partnership
	102-32600 Hybrid (FN4)

	 	Hilton Head Factory Stores II
	 	1414 Fording Island Road
	 	 	 	Bluffton
	 	SC
	 	 	29910	 	 	Liz Claiborne / Liz Golf
	 	LCI Holdings, Inc.
	 	COROC/Hilton Head II, L.L.C.

 

2

 

 

Schedule 3.05 B

Other Leased Real Property — US [updated as of 5/1/2010]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Banner	 	 	 	Landlord Entity under the
	Lease #	 	Location Name	 	Address 1	 	Address 2	 	City	 	State	 	Zip	 	/Tradename	 	Tenant Entity under the Lease	 	Lease
	102-32700 Hybrid (FN4)

	 	Tanger Factory Outlet Center
	 	10819 Kings Road Unit 400
	 	 	 	North Myrtle Beach
	 	SC
	 	 	29572	 	 	Liz Claiborne / Liz Golf
	 	LCI Holdings, Inc.
	 	TWMB Associates, LLC
	102-32900

	 	The Outlets at Castle Rock
	 	5050 Factory Shops Blvd, Space #400
	 	 	 	Castle Rock
	 	CO
	 	 	80104	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Craig Realty Group — Castle Rock, LLC
	102-33000

	 	Liberty Village Premium Outlets
	 	One Church Street
	 	 	 	Flemington
	 	NJ
	 	 	8822	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	102-33200

	 	The Walk
	 	2000 Artic Avenue, Space 500
	 	 	 	Atlantic City
	 	NJ
	 	 	8401	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Atlantic City Associates, LLC
	102-33300

	 	Factory Stores at Vacaville
	 	121-D Nut Tree Road
	 	 	 	Vacaville
	 	CA
	 	 	95687	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	CPG Finance II, LLC
	102-33400

	 	Silver Sands Factory Shops
	 	10406 Emrald Coast Parkway West
	 	Suite 41
	 	Destin
	 	FL
	 	 	32550	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Silver Sands Joint Venture Partners II
	102-33500

	 	Lakes Region Factory Stores
	 	120 Laconia Road
	 	 	 	Tilton
	 	NH
	 	 	3276	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	COROC/Lakes Region, L.L.C.
	102-33600

	 	The Outlets of Hershey
	 	31 Outlet Square
	 	 	 	Hershey
	 	PA
	 	 	17033	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	FSH, Associates, LP
	102-33700

	 	Factory Stores of America
	 	361 Sweeney Drive
	 	 	 	Crossville
	 	TN
	 	 	38555	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	CPG Finance II, LLC
	102-33800 Hybrid (FN4)

	 	Outlets at Albertville
	 	6415 Labeaux Avenue NE
	 	 	 	Albertville
	 	MN
	 	 	55301	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	102-34000

	 	Tanger Factory Outlet Center
	 	4638 Factory Stores Blvd.
	 	 	 	South Myrtle Beach
	 	SC
	 	 	29579	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	COROC/Myrtle Beach L.L.C.
	102-34100 Hybrid (FN4)

	 	Chicago Premium Outlets
	 	1650 Premium Outlets Blvd.
	 	Suite 1001
	 	Aurora
	 	IL
	 	 	60504	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Simon/Chelsea Chicago Development, LLC
	102-34200 Hybrid (FN4)

	 	Jackson Outlet Village
	 	537 Monmouth Road
	 	Space #300
	 	Jackson
	 	NJ
	 	 	8527	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	102-34300

	 	Edinburgh Premium Outlets
	 	3026 Outlet Drive
	 	Suite B030
	 	Edinburgh
	 	IN
	 	 	46124	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	102-34500

	 	Horizon Outlet Center
	 	1477 Retherferd Street
	 	 	 	Tulare
	 	CA
	 	 	93274	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	PRE/Tulare (CA) LLC
	102-34700

	 	Lake Park Outlets
	 	5263 Mill Store Road
	 	 	 	Lake Park
	 	GA
	 	 	31636	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	PRE/Lake Park (GA), LLC
	102-34900 Hybrid (FN4)

	 	Seattle Premium Outlets
	 	10600 Quil Ceda Blvd.
	 	 	 	Tulalip
	 	WA
	 	 	98271	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	102-35000

	 	Woodburn Company Stores
	 	1001 Arney Road
	 	 	 	Woodburn
	 	OR
	 	 	97071	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Craig Realty Group — Woodburn, LLC
	102-35100

	 	Columbia Gorge Premium Outlets
	 	450 NW 257th Way
	 	 	 	Troutdale
	 	OR
	 	 	97060	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Chelsea Financing Partnership, L.P.
	102-37600 Hybrid (FN4)

	 	Aurora Premium Outlets
	 	549 South Chillicothe Road, Suite 360
	 	 	 	Aurora
	 	OH
	 	 	 	 	 	DKNY
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	102-37700

	 	Designer Outlet Gallery
	 	55 Hartz Way
	 	 	 	Secaucus
	 	NJ
	 	 	7094	 	 	DKNY
	 	LCI Holdings, Inc.
	 	Secaucus Outlet Center, LLC
	102-37900

	 	Tanger Factory Outlet Center
	 	1770 West Main Street
	 	 	 	Riverhead
	 	NY
	 	 	11901	 	 	DKNY
	 	LCI Holdings, Inc.
	 	Tanger Properties Limited Partnership

 

3

 

 

Schedule 3.05 B

Other Leased Real Property — US [updated as of 5/1/2010]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Banner	 	 	 	Landlord Entity under the
	Lease #	 	Location Name	 	Address 1	 	Address 2	 	City	 	State	 	Zip	 	/Tradename	 	Tenant Entity under the Lease	 	Lease
	102-38000

	 	Prime Outlets at Ellenton
	 	5105 Factory Stores Shops
	 	 	 	Ellenton
	 	FL
	 	 	34222	 	 	DKNY
	 	LCI Holdings, Inc.
	 	Gulf Coast Factory Shops Limited Partnership
	102-38100

	 	Woodbury Common Premium Outlets
	 	227 Red Apple Court
	 	Route 32
	 	Central Valley
	 	NY
	 	 	10917	 	 	DKNY
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	102-38200 Hybrid (FN4)

	 	Tanger Factory Outlet Center
	 	4015 IH 35 South
	 	Suite 101B
	 	San Marcos
	 	TX
	 	 	78666	 	 	DKNY
	 	LCI Holdings, Inc.
	 	Tanger Properties Limited Partnership
	102-38600

	 	The Crossings Premium Outlets
	 	1000 Route 611
	 	 	 	Tannersville
	 	PA
	 	 	18372	 	 	DKNY
	 	LCI Holdings, Inc.
	 	Chelsea Pocono Finance, LLC
	102-38900

	 	Orlando Outlet World
	 	4955 International Drive
	 	 	 	Orlando
	 	FL
	 	 	32819	 	 	DKNY
	 	LCI Holdings, Inc.
	 	Orlando Outlet Owner LLC
	102-39000

	 	Gilroy Premium Outlets
	 	8155 Arroyo Circle
	 	Suite A011B
	 	Gilroy
	 	CA
	 	 	95020	 	 	DKNY
	 	LCI Holdings, Inc.
	 	Gilroy Premium Outlets, LLC
	102-39100

	 	Wrentham Village Premium Outlets
	 	One Premium Outlet Blvd.
	 	 	 	Wrentham
	 	MA
	 	 	2093	 	 	DKNY
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	102-70200

	 	283 US Route 1
	 	283 US Route 1
	 	Suite 14
	 	Kittery
	 	ME
	 	 	03904-6506	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Tanger Properties Limited Partnership
	102-70400

	 	Vanity Fair Outlet Center
	 	Reading Vanity Fair
	 	801 Hill Avenue
	 	Reading
	 	PA
	 	 	19610	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	VF Outlet, Inc.
	102-70600

	 	Prime Outlets at Williamsburg
	 	5699 — 12 Richmond Road
	 	 	 	Williamsburg
	 	VA
	 	 	23188-1704	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Williamsburg Outlets, L.L.C
	102-70700

	 	Tanger Factory Outlet Center
	 	2601 South McKenzie Street
	 	 	 	Foley
	 	AL
	 	 	36535	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	COROC/Riviera L.L.C.
	102-70800

	 	Five Oaks
	 	1645 Parkway, Suite #610
	 	 	 	Sevierville
	 	TN
	 	 	37862	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Tanger Properties Limited Partnership
	102-71000

	 	Prime Outlets at Pleasant Prairie
	 	11211 120th Avenue
	 	 	 	Pleasant Prairie
	 	WI
	 	 	53158-1704	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Prime Outlets at Pleasant Prairie LLC
	102-71300 Hybrid (FN4)

	 	Woodbury Common Premium Outlets
	 	231 Red Apple Court
	 	Route 32, Box 11
	 	Central Valley
	 	NY
	 	 	10917	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P
	102-71500 Hybrid (FN4)

	 	Prime Outlets at Queenstown
	 	401 Outlet Center Drive
	 	 	 	Queenstown
	 	MD
	 	 	21658	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Second Horizon Group Limited Partnership
	102-71600

	 	Prime Outlets at Birch Run
	 	12154 Beyer Road #330
	 	 	 	Birch Run
	 	MI
	 	 	48415	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Birch Run Outlets II, LLC
	102-71800

	 	Gilroy Premium Outlets
	 	8155-1 Arroyo Circle, Store 1
	 	 	 	Gilroy
	 	CA
	 	 	95020	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Gilroy Premium Outlets, LLC
	102-72100

	 	Tanger Factory Outlet Center
	 	Tanger Drive, Suite 101
	 	 	 	Williamsburg
	 	IA
	 	 	52361	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Tanger Properties, LP.
	102-72400 (FN5)

	 	Casa Grande Outlet Center
	 	2300 East Tanger Dr. Building A
	 	 	 	Casa Grande
	 	AZ
	 	 	85222	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	All State Associates of Pinal XV, LLC
	102-72700

	 	Prime Outlets at Calhoun
	 	455 Belwood Road
	 	 	 	Calhoun
	 	GA
	 	 	30701	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Calhoun Outlets LLC
	102-73000 Hybrid (FN4)

	 	Tanger Factory Outlet Center
	 	4015 IH 35 South, Suite 101
	 	 	 	San Marcos
	 	TX
	 	 	78666	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Tanger Properties Limited Partnership
	102-73400

	 	Fashion Outlets of Santa Fe
	 	8380 Cerrillos Road
	 	 	 	Santa Fe
	 	NM
	 	 	87505	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Fashion Outlets of Santa Fe, LLC

 

4

 

 

Schedule 3.05 B

Other Leased Real Property — US [updated as of 5/1/2010]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Banner	 	 	 	Landlord Entity under the
	Lease #	 	Location Name	 	Address 1	 	Address 2	 	City	 	State	 	Zip	 	/Tradename	 	Tenant Entity under the Lease	 	Lease
	102-73600 Hybrid (FN4)

	 	Tanger Factory Outlet Center
	 	Tanger Drive, Suite 101
	 	 	 	Riverhead
	 	NY
	 	 	11901	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Tanger Properties Limited Partnership
	102-73800

	 	Vero Beach Outlets
	 	1896 94th Drive, H-140
	 	 	 	Vero Beach
	 	FL
	 	 	32966	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Vero Fashion Outlets, LLC
	102-74100

	 	West Branch Outlet Center
	 	2990 Cook Road
	 	Suite 130
	 	West Branch
	 	MI
	 	 	48661	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Tanger Properties Limited Partnership
	102-74200 Hybrid (FN4)

	 	Aurora Premium Outlets
	 	549 South Chillicothe Road, Suite 360
	 	 	 	Aurora
	 	OH
	 	 	 	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	102-74300

	 	Tanger Outlet Center
	 	2796 Tanger Way
	 	Suite 101
	 	Barstow
	 	CA
	 	 	92311	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Tanger Properties Limited Partnership
	102-74400

	 	Tanger Factory Outlet Center
	 	801 Stanley K. Tanger Blvd.
	 	Unit # 801
	 	Lancaster
	 	PA
	 	 	17602	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Tanger Properties Limited Partnership
	102-74500

	 	Desert Hills Premium Outlets
	 	48400 Seminole Road
	 	Suite 700
	 	Cabazon
	 	CA
	 	 	92230	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	102-74600 Hybrid (FN4)

	 	Napa Premium Outlets
	 	607 Factory Stores Drive
	 	 	 	Napa
	 	CA
	 	 	94558	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Chelsea Financing Partnership, LP
	102-74700 Hybrid (FN4)

	 	Rehoboth Outlet Center
	 	Rehoboth Outlet Center 1, Suite 327
	 	 	 	Rehoboth Beach
	 	DE
	 	 	19971	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	COROC/Rehoboth I L.L.C.
	102-74800

	 	Factory Outlet Village
	 	4540 Highway 54- Suite BB1
	 	 	 	Osage Beach
	 	MO
	 	 	65065	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	102-74900

	 	The Crossings Premium Outlets
	 	500 Crossings Dactory Stores, Suite 201
	 	 	 	Tannersville
	 	PA
	 	 	18372	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Chelsea Pocono Finance, LLC
	102-75400

	 	Tanger Factory Outlet Center
	 	2100 Tanger Blvd.
	 	Suite 101
	 	Gonzales
	 	LA
	 	 	70737	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Tanger Properties Limited Partnership
	102-75900

	 	Branson Outlet Center
	 	300 Tanger Drive, Suite 101
	 	 	 	Branson
	 	MO
	 	 	65616	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Tanger Properties Limited Partnership
	102-76000

	 	Locust Grove Outlet Center
	 	1000 Tanger Blvd, Suite 303
	 	 	 	Locust Grove
	 	GA
	 	 	30248	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Tanger Properties Limited Partnership
	102-76100

	 	Clinton Crossing Premium Outlets
	 	20 Killingworth Turnpike
	 	Suite 100
	 	Clinton
	 	CT
	 	 	6413	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	102-76200 Hybrid (FN4)

	 	Carolina Premium Outlets
	 	1025 Industrial Park Drive
	 	Suite 10
	 	Smithfield
	 	NC
	 	 	27577	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	CPG Finance I, LLC
	102-76300

	 	Georgia Islands Factory Shoppes
	 	One Magnolia Bluff Way
	 	 	 	Darien
	 	GA
	 	 	31305	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	PRE/Darien (GA) LLC
	102-76400

	 	Lighthouse Place Premium Outlets
	 	1670 Lighthouse Place
	 	 	 	Michigan City
	 	IN
	 	 	46360	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Lighthouse Place Premium Outlets LLC
	102-76700

	 	Fashion Outlets of Niagara
	 	1690 Military Road
	 	 	 	Niagara Falls
	 	NY
	 	 	14304	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Fashion Outlets of Niagara, LLC
	102-76800 Hybrid (FN4)

	 	Prime Outlets at Ellenton
	 	5705 Factory Shops Boulevard
	 	 	 	Ellenton
	 	FL
	 	 	34222	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Gulf Coast Factory Shops Limited Partnership
	102-77000

	 	Prime Outlets at Grove City
	 	Intersection of I-79 & Route 208
	 	Suite 200
	 	Grove City
	 	PA
	 	 	16127	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Grove City Factory Shops Limited Partnership

 

5

 

 

Schedule 3.05 B

Other Leased Real Property — US [updated as of 5/1/2010]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Banner	 	 	 	Landlord Entity under the
	Lease #	 	Location Name	 	Address 1	 	Address 2	 	City	 	State	 	Zip	 	/Tradename	 	Tenant Entity under the Lease	 	Lease
	102-77200

	 	Pigeon Forge Outlet Center
	 	135 Wears Valley Road, Eat
	 	 	 	Pigeon Forge
	 	TN
	 	 	37863	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	Pigeon Forge Outlets Partners, LLC
	102-77300 Hybrid (FN4)

	 	Camarillo Premium Outlets
	 	950 Camarillo Center Drive
	 	Suite 978
	 	Camarillo
	 	CA
	 	 	93010	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	102-77400

	 	Seaside Factory Outlet Center
	 	1111 N Roosevelt Street, Suite 360
	 	 	 	Seaside
	 	OR
	 	 	97138	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	NW Capital Investment Group, LLC
	102-77700

	 	Prime Outlets at Naples
	 	6040 Collier Blvd.
	 	 	 	Naples
	 	FL
	 	 	34114	 	 	Liz Claiborne / Liz Golf
	 	LCI Holdings, Inc.
	 	Coral Isle Factory Shops Limited Partnership
	102-78500 Hybrid (FN4)

	 	Leesburg Corner Premium Outlets
	 	241 Fort Evans Road NE
	 	 	 	Leesburg
	 	VA
	 	 	20176	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	102-78700 Hybrid (FN4)

	 	Wrentham Village Premium Outlets
	 	One Premium Outlet Blvd, Suite 450
	 	 	 	Wrentham
	 	MA
	 	 	02093-0656	 	 	Liz Claiborne
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	102-78900 (FN6)

	 	Sanibel Outlet Center
	 	20350 Summerlin Road
	 	 	 	Fort Meyers
	 	FL
	 	 	33908	 	 	Liz Claiborne / Liz Golf — Temp
	 	LCI Holdings, Inc.
	 	Tanger Properties Limited Partnership
	102-79600

	 	Tanger Factory Outlet Center
	 	4015 IH 35 South, Suite 505
	 	 	 	San Marcos
	 	TX
	 	 	78666	 	 	Liz Claiborne Clearance
	 	LCI Holdings, Inc.
	 	Tanger Properties Limited Partnership
	105-92220

	 	3340 Leonis Boulevard
	 	3340 Leonis Boulevard
	 	 	 	Vernon
	 	CA
	 	 	90058	 	 	Lucky Facilities
	 	Lucky Brand Dungarees, Inc.
	 	The Feit Living Trust dated June 10, 1997
	107-01300

	 	St. Johns Town Center
	 	4712 River City Drive
	 	Suite 111
	 	Jacksonville
	 	FL
	 	 	32246	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	St. Johns Town Center, LLC
	107-01400

	 	Mall of America
	 	170 South Boulevard
	 	 	 	Bloomington
	 	MN
	 	 	55425	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	MOAC Mall Holdings LLC
	107-01500

	 	La Encantada
	 	2905 Skyline Drive
	 	 	 	Tuscon
	 	AZ
	 	 	85718	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	TWC Tucson, LLC
	107-01600

	 	Menlo Park Mall
	 	Route 1 & Parsonage Road
	 	 	 	Edison
	 	NJ
	 	 	8837	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Shopping Center Associates
	107-01700

	 	Christiana Mall
	 	323 Christiana Mall
	 	 	 	Newark
	 	DE
	 	 	19720	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Christiana Mall LLC
	107-01800

	 	The Shops at La Cantera
	 	15900 La Cantera Parkway
	 	 	 	San Antonio
	 	TX
	 	 	78254	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	La Cantera Retail Limited Partnership
	107-01900

	 	The Mall at Green Hills
	 	2126 Abbott Martin Road
	 	Suite 306
	 	Nashville
	 	TN
	 	 	37215	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Davis Street Land Company of Tennessee, L.L.C.
	107-02000

	 	NorthPark Center
	 	8687 North Central Expressway
	 	 	 	Dallas
	 	TX
	 	 	75225	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	NorthPark Partners, LP
	107-02100

	 	Las Americas Premium Outlets
	 	4125 Las Camino De Le Plaza
	 	 	 	San Diego
	 	CA
	 	 	92173	 	 	Lucky Outlet
	 	Lucky Brand Dungarees Stores, Inc.
	 	Chelsea San Diego Finance, LLC
	107-02200

	 	Bridgewater Commons
	 	400 Commons Way
	 	Suite #2285
	 	Bridgewater
	 	NJ
	 	 	8807	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Bridgewater Commons Mall, LLC
	107-02300

	 	The Oaks
	 	222 West Hillcrest Drive
	 	Space T24
	 	Thousand Oaks
	 	CA
	 	 	91360	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Macerich Oaks, LLC
	107-02400

	 	Grant Avenue
	 	222 Grant Avenue
	 	 	 	San Francisco
	 	CA
	 	 	94108	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	The Marshall M Litchmann and Carolyn Grobe Litchmann Trust dated August 15, 1989

 

6

 

 

Schedule 3.05 B

Other Leased Real Property — US [updated as of 5/1/2010]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Banner	 	 	 	Landlord Entity under the
	Lease #	 	Location Name	 	Address 1	 	Address 2	 	City	 	State	 	Zip	 	/Tradename	 	Tenant Entity under the Lease	 	Lease
	107-02500

	 	Simi Valley Town Center
	 	1555 Simi Town Center Way
	 	Unit No. 540
	 	Simi Valley
	 	CA
	 	 	93063	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Simi Valley Mall, LLC
	107-02700

	 	Burlington Mall
	 	75 Middlesex Turnpike
	 	 	 	Burlington
	 	MA
	 	 	1803	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Bellwether Properties of Massachusetts Limited Partnership
	107-02800

	 	Willow Grove Park
	 	2087 & 2091 at Willow Grove Park
	 	2500 Moreland Road
	 	Willow Grove
	 	PA
	 	 	19090	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	WG Park, L.P.
	107-03000

	 	The Summit
	 	209 Summit Blvd.
	 	 	 	Birmingham
	 	AL
	 	 	35243	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Bayer Retail Company, L.L.C.
	107-03300A

	 	The Westchester
	 	125 Westchester Avenue
	 	 	 	White Plains
	 	NY
	 	 	10601	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Westchester Mall, LLC
	107-03300B

	 	The Westchester
	 	125 Westchester Avenue
	 	 	 	White Plains
	 	NY
	 	 	10601	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Westchester Mall, LLC
	107-03500

	 	Plaza Frontenac
	 	97 Plaza Frontenac
	 	1701 South Lindbergh Blvd.
	 	St. Louis
	 	MO
	 	 	63131	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Davis Street Land Company of Missouri L.L.C., as Trustee
	107-03700 *

	 	Seattle Premium Outlets
	 	10600 Quil Ceda Blvd.
	 	Suite 626
	 	Tulalip
	 	WA
	 	 	98271	 	 	Lucky Outlet
	 	Lucky Brand Dungarees Stores, Inc.
	 	CPG Partners, L.P.
	107-25000

	 	Century City Mall
	 	10250 Santa Monica Blvd.
	 	 	 	Los Angeles
	 	CA
	 	 	90067	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Century City Mall, LLC
	107-25010

	 	Southlake Town Square
	 	Grand Avenue District
	 	302 Grand Avenue West
	 	Southlake
	 	TX
	 	 	76092	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	SLTS Grand Avenue II, LP
	107-25020

	 	Keystone Fashion Mall
	 	8701 Keystone Crossing
	 	Room 35C
	 	Indianapolis
	 	IN
	 	 	46240	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	SDG Fashion Mall Limited Partnership
	107-25030

	 	Copley Place
	 	100 Huntington Avenue
	 	 	 	Boston
	 	MA
	 	 	2116	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Copley Place Associates, LLC
	107-25040

	 	Ridgewood Ave
	 	67 Ridgewood Ave
	 	 	 	Ridgewood
	 	NJ
	 	 	7450	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	66-67 East Ridgewood Avenue, LLC
	107-25050

	 	Northbrook Court
	 	1122 Northbrook Court
	 	 	 	Northbrook
	 	IL
	 	 	60062	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Westcoast Estates
	107-25060

	 	Northshore Mall
	 	210 Andover Street
	 	 	 	Peabody
	 	MA
	 	 	01960-164	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Mall at Northshore, LLC
	107-25070

	 	The Summit Sierra
	 	13925 S. Virginia Street
	 	Suite 228
	 	Reno
	 	NV
	 	 	89511	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Reno Retail Company, L.L.C.
	107-25080

	 	North Point Mall
	 	1036 North Point Mall
	 	 	 	Alpharetta
	 	GA
	 	 	30022	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	GGP-North Point, Inc.
	107-25090

	 	Saddle Creek
	 	7615 West Farmington Avenue
	 	 	 	Germantown
	 	TN
	 	 	38138	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Shops at Saddle Creek, Inc.
	107-25100

	 	Walden Galleria
	 	One Walden Galleria
	 	 	 	Cheektowaga
	 	NY
	 	 	14225	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Pyramid Walden Company, L.P.
	107-25110

	 	Crocker Park
	 	264 Crocker Park Boulevard
	 	 	 	Westlake
	 	OH
	 	 	44145	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Crocker Park, LLC
	107-25120

	 	Coconut Point Town Center
	 	23150 Fashion Drive
	 	Suite 103
	 	Estero
	 	FL
	 	 	34134	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Coconut Point Town Center, LLC

 

7

 

 

Schedule 3.05 B

Other Leased Real Property — US [updated as of 5/1/2010]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Banner	 	 	 	Landlord Entity under the
	Lease #	 	Location Name	 	Address 1	 	Address 2	 	City	 	State	 	Zip	 	/Tradename	 	Tenant Entity under the Lease	 	Lease
	107-25130

	 	The Palladium at CityPlace
	 	700 South Rosemary Avenue
	 	 	 	West Palm Beach
	 	FL
	 	 	33401	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Cityplace Retail, L.L.C.
	107-25140

	 	Orlando Premium Outlets
	 	8200 Vineland Ave.
	 	Space #805
	 	Orlando
	 	FL
	 	 	32821	 	 	Lucky Outlet
	 	Lucky Brand Dungarees Stores, Inc.
	 	Chelsea Orlando Development Limited Partnership
	107-25150

	 	Del Amo Fashion Center
	 	3525 Carson Street
	 	 	 	Torrance
	 	CA
	 	 	90503	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Del Amo Fashion Center Operating Company, L.L.C.
	107-25160

	 	Greenwich Avenue
	 	244 Greenwich Avenue
	 	 	 	Greenwich
	 	CT
	 	 	6830	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	D’ELIA Associates, LLC
	107-25170

	 	Smith Haven Mall
	 	313 Smith Haven Mall
	 	Rts. 25 & 347
	 	Lake Grove
	 	NY
	 	 	11755	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Mall at Smith Haven, LLC
	107-25180

	 	Stonebriar Centre
	 	1102 Stonebriar Centre
	 	2601 Preston Road
	 	Frisco
	 	TX
	 	 	75034	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Stonebriar Mall Limited Partnership
	107-25190

	 	North County
	 	200E Via Rancho Parkway
	 	 	 	Escondido
	 	CA
	 	 	92025	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	EWH Escondido Associates, LP & North County Fair LP
	 
	107-25210

	 	Beachwood Place
	 	23600 Cedar Road
	 	 	 	Beachwood
	 	OH
	 	 	44122	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Beachwood Place Limited Partnerhsip
	107-25220

	 	Otay Ranch Town Center
	 	2015 Birch Road
	 	 	 	Chula Vista
	 	CA
	 	 	91915	 	 	Lucky Kid
	 	Lucky Brand Dungarees Stores, Inc.
	 	GGP-Otay Ranch, L.P.
	107-25230

	 	Topanga Plaza
	 	6600 Topanga Canyon Blvd.
	 	 	 	Canoga Park
	 	CA
	 	 	91303	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Westfield Topanga Owner LP
	107-25260

	 	Victoria Gardens
	 	7826 Monet Avenue
	 	Suite 3005
	 	Rancho Cucamonga
	 	CA
	 	 	91739	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	RR Foley, Inc.
	107-25270

	 	Bridge Street Town Centre
	 	330 Bridge Street
	 	 	 	Huntsville
	 	AL
	 	 	35806	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Huntsville Shores, LLC
	107-25280A

	 	Montana Avenue
	 	1426 Montana Avenue
	 	Unit 8
	 	Santa Monica
	 	CA
	 	 	90403	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	American Commercial Properties I, LLC
	107-25280B

	 	Montana Avenue
	 	1426 Montana Ave
	 	Unit 7
	 	Santa Monica
	 	CA
	 	 	90403	 	 	Lucky (Men’s & Kids)
	 	Lucky Brand Dungarees Stores, Inc.
	 	American Commercial Properties I, LLC
	107-25290-1

	 	535 Broadway (Soho)
	 	535 Broadway
	 	 	 	New York
	 	NY
	 	 	10012	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Zale Delaware, Inc.
	107-25290-2

	 	535 Broadway (Soho)
	 	535 Broadway
	 	 	 	New York
	 	NY
	 	 	10012	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Jack Jangana, Joyce Jangana and Jenny Jangana
	107-25300

	 	Fashion Square
	 	14006 Riverside Drive
	 	 	 	Sherman Oaks
	 	CA
	 	 	91423	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Sherman Oaks Fashion Associates, LP
	107-25310

	 	The Promenade Shops at Saucon Valley
	 	2845 Center Valley Parkway
	 	 	 	Center Valley
	 	PA
	 	 	18034	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Saucon Valley Lifestyle Center, L.P.
	107-25330

	 	Brandon Town Center
	 	909 Brandon Town Center
	 	 	 	Brandon
	 	FL
	 	 	33511	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Brandon Shoping Center Partners, Ltd.

 

8

 

 

Schedule 3.05 B

Other Leased Real Property — US [updated as of 5/1/2010]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Banner	 	 	 	Landlord Entity under the
	Lease #	 	Location Name	 	Address 1	 	Address 2	 	City	 	State	 	Zip	 	/Tradename	 	Tenant Entity under the Lease	 	Lease
	107-25370

	 	Circle Centre Mall
	 	49 West Maryland Street
	 	 	 	Indianapolis
	 	IN
	 	 	46204	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Circle Centre Mall LLC
	107-25430

	 	Galleria Dallas
	 	13350 North Dallas Parkway
	 	 	 	Dallas
	 	TX
	 	 	75240	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Galleria Mall Investors LP
	107-25440

	 	Perkins Rowe
	 	10202 Perkins Rowe
	 	 	 	Baton Rouge
	 	LA
	 	 	70810	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Perkins Rowe Associates II, L.L.C.
	107-25460

	 	Providence Place
	 	One Providence Place
	 	 	 	Providence
	 	RI
	 	 	2903	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Rouse Providence, LLC
	107-25480

	 	Willowbrook Mall
	 	1576 WIllowbrook Mall
	 	 	 	Houston
	 	TX
	 	 	77070	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	GGP-Willowbrook, L.P.
	107-25490

	 	Stoneridge
	 	1136 Stoneridge Mall Road
	 	 	 	Pleasanton
	 	CA
	 	 	94588	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Stoneridge Properties LLC
	107-25500

	 	South Hills Village
	 	301 South Hills Village
	 	 	 	Pittsburgh
	 	PA
	 	 	15241	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	South Hills Village Associates, L.P.
	107-25520

	 	Prince Street
	 	127 Prince Street
	 	133 Wooster Street (Building)
	 	New York
	 	NY
	 	 	10012	 	 	Lucky Kid
	 	Lucky Brand Dungarees Stores, Inc.
	 	Soho Development Corp.
	107-25530

	 	The Domain
	 	11601 Century Oaks Terrace
	 	Suite 101
	 	Austin
	 	TX
	 	 	78758	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	SPGIL Domain, L.P.
	107-25560

	 	Saint Louis Galleria
	 	1400 Saint Louis Galleria
	 	 	 	Richmond Heights
	 	MO
	 	 	63117	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Saint Louis Galleria L.L.C.
	107-25570A

	 	Kalakaua Avenue
	 	2113 Kalakaua Avenue
	 	 	 	Honolulu
	 	HI
	 	 	96813	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Saratoga Partners, LLC
	107-25570B

	 	Kalakaua Avenue
	 	2113 Kalakaua Avenue
	 	 	 	Honolulu
	 	HI
	 	 	96813	 	 	Lucky Kid
	 	Lucky Brand Dungarees Stores, Inc.
	 	Saratoga Partners, LLC
	107-25590

	 	Washington Square
	 	9585 S. W. Washington Square
	 	 	 	Tigard
	 	OR
	 	 	97223	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	PPR Washington Square LLC
	107-25600

	 	West Town Mall
	 	7600 Kingston Pike
	 	 	 	Knoxville
	 	TN
	 	 	37919	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	West Town Mall, LLC
	107-25610

	 	Natick West
	 	1245 Worcester Street
	 	 	 	Natick
	 	MA
	 	 	01760-1553	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	GGP — Natick West L.L.C.
	107-25620

	 	Destin Commons
	 	4300 Legendary Drive
	 	 	 	Destin
	 	FL
	 	 	32541	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Destin Commons, Ltd.
	107-25630

	 	Westfield Annapolis
	 	2002 Annapolis Mall
	 	 	 	Annapolis
	 	MD
	 	 	21401	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Annapolis Mall Limited Partnership
	107-25640

	 	Twelve Oaks Mall
	 	27986 Novi Road
	 	 	 	Novi
	 	MI
	 	 	48377-3418	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Twelve Oaks Mall, LLC
	107-25650

	 	Park Meadows
	 	8401 Park Meadows Center Drive
	 	 	 	Littleton
	 	CO
	 	 	80124	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Rouse-Park Meadows, LLC
	107-25660

	 	Valley Plaza Mall
	 	2701 Ming Ave.
	 	 	 	Bakersfiled
	 	CA
	 	 	93304	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Bakersfield Mall LLC
	107-25690

	 	Town Square
	 	6551 Las Vegas Blvd. South
	 	 	 	Las Vegas
	 	NV
	 	 	89119	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Turnberry/Centra Sub, LLC
	107-25710

	 	The Mall at Partridge Creek
	 	17420 Hall Road
	 	 	 	Clinton
	 	MI
	 	 	48038	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Partridge Creek Fashion Park LLC
	107-25720

	 	Smith Street
	 	135 Smith Street
	 	 	 	Brooklyn
	 	NY
	 	 	12043	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Smith Street Holdings LLC

 

9

 

 

Schedule 3.05 B

Other Leased Real Property — US [updated as of 5/1/2010]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Banner	 	 	 	Landlord Entity under the
	Lease #	 	Location Name	 	Address 1	 	Address 2	 	City	 	State	 	Zip	 	/Tradename	 	Tenant Entity under the Lease	 	Lease
	107-25730

	 	East Broad Street
	 	253-255 East Broad Street
	 	 	 	Westfield
	 	NJ
	 	 	7090	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	H&S Managers, LLC
	107-25740

	 	Perimeter Mall
	 	4400 Ashford Dunwood Road
	 	 	 	Atlanta
	 	GA
	 	 	30346	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Perimeter Mall, LLC
	107-25750

	 	Old Orchard Shopping Center
	 	175 Old Orchard
	 	Space K8
	 	Skokie
	 	IL
	 	 	60077	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Old Orchard Urban Limited Partnership
	107-25750-2

	 	Old Orchard Shopping Center
	 	175 Old Orchard
	 	 	 	Skokie
	 	IL
	 	 	60077	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Old Orchard Urban Limited Partnership
	107-25760

	 	Irvine Spectrum Center
	 	Phase III
	 	83 Fortune Drive
	 	Irvine
	 	CA
	 	 	92618	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	The Irvine Company LLC
	107-25770

	 	Stonestown Galleria
	 	3254 Twentieth Avenue
	 	 	 	San Francisco
	 	CA
	 	 	94132	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Stonestown Shopping Center, L.P.
	107-25780

	 	Oxmoor Center Mall
	 	7900 Shelbyville Road
	 	 	 	Louisville
	 	KY
	 	 	40222	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Hocker Oxmoor, LLC
	107-25790

	 	La Jolla
	 	7844 Girard Avenue
	 	 	 	La Jolla
	 	CA
	 	 	92037	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Josephine S. Norton & Tyler K. Norton
	107-25800

	 	Hillsdale Shopping Center
	 	131 Hillsdale Shopping Center
	 	 	 	San Mateo
	 	CA
	 	 	94403	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Bohannon Development Company
	107-25810

	 	Solomon Pond
	 	601 Donald Lynch Boulevard
	 	 	 	Marlborough
	 	MA
	 	 	1752	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Mall at Solomon Pond, LLC
	107-25840

	 	The Shops at Pembroke Gardens
	 	421 SW 145th Terrace
	 	 	 	Pembroke
	 	FL
	 	 	33027	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	AD Pembroke Gardens, LLC
	107-25850

	 	Fashion Centre at Pentagon City
	 	1100 S. Hayes Street
	 	 	 	Arlington
	 	VA
	 	 	22202	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Fashion Centre Associates, LLC
	107-25860

	 	Freehold Raceway Mall
	 	3710 Route 9
	 	 	 	Freehold
	 	NJ
	 	 	7728	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Freemall Associates, LLC
	107-25870

	 	The Falls
	 	8888 SW 136 Street
	 	 	 	Miami
	 	FL
	 	 	33176	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	The Falls Shopping Center Associates LLC
	107-25880

	 	Deer Park Town Center
	 	20530 North Rand Road
	 	 	 	Deer Park
	 	IL
	 	 	60010	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	DDR Deer Park Town Center LLC
	107-25890

	 	Del Monte Center
	 	238 Del Monte Center
	 	 	 	Monterey
	 	CA
	 	 	93940	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	DelMonte-DMCH, LLC;
DelMonte-DMSJH, LLC;
DelMonte-KMBC, LLC;
DelMonte-POH, LLC
	107-25900

	 	Southcenter Mall
	 	627 Southcenter Mall
	 	 	 	Tukwila
	 	WA
	 	 	96188	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	WEA Southcenter LLC
	107-25910

	 	Ross Park
	 	1000 Ross Park Mall Drive
	 	 	 	Pittsburgh
	 	PA
	 	 	15237	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Penn Ross Joint Venture
	107-25940

	 	Arden Fair
	 	1689 Arden Way
	 	 	 	Sacramento
	 	CA
	 	 	95815	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Arden Fair Associates, L.P.
	107-25960

	 	Montgomery Mall
	 	7101 Democracy Boulevard
	 	 	 	Bethesda
	 	MD
	 	 	20817	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Montgomery Mall LLC

 

10

 

 

Schedule 3.05 B

Other Leased Real Property — US [updated as of 5/1/2010]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Banner	 	 	 	Landlord Entity under the
	Lease #	 	Location Name	 	Address 1	 	Address 2	 	City	 	State	 	Zip	 	/Tradename	 	Tenant Entity under the Lease	 	Lease
	107-26050

	 	Renaissance at Colony Park
	 	1000 Highland Colony Parkway
	 	 	 	Ridgefield
	 	MS
	 	 	39157	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Renaissance at Colony Park, LLC
	107-26060

	 	The Grove at Shrewsbury
	 	599 Route 35
	 	Space S-06
	 	Shrewsbury
	 	NJ
	 	 	7702	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Route 35 Shrewsbury Limited Partnership
	107-26080

	 	ABQ Uptown
	 	2240 Q Street
	 	 	 	Albuquerque
	 	NM
	 	 	87110	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Hunt Uptown, LLC
	107-26090

	 	The Mall in Columbia
	 	10300 Little Patuxent Parkway
	 	 	 	Columbia
	 	MD
	 	 	21044	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	The Mall in Columbia Business Trust
	107-26100

	 	Towson Town Center
	 	825 Dulaney Valley Road
	 	 	 	Towson
	 	MD
	 	 	21204	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Towson TC, LLC
	107-26110

	 	Westfield Oakridge
	 	925 Blossom Hill Road
	 	 	 	San Jose
	 	CA
	 	 	95123	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Oakridge Mall LP
	107-26140

	 	Legacy Place
	 	950 Providence Highway
	 	Building B, Space 610
	 	Dedham
	 	MA
	 	 	2026	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Legacy Place, LLC
	107-26180

	 	Galleria at Roseville
	 	1151 Galleria Boulevard
	 	 	 	Roseville
	 	CA
	 	 	95678	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Roseville Shoppingtown LLC
	107-33000 Hybrid (FN4)

	 	Jackson Outlet Village
	 	537 Monmouth Road
	 	Space #300
	 	Jackson
	 	NJ
	 	 	8527	 	 	Lucky Outlet
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	107-33010

	 	Prime Outlets at Ellenton
	 	5625 Factory Shops Blvd.
	 	 	 	Ellenton
	 	FL
	 	 	34222	 	 	Lucky Outlet
	 	Lucky Brand Dungarees Stores, Inc.
	 	Gulf Coast Factory Shops Limited Partnership
	107-33030

	 	Prime Outlets at San Marcos
	 	3939 IH-35 South
	 	 	 	San Marcos
	 	TX
	 	 	78666	 	 	Lucky Outlet
	 	Lucky Brand Dungarees Stores, Inc.
	 	Prime Outlets at San Marcos II Limited Partnership
	107-33040 * Hybrid (FN4)

	 	Tanger Factory Outlet Center
	 	Tanger Drive, Suite 101-01
	 	 	 	Riverhead
	 	NY
	 	 	11901	 	 	Lucky Outlet
	 	LCI Holdings, Inc.
	 	Tanger Properties Limited Partnership
	107-33050 * Hybrid (FN4)

	 	Camarillo Premium Outlets
	 	950 Camarillo Center Drive
	 	Suite 978
	 	Camarillo
	 	CA
	 	 	93010	 	 	Lucky Outlet
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	107-33060 Hybrid (FN4)

	 	North Georgia Premium Outlets
	 	800 Highway 400 South, Suite 895
	 	 	 	Dawsonville
	 	GA
	 	 	30534	 	 	Lucky Outlet
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	107-33070 Hybrid (FN4)

	 	Chicago Premium Outlets
	 	1650 Premium Outlets Blvd.
	 	Suite 1001
	 	Aurora
	 	IL
	 	 	60504	 	 	Lucky Outlet
	 	LCI Holdings, Inc.
	 	Simon/Chelsea Chicago Development, LLC
	107-33080 Hybrid (FN4)

	 	Carolina Premium Outlets
	 	1025 Industrial Park Drive
	 	Suite 10
	 	Smithfield
	 	NC
	 	 	27577	 	 	Lucky Outlet
	 	LCI Holdings, Inc.
	 	CPG Finance I, LLC
	107-33090 Hybrid (FN4)

	 	Outlets at Albertville
	 	6415 Labeaux Avenue NE
	 	 	 	Albertville
	 	MN
	 	 	55301	 	 	Lucky Outlet
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	107-33100

	 	Carlsbad Premium Outlets
	 	5610 Paseo Del Norte
	 	 	 	Carlsbad
	 	CA
	 	 	92008	 	 	Lucky Outlet
	 	Lucky Brand Dungarees Stores, Inc.
	 	CPG Carlsbad Holdings, LLC
	107-33110 Hybrid (FN4)

	 	Las Vegas Premium Outlets
	 	I-15 at US 95 on Grand Central Parkway
	 	Unit 1380
	 	Las Vegas
	 	NV
	 	 	89106	 	 	Lucky Outlet
	 	LCI Holdings, Inc.
	 	Simon/Chelsea Las Vegas Development, LLC
	107-33120

	 	Tanger Outlet Center
	 	2796 Tanger Way
	 	 	 	Barstow
	 	CA
	 	 	92311	 	 	Lucky Outlet
	 	Lucky Brand Dungarees Stores, Inc.
	 	Tanger Properties Limited Partnership
	107-33130

	 	Jersey Gardens
	 	651 Kapowski Road
	 	 	 	Elizabeth
	 	NJ
	 	 	7201	 	 	Lucky Outlet
	 	Lucky Brand Dungarees Stores, Inc.
	 	JG Elizabeth, LLC

 

11

 

 

Schedule 3.05 B

Other Leased Real Property — US [updated as of 5/1/2010]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Banner	 	 	 	Landlord Entity under the
	Lease #	 	Location Name	 	Address 1	 	Address 2	 	City	 	State	 	Zip	 	/Tradename	 	Tenant Entity under the Lease	 	Lease
	107-33140

	 	Prime Outlets at St. Augustine
	 	500 Belz Outlet Boulevard
	 	 	 	St. Augustine
	 	FL
	 	 	32084	 	 	Lucky Outlet
	 	Lucky Brand Dungarees Stores, Inc.
	 	LVP St. Augustine Outlets LLC
	107-33150

	 	The Outlets at Castle Rock
	 	5050 Factory Shops Boulevard
	 	 	 	Castle Rock
	 	CO
	 	 	80108	 	 	Lucky Outlet — Temp
	 	Lucky Brand Dungarees Stores, Inc.
	 	Craig Realty Group — Castle Rock, LLC
	107-33170

	 	The Outlets at Silverthorne
	 	145-L Stephens Way
	 	 	 	Silverthorne
	 	CO
	 	 	80498	 	 	Lucky Outlet — Temp
	 	Lucky Brand Dungarees Stores, Inc.
	 	Craig Realty Group — Silverthorne, LLC
	107-33180 Hybrid (FN4)

	 	Rehoboth Outlet Center
	 	Rehoboth Outlet Center 1, Suite 327
	 	 	 	Rehoboth Beach
	 	DE
	 	 	19971	 	 	Lucky Outlet
	 	LCI Holdings, Inc.
	 	COROC/Rehoboth I L.L.C.
	107-33190

	 	Houston Premium Outlets
	 	29300 Hempstead Road
	 	 	 	Cypress
	 	TX
	 	 	77433	 	 	Lucky Outlet
	 	Lucky Brand Dungarees Stores, Inc.
	 	CPG Houston Holdings, L.P.
	107-33200 Hybrid (FN4)

	 	Hilton Head Factory Stores II
	 	1414 Fording Island Road
	 	 	 	Bluffton
	 	SC
	 	 	29910	 	 	Lucky Outlet
	 	LCI Holdings, Inc.
	 	COROC/Hilton Head II, L.L.C.
	107-33210

	 	Prime Outlets at Williamsburg
	 	5645-120 Richmond Road
	 	 	 	Williamsburg
	 	VA
	 	 	23188	 	 	Lucky Outlet
	 	Lucky Brand Dungarees Stores, Inc.
	 	Williamsburg Mazel, LLC
	107-33220

	 	Tanger Outlet Center at the Arches
	 	455 Commack Road
	 	 	 	Deer Park
	 	NY
	 	 	11729	 	 	Lucky Outlet
	 	Lucky Brand Dungarees Stores, Inc.
	 	Deer Park Enterprise, LLC
	107-33240

	 	Jersey Shore Premium Outlets
	 	1 Premium Outlet Blvd., Space 561
	 	 	 	Tinton Falls
	 	NJ
	 	 	7753	 	 	Lucky Outlet
	 	Lucky Brand Dungarees Stores, Inc.
	 	CPG Tinton Falls Urban Renewal, LLC
	107-33250

	 	Fashion Outlets of Las Vegas
	 	32100 Las Vegas Blvd. South
	 	 	 	Primm
	 	NV
	 	 	89019	 	 	Lucky Outlet
	 	Lucky Brand Dungarees Stores, Inc.
	 	Fashion Outlet of Las Vegas, LLC
	107-33260

	 	Prime Outlets at Hagerstown
	 	700 Prime Outlets Blvd.
	 	 	 	Hagerstown
	 	MD
	 	 	21740	 	 	Lucky Outlet
	 	Lucky Brand Dungarees Stores, Inc.
	 	Outlet Village of Hagerstown Limited Partnership
	107-33270

	 	Philadelphia Premium Outlets
	 	18 Lightcap Road
	 	 	 	Limerick
	 	PA
	 	 	19464	 	 	Lucky Outlet
	 	Lucky Brand Dungarees Stores, Inc.
	 	Chelsea Limerick Holdings, LLC
	107-33280

	 	Factory Stores at Park City
	 	6699 North Landmark Drive
	 	 	 	Park City
	 	UT
	 	 	84098	 	 	Lucky Outlet
	 	Lucky Brand Dungarees Stores, Inc.
	 	COROC/Park City L.L.C.
	107-33290 Hybrid (FN4)

	 	Opry Mills
	 	168 Opry Mills Drive
	 	 	 	Nashville
	 	TN
	 	 	37214	 	 	Lucky Outlet
	 	LCI Holdings, Inc.
	 	Opry Mills Mall Limited Partnership
	107-33300

	 	Leesburg Corner Premium Outlets
	 	241 Ft. Evans Road NE
	 	 	 	Leesburg
	 	VA
	 	 	20176	 	 	Lucky Outlet
	 	Lucky Brand Dungarees Stores, Inc.
	 	CPG Partners, LP
	107-33310

	 	Fashion Outlets of Niagara
	 	1900 Military Road
	 	 	 	Niagara Falls
	 	NY
	 	 	14304	 	 	Lucky Outlet
	 	Lucky Brand Dungarees Stores, Inc.
	 	Fashion Outlets of Niagara LLC
	107-33330

	 	Gilroy Premium Outlets
	 	8155 Arroyo Circel at Leavesley Road
	 	 	 	Gilroy
	 	CA
	 	 	95020	 	 	Lucky Outlet — Temp
	 	Lucky Brand Dungarees Stores, Inc.
	 	Gilroy Premium Outlets, LLC
	107-33350

	 	Kittery I Outlet Center
	 	283 US Route 1
	 	Suite 105
	 	Kittery
	 	ME
	 	 	3904	 	 	Lucky Outlet
	 	Lucky Brand Dungarees Stores, Inc.
	 	Tanger Properties Limited Partnership
	107-33360

	 	Tanger Outlet Center
	 	4840 Tanger Outlet Blvd.
	 	 	 	Charleston
	 	SC
	 	 	29418	 	 	Lucky Outlet — Temp
	 	Lucky Brand Dungarees Stores, Inc.
	 	Tanger Properties Limited Partnership
	107-33370 Hybrid (FN4)

	 	Napa Premium Outlets
	 	607 Factory Stores Drive
	 	 	 	Napa
	 	CA
	 	 	94558	 	 	Lucky Outlet
	 	LCI Holdings, Inc.
	 	Chelsea Financing Partnership, LP
	107-33400

	 	Tanger Factory Outlet Center
	 	10823 Kings Road
	 	 	 	North Myrtle Beach
	 	SC
	 	 	29572	 	 	Lucky Outlet — Temp
	 	Lucky Brand Dungarees Stores, Inc.
	 	TWMB Associates, LLC

 

12

 

 

Schedule 3.05 B

Other Leased Real Property — US [updated as of 5/1/2010]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Banner	 	 	 	Landlord Entity under the
	Lease #	 	Location Name	 	Address 1	 	Address 2	 	City	 	State	 	Zip	 	/Tradename	 	Tenant Entity under the Lease	 	Lease
	107-33410

	 	Citadel Outlets
	 	100 Citadel Drive
	 	 	 	Commerce
	 	CA
	 	 	90040	 	 	Lucky Outlet — Temp
	 	Lucky Brand Dungarees Stores, Inc.
	 	Craig Realty Group Citadel, LLC
	107-33420

	 	Woodburn Company Stores
	 	1001 Arney Road
	 	Suite 508
	 	Woodburn
	 	OR
	 	 	97071	 	 	Lucky Outlet — Temp
	 	Lucky Brand Dungarees Stores, Inc.
	 	Craig Realty Group — Woodburn, LLC
	107-33440

	 	The Outlet Shoppes at El Paso
	 	7051 S. Desert Boulevard
	 	 	 	El Paso
	 	TX
	 	 	79835	 	 	Lucky Outlet — Temp
	 	Lucky Brand Dungarees Stores, Inc.
	 	El Paso Outlet Center, LLC
	107-33470

	 	Wrentham Village Premium Outlets
	 	One Premium Outlets Blvd.
	 	 	 	Wrentham
	 	MA
	 	 	2093	 	 	Lucky Outlet — Temp
	 	Lucky Brand Dungarees Stores, Inc.
	 	CPG Partners, L.P. — Wrentham
	107-36000

	 	Baybrook Mall
	 	1206 Byabrook Mall
	 	 	 	Friendswood
	 	TX
	 	 	77546	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Baybrook Mall, L.P.
	107-36100

	 	Fresno Fashion Fair
	 	639 E. Shaw Avenue
	 	Space T-7
	 	Fresno
	 	CA
	 	 	93710	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Macerich Fresno Limited Partnership
	107-36200

	 	Tyson’s Corner Center
	 	1961 Chain Bridge Road
	 	 	 	McLean
	 	VA
	 	 	22102	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Tysons Corner Holdings LLC
	107-60300

	 	Aventura Mall
	 	19501 Biscayne Avenue
	 	Unit #807
	 	Miami
	 	FL
	 	 	33180	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Aventura Mall Venture
	107-60400

	 	Third Street Promenade
	 	1213-1215 Third Street Promenade
	 	(ground floor)
	 	Santa Monica
	 	CA
	 	 	90401	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	The Romano Family Trust of 1993 Dated October 11, 1993
	107-60500

	 	621 Fifth Avenue
	 	621 Fifth Avenue
	 	 	 	San Diego
	 	CA
	 	 	92101	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Zeiden Properties, LLC
	107-60600

	 	38 Greene Street (Soho)
	 	38 Greene Street
	 	a/k/a 94 Grand Street
	 	New York
	 	NY
	 	 	10013	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Grand Greene LLC
	107-61000

	 	Fashion Island
	 	221 Newport Center Dr.
	 	 	 	Newport Beach
	 	CA
	 	 	92660	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	The Irvine Company, LLC
	107-61100

	 	Mission Viejo
	 	418 Shops at Mission Viejo
	 	 	 	Mission Viejo
	 	CA
	 	 	92691	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Mission Viejo Associates, L.P.
	107-61200

	 	San Francisco Centre
	 	865 Market Street
	 	Building 2 (Emporium)
	 	San Francisco
	 	CA
	 	 	94103	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Emporium Mall LLC
	107-61300

	 	Chestnut Street
	 	2301 Chestnut Street
	 	 	 	San Francisco
	 	CA
	 	 	94123	 	 	Lucky / Lucky Kid
	 	Lucky Brand Dungarees Stores, Inc.
	 	Joyce Castellino
	107-61400

	 	The Pavilion at Paseo Nuevo
	 	805 State Street
	 	 	 	Santa Barbara
	 	CA
	 	 	93101	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	SPHEAR Investments, LLC
	107-61500

	 	Kierland Commons
	 	7122 East Greenway Parkway
	 	Suite 120
	 	Scottsdale
	 	AZ
	 	 	85254	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Kierland Greenway, L.L.C.
	107-61600

	 	Tyson’s Galleria
	 	2001 International Drive
	 	Space 2014
	 	McLean
	 	VA
	 	 	22102	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Tyson’s Galleria LLC
	107-61700

	 	Country Club Plaza
	 	4704 Broadway
	 	 	 	Kansas City
	 	MO
	 	 	64112	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Highwoods Realty Limited Partnership
	107-61800

	 	Walnut Street
	 	1643 Walnut Street
	 	 	 	Philadelphia
	 	PA
	 	 	19103	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	1634 Walnut Associates, L.P.
	107-61900

	 	University Village
	 	2614 NE University Village Street
	 	 	 	Seattle
	 	WA
	 	 	98105	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	University Village Limited Partnership
	107-62000

	 	Miracle Mile Shops
	 	at Planet Hollywood Resort & Casino
	 	3663 Las Vegas Blvd. South
	 	Las Vegas
	 	NV
	 	 	89109	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Boulevard Invest, LLC

 

13

 

 

Schedule 3.05 B

Other Leased Real Property — US [updated as of 5/1/2010]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Banner	 	 	 	Landlord Entity under the
	Lease #	 	Location Name	 	Address 1	 	Address 2	 	City	 	State	 	Zip	 	/Tradename	 	Tenant Entity under the Lease	 	Lease
	107-62100

	 	The Mall at Short Hills
	 	1200 Morris Turnpike
	 	Suite A-216
	 	Short Hills
	 	NJ
	 	 	7078	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Short Hills Associate
	107-62200

	 	Newbury Street
	 	229 Newbury Street
	 	 	 	Boston
	 	MA
	 	 	2116	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	229 Newbury Street Trust
	107-62300

	 	Woodfield Mall
	 	Suite 5, Space L-314
	 	 	 	Schaumburg
	 	IL
	 	 	80173	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Woodfield Mall LLC
	107-62400

	 	Belmont Shore
	 	5267 East Second Street
	 	 	 	Long Beach
	 	CA
	 	 	90803	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	5251 Associates, Ltd.
	107-62500

	 	12155 Ventura Blvd. / Studio City
	 	12155 Ventura Blvd
	 	 	 	Studio City
	 	CA
	 	 	90803	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	12155 Ventura Partnership
	107-62600

	 	The Village at Corte Madera
	 	1812 Redwood Highway
	 	 	 	Corte Madera
	 	CA
	 	 	94925	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Corte Madera Village, LLC
	107-62700

	 	Cherry Creek
	 	Cherry Creek Mall
	 	3000 E. First Avenue, Space #259
	 	Denver
	 	CO
	 	 	80206	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Taubman Cherry Creek Shopping Center, L.L.C.
	107-62900

	 	Town Center at Boca Raton
	 	6000 West Glades Road, Room 1210
	 	 	 	Boca Raton
	 	FL
	 	 	33431	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	The Town Center at Boca Raton
	107-63000

	 	The Shops at Willow Bend
	 	6121 West Park Blvd.
	 	Store #D-212
	 	Plano
	 	TX
	 	 	75093	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Willow Bend Shopping Center Limited Partnership
	107-63100

	 	International Plaza
	 	2223 N. Westshore Boulevard
	 	Space #222
	 	Tampa
	 	FL
	 	 	33607	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Tampa Westshore Associates Limited Partnership
	107-63200

	 	North Bridge
	 	520 N. Michigan Avenue
	 	Space #200
	 	Chicago
	 	IL
	 	 	60611	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	RN 124/125 Company L.L.C.
	107-63300

	 	Halsted Street
	 	2048 North Halsted
	 	 	 	Chicago
	 	IL
	 	 	60614	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	2048 LLC
	107-63400

	 	1113 Manhattan Ave.
	 	1113 Manhattan Avenue
	 	 	 	Manhattan Beach
	 	CA
	 	 	90266	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Mary Jo Shields as Trustee
	107-63500

	 	1739 Connecticut Ave.
	 	1739 Connecticut Avenue
	 	 	 	N.W. Washington
	 	DC
	 	 	2009-1126	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Grosvenor Urban Retail, L.P.
	107-63600

	 	Valley Fair
	 	Stevens Creek Boulevard
	 	 	 	Santa Clara
	 	CA
	 	 	95050	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	VF Mall, LLC
	107-63700

	 	Paseo Colorado
	 	318 Colorado Blvd
	 	 	 	Pasadena
	 	CA
	 	 	91101-2311	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Paseo Colorado Holdings, LLC
	107-63900

	 	Gateway
	 	133 South Rio Grande Street
	 	 	 	Salt Lake City
	 	UT
	 	 	84101	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Inland Western Salt Lake City Gateway, L.L.C.
	107-64000

	 	216 Columbus Avenue
	 	216 Columbus Aveue
	 	 	 	New York
	 	NY
	 	 	10023-4002	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	The Walton Company, A NY Partnership
	107-64100

	 	1151 3rd Avenue
	 	1151 3rd Avenue
	 	 	 	New York
	 	NY
	 	 	10021-6011	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	201 East 67 LLC, c/o Meir Argaman
	107-64200

	 	The West Village
	 	3699 McKinney Ave. No. 315
	 	 	 	Dallas
	 	TX
	 	 	75204	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	West Village 2004 PO Limited Partnership
	107-64300

	 	172 5th Avenue
	 	172 5th Avenue
	 	 	 	New York
	 	NY
	 	 	10010-5903	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Attn: Mr. Arthur Cornfeld c/o ABC Properties
	107-64400

	 	Georgetown
	 	3271-73 M Street NW
	 	 	 	Georgetown
	 	DC
	 	 	20007	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	SML Interests, Ltd., LLC

 

14

 

 

Schedule 3.05 B

Other Leased Real Property — US [updated as of 5/1/2010]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Banner	 	 	 	Landlord Entity under the
	Lease #	 	Location Name	 	Address 1	 	Address 2	 	City	 	State	 	Zip	 	/Tradename	 	Tenant Entity under the Lease	 	Lease
	107-64700

	 	The Promenade at Sagemore
	 	500 Route 73 South
	 	 	 	Marlton
	 	NJ
	 	 	8053	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Sagemore Management Company, LLC
	107-64800

	 	Lincoln Road
	 	928 Lincoln Road
	 	 	 	Miami Beach
	 	FL
	 	 	33139	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	South Florida Arts Center, Inc.
	107-64900

	 	Chandler
	 	3111 West Chandler Blvd.
	 	Suite #1192
	 	Chandler
	 	AZ
	 	 	85226	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	TWC Chandler LLC
	107-65000

	 	Brea Mall
	 	1013 Brea Mall
	 	 	 	Brea
	 	CA
	 	 	92821	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	The Retail Property Trust
	107-65400

	 	King Street
	 	273 King Street
	 	 	 	Charleston
	 	SC
	 	 	29401	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Oristo Downtown, LLC, Oristo Wentworth, LLC, Oyster Row, LLC and Lybrand Family
	107-65500

	 	The Mall at Chestnut Hill
	 	199 Boylston Street
	 	 	 	Chestnut Hill
	 	MA
	 	 	2467	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	WMACH LLC
	107-65600

	 	Winter Park
	 	323 Park Ave
	 	 	 	Winter Park
	 	FL
	 	 	32789	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Park Avenue Holdings
	107-65800

	 	Scottsdale Fashion Square
	 	7014 East Camelback Road
	 	 	 	Scottsdale
	 	AZ
	 	 	85251	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Scottsdale Fashion Square LLC
	107-65900

	 	Easton Town Center
	 	4095 The Strand West
	 	 	 	Columbus
	 	OH
	 	 	43219	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Easton Town Center II, LLC
	107-66000

	 	Hollywood & Highland
	 	6801 Hollywood Blvd.
	 	 	 	Los Angeles
	 	CA
	 	 	90028	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	CIM/H&H Retail, LP
	107-66100

	 	Main Street, Westport, CT
	 	49 Main Street of 33-51 Main Street
	 	 	 	Westport
	 	CT
	 	 	6880	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Winwest 3351 Main, LLC
	107-66200

	 	Kenwood Towne Centre
	 	7875 Montgomery Road
	 	Space R-19
	 	Cincinnati
	 	OH
	 	 	45236	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	The Shoppes at Union Hill, LLC
	107-66300

	 	Glendale Galleria
	 	2204 Glendale Galleria
	 	 	 	Glendale
	 	CA
	 	 	91210	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Glendale II Mall Associates, LLC
	107-66400A

	 	The Plaza at King of Prussia
	 	160 North Gulph Road
	 	Upper Merion Township
	 	King of Prussia
	 	PA
	 	 	19406	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	King of Prussia Associates
	107-66400B

	 	The Plaza at King of Prussia
	 	160 North Gulph Road
	 	 	 	King of Prussia
	 	PA
	 	 	19706	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	King of Prussia Associates
	107-66500

	 	Aspen Grove Lifestyle Center
	 	7301 South Santa Fe Drive
	 	 	 	Littleton
	 	CO
	 	 	80120	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	DDR Aspen Grove Lifestyle Center Properties, LLC
	107-66600

	 	University Town Center
	 	4545 La Jolla Village Drive
	 	 	 	San Diego
	 	CA
	 	 	92122	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	W&G Handelsges mbH
	107-66700

	 	Streets at Southpoint
	 	6910 Fayetteville Rd.
	 	 	 	Durham
	 	NC
	 	 	22713	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Southpoint Mall, LLC
	107-66800

	 	Farmers Market
	 	189 The Grove Drive
	 	 	 	Los Angeles
	 	CA
	 	 	90036	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	The Grove at Farmers Market, LLC
	107-66900

	 	Bellevue Square
	 	220 Bellevue Square
	 	 	 	Bellevue
	 	WA
	 	 	98004	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Bellevue Square LLC
	107-67000

	 	Stanford Shopping Center
	 	Building D #83
	 	 	 	Palo Alto
	 	CA
	 	 	94304	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	SPG Center, LLC

 

15

 

 

Schedule 3.05 B

Other Leased Real Property — US [updated as of 5/1/2010]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Banner	 	 	 	Landlord Entity under the
	Lease #	 	Location Name	 	Address 1	 	Address 2	 	City	 	State	 	Zip	 	/Tradename	 	Tenant Entity under the Lease	 	Lease
	107-67100

	 	Mall at Millenia
	 	4200 Conroy Road
	 	 	 	Orlando
	 	FL
	 	 	32839	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Forbes Taubman Orlando, L.L.C
	107-67200

	 	Highland Village
	 	4029 Westhiemer
	 	Unit # 4029
	 	Houston
	 	TX
	 	 	77027	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Highland Village Limited Partnership
	107-67300 *

	 	Woodbury Common Premium Outlets
	 	208 Red Apple Court
	 	 	 	Central Valley
	 	NY
	 	 	10917	 	 	Lucky Outlet
	 	Lucky Brand Dungarees Stores, Inc.
	 	CPG Partners, L.P.
	107-67400

	 	Desert Hills Premium Outlets
	 	48400 Seminole Road
	 	Suite 325
	 	Cabazon
	 	CA
	 	 	92230	 	 	Lucky Outlet
	 	Lucky Brand Dungarees Stores, Inc.
	 	CPG Partners, L.P.
	107-67500

	 	Oakbrook Center
	 	158 Oakbrook Center
	 	 	 	Oakbrook
	 	IL
	 	 	60523	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Oakbrook Shopping Center LLC.
	107-67600

	 	Somerset Collection
	 	2800 Big Beaver
	 	Space North U209
	 	Troy
	 	MI
	 	 	48084	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Somerset Collection Limited Partnership
	107-67700

	 	Sawgrass Mills Mall
	 	12801 West Sunrise Blvd.
	 	 	 	Sunrise
	 	FL
	 	 	33323	 	 	Lucky Outlet
	 	Lucky Brand Dungarees Stores, Inc.
	 	Sunrise Mills (MLP) Limited Partnership
	107-67800

	 	Fashion Valley Mall
	 	7007 Friars Road Suite 567
	 	 	 	San Diego
	 	CA
	 	 	92108	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Fashion Valley Mall, LLC
	107-67900

	 	Fashion Show Mall
	 	3200 Las Vegas Blvd. South
	 	 	 	Las Vegas
	 	NV
	 	 	89109	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Fashion Show Mall, LLC
	107-68000

	 	Houston Galleria IV
	 	5137 West Alabama Suite 7040
	 	 	 	Houston
	 	TX
	 	 	77506	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	SA Galleria IV, LP
	107-68100

	 	Roosevelt Field
	 	630 Old Country Road
	 	 	 	Garden City
	 	NY
	 	 	11530	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	The Retail Property Trust
	107-68200

	 	Ala Moana Center
	 	1450 Ala Moana Blvd
	 	#2021
	 	Honolulu
	 	HI
	 	 	96814	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	GGP Ala Moana, L.L.C.
	107-68300

	 	Portland
	 	521 N.W. 23rd Avenue
	 	Suite 400
	 	Portland
	 	OR
	 	 	97201	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	KBC Management, Inc.
	107-68400

	 	Garden State Plaza
	 	1 Garden State Plaza
	 	 	 	Paramus
	 	NJ
	 	 	7652	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Westland Garden State Plaza Limited Partnership
	107-68500

	 	SouthPark Mall
	 	4400 Sharon Road
	 	Space L-3
	 	Charlotte
	 	NC
	 	 	28211	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	SouthPark Mall Limited Partnership
	107-68600

	 	Galleria at Ft. Lauderdale
	 	2414 E. Sunrise Blvd.
	 	 	 	Ft. Lauderdale
	 	FL
	 	 	33304	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Keystone-Florida Property Holding, Corp.
	107-68700

	 	Stony Point
	 	9200 Stony Point Parkway
	 	 	 	Richmond
	 	VA
	 	 	23235	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Stony Point Associates LLC
	107-68800

	 	Broadway Plaza
	 	1177 Broadway Plaza
	 	 	 	Walnut Creek
	 	CA
	 	 	95496	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Macerich Northwestern Associates
	107-68900

	 	Florida Mall
	 	8001 South Orange Blossom Trail
	 	 	 	Orlando
	 	FL
	 	 	32809	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Florida Mall Associatees. Ltd.
	107-69100

	 	East Oak Street
	 	47 East Oak Street
	 	 	 	Chicago
	 	IL
	 	 	60611	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	GO1NG PLACES, INC.
	107-69200

	 	Alderwood
	 	3000 184th Street SW
	 	 	 	Lynwood
	 	WA
	 	 	98037	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Alderwood Mall, L.L.C.
	107-69300

	 	Phipps Plaza
	 	3500 Peachtree Road
	 	Room 2020B
	 	Atlanta
	 	GA
	 	 	30326	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	CPI-Phipps Limited Liability Company

 

16

 

 

Schedule 3.05 B

Other Leased Real Property — US [updated as of 5/1/2010]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Banner	 	 	 	Landlord Entity under the
	Lease #	 	Location Name	 	Address 1	 	Address 2	 	City	 	State	 	Zip	 	/Tradename	 	Tenant Entity under the Lease	 	Lease
	107-69400

	 	Barton Creek Square
	 	2901 Capital of Texas Highway
	 	 	 	Austin
	 	TX
	 	 	78746	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Simon Property Group (Texas), L.P.
	107-69500

	 	The Gardens
	 	3101 PGA Boulevard
	 	 	 	Palm Beach Gardens
	 	FL
	 	 	33410	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Forbes/Cohen Florida Properties Limited Partnership
	107-69600

	 	Dadeland Mall
	 	7535 Dadeland Mall
	 	 	 	Miami
	 	FL
	 	 	33156	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	SDG Dadeland Associates, Inc.
	107-69700

	 	Forum Shops at Caesars
	 	3500 Las Vegas Blvd. South
	 	Suite E18A Casino Level
	 	Las Vegas
	 	NV
	 	 	89109	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Forum Shops, LLC
	107-96020 (FN5)

	 	East 49th Street
	 	2516 East 49th Street
	 	 	 	Vernon
	 	CA
	 	 	90058	 	 	Lucky Facilities
	 	Lucky Brand Dungarees, Inc.
	 	East 49th Street, LLC
	107-96020-1

	 	Hampton Street
	 	4929 Hampton Street
	 	 	 	Vernon
	 	CA
	 	 	90058	 	 	Lucky Facilities
	 	Lucky Brand Dungarees, Inc.
	 	East 49th Street, LLC
	111-20040V (FN1) (entirely sublet)

	 	411 West Broadway
	 	411 West Broadway
	 	a/k/a 155 Spring Street
	 	New York
	 	NY
	 	 	10012	 	 	Sigrid Olsen
	 	LCI Holdings, Inc.
	 	VNO 155 Spring Street LLC
	111-44900V (FN1)

	 	103 Main Street
	 	103 Main Street
	 	 	 	Westport
	 	CT
	 	 	6880	 	 	Sigrid Olsen
	 	LCI Holdings, Inc.
	 	Westport Main Street Retail L.L.C.
	112-17000V (FN1) (entirely sublet)

	 	Georgetown
	 	3227-3229 M street
	 	 	 	Washington
	 	DC
	 	 	20007	 	 	Mexx USA
	 	LCI Holdings, Inc.
	 	Papamichael Family Limited Partnership
	112-17500V (FN1) (entirely sublet)

	 	500 Broadway
	 	500 Broadway
	 	 	 	New York
	 	NY
	 	 	10013	 	 	Mexx USA
	 	LCI Holdings, Inc.
	 	Only Properties Co. —  Herbert Moskowitz and Arthur Morse
	116-07000

	 	Woodbury Common Premium Outlets
	 	216 Red Apple Court
	 	 	 	Central Valley
	 	NY
	 	 	10917	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	116-07100 (FN5)

	 	Desert Hills Premium Outlets
	 	48650 Seminole Drive Unit # D-156
	 	 	 	Cabazon
	 	CA
	 	 	92230	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	116-10020

	 	Wrentham Village Premium Outlets
	 	One Premium Outlet Blvd
	 	Suite 637
	 	Wrentham
	 	MA
	 	 	02093-0656	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	116-10030 Hybrid (FN4)

	 	Tanger Factory Outlet Center
	 	Tanger Drive, Suite 101-01
	 	 	 	Riverhead
	 	NY
	 	 	11901	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	Tanger Properties Limited Partnership
	116-10040

	 	Prime Outlets at San Marcos
	 	3939 IH 35 South
	 	 	 	San Marcos
	 	TX
	 	 	78666	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	San Marcos Factory Stores, Ltd
	116-10050

	 	Prime Outlets at Ellenton
	 	5597 Factory Shops Blvd
	 	Suite 335
	 	Ellenton
	 	FL
	 	 	34222	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	Gulf Coast Factory Shops Limited Partnership
	116-10060

	 	Colonnade at Sawgrass
	 	1800 Sawgrass Mills Circle
	 	 	 	Sunrise
	 	FL
	 	 	33323	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	Sawgrass Mills Phase IV, L.L.C.
	116-10070

	 	Miromar Outlets
	 	10801 Corkskrew Road
	 	 	 	Estero
	 	FL
	 	 	33928	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	Miromar Outlet West, LLC
	116-13000

	 	Carlsbad Premium Outlets
	 	5610 Paseo Del Norte
	 	 	 	Carlsbad
	 	CA
	 	 	92008	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	CPG Carlsbad Holdings, LLC
	116-13010

	 	Camarillo Premium Outlets
	 	910 Camarillo Center Drive
	 	 	 	Camarillo
	 	CA
	 	 	93010	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	116-13030

	 	Designer Outlet Gallery
	 	55 Hartz Way
	 	 	 	Secaucus
	 	NJ
	 	 	7094	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	Secaucus Outlet Center, LLC

 

17

 

 

Schedule 3.05 B

Other Leased Real Property — US [updated as of 5/1/2010]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Banner	 	 	 	Landlord Entity under the
	Lease #	 	Location Name	 	Address 1	 	Address 2	 	City	 	State	 	Zip	 	/Tradename	 	Tenant Entity under the Lease	 	Lease
	116-13040 Hybrid (FN4)

	 	Las Vegas Premium Outlets
	 	I-15 at US 95 on Grand Central Parkway
	 	Unit 1380
	 	Las Vegas
	 	NV
	 	 	89106	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	Simon/Chelsea Las Vegas Development, LLC
	116-13050 Hybrid (FN4)

	 	Seattle Premium Outlets
	 	10600 Quil Ceda Blvd.
	 	 	 	Tulalip
	 	WA
	 	 	98271	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	116-13060

	 	Katy Mills
	 	5000 Katy Mills Circle, Suite 330
	 	 	 	Katy
	 	TX
	 	 	77494	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	Katy Mills Mall Limited Partnership
	116-13070

	 	Orlando Outlet World
	 	4955 International Drive
	 	 	 	Orlando
	 	FL
	 	 	32819	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	Orlando Outlet Owner LLC
	116-13080 Hybrid (FN4)

	 	Leesburg Corner Premium Outlets
	 	241 Fort Evans Road NE
	 	 	 	Leesburg
	 	VA
	 	 	20176	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	116-13090 Hybrid (FN4)

	 	Chicago Premium Outlets
	 	1650 Premium Outlets Blvd.
	 	Suite 1001
	 	Aurora
	 	IL
	 	 	60504	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	Simon/Chelsea Chicago Development, LLC
	116-13110

	 	Prime Outlets at Williamsburg
	 	5625-110 Richmond Road
	 	 	 	Williamsburg
	 	VA
	 	 	23188	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	Williamsburg Mazel, LLC
	116-13120

	 	Houston Premium Outlets
	 	29300 Hempstead Road
	 	 	 	Cypress
	 	TX
	 	 	77433	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	CPG Houston Holdings, L.P.
	116-13130

	 	Philadelphia Premium Outlets
	 	18 Lightcap Road
	 	 	 	Limerick
	 	PA
	 	 	19464	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	Chelsea Limerick Holdings, LLC
	116-13140

	 	Clinton Crossing Premium Outlets
	 	20-A Killingworth Turnpike
	 	 	 	Clinton
	 	CT
	 	 	6413	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	116-13160

	 	Jersey Gardens
	 	651 Kapowski Road
	 	 	 	Elizabeth
	 	NJ
	 	 	7201	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	JG Elizabeth, LLC
	116-13170

	 	Fashion Outlets of Las Vegas
	 	32100 Las Vegas Blvd. South
	 	 	 	Primm
	 	NV
	 	 	89019	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	Fashion Outlet of Las Vegas, LLC
	116-13180 Hybrid (FN4)

	 	North Georgia Premium Outlets
	 	800 Highway 400 South, Suite 895
	 	 	 	Dawsonville
	 	GA
	 	 	30534	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	116-13190

	 	Jersey Shore Premium Outlets
	 	1 Premium Outlet Blvd., Space 761
	 	 	 	Tinton Falls
	 	NJ
	 	 	7753	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	CPG Tinton Falls Urban Renewal, LLC
	116-13200

	 	Prime Outlets at Queenstown
	 	209 Outlet Center Drive — Suite 209
	 	 	 	Queenstown
	 	MD
	 	 	21658	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	Second Horizon Group Limited Partnership
	116-13210

	 	Fashion Outlets of Niagara
	 	1900 Military Rd & Connecting Blvd
	 	 	 	Niagara Falls
	 	NY
	 	 	14304	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	Fashion Outlets of Niagara LLC
	116-13230

	 	Riviera Centre Factory Stores
	 	2601 McKenzie Street
	 	 	 	Foley
	 	AL
	 	 	36535	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	COROC/Riviera L.L.C.
	116-13240 (FN5)

	 	Prime Outlets at Grove City
	 	Intersection of I-79 & Route 208
	 	 	 	Grove City
	 	PA
	 	 	16127	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	Grove City Factory Shops Limited Partnership
	116-13250

	 	The Crossings Premium Outlets
	 	1000 Route 611
	 	 	 	Tannersville
	 	PA
	 	 	18372	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	CPG Partners, LP
	116-13270

	 	Prime Outlets at St. Augustine
	 	500 Belz Outlet Boulevard
	 	 	 	St. Augustine
	 	FL
	 	 	32084	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	LVP St. Augustine Outlets LLC
	116-13280

	 	Tanger Outlet Center at the Arches
	 	1340 The Arches Circle
	 	 	 	Deer Park
	 	NY
	 	 	11729	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	Deer Park Enterprise, LLC

 

18

 

 

Schedule 3.05 B

Other Leased Real Property — US [updated as of 5/1/2010]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Banner	 	 	 	Landlord Entity under the
	Lease #	 	Location Name	 	Address 1	 	Address 2	 	City	 	State	 	Zip	 	/Tradename	 	Tenant Entity under the Lease	 	Lease
	116-13350 ND (FN2)

	 	Prime Outlets at Jeffersonvile
	 	8000 Factory Shops Boulevard
	 	Suite 360
	 	Jeffersonville
	 	OH
	 	 	43128	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	Ohio Factory Shops Partnership
	116-13380 ND (FN2)

	 	Prime Outlets at Pleasant Prairie
	 	11211 120th Avenue
	 	Suite A025
	 	Pleasant Prairie
	 	WI
	 	 	53158	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	Prime Outlets at Pleasant Prairie LLC
	116-13420 ND (FN2)

	 	Gaffney
	 	1 Factory Shops Boulevard
	 	 	 	Gaffney
	 	SC
	 	 	29341	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	Gaffney Outlets, LLC
	116-19000 *

	 	NorthPark Center
	 	8687 N. Central Expressway
	 	 	 	Dallas
	 	TX
	 	 	75225	 	 	Juicy
	 	LCI Holdings, Inc.
	 	NorthPark Partners, LP
	116-19100 *

	 	Phipps Plaza
	 	3500 Peachtree Road, NE
	 	 	 	Atlanta
	 	GA
	 	 	30326	 	 	Juicy
	 	LCI Holdings, Inc.
	 	CPI-Phipps Limited Liability Company
	116-13300 ND

	 	Silver Sands Factory Shops
	 	10562 Emerald Coast Parkway
	 	 	 	Destin
	 	FL
	 	 	32550	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	 	Silver Sands Joint Venture Partners II
	116-35000

	 	Scottsdale Fashion Square
	 	7014 E. Camelback Road
	 	Suite 1284
	 	Scottsdale
	 	AZ
	 	 	85251	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Scottsdale Fashion Square LLC
	116-35010

	 	The Westchester
	 	125 Westchester Avenue
	 	Suite 925
	 	White Plains
	 	NY
	 	 	10601	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Westchester Mall, LLC
	116-35020

	 	Newbury Street
	 	12 Newbury Street
	 	 	 	Boston
	 	MA
	 	 	2116	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Norgand Realty LLC
	116-35030

	 	Fifth Avenue (Flat Iron)
	 	103 Fifth Avenue
	 	 	 	New York
	 	NY
	 	 	10003	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Harlington Realty Co., LLC
	116-35040

	 	The Pavilion at Paseo Nuevo
	 	803 State Street
	 	 	 	Santa Barbara
	 	CA
	 	 	93101	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Sphear Investments, LLC
	116-35050

	 	Grant Avenue
	 	105 Grant Avenue
	 	 	 	San Francisco
	 	CA
	 	 	94108	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Trinity Management Services
	116-35060

	 	Fashion Island
	 	573 Newport Center Drive
	 	 	 	Newport Beach
	 	CA
	 	 	92660	 	 	Juicy
	 	LCI Holdings, Inc.
	 	The Irvine Company, LLC
	116-35070

	 	Ala Moana Center
	 	1450 Ala Moana Boulevard #2059
	 	 	 	Honolulu
	 	HI
	 	 	96814	 	 	Juicy
	 	LCI Holdings, Inc.
	 	GGP Ala Moana, L.L.C.
	116-35080

	 	Royal Hawaiian Shopping Center
	 	2301 Kalakaua Avenue
	 	 	 	Honolulu
	 	HI
	 	 	96815	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Trustees of the Estate of Bernice Pauahi Bishop
	116-35090

	 	860 Madison Avenue
	 	860 Madison Avenue
	 	 	 	New York
	 	NY
	 	 	10021	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Lighthouse Properties LLC
	116-35100

	 	San Francisco Centre
	 	865 Market Street
	 	Building 2 (Emporium)
	 	San Francisco
	 	CA
	 	 	94103	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Emporium Mall LLC
	116-35110

	 	Mall at Millenia
	 	4200 Conroy Road
	 	 	 	Orlando
	 	FL
	 	 	32839	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Forbes Taubman Orlando, L.L.C
	116-35120

	 	The Pier at Caesar’s
	 	1 Atlantic Ocean
	 	 	 	Atlantic City
	 	NJ
	 	 	8401	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Atlantic Pier Associates LLC
	116-35130

	 	The Shops at La Cantera
	 	15900 La Cantera Parkway
	 	 	 	San Antonio
	 	TX
	 	 	78256	 	 	Juicy
	 	LCI Holdings, Inc.
	 	La Cantera Retail Limited Partnership
	116-35140

	 	The Village at Merrick Park
	 	1055 Village of Merrick Park
	 	 	 	Coral Gables
	 	FL
	 	 	33146	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Merrick Park LLC
	116-35150

	 	Bleeker Street
	 	368 Bleeker Street
	 	plus lower levels of 368,370,372 & 374 Bleeker Street
	 	New York
	 	NY
	 	 	10014	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Tamara Properties, Inc. and Gomidas Holding Corp.

 

19

 

 

Schedule 3.05 B

Other Leased Real Property — US [updated as of 5/1/2010]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Banner	 	 	 	Landlord Entity under the
	Lease #	 	Location Name	 	Address 1	 	Address 2	 	City	 	State	 	Zip	 	/Tradename	 	Tenant Entity under the Lease	 	Lease
	116-35160

	 	Valley Fair
	 	Stevens Creek Boulevard
	 	 	 	Santa Clara
	 	CA
	 	 	95050	 	 	Juicy
	 	LCI Holdings, Inc.
	 	VF Mall LLC
	116-35170

	 	Malibu Country Mart
	 	3900 Cross Creek Road
	 	 	 	Malibu
	 	CA
	 	 	90265	 	 	Juicy
	 	LCI Holdings, Inc.
	 	3900 Cross Creek LLC dba Malibu Country Mart
	116-35180

	 	The Domain
	 	11601 Century Oaks Terrace
	 	Suite 117
	 	Austin
	 	TX
	 	 	78758	 	 	Juicy
	 	LCI Holdings, Inc.
	 	SPGIL Domain, L.P.
	116-35190

	 	Galleria Dallas
	 	13350 Dallas Parkway
	 	 	 	Dallas
	 	TX
	 	 	75240	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Galleria Mall Investors LP
	116-35200

	 	The Plaza at King of Prussia
	 	160 North Gulph Road
	 	Upper Merion Township
	 	King of Prussia
	 	PA
	 	 	19406	 	 	Juicy
	 	LCI Holdings, Inc.
	 	King of Prussia Associates
	116-35210

	 	The Mall at Short Hills
	 	1200 Morris Turnpike
	 	 	 	Short Hills
	 	NJ
	 	 	7078	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Short Hills Associates, L.L.C.
	116-35220

	 	SouthPark Mall
	 	4400 Sharon Road
	 	 	 	Charlotte
	 	NC
	 	 	28211	 	 	Juicy
	 	LCI Holdings, Inc.
	 	SouthPark Mall Limited Partnership
	116-35230

	 	Town Center at Boca Raton
	 	6000 Glades Road
	 	 	 	Boca Raton
	 	FL
	 	 	33431	 	 	Juicy
	 	LCI Holdings, Inc.
	 	The Town Center at Boca Raton Trust
	116-35240

	 	Aventura Mall
	 	19575 Biscayne Boulevard
	 	 	 	Aventura
	 	FL
	 	 	33180	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Aventura Mall Venture
	116-35250

	 	Natick West
	 	1245 Worcester Street
	 	 	 	Natick
	 	MA
	 	 	01760-1553	 	 	Juicy
	 	LCI Holdings, Inc.
	 	GGP — Natick West L.L.C.
	116-35260

	 	Century City Mall
	 	10250 Santa Monica Boulevard
	 	 	 	Los Angeles
	 	CA
	 	 	90067	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Century City Mall, LLC
	116-35270

	 	Houston Galleria II
	 	5085 West Heimer
	 	 	 	Houston
	 	TX
	 	 	77056	 	 	Juicy
	 	LCI Holdings, Inc.
	 	HG Galleria I, II, III, L.P.
	116-35290

	 	Rodeo Drive
	 	456, 458 & 460 North Rodeo Drive
	 	 	 	Beverly Hills
	 	CA
	 	 	90210	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Karl B. Schurz, as Trustee of the Karl B. Schurz Trust
	116-35300

	 	225 Worth Avenue
	 	225 Worth Avenue Unit A & B
	 	 	 	Palm Beach
	 	FL
	 	 	33480	 	 	Juicy
	 	LCI Holdings, Inc.
	 	P/A Florida Associates
	116-35310

	 	M Street
	 	3034 M Street
	 	 	 	Washington
	 	DC
	 	 	20007	 	 	Juicy
	 	LCI Holdings, Inc.
	 	3034 LLC
	116-35320

	 	Town Square
	 	6543 Las Vegas Blvd South
	 	 	 	Las Vegas
	 	NV
	 	 	89119	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Turnberry/Centra Sub, LLC
	116-35330

	 	Tysons Galleria
	 	2001 International Drive
	 	 	 	McLean
	 	VA
	 	 	22102	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Tysons Galleria L.L.C.
	116-35340

	 	St. Johns Town Center
	 	4663 River City Drive
	 	 	 	Jacksonville
	 	FL
	 	 	32246	 	 	Juicy
	 	LCI Holdings, Inc.
	 	STJTC II, LLC
	116-35350

	 	Cherry Creek
	 	3000 East First Ave.
	 	 	 	Denver
	 	CO
	 	 	80206	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Taubman Cherry Creek Shopping Center, L.L.C.
	116-35360

	 	650 Fifth Avenue
	 	650 Fifth Avenue
	 	 	 	New York
	 	NY
	 	 	10022	 	 	Juicy
	 	LCI Holdings, Inc.
	 	650 Fifth Avenue Company
	116-35370

	 	The Village at Corte Madera
	 	1630 Redwood Highway
	 	 	 	Corte Madera
	 	CA
	 	 	94925	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Corte Madera Village, LLC
	116-35380

	 	Arden Fair
	 	1689 Arden Way
	 	 	 	Sacramento
	 	CA
	 	 	95815	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Arden Fair Associates, L.P.

 

20

 

 

Schedule 3.05 B

Other Leased Real Property — US [updated as of 5/1/2010]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Banner	 	 	 	Landlord Entity under the
	Lease #	 	Location Name	 	Address 1	 	Address 2	 	City	 	State	 	Zip	 	/Tradename	 	Tenant Entity under the Lease	 	Lease
	116-35390

	 	King Street
	 	278 King Street
	 	 	 	Charleston
	 	SC
	 	 	29043	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Lyband Family LLC and Oristo Downtown LLC
	116-35400

	 	Plaza Frontenac
	 	1701 South Lindbergh Blvd.
	 	 	 	St. Louis
	 	MO
	 	 	63131	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Davis Street Land Company of Missouri, L.L.C.
	116-35410

	 	Americana at Manhasset
	 	2036 Northern Blvd
	 	 	 	Manhasset
	 	NY
	 	 	11030	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Fifth Avenue of Long Island Realty Associates
	116-35420

	 	The Americana at Brand
	 	539 Americana Way
	 	 	 	Glendale
	 	CA
	 	 	91210	 	 	Juicy
	 	LCI Holdings, Inc.
	 	The Americana at Brand, LLC
	116-35430

	 	East Oak Street
	 	101 East Oak Street
	 	 	 	Chicago
	 	IL
	 	 	60611	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Chicago Oak Street Partners, LLC
	116-35440

	 	Waterside Shops at Pelican Bay
	 	5485 Tamiami Trail N.
	 	 	 	Naples
	 	FL
	 	 	34108	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Waterside at Pelican Bay LLC
	116-35450

	 	Northbrook Court
	 	1216 Northbrook Court
	 	 	 	Northbrook
	 	IL
	 	 	60062	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Westcoast Estates
	116-35460

	 	Walnut Street
	 	1701 Walnut Street
	 	 	 	Philadelphia
	 	PA
	 	 	19103	 	 	Juicy
	 	LCI Holdings, Inc.
	 	1701 Walnut Street, LLC
	116-35470

	 	Bridge Street Town Centre
	 	330 Bridge Street
	 	 	 	Huntsville
	 	AL
	 	 	35806	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Huntsville Shores, LLC
	116-35480

	 	One Colorado
	 	37 West Colorado Boulevard
	 	 	 	Pasadena
	 	CA
	 	 	91105	 	 	Juicy
	 	LCI Holdings, Inc.
	 	One Colorado Investments LLC
	116-35490

	 	Garden State Plaza
	 	One Garden State Plaza
	 	 	 	Paramus
	 	NJ
	 	 	7652	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Westland Garden State Plaza Limited Partnership
	116-35500

	 	Somerset Collection
	 	2801 Big Beaver Road
	 	 	 	Troy
	 	MI
	 	 	48084	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Somerset Collection Limited Partnership
	116-35510

	 	Broadway Plaza
	 	1275 Broadway Plaza
	 	 	 	Walnut Creek
	 	CA
	 	 	94596	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Macerich Northwestern Associates
	116-35520

	 	Fashion Valley Mall
	 	7007 Friars Road
	 	 	 	San Diego
	 	CA
	 	 	92108	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Fashion Valley Mall, LLC
	116-35530

	 	The Mall at Green Hills
	 	2126 Abbott Martin Road
	 	 	 	Nashville
	 	TN
	 	 	37215	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Davis Street Land Company of Tennessee, L.L.C.
	116-35540

	 	University Village
	 	2610 NE University Village
	 	 	 	Seattle
	 	WA
	 	 	98105	 	 	Juicy
	 	LCI Holdings, Inc.
	 	University Village Limited Partnership
	116-35560

	 	Ross Park
	 	1000 Ross Park Mall Drive
	 	 	 	Pittsburgh
	 	PA
	 	 	15237	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Penn Ross Joint Venture
	116-35570

	 	North Star
	 	7400 San Pedro Ave
	 	 	 	San Antonio
	 	TX
	 	 	78216	 	 	Juicy
	 	LCI Holdings, Inc.
	 	North Star Mall, LLC
	116-35580

	 	Pioneer Place
	 	700 SW 5th Ave
	 	 	 	Portland
	 	OR
	 	 	97204	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Pioneer Place Limited Partnership
	116-35610

	 	The Summit
	 	220 Summit Boulevard
	 	 	 	Birmingham
	 	AL
	 	 	35243	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Bayer Retail Company VI, L.L.C.
	116-35620

	 	Kierland Commons
	 	15215 North Kierland Boulevard
	 	Suite 125
	 	Scottsdale
	 	AZ
	 	 	85254	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Kierland Greenway, LLC
	116-35650 ND (FN2)

	 	El Paseo Village
	 	73-545 and 73-525 El Paseo Boulevard
	 	 	 	Palm Desert
	 	CA
	 	 	92260	 	 	Juicy
	 	LCI Holdings, Inc.
	 	El Paseo Land Company, L.L.C.

 

21

 

 

Schedule 3.05 B

Other Leased Real Property — US [updated as of 5/1/2010]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Banner	 	 	 	Landlord Entity under the
	Lease #	 	Location Name	 	Address 1	 	Address 2	 	City	 	State	 	Zip	 	/Tradename	 	Tenant Entity under the Lease	 	Lease
	116-35660

	 	Stanford Shopping Center
	 	660 Stanford Shopping Center
	 	 	 	Palo Alto
	 	CA
	 	 	94304	 	 	Juicy
	 	LCI Holdings, Inc.
	 	SPG Center, LLC
	116-35670 ND (FN2)

	 	Santa Monica Place
	 	395 Santa Monica Place
	 	 	 	Santa Monica
	 	CA
	 	 	90401	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Macerich Santa Monica, LLC
	116-35680

	 	Galleria at Roseville
	 	1151 Galleria Boulevard
	 	 	 	Roseville
	 	CA
	 	 	95678	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Roseville Shoppingtown LLC
	116-35710 *

	 	Forum Shops at Caesars
	 	3500 Las Vegas Boulevard South
	 	 	 	Las Vegas
	 	NV
	 	 	89109	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Forum Shops, LLC
	116-35740

	 	Forum Shops at Caesars
	 	3500 Las Vegas Boulevard South
	 	 	 	Las Vegas
	 	NV
	 	 	89109	 	 	Love G&P
	 	LCI Holdings, Inc.
	 	Forum Shops, LLC
	119-38000V (FN1) (entirely sublet)

	 	Third Street Promenade
	 	1427 Third Street Promenade
	 	 	 	Santa Monica
	 	CA
	 	 	90401	 	 	Kensie
	 	LCI Holdings, Inc.
	 	Alan M. Mont and Francine S. Ginsburg
	120-18000 *

	 	Woodbury Common Premium Outlets
	 	234 Red Apple Court
	 	 	 	Central Valley
	 	NY
	 	 	10917	 	 	Kate Spade Outlet
	 	Kate Spade, LLC
	 	CPG Partners, L.P.
	120-18010

	 	Prime Outlets at San Marcos
	 	393 IH-35 South
	 	 	 	San Marcos
	 	TX
	 	 	78666	 	 	Kate Spade Outlet
	 	Kate Spade, LLC
	 	San Marcos Factory Stores, Ltd.
	120-18020 *

	 	Chicago Premium Outlets
	 	1650 Premium Outlet Blvd.
	 	 	 	Aurora
	 	IL
	 	 	60504	 	 	Kate Spade Outlet
	 	Kate Spade, LLC
	 	Simon/Chelsea Chicago Development, LLC
	120-18030

	 	Colonnade at Sawgrass
	 	1800 Sawgrass Mills Circle
	 	 	 	Sunrise
	 	FL
	 	 	33323	 	 	Kate Spade Outlet
	 	Kate Spade, LLC
	 	Sawgrass Mills Phase IV, L.L.C.
	120-18040 Hybrid (FN4)

	 	Prime Outlets at Ellenton
	 	5705 Factory Shops Boulevard
	 	 	 	Ellenton
	 	FL
	 	 	34222	 	 	Kate Spade Outlet
	 	LCI Holdings, Inc.
	 	Gulf Coast Factory Shops Limited Partnership
	120-18050

	 	Tanger Factory Outlet Center
	 	1770 West Main Street
	 	Suite 208
	 	Riverhead
	 	NY
	 	 	11901	 	 	Kate Spade Outlet
	 	LCI Holdings, Inc.
	 	Tanger Properties Limited Partnership
	120-18060 Hybrid (FN4)

	 	Prime Outlets at Queenstown
	 	401 Outlet Center Drive
	 	 	 	Queenstown
	 	MD
	 	 	21658	 	 	Kate Spade Outlet
	 	LCI Holdings, Inc.
	 	Second Horizon Group Limited Partnership
	120-18070 * Hybrid (FN4)

	 	Wrentham Village Premium Outlets
	 	One Premium Outlet Blvd, Suite 450
	 	 	 	Wrentham
	 	MA
	 	 	02093-0656	 	 	Kate Spade Outlet
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	120-18080 Hybrid (FN4)

	 	Tanger Factory Outlet Center
	 	10819 Kings Road Unit 400
	 	 	 	North Myrtle Beach
	 	SC
	 	 	29572	 	 	Kate Spade Outlet
	 	LCI Holdings, Inc.
	 	TWMB Associates, LLC
	120-18100 Hybrid (FN4)

	 	Leesburg Corner Premium Outlets
	 	241 Fort Evans Road NE
	 	 	 	Leesburg
	 	VA
	 	 	20176	 	 	Kate Spade Outlet
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	120-18110

	 	Prime Outlets at Jeffersonville
	 	800 Factory Shops Boulevard
	 	Suite 570
	 	Jeffersonville
	 	OH
	 	 	43128	 	 	Kate Spade Outlet
	 	LCI Holdings, Inc.
	 	Ohio Factory Shops Partnership
	120-18120

	 	Desert Hills Premium Outlets
	 	48650 Seminole Road Suite 105
	 	 	 	Cabazon
	 	CA
	 	 	92230	 	 	Kate Spade Outlet
	 	LCI Holdings, Inc.
	 	CPG Partners, LP
	120-18130 * Hybrid (FN4)

	 	Camarillo Premium Outlets
	 	950 Camarillo Center Drive
	 	Suite 978
	 	Camarillo
	 	CA
	 	 	93010	 	 	Kate Spade Outlet
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	120-18150

	 	Las Vegas Premium Outlets
	 	795 S. Grand Central Pkwy.
	 	 	 	Las Vegas
	 	NV
	 	 	89106	 	 	Kate Spade Outlet
	 	LCI Holdings, Inc.
	 	Simon/Chelsea Las Vegas Development, LLC
	120-18160

	 	Philadelphia Premium Outlets
	 	18 Lightcap Road
	 	 	 	Limerick
	 	PA
	 	 	19464	 	 	Kate Spade Outlet
	 	LCI Holdings, Inc.
	 	Chelsea Limerick Holdings, LLC
	120-18190 Hybrid (FN4)

	 	Rehoboth Outlet Center
	 	Rehoboth Outlet Center 1, Suite 327
	 	 	 	Rehoboth Beach
	 	DE
	 	 	19971	 	 	Kate Spade Outlet
	 	LCI Holdings, Inc.
	 	COROC/Rehoboth I L.L.C.

 

22

 

 

Schedule 3.05 B

Other Leased Real Property — US [updated as of 5/1/2010]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Banner	 	 	 	Landlord Entity under the
	Lease #	 	Location Name	 	Address 1	 	Address 2	 	City	 	State	 	Zip	 	/Tradename	 	Tenant Entity under the Lease	 	Lease
	120-18200

	 	Houston Premium Outlets
	 	29300 Hempstead Road
	 	 	 	Cypress
	 	TX
	 	 	77433	 	 	Kate Spade Outlet
	 	LCI Holdings, Inc.
	 	CPG Houston Holdings, L.P.
	120-18210 Hybrid (FN4)

	 	Seattle Premium Outlets
	 	10600 Quil Ceda Blvd.
	 	 	 	Tulalip
	 	WA
	 	 	98271	 	 	Kate Spade Outlet
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	120-18230

	 	Prime Outlets at Hagerstown
	 	700 Prime Outlets Blvd.
	 	 	 	Hagerstown
	 	MD
	 	 	21740	 	 	Kate Spade Outlet
	 	LCI Holdings, Inc.
	 	Outlet Village of Hagerstown Limited Partnership
	120-18240

	 	Prime Outlets at St. Augustine
	 	500 Belz Outlet Boulevard
	 	 	 	St. Augustine
	 	FL
	 	 	32064	 	 	Kate Spade Outlet
	 	LCI Holdings, Inc.
	 	LVP St. Augustine Outlets LLC
	120-18250

	 	Orlando Outlet World
	 	4955 International Drive
	 	 	 	Orlando
	 	FL
	 	 	32819	 	 	Kate Spade Outlet
	 	LCI Holdings, Inc.
	 	Orlando Outlet Owner LLC
	120-18260

	 	Prime Outlets at Williamsburg
	 	5645-130 Richmond Road
	 	 	 	Williamsburg
	 	VA
	 	 	23188	 	 	Kate Spade Outlet
	 	LCI Holdings, Inc.
	 	Williamsburg Mazel, LLC
	120-18270

	 	Tanger Outlet Center at the Arches
	 	455 Commack Road
	 	 	 	Deer Park
	 	NY
	 	 	11729	 	 	Kate Spade Outlet
	 	LCI Holdings, Inc.
	 	Deer Park Enterprise, LLC
	120-18280

	 	Jersey Shore Premium Outles
	 	1 Premium Outlet Blvd.
	 	 	 	Tinton Falls
	 	NJ
	 	 	7753	 	 	Kate Spade Outlet
	 	LCI Holdings, Inc.
	 	CPG Tinton Falls Urban Renewal, LLC
	120-18290

	 	Fashion Outlets of Las Vegas
	 	32100 Las Vegas Blvd. South
	 	 	 	Primm
	 	NV
	 	 	89019	 	 	Kate Spade Outlet
	 	LCI Holdings, Inc.
	 	Fashion Outlet of Las Vegas, LLC
	120-18300 Hybrid (FN4)

	 	North Georgia Premium Outlets
	 	800 Highway 400 South, Suite 895
	 	 	 	Dawsonville
	 	GA
	 	 	30534	 	 	Kate Spade Outlet
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P.
	120-18320

	 	Clinton Crossing Premium Outlets
	 	20-A Killingworth Turnpike
	 	 	 	Clinton
	 	CT
	 	 	6413	 	 	Kate Spade Outlet
	 	LCI Holdings, Inc.
	 	CPG Partners, LP
	120-18330

	 	Fashion Outlets of Niagara
	 	1900 Military Rd & Connecting Blvd
	 	 	 	Niagara Falls
	 	NY
	 	 	14304	 	 	Kate Spade Outlet
	 	LCI Holdings, Inc.
	 	Fashion Outlets of Niagara LLC
	120-18350

	 	97 Depot Street
	 	97 Depot Street
	 	 	 	Manchester
	 	Vt
	 	 	5255	 	 	Kate Spade Outlet
	 	LCI Holdings, Inc.
	 	H.B. Realty Partners, L.P.
	120-32000-1

	 	454 Broome St. (Roof — HVAC)
	 	454 Broome Street
	 	 	 	New York
	 	NY
	 	 	10013	 	 	Kate Spade
	 	Kate Spade, LLC
	 	Chakrapani Corporation
	120-32000-2

	 	456 Broome St. (Ground Floor/Nieuw LL)
	 	456 Broome Street
	 	 	 	New York
	 	NY
	 	 	10013	 	 	Kate Spade
	 	Kate Spade, LLC
	 	Nieuw Broome Owners, LLC
	120-32000-3

	 	454 Broome St. (1st & Basmnt/Herb Wells)
	 	454 Broome Street
	 	 	 	New York
	 	NY
	 	 	10013	 	 	Kate Spade
	 	Kate Spade, LLC
	 	Herbert A. Wells, III
	120-32010

	 	Newbury Street
	 	117 Newbury Street
	 	 	 	Boston
	 	MA
	 	 	2116	 	 	Kate Spade
	 	LCI Holdings, Inc.
	 	Junior League of Boston, Inc.
	120-32020

	 	Greenwich Avenue
	 	271 Greenwich Avenue
	 	 	 	Greenwich
	 	CT
	 	 	6830	 	 	Kate Spade
	 	LCI Holdings, Inc.
	 	271 Greenwich Avenue, LLC
	120-32030

	 	East Oak Street
	 	56 East Oak Street
	 	 	 	Chicago
	 	IL
	 	 	60611	 	 	Kate Spade
	 	LCI Holdings, Inc.
	 	Chicago Title Land Trust Company
	120-32040

	 	Grant Avenue
	 	207 Grant Avenue
	 	 	 	San Francisco
	 	CA
	 	 	94108	 	 	Kate Spade
	 	Kate Spade, LLC
	 	Bonds Land Investment Co., Ltd
	120-32060

	 	Georgetown
	 	3061 M Street NW
	 	 	 	Washington
	 	DC
	 	 	20007	 	 	Kate Spade
	 	Kate Spade, LLC
	 	Lobert Properties

 

23

 

 

Schedule 3.05 B

Other Leased Real Property — US [updated as of 5/1/2010]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Banner	 	 	 	Landlord Entity under the
	Lease #	 	Location Name	 	Address 1	 	Address 2	 	City	 	State	 	Zip	 	/Tradename	 	Tenant Entity under the Lease	 	Lease
	120-32070

	 	Lenox Square
	 	3393 Peachtree Road NE
	 	 	 	Atlanta
	 	GA
	 	 	30326	 	 	Kate Spade
	 	LCI Holdings, Inc.
	 	The Retail Property Trust
	120-32080

	 	Houston Galleria I
	 	5015 Westheimer
	 	 	 	Houston
	 	TX
	 	 	77056	 	 	Kate Spade
	 	Kate Spade, LLC
	 	HG Shopping Centers, L.P.
	120-32090

	 	SouthPark Mall
	 	4400 Sharon Road
	 	 	 	Charlotte
	 	NC
	 	 	28211	 	 	Kate Spade
	 	Kate Spade, LLC
	 	SouthPark Mall Limited Partnership
	120-32100

	 	NorthPark Center
	 	518 Northpark Center
	 	 	 	Dallas
	 	TX
	 	 	75225	 	 	Kate Spade
	 	Kate Spade, LLC
	 	NorthPark Partners, LP
	120-32130

	 	The Plaza at King of Prussia
	 	160 North Golph Road
	 	 	 	King of Prussia
	 	PA
	 	 	19406	 	 	Kate Spade
	 	Kate Spade, LLC
	 	King of Prussia Associates
	120-32140

	 	Stanford Shopping Center
	 	153 Stanford Shopping Center
	 	 	 	Palo Alto
	 	CA
	 	 	94304	 	 	Kate Spade
	 	Kate Spade, LLC
	 	SPG Center, LLC
	120-32150

	 	Scottsdale Fashion Square
	 	7014 East Camelback Road
	 	 	 	Scottsdale
	 	AZ
	 	 	85251	 	 	Kate Spade
	 	Kate Spade, LLC
	 	Scottsdale Fashion Square LLC
	120-32160

	 	Somerset Collection
	 	2800 West Big Beaver Road
	 	 	 	Troy
	 	MI
	 	 	48084	 	 	Kate Spade
	 	Kate Spade, LLC
	 	Somerset Collection Limited Partnership
	120-32170

	 	Palmer Square North
	 	10 Hulfish Street
	 	 	 	Princeton
	 	NJ
	 	 	8542	 	 	Kate Spade
	 	Kate Spade, LLC
	 	Nassau Inn Limited Partnership
	120-32180

	 	Fashion Island
	 	819 Newport Center Drive
	 	 	 	Newport Beach
	 	CA
	 	 	92660	 	 	Kate Spade
	 	Kate Spade, LLC
	 	The Irvine Company, LLC
	120-32190

	 	466 Broome St. (Jack Spade)
	 	466 Broome Street
	 	with entrance at 56 Greene Street
	 	New York
	 	NY
	 	 	10013	 	 	Jack Spade
	 	Kate Spade, LLC
	 	466-26 Soho LLC
	120-32200

	 	Royal Hawaiian Shopping Center
	 	2201 Kalakaua Ave.
	 	 	 	Honolulu
	 	HI
	 	 	96815	 	 	Kate Spade
	 	Kate Spade, LLC
	 	Trustees of the Estate of Bernice Pauahi Bishop
	120-32270

	 	Fifth Avenue
	 	135 Fifth Avenue
	 	 	 	New York
	 	NY
	 	 	10003	 	 	Kate Spade
	 	LCI Holdings, Inc.
	 	135 Fifth Avenue LLC
	120-32290

	 	San Francisco Centre
	 	425 Market Street
	 	 	 	San Francisco
	 	CA
	 	 	94103	 	 	Kate Spade
	 	LCI Holdings, Inc.
	 	S.F. Centre Limited Partnership
	120-32310

	 	The Americana at Brand
	 	116 Caruso Avenue
	 	 	 	Glendale
	 	CA
	 	 	91210	 	 	Kate Spade
	 	LCI Holdings, Inc.
	 	The Americana at Brand, LLC
	120-32370

	 	One Colorado
	 	37 West Colorado Boulevard
	 	 	 	Pasadena
	 	CA
	 	 	91105	 	 	Kate Spade
	 	LCI Holdings, Inc.
	 	One Colorado Investments LLC
	120-32390

	 	Pioneer Place
	 	700 SW 5th Ave
	 	 	 	Portland
	 	OR
	 	 	97204	 	 	Kate Spade
	 	LCI Holdings, Inc.
	 	Pioneer Place Limited Partnership
	120-32400

	 	The Mall at Chestnut Hill
	 	199 Boylston St
	 	 	 	Newton
	 	MA
	 	 	2467	 	 	Kate Spade
	 	LCI Holdings, Inc.
	 	WMACH LLC
	120-32410

	 	Broadway Plaza
	 	1177 Broadway Plaza
	 	 	 	Walnut Creek
	 	CA
	 	 	35496	 	 	Kate Spade
	 	LCI Holdings, Inc.
	 	Macerich Northwestern Associates
	120-32420

	 	Century City Mall
	 	10250 Santa Monica Boulevard
	 	#196
	 	Los Angeles
	 	CA
	 	 	90067	 	 	Kate Spade
	 	LCI Holdings, Inc.
	 	Century City Mall, LLC
	120-32440

	 	The Village at Corte Madera
	 	1814 Redwood Highway
	 	Space B025
	 	Corte Madera
	 	CA
	 	 	94925	 	 	Kate Spade
	 	LCI Holdings, Inc.
	 	Corte Madera Village, LLC
	120-32460

	 	Topanga Plaza
	 	6600 Topanga Canyon Boulevard
	 	 	 	Canoga Park
	 	CA
	 	 	91303	 	 	Kate Spade
	 	LCI Holdings, Inc.
	 	Westfield Topanga Owner LP

 

24

 

 

Schedule 3.05 B

Other Leased Real Property — US [updated as of 5/1/2010]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Banner	 	 	 	Landlord Entity under the
	Lease #	 	Location Name	 	Address 1	 	Address 2	 	City	 	State	 	Zip	 	/Tradename	 	Tenant Entity under the Lease	 	Lease
	120-32470

	 	Fashion Valley Mall
	 	7007 Friars Rd.
	 	 	 	San Diego
	 	CA
	 	 	92108	 	 	Kate Spade
	 	LCI Holdings, Inc.
	 	Fashion Valley Mall, LLC
	120-32510

	 	Ross Park
	 	1000 Ross Park Mall Drive
	 	 	 	Pittsburgh
	 	PA
	 	 	15237	 	 	Kate Spade
	 	LCI Holdings, Inc.
	 	Penn Ross Joint Venture
	120-32550

	 	International Plaza
	 	2223 North Westshore Boulevard
	 	Space 221
	 	Tampa
	 	FL
	 	 	33607	 	 	Kate Spade
	 	LCI Holdings, Inc.
	 	Tampa Westshore Associates Limited Partnership
	120-32560

	 	Waterside Shops at Pelican Bay
	 	5485 Tamiami Trail N.
	 	 	 	Naples
	 	FL
	 	 	34108	 	 	Kate Spade
	 	LCI Holdings, Inc.
	 	Waterside at Pelican Bay LLC
	120-32570

	 	The Westchesher
	 	125 Westchester Avenue
	 	 	 	White Plains
	 	NY
	 	 	10601	 	 	Kate Spade
	 	LCI Holdings, Inc.
	 	Westchester Mall, LLC
	120-32570ND (FN2)

	 	The Westchester
	 	125 Westchester Avenue
	 	Suite 925
	 	White Plains
	 	NY
	 	 	10601	 	 	Kate Spade
	 	LCI Holdings, Inc.
	 	Westchester Mall, LLC
	120-32580

	 	The Mall at Green Hills
	 	2126 Abbott Martin Road
	 	#313
	 	Nashville
	 	TN
	 	 	37215	 	 	Kate Spade
	 	LCI Holdings, Inc.
	 	Davis Street Land Company of Tennessee, L.L.C.
	120-32590

	 	Fashion Show Mall
	 	3200 Las Vegas Blvd.
	 	 	 	Las Vegas
	 	NV
	 	 	89109	 	 	Kate Spade
	 	LCI Holdings, Inc.
	 	Fashion Show Mall, LLC
	120-32610

	 	Plaza Frontenac
	 	97 Plaza Frontenac
	 	 	 	St. Louis
	 	MO
	 	 	63131	 	 	Kate Spade
	 	LCI Holdings, Inc.
	 	Davis Street Land Company of Missouri L.L.C.
	120-32650

	 	Ala Moana Center
	 	1450 Ala Moana Blvd.
	 	 	 	Honolulu
	 	HI
	 	 	 	 	 	Kate Spade
	 	LCI Holdings, Inc.
	 	GGP Ala Moana L.L.C.
	120-32660

	 	Bleeker Street
	 	400 Bleeker Street
	 	a/k/a 288 West 11th Street
	 	New York
	 	NY
	 	 	10014	 	 	Jack Spade
	 	LCI Holdings, Inc.
	 	400 Bleecker Street Co., LLC
	120-32700 ND

	 	Abbot Kinney
	 	1132 Abbot Kinney Boulevard
	 	 	 	Venice
	 	CA
	 	 	90291	 	 	Jack Spade
	 	LCI Holdings, Inc.
	 	Scott J. Borman
	125-14040 Hybrid (FN4)

	 	Woodbury Common Premium Outlets
	 	231 Red Apple Court
	 	Route 32, Box 11
	 	Central Valley
	 	NY
	 	 	10917	 	 	Kensie
	 	LCI Holdings, Inc.
	 	CPG Partners, L.P
	152-13310 ND (FN2)

	 	Barceloneta
	 	1 Prime Outlets Boulevard
	 	 	 	Barceloneta
	 	PR
	 	 	617	 	 	Juicy Outlet
	 	Liz Claiborne Puerto Rico, Inc.
	 	PR Barceloneta, LLC
	152-30800

	 	Prime Outlets of Puerto Rico
	 	1 Prime Outlets Blvd Suite 400
	 	 	 	Barceloneta
	 	PR
	 	 	617	 	 	Liz Claiborne
	 	Liz Claiborne Puerto Rico, Inc.
	 	PR Barceloneta, LLC
	152-32300

	 	Route 66 Mall
	 	18400 State Road #3, Suite 170
	 	 	 	Canovanas
	 	PR
	 	 	729	 	 	Liz Claiborne
	 	Liz Claiborne Puerto Rico, Inc.
	 	FOM Puerto Rico, S.E.
	152-69000

	 	Plaza Las Americas
	 	525 F.D. Roosevelt Avenue
	 	Hato Rey
	 	San Juan
	 	PR
	 	 	918	 	 	Lucky
	 	Liz Claiborne Puerto Rico, Inc.
	 	Plaza Las Americas, Inc.
	230-60000-1

	 	30 Irving Place
	 	30 Irving Place
	 	9th Floor
	 	New York
	 	NY
	 	 	 	 	 	Narciso Rodriguez Facilities
	 	Havana LLC
	 	30 Irving Place Realty Co.
	230-60000-2V (FN1) (partially sublet)

	 	17-19 Union Square West
	 	17-19 Union Square West
	 	 	 	New York
	 	NY
	 	 	 	 	 	Narciso Facilities
	 	Havana LLC
	 	17-19 Associates, LLC
	290-41100

	 	209 West 38th Street
	 	209 West 38th Street
	 	 	 	New York
	 	NY
	 	 	 	 	 	Westcoast Contempo Facilities
	 	Westcoast Contempo (USA) Inc.
	 	Newmark & Company Real Estate, Inc., as Agent for 209-219 W 38 LLC

 

25

 

 

Schedule 3.05 B

Other Leased Real Property — US [updated as of 5/1/2010]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Banner	 	 	 	Landlord Entity under the
	Lease #	 	Location Name	 	Address 1	 	Address 2	 	City	 	State	 	Zip	 	/Tradename	 	Tenant Entity under the Lease	 	Lease
	290-41400

	 	California Market Center
	 	110 East Ninth Street
	 	 	 	Los Angeles
	 	CA
	 	 	90079	 	 	Westcoast Contempo Facilities
	 	Westcoast Contempo (USA) Inc.
	 	Jamison California Market Center, LP
	 
	325-50000-2

	 	48 West 25th Street (6th & 7th Floor)
	 	48 West 25th Street
	 	 	 	New York
	 	NY
	 	 	10010	 	 	Kate Spade Facilities
	 	Kate Spade, LLC
	 	48 West 25th Street, LLC
	325-50000-3

	 	48 West 25th Street (4th Floor)
	 	48 West 25th Street
	 	 	 	New York
	 	NY
	 	 	10010	 	 	Kate Spade Facilities
	 	Kate Spade, LLC
	 	48 West 25th Street, LLC
	325-50000-4

	 	48 West 25th Street (5th Floor)
	 	48 West 25th Street
	 	 	 	New York
	 	NY
	 	 	10010	 	 	Kate Spade Facilities
	 	Kate Spade, LLC
	 	48 West 25th Street, LLC
	330-65000-5

	 	12723 Wentworth Street
	 	12723 Wentworth Street
	 	12800 Rangoon Street
	 	Arleta
	 	CA
	 	 	91331	 	 	Juicy Facilities
	 	Juicy Couture, Inc.
	 	IPERS BREA/Golden State Business Parks, Inc.
	 
	330-65000-7

	 	Cooper Building
	 	860 S. Los Angeles Street
	 	 	 	Los Angeles
	 	CA
	 	 	90014	 	 	Juicy Facilities
	 	Juicy Couture, Inc.
	 	Big Munga Development, LLC dba Mercantile Center
	330-65000-8

	 	12825 Rangoon Street
	 	12825 Rangoon Street
	 	 	 	Arleta
	 	CA
	 	 	91331	 	 	Juicy Facilities
	 	Juicy Couture, Inc.
	 	IPERS BREA/Golden State Business Parks, Inc.
	360-41400-1

	 	New Mart Building
	 	127 East Ninth Street
	 	 	 	Los Angeles
	 	CA
	 	 	90015	 	 	Lucky Facilities
	 	Lucky Brand Dungarees, Inc.
	 	Eisenberg Properties-New Mart Building, Inc.
	360-50000-1

	 	5233 Alcoa Avenue
	 	5233 Alcoa Avenue
	 	 	 	Vernon
	 	CA
	 	 	90058	 	 	Lucky Facilities
	 	Lucky Brand Dungarees Stores, Inc.
	 	The Guardian Life Insurance Company of America
	360-50000-2

	 	5400 Alcoa Avenue
	 	5400 Alcoa Avenue
	 	 	 	Vernon
	 	CA
	 	 	90058	 	 	Lucky Facilities
	 	Lucky Brand Dungarees, Inc.
	 	Kudenoff/Kroener Family Partnership
	ND SP 107 El Paseo (FN2)

	 	El Paseo Village
	 	73-545 and 73-525 El Paseo Boulevard
	 	 	 	Palm Desert
	 	CA
	 	 	92260	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	El Paseo Land Company, L.L.C.
	ND SP 107 Oyster Bay (FN2)

	 	The Mall at Oyster Bay
	 	 	 	 	 	Oyster Bay
	 	NY
	 	 	 	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Oyster Bay Associates Limited Partnership
	ND SP 107 South Shore (FN2)

	 	South Shore Plaza
	 	250 Granite Street
	 	 	 	Braintree
	 	MA
	 	 	02184	 	 	Lucky
	 	Lucky Brand Dungarees Stores, Inc.
	 	Braintree Property Associates Limited Partnership
	 
	 	 	 	 
	ND SP 116 Oyster Bay (FN2)

	 	The Mall at Oyster Bay
	 	 	 	 	 	Oyster Bay
	 	NY
	 	 	 	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Oyster Bay Associates Limited Partnership
	ND SP 116 South Shore (FN2)

	 	South Shore Plaza
	 	250 Granite Street
	 	 	 	Braintree
	 	MA
	 	 	02184	 	 	Juicy
	 	LCI Holdings, Inc.
	 	Braintree Property Associates Limited Partnership
	ND SP 120 El Paseo (FN2)

	 	El Paseo Village
	 	73-545 and 73-525 El Paseo Boulevard
	 	 	 	Palm Desert
	 	CA
	 	 	92260	 	 	Kate Spade
	 	LCI Holdings, Inc.
	 	El Paseo Land Company, L.L.C.
	ND SP 120 Oyster Bay (FN2)

	 	The Mall at Oyster Bay
	 	 	 	 	 	Oyster Bay
	 	NY
	 	 	 	 	 	Kate Spade
	 	LCI Holdings, Inc.
	 	Oyster Bay Associates Limited Partnership
	ND SP 123 King of PrussiaV (FN3)

	 	Court at King of Prussia
	 	304 Goddard Boulevard
	 	 	 	King of Prussia
	 	PA
	 	 	19406	 	 	Liz Claiborne Full Price
	 	LCI Holdings, Inc.
	 	King of Prussia Associates

 

26

 

 

Schedule 3.05 B

FOOTNOTES:

	 	 	 
	FN1 —	 	 any Lease # with a “V” means that the property have been vacated but there is still a lease
obligation (a termination deal may be in negotiation).
	 
	FN2 —	 	 any Lease # with a “ND” either at the beginning or at the end means there is a lease
obligation but the store has not opened/lease has not commenced yet
	 
	FN3 —	 	 This lease has open litigation. The store never opened and its enforceability and validity
is being challenged by the Tenant Entity under the Lease.
	 
	FN4 —	 	 Hybrid — these leases are a Hybrid where a portion of the space is operated as a “Lucky”
store. The Tenant under the lease in LCI Holdings, Inc. but we have internally allocated a portion
of the space to Lucky Brand Dungarees Stores, Inc. for the Lucky store portion and we intend to
create an internal sublease document.
	 
	FN5 —	 	These leases currently have month to month terms. We are either in the process of negotiating
extension documents and the terms will then be converted to a fixed term or we will continue to
operate on a month to month basis.
	 
	FN6 —	 	These leases expires 4/30/2010, but may be extended.
	 
	*      —	 	 Leases with an asterisk have a separate storage space payment associated with them as of
2/23/2010 (but subject to change as some may be temporary storage spaces)

Deals in negotiation, fully executed lease not available as of 3/1/2010

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ND O 116 Allen

	 	Allen Premium Outlets
	 	820 West Stacy Road
	 	 	 	Allen
	 	TX
	 	 	75013	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	116-13330 ND

	 	Five Oaks
	 	 	 	 	 	Sevierville
	 	TN
	 	 	37862	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	116-35780 ND

	 	International Plaza
	 	2223 N. West Shore Boulevard
	 	 	 	Tampa
	 	FL
	 	 	33607	 	 	Juicy
	 	LCI Holdings, Inc.
	116-13390 ND

	 	Orlando Premium Outlets
	 	8200 Vineland Avenue
	 	 	 	Orlando
	 	FL
	 	 	32821	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	116-13340 ND

	 	Patomac Mills
	 	2700 Patomac Mills Circle
	 	 	 	Woodbridge
	 	VA
	 	 	22192	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	116-13410 ND

	 	Rehoboth Outlet Center
	 	36470 Seaside Outlet Drive
	 	 	 	Rehoboth Beach
	 	DE
	 	 	19971	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	116-13320 ND

	 	Rio Grand Valley Premium Outlets
	 	5001 East Expressway
	 	 	 	Mercedes
	 	TX
	 	 	78570	 	 	Juicy Outlet
	 	LCI Holdings, Inc.
	116-35760 ND

	 	Roosevelt Field
	 	630 Old Country Road
	 	 	 	Garden City
	 	NY
	 	 	11530	 	 	Juicy
	 	LCI Holdings, Inc.
	 
	 
	116-13400 ND

	 	Waikele Premium Outlets
	 	94-790 Lumiaina Street
	 	 	 	Waipahu
	 	HI
	 	 	96797	 	 	Juicy Outlet
	 	LCI Holdings, Inc.

 

27

 

Schedule 3.06 

 Disclosed Matters

None

 

1

 

Schedule 3.10

Foreign Benefit Arrangements and Foreign Pension Plans (“Plan”)

	 	 	 	 	 	 	 
	Name of Loan Party/Subs.	 	 	 	 	 	 
	maintaining or	 	 	 	 	 	 
	contributing to Plan	 	Name of Plan	 	Type of Plan	 	Region or Country
	Liz Claiborne, Inc.

	 	Retirement Fund / Mandatory Provident Fund
(MPF) is the Fidelity Master Trust Fund
	 	Defined

Contribution Plan
	 	Asia
	Liz Claiborne Canada Inc.

	 	Liz Claiborne Canada Inc. Retirement Plan
(27398-G)
	 	Defined

Contribution Plan
	 	Canada
	Westcoast Contempo
Fashions Limited

	 	Workers United Canada Retirement Fund
	 	Pension Plan
	 	Canada
	Mexx Nederland BV

	 	Mexx collectieve pensioenregeling
	 	Defined

Contribution Plan
	 	Netherlands
	Mexx Europe BV

	 	Mexx collectieve pensioenregeling
	 	Defined

Contribution Plan
	 	Netherlands
	Mexx Europroduction BV

	 	Mexx collectieve pensioenregeling
	 	Defined

Contribution Plan
	 	Netherlands
	Mexx Europe
International BV

	 	Mexx collectieve pensioenregeling
	 	Defined

Contribution Plan
	 	Netherlands
	Mexx Nederland Retail BV

	 	Bedrijfstakpensioenfonds voor de detailhandel
	 	Defined benefit
	 	Netherlands
	Mexx Ltd / Liz Claiborne
Europe

	 	Stakeholder pensionscheme (Standard Life)
	 	Defined

Contribution Plan
	 	UK
	Mexx Holding GmbH

	 	Gruppenversicherung/pension plan
	 	Pension Plan
	 	Germany
	Mexx Deutschland GmbH

	 	Gruppenversicherung/pension plan
	 	Pension Plan
	 	Germany
	Mexx Modehandels GmbH

	 	Gruppenversicherung/pension plan
	 	Pension Plan
	 	Germany
	Mexx Scandinavia AB

	 	Mexx Scandinavia AB Occupational Pension Plan
	 	Pension Plan
	 	Sweden
	Mexx Scandinavia AS

	 	Mexx Scandinavia AB Occupational Pension Plan
	 	Pension Plan
	 	Norway
	Mexx Scand. Finland OY

	 	Unit linked sesam Insurance Contract
	 	Defined

Contribution Plan
	 	Finland
	Mexx Belgium NV

	 	Groepsverzekering
	 	Defined

Contribution Plan
	 	Belgium
	Mexx Ireland Ltd.

	 	PRSA (Personal Retirement Savings Account)
	 	Defined

Contribution Plan
	 	Ireland

 

 

 

 

Schedule 3.14

Schedule 3.14

INSURANCE
POLICIES

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Category	 	Insurer	 	A. M. Best	 	Policy No.	 	Term	 	Coverages	 	Limits	 	 	Insureds
	PROPERTY
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Factory Mutual Ins. Co.	 	A+ XV	 	LD 577	 	05/31/09 – 05/31/10	 	“All Risks” Property Insurance	 	 	 	$	500,000,000	 	 	Includes all
	 
	 	(FM Global)	 	 	 	UK090961	 	 	 	 	 	 	 	 	 	 	 	“Loan Parties”
	 
	 	 	 	 	 	 	 	 	 	Inventory at Warehouse only	 	 	 	 	 	 	 	as defined in Credit
	 
	 	 	 	 	 	 	 	 	 	See Stock Throughput below	 	 	 	 	 	 	 	Agreement
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	Terrorism Sublimits	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	Certified Acts	 	Per  Occ.	 	$	500,000,000	 	 	 
	 
	 	 	 	 	 	 	 	 	 	Non Certified Acts	 	Per  Occ.	 	$	1,000,000	 	 	 
	POLITICAL RISK / WAR ON LAND / TRADE DISRUPTION
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Lloyd’s of London	 	A, XV	 	M80187010	 	02/01/10 – 02/01/12	 	Political Risk/Confiscation	 	Per  Occ.	 	$	12,500,000	 	 	Includes all
	 
	 	 	 	 	 	 	 	 	 	 	 	Aggregate	 	$	25,000,000	 	 	“Loan Parties”
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	as defined in Credit
	 
	 	Lloyd’s of London	 	A, XV	 	M80187010	 	02/01/10 – 02/01/12	 	War on Land	 	Per  Occ.	 	$	12,500,000	 	 	Agreement
	 
	 	 	 	 	 	 	 	 	 	 	 	Aggregate	 	$	25,000,000	 	 	 
	 
	 
	 
	 	Lloyd’s of London	 	A, XV	 	M80187010	 	02/01/10 – 02/01/12	 	Terrorism	 	Per  Occ.	 	$	20,000,000	 	 	 
	 
	 	 	 	 	 	 	 	 	 	(excess and difference in	 	Aggregate	 	$	30,000,000	 	 	 
	 
	 	 	 	 	 	 	 	 	 	conditions of FM policy)	 	 	 	 	 	 	 	 
	 
	 
	 
	 	Lloyd’s of London	 	A, XV	 	M80187010	 	02/01/10 – 02/01/12	 	Trade Disruption	 	Per  Occ.	 	$	15,000,000	 	 	 
	 
	 	 	 	 	 	 	 	 	 	(consequential loss)	 	Aggregate	 	$	17,500,000	 	 	 
	STOCK THROUGH PUT/TRANSIT AND MARINE CARGO
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Lloyd’s of London &	 	A, XV	 	M80186010	 	02/01/10 – 02/01/11	 	Transits	 	 	 	$	30,000,000	 	 	Includes all
	 
	 	Various British Companies	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	“Loan Parties”
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	as defined in Credit
	 
	 	Lloyd’s of London &	 	A, XV	 	M80186010	 	02/01/10 – 02/01/11	 	Inventory excluding Retail Stores	 	 	 	$	50,000,000	 	 	Agreement
	 
	 	Various British Companies	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

1

 

 

Schedule 3.14

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Category	 	Insurer	 	A. M. Best	 	Policy No.	 	Term	 	Coverages	 	Limits	 	 	Insureds
	CASUALTY
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Hartford	 	A, XV	 	10CSEC77702	 	09/30/09 – 09/30/10	 	General Liability	 	 	 	$	5,000,000	 	 	 
	 
	 
	 	Hartford	 	A, XV	 	10ABC77703	 	09/30/09 – 09/30/10	 	Business Auto	 	 	 	$	1,000,000	 	 	Includes all
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	“Loan Parties”
	 
	 	Hartford	 	A, XV	 	10WNC77700	 	09/30/09 – 09/30/10	 	Workers’ Compensation	 	 	 	Statutory	 	 	as defined in Credit
	 
	 	Hartford	 	A, XV	 	10WBRC77701	 	09/30/09 – 09/30/10	 	 	 	 	 	 	 	 	 	Agreement
	 
	 	Hartford	 	A, XV	 	10XWEC77704	 	09/30/09 – 09/30/10	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	Umbrella & Excess Liability	 	$	100,000,000	 	 	 
	 
	 	ACE	 	A+, XV	 	XOOG24902201	 	09/30/09 – 09/30/10	 	Primary 25MM	 	 	 	 	 	 	 	 
	 
	 	Great American	 	A, XIV	 	TUE358011206	 	09/30/09 – 09/30/10	 	50% of 50MM x 25MM	 	 	 	 	 	 	 	 
	 
	 	Chubb	 	A++, XV	 	79766879	 	09/30/09 – 09/30/10	 	50% of 50MM x 25MM	 	 	 	 	 	 	 	 
	 
	 	Zurich	 	A, XV	 	AEC913970503	 	09/30/09 – 09/30/10	 	25MM x 75MM	 	 	 	 	 	 	 	 
	SPECIAL EVENTS
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Chubb	 	A++, XV	 	79488737	 	10/25/09 – 10/25/10	 	Special Events Liability	 	 	 	$	1,000,000	 	 	Includes all
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	“Loan Parties”
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	as defined in Credit
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Agreement
	TRAVEL
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	National Union	 	A, XV	 	GTP0009129950	 	03/13/10 – 03/13/13	 	Travel Accident	 	 	 	 	 	 	 	 
	 
	 	Fire Insurance Co. (Chartis)	 	 	 	 	 	 	 	 	Officers	 	$	1,000,000	 	 	Includes all
	 
	 	 	 	 	 	 	 	 	 	 	All other employees	 	$	250,000	 	 	“Loan Parties”
	 
	 	 	 	 	 	 	 	 	 	All guests traveling at Liz expense	 	$	50,000	 	 	as defined in Credit
	 
	 	 	 	 	 	 	 	 	 	 	Spouse	 	$	100,000	 	 	Agreement
	 
	 	 	 	 	 	 	 		 	 	Dependent children	 	$	50,000	 	 	 
	DIRECTORS & OFFICERS
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	Executive Liability and Indemnification —	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	Directors & Officers	 	 	 	$	50,000,000	 	 	Includes all
	 
	 	Federal Ins. Co.	 	A++ XV	 	81035379	 	08/11/09 – 08/11/10	 	Primary 15MM	 	 	 	 	 	 	 	“Loan Parties”
	 
	 	(Chubb Group)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	as defined in Credit
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Agreement
	 
	 	National Union	 	A, XV	 	10367883	 	08/11/09 – 08/11/10	 	10MM x 15MM	 	 	 	 	 	 	 	 
	 
	 	Fire Insurance Co.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	(Chartis)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	St. Paul Mercury Ins. Co.	 	A+, XV	 	EC09002621	 	08/11/09 – 08/11/10	 	10MM x 25MM	 	 	 	 	 	 	 	 
	 
	 	(Travelers)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Allied World Assurance	 	A, XV	 	3048602	 	08/11/09 – 08/11/10	 	10MM x 35MM	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Everest National Insurance Co.	 	A+, XV	 	SC5ED00004091	 	08/11/09 – 08/11/10	 	5MM x 45MM	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	Side-A Excess Exec Liab and Indem	 	$	35,000,000	 	 	Includes all
	 
	 	XL Specialty (XL Capital Group)	 	A, XV	 	ELU11292909	 	08/11/09 – 08/11/10	 	10MM x 50MM	 	 	 	 	 	 	 	Directors & Officers of
	 
	 	AXIS Insurance	 	A, XV	 	MNN741743012009	 	08/11/09 – 08/11/10	 	10MM x 60MM	 	 	 	 	 	 	 	“Loan Parties”
	 
	 	AIG Casualty Company	 	A, XV	 	3690400	 	08/11/09 – 08/11/10	 	10MM x 70MM	 	 	 	 	 	 	 	as defined in Credit
	 
	 	Berkley Insurance Company	 	A+, XV	 	1923938	 	08/11/09 – 08/11/10	 	5MM x 80MM	 	 	 	 	 	 	 	Agreement

 

2

 

 

Schedule 3.14

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Category	 	Insurer	 	A. M. Best	 	Policy No.	 	Term	 	Coverages	 	Limits	 	 	Insureds
	FIDUCIARY
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	Fiduciary Liability	 	$	15,000,000	 	 	Includes all
	 
	 	St. Paul Mercury Ins. Co.	 	A+, XV	 	ECO9003071	 	01/15/10 – 01/15/11	 	Primary 10MM	 	 	 	 	 	 	 	“Loan Parties”
	 
	 	(Travelers)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	as defined in Credit
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Agreement
	 
	 	Federal Ins. Co.	 	A++, XV	 	82095332	 	01/15/10 – 01/15/11	 	10MM x 10MM	 	 	 	 	 	 	 	 
	 
	 	(Chubb Group)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	EMPLOYMENT PRACTICES
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	Employment Practices Liability	 	$	20,000,000	 	 	 
	 
	 	St. Paul Mercury Ins. Co.	 	A+, XV	 	ECO9002740	 	09/30/09 – 09/30/10	 	Primary 10MM	 	 	 	 	 	 	 	Includes all
	 
	 	(Travelers)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	“Loan Parties”
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	as defined in Credit
	 
	 	Federal Ins. Co.	 	A++, XV	 	8158-8137	 	09/30/09 – 09/30/10	 	10MM x 10MM	 	 	 	 	 	 	 	Agreement
	 
	 	(Chubb Group)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	INTERNET
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	Internet Security and Privacy	 	 	 	 	 	 
	 
	 	Beazley Insurance Co	 	A, XV	 	W1033D090101	 	12/18/09 – 12/18/10	 	Liability	 	 	 	$	3,000,000	 	 	Includes all
	 
	 	Syndicate 2623/623 @	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	“Loan Parties”
	 
	 	Lloyds of London	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	as defined in Credit
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Agreement
	CRIME
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Federal Ins. Co.	 	A++, XV	 	81847635	 	08/11/09 – 08/11/10	 	Commercial Crime	 	$	15,000,000	 	 	Includes all
	 
	 	(Chubb Group)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	“Loan Parties”
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	as defined in Credit
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Agreement
	SPECIAL COVERAGE
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Liberty Ins. Underwriters, Inc.	 	A, XV	 	206211018	 	01/01/08 – 01/01/11	 	Kidnap and Ransom	Per Loss	 	$	15,000,000	 	 	Includes all
	 
	 	(Liberty Mutual Group)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	“Loan Parties”
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	as defined in Credit
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Agreement
	FOREIGN INSURANCE PROGRAM
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	Excess and “Difference in Conditions” Coverage	 	 	 	 	 	 
	 
	 	Insurance Company of the State	 	A, XV	 	WR10008277	 	09/30/09 – 09/30/10	 	Foreign General Liability	 	$	1,000,000	 	 	Includes all
	 
	 	of PA	 	 	 	 	 	 	 	Foreign Automobile	 	$	1,000,000	 	 	“Loan Parties”
	 
	 	(Chartis)	 	 	 	 	 	 	 	Foreign Workers	 	 	 	 	 	as defined in Credit
	 
	 	 	 	 	 	 	 	 	 	 Compensation/Employers Liability	 	$	1,000,000	 	 	Agreement
	CREDIT INSURANCE
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Euler Hermes Credit	 	N/A	 	64.762	 	01/01/07 – 12/31/10	 	Accounts Receivable	 	 	 	€	62 million	 	 	Mexx Europe B.V.
	 
	 	Insurance Belgium N.V.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

3

 

Schedule 3.15

Schedule 3.15

Capitalization and Subsidiaries

3.15(a) and (c) — List of name of Subsidiaries, their relationship to Liz Claiborne, Inc. (the
“Company”), and the type of entity of each entity:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	Jurisdiction of	 	 	 	Owner(s)/
	 	 	Entity Name	 	Formation	 	Type of Entity	 	Holder(s) and its jurisdiction of formation
	 

	 	Liz Claiborne, Inc.
	 	Delaware
	 	Corporation
	 	N/A
	Domestic Entities
	 	 	 	 	 	 	 	 
	 

	 	Jerg, Inc.
	 	California
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware) (100%)
	 

	 	Juicy Couture, Inc.
	 	California
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware) (100%)
	 

	 	Skylark Sport Marketing Corporation
	 	California
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware) (100%)
	 

	 	DB Newco Corp.
	 	Delaware
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware) (100%)
	 

	 	Nonee I Holding, LLC
	 	Delaware
	 	LLC
	 	Liz Claiborne, Inc. (Delaware) (100%)
	 

	 	Nonee I, LLC
	 	Delaware
	 	LLC
	 	Nonee I Holding, LLC (Delaware) (100%)
	 

	 	Havana LLC
	 	Delaware
	 	LLC
	 	Liz Claiborne, Inc. (Delaware) (100%)
	 

	 	Kate Spade LLC
	 	Delaware
	 	LLC
	 	Liz Claiborne, Inc. (Delaware) (100%)
	 

	 	L. C. Augusta, Inc.
	 	Delaware
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware) (100%)
	 

	 	L.C. Caribbean Holdings, Inc.
	 	Delaware
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware) (100%)
	 

	 	LC Libra, LLC
	 	Delaware
	 	LLC
	 	Liz Claiborne, Inc. (Delaware) (99%)

LCI Holdings, Inc. (Delaware) (1%)
	 

	 	L.C. Licensing, Inc.
	 	Delaware
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware) (100%)
	 

	 	L.C. Service Company, Inc.
	 	Delaware
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware) (100%)
	 

	 	L.C. Special Markets, Inc.
	 	Delaware
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware) (100%)
	 

	 	LCI Acquisition U.S., Inc.
	 	Delaware
	 	Corporation
	 	Liz Claiborne Foreign Holdings, Inc. (Delaware) (100%)
	 

	 	LCI Holdings, Inc.
	 	Delaware
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware) (100%)
	 

	 	LCI Investments, Inc.
	 	Delaware
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware) (100%)
	 

	 	Boodle, Inc.
	 	Delaware
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware) (100%)
	 

	 	Liz Claiborne Accessories, Inc.
	 	Delaware
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware) (100%)
	 

	 	Liz Claiborne Accessories-Sales, Inc.
	 	Delaware
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware) (100%)
	 

	 	Liz Claiborne Cosmetics, Inc.
	 	Delaware
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware) (100%)
	 

	 	Liz Claiborne Export, Inc.
	 	Delaware
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware) (100%)

 

 

 

Schedule 3.15

	 	 	 	 	 	 	 	 	 
	 	 	 	 	Jurisdiction of	 	 	 	Owner(s)/
	 	 	Entity Name	 	Formation	 	Type
of Entity	 	Holder(s) and its jurisdiction of formation
	 

	 	Liz Claiborne Foreign Holdings, Inc.
	 	Delaware
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware) (100%)
	 

	 	Liz Claiborne Japan, Inc.
	 	Delaware
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware) (100%)
	 

	 	Liz Claiborne Puerto Rico, Inc.
	 	Delaware
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware) (100%)
	 

	 	Liz Claiborne Sales, Inc.
	 	Delaware
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware) (100%)
	 

	 	Liz Claiborne Shoes, Inc.
	 	Delaware
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware) (100%)
	 

	 	Lucky Brand Dungarees, Inc.
	 	Delaware
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware) (99.701%)
	 

	 	Lucky Brand Dungarees Stores, Inc.
	 	Delaware
	 	Corporation
	 	Lucky Brand Dungarees, Inc. (Delaware) (100%)
	 

	 	Monet International, Inc.
	 	Delaware
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware) (100%)
	 

	 	Monet Puerto Rico, Inc.
	 	Delaware
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware) (100%)
	 

	 	Segrets, Inc.
	 	Delaware
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware) (99.297%)
	 

	 	Westcoast Contempo Promenade, Inc.
	 	Washington
	 	Corporation
	 	Westcoast Contempo Retail, Inc. (Washington) (100%)
	 

	 	Westcoast Contempo Retail, Inc.
	 	Washington
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware) (100%)
	 

	 	Westcoast Contempo (U.S.A.) Inc.
	 	Washington
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware) (100%)
	Foreign Entities
	 	 	 	 	 	 	 	 
	 

	 	Mexx Austria GmbH
	 	Austria
	 	Limited Liability Company
	 	Mexx Europe International B.V. (Netherlands) (100%)
	 

	 	Mexx Belgium NV
	 	Belgium
	 	Corporation
	 	Mexx Europe International B.V. (Netherlands) (99.99%) 

Mexx Group B.V. (Netherlands) (.01%)
	 

	 	Retrain NV
	 	Belgium
	 	Corporation
	 	Mexx Europe International B.V. (Netherlands) (99.99%) 

Mexx Group B.V. (Netherlands) (.01%)
	 

	 	Liz Claiborne DO Brasil Industria E Comercia
	 	Brazil
	 	Company with Limited Liability
	 	L.C. Caribbean Holdings, Inc. (Delaware) (99%) 

Liz Claiborne Foreign Holdings, Inc. (Delaware) (1%)
	 

	 	Westcoast Contempo Fashions Limited
	 	British Columbia
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware) (100%)
	 

	 	Liz Claiborne Canada Inc.
	 	Canada
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware)
(100% of common shares)

Liz Claiborne Export, Inc. (Delaware) (100% of preferred shares)
	 

	 	Juicy Couture Canada Inc.
	 	Canada
	 	Corporation
	 	Liz Claiborne, Inc. (Delaware) (100%)
	 

	 	Sheng Hui Fashion (Shenzhen) Co. Limited
	 	China
	 	Limited Liability Company
	 	Mexx Far East Ltd. (Hong Kong) (100%)
	 

	 	Shanghai Zhong Haw Costume & Accessories Co. Ltd.
	 	China
	 	Corporation
	 	Westcoast Contempo (U.S.A.) Inc. (Washington) (33%)
	 

	 	Mexx Czech Republic S.r.o.
	 	Czech Republic
	 	Limited Liability Company
	 	Mexx Europe International B.V. (Netherlands) (100%)
	 

	 	Mexx Scandinavia Finland OY
	 	Finland
	 	Limited Liability Company
	 	Mexx Europe International B.V. (Netherlands) (100%)

 

 

 

Schedule 3.15

	 	 	 	 	 	 	 	 	 
	 	 	 	 	Jurisdiction of	 	 	 	Owner(s)/
	 	 	Entity Name	 	Formation	 	Type of Entity	 	Holder(s) and its jurisdiction of formation
	 

	 	Mexx Boutiques SARL
	 	France
	 	Limited Liability Company
	 	Mexx France SAS (France) (99%)

Mexx Europe Holding B.V. (Netherlands) (.01%)
	 

	 	Mexx France International SAS
	 	France
	 	Simplified Corporation
	 	Liz Claiborne Europe (United Kingdom) (100%)
	 

	 	Mexx France SAS
	 	France
	 	Simplified Corporation (société par actions simplifiées)
	 	Mexx Europe International B.V. (Netherlands) (100%)
	 

	 	Mexx Deutschland GmbH
	 	Germany
	 	Limited Liability Company
	 	Mexx Holding GmbH (Germany) (100%)
	 

	 	Mexx Direct GmbH & Co KG
	 	Germany
	 	Limited Partnership
	 	Mexx Group B.V. (Netherlands) (100%)
	 

	 	Mexx Holding GmbH
	 	Germany
	 	Limited Liability Company
	 	Mexx Europe International B.V. (Netherlands) (100%)
	 

	 	Mexx Modehandels GmbH
	 	Germany
	 	Corporation
	 	Mexx Holding GmbH (Germany) (100%)
	 

	 	Verwaltungsgesellschaft Mexx Direct mbH
	 	Germany
	 	Limited Liability Company
	 	Mexx Group B.V. (Netherlands) (100%)
	 

	 	Mexx Hellas EPE
	 	Greece
	 	Limited Liability Company
	 	Mexx Europe International B.V. (Netherlands) (100%)
	 

	 	Textiles Liz Claiborne Guatemala, SA
	 	Guatemala
	 	Company with Limited Liability
	 	L.C. Caribbean Holdings, Inc. (Delaware) (99.99%) 

Liz Claiborne Foreign Holdings, Inc. (Delaware) (.1%)
	 

	 	Liz Claiborne International Limited
	 	Hong Kong
	 	Private Company with Limited Liability
	 	Mexx Holding Netherlands B.V. (Netherlands) (100%)
	 

	 	Mexx Asia Pacific Ltd.
	 	Hong Kong
	 	Limited Liability Company
	 	Mexx Europe International B.V. (Netherlands) (100%)
	 

	 	Bright Win Ltd.
	 	Hong Kong
	 	Limited Liability Company
	 	Mexx Far East Ltd. (Hong Kong) (100%)
	 

	 	Mexx Far East Ltd.
	 	Hong Kong
	 	Limited Liability Company
	 	Mexx Europe International B.V. (Netherlands) (100%)
	 

	 	Mexx Hungary Ltd.
	 	Hungary
	 	Limited Liability Company
	 	Mexx Europe Holding B.V. (Netherlands) (1%) 

Mexx Europe International B.V. (Netherlands) (99%)
	 

	 	Mexx Ireland Limited
	 	Ireland
	 	Limited Liability Company
	 	Mexx Europe International B.V. (Netherlands) (100%)
	 

	 	Juicy Couture Ireland Limited
	 	Ireland
	 	Limited Liability Company
	 	Juicy Couture Europe Limited (United Kingdom) (100%)
	 

	 	Liz Claiborne (Israel) Ltd.
	 	Israel
	 	Company with Limited Liability
	 	L.C. Licensing Inc. (Delaware)
(1%)

Liz Claiborne Foreign Holdings, Inc. (Delaware) (99%)
	 

	 	Liz Claiborne Operations (Israel) 1993 Ltd.
	 	Israel
	 	Private Company with Limited Liability
	 	Liz Claiborne Foreign Holdings, Inc. (Delaware) (99%) 

Liz Claiborne, Inc. (Delaware) (1%)
	 

	 	Mexx Italy S.r.l.
	 	Italy
	 	Limited Liability Company
	 	Mexx Europe International B.V. (Netherlands) (100%)

 

 

 

Schedule 3.15

	 	 	 	 	 	 	 	 	 
	 	 	 	 	Jurisdiction of	 	 	 	Owner(s)/
	 	 	Entity Name	 	Formation	 	Type of Entity	 	Holder(s) and its jurisdiction of formation
	 

	 	Mexx Luxembourg S.à.r.l
	 	Luxembourg
	 	Company with Limited Liability
	 	Mexx Europe International B.V. (Netherlands) (100%)
	 

	 	Liz Claiborne de Mexico, S.A. de C.V.
	 	Mexico
	 	Private Company with Limited Liability
	 	L.C. Caribbean Holdings, Inc.
(Delaware) (1%)

Liz Claiborne Foreign Holdings, Inc. (Delaware) (99%)
	 

	 	Liz Claiborne Servicios de Mexico, S.A. de C.V.
	 	Mexico
	 	Private Company with Limited Liability
	 	L.C. Service Company, Inc.
(Delaware) (99%)

Liz Claiborne Export, Inc. (Delaware) (1%)
	 

	 	Liz Claiborne 3 B.V.
	 	Netherlands
	 	Private Company with Limited Liability
	 	Mexx Europe Holding B.V. (Netherlands) (100%)
	 

	 	Liz Claiborne 2 B.V.
	 	Netherlands
	 	Private Company with Limited Liability
	 	Mexx Europe Holding B.V. (Netherlands) (100%)
	 

	 	Mexx Direct Holding B.V.
	 	Netherlands
	 	Company with Limited Liability
	 	Mexx Group B.V. (Netherlands) (100%)
	 

	 	Mexx Europe B.V.
	 	Netherlands
	 	Private Company with Limited Liability
	 	Mexx Holding Netherlands B.V. (Netherlands) (100%)
	 

	 	Mexx Europe Holding B.V.
	 	Netherlands
	 	Private Company with Limited Liability
	 	LCI Acquisition U.S., Inc. (Delaware) (100%)
	 

	 	Mexx Europe International B.V.
	 	Netherlands
	 	Private Company with Limited Liability
	 	Liz Claiborne 3 BV (Netherlands) (7%) 

Liz Claiborne 2 BV (Netherlands) (25%) 

Mexx Holding International B.V. (68%)
	 

	 	Mexx Europroduction B.V.
	 	Netherlands
	 	Private Company with Limited Liability
	 	Mexx Holding Netherlands B.V. (Netherlands) (100%)
	 

	 	Mexx Group B.V.
	 	Netherlands
	 	Private Company with Limited Liability
	 	Mexx Europe International B.V. (Netherlands) (100%)
	 

	 	Mexx Holding International B.V.
	 	Netherlands
	 	Private Company with Limited Liability
	 	Mexx Europe Holding B.V. (Netherlands) (100%)
	 

	 	Mexx Holding Netherlands B.V.
	 	Netherlands
	 	Private Company with Limited Liability
	 	Mexx Group B.V. (Netherlands) (33.3%)
Mexx Europe Holding B.V. (Netherlands) (66.6%)
	 

	 	Mexx Nederland B.V.
	 	Netherlands
	 	Private Company with Limited Liability
	 	Mexx Holding Netherlands B.V. (Netherlands) (100%)
	 

	 	Mexx Nederland Retail B.V.
	 	Netherlands
	 	Private Company with Limited Liability
	 	Mexx Holding Netherlands B.V. (Netherlands) (100%)
	 

	 	Mexx Sport Benelux B.V.
	 	Netherlands
	 	Private Company with Limited Liability
	 	Mexx Holding Netherlands B.V. (Netherlands) (100%)
	 

	 	High Mallow Company NV
	 	Netherlands Antilles
	 	Limited Liability Company
	 	Mexx Europe International B.V. (Netherlands) (100%)
	 

	 	Mexx Scandinavia AS
	 	Norway
	 	Limited Liability Company
	 	Mexx Europe International B..V (Netherlands) (100%)
	 

	 	Mexx Poland SP Zoo
	 	Poland
	 	Limited Liability Company
	 	Mexx Group B.V. (Netherlands) (1%) 

Mexx Europe International B.V. (Netherlands) (99%)
	 

	 	Mexx Portugal, Unipessoal, LOA
	 	Portugal
	 	Limited Liability Company
	 	Liz Claiborne Europe (United Kingdom) (100%)

 

 

 

Schedule 3.15

	 	 	 	 	 	 	 	 	 
	 	 	 	 	Jurisdiction of	 	 	 	Owner(s)/
	 	 	Entity Name	 	Formation	 	Type of Entity	 	Holder(s) and its jurisdiction of formation
	 

	 	Mexx Southern Europe, S.R.L.
	 	Spain
	 	Sole Partner Company
	 	Liz Claiborne Europe (United Kingdom) (99%) 

Mexx Europe International B.V. (Netherlands) (1%)
	 

	 	Mexx Scandinavia Aktiebolag
	 	Sweden
	 	Mexx Scandinavia Aktiebolag
	 	Mexx Europe International B.V. (Netherlands) (100%)
	 

	 	Mexx Modehandels AG
	 	Switzerland
	 	Corporation
	 	Mexx Holding GmbH (Germany) (100%)
	 

	 	Mexx Switzerland GmbH
	 	Switzerland
	 	Limited Liability Company
	 	Mexx Modehandels AG (Switzerland) (100%)
	 

	 	Mexx Middle East Centre FZE
	 	United Arab Emirates
	 	Free zone establishment
	 	Mexx Europe International B.V. (Netherlands) (100%)
	 

	 	Liz Claiborne Europe
	 	United Kingdom
	 	Unlimited Company
	 	Mexx Europe International B.V. (Netherlands) (100%)
	 

	 	Juicy Couture Europe Limited
	 	United Kingdom
	 	Private Company with Limited Liability
	 	Liz Claiborne, Inc. (Delaware) (100%)
	 

	 	Mexx Limited
	 	United Kingdom
	 	Limited Liability Company
	 	Mexx Europe B.V. (Netherlands) (100%)

 

 

 

Schedule 3.15

3.15(b) List of each class of authorized Equity Interests of each Borrower (other than the Company):

	 	 	 	 	 	 	 	 	 
	 	 	State of	 	Total # of	 	Total # of Issued	 	Name & # of shares each
	Entity:	 	Formation:	 	Authorized Shares:	 	Shares:	 	Shareholder owns
	Liz Claiborne Canada Inc.

	 	Canada
	 	Unlimited number of common shares 

Unlimited number of preferred shares issuable in series

1 Preferred Shares Series 1
	 	100 common shares and 1 preferred share
	 	Liz Claiborne, Inc. owns 100 common shares; Liz Claiborne Export, Inc. holds 1 preferred share
	 
	 	 	 	 	 	 	 	 
	Mexx Europe B.V.

	 	Netherlands
	 	1,000 shares
	 	200 shares
	 	Mexx Holding Netherlands B.V. — all
	 
	 	 	 	 	 	 	 	 
	Juicy Couture Europe Limited

	 	United Kingdom
	 	1,000 shares
	 	1,000 shares
	 	Liz Claiborne, Inc. — all

 

 

 

Schedule 3.16

Schedule 3.16

Filing Jurisdictions

A) UCC Financing Statements:

	 	 	 	 	 
	No.	 	Entity:	 	Jurisdiction/State:
	A.

	 	US Loan Parties:	 	 
	1.

	 	Liz Claiborne, Inc.
	 	DE
	2.

	 	Jerg, Inc.
	 	CA
	3.

	 	Juicy Couture, Inc.
	 	CA
	4.

	 	Skylark Sport Marketing Corporation
	 	CA
	5.

	 	Boodle, Inc.
	 	DE
	6.

	 	DB Newco Corp.
	 	DE
	7.

	 	Havana LLC
	 	DE
	8.

	 	Kate Spade LLC
	 	DE
	9.

	 	L. C. Augusta, Inc.
	 	DE
	10.

	 	L.C. Caribbean Holdings, Inc.
	 	DE
	11.

	 	LC Libra, LLC & L.C. Libra, LLC
	 	DE
	12.

	 	L.C. Licensing, Inc.
	 	DE
	13.

	 	L.C. Service Company, Inc.
	 	DE
	14.

	 	L.C. Special Markets, Inc.
	 	DE
	15.

	 	LCI Acquisition U.S., Inc.
	 	DE
	16.

	 	LCI Holdings, Inc.
	 	DE
	17.

	 	LCI Investments, Inc.
	 	DE
	18.

	 	Liz Claiborne Accessories, Inc.
	 	DE
	19.

	 	Liz Claiborne Accessories-Sales, Inc.
	 	DE
	20.

	 	Liz Claiborne Cosmetics, Inc.
	 	DE
	21.

	 	Liz Claiborne Export, Inc.
	 	DE
	22.

	 	Liz Claiborne Foreign Holdings, Inc.
	 	DE
	23.

	 	Liz Claiborne Japan, Inc.
	 	DE
	24.

	 	Liz Claiborne Puerto Rico, Inc.
	 	DE
	25.

	 	Liz Claiborne Sales, Inc.
	 	DE
	26.

	 	Liz Claiborne Shoes, Inc.
	 	DE
	27.

	 	Lucky Brand Dungarees, Inc.
	 	DE
	28.

	 	Lucky Brand Dungarees Stores, Inc.
	 	DE
	29.

	 	Monet International, Inc.
	 	DE
	30.

	 	Monet Puerto Rico, Inc.
	 	DE
	31.

	 	Nonee I Holding, LLC
	 	DE
	32.

	 	Nonee I, LLC
	 	DE
	33.

	 	Segrets, Inc.
	 	DE
	34.

	 	Westcoast Contempo Promenade, Inc.
	 	WA
	35.

	 	Westcoast Contempo Retail, Inc.
	 	WA
	36.

	 	Westcoast Contempo (U.S.A.) Inc.
	 	WA

 

1

 

 

Schedule 3.16

	 	 	 	 	 
	No.	 	Entity:	 	Jurisdiction/State:
	37.

	 	Liz Claiborne Puerto Rico, Inc.
	 	PR
	38.

	 	LCI Holdings, Inc.
	 	PR
	 

	 	Foreign Loan Parties:	 	 
	39.

	 	Liz Claiborne Canada Inc.
	 	DC
	40.

	 	Westcoast Contempo Fashions Limited
	 	DC
	41.

	 	Juicy Couture Canada Inc.
	 	DC and NJ
	42.

	 	Mexx Europe B.V.
	 	DC
	43.

	 	Mexx Nederland B.V.
	 	DC
	44.

	 	Mexx Nederland Retail B.V.
	 	DC
	45.

	 	Mexx Modehandels GmbH
	 	DC
	46.

	 	Mexx Holding GmbH
	 	DC
	47.

	 	Verwaltungsgesellschaft Mexx Direct mbH
	 	DC
	48.

	 	Mexx Deutschland GmbH
	 	DC
	49.

	 	Mexx Direct GmbH & Co. KG
	 	DC
	50.

	 	Liz Claiborne 3 B.V.
	 	DC
	51.

	 	Liz Claiborne 2 B.V.
	 	DC
	52.

	 	Mexx Europe Holding B.V.
	 	DC
	53.

	 	Mexx Europe International B.V.
	 	DC
	54.

	 	Mexx Group B.V.
	 	DC
	55.

	 	Mexx Holding International B.V.
	 	DC
	56.

	 	Mexx Holding Netherlands B.V.
	 	DC
	57.

	 	Liz Claiborne Europe
	 	DC
	58.

	 	Juicy Couture Europe Limited
	 	DC
	59.

	 	Juicy Couture Ireland Limited
	 	DC
	60.

	 	Mexx Europroduction B.V.
	 	DC
	61.

	 	Mexx Sport Benelux B.V.
	 	DC
	62.

	 	Mexx Direct Holding B.V.
	 	DC
	63.

	 	Mexx Limited
	 	DC

 

2

 

 

Schedule 3.16

B) Amendments to Mortgages:

	 	 	 
	Entity:	 	Jurisdiction/Office:
	LCI Holdings, Inc.
	 	Attn: Real Estate Recording
	 
	 	Hudson County Register of Deeds
	 
	 	595 Newark Ave
	 
	 	Room 105
	 
	 	Jersey City, NJ 07306
	LCI Holdings, Inc.
	 	Attn: Real Estate Recording
	 
	 	Monroe County Recorder of Deeds
	 
	 	7th & Monroe Street
	 
	 	Courthouse
	 
	 	Stroudsburg, PA 18360-2185

 

3

 

 

Schedule 3.16

C) Personal Property Security Act:

	 	 	 	 	 
	No.	 	Entity:	 	Jurisdiction/Province:
	 

	 	Canadian Loan Parties:	 	 
	1.

	 	Liz Claiborne Canada Inc.
	 	Ontario, Alberta, British Columbia,
 Manitoba, Saskatchewan, 
New Brunswick and Nova Scotia
	2.

	 	Westcoast Contempo Fashions Limited
	 	British Columbia and Ontario
	3.

	 	Juicy Couture Canada Inc.
	 	Ontario

D) Civil Code of Quebec:

	 	 	 	 	 
	No.	 	Entity:	 	Jurisdiction/Province:
	 

	 	Canadian Loan Parties:	 	 
	1.

	 	Liz Claiborne Canada Inc.
	 	Quebec

 

4

 

Schedule 5.19(a)

Post-Closing Obligations

	 	 	 	 	 	 	 	 	 
	Bank	 	IBAN	 	 	Account Number	 	Country
	 
	 	 	 	 	 	 	 	 
	HSBC

	 	ES5901620002340065507351
	 	 	 	 	 	Spain
	 
	 	 	 	 	 	 	 	 
	ING

	 	ES4601680001870001748118
	 	 	 	 	 	Spain
	 
	 	 	 	 	 	 	 	 
	ABN Amro

	 	NL95ABNA0604629338
	 	 	 	 	 	Netherlands
	 
	 	 	 	 	 	 	 	 
	HSBC

	 	IT1830210160000007300387030
	 	 	 	 	 	Italy

 

 

 

Schedule 5.19(b)

Post-Closing Obligations

	 	 	 	 	 	 	 
	Name of Grantor	 	Name of Institution	 	 	Account Number
	LCI Holdings, Inc.

	 	SunTrust Bank
	 	 	 	 

 

 

 

Schedule 5.19(e)

Post-Closing Obligations

	1.	 	The UK Borrower shall, on or prior to the date that is 60 days following the Effective
Date (or such later date agreed to by the European Collateral Agent in its sole
discretion), (x) close and transfer the function of the Lloyds TSB account with account
number 00938607, and transfer any funds on deposit therein to either (A) a Collection
Account held with the European Collateral Agent, or (B) a bank account in the United
Kingdom with a bank which meets the approval of the European Collateral Agent (such
approval not to be unreasonably withheld) (either of clause (A) or (B), the “Replacement
Bank Account”), and (y) implement a blocked account mechanism or other mechanism, in each
case, reasonably satisfactory to the European Collateral Agent, in respect of the
Replacement Bank Account, and deliver to the European Collateral Agent (A) documentation,
in form and substance reasonably satisfactory to the European Collateral Agent, granting a
first priority fixed charge over the Replacement Bank Account in favor of the European
Collateral Agent and (B) an opinion of counsel, in form and substance reasonably
satisfactory to the Administrative Agent, stating that such documentation shall constitute
a fully perfected Lien on, and security interest in, the Replacement Bank Account.

	2.	 	The corrected (certified) Articles of Association of Mexx Holding GmbH must be produced
within 60 days of the Effective Date (or at such a later date where the European Collateral
Agent grants an extension in its sole discretion).

	3.	 	Mexx Modehandels AG shall within 90 days of the Effective Date (or at such a later date
where the European Collateral Agent grants an extension in its sole discretion), deliver an
interim balance sheet as of 30 April 2010, certified by a financial officer and approved by
its statutory auditors. The interim balance sheet as of 30 April 2010, shall evidence that
Mexx Modehandels AG has agreed with its creditors on subordination of debts in an amount
exceeding 120% of the loss of Mexx Modehandels AG reflected on such interim balance sheet.

	4.	 	Liz Claiborne Europe shall, within 60 days following the Effective Date (or such later
date agreed to by the European Collateral Agent in its sole discretion), take any and all
actions required (or, in the case of any such action requiring the consent of any third
party, use commercially reasonable efforts to cause such third party to provide such
consent) under the LCE Debenture to identify, grant or perfect any Lien over any asset
covered or purported to be covered by the LCE Debenture (it being understood that no
failure by Liz Claiborne Europe to take any such actions shall constitute a Default or
Event of Default prior to such date).

	5.	 	Mexx Europe Holding BV shall, within 2 days following the Effective Date (or such later
date agreed to by the European Collateral Agent in its sole discretion), deliver the share
certificates and stock transfer forms relating to the shares held by Mexx Europe Holding BV
in Liz Claiborne Europe.

 

 

 

 

Schedule 6.011

Existing Indebtedness

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Outstanding	 	 	Outstanding	 
	 	 	Total	 	 	as of 04/30/10	 	 	as of 04/30/10	 
	 	 	Commitment	 	 	(In Euro)	 	 	(In USD)	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	L/C Standby Indebtedness
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Fortis Bank Netherlands* (secured by JPMorgan L/C)
	 	 	 	 	 	€	6,875,000	 	 	$	9,154,062.50	 
	ING Bank Netherlands*
	 	 	 	 	 	€	491,616	 	 	$	654,586.70	 
	Fortis Belgium*
	 	 	 	 	 	€	1,108,794	 	 	$	1,476,359.21	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	ING Belgium*
	 	 	 	 	 	€	66,953	 	 	$	89,147.92	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Commerzbank*
	 	 	 	 	 	€	616,097.11	 	 	$	820,333.30	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	1.3315 as of 4/30/10
	 	 	 	 	 	€	9,158,460.11	 	 	$	12,194,489.63	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Capitalized Leases for OH and RI equipment
	 	 	 	 	 	 	 	 	 	 	 	 
	Capitalized Lease pursuant to the Agreement
between
Banc of America Leasing
& Capital, LLC and Liz Claiborne, Inc.
	 	 	 	 	 	 	 	 	 	$	17,254,517	 
	 
	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Total Indebt.	 	 	 	 	 	$	29,449,006.63	 
	 
	 	 	 	 	 	 	 	 	 	 	 

	 	 	 
	*	 	This is a roll up of all of the indebtedness at the bank pursuant to various letters of credit.

 

	 	 	 
	1	 	Includes Non Lenders.

 

 

 

 

Schedule 6.02

Schedule 6.02

Existing Liens

Liz Claiborne, Inc., Debtor: Delaware Secretary of State UCC Filings:

	 	 	 	 	 	 	 	 	 	 	 
	 	 	File #, Case#	 	 	 	 	 	 	 	 
	 	 	Book #,	 	 	 	 	 	 	 	 
	No.	 	Page #	 	File Date	 	Current Secured Party of Record	 	Collateral	 	File Type
	1.
	 	32078361	 	07/23/2003	 	HSBC Bank USA	 	Equipment Lease	 	Original
	 
	 	32755828	 	10/21/2003	 	 	 	 	 	Assignment
	 
	 	81508611	 	05/01/2008	 	 	 	 	 	Continuation
	2.
	 	51142307	 	04/13/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	3.
	 	51232454	 	04/21/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	4.
	 	51302646	 	04/27/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	5.
	 	51327296	 	04/29/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	6.
	 	51347203	 	05/02/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	7.
	 	51404798	 	05/06/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	8.
	 	51508390	 	05/04/2005	 	IDB LEASING, INC.	 	2 Raymond Vehicles	 	Original
	9.
	 	51508408	 	05/04/2005	 	IDB LEASING, INC.	 	Equipment	 	Original
	10.
	 	51582031	 	05/23/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	11.
	 	51631234	 	05/26/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	12.
	 	51675793	 	06/01/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original

 

1

 

 

Schedule 6.02

	 	 	 	 	 	 	 	 	 	 	 
	 	 	File #, Case#	 	 	 	 	 	 	 	 
	 	 	Book #,	 	 	 	 	 	 	 	 
	No.	 	Page #	 	File Date	 	Current Secured Party of Record	 	Collateral	 	File Type
	13.
	 	51835298	 	06/15/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	14.
	 	51865428	 	06/17/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	15.
	 	51893891	 	06/21/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	16.
	 	51939843	 	06/23/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	17.
	 	52022607	 	06/30/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	18.
	 	52265990	 	07/22/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	19.
	 	52281302	 	07/25/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	20.
	 	52348796	 	07/29/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	21.
	 	52653781	 	08/25/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	22.
	 	52708122	 	08/31/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	23.
	 	52871904	 	09/16/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	24.
	 	52969773	 	09/26/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	25.
	 	53236883	 	10/19/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	26.
	 	53319648	 	10/25/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	27.
	 	53382885	 	10/31/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	28.
	 	53565109	 	11/17/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	29.
	 	53623916	 	11/22/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	30.
	 	53650562	 	11/28/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original

 

2

 

 

Schedule 6.02

	 	 	 	 	 	 	 	 	 	 	 
	 	 	File #, Case#	 	 	 	 	 	 	 	 
	 	 	Book #,	 	 	 	 	 	 	 	 
	No.	 	Page #	 	File Date	 	Current Secured Party of Record	 	Collateral	 	File Type
	31.
	 	53689180	 	11/30/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	32.
	 	53873206	 	12/14/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	33.
	 	54071396	 	12/30/2005	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	34.
	 	60040618	 	01/05/2006	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	35.
	 	60243071	 	01/20/2006	 	CSI LEASING, INC.	 	Equipment Lease	 	Original
	36.
	 	60788133	 	03/07/2006	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	37.
	 	60836577	 	03/10/2006	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	38.
	 	61009612	 	03/24/2006	 	KONICA BUSINESS TECHNOLOGIES, INC.	 	Konica copier	 	Original
	39.
	 	62339331	 	07/07/2006	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Equipment	 	Original
	40.
	 	62339463	 	07/07/2006	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Equipment	 	Original
	41.
	 	62847515	 	08/16/2006	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	42.
	 	63019965	 	08/30/2006	 	FIRST BANK OF HIGHLAND PARK	 	Equipment Lease	 	Original
	 
	 	64184230	 	11/13/2006	 	 	 	 	 	Amendment
	 
	 	64184495	 	11/13/2006	 	 	 	 	 	Assignment
	 
	 	64184578	 	11/13/2006	 	 	 	 	 	Assignment
	43.
	 	63121399	 	09/08/2006	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	44.
	 	64577327	 	10/16/2006	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	45.
	 	63583648	 	10/16/2006	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original

 

3

 

 

Schedule 6.02

	 	 	 	 	 	 	 	 	 	 	 
	 	 	File #, Case#	 	 	 	 	 	 	 	 
	 	 	Book #,	 	 	 	 	 	 	 	 
	No.	 	Page #	 	File Date	 	Current Secured Party of Record	 	Collateral	 	File Type
	46.
	 	63770336	 	10/30/2006	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	47.
	 	63774502	 	10/30/2006	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	48.
	 	64067351	 	11/21/2006	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Warehouse management systems & materials handling equipment	 	Original
	 
	 	20090096237	 	01/12/2009	 	 	 	 	 	Amendment
	49.
	 	64160370	 	11/30/2006	 	CSI LEASING, INC.	 	Equipment Lease	 	Original
	 
	 	70224575	 	01/18/2007	 	 	 	 	 	Amendment
	50.
	 	64467536	 	12/20/2006	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	51.
	 	64496014	 	12/21/2006	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	52.
	 	64512281	 	12/22/2006	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	53.
	 	70482751	 	02/06/2007	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	54.
	 	70609049	 	02/15/2007	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	55.
	 	70633288	 	02/16/2007	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	56.
	 	70663509	 	02/21/2007	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	57.
	 	70663640	 	02/21/2007	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	58.
	 	70700202	 	02/23/2007	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	59.
	 	70706332	 	02/23/2007	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	60.
	 	70765155	 	02/28/2007	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	61.
	 	70963479	 	03/14/2007	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original

 

4

 

 

Schedule 6.02

	 	 	 	 	 	 	 	 	 	 	 
	 	 	File #, Case#	 	 	 	 	 	 	 	 
	 	 	Book #,	 	 	 	 	 	 	 	 
	No.	 	Page #	 	File Date	 	Current Secured Party of Record	 	Collateral	 	File Type
	62.
	 	70984087	 	03/15/2007	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	63.
	 	71008027	 	03/16/2007	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	64.
	 	71020154	 	03/19/2007	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	65.
	 	71204360	 	03/30/2007	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	66.
	 	71295657	 	04/06/2007	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	67.
	 	71610707	 	04/30/2007	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	68.
	 	71963734	 	05/24/2007	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	69.
	 	72108636	 	06/05/2007	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	70.
	 	72108776	 	06/05/2007	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	71.
	 	72614872	 	07/11/2007	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	72.
	 	72660461	 	07/13/2007	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	73.
	 	72669694	 	07/16/2007	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	74.
	 	72822202	 	07/26/2007	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	75.
	 	73222535	 	08/23/2007	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	76.
	 	73259685	 	08/27/2007	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	77.
	 	73596755	 	09/24/2007	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	78.
	 	73795456	 	10/09/2007	 	IDB LEASING, INC.	 	Equipment Lease	 	Original
	 
	 	74416953	 	11/20/2007	 	 	 	 	 	Assignment

 

5

 

 

Schedule 6.02

	 	 	 	 	 	 	 	 	 	 	 
	 	 	File #, Case#	 	 	 	 	 	 	 	 
	 	 	Book #,	 	 	 	 	 	 	 	 
	No.	 	Page #	 	File Date	 	Current Secured Party of Record	 	Collateral	 	File Type
	79.
	 	74496062	 	11/28/2007	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copiers	 	Original
	80.
	 	74552823	 	12/03/2007	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	81.
	 	74648530	 	12/10/2007	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	82.
	 	80434538	 	02/05/2008	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	 
	 	80457364	 	02/06/2008	 	 	 	 	 	Amendment
	83.
	 	80452951	 	01/31/2008	 	PURE WATER TECHNOLOGY OF EASTERN PA / LEAF FUNDING, INC.	 	14 Water Units	 	Original
	 
	 	80804359	 	03/06/2008	 	 	 	 	 	Assignment
	 
	 	80804375	 	03/06/2008	 	 	 	 	 	Assignment
	84.
	 	80456721	 	02/06/2008	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	 
	 	80503795	 	02/11/2008	 	 	 	 	 	Amendment
	85.
	 	80461416	 	02/01/2008	 	PURE WATER TECHNOLOGY OF EASTERN PA	 	10 Water coolers	 	Original
	86.
	 	80968345	 	03/19/2008	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	87.
	 	81313293	 	04/15/2008	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	88.
	 	81439965	 	04/24/2008	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	89.
	 	82064762	 	06/17/2008	 	CSI LEASING, INC.	 	Equipment Lease	 	Original
	 
	 	20091000535	 	03/30/2009	 	 	 	 	 	Amendment
	90.
	 	82092946	 	06/18/2008	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	91.
	 	82512240	 	07/22/2008	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original

 

6

 

 

Schedule 6.02

	 	 	 	 	 	 	 	 	 	 	 
	 	 	File #, Case#	 	 	 	 	 	 	 	 
	 	 	Book #,	 	 	 	 	 	 	 	 
	No.	 	Page #	 	File Date	 	Current Secured Party of Record	 	Collateral	 	File Type
	92.
	 	83114145	 	09/15/2008	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	93.
	 	83345731	 	10/02/2008	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Konica copier	 	Original
	94.
	 	20090467941	 	02/11/2009	 	TECHNOLOGY CREDIT CORPORATION	 	Equipment Lease	 	Original
	 
	 	 	 	 	 	 	 	 	 	Assignment
	95.
	 	20090897345	 	03/20/2009	 	CSI LEASING, INC.	 	Equipment Lease	 	Original
	96.
	 	20091697181	 	05/29/2009	 	AT&T CAPITAL SERVICES, INC.	 	Equipment Lease	 	Original
	97.
	 	20091980017	 	06/22/2009	 	AT&T CAPITAL SERVICES, INC.	 	Equipment Lease	 	Original
	98.
	 	20092927751	 	09/14/2009	 	MACQUARIE EQUIPMENT FINANCE, LLC	 	Equipment Lease	 	Original
	99.
	 	20092928114	 	09/14/2009	 	MACQUARIE EQUIPMENT FINANCE, LLC	 	Equipment Lease	 	Original
	100.
	 	20100490817	 	02/15/2010	 	AT&T CAPITAL SERVICES, INC.	 	Equipment Lease	 	Original
	 
	 	 	 	 
	Town of Lincoln,
Rhode Island:	 	 	 	 
	 
	 	 	 	 
	1.
	 	Book 140 

Page 110	 	12/11/2006	 	BANC OF AMERICA LEASING & CAPITAL, LLC	 	Capital Lease	 	Original

 

7

 

 

Schedule 6.02

LCI Holdings, Inc., Debtor: Delaware Secretary of State UCC Filing:

	 	 	 	 	 	 	 	 	 	 	 
	 	 	File #, Case#	 	 	 	 	 	 	 	 
	 	 	Book #,	 	 	 	 	 	 	 	 
	No.	 	Page #	 	File Date	 	Current Secured Party of Record	 	Collateral	 	File Type
	1.
	 	20091937181	 	06/17/2009	 	LC FOOTWEAR CONSIGNMENT, L.L.C.	 	Consignment of women's shoes	 	Original

 

8

 

 

Schedule 6.02

Liz Claiborne Canada Inc.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	No.	 	Registration #	 	File Date	 	Debtor(s)	 	Secured Party	 	Collateral	 	Jurisdiction
	1.
	 	20071114 1950 1531 7753 (reference file number 640697229)	 	11/14/2007	 	Liz Claiborne Canada Inc.	 	CBSC Capital Inc.	 	Equipment, Other	 	Ontario
	2.
	 	07111424912	 	11/14/2007	 	Liz Claiborne Canada Inc.	 	CBSC Capital Inc.	 	All goods supplied by the secured party to the debtor	 	Alberta
	3.
	 	035106E	 	11/14/2007	 	Liz Claiborne Canada Inc.	 	CBSC Capital Inc.	 	All goods supplied by the secured party to the debtor	 	British Columbia
	4.
	 	200721284807	 	11/14/2007	 	Liz Claiborne Canada Inc.	 	CBSC Capital Inc.	 	All goods supplied by the secured party to the debtor	 	Manitoba
	5.
	 	20090624 1451 1530 1749 (reference file number 654441354)	 	06/24/2009	 	Liz Claiborne Canada Inc.	 	HSBC Bank Canada	 	Accounts, Other	 	Ontario
	6.
	 	06-0720223-0003	 	12/14/2006	 	Liz Claiborne Canada	 	Toyota Credit Canada Inc.	 	1 Lexus RX350	 	Quebec
	7.
	 	06-0018186-0009	 	01/13/2006	 	Mexx Canada Inc.	 	CBSC Capital Inc.	 	2 IRC3220 Copiers with CP Z3000 

2 IR5570 Copiers 

1 Ecopy SSOP Software	 	Quebec
	8.
	 	07-0306675-0001	 	05/31/2007	 	Liz Claiborne Canada Inc.	 	CBSC Capital Inc.	 	All goods supplied by the secured party to the debtor	 	Quebec
	9.
	 	07-0326910-0001	 	06/08/2007	 	Liz Claiborne Canada Inc. Liz Claiborne (Canada) Limited	 	CBSC Capital Inc.	 	Modification to lease to add  Liz Claiborne (Canada) Limited as debtor to registration 07-0306675-0001	 	Quebec
	10.
	 	08-0532501-0002	 	09/15/2008	 	Liz Claiborne Canada Inc.	 	CBSC Capital Inc.	 	Training; All goods supplied by the secured party to the debtor	 	Quebec
	11.
	 	07-0323707-0046	 	06/07/2007	 	Liz Claiborne Canada Inc.	 	Toyota Credit Canada Inc.	 	1 Lexus RX400H	 	Quebec

 

1

 

 

Schedule 6.02

	 	 	 	 	 	 	 	 	 	 	 	 	 
	No.	 	Registration #	 	File Date	 	Debtor(s)	 	Secured Party	 	Collateral	 	Jurisdiction
	12.
	 	07-0363623-0002	 	06/26/2007	 	Liz Claiborne Canada Inc.	 	CBSC Capital	 	IR Image Runner All goods supplied by the secured party to the debtor	 	Quebec
	13.
	 	07-0659458-0001	 	11/16/2007	 	Liz Claiborne Canada Inc.	 	CBSC Capital	 	Installation cost All goods supplied by the secured party to the debtor	 	Quebec
	14.
	 	07-0692006-0001	 	12/04/2007	 	Liz Claiborne Canada Inc.	 	CBSC Capital Inc.	 	All goods supplied by the secured party to the debtor	 	Quebec
	15.
	 	08-0659488-0027	 	11/17/2008	 	Liz Claiborne Canada Inc.	 	BMW Canada Inc.	 	1 BMW 328xi Sports Wagon	 	Quebec
	16.
	 	08-0724746-0042	 	12/22/2008	 	Liz Claiborne Canada Inc.	 	Honda Canada Finance Inc.	 	1 Acura MDX	 	Quebec
	17.
	 	08-0698268-0008	 	12/05/2008	 	Liz Claiborne Canada Inc.	 	BMW Canada Inc.	 	BMW 328xi coupe	 	Quebec

 

2

 

 

Schedule 6.02

Westcoast Contempo Fashions Limited

	 	 	 	 	 	 	 	 	 	 	 	 	 
	No.	 	Registration #	 	File Date	 	Debtor(s)	 	Secured Party	 	Collateral	 	Jurisdiction
	1.
	 	407271C	 	06/15/2005	 	Westcoast Contempo Fashions Limited	 	Irwin Commercial Finance Canada Corporation	 	1 Crown 45RRTT 

Reach truck(s) 

Crown reach truck(s)	 	British Columbia
	2.
	 	04-0388578-0005	 	06/30/2004	 	Westcoast Contempo Fashions Limited	 	Marcarko Ltée	 	All moveable property located at: 555 Ouest, Rue Chabanel, Suite M-04 Montreal, QC	 	Quebec
	3.
	 	09-0411082-0001	 	07/08/2009	 	Westcoast Contempo Fashions Limited	 	Marcarko Ltée	 	Renewal of registration 04-0388578-0005 (see #2 above)	 	Quebec

 

3

 

 

Schedule 6.02

Liz Claiborne Europe:

Secured Party: BAA MCARTHUR / GLEN (MANSFIELD) LIMITED

Document type: Trust Deed

Date created (i.e. date security document signed): March 6 2002

Date registered (i.e date security registered): March 8 2002

Collateral: Sum of £13,317 deposited with the secured party and all interest acrruing

Mexx Limited:

Secured Party: Shaftsbury (Newman) Limited

Document type: Rent Deposit Agreement

Date created (i.e. date security document signed): 12/21/90

Date registered (i.e date security registered): 01/09/1991

Collateral: credit balance on deposit account 00742686 at National Westminster Bank plc of St.
James’ Square London including all monies paid into such account in accordance with agreement dated
12/21/90

 

1

 

 

Schedule 6.04

Existing Investments

	1.	 	As of end of March 2010, Liz Claiborne, Inc. owns $509,506.31 of GMAC zero coupon bonds
due December 1, 2012.

	2.	 	Investments in Kate Spade JV, a joint venture organized under the laws of Japan, in an
amount equal to $11,300,000.

 

1

 

 

Schedule 6.11

Existing Restrictions

	1.	 	The Company’s existing €350,000,000 5% notes due 2013 (the “Existing Euro Notes”).

	2.	 	The Amended and Restated Master Lease Agreement, dated as of November 21, 2006, between
SunTrust Bank, as Lessor and the Company and Liz Claiborne Accessories, Inc. as Lessees
(the “2006 Synthetic Lease”).

	3.	 	Agreement dated as of December 8, 2006 between Banc of America Leasing & Capital, LLC
(“Lessor”) and Liz Claiborne, Inc (“Lessee”) in connection with that certain Master Lease
Agreement Number 16736-9000 dated November 17, 2006 between Lessor and Lessee (
$30,600,000, current outstanding amount as of April 21, 2010: $17,600,000).

 

 

 

SCHEDULE 8

EUROPEAN COLLATERAL AGENT UK SECURITY TRUST PROVISIONS

	1.	 	DEFINITIONS AND INTERPRETATION
	 
	1.1	 	Terms defined in the Credit Agreement

Terms defined in the Credit Agreement but not in this Schedule shall have the same meanings in
this Schedule as in the Credit Agreement.

	1.2	 	Definitions

In addition, in this Schedule:

“Administrator” means any administrator appointed to manage the affairs, business and
assets of any Loan Party under the Collateral Documents.

“Facility Office” means the office or offices notified by a Lender to the
Administrative Agent in writing on or before the date it becomes a Lender (or, following that
date, by not less than five Business Days’ written notice) as the office or offices through
which it will perform its obligations under the Credit Agreement;

“Finance Party” means, individually and collectively, each Lender, each Issuing Bank
and each Agent.

“Losses” means losses (including loss of profit), claims, demands, actions,
proceedings, damages and other payments, costs, expenses and other liabilities of any kind.

“Obligor” means any Borrower or any other Loan Party.

“Receiver” means any receiver, receiver and manager or administrative receiver
appointed by the European Collateral Agent over all or any of the Collateral under the
Collateral Documents whether solely, jointly, severally or jointly and severally with any
other person and includes any substitute for any of them appointed from time to time.

“VAT” means the tax imposed by EC Directive 2006/112/EC on the common system of value
added tax and any national legislation implementing that directive together with legislation
supplemental thereto or any similar sales or turnover tax whether of the United Kingdom,
another member state, the European Union or elsewhere.

	2.	 	SECURITY TRUSTEE PROVISIONS
	 
	2.1	 	Role of the European Collateral Agent

	 	(a)	 	The European Collateral Agent shall not be subject to the duty of care imposed on
trustees by the Trustee Act 2000.

 

5

 

	2.2	 	No fiduciary duties

The European Collateral Agent shall not be bound to account to any other Finance Party for any
sum or the profit element of any sum received by it for its own account.

	2.3	 	Discretions of the European Collateral Agent

	 	(a)	 	The European Collateral Agent may assume that:

	 	(i)	 	no Default has occurred (unless it has actual knowledge of a Default
arising under Article VII of the Credit Agreement); and
	 
	 	(ii)	 	any right vested in any other Finance Party has not been exercised.

	 	(b)	 	Notwithstanding that the European Collateral Agent and one or more of the other
Finance Parties may from time to time be the same entity, that entity has entered into
the Loan Documents in those separate capacities. However, where the Loan Documents
provide for the European Collateral Agent and the other Finance Parties to provide
instructions to or otherwise communicate with one or more of the others of them, then for
so long as they are the same entity it will
not be necessary for there to be any formal instructions or other communication,
notwithstanding that the Loan Documents provide in certain cases for the same to be in
writing.

	2.4	 	Required Lenders instructions

	 	(a)	 	Unless a contrary indication appears in a Loan Document:

	 	(i)	 	the European Collateral Agent shall act in accordance with any
instructions given to it by the Required Lenders (or, if so instructed by the
Required Lenders or in the absence of an instruction from them, refrain from acting
or exercising any power, authority, discretion or other right vested in it as
European Collateral Agent); and

	 	(ii)	 	any instructions given by the Required Lenders will be binding on all
the Lenders.

	 	(b)	 	The European Collateral Agent may refrain:

	 	(i)	 	from acting (in accordance with the instructions of the Required
Lenders (or, if appropriate, the Lenders) or otherwise) until it has received such
security and/or indemnity as it may require for any Losses (including any
associated irrevocable VAT) which it may incur in complying with the instructions;
and

	 	(ii)	 	from doing anything which may in its opinion be a breach of any law or
duty of confidentiality or be otherwise actionable at the suit of any person.

 

6

 

	 	(c)	 	In the absence of instructions from the Required Lenders (or, if appropriate, the
Lenders), the European Collateral Agent may act (or refrain from taking action) as it
considers to be in the best interest of the Required Lenders.

	 	(d)	 	The European Collateral Agent is not authorised to act on behalf of a Lender
(without first obtaining that Lender’s consent) in any legal or arbitration proceedings
relating to any Loan Document.

	2.5	 	Exclusion of liability

	 	(a)	 	The European Collateral Agent will not be liable for any delay (or any related
consequences) in crediting an account with an amount required under the Loan Documents to
be paid by the European Collateral Agent if the European Collateral Agent has taken all
necessary steps as soon as reasonably practicable to comply with the regulations or
operating procedures of any recognised clearing or settlement system used by the
European Collateral Agent for that purpose.

	 	(b)	 	The European Collateral Agent shall not be under any obligation to insure any of
the Collateral or any certificate, note, bond or other evidence in respect of any of them
or to require any other person to maintain that insurance and shall not be responsible
for any Losses which may be suffered as a result of the lack or inadequacy of that
insurance.

	 	(c)	 	The European Collateral Agent shall not be responsible for any Losses occasioned to
the Collateral, however caused, by any Obligor or any other person by any act or omission
on the part of any person (including any bank, broker, depository, warehouseman or other
intermediary or any clearing system or the operator of it), or otherwise, unless those
Losses are occasioned by the European Collateral Agent’s own gross negligence, bad faith
or wilful misconduct. In particular the European Collateral Agent shall not be
responsible for any Losses which may be suffered as a result of any assets comprised in
the Collateral, or any deeds or documents of title to them, being uninsured or
inadequately insured or being held by it or by or to the order of any custodian or by
clearing organisations or their operators or by any person on behalf of the European
Collateral Agent.

	 	(d)	 	The European Collateral Agent shall have no responsibility to any Obligor as
regards any deficiency which might arise because such Obligor is subject to any tax in
respect of the Collateral or any income or any proceeds from or of them.

	 	(e)	 	The European Collateral Agent shall not be liable for any failure, omission or
defect in giving notice of, registering or filing, or procuring registration or filing
of, or otherwise protecting or perfecting, the security constituted over the Collateral.

 

7

 

	2.6	 	Lenders’ Indemnity to the European Collateral Agent

	 	(a)	 	The European Collateral Agent may, in priority to any payment to the Lenders,
indemnify itself out of the Collateral in respect of, and pay and retain, all sums
necessary to give effect to this indemnity and to all other indemnities given to it in
the other Loan Documents in its capacity as European Collateral Agent. The European
Collateral Agent shall have a Lien on the security constituted over the Collateral and
the proceeds of enforcement of any Collateral Documents for all such sums.

	2.7	 	Additional European Collateral Agent
	 
	 	 	The European Collateral Agent may at any time appoint (and subsequently remove) any person to
act as a separate security trustee or as a co-trustee jointly with it (any such person, an
“Additional European Collateral Agent”):

	 	(a)	 	if it is necessary in performing its duties and if the European Collateral Agent
considers that appointment to be in the interest of the Finance Parties; or

	 	(b)	 	for the purposes of complying with or confirming to any legal requirements,
restrictions or conditions which the European Collateral Agent deems to be relevant; or

	 	(c)	 	for the purposes of obtaining or enforcing any judgment or decree in any
jurisdiction, and the European Collateral Agent will give notice to the other Parties of any such appointment.

	2.8	 	Confidentiality

	 	(a)	 	In acting as security trustee for the Finance Parties, the European Collateral
Agent shall be regarded as acting through its syndication or agency division which shall
be treated as a separate entity from any other of its divisions or departments.

	 	(b)	 	If information is received by another division or department of the European
Collateral Agent, it may be treated as confidential to that division or department and
the European Collateral Agent shall not be deemed to have notice of it.

	 	(c)	 	Notwithstanding any other provision of any Loan Document to the contrary, the
European Collateral Agent is not obliged to disclose to any other person:

	 	(i)	 	any confidential information; or

	 	(ii)	 	any other information if the disclosure would or might in its
reasonable opinion constitute a breach of any law or a breach of a fiduciary duty.

	2.9	 	Relationship with the Lenders

The European Collateral Agent may treat each Lender as a Lender, entitled to payments under
the Collateral Documents and acting through its Facility Office unless it has received not
less than five Business Days’ prior notice from that Lender to the contrary in accordance with
the terms of relevant Collateral Document.

 

8

 

	2.10	 	Credit Appraisal by the Lenders

Without affecting the responsibility of each Obligor for information supplied by it or on its
behalf in connection with any Loan Document, each Lender confirms to the European Collateral
Agent that it has been, and will continue to be, solely responsible for making its own
independent appraisal and investigation of all risks arising under or in connection with any
Loan Document, including:

	 	(a)	 	the financial condition, status and nature of each Obligor;

	 	(b)	 	the legality, validity, effectiveness, adequacy or enforceability of any Loan
Document and any other agreement, arrangement or document entered into, made or executed
in anticipation of, under or in connection with any Loan Document;

	 	(c)	 	whether that Lender has recourse, and the nature and extent of that recourse,
against any party or any of its respective assets under or in connection with any Loan
Document, the transactions contemplated by the Loan Documents or any other agreement,
arrangement or other document entered into, made or executed in anticipation of, under or
in connection with any Loan Document; and

	 	(d)	 	the adequacy, accuracy and/or completeness of any information provided by the
European Collateral Agent, any other party or any other person under or in connection
with any Loan Document, the transactions contemplated by the Loan Documents or any other
agreement, arrangement or other document entered into, made or executed in anticipation
of, under or in connection with any Loan Document.

	2.11	 	Security Documents

	 	(a)	 	The European Collateral Agent shall accept without investigation, requisition or
objection whatever title any person may have to the assets which are subject to the
Collateral Documents and shall not:

	 	(i)	 	be bound or concerned to examine or enquire into the title of any
person; or

	 	(ii)	 	be liable for any defect or failure in the title of any person, whether
that defect or failure was known to the European Collateral Agent or might have
been discovered upon examination or enquiry and whether it is capable of remedy or
not.

	 	(b)	 	Upon the appointment of any successor European Collateral Agent under Article VIII
of the Credit Agreement, the resigning European Collateral Agent shall execute and
deliver any documents and do any other acts and things which may be necessary to vest in
the successor European Collateral Agent all the rights vested in the resigning European
Collateral Agent under the Collateral Documents.

 

9

 

	 	(c)	 	Each of the other Finance Parties:

	 	(i)	 	authorizes the European Collateral Agent to hold each mortgage or
charge created pursuant to any Loan Document in its sole name as security trustee
for the Finance Parties; and

	 	(ii)	 	requests the Land Registry to register the European Collateral Agent as
the sole proprietor of any mortgage or charge so created.

	2.12	 	Distribution of proceeds of enforcement

	 	(a)	 	To the extent that the Collateral Documents provide for the net proceeds of any
enforcement to be applied against the Secured Obligations, the European Collateral Agent
shall pay them to the European Administrative Agent or the Administrative Agent and such
Agent shall apply them in payment of any amounts due but unpaid under the Loan Documents,
if applicable in the order set out in Section 2.18(b) of the Credit Agreement. This
shall override any appropriation made by any Obligor.

	 	(b)	 	The European Collateral Agent may, at its discretion, accumulate proceeds of
enforcement in an interest bearing account in its own name.

	2.13	 	No obligation to remain in possession

If the European Collateral Agent, any Receiver or any delegate takes possession of all or any
of the Collateral, it may from time to time in its absolute discretion relinquish such
possession.

	2.14	 	European Collateral Agent’s obligation to account

The European Collateral Agent shall not in any circumstances (either by reason of taking
possession of the Collateral or for any other reason and whether as mortgagee in possession or
on any other basis):

	 	(a)	 	be liable to account to any Obligor or any other person for anything except the
European Collateral Agent’s own actual receipts which have not been distributed or paid
to that Obligor or the persons entitled or at the time of payment believed by the
European Collateral Agent to be entitled to them; or

	 	(b)	 	be liable to any Obligor or any other person for any principal, interest or Losses
from or connected with any realization by the European Collateral Agent of the Collateral
or from any act, default, omission or misconduct of the European Collateral Agent, its
officers, employees or agents in relation to the Collateral or from any exercise or
non-exercise by the European Collateral Agent of any right exercisable by it under the
European Security Agreements unless they shall be caused by the European Collateral
Agent’s own gross negligence, bad faith or wilful misconduct.

 

10

 

2.15 Receiver’s and delegate’s obligation to account

All the provisions of Clause 2.14 (above) shall apply in respect of the liability of any
Receiver or Administrator or delegate in all respects as though every reference in Clause 2.14
(above) to the European Collateral Agent were instead a reference to the Receiver or, as the
case may be, Administrator or delegate.

	2.16	 	Role of European Collateral Agent as direct representative under article 211 of the Greek
Civil Code

To ensure the continuing validity of security granted pursuant to any Greek Account Pledge
Agreement, without prejudice to the application of the provisions of this Schedule 8
and the provisions of Section 9.21, and for the purposes of entry by the European Collateral
Agent and any Greek Loan Party to any Greek Account Pledge Agreement, all Secured Parties (as
defined in any Greek Account Pledge Agreement) hereby grant power of attorney to the European
Collateral Agent to act as representative of such Secured Parties in the sense of article 211
of the Greek Civil Code, in their own name and behalf, the
European Collateral Agent having the same rights and obligations in the Schedule 8, to
the fullest extent permitted by Greek Law.

 

11

 

EXHIBIT A

FORM OF

ASSIGNMENT AND ASSUMPTION

Reference is made to the Second Amended and Restated Credit Agreement, dated as of May 6, 2010
(as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”),
by and among Liz Claiborne, Inc., Mexx Europe B.V., Juicy Couture Europe Limited, Liz Claiborne
Canada Inc., the other Loan Parties from time to time party thereto, the Lenders party thereto,
JPMorgan Chase Bank, N.A., as Administrative Agent and US Collateral Agent, J.P. Morgan Europe
Limited, as European Administrative Agent and European Collateral Agent, JPMorgan Chase Bank, N.A.,
Toronto Branch, as Canadian Administrative Agent and Canadian Collateral Agent, Bank of America,
N.A., as Syndication Agent, and General Electric Capital Corporation, as Documentation Agent.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have
the meanings given to them in the Credit Agreement.

The Assignor identified on Schedule l hereto (the “Assignor”) and the Assignee
identified on Schedule l hereto (the “Assignee”) agree as follows:

1. The Assignor hereby irrevocably sells and assigns to the Assignee without recourse to the
Assignor, and the Assignee hereby irrevocably purchases and assumes from the Assignor without
recourse to the Assignor, as of the Effective Date (as defined below), the interest described in
Schedule 1 hereto (the “Assigned Interest”) in and to the Assignor’s rights and obligations
under the Credit Agreement with respect to those credit facilities contained in the Credit
Agreement as are set forth on Schedule 1 hereto (individually, an “Assigned Facility”;
collectively, the “Assigned Facilities”), in a principal amount for each Assigned Facility
as set forth on Schedule 1 hereto.

2. The Assignor (a) makes no representation or warranty and assumes no responsibility with respect
to any statements, warranties or representations made in or in connection with the Credit Agreement
or with respect to the execution, legality, validity, enforceability, genuineness, sufficiency or
value of the Credit Agreement, any other Loan Document or any other instrument or document
furnished pursuant thereto, other than that the Assignor is the legal and beneficial owner of the
interest being assigned by it hereunder and has not created any adverse claim upon the interest
being assigned by it hereunder and that such interest is free and clear of any such adverse claim
and (b) makes no representation or warranty and assumes no responsibility with respect to the
financial condition of any Borrower, any of their respective Affiliates or any other obligor or the
performance or observance by any Borrower, any of their respective Affiliates or any other obligor
of any of their respective obligations under the Credit Agreement or any other Loan Document or any
other instrument or document furnished pursuant hereto or thereto.

3. The Assignee (a) represents and warrants that it is legally authorized to enter into this
Assignment and Assumption; (b) confirms that it has received a copy of the Credit Agreement,
together with copies of the financial statements delivered pursuant to Section 3.04 thereof and
such other documents and information as it has deemed appropriate to make its own credit

 

 

 

analysis and decision to enter into this Assignment and Assumption; (c) agrees that it will,
independently and without reliance upon the Assignor, the Agents or any Lender 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 Credit Agreement, the other Loan Documents or
any other instrument or document furnished pursuant hereto or thereto; (d) appoints and authorizes
the Agents to take such action as agent on its behalf and to exercise such powers and discretion
under the Credit Agreement, the other Loan Documents or any other instrument or document furnished
pursuant hereto or thereto as are delegated to the Agents by the terms thereof, together with such
powers as are incidental thereto; and (e) agrees that it will be bound by the provisions of the
Credit Agreement and will perform in accordance with its terms all the obligations which by the
terms of the Credit Agreement are required to be performed by it as a Lender including, if it is
organized under the laws of a jurisdiction outside the United States, its obligation pursuant to
Section 2.17(g) of the Credit Agreement.

4. The effective date of this Assignment and Assumption shall be the Effective Date of Assignment
described in Schedule 1 hereto (the “Effective Date”). Following the execution of this
Assignment and Assumption, it will be delivered to the Administrative Agent for acceptance by it
and recording by the Administrative Agent pursuant to the Credit Agreement, effective as of the
Effective Date (which shall not, unless otherwise agreed to by the Administrative Agent, be earlier
than five Business Days after the date of such acceptance and recording by the Administrative
Agent).

5. Upon such acceptance and recording, from and after the Effective Date, the Administrative Agent
shall make all payments in respect of the Assigned Interest (including payments of principal,
interest, fees and other amounts) to the Assignor for amounts which have accrued to the Effective
Date and to the Assignee for amounts which have accrued subsequent to the Effective Date.

6. From and after the Effective Date, (a) the Assignee shall be a party to the Credit Agreement
and, to the extent provided in this Assignment and Assumption, have the rights and obligations of a
Lender thereunder and under the other Loan Documents and shall be bound by the provisions thereof
and (b) the Assignor shall, to the extent provided in this Assignment and Assumption, relinquish
its rights and be released from its obligations under the Credit Agreement.

7. This Assignment and Assumption shall be governed by and construed in accordance with the laws of
the State of New York.

IN WITNESS WHEREOF, the parties hereto have caused this Assignment and Assumption to be
executed as of the date first above written by their respective duly authorized officers on
Schedule 1 hereto.

 

2

 

Schedule 1

to Assignment and Assumption with respect to

the Second Amended and Restated Credit Agreement, dated as of May 6, 2010,

among Liz Claiborne, Inc., Mexx Europe B.V., Juicy Couture Europe Limited, Liz Claiborne

Canada Inc., the other Loan Parties from time to time party thereto, the Lenders party thereto,

JPMorgan Chase Bank, N.A., as Administrative Agent, and the other Agents party thereto

Name of Assignor: _______________________

Name of Assignee: _______________________

Effective Date of Assignment: _________________

	 	 	 	 	 
	 	 	Principal	 	 
	Facility Assigned	 	Amount Assigned12	 	Commitment Percentage Assigned
	 
	 	 	 	 
	 

	 	$
 ____________ 

	 	
 _____.____________ 

%

	 	 	 	 	 	 	 	 	 	 	 
	[Name of Assignee]	 	 	 	[Name of Assignor]	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 

Title:
	 	 
	 	 	 	 

Title:
	 	 

 

	 	 	 
	1 Note:	 	For any assignment involving a principal amount
of less than $5,000,000 that is not made to a Lender, an Affiliate of a Lender
or an Approved Fund or is not an assignment of the entire remaining amount of
the assigning Lender’s Commitment or Loans of any Class, refer to Section
9.04(c)(i) of the Credit Agreement.
	 
	2 Note:	 	For any assignment involving a principal amount
of less than €50,000 (or its equivalent in other currencies), including
assignments of undrawn commitments, refer to Section 9.04(c)(ii) of the Credit
Agreement.

 

 

 

Accepted for Recordation in the Register:

	 	 	 	 	 
	JPMorgan Chase Bank, N.A., as
Administrative Agent

 	 	 
	By:  	 	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 
	 

[ASSIGNMENT AND ASSUMPTION AGREEMENT — SIGNATURE PAGE]

 

 

 

Consented by:

	 	 	 	 	 
	Liz Claiborne, Inc., a Borrower Representative

 	 	 
	By:  	 	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 
	 

[ASSIGNMENT AND ASSUMPTION AGREEMENT — SIGNATURE PAGE]

 

 

 

Consented by:

	 	 	 	 	 
	JPMorgan Chase Bank, N.A., as
Administrative Agent

 	 	 
	By:  	 	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 

 

2

 

[Consented by:

	 	 	 	 	 
	[ISSUING BANK], as
Issuing Bank

 	 	 
	By:  	 	 	 
	 	Name:  	 	 	 
	 	Title:]  	 	 	 
	 

 

3

 

Exhibit B-1

Form of Aggregate Borrowing Base Certificate

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Liz Claiborne,	 	 	Liz Claiborne	 	 	Juicy Couture	 	 	Netherlands	 	 	Germany (Mexx	 	 	 	 
	 	 	Inc.	 	 	Canada, Inc.	 	 	Europe Limited	 	 	(Mexx Europe BV)	 	 	Europe BV)	 	 	Combined	 
	1. Retail A/R
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	N/A	 	 	 	N/A	 	 	 	 	 
	2. Less ineligibles
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3. Eligible Retail A/R
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4. Advance Rate %
	 	 	90	%	 	 	90	%	 	 	90	%	 	 	 	 	 	 	 	 	 	 	90	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5. Retail A/R
Availability
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6. Wholesale A/R
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	7. Less ineligibles
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8. Eligible wholesale
A/R
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9. Advance rate %
	 	 	85	%	 	 	85	%	 	 	85	%	 	 	85	%	 	 	85	%	 	 	85	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	10. Wholesale A/R
availability
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11. Total A/R
availability
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	12. Retail Inventory
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13. Less ineligibles
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14. Eligible retail
inventory
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15. NOLV calculation:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	16. Eligible retail
inventory as per above
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	17. NOLV Rate
	 	 	93.5	%	 	 	79.8	%	 	 	93.5	%	 	 	75.2	%	 	 	78.9	%	 	Blended
	18. Advance
rate on NOLV
	 	 	85.0	%	 	 	85.0	%	 	 	85.0	%	 	 	85.0	%	 	 	85.0	%	 	 	85.0	%
	19.
Effective NOLV advance rate %
	 	 	79.5	%	 	 	67.8	%	 	 	79.5	%	 	 	83.9	%	 	 	87.1	%	 	Blended
	20. Retail inventory
availability at 85% of
NOLV
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	21. Wholesale Inventory
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	N/A	 	 	 	 	 
	22. Less inventory for
retail factory outlets
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	23. Less in transit
inventory reported
below
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	24. Wholesale
inventory on hand
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	25. Less ineligibles
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	26. Eligible wholesale
inventory
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	27. NOLV calculation:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Liz Claiborne,	 	 	Liz Claiborne	 	 	Juicy Couture	 	 	Netherlands	 	 	Germany (Mexx	 	 	 	 
	 	 	Inc.	 	 	Canada, Inc.	 	 	Europe Limited	 	 	(Mexx Europe BV)	 	 	Europe BV)	 	 	Combined	 
	28. Eligible wholesale
inventory as per above
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29. NOLV rate
	 	 	76.0	%	 	 	76.0	%	 	 	76.0	%	 	 	58.8	%	 	 	 	 	 	Blended
	30. Advance
rate on NOLV
	 	 	85.0	%	 	 	85.0	%	 	 	85.0	%	 	 	85.0	%	 	 	 	 	 	 	85.0	%
	31.
Effective NOLV advance rate %
	 	 	64.6	%	 	 	64.6	%	 	 	64.6	%	 	 	49.8	%	 	 	 	 	 	Blended
	32. Wholesale
inventory availability
at 85% of NOLV
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	33. Raw Material
Inventory
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	34. Less ineligibles
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35. Eligible retail
inventory
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36. NOLV calculation:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	37. Eligible raw
material inventory as
per above
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	38. NOLV rate
	 	 	12.5	%	 	 	12.5	%	 	 	12.5	%	 	 	0.0	%	 	 	0.0	%	 	Blended
	39. Advance
rate on NOLV
	 	 	85.0	%	 	 	85.0	%	 	 	85.0	%	 	 	0.0	%	 	 	0.0	%	 	 	85.0	%
	40.
Effective advance rate %
	 	 	10.6	%	 	 	10.6	%	 	 	10.6	%	 	 	0.0	%	 	 	0.0	%	 	Blended
	41. Raw material
inventory availability
at 85% of NOLV
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	42. Inventory In
Transit Supported by
Letters of Credit
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	43. Inventory in
transit
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	44. Less ineligibles
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	45. Eligible in
transit inventory
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	46.
Advance rate % (wholesale effective
rate)
	 	 	71.7	%	 	 	71.7	%	 	 	71.7	%	 	 	77.7	%	 	 	 	 	 	Blended
	47. Gross inventory in
transit availability
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	48. In transit
inventory availability
cap
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	49. In transit
inventory supported by
letters of credit
availability (Lesser
of Gross inventory in
transit availability
or Cap)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Liz Claiborne,	 	 	Liz Claiborne	 	 	Juicy Couture	 	 	Netherlands	 	 	Germany (Mexx	 	 	 	 
	 	 	Inc.	 	 	Canada, Inc.	 	 	Europe Limited	 	 	(Mexx Europe BV)	 	 	Europe BV)	 	 	Combined	 
	50. Inventory In
Transit NOT Supported
by Letters of Credit
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	51. Inventory in
transit
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	52. Less ineligibles
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	53. Eligible in
transit inventory
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	54. Advance rate %
	 	 	71.7	%	 	 	71.7	%	 	 	71.7	%	 	 	77.7	%	 	 	 	 	 	Blended
	(wholesale effective
rate)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	55. Gross inventory in
transit availability
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	56. In transit
availability cap
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	57. In transit
inventory NOT
supported by letters
of credit availability
(Lesser of Gross
inventory in transit
availability or Cap)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	58. Gross inventory
availability (includes
in transit)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	59. German Availability sublimit
($15,000,000)
	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	60. Total inventory
availability
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	61. Owned Real Estate
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	62. Owned
Real Estate (NJ-HQ, PA) Gross
Availability
	 	 	 	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	 	 	 
	63. Less: Amortization
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	64. Owned Real Estate
Availability
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	65. Other Collateral:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	66. Trademarks
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	67. Invested Cash
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	68. Total Borrowing
Base Availability
before reserves
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Liz Claiborne,	 	 	Liz Claiborne	 	 	Juicy Couture	 	 	Netherlands	 	 	Germany (Mexx	 	 	 	 
	 	 	Inc.	 	 	Canada, Inc.	 	 	Europe Limited	 	 	(Mexx Europe BV)	 	 	Europe BV)	 	 	Combined	 
	69. Less availability
reserves:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	70. Rent Reserve
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	71. Synthetic Lease
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	72. Accrued Gift Card
Liability 50%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	73. Processor fees
(3xAP)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	74. German bankruptcy
fee reserve (9%)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	75. Owned Real Estate
Environmental Reserve
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	76. Derivative Mark to
Market Reserve
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	77. Other reserves
(Juicy UK)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	78. Total availability
reserves
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	79. Total Borrowing
Base Availability
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	80. Revolver line
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	81. Lesser of
Borrowing Base
Availability &
Commitment1
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	82. Loan Balance
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	83. Letters of
Credit/Bankers’
Acceptance Outstanding
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	84. Excess Availability
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	 	 
	1	 	German collateral availability added into Netherlands
collateral availability at line 71

 

 

 

Exhibit B-2

Form of US Borrowing Base Certificate

	 	 	 	 	 
	 	 	Liz Claiborne,	 
	 	 	Inc.	 
	1. Retail A/R
	 	 	 	 
	2. Less ineligibles
	 	 		 
	 
	 	 	 
	3. Eligible Retail A/R
	 	 	 	 
	4. Advance Rate %
	 	 	90	%
	 
	 	 	 
	5. Retail A/R Availability
	 	 	 	 
	 
	 	 	 	 
	6. Wholesale A/R
	 	 	 	 
	7. Less ineligibles
	 	 	 	 
	 
	 	 	 
	8. Eligible wholesale A/R
	 	 	 	 
	9. Advance rate %
	 	 	85	%
	 
	 	 	 
	10. Wholesale A/R availability
	 	 	 	 
	 
	 	 	 	 
	11. Total A/R availability
	 	 	 	 
	 
	 	 	 	 
	12. Retail Inventory
	 	 	 	 
	13. Less ineligibles
	 	 	 	 
	14. Eligible retail inventory
	 	 	 	 
	15. NOLV calculation:
	 	 	 	 
	16. Eligible retail inventory as per above
	 	 	 	 
	17. NOLV Rate
	 	 	93.5	%
	18. Advance rate on NOLV
	 	 	85.0	%
	19. Effective NOLV advance rate %
	 	 	79.5	%
	20. Retail inventory availability at 85% of NOLV
	 	 	 	 
	 
	 	 	 	 
	21. Wholesale Inventory
	 	 	 	 
	22. Less inventory for retail factory outlets
	 	 	 	 
	23. Less in transit inventory reported below
	 	 	 	 
	24. Wholesale inventory on hand
	 	 	 	 
	25. Less ineligibles
	 	 	 	 
	26. Eligible wholesale inventory
	 	 	 	 
	27. NOLV calculation:
	 	 	 	 
	28. Eligible wholesale inventory as per above
	 	 	 	 

 

 

 

	 	 	 	 	 
	 	 	Liz Claiborne,	 
	 	 	Inc.	 
	29. NOLV rate
	 	 	76.0	%
	30. Advance rate on NOLV
	 	 	85.0	%
	31. Effective NOLV advance rate %
	 	 	64.6	%
	32. Wholesale inventory availability at 85% of NOLV
	 	 	 	 
	 
	 	 	 	 
	33. Raw Material Inventory
	 	 	 	 
	34. Less ineligibles
	 	 	 	 
	35. Eligible retail inventory
	 	 	 	 
	36. NOLV calculation:
	 	 	 	 
	37. Eligible raw material inventory as per above
	 	 	 	 
	38. NOLV rate
	 	 	12.5	%
	39. Advance rate on NOLV
	 	 	85.0	%
	40. Effective advance rate %
	 	 	10.6	%
	41. Raw material inventory availability at 85% of NOLV
	 	 	 	 
	 
	 	 	 	 
	42. Inventory In Transit Supported by Letters of Credit
	 	 	 	 
	43. Inventory in transit
	 	 	 	 
	44. Less ineligibles
	 	 	 	 
	45. Eligible in transit inventory
	 	 	 	 
	46. Advance rate % (wholesale effective rate)
	 	 	71.7	%
	47. Gross inventory in transit availability
	 	 	 	 
	48. In transit inventory availability cap
	 	 	 	 
	 
	 	 	 	 
	49. In transit inventory supported by letters of credit
availability (Lesser of Gross inventory in transit
availability or Cap)
	 	 	 	 

 

 

 

	 	 	 	 	 
	 	 	Liz Claiborne,	 
	 	 	Inc.	 
	50. Inventory In Transit NOT Supported by Letters of Credit
	 	 	 	 
	51. Inventory in transit
	 	 	 	 
	52. Less ineligibles
	 	 	 	 
	53. Eligible in transit inventory
	 	 	 	 
	54. Advance rate % (wholesale effective rate)
	 	 	71.7	%
	55. Gross inventory in transit availability
	 	 	 	 
	56. In transit availability cap
	 	 	 	 
	 
	 	 	 	 
	57. In transit inventory NOT supported by letters of credit
availability (Lesser of Gross inventory in transit
availability or Cap)
	 	 	 	 
	 
	 	 	 	 
	58. Gross inventory availability (includes in transit)
	 	 	 	 
	59. German Availability sublimit ($15,000,000)
	 	 	N/A	 
	 
	 	 	 	 
	60. Total inventory availability
	 	 	 	 
	 
	 	 	 	 
	61. Owned Real Estate
	 	 	 	 
	62. Owned Real Estate (NJ-HQ, PA) Gross Availability
	 	 	 	 
	63. Less: Amortization
	 	 	 	 
	64. Owned Real Estate Availability
	 	 	 	 
	 
	 	 	 	 
	65. Other Collateral:
	 	 	 	 
	66. Trademarks
	 	 	 	 
	 
	 	 	 	 
	67. Invested Cash
	 	 	 	 
	 
	 	 	 	 
	68. Total Borrowing Base Availability before reserves
	 	 	 	 

 

 

 

	 	 	 	 	 
	 	 	Liz Claiborne,	 
	 	 	Inc.	 
	69. Less availability reserves:
	 	 	 	 
	70. Rent Reserve
	 	 	 	 
	71. Synthetic Lease
	 	 	 	 
	72. Accrued Gift Card Liability 50%
	 	 	 	 
	73. Processor fees (3xAP)
	 	 	 	 
	74. German bankruptcy fee reserve (9%)
	 	 	 	 
	75. Owned Real Estate Environmental Reserve
	 	 	 	 
	76. Derivative Mark to Market Reserve
	 	 	 	 
	77. Other reserves (Juicy UK)
	 	 	 	 
	 
	 	 	 
	 
	 	 	 	 
	78. Total availability reserves
	 	 	 	 
	 
	 	 	 
	 
	 	 	 	 
	79. Total Borrowing Base Availability
	 	 	 	 
	80. Revolver line
	 	 	 	 
	81. Lesser of Borrowing Base Availability & Commitment
	 	 	 	 
	82. Loan Balance
	 	 	 	 
	83. Letters of Credit/Bankers’ Acceptance Outstanding
	 	 	 	 
	84. Excess Availability
	 	 	 	 

 

 

 

Exhibit B-3

Form of Canadian Borrowing Base Certificate

	 	 	 	 	 
	 	 	Liz Claiborne	 
	 	 	Canada, Inc.	 
	1. Retail A/R
	 	 	 	 
	2. Less ineligibles
	 	 	 	 
	 
	 	 	 
	3. Eligible Retail A/R
	 	 	 	 
	4. Advance Rate %
	 	 	90	%
	 
	 	 	 
	5. Retail A/R Availability
	 	 	 	 
	 
	 	 	 	 
	6. Wholesale A/R
	 	 	 	 
	7. Less ineligibles
	 	 	 	 
	 
	 	 	 
	8. Eligible wholesale A/R
	 	 	 	 
	9. Advance rate %
	 	 	85	%
	 
	 	 	 
	10. Wholesale A/R availability
	 	 	 	 
	 
	 	 	 	 
	11. Total A/R availability
	 	 	 	 
	 
	 	 	 	 
	12. Retail Inventory
	 	 	 	 
	13. Less ineligibles
	 	 	 	 
	14. Eligible retail inventory
	 	 	 	 
	15. NOLV calculation:
	 	 	 	 
	16. Eligible retail inventory as per above
	 	 	 	 
	17. NOLV Rate
	 	 	79.8	%
	18. Advance rate on NOLV
	 	 	85.0	%
	19. Effective NOLV advance rate %
	 	 	67.8	%
	20. Retail inventory availability at 85% of NOLV
	 	 	 	 
	 
	 	 	 	 
	21. Wholesale Inventory
	 	 	 	 
	22. Less inventory for retail factory outlets
	 	 	 	 
	23. Less in transit inventory reported below
	 	 	 	 
	24. Wholesale inventory on hand
	 	 	 	 
	25. Less ineligibles
	 	 	 	 
	26. Eligible wholesale inventory
	 	 	 	 
	27. NOLV calculation:
	 	 	 	 
	28. Eligible wholesale inventory as per above
	 	 	 	 

 

 

 

	 	 	 	 	 
	 	 	Liz Claiborne	 
	 	 	Canada, Inc.	 
	29. NOLV rate
	 	 	76.0	%
	30. Advance rate on NOLV
	 	 	85.0	%
	31. Effective NOLV advance rate %
	 	 	64.6	%
	32. Wholesale inventory availability at 85% of NOLV
	 	 	 	 
	 
	 	 	 	 
	33. Raw Material Inventory
	 	 	 	 
	34. Less ineligibles
	 	 	 	 
	35. Eligible retail inventory
	 	 	 	 
	36. NOLV calculation:
	 	 	 	 
	37. Eligible raw material inventory as per above
	 	 	 	 
	38. NOLV rate
	 	 	12.5	%
	39. Advance rate on NOLV
	 	 	85.0	%
	40. Effective advance rate %
	 	 	10.6	%
	41. Raw material inventory availability at 85% of NOLV
	 	 	 	 
	 
	 	 	 	 
	42. Inventory In Transit Supported by Letters of Credit
	 	 	 	 
	43. Inventory in transit
	 	 	 	 
	44. Less ineligibles
	 	 	 	 
	45. Eligible in transit inventory
	 	 	 	 
	46. Advance rate % (wholesale effective rate)
	 	 	71.7	%
	47. Gross inventory in transit availability
	 	 	 	 
	48. In transit inventory availability cap
	 	 	 	 
	 
	 	 	 	 
	49. In transit inventory supported by letters of credit
availability (Lesser of Gross inventory in transit
availability or Cap)
	 	 	 	 

 

 

 

	 	 	 	 	 
	 	 	Liz Claiborne	 
	 	 	Canada, Inc.	 
	50. Inventory In Transit NOT Supported by Letters of Credit
	 	 	 	 
	51. Inventory in transit
	 	 	 	 
	52. Less ineligibles
	 	 	 	 
	53. Eligible in transit inventory
	 	 	 	 
	54. Advance rate % (wholesale effective rate)
	 	 	71.7	%
	55. Gross inventory in transit availability
	 	 	 	 
	56. In transit availability cap
	 	 	 	 
	 
	 	 	 	 
	57. In transit inventory NOT supported by letters of credit
availability (Lesser of Gross inventory in transit
availability or Cap)
	 	 	 	 
	 
	 
	58. Gross inventory availability (includes in transit)
	 	 	 	 
	59. German Availability sublimit ($15,000,000)
	 	 	N/A	 
	 
	 	 	 	 
	60. Total inventory availability
	 	 	 	 
	 
	 	 	 	 
	61. Owned Real Estate
	 	 	 	 
	62. Owned Real Estate (NJ-HQ, PA) Gross Availability
	 	 	N/A	 
	63. Less: Amortization
	 	 	 	 
	64. Owned Real Estate Availability
	 	 	 	 
	 
	 	 	 	 
	65. Other Collateral:
	 	 	 	 
	66. Trademarks
	 	 	 	 
	 
	 	 	 	 
	67. Invested Cash
	 	 	 	 
	 
	 	 	 	 
	68. Total Borrowing Base Availability before reserves
	 	 	 	 

 

 

 

	 	 	 	 	 
	 	 	Liz Claiborne	 
	 	 	Canada, Inc.	 
	69. Less availability reserves:
	 	 	 	 
	70. Rent Reserve
	 	 	 	 
	71. Synthetic Lease
	 	 	 	 
	72. Accrued Gift Card Liability 50%
	 	 	 	 
	73. Processor fees (3xAP)
	 	 	 	 
	74. German bankruptcy fee reserve (9%)
	 	 	 	 
	75. Owned Real Estate Environmental Reserve
	 	 	 	 
	76. Derivative Mark to Market Reserve
	 	 	 	 
	77. Other reserves (Juicy UK)
	 	 	 	 
	 
	 	 	 
	 
	 	 	 	 
	78. Total availability reserves
	 	 	 	 
	 
	 	 	 
	 
	 	 	 	 
	79. Total Borrowing Base Availability
	 	 	 	 
	80. Revolver line
	 	 	 	 
	81. Lesser of Borrowing Base Availability & Commitment
	 	 	 	 
	82. Loan Balance
	 	 	 	 
	83. Letters of Credit/Bankers’ Acceptance Outstanding
	 	 	 	 
	84. Excess Availability
	 	 	 	 

 

 

 

Exhibit B-4

Form of European Borrowing Base Certificate

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Netherlands	 	 	Germany	 	 	 	 
	 	 	(Mexx Europe	 	 	(Mexx Europe	 	 	 	 
	 	 	BV)	 	 	BV)	 	 	Combined	 
	1. Retail A/R
	 	 	N/A	 	 	 	N/A	 	 	 	 	 
	2. Less ineligibles
	 	 	 	 	 	 	 	 	 	 	 	 
	3. Eligible Retail A/R
	 	 	 	 	 	 	 	 	 	 	 	 
	4. Advance Rate %
	 	 	 	 	 	 	 	 	 	 	90	%
	5. Retail A/R Availability
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	6. Wholesale A/R
	 	 	 	 	 	 	 	 	 	 	 	 
	7. Less ineligibles
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	8. Eligible wholesale A/R
	 	 	 	 	 	 	 	 	 	 	 	 
	9. Advance rate %
	 	 	85	%	 	 	85	%	 	 	85	%
	 
	 	 	 	 	 	 	 	 	 
	10. Wholesale A/R
availability
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	11. Total A/R availability
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	12. Retail Inventory
	 	 	 	 	 	 	 	 	 	 	 	 
	13. Less ineligibles
	 	 	 	 	 	 	 	 	 	 	 	 
	14. Eligible retail
inventory
	 	 	 	 	 	 	 	 	 	 	 	 
	15. NOLV calculation:
	 	 	 	 	 	 	 	 	 	 	 	 
	16. Eligible retail
inventory as per above
	 	 	 	 	 	 	 	 	 	 	 	 
	17. NOLV Rate
	 	 	75.2	%	 	 	78.9	%	 	Blended
	18. Advance rate on NOLV
	 	 	85.0	%	 	 	85.0	%	 	 	85.0	%
	19.
Effective NOLV advance rate %
	 	 	83.9	%	 	 	87.1	%	 	Blended
	20. Retail inventory
availability at 85% of
NOLV
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	21. Wholesale Inventory
	 	 	 	 	 	 	N/A	 	 	 	 	 
	22. Less inventory for
retail factory outlets
	 	 	 	 	 	 	 	 	 	 	 	 
	23. Less in transit
inventory reported below
	 	 	 	 	 	 	 	 	 	 	 	 
	24. Wholesale inventory
on hand
	 	 	 	 	 	 	 	 	 	 	 	 
	25. Less ineligibles
	 	 	 	 	 	 	 	 	 	 	 	 
	26. Eligible wholesale
inventory
	 	 	 	 	 	 	 	 	 	 	 	 
	27. NOLV calculation:
	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Netherlands	 	 	Germany	 	 	 	 
	 	 	(Mexx Europe	 	 	(Mexx Europe	 	 	 	 
	 	 	BV)	 	 	BV)	 	 	Combined	 
	28. Eligible wholesale
inventory as per above
	 	 	 	 	 	 	 	 	 	 	 	 
	29. NOLV rate
	 	 	58.8	%	 	 	 	 	 	Blended
	30. Advance rate on NOLV
	 	 	85.0	%	 	 	 	 	 	 	85.0	%
	31.
Effective NOLV advance rate %
	 	 	49.8	%	 	 	 	 	 	Blended
	32. Wholesale inventory
availability at 85% of
NOLV
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	33. Raw Material Inventory
	 	 	 	 	 	 	 	 	 	 	 	 
	34. Less ineligibles
	 	 	 	 	 	 	 	 	 	 	 	 
	35. Eligible retail
inventory
	 	 	 	 	 	 	 	 	 	 	 	 
	36. NOLV calculation:
	 	 	 	 	 	 	 	 	 	 	 	 
	37. Eligible raw material
inventory as per above
	 	 	 	 	 	 	 	 	 	 	 	 
	38. NOLV rate
	 	 	0.0	%	 	 	0.0	%	 	Blended
	39. Advance rate on NOLV
	 	 	0.0	%	 	 	0.0	%	 	 	85.0	%
	40.
Effective advance rate %
	 	 	0.0	%	 	 	0.0	%	 	Blended
	41. Raw material
inventory availability at
85% of NOLV
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	42. Inventory In Transit
Supported by Letters of
Credit
	 	 	 	 	 	 	 	 	 	 	 	 
	43. Inventory in transit
	 	 	 	 	 	 	 	 	 	 	 	 
	44. Less ineligibles
	 	 	 	 	 	 	 	 	 	 	 	 
	45. Eligible in transit
inventory
	 	 	 	 	 	 	 	 	 	 	 	 
	46.
Advance rate % (wholesale effective
rate)
	 	 	77.7	%	 	 	 	 	 	Blended
	47. Gross inventory in
transit availability
	 	 	 	 	 	 	 	 	 	 	 	 
	48. In transit inventory
availability cap
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	49. In transit inventory
supported by letters of
credit availability
(Lesser of Gross
inventory in transit
availability or Cap)
	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Netherlands	 	 	Germany	 	 	 	 
	 	 	(Mexx Europe	 	 	(Mexx Europe	 	 	 	 
	 	 	BV)	 	 	BV)	 	 	Combined	 
	50. Inventory In Transit
NOT Supported by Letters
of Credit
	 	 	 	 	 	 	 	 	 	 	 	 
	51. Inventory in transit
	 	 	 	 	 	 	 	 	 	 	 	 
	52. Less ineligibles
	 	 	 	 	 	 	 	 	 	 	 	 
	53. Eligible in transit
inventory
	 	 	 	 	 	 	 	 	 	 	 	 
	54.
Advance rate % (wholesale effective
rate)
	 	 	77.7	%	 	 	 	 	 	Blended
	55. Gross inventory in
transit availability
	 	 	 	 	 	 	 	 	 	 	 	 
	56. In transit
availability cap
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	57. In transit inventory
NOT supported by letters
of credit availability
(Lesser of Gross
inventory in transit
availability or Cap)
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	58. Gross inventory
availability (includes in
transit)
	 	 	 	 	 	 	 	 	 	 	 	 
	59. German
Availability sublimit ($15,000,000)
	 	 	N/A	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	60. Total inventory
availability
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	61. Owned Real Estate
	 	 	 	 	 	 	 	 	 	 	 	 
	62. Owned
Real Estate (NJ-HQ, PA) Gross
Availability
	 	 	N/A	 	 	 	N/A	 	 	 	 	 
	63. Less: Amortization
	 	 	 	 	 	 	 	 	 	 	 	 
	64. Owned Real Estate
Availability
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	65. Other Collateral:
	 	 	 	 	 	 	 	 	 	 	 	 
	66. Trademarks
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	67. Invested Cash
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	68. Total Borrowing Base
Availability before
reserves
	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Netherlands	 	 	Germany	 	 	 	 
	 	 	(Mexx Europe	 	 	(Mexx Europe	 	 	 	 
	 	 	BV)	 	 	BV)	 	 	Combined	 
	69. Less availability
reserves:
	 	 	 	 	 	 	 	 	 	 	 	 
	70. Rent Reserve
	 	 	 	 	 	 	 	 	 	 	 	 
	71. Synthetic Lease
	 	 	 	 	 	 	 	 	 	 	 	 
	72. Accrued Gift Card
Liability 50%
	 	 	 	 	 	 	 	 	 	 	 	 
	73. Processor fees (3xAP)
	 	 	 	 	 	 	 	 	 	 	 	 
	74. German bankruptcy fee
reserve (9%)
	 	 	 	 	 	 	 	 	 	 	 	 
	75. Owned Real Estate
Environmental Reserve
	 	 	 	 	 	 	 	 	 	 	 	 
	76. Derivative Mark to
Market Reserve
	 	 	 	 	 	 	 	 	 	 	 	 
	77. Other reserves (Juicy
UK)
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	78. Total availability
reserves
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	79. Total Borrowing Base
Availability
	 	 	 	 	 	 	 	 	 	 	 	 
	80. Revolver line
	 	 	 	 	 	 	 	 	 	 	 	 
	81. Lesser of Borrowing
Base Availability &
Commitment2
	 	 	 	 	 	 	 	 	 	 	 	 
	82. Loan Balance
	 	 	 	 	 	 	 	 	 	 	 	 
	83. Letters of
Credit/Bankers’
Acceptance Outstanding
	 	 	 	 	 	 	 	 	 	 	 	 
	84. Excess Availability
	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	 	 
	2	 	German collateral availability added into Netherlands
collateral availability at line 71

 

 

 

Exhibit B-5

Form of UK Borrowing Base Certificate

	 	 	 	 	 
	 	 	Juicy Couture	 
	 	 	Europe Limited	 
	1. Retail A/R
	 	 	 	 
	2. Less ineligibles
	 	 	 	 
	 
	 	 	 
	3. Eligible Retail A/R
	 	 	 	 
	4. Advance Rate %
	 	 	90	%
	 
	 	 	 
	5. Retail A/R Availability
	 	 	 	 
	 
	 	 	 	 
	6. Wholesale A/R
	 	 	 	 
	7. Less ineligibles
	 	 	 	 
	 
	 	 	 
	8. Eligible wholesale A/R
	 	 	 	 
	9. Advance rate %
	 	 	85	%
	 
	 	 	 
	10. Wholesale A/R availability
	 	 	 	 
	 
	 	 	 	 
	11. Total A/R availability
	 	 	 	 
	 
	 	 	 	 
	12. Retail Inventory
	 	 	 	 
	13. Less ineligibles
	 	 	 	 
	14. Eligible retail inventory
	 	 	 	 
	15. NOLV calculation:
	 	 	 	 
	16. Eligible retail inventory as per above
	 	 	 	 
	17. NOLV Rate
	 	 	93.5	%
	18. Advance rate on NOLV
	 	 	85.0	%
	19. Effective NOLV advance rate %
	 	 	79.5	%
	20. Retail inventory availability at 85% of NOLV
	 	 	 	 
	 
	 	 	 	 
	21. Wholesale Inventory
	 	 	 	 
	22. Less inventory for retail factory outlets
	 	 	 	 
	23. Less in transit inventory reported below
	 	 	 	 
	24. Wholesale inventory on hand
	 	 	 	 
	25. Less ineligibles
	 	 	 	 
	26. Eligible wholesale inventory
	 	 	 	 

 

 

 

	 	 	 	 	 
	 	 	Juicy Couture	 
	 	 	Europe Limited	 
	27. NOLV calculation:
	 	 	 	 
	28. Eligible wholesale inventory as per above
	 	 	 	 
	29. NOLV rate
	 	 	76.0	%
	30. Advance rate on NOLV
	 	 	85.0	%
	31. Effective NOLV advance rate %
	 	 	64.6	%
	32. Wholesale inventory availability at 85% of NOLV
	 	 	 	 
	 
	 	 	 	 
	33. Raw Material Inventory
	 	 	 	 
	34. Less ineligibles
	 	 	 	 
	35. Eligible retail inventory
	 	 	 	 
	36. NOLV calculation:
	 	 	 	 
	37. Eligible raw material inventory as per above
	 	 	 	 
	38. NOLV rate
	 	 	12.5	%
	39. Advance rate on NOLV
	 	 	85.0	%
	40. Effective advance rate %
	 	 	10.6	%
	41. Raw material inventory availability at 85% of NOLV
	 	 	 	 
	 
	 	 	 	 
	42. Inventory In Transit Supported by Letters of Credit
	 	 	 	 
	43. Inventory in transit
	 	 	 	 
	44. Less ineligibles
	 	 	 	 
	45. Eligible in transit inventory
	 	 	 	 
	46. Advance rate % (wholesale effective rate)
	 	 	71.7	%
	47. Gross inventory in transit availability
	 	 	 	 
	48. In transit inventory availability cap
	 	 	 	 
	 
	 	 	 	 
	49. In transit inventory supported by letters of credit
availability (Lesser of Gross inventory in transit
availability or Cap)
	 	 	 	 

 

 

 

	 	 	 	 	 
	 	 	Juicy Couture	 
	 	 	Europe Limited	 
	50. Inventory In Transit NOT Supported by Letters of Credit
	 	 	 	 
	51. Inventory in transit
	 	 	 	 
	52. Less ineligibles
	 	 	 	 
	53. Eligible in transit inventory
	 	 	 	 
	54. Advance rate % (wholesale effective rate)
	 	 	71.7	%
	55. Gross inventory in transit availability
	 	 	 	 
	56. In transit availability cap
	 	 	 	 
	 
	 	 	 	 
	57. In transit inventory NOT supported by letters of credit
availability (Lesser of Gross inventory in transit
availability or Cap)
	 	 	 	 
	 
	 	 	 	 
	58. Gross inventory availability (includes in transit)
	 	 	 	 
	59. German Availability sublimit ($15,000,000)
	 	 	N/A	 
	 
	 	 	 	 
	60. Total inventory availability
	 	 	 	 
	 
	 	 	 	 
	61. Owned Real Estate
	 	 	 	 
	62. Owned Real Estate (NJ-HQ, PA) Gross Availability
	 	 	N/A	 
	63. Less: Amortization
	 	 	 	 
	64. Owned Real Estate Availability
	 	 	 	 
	 
	 	 	 	 
	65. Other Collateral:
	 	 	 	 
	66. Trademarks
	 	 	 	 
	 
	 	 	 	 
	67. Invested Cash
	 	 	 	 
	 
	 	 	 	 
	68. Total Borrowing Base Availability before reserves
	 	 	 	 

 

 

 

	 	 	 	 	 
	 	 	Juicy Couture	 
	 	 	Europe Limited	 
	69. Less availability reserves:
	 	 	 	 
	70. Rent Reserve
	 	 	 	 
	71. Synthetic Lease
	 	 	 	 
	72. Accrued Gift Card Liability 50%
	 	 	 	 
	73. Processor fees (3xAP)
	 	 	 	 
	74. German bankruptcy fee reserve (9%)
	 	 	 	 
	75. Owned Real Estate Environmental Reserve
	 	 	 	 
	76. Derivative Mark to Market Reserve
	 	 	 	 
	77. Other reserves (Juicy UK)
	 	 	 	 
	 
	 	 	 
	 
	 
	78. Total availability reserves
	 	 	 	 
	 
	 	 	 
	79. Total Borrowing Base Availability
	 	 	 	 
	80. Revolver line
	 	 	 	 
	81. Lesser of Borrowing Base Availability & Commitment
	 	 	 	 
	82. Loan Balance
	 	 	 	 
	83. Letters of Credit/Bankers’ Acceptance Outstanding
	 	 	 	 
	84. Excess Availability
	 	 	 	 

 

 

 

      

EXHIBIT C

FORM OF

COMPLIANCE CERTIFICATE

This Compliance Certificate is delivered pursuant to Section 5.01(d) of the Second Amended and
Restated Credit Agreement, dated as of May 6, 2010 (as amended, supplemented or otherwise modified
from time to time, the “Credit Agreement”), by and among Liz Claiborne, Inc., Mexx Europe
B.V., Juicy Couture Europe Limited, Liz Claiborne Canada Inc., the other Loan Parties from time to
time party thereto, the Lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent
and US Collateral Agent, J.P. Morgan Europe Limited, as European Administrative Agent and European
Collateral Agent, JPMorgan Chase Bank, N.A., Toronto Branch, as Canadian Administrative Agent and
Canadian Collateral Agent, Bank of America, N.A., as Syndication Agent, and General Electric
Capital Corporation, as Documentation Agent. Unless otherwise defined herein, terms defined in the
Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

1. I am the duly elected, qualified and acting [Chief Financial Officer] of the Borrower
Representative.

2. I have reviewed and am familiar with the contents of this Compliance Certificate.

3. I have reviewed the terms of the Credit Agreement and the other Loan Documents and have
made or caused to be made under my supervision, a review in reasonable detail of the transactions
and condition of the Company during the accounting period covered by the financial statements
attached hereto as Attachment 1 (the “Financial Statements”).

4. The Financial Statements fairly present in all material respects the financial condition
and results of operations of the Company and its consolidated Subsidiaries on a consolidated basis
in accordance with GAAP consistently applied, subject to normal year-end audit adjustments.

5. No Default has occurred during or at the end of the accounting period covered by the
Financial Statements, and I have no knowledge of the existence, as of the date of this Compliance
Certificate, of any condition or event which constitutes a Default or an Event of Default [except
as set forth below].3

6. As of [_____, 20___]4, the aggregate amount of the Commitments was $[_____], the
Aggregate Borrowing Base was $[_____] and the total Revolving Exposure was $[_____]. Therefore, the
Aggregate Availability was $[_____] and complies with the test set forth in Section 6.16, which
requires Aggregate Availability to be no less than the greater of (i) $45,000,000 and (ii) an
amount equal to 11.25% of the Commitments then in effect.

 

	 	 	 
	3	 	To the extent a Default/Event of Default has occurred,
the details thereof and any action taken or proposed to be taken with respect
thereto must be provided.
	 
	4	 	Date to be the date of the last applicable test period.

 

 

 

7. No change in GAAP or in the application thereof to the Company’s consolidated financial
statements has occurred since January 2, 2010.5

 

	 	 	 
	5	 	To the extent a change has occurred, the effect of such
change on the financial statements accompanying this certificate must be
specified.

[COMPLIANCE CERTIFICATE — SIGNATURE PAGE]

 

 

 

IN WITNESS WHEREOF, I have executed this Certificate this
_____

day of
_____, 20___.

	 	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

[COMPLIANCE CERTIFICATE — SIGNATURE PAGE]

 

 

 

Attachment 1

to Compliance Certificate

[Attach Financial Statements]

 

 

 

EXHIBIT D

FORM OF

ASSUMPTION AND JOINDER AGREEMENT

ASSUMPTION AND JOINDER AGREEMENT dated as of [_____] (the “Joinder
Agreement”) made by [Insert Name of new Loan Party], a [jurisdiction of organization]
[corporation, limited partnership or limited liability company] (the “Company”) for the
benefit of the Lenders or Secured Parties (as each such term is defined in that certain Second
Amended and Restated Credit Agreement, dated as of May 6, 2010 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”) by and among Liz Claiborne,
Inc., Mexx Europe B.V., Juicy Couture Europe Limited, Liz Claiborne Canada Inc., the other Loan
Parties from time to time party thereto, the Lenders party thereto, JPMorgan Chase Bank, N.A., as
Administrative Agent and US Collateral Agent, J.P. Morgan Europe Limited, as European
Administrative Agent and European Collateral Agent, JPMorgan Chase Bank, N.A., Toronto Branch, as
Canadian Administrative Agent and Canadian Collateral Agent, Bank of America, N.A., as Syndication
Agent, and General Electric Capital Corporation, as Documentation Agent), as applicable. Unless
otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the
meanings given to them in the Credit Agreement.

W I T N E S S E T H

The Company is a [jurisdiction of Organization] [corporation, limited partnership or limited
liability company], and is a subsidiary of [Loan Party]. Pursuant to Section 5.14 of the Credit
Agreement, the Company is required to execute this document as a newly [formed] [acquired]
subsidiary of [Loan Party].

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration,
the receipt of which is hereby acknowledged, the Company hereby agrees as follows:

SECTION 1. Assumption and Joinder. The Company hereby expressly confirms that it
hereby agrees to perform and observe each and every one of the covenants and agreements, and hereby
assumes the obligations and liabilities, of a [US][Canadian] [Netherlands][German][UK] Loan Party
under the Credit Agreement. By virtue of the foregoing, the Company hereby accepts and assumes any
liability of a [US][Canadian][Netherlands][German][UK] Loan Party related to each representation or
warranty, covenant or obligation made by a [US] [Canadian][Netherlands][German][UK] Loan Party in
the Credit Agreement, and hereby expressly affirms in all material respects, as of the date hereof,
each of such representations, warranties, covenants and obligations as they apply to the Company.

 

 

 

(a) Guarantee. (i) All references to the term “[US][Canadian][Netherlands]
[German][UK] Loan Party” in the Credit Agreement, or in any document or instrument executed and
delivered or furnished, or to be executed and delivered or furnished, in connection therewith shall
be deemed to be references to, and shall include, the Company, in each case as of the date hereof.

(ii) The Company, as a [US][Canadian][Netherlands][German][UK] Loan Party, hereby joins in
and agrees to be bound by each and all of the provisions of the Credit Agreement, as of the date
hereof, as a [US][Canadian][Netherlands][German][UK] Loan Party thereunder with the same force and
effect as if originally referred to therein as a [US][Canadian] [Netherlands][German][UK] Loan
Party.

(b) [Collateral Documents. (i) All references to the term “Grantor” in the US
Security Agreement, or in any document or instrument executed and delivered or furnished, or to be
executed and delivered or furnished, in connection therewith shall be deemed to be references to,
and shall include, the Company as of the date hereof.

(ii) The Company, as Grantor, hereby joins in and agrees to be bound by each and all of the
provisions of the US Security Agreement, as of the date hereof, with the same force and effect as
if originally referred to therein as a Grantor.

(iii) The Company, as Grantor, hereby pledges to the US Collateral Agent all Collateral owned
by it. The Company, as Grantor, agrees that all Collateral owned by it shall be considered to be
part of the Collateral and shall secure the Secured Obligations.

(c) Intercreditor Agreement. (i) All references to the term “Grantor” in the
Intercreditor Agreement, or in any document or instrument executed and delivered or furnished, or
to be executed and delivered or furnished, in connection therewith shall be deemed to be references
to, and shall include, the Company as of the date hereof.

(ii) The Company, as Grantor, hereby joins in and agrees to be bound by each and all of the
provisions of the Intercreditor Agreement, as of the date hereof, with the same force and effect as
if originally referred to therein as a Grantor.]6

 

	 	 	 
	6	 	US subsidiaries only.

 

 

 

SECTION 2. Representations and Warranties. The Company hereby represents and warrants
to the Agents and the Secured Parties as follows:

(a) The Company has the requisite [corporate, partnership or limited liability company] power
and authority to enter into this Joinder Agreement and to perform its obligations hereunder and
under the Loan Documents to which it is a party. The execution, delivery and performance of this
Joinder Agreement by the Company and the performance of its obligations hereunder and under the
Loan Documents to which it is a party, have been duly authorized by all necessary [corporate,
partnership or limited liability company] action, including
the consent of shareholders, partners or members where required. This Joinder Agreement has
been duly executed and delivered by the Company. This Joinder Agreement and the Loan Documents to
which it is a party each constitutes a legal, valid and binding obligation of the Company
enforceable against it in accordance with its respective terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium and other laws affecting creditors’ rights generally and
subject to general principles of equity, regardless of whether considered in a proceeding in equity
or at law.

(b) The Company has delivered to the Administrative Agent any and all schedules and documents
required as a Loan Party under the Credit Agreement and any other Loan Document.

SECTION 3. Binding Effect. This Joinder Agreement shall be binding upon the Company
and shall inure to the benefit of the Secured Parties and their respective successors and assigns.

SECTION 4. GOVERNING LAW. THIS JOINDER AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK.

SECTION 5. Counterparts. This Joinder Agreement may be executed in any number of
counterparts, each of which when so executed and delivered shall constitute an original for all
purposes, but all such counterparts taken together shall constitute but one and the same
instrument. Any signature delivered by a party by facsimile or .pdf electronic transmission shall
be deemed to be an original signature thereto.

[Signature Pages Follow]

 

 

 

IN WITNESS WHEREOF, the undersigned has caused this Joinder Agreement to be duly executed and
delivered by its duly authorized officer as of the date first above written.

	 	 	 	 	 	 	 
	 	 	[NAME OF COMPANY]	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	 

	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

[ASSUMPTION AND JOINDER AGREEMENT — SIGNATURE PAGE]

 

 

 

EXHIBIT E

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Second Amended and Restated Credit Agreement dated as of May
6, 2010 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among Liz Claiborne, Inc., Mexx Europe B.V., Juicy Couture Europe Limited, Liz Claiborne Canada
Inc., the other Loan Parties from time to time party thereto, the Lenders party thereto, JPMorgan
Chase Bank, N.A., as Administrative Agent and US Collateral Agent, J.P. Morgan Europe Limited, as
European Administrative Agent and European Collateral Agent, JPMorgan Chase Bank, N.A., Toronto
Branch, as Canadian Administrative Agent and Canadian Collateral Agent, Bank of America, N.A., as
Syndication Agent, and General Electric Capital Corporation, as Documentation Agent.

Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby
certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any
promissory note(s) evidencing such Loan(s)) in respect of which it is providing this certificate,
(ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a
10-percent shareholder of any Borrower within the meaning of Code Section 871(h)(3)(B), (iv) it is
not a controlled foreign corporation related to any Borrower as described in Section 881(c)(3)(C)
of the Code and (v) the interest payments in question are not effectively connected with the
undersigned’s conduct of a U.S. trade or business.

The undersigned has furnished the Administrative Agent and the Borrower Representative with a
certificate of its non-U.S. person status on an Internal Revenue Service Form W-8BEN. By executing
this certificate, the undersigned agrees that (1) if the information provided on this certificate
or such Form W-8BEN changes, the undersigned shall promptly so inform the Borrower Representative
and the Administrative Agent and provide the Borrower Representative and the Administrative Agent
with a new certificate or a new Form W-8BEN, as the case may be, and (2) the undersigned shall have
at all times furnished the Borrower Representative and the Administrative Agent with a properly
completed and currently effective certificate in either the calendar year in which each payment is
to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall
have the meanings given to them in the Credit Agreement.

[Signature Page to Follow]

 

 

 

	 	 	 	 	 
	[NAME OF LENDER]	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

Date:
_____ __, 20[__]

 

 

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Second Amended and Restated Credit Agreement dated as of May
6, 2010 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among Liz Claiborne, Inc., Mexx Europe B.V., Juicy Couture Europe Limited, Liz Claiborne Canada
Inc., the other Loan Parties from time to time party thereto, the Lenders party thereto, JPMorgan
Chase Bank, N.A., as Administrative Agent and US Collateral Agent, J.P. Morgan Europe Limited, as
European Administrative Agent and European Collateral Agent, JPMorgan Chase Bank, N.A., Toronto
Branch, as Canadian Administrative Agent and Canadian Collateral Agent, Bank of America, N.A., as
Syndication Agent, and General Electric Capital Corporation, as Documentation Agent.

Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby
certifies that (i) it is the sole record owner of the Loan(s) (as well as any promissory note(s)
evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its
partners/members are the sole beneficial owners of such Loan(s) (as well as any promissory note(s)
evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit
Agreement or any other Loan Document, neither the undersigned nor any of its partners/members is a
bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade
or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its
partners/members is a ten percent shareholder of any Borrower within the meaning of Code Section
871(h)(3)(B), (v) none of its partners/members is a controlled foreign corporation related to any
Borrower as described in Section 881(c)(3)(C) of the Code, and (vi) the interest payments in
question are not effectively connected with the undersigned’s or its partners/members’ conduct of a
U.S. trade or business.

The undersigned has furnished the Administrative Agent and the Borrower Representative with
Internal Revenue Service Form W-8IMY accompanied by an Internal Revenue Service Form W-8BEN from
each of its partners/members claiming the portfolio interest exemption. By executing this
certificate, the undersigned agrees that (1) if the information provided on this certificate
changes, the undersigned shall promptly so inform the Borrower Representative and the
Administrative Agent and (2) the undersigned shall have at all times furnished the Borrower
Representative and the Administrative Agent with a properly completed and currently effective
certificate in either the calendar year in which each payment is to be made to the undersigned, or
in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall
have the meanings given to them in the Credit Agreement.

[Signature Page to Follow]

 

 

 

	 	 	 	 	 
	[NAME OF LENDER]	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

Date: _____ __, 20[__]

 

 

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Second Amended and Restated Credit Agreement dated as of May
6, 2010 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among Liz Claiborne, Inc., Mexx Europe B.V., Juicy Couture Europe Limited, Liz Claiborne Canada
Inc., the other Loan Parties from time to time party thereto, the Lenders party thereto, JPMorgan
Chase Bank, N.A., as Administrative Agent and US Collateral Agent, J.P. Morgan Europe Limited, as
European Administrative Agent and European Collateral Agent, JPMorgan Chase Bank, N.A., Toronto
Branch, as Canadian Administrative Agent and Canadian Collateral Agent, Bank of America, N.A., as
Syndication Agent, and General Electric Capital Corporation, as Documentation Agent.

Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby
certifies that (i) it is the sole record and beneficial owner of the participation in respect of
which it is providing this certificate, (ii) it is not a bank within the meaning of Section
881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of any Borrower within the
meaning of Code Section 871(h)(3)(B), (iv) it is not a controlled foreign corporation related to
any Borrower as described in Section 881(c)(3)(C) of the Code, and (v) the interest payments in
question are not effectively connected with the undersigned’s conduct of a U.S. trade or business.

The undersigned has furnished its participating Foreign Lender with a certificate of its
non-U.S. person status on Internal Revenue Service Form W-8BEN. By executing this certificate, the
undersigned agrees that (1) if the information provided on this certificate changes, the
undersigned shall promptly so inform such Foreign Lender in writing and (2) the undersigned shall
have at all times furnished such Foreign Lender with a properly completed and currently effective
certificate in either the calendar year in which each payment is to be made to the undersigned, or
in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall
have the meanings given to them in the Credit Agreement.

[Signature Page to Follow]

 

 

 

	 	 	 	 	 
	[NAME OF PARTICIPANT]	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

Date: _____ __, 20[__]

 

 

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Second Amended and Restated Credit Agreement dated as of May
6, 2010 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among Liz Claiborne, Inc., Mexx Europe B.V., Juicy Couture Europe Limited, Liz Claiborne Canada
Inc., the other Loan Parties from time to time party thereto, the Lenders party thereto, JPMorgan
Chase Bank, N.A., as Administrative Agent and US Collateral Agent, J.P. Morgan Europe Limited, as
European Administrative Agent and European Collateral Agent, JPMorgan Chase Bank, N.A., Toronto
Branch, as Canadian Administrative Agent and Canadian Collateral Agent, Bank of America, N.A., as
Syndication Agent, and General Electric Capital Corporation, as Documentation Agent.

Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby
certifies that (i) it is the sole record owner of the participation in respect of which it is
providing this certificate, (ii) its partners/members are the sole beneficial owners of such
participation, (iii) with respect such participation, neither the undersigned nor any of its
partners/members is a bank extending credit pursuant to a loan agreement entered into in the
ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code,
(iv) none of its partners/members is a ten percent shareholder of any Borrower within the meaning
of Code Section 871(h)(3)(B), (v) none of its partners/members is a controlled foreign corporation
related to any Borrower as described in Section 881(c)(3)(C) of the Code, and (vi) the interest
payments in question are not effectively connected with the undersigned’s or its partners/members’
conduct of a U.S. trade or business.

The undersigned has furnished its participating Foreign Lender with Internal Revenue Service
Form W-8IMY accompanied by an Internal Revenue Service Form W-8BEN from each of its
partners/members claiming the portfolio interest exemption. By executing this certificate, the
undersigned agrees that (1) if the information provided on this certificate changes, the
undersigned shall promptly so inform such Foreign Lender and (2) the undersigned shall have at all
times furnished such Foreign Lender with a properly completed and currently effective certificate
in either the calendar year in which each payment is to be made to the undersigned, or in either of
the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall
have the meanings given to them in the Credit Agreement.

[Signature Page to Follow]

 

 

 

	 	 	 	 	 
	[NAME OF PARTICIPANT]	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

Date: _____ __, 20[__]

 

 

 

Exhibit F-1

[Form of In-House Opinion]

	 	 	 
	JPMorgan Chase Bank, N.A., as US
	 

	 	Administrative Agent (as hereinafter
	 

	 	defined) and US Collateral Agent (as
	 

	 	hereinafter defined),
	 
	 	 
	JPMorgan Chase Bank, N.A., Toronto Branch,
	 

	 	as Canadian Administrative Agent (as
	 

	 	hereinafter defined) and Canadian
	 

	 	Collateral Agent (as hereinafter
	 

	 	defined),
	 
	 	 
	J.P. Morgan Europe Limited, as European
	 

	 	Administrative Agent (as hereinafter
	 

	 	defined) and European Collateral Agent
	 

	 	(as hereinafter defined)
	 
	 	 
	 

	 	and
	 
	 	 
	The Lenders and Issuing Banks listed on
	 

	 	Schedule I hereto which are parties to the
	 

	 	Credit Agreement (as hereinafter
	 

	 	defined) on the date hereof

Based upon and subject to the foregoing, and subject to the qualifications, limitations, and
assumptions set forth herein, I am of the opinion that:

1. The Company (a) is validly existing and in good standing as a corporation under the laws of
the state of its incorporation, (b) has the corporate power to execute and deliver each of the Loan
Documents to which it is a party, to borrow and perform its obligations thereunder and to grant the
security interests to be granted by it pursuant to the Collateral Documents and (c) has duly
authorized, executed and delivered each Loan Document to which it is a party.

2. Each of the US Guarantors (a) is validly existing and in good standing as a corporation or
other organization under the laws of the state of its incorporation or organization, as the case
may be, (b) has the corporate power or organizational power, as the case may be, to execute and
deliver each of the Loan Documents to which it is a party, to perform its obligations thereunder
and to grant the security interests to be granted by it pursuant to the Collateral Documents and
(c) has duly authorized, executed and delivered each Loan Document to which it is a party.

3. The execution and delivery by any US Loan Party of the Loan Documents to which it is a
party, its borrowings (in the case of the Company) in accordance with the terms of the Loan
Documents, the performance of its payment obligations thereunder and the grant of the security
interests to be granted by it pursuant to the Collateral Documents, do not result in the violation of the certificate of incorporation or certificate of formation, as applicable, or
the by-laws or operating agreement, as applicable, of such US Loan Party.

 

 

 

JPMorgan Chase Bank, N.A.,

JPMorgan Chase Bank, N.A., Toronto Branch,

J.P. Morgan Europe Limited and

The Lenders and Issuing Banks listed on Schedule I hereto

[Date]

Page 2

4. The execution and delivery by any Loan Party of the Loan Documents to which it is a party,
the performance of its payment obligations thereunder and the grant of the security interests to be
granted by it pursuant to the Collateral Documents, does not: (i) result in the violation of any
Relevant Law (as hereinafter defined); (ii) breach or result in a default under any agreement,
instrument or other document listed on Schedule IV hereto; (iii) result in the creation or
imposition of a lien on any of the Loan Parties’ property or assets under any agreement, instrument
or other document listed on Schedule IV hereto; or (iv) result in a violation of any order
issued by any court or governmental agency or body.

5. No consent, approval, authorization, order, filing, registration or qualification from or
with any governmental authority under any Relevant Law is required for (a) the execution and
delivery by any Loan Party of the Loan Documents to which it is a party, (b) the borrowings by any
Borrower in accordance with the terms of the Credit Agreement, (c) the performance by the Loan
Parties of their respective payment obligations under the Loan Documents to which they are a party
or (d) the grant of any security interests under the Collateral Documents to which any Loan Party
is a party.

6. To the best of my knowledge, after due inquiry, there is no action, suit or proceeding
before or by any court, arbitrator or governmental agency, body or official, now pending, to which
any of the Loan Parties is a party or to which the business, assets or property of any of the Loan
Parties is subject and which would, if determined adversely to any of the Loan Parties, have a
Material Adverse Effect. To my knowledge, no such action, suit or proceeding is threatened to
which any of the Loan Parties or the business, assets or property of any of the Loan Parties would
be subject that questions the validity of any of the Loan Documents.

I express no opinion as to any laws other than the laws of the State of New York, the General
Corporation Law of the State of Delaware, the Limited Liability Company Act of the State of
Delaware and the federal laws of the United States of America which, in each case, in my
experience, I recognize are normally applicable to transactions of the type contemplated by each of
the Loan Documents (including, without limitation, Regulations U and X of the Board) and, in each
case, any rule or regulation issued pursuant thereto (collectively, the “Relevant Laws”). I have
assumed that each of the Loan Documents would be construed and enforced in accordance with New York
law, whether or not they contain any provision expressly specifying such law as the governing law.
In addition, I have not examined the laws of counties, towns, municipalities and special political
subdivisions to the extent that they relate to any of the foregoing, and I express no opinion
thereon. Without limiting the foregoing, I express no opinion with respect to federal or state
securities laws or antitrust law. Furthermore, I express no opinion with respect to any laws of
jurisdictions outside the United States.

 

 

 

JPMorgan Chase Bank, N.A.,

JPMorgan Chase Bank, N.A., Toronto Branch,

J.P. Morgan Europe Limited and

The Lenders and Issuing Banks listed on Schedule I hereto

[Date]

Page 3

The opinion expressed herein is based upon the Relevant Laws and interpretations thereof in
effect on the date hereof, and I assume no obligation to revise or supplement this opinion should
any such law be changed by legislative action, judicial decision or otherwise.

This opinion letter is rendered to you in connection with the transactions described in the
Loan Documents. Except as aforesaid, this opinion may not be relied upon or otherwise used by any
other person or by you for any other purpose without my prior written consent, except that this
opinion may be furnished (but not relied upon by such other person, firm or corporation) without my
prior written consent: (i) in connection with any proceedings relating to the Loan Documents or
the enforcement thereof; (ii) to accountants and counsel for any Lender on the basis that they make
no further disclosure; (iii) to bank and insurance company examiners; (iv) pursuant to judicial
process or government order or requirement; and (v) to prospective or actual assignees of, and
participants in the interests of, any Lender in the Loans and Commitments and their respective
accountants and counsel on the basis that they make no further disclosure.

Very truly yours,

 

 

 

Exhibit F-2

[Form of Opinion]

Form of Legal Opinion of Kramer Levin Naftalis & Frankel LLP

JPMorgan Chase Bank, N.A., as US

Administrative Agent (as hereinafter

 defined) and US Collateral Agent (as
 hereinafter defined),

JPMorgan Chase Bank, N.A., Toronto Branch,

as Canadian Administrative Agent (as

hereinafter defined) and Canadian 

Collateral Agent (as hereinafter defined),

J.P. Morgan Europe Limited, as European 

Administrative Agent (as hereinafter

defined) and European Collateral Agent

 (as hereinafter defined)

and

the Lenders and Issuing Banks listed on

Schedule I hereto which are parties to

the Credit Agreement (as hereinafter 

defined) on the date hereof

Based on the foregoing, and subject to the qualifications, limitations and assumptions set
forth herein, we are of the opinion that:

1. Each of the Transaction Documents to which any Loan Party is a party and the Security
Agreement constitutes a valid and binding obligation of such Loan Party, enforceable against such
Loan Party in accordance with its terms.

2. The execution and delivery by any US Loan Party of the Transaction Documents to which
such US Loan Party is a party, and the consummation by such US Loan Party of the transactions
contemplated thereby (including the consummation by any direct or indirect Subsidiary of the
Company of the transactions contemplated thereby with respect to such Subsidiary) do not
(i) breach or result in a default under the agreements listed on Schedule IV hereto; or
(ii) result in the creation or imposition of a lien on any of the US Loan Parties’ property or
assets under the agreements listed on Schedule IV hereto.

 

 

 

JPMorgan Chase Bank, N.A.,

JPMorgan Chase Bank, N.A., Toronto Branch,

J.P. Morgan Europe Limited and

the Lenders and Issuing Banks listed on Schedule I hereto

[Date]

Page 2

3. The Security Agreement is sufficient to create in favor of the US Collateral Agent for
the benefit of the Secured Parties (as defined in the Security Agreement) a security interest in
those items and types of Collateral described therein in which a security interest can be created
under Article 9 of the Uniform Commercial Code as in effect in the State of New York (the
“New York UCC”).

4. To the extent the Security Agreement created a valid security interest in the Collateral
described therein immediately prior to the effectiveness of the Transaction Documents, the
security interest in the Collateral described therein and granted thereunder is valid, and has
the same priority, immediately after the effectiveness of the Transaction Documents.

5. The financing statements on Form UCC-1, copies of which are attached hereto as
Schedule V (the “Delaware Financing Statements”), are in appropriate form for
filing with the Secretary of State of the State of Delaware under the Uniform Commercial Code in
effect in that state (the “Delaware UCC”). The security interest created by the Delaware
Loan Parties in favor of the US Collateral Agent for the benefit of the Secured Parties by the
Security Agreement in those items and types of Collateral described in the Security Agreement in
which a security interest may be perfected by the filing of a financing statement will be
perfected upon the filing of the Delaware Financing Statements with the Secretary of State of the
State of Delaware, together with the payment of any requisite filing or recording fees.

6. The financing statements on Form UCC-1, copies of which are attached hereto as
Schedule VI (the “California Financing Statements”), are in appropriate form for
filing with the Secretary of State of the State of California under the Uniform Commercial Code
in effect in that state (the “California UCC”). The security interest created by the
California Loan Parties in favor of the US Collateral Agent for the benefit of the Secured
Parties by the Security Agreement in those items and types of Collateral described in the
Security Agreement in which a security interest may be perfected by the filing of a financing
statement will be perfected upon the filing of the California Financing Statements with the
Secretary of State of the State of California, together with the payment of any requisite filing
or recording fees.

 

 

 

JPMorgan Chase Bank, N.A.,

JPMorgan Chase Bank, N.A., Toronto Branch,

J.P. Morgan Europe Limited and

the Lenders and Issuing Banks listed on Schedule I hereto

[Date]

Page 3

7. The financing statements on Form UCC-1, copies of which are attached hereto as
Schedule VII (the “Washington Financing Statements”), are in appropriate form for
filing with the Department of Licensing of the State of Washington under the Uniform Commercial
Code in effect in that state (the “Washington UCC”). The security interest created by
the Washington Loan Parties in favor of the US Collateral Agent for the benefit of the Secured
Parties by the Security Agreement in those items and types of Collateral described in the
Security Agreement in which a security interest may be perfected by the filing of a financing
statement will be perfected upon the filing of the Washington Financing Statements with the
Department of Licensing of the State of Washington, together with the payment of any requisite
filing or recording fees.

8. The US Collateral Agent’s security interest for the benefit of the Secured Parties in the
certificated securities identified on Exhibit C to the Security Agreement (the “Certificated
Securities”) continues to be perfected to the extent the US Collateral Agent holds on the
date hereof, in the State of New York, the certificates representing such Certificated Securities
together with stock powers endorsed in blank.

9. The US Collateral Agent’s security interest for the benefit of the Secured Parties in the
uncertificated securities identified on Exhibit C to the Security Agreement which are issued by a
domestic Subsidiary of any US Loan Party (the “Uncertificated Securities”) continues to
be perfected to the extent (i) the US Collateral Agent is the registered owner of such
Uncertificated Securities, (ii) the issuer of such Uncertificated Securities has agreed that it
will comply with instructions originated by the US Collateral Agent without further consent by
the registered owner or (iii) the issuer of such Uncertificated Securities has executed the
Security Agreement or the Acknowledgement and Consent attached thereto.

10. The US Collateral Agent’s security interest for the benefit of the Secured Parties in
the account set forth on Schedule VIII (the “JPM Deposit Account”) will be
perfected upon the execution and delivery by the Depositary Bank, Juicy UK and the US Collateral
Agent of the Control Agreement wherein the Depositary Bank agrees that it will comply with
instructions originated by the US Collateral Agent directing disposition of the funds in the JPM
Deposit Account without further consent by Juicy UK.

11. None of the US Loan Parties is an “investment company” within the meaning of the
Investment Company Act of 1940, as amended.

 

 

 

JPMorgan Chase Bank, N.A.,

JPMorgan Chase Bank, N.A., Toronto Branch,

J.P. Morgan Europe Limited and

the Lenders and Issuing Banks listed on Schedule I hereto

[Date]

Page 4

The opinion set forth herein is subject to and limited by the following:

[Assumptions to be included].

We express no opinion as to any laws other than the laws of the State of New York, Article 9
of the Delaware UCC (based solely on our review thereof as set forth on the CCH Secured Transaction
Guide last updated on March 30, 2010), Article 9 of the California UCC (based solely on our review
thereof as set forth on the CCH Secured Transaction Guide last updated on March 30, 2010), Article
9 of the Washington UCC (based solely on our review thereof as set forth on the CCH Secured
Transaction Guide last updated on March 30, 2010), and the federal laws of the United States of
America (including Regulations U and X of the Federal Reserve Board), that in each case, in our
experience, we recognize are normally applicable to transactions of the type contemplated by the
Transaction Documents and are not applicable as a result of the particular business, identity or
ownership of any of the parties (the “Relevant Laws”). Without limiting the foregoing, we
express no opinion with respect to federal or state securities laws or antitrust laws (other than
the Investment Company Act). We further express no opinion in paragraph 1 with respect to any
provisions of the Credit Agreement which are governed by laws other than the laws of the State of
New York.

The opinion expressed herein is based upon the Relevant Laws and interpretations thereof in
effect on the date hereof, and the facts and circumstances in existence on the date hereof, and we
assume no obligation to revise or supplement this opinion letter should any such law or
interpretation be changed by legislative action, judicial decision or otherwise or should there be
any change in such facts or circumstances.

This opinion letter is being delivered to you in connection with the transactions described in
the Transaction Documents. This opinion may not be relied upon or otherwise used by any other
person, or by you for any other purpose without our prior written consent, except that our opinion
may be furnished (but not relied upon by any other person, firm or corporation) without our prior
written consent: (i) in connection with any proceedings relating to the Transaction Documents or
the enforcement thereof; (ii) to accountants and counsel for any Lender on the basis that they make
no further disclosure; (iii) to bank and insurance company examiners; (iv) pursuant to judicial
process or government order or requirement; and (v) to prospective or actual assignees of, and
participants in the interests of, any Lender in the Loans and Commitments and their respective
accountants and counsel on the basis that they make no further disclosure.

Very truly yours,

 

 

 

EXHIBIT G

FORM OF DISCOUNT NOTE

			
	 
	 	 
	Can$                                         
	 	Date:                                         

FOR VALUE RECEIVED, the undersigned unconditionally promises to pay on
_____, 20___, to or
to the order of
_____

(the “Holder”), the sum of
Can$                                         with no interest thereon.

The undersigned hereby waives presentment, protest and notice of every kind and waives any
defences based upon indulgences which may be granted by the Holder to any party liable hereon and
any days of grace.

This promissory note evidences a BA Equivalent Loan, as defined in the Second Amended and
Restated Credit Agreement made as of dated as of May 6, 2010 (as amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among Liz Claiborne, Inc., Mexx Europe
B.V., Juicy Couture Europe Limited, Liz Claiborne Canada Inc., the other Loan Parties from time to
time party thereto, the Lenders party thereto, and the Agents party thereto, and constitutes
indebtedness to the Holder arising under the BA Equivalent Loan. Payment of this note shall be
made at the offices of the Canadian Administrative Agent at 200 Bay Street, Royal Bank Plaza, South
Tower, Suite 1800, Toronto, Ontario M5J 2J2 Canada. Capitalized terms used and not defined herein
have the meanings given to them in the Credit Agreement.]7

	 	 	 	 	 	 	 
	 	 	LIZ CLAIBORNE CANADA INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

 

	 	 	 
	7	 	To Confirm with Canadian Counsel.

 

 

 

Exhibit H

Form of Intercreditor Agreement

 

INTERCREDITOR AGREEMENT

Dated as of January 12, 2009

between

JPMORGAN CHASE BANK, N.A.,

as Collateral Agent and as Credit Agreement Representative

and

SUNTRUST EQUITY FUNDING, LLC,

as Synthetic Lease Representative

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	PREAMBLE
	 	 	1	 
	 
	 	 	 	 
	SECTION 1. DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	1.1 Defined Terms
	 	 	1	 
	 
	 	 	 	 
	SECTION 2. ACCELERATION OF SECURED OBLIGATIONS
	 	 	7	 
	 
	 	 	 	 
	2.1 Notices of Acceleration
	 	 	7	 
	2.2 [Reserved]
	 	 	8	 
	2.3 Right to Initiate Judicial Proceedings
	 	 	8	 
	2.4 Right to Appoint a Receiver
	 	 	8	 
	2.5 Exercise of Powers; Instructions of the Controlling Party
	 	 	8	 
	2.6 [Reserved]
	 	 	9	 
	2.7 [Reserved]
	 	 	9	 
	2.8 [Reserved]
	 	 	9	 
	2.9 [Reserved]
	 	 	9	 
	2.10 Rights of Secured Parties under Secured Instruments
	 	 	9	 
	2.11 [Reserved]
	 	 	9	 
	2.12 Nature of Obligations
	 	 	10	 
	 
	 	 	 	 
	SECTION 3. COLLATERAL ACCOUNT; DISTRIBUTIONS
	 	 	10	 
	 
	 	 	 	 
	3.1 The Collateral Account
	 	 	10	 
	3.2 Control of Collateral Account
	 	 	11	 
	3.3 Investment of Funds Deposited in Collateral Account
	 	 	11	 
	3.4 Application of Moneys
	 	 	11	 
	3.5 Amounts Held for Contingent Secured Obligations
	 	 	13	 
	3.6 Collateral Agent’s Calculations
	 	 	14	 
	3.7 Pro Rata Sharing
	 	 	14	 
	 
	 	 	 	 
	SECTION 4. AGREEMENTS WITH AGENT
	 	 	14	 
	 
	 	 	 	 
	4.1 Delivery of Secured Instruments
	 	 	14	 
	4.2 Information as to Secured Parties and Holder Representatives
	 	 	14	 
	4.3 Compensation and Expenses
	 	 	15	 
	4.4 [Reserved]
	 	 	15	 
	4.5 [Reserved]
	 	 	15	 
	4.6 Indemnification
	 	 	15	 
	4.7 Collateral Agent’s Lien
	 	 	16	 
	 
	 	 	 	 
	SECTION 5. THE COLLATERAL AGENT
	 	 	16	 

 

-ii-

 

	 	 	 	 	 
	 	 	Page	 
	 
	 
	5.1 Appointment of Collateral Agent
	 	 	16	 
	5.2 Exculpatory Provisions
	 	 	16	 
	5.3 Delegation of Duties
	 	 	17	 
	5.4 Reliance by Collateral Agent
	 	 	17	 
	5.5 Limitations on Duties of the Collateral Agent
	 	 	18	 
	5.6 Moneys to be Held in Trust
	 	 	19	 
	5.7 Resignation of the Collateral Agent
	 	 	19	 
	5.8 [Reserved]
	 	 	20	 
	5.9 Merger of the Collateral Agent
	 	 	20	 
	5.10 Co-Collateral Agent; Separate Collateral Agent
	 	 	20	 
	5.11 Treatment of Payee or Indorsee by Collateral Agent; Representatives of
Secured Parties
	 	 	21	 
	 
	 	 	 	 
	SECTION 6. MISCELLANEOUS
	 	 	22	 
	 
	 	 	 	 
	6.1 Notices
	 	 	22	 
	6.2 No Waivers
	 	 	22	 
	6.3 Amendments, Supplements and Waivers
	 	 	22	 
	6.4 Holders of Other Secured Non-Loan Exposure
	 	 	23	 
	6.5 Amendments to Existing Credit Agreement
	 	 	23	 
	6.6 Headings
	 	 	24	 
	6.7 Severability
	 	 	24	 
	6.8 Successors and Assigns
	 	 	24	 
	6.9 Currency Conversions
	 	 	24	 
	6.10 Acknowledgements
	 	 	24	 
	6.11 Governing Law
	 	 	24	 
	6.12 Counterparts
	 	 	24	 
	6.13 [Reserved]
	 	 	25	 
	6.14 [Reserved]
	 	 	25	 
	6.15 Inspection by Regulatory Agencies
	 	 	25	 
	6.16 [Reserved]
	 	 	25	 
	6.17 Submission to Jurisdiction; Waivers
	 	 	25	 
	6.18 WAIVERS OF JURY TRIAL
	 	 	25	 
	6.19  Information Concerning Financial Condition of the Grantors
	 	 	25	 

 

-iii-

 

EXHIBITS

A Form of Notice of Acceleration

 

-iv-

 

INTERCREDITOR AGREEMENT (this “Agreement”), dated as of January 12, 2009, between
JPMORGAN CHASE BANK, N.A., as collateral agent (the “Collateral Agent”) and as Credit
Agreement Representative and SUNTRUST EQUITY FUNDING, LLC, as the Synthetic Lease Representative.

W
I T N E S S E T H:

WHEREAS, Liz Claiborne, Inc., a Delaware corporation (the “Company”), and certain
domestic subsidiaries of the Company (together with the Company, the “Grantors”), have
agreed to secure certain of their obligations from time to time outstanding;

NOW, THEREFORE, in order to secure the prompt and complete payment and performance when due of
the Secured Obligations (such term and certain other capitalized terms used hereinafter being
defined in subsection 1.1) of the Grantors and in consideration of the premises and the mutual
agreements set forth herein, the Collateral Agent does hereby declare that it holds and will hold,
for the benefit of the Secured Parties, as agent under this Intercreditor Agreement all of its
right, title and interest in, to and under the US Security Documents and the collateral granted to
the Collateral Agent thereunder whether now existing or hereafter arising (and the Grantors do
hereby consent thereto).

SECTION 1.

DEFINITIONS

1.1 Defined Terms. (a) Unless otherwise defined herein, terms defined in the
Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

(b) The following terms shall have the respective meanings set forth below:

“Administrative Agent” shall mean JPMorgan Chase Bank, N.A., in its capacity as
Administrative Agent under the Credit Agreement, and any successor Administrative Agent
appointed thereunder.

“Bankruptcy Law” shall mean each of the Bankruptcy Code and any similar
federal, state or foreign law for the relief of debtors.

“Business Day” shall mean any day other than a Saturday, Sunday or other day on
which banks in the State of New York are authorized or required by law to remain closed.

“Class” shall mean, as the context may require, the Credit Facility Class or
the Synthetic Facility Class.

“Collateral Account” shall have the meaning assigned in subsection 3.1.

 

 

 

“Collateral Agent” shall mean JPMorgan Chase Bank, N.A., in its capacity as
collateral agent under this Intercreditor Agreement, and any successor agent appointed
hereunder.

“Collateral Enforcement Action” shall mean, with respect to any Secured Party,
an action by such Secured Party, whether or not in consultation with any other Secured
Party, to exercise, to seek to exercise, to join any Person in exercising or to institute or
to maintain or to participate in any action or proceeding with respect to, any rights or
remedies with respect to any US Collateral, including (i) instituting or maintaining, or
joining any Person in instituting or maintaining, any enforcement, contest, protest,
attachment, collection, execution, levy or foreclosure action or proceeding with respect to
any US Collateral, whether under any Secured Instrument, US Security Document or otherwise,
or (ii) exercising any other right or remedy under the Uniform Commercial Code of any
applicable jurisdiction or under any Bankruptcy Law or other applicable law with respect to
any US Collateral.

“Controlling Party” shall mean (i) at any time after a Notice of Acceleration
has been delivered by the Credit Agreement Representative (and remains in effect), the
Credit Agreement Representative, (ii) at any time after a Notice of Acceleration has been
delivered by the Synthetic Lease Representative (and remains in effect), the Synthetic Lease
Representative, and (iii) if neither clause (i) nor clause (ii) is applicable, the Credit
Agreement Representative; provided that at any time that both the Credit Agreement
Representative and the Synthetic Lease Representative have delivered Notices of Acceleration
that remain in effect, “Controlling Party” shall mean the Majority Secured Parties at such
time.

“Credit Agreement” shall mean (i) the Existing Credit Agreement, and (ii) any
other credit agreement, loan agreement, note agreement, promissory note, indenture or other
agreement or instrument evidencing or governing the terms of any Indebtedness or other
financial accommodation that has been incurred to extend, increase, replace (whether upon or
after termination or otherwise), refinance (including by means of sales of debt securities
to institutional investors), renew or refund in whole or in part from time to time the
Indebtedness and other obligations outstanding under the Existing Credit Agreement or any
other agreement or instrument referred to in this clause (ii) unless such agreement or
instrument expressly provides that it is not intended to be and is not a Credit Agreement
hereunder. Any reference to the Credit Agreement hereunder shall, except as otherwise
expressly provided, be deemed a reference to any Credit Agreement then existing.

“Credit Agreement Obligations” shall mean the “Obligations” as defined in the
Existing Credit Agreement.

“Credit Agreement Representative” shall mean the Administrative Agent. In the
event that the Existing Credit Agreement shall cease to be in effect, the Credit Agreement
Representative shall be the Person identified as such (or identified as the agent or
administrative agent or trustee thereunder) in the applicable Credit Agreement then in
effect, if any.

 

-2-

 

“Credit Facility Class” shall mean, collectively, the Secured Parties that are
holders of outstanding Extensions of Credit and unfunded commitments under or pursuant to
the Loan Documents.

“Distribution Date” shall mean each date fixed by the Collateral Agent for a
distribution to the applicable Secured Parties of funds held in the Collateral Account, the
first of which shall be within 120 days after the Collateral Agent receives a Notice of
Acceleration and the remainder of which shall be monthly thereafter (or more frequently if
requested by the Controlling Party) on the day of the month corresponding to the first
Distribution Date (or, if there be no such corresponding day, the last day of such month);
provided that if any such day is not a Business Day, such Distribution Date shall be
the next Business Day.

“Dollars” and “$” shall mean the lawful money of the United States.

“Effective Date” shall mean January 12, 2009.

“Existing Credit Agreement” shall mean the Amended and Restated Credit
Agreement, dated as of January 12, 2009, among the Company, the Subsidiaries of the Company
party thereto, the Lenders party thereto, JPMorgan Chase Bank, N.A., as administrative
agent, and the other agents named therein.

“Extensions of Credit” shall mean, with respect to any holder of Credit
Agreement Obligations, the sum of (a) the aggregate principal amount of all loans (other
than swingline loans and protective advances in which it holds or benefits from a risk
participation) held by such holder then outstanding, (b) such holder’s pro rata share of the
LC Exposure then outstanding and (c) such holder’s pro rata share of the aggregate principal
amount of swingline loans and protective advances then outstanding (in which it holds or
benefits from a risk participation).

“Fees” shall mean all fees, costs and expenses of the Collateral Agent of the
types described in subsections 4.3 and 4.6.

“Grantors” shall have the meaning set forth in the recitals hereto.

“Holder Representative” shall mean (i) in respect of the Credit Agreement
Obligations, the Credit Agreement Representative and (ii) in respect of any Synthetic Lease
Obligations, the Synthetic Lease Representative.

“Insolvency Proceeding” shall mean each of the following, in each case with
respect to the Company or any other Grantor or any property or Indebtedness of the Company
or any other Grantor: (a)(i) any voluntary or involuntary case or proceeding under any
Bankruptcy Law or any other voluntary or involuntary insolvency, reorganization or
bankruptcy case or proceeding, (ii) any case or proceeding seeking receivership,
liquidation, reorganization, winding up or other similar case or proceeding, (iii) any case
or proceeding seeking arrangement, adjustment, protection, relief or composition of any debt
and (iv) any case or proceeding seeking the entry of an order for

 

-3-

 

relief or the appointment of a custodian, receiver, trustee or other similar official
and (b) any general assignment for the benefit of creditors.

“Intercreditor Agreement” shall mean this Intercreditor Agreement as the same
may from time to time be amended, modified, supplemented, extended or renewed.

“Majority Class Holders” shall mean, on any date, each of the following: (i)
Credit Facility Class members holding (or representing) more than 50% of the aggregate
Extensions of Credit (and, if no Notice of Acceleration is outstanding with respect thereto,
unfunded commitments) under the Loan Documents; and (ii) Synthetic Facility Class members
holding (or representing) more than 50% of the aggregate principal amount of the aggregate
Synthetic Lease Obligations outstanding on such date.

“Majority Secured Parties” shall mean, on any date, Secured Parties holding (or
representing) more than 50% of the sum of (i) the aggregate Extensions of Credit (and, if no
Notice of Acceleration is outstanding with respect thereto, unfunded commitments) under the
Loan Documents on such date and (ii) the aggregate principal amount of the Synthetic Lease
Obligations under the Synthetic Lease Documentation outstanding on such date.

“Notice of Acceleration” shall mean a written notice delivered to the
Collateral Agent, while any Secured Obligations are outstanding, by the relevant Holder
Representative in respect of any Credit Agreement Obligations or any Synthetic Lease
Obligations, as applicable, stating that (a) the relevant Secured Obligations represented by
such Holder Representative have not been paid in full at the stated final maturity thereof
and any applicable grace period has expired or, in the case of an outstanding, non-cash
collateralized Reimbursement Obligation, on the Maturity Date, or (b) a default has occurred
under the provisions of the relevant Secured Instrument and, as a result thereof, all
related Secured Obligations outstanding under such Secured Instrument have become due and
payable and have not been paid in full or in the case of any reimbursement obligation in
respect of an outstanding Letter of Credit or letter of guarantee, a requirement for
immediate cash collateralization has not been satisfied. Each Notice of Acceleration shall
be in substantially the form of Exhibit A.

“Opinion of Counsel” shall mean an opinion in writing signed by legal counsel
reasonably satisfactory to the Collateral Agent, who may be counsel retained by the
Collateral Agent or counsel to the Company.

“Other Secured Non-Loan Exposure” shall mean Banking Services Obligations,
Acceptance Obligations and Secured Swap Obligations, in each case constituting “Secured
Obligations” under the Existing Credit Agreement.

“paid in full” or “payment in full” or “pay such amounts in
full” shall mean, with respect to any Secured Obligations, (i) with respect to Credit
Agreement Obligations, the payment in full (other than as part of a Refinancing) in cash of
the principal of, accrued (but unpaid) interest (including Post-Petition Interest) and
premium, if any such premium is applicable, on all such Secured Obligations and all
indemnities arising pursuant to the

 

-4-

 

Loan Documents (other than any contingent indemnification obligations not then due and
owing) and, with respect to Letters of Credit outstanding thereunder, delivery of cash
collateral or acceptable backstop letters of credit in respect thereof in compliance with
the Loan Documents, after or concurrently with termination of all commitments thereunder and
payment in full of all fees payable at or prior to the time such principal and interest are
paid and (ii) with respect to the Synthetic Lease Obligations, the payment in full in cash
of such Synthetic Lease Obligations.

“Post-Petition Interest” shall mean all interest (or entitlement to fees or
expenses or other charges) accruing or that would have accrued after the commencement of any
Insolvency Proceeding, irrespective of whether a claim for post-filing or petition interest
(or entitlement to fees or expenses or other charges) is allowed in such Insolvency
Proceeding.

“Post-Petition Securities” shall mean any debt securities or other Indebtedness
received in full or partial satisfaction of any claim as part of any Insolvency Proceeding.

“Proceeds” shall mean all “proceeds” as such term is defined in Section
9-102(a)(64) of the Uniform Commercial Code in effect in the State of New York on the date
hereof.

“Refinancing” shall mean, with respect to any Indebtedness, any other
Indebtedness (including under any Post-Petition Securities received on account of such
Indebtedness) issued as part of a refinancing, extension, renewal, defeasance, amendment,
restatement, modification, supplement, restructuring, replacement, exchange, refunding or
repayment thereof.

“Reimbursement Obligation” shall mean the obligation of the Company or the
relevant Subsidiary Borrower to reimburse an Issuing Bank pursuant to the Credit Agreement
for amounts drawn under Letters of Credit.

“Related Obligations” shall have the meaning assigned in subsection 6.4.

“Requirement of Law” shall mean, as to any Person, any law, treaty, rule or
regulation or determination of an arbitrator or a court of competent jurisdiction or other
Governmental Authority, in each case applicable to and binding upon such Person and any of
its property, and to which such Person and any of its property is subject.

“Secured Instruments” shall mean at any time (i) the Loan Documents, (ii) the
Synthetic Lease Documentation and (iii) any agreement or other instrument governing or
evidencing any Other Secured Non-Loan Exposure.

“Secured Obligations” shall mean, without duplication, (a) all Credit Agreement
Obligations of the Grantors and Other Secured Non-Loan Exposure of the Grantors; and (b) all
Synthetic Lease Obligations of the Grantors; provided, however, that to the
extent any payment with respect to the Secured Obligations (whether by or on behalf of any
Grantor, as proceeds of US Collateral, enforcement of any right of set off or otherwise) is
declared to be fraudulent or preferential in any respect, set aside or required to be
paid to

 

-5-

 

a debtor in possession, trustee, receiver or similar Person, then the obligation or
part thereof originally intended to be satisfied shall be deemed to be reinstated and
outstanding as if such payment had not occurred.

“Secured Parties” shall mean at any time the Collateral Agent (in its capacity
as the holder of the Lien on the US Collateral securing the Secured Obligations), the Holder
Representatives in respect of the Credit Agreement Obligations and the Synthetic Lease
Obligations outstanding at such time, and each other holder of Secured Obligations
outstanding at such time.

“Security Agreement” shall mean that certain US Pledge and Security Agreement,
dated as of January 12, 2009, among the Company, the other Grantors party thereto and the
Collateral Agent (for the benefit of the Secured Parties), as the same may be amended,
restated or otherwise modified from time to time.

“Subsidiary Borrower” shall mean any Subsidiary of the Company that is a party
to the Credit Agreement as a borrower thereunder.

“Synthetic Facility Class” shall mean, collectively, the Secured Parties that
are holders of any Synthetic Lease Obligations.

“Synthetic Lease Representative” means SunTrust Equity Funding, LLC, a Delaware
limited liability company, in its capacity as agent under the Synthetic Lease Documentation.

“2006 Synthetic Lease” means the Amended and Restated Master Lease Agreement,
dated as of November 21, 2006, among SunTrust Bank, as Lessor, and the Company and Liz
Claiborne Accessories, Inc., as Lessees, as heretofore amended, supplemented or otherwise
modified and as contemporaneously herewith and hereafter amended, supplemented or otherwise
modified from time to time (provided that (A) no amendment, supplement or
modification entered into after the date hereof shall (i) shorten the maturity or tenor
thereof or provide for any scheduled prepayment of the obligations thereunder prior to the
Maturity Date, or (ii) contain covenants (including financial maintenance covenants) or
events of default that are more restrictive than the covenants or events of default (as
applicable) set forth in the Credit Agreement as in effect on the date hereof (or make any
other modification that would have a substantially similar result) and (B) to the extent any
amendment, supplement or modification entered into after the date hereof shall (i) increase
the principal amount of the obligations of any Loan Party thereunder or (ii) except in
connection with an amendment pursuant to Section 5.1(k) of the Master Agreement (as defined
therein), increase the Yield (as defined therein) or interest rate accruing on the
obligations thereunder (or make any other modification that would have a substantially
similar result), such increased principal amount or increased Yield or interest, as the case
may be, shall not be considered Secured Obligations for purposes of this Intercreditor
Agreement), unless, in any of the foregoing cases, the required lenders under the Credit
Agreement consent thereto).

 

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“US Collateral” shall mean, collectively, all collateral in which the
Collateral Agent is granted a security interest pursuant to any US Security Document.

“US Security Documents” shall mean, collectively, the Security Agreement, the
Mortgages and all other security documents hereafter delivered to the Collateral Agent
granting a Lien on any property of any Person to secure the Secured Obligations (including
each agreement entered into pursuant to clause (ii) of subsection 6.3(b) of this
Intercreditor Agreement), in each case, as the same may be amended, restated or otherwise
modified from time to time, other than, for the avoidance of doubt, any mortgages or
security documents granting or purporting to grant, or creating a Lien on the Excluded Real
Property (as defined in the Security Agreement).

(c) The words “hereof”, “herein” and “hereunder” and words of similar import when used in this
Intercreditor Agreement shall refer to this Intercreditor Agreement as a whole and not to any
particular provision of this Intercreditor Agreement, and section and subsection references are to
this Intercreditor Agreement unless otherwise specified. References to agreements defined in
subsection 1.1(b) shall, unless otherwise specified, be deemed to refer to such agreements as
amended, supplemented, restated or otherwise modified from time to time.

SECTION 2.

ACCELERATION OF SECURED OBLIGATIONS

2.1 Notices of Acceleration. (a) Upon receipt by the Collateral Agent of a Notice of
Acceleration, the Collateral Agent shall immediately notify the Company and the Holder
Representatives of the receipt and contents thereof. So long as such Notice of Acceleration is in
effect, the Collateral Agent shall exercise the rights and remedies provided in this Intercreditor
Agreement and in the US Security Documents subject to the direction of the Controlling Party, as
provided herein. So long as no Notice of Acceleration is in effect, the Collateral Agent shall
take such actions as are permitted by this Intercreditor Agreement or the US Security Documents in
accordance with, to the extent it receives or requests any such instructions, the instructions of
the Controlling Party delivered to the Collateral Agent, and otherwise as it determines in its
reasonable discretion as provided in this Intercreditor Agreement and the US Security Documents.

(b) A Notice of Acceleration delivered by a Holder Representative shall become effective upon
receipt thereof by the Collateral Agent. Notwithstanding anything in this Intercreditor Agreement
to the contrary, a Notice of Acceleration shall be deemed to be in effect (and deemed delivered by
each of the Credit Agreement Representative and the Synthetic Lease Representative) whenever an
Event of Default under Section 7(h) or (i) of the Credit Agreement has occurred and is continuing
(and the Collateral Agent shall be deemed to have notified the Company and the Synthetic Lease
Representative thereof). A Notice of Acceleration, once effective, shall remain in effect unless
and until it is cancelled as provided in subsection 2.1(c).

(c) Any Holder Representative shall be entitled to cancel its own Notice of Acceleration by
delivering a written notice of cancellation to the Collateral Agent (i) before the

 

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Collateral Agent takes any action to exercise any remedy with respect to the US Collateral or (ii) thereafter, if
the Collateral Agent believes that all actions it has taken to exercise any remedy or remedies with
respect to the US Collateral can be reversed without undue difficulty; provided that no
Notice of Acceleration shall be cancelled more than 60 days after it is received by the Collateral
Agent. The Collateral Agent shall immediately notify the Company and each Holder Representative as
to the receipt and contents of any such notice of cancellation.

2.2 [Reserved].

2.3 Right to Initiate Judicial Proceedings. If a Notice of Acceleration is in effect,
the Collateral Agent, subject to the provisions of subsection 2.5(b) and Section 5, (i) shall have
the right and power to institute and maintain such suits and proceedings as it may deem appropriate
to protect and enforce the rights vested in it by this Intercreditor Agreement and each US Security
Document and (ii) may, either after entry, or without entry, proceed by suit or suits at law or in
equity to enforce such rights and to foreclose upon the US Collateral and to sell all or, from time
to time, any of the US Collateral under the judgment or decree of a court of competent
jurisdiction.

2.4 Right to Appoint a Receiver. If a Notice of Acceleration is in effect, upon the
filing of a bill in equity or other commencement of judicial proceedings to enforce the rights of
the Collateral Agent under this Intercreditor Agreement or any US Security Document, the Collateral
Agent shall, to the extent permitted by law, with notice to the Company but without notice to any
party claiming through the Grantors, without regard to the solvency or insolvency at the time of
any Person then liable for the payment of any of the Secured Obligations, without regard to the
then value of the US Collateral, and without requiring any bond from any complainant in such
proceedings, be entitled as a matter of right to the appointment of a receiver or receivers (who
may be the Collateral Agent) of the US Collateral, or any part thereof, and of the rents, issues,
tolls, profits, royalties, revenues and other income thereof, pending such proceedings, with such
powers as the court making such appointment shall confer, and to the entry of an order directing
that the rents, issues, tolls, profits, royalties, revenues and other income of the property
constituting the whole or any part of the US Collateral be segregated, sequestered and impounded
for the benefit of the Collateral Agent and the Secured Parties, and each Grantor irrevocably
consents to the appointments of such receiver or receivers and to the entry of such order;
provided that, notwithstanding the appointment of any receiver, the Collateral Agent shall
be entitled to retain possession and control of all cash and Permitted Investments held by or
deposited with it pursuant to this Intercreditor Agreement or any US Security Document.

2.5 Exercise of Powers; Instructions of the Controlling Party. (a) All of the powers, remedies and rights of the Collateral Agent as set forth in this
Intercreditor Agreement may be exercised by the Collateral Agent in respect of any US Security
Document as though set forth in full therein and all of the powers, remedies and rights of the
Collateral Agent, each Holder Representative and the other Secured Parties as set forth in any US
Security Document may be exercised from time to time as herein and therein provided.

(b) The Controlling Party shall at all times have the right, by one or more notices in
writing executed and delivered to the Collateral Agent (or by telephonic notice promptly

 

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confirmed in writing), to direct the time, method and place of conducting any proceeding for any right or
remedy available to the Collateral Agent, or of exercising any power conferred on the Collateral
Agent, or for the appointment of a receiver, or to direct the taking or the refraining from taking
of any action authorized by this Intercreditor Agreement or any US Security Document;
provided that (i) such direction shall not conflict with any Requirement of Law or this
Intercreditor Agreement or any US Security Document, (ii) the Collateral Agent shall be adequately
secured and indemnified as provided in subsection 5.4(d) and (iii) no Collateral Enforcement Action
may be taken unless a Notice of Acceleration is in effect. In the absence of such direction, the
Collateral Agent shall have no duty to take or refrain from taking any action unless explicitly
required herein.

(c) Whether or not any Insolvency Proceeding has been commenced by or against any Grantor, no
Holder Representative or other Secured Party shall do (and no such Holder Representative or Secured
Party (other than the Controlling Party) shall direct the Collateral Agent to do) any of the
following without the consent of the Controlling Party: (i) take any Collateral Enforcement Action
or commence, seek to commence or join any other Person in commencing any Insolvency Proceeding; or
(ii) object to, contest or take any other action that is reasonably likely to hinder (1) any
Collateral Enforcement Action initiated by the Collateral Agent, (2) any release of US Collateral
permitted under the Loan Documents and this Intercreditor Agreement, whether or not done in
consultation with or with notice to such Secured Party or (3) any decision by the Controlling Party
to forbear or refrain from bringing or pursuing any such Collateral Enforcement Action or to effect
any such release.

2.6 [Reserved].

2.7 [Reserved].

2.8 [Reserved].

2.9 [Reserved].

2.10
Rights of Secured Parties under Secured Instruments (a). Notwithstanding any
other provision of this Intercreditor Agreement or any US Security Document, the right of each
Secured Party to receive payment of the Secured Obligations held by such Secured Party when due
(whether at the stated maturity thereof, by acceleration or otherwise) as expressed in the related
Secured Instrument or other instrument evidencing or agreement governing a Secured Obligation or to
institute suit for the enforcement of such payment on or after such due date or to exercise any
other remedy it may have as an unsecured creditor against the Grantors, and the obligation of the
Grantors to pay such Secured Obligations when due, shall not be impaired or affected without the
consent of such Secured Party given in the manner prescribed by the Secured Instrument under which
such Secured Obligation is outstanding; provided, however, that in the event any
Secured Party becomes a judgment lien creditor or otherwise obtains any Lien as a result of its
enforcement of its rights as an unsecured creditor, such judgment lien and the US Collateral
subject thereto shall be subject to all of the terms and conditions of this Intercreditor
Agreement.

2.11 [Reserved].

 

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2.12 Nature of Obligations. The Synthetic Lease Representative on behalf of itself
and the other Secured Parties holding Synthetic Lease Obligations acknowledges that the Credit
Agreement Obligations represent debt that is revolving in nature and that the amount thereof that
may be outstanding at any time or from time to time may be increased or reduced and subsequently
reborrowed, and that, subject to Section 6.5, the terms of the Credit Agreement Obligations may be
modified, extended or amended from time to time, and that the aggregate amount of the Credit
Agreement Obligations may be increased, replaced or refinanced, in each event without the consent
of (or, except as explicitly provided in the Synthetic Lease Documentation, notice to) the Secured
Parties and without affecting the provisions hereof. The application of moneys provided in Section
3.4 shall not be altered or otherwise affected by any such amendment, modification, supplement,
extension, repayment, reborrowing, increase, replacement, renewal, restatement or refinancing of
the Credit Agreement Obligations, or any portion thereof. Nothing contained in this Section 2.12
shall be deemed to override or negate any provision of the Loan Documents (or any such notification
provisions (or Section 5.1(k)) of the Synthetic Lease Documentation) with respect to such
amendment, modification, supplement, extension, repayment, reborrowing, increase, replacement,
renewal, restatement or refinancing of the Credit Agreement Obligations, including any default
which may occur because of such actions.

SECTION 3.

COLLATERAL ACCOUNT; DISTRIBUTIONS

3.1 The Collateral Account. On the Effective Date there shall be established and, at
all times thereafter until the right, title, obligations and interest of the Collateral Agent under
this Agreement shall have terminated, there shall be maintained in the name of the Collateral Agent
an account entitled the “Liz Claiborne Collateral Account” (the “Collateral Account” (it
being understood that, so long
as JPMorgan Chase Bank, N.A., is the Collateral Agent hereunder and the U.S. Collateral Agent,
the Collection Account may be used as the Collateral Account). All moneys which are required by
this Intercreditor Agreement or any US Security Document to be delivered to the Collateral Agent
while a Notice of Acceleration is in effect or which are received by the Collateral Agent or any
agent or nominee of the Collateral Agent in respect of the US Collateral, whether in connection
with the exercise of the remedies provided in this Intercreditor Agreement or any US Security
Document or otherwise, while a Notice of Acceleration is in effect shall be deposited in the
Collateral Account, to be held by the Collateral Agent as part of the US Collateral and applied in
accordance with the terms of this Intercreditor Agreement. So long as no Event of Default shall
have occurred and be continuing, upon the cancellation of all Notices of Acceleration pursuant to
subsection 2.1(c) or the receipt by the Collateral Agent of any moneys at any time when no Notice
of Acceleration is in effect, the Collateral Agent shall (subject to the first sentence of
subsection 3.4(a)) cause all funds on deposit in the Collateral Account or otherwise received by
the Collateral Agent to be paid over to the Grantors in accordance with their respective interests;
provided that if a Full Cash Dominion Period shall be in effect at the time of such
cancellation, all such funds shall be delivered to the Credit Agreement Representative to be
applied in accordance with the provisions of the Credit Agreement.

 

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3.2 Control of Collateral Account. All right, title and interest in and to the
Collateral Account shall vest in the Collateral Agent, and funds on deposit in the Collateral
Account shall constitute part of the US Collateral. The Collateral Account shall be subject to the
exclusive dominion and control of the Collateral Agent. Each Grantor hereby grants a security
interest in the Collateral Account to the Collateral Agent for the benefit of the Secured Parties,
as collateral security for such Grantor’s Secured Obligations.

3.3 Investment of Funds Deposited in Collateral Account. After a Notice of
Acceleration has been delivered to the Collateral Agent, and for so long as any such notice remains
in effect, the Collateral Agent shall, at the direction of the Controlling Party, invest and
reinvest moneys on deposit in the Collateral Account at any time in Permitted Investments. All
such investments and the interest and income received thereon and the net proceeds realized on the
sale or redemption thereof shall be held in the Collateral Account as part of the US Collateral.
Neither the Collateral Agent nor any other Secured Party shall be responsible for any diminution in
funds resulting from such investments or any liquidation prior to maturity. In the absence of such
directions, the Collateral Agent shall have no obligation to invest or reinvest moneys.

3.4 Application of Moneys. (a) The Collateral Agent shall have the right (pursuant
to subsection 4.7) at any time to apply moneys held by it in the Collateral Account to the payment
of due and unpaid Fees.

(b) [Reserved].

(c) All moneys held by the Collateral Agent in the Collateral Account while a Notice of
Acceleration is in effect shall, to the extent available for distribution (it being
understood that the Collateral Agent may liquidate investments prior to maturity in order to
make a distribution pursuant to this subsection 3.4(c)) and subject to the provisos in paragraphs
fourth and fifth below, be distributed (subject to the provisions of subsections
3.5 and 3.7) by the Collateral Agent on each Distribution Date in the following order of priority
(with such distributions being made by the Collateral Agent to the respective Holder
Representatives or Secured Parties, as applicable, as provided in subsection 3.4(e), and each such
Holder Representative shall be responsible for insuring that amounts distributed to it are
distributed to its Secured Parties in the order of priority set forth below):

First: to the Collateral Agent for any unpaid Fees and then to any Secured
Party which has theretofore advanced or paid any Fees constituting administrative expenses
allowable under Section 503(b) of the Bankruptcy Code, an amount equal to the amount thereof
so advanced or paid by such Secured Party and for which such Secured Party has not been
reimbursed prior to such Distribution Date, and, if such moneys shall be insufficient to pay
such amounts in full, then ratably (without priority of any one over any other) to such
Secured Parties in proportion to the amounts of such Fees advanced by the respective Secured
Parties and remaining unpaid on such Distribution Date;

Second: to any Secured Party which has theretofore advanced or paid any Fees
other than such administrative expenses, an amount equal to the amount thereof so advanced
or paid by such Secured Party and for which such Secured Party has not been

 

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reimbursed prior to such Distribution Date, and, if such moneys shall be insufficient to pay such amounts in
full, then ratably (without priority of any one over any other) to such Secured Parties in
proportion to the amounts of such Fees advanced by the respective Secured Parties and
remaining unpaid on such Distribution Date;

Third: to any Holder Representative for any unpaid expenses payable to such
Person pursuant to the Secured Instruments to the extent the same constitute Secured
Obligations and, if such moneys shall be insufficient to pay such amounts in full, then
ratably to such Persons in proportion to the unpaid amounts thereof on such Distribution
Date;

Fourth: to the relevant Holder Representative for the benefit of the holders
of Secured Obligations, in an amount equal to the unpaid principal of the Credit Agreement
Obligations and other Secured Obligations and unpaid interest thereon, all fees constituting
Credit Agreement Obligations and premium and other amounts (other than indemnities and
payments for increased costs) charges, if any, and reimbursement obligations (including,
without limitation, the obligation to cash collateralize undrawn Letters of Credit) with
respect to the Credit Agreement Obligations or other Secured Obligations, termination
amounts in respect of Secured Swap Obligations, amounts due in respect of Banking Services
Obligations, rent payments, purchase prices, lease balances and other amounts (other than
indemnities and payments for increased costs) constituting Synthetic Lease Obligations, and
interest and fees thereon, in each case to the extent such interests and fees are due and
payable, as of such Distribution Date, and, if such moneys shall be insufficient to pay such
amounts in full, then ratably to such holders in proportion to the unpaid amounts thereof on
such Distribution Date; provided, however, that at the option of the
Collateral Agent if and to the extent that it or the Controlling Party
reasonably believes (as indicated by a notice to the Holder Representatives with a copy
to the Collateral Agent, as appropriate) that the holders of any Secured Obligations are
reasonably likely to recover, in a reasonable period from sources other than the US
Collateral, payments on account of such Secured Obligations, the Collateral Agent shall hold
the distribution in respect of such Secured Obligations pursuant to this paragraph
fourth as cash collateral for such Secured Obligations until such recovery is
obtained or ceases to be reasonably likely in a reasonable period, and if and to the extent
such recovery is obtained such cash collateral shall be applied in the same manner as
contemplated in Section 3.5(ii);

Fifth: to the relevant Holder Representative for the benefit of the holders of
Secured Obligations, in an amount equal to all other amounts constituting such Secured
Obligations (including but not limited to indemnities and payments for increased costs), in
each case to the extent the same are due and payable, as of such Distribution Date, and, if
such moneys shall be insufficient to pay such amounts in full, then ratably to such holders
in proportion to the unpaid amounts thereof on such Distribution Date; provided,
however, that at the option of the Collateral Agent if and to the extent that it or
the Controlling Party reasonably believes (as indicated by a notice to the Holder
Representatives with a copy to the Collateral Agent, as appropriate) that the holders of any
Secured Obligations are reasonably likely to recover, in a reasonable period from sources
other than the US Collateral, payments on account of such Secured Obligations,

 

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the Collateral Agent shall hold the distribution in respect of such Secured Obligations pursuant
to this paragraph fifth as cash collateral for such Secured Obligations until such
recovery is obtained or ceases to be reasonably likely in a reasonable period, and if and to
the extent such recovery is obtained such cash collateral shall be applied in the same
manner as contemplated in Section 3.5(ii); and

Sixth: any surplus then remaining shall be paid to the Grantors or their
successors or assigns or to whomsoever may be lawfully entitled to receive the same or as a
court of competent jurisdiction may direct.

(d) The term “unpaid” as used in clauses Third and Fourth of subsection
3.4(c) with respect to the relevant Grantor(s) refers to all amounts of Secured Obligations
outstanding as of a Distribution Date, whether or not such amounts are fixed or contingent, and, in
the case of an Insolvency Proceeding, with respect to any Grantor, whether or not such amounts are
allowed in such Insolvency Proceeding, to the extent that prior distributions have not been made
(whether or not actually distributed or set aside pursuant to subsection 3.5) in respect thereof.

(e) The Collateral Agent shall make all payments and distributions under this subsection 3.4:
(i) on account of Credit Agreement Obligations and Other Secured Non-Loan Exposure, to the Credit
Agreement Representative, pursuant to directions of the Credit Agreement Representative, for
re-distribution in accordance with the provisions of the Credit Agreement and (ii) on account of
Synthetic Lease Obligations to the Synthetic Lease Representative, pursuant to directions of the
Synthetic Lease Representative, for re-distribution in accordance with the provisions of the
Synthetic Lease Documentation.

3.5 Amounts Held for Contingent Secured Obligations. In the event any Secured Party
shall be entitled to receive any moneys in respect of the unliquidated, unmatured or contingent
portion of the outstanding Secured Obligations (including, without limitation, obligations under
then outstanding letters of credit, guarantees and termination liabilities with respect to Secured
Swap Obligations which are not determinable or are unmatured), then the Collateral Agent shall
invest such moneys in obligations of the kinds referred to in subsection 3.3 maturing within three
months after they are acquired by the Collateral Agent and shall hold all such amounts so
distributable, and all such investments and the net proceeds thereof, in trust solely for such
Secured Party and for no other purpose until (i) such Secured Party shall have notified the
Collateral Agent that all or part of such unliquidated, unmatured or contingent claim shall have
become matured or fixed, in which case the Collateral Agent shall distribute from such investments
and the proceeds thereof an amount equal to such matured or fixed claim to such Secured Party for
application to the payment of such matured or fixed claim, and shall promptly give notice thereof
to the Company or (ii) all or part of such unliquidated, unmatured or contingent claim shall have
been extinguished, whether as the result of an expiration without drawing of any letter of credit,
payment of amounts secured or covered by any letter of credit other than by drawing thereunder,
payment of amounts covered by any guarantee or otherwise, in which case (x) such Secured Party
shall, as soon as practicable thereafter, notify the Company and the Collateral Agent and (y) such
investments, and the proceeds thereof, shall be held in the Collateral Account in trust for all
Secured Parties pending application in accordance with the provisions of subsection 3.4.

 

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3.6 Collateral Agent’s Calculations. In making the determinations and allocations
required by subsection 3.4, the Collateral Agent may conclusively rely upon information supplied by
the Credit Agreement Representative as to the amounts of unpaid principal and interest and other
amounts outstanding with respect to the Credit Agreement Obligations, information supplied by the
Synthetic Lease Representative as to the amounts of unpaid principal and interest and other amounts
outstanding with respect to the Synthetic Lease Obligations and information supplied by the
applicable Secured Party in respect of the relevant Other Secured Non-Loan Exposure as to the
unpaid amount of such Secured Obligations, and the Collateral Agent shall have no liability to any
of the Secured Parties or any Grantor for actions taken in reliance on such information;
provided that nothing in this sentence shall prevent any Grantor from contesting any
amounts claimed by any Secured Party in any information so supplied. All distributions made by the
Collateral Agent pursuant to subsection 3.4 shall be (subject to subsection 3.7 and to any decree
of any court of competent jurisdiction) final (absent manifest error), and the Collateral Agent
shall have no duty to inquire as to the application by any Holder Representative in respect of any
amounts distributed to them.

3.7 Pro Rata Sharing. If, through the operation of any Bankruptcy Law or otherwise,
the Collateral Agent’s security interest hereunder and under the US Security Documents is enforced
with respect to some, but not all, of the Secured Obligations then outstanding in respect of which
a Notice of Acceleration has been delivered, the Collateral Agent shall nonetheless apply the
proceeds of the US Collateral for the benefit of the holders of all such Secured Obligations in the
proportions and subject to the priorities specified herein; provided that nothing in
this subsection 3.7 shall be deemed to require the Collateral Agent to disregard or violate any
court order binding upon it.

SECTION 4.

AGREEMENTS WITH AGENT

4.1 Delivery of Secured Instruments. The Company shall deliver to the Collateral
Agent, promptly upon the execution thereof, a copy of all amendments, modifications or supplements
to any Secured Instrument entered into after the Effective Date.

4.2 Information as to Secured Parties and Holder Representatives. The Company shall
deliver to the Collateral Agent, from time to time upon request of the Collateral Agent when a
Notice of Acceleration shall be in effect, a list setting forth as of a date not more than 30 days
prior to the date of such delivery, (i) the aggregate principal amount of Credit Agreement
Obligations outstanding and the name and address of the Credit Agreement Representative (it being
understood that all such information required to be delivered pursuant this clause (i) shall be
deemed to have been delivered at any time that JPMorgan Chase Bank, N.A. is both the Credit
Agreement Representative and the Collateral Agent hereunder), (ii) the aggregate principal amount
of the Synthetic Lease Obligations outstanding and the name and address of the Synthetic Lease
Representative and (iii) the information necessary, in the judgment of the Company, to calculate
the Majority Class Holders and the Majority Secured Parties as of such date. In addition, the
Company will promptly notify the Collateral Agent of each change in the identity of the Controlling
Party or any Holder Representative. The Company

 

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will request that each Holder Representative
notify the Collateral Agent of any changes of the officers of each thereof authorized to give
directions hereunder on behalf of such parties prior to the date of any such changes. If the
Collateral Agent does not receive the names of the officers of each Holder Representative
authorized to give directions hereunder on behalf of such parties, the Collateral Agent may rely on
any person purporting to be authorized to give directions hereunder on behalf of such parties. If
the Collateral Agent is not informed of changes of the officers of any Holder Representative
authorized to give directions hereunder on behalf of such parties, the Collateral Agent may rely on
the information previously provided to the Collateral Agent.

4.3 Compensation and Expenses. The Company agrees to pay to the Collateral Agent,
from time to time upon demand, (i) all of the reasonable fees, costs and expenses of the Collateral
Agent (including, without limitation, the reasonable fees and disbursements of its counsel,
advisors and agents) arising in connection with the preparation, execution, delivery, modification,
amendment, or termination of this Intercreditor Agreement or any other documents prepared in
connection
herewith and (ii) all fees, costs and expenses of the Collateral Agent (including, without
limitation, the fees and disbursements of its counsel, advisors and agents) in connection with (x)
the enforcement of any of the provisions hereof, (y) required to be advanced in connection with
the administration of the US Collateral, the sale or other disposition of US Collateral and the
preservation, protection or defense of the Collateral Agent’s rights under this Intercreditor
Agreement and in and to the US Collateral or (z) incurred in connection with the execution of the
directions provided by the Controlling Party. Such fees, costs and expenses are intended to
constitute expenses of administration under any bankruptcy law relating to creditors’ rights
generally. If the Company fails to pay any amounts owing to the Collateral Agent pursuant to this
subsection 4.3, each Secured Party severally agrees to pay to the Collateral Agent such Secured
Party’s pro rata share of such unpaid amount, and the amount of any such payment shall be added to
such Secured Party’s Secured Obligations. The obligations of the Company under this subsection 4.3
shall survive the termination of the other provisions of this Intercreditor Agreement and the
resignation or removal of the Collateral Agent hereunder.

4.4 [Reserved]. 

4.5 [Reserved].

4.6 Indemnification. The Company agrees to pay, indemnify, and hold the Collateral
Agent (and its directors, officers, agents and employees) harmless from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses
(including, without limitation, the reasonable fees and expenses of counsel, advisors and agents)
or disbursements of any kind or nature whatsoever with respect to the execution, delivery,
enforcement, performance and administration of this Intercreditor Agreement, unless arising from
the gross negligence, bad faith or willful misconduct of the indemnified party or any of its
affiliates or any of their respective directors, officers, agents or employees, including for taxes
in any jurisdiction in which the Collateral Agent is subject to tax by reason of actions hereunder
or under the US Security Documents, unless such taxes are imposed on or measured by compensation
paid to the Collateral Agent under subsection 4.3. In any suit, proceeding or action brought by
the Collateral Agent under or with respect to any contract, agreement, interest or obligation
constituting part of the US Collateral for any sum owing thereunder, or to enforce

 

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any provisions thereof, the Company will save, indemnify and keep the Collateral Agent harmless from and against
all expense, loss or damage suffered by reason of any defense, setoff, counterclaim, recoupment or
reduction of liability whatsoever of any Grantor thereunder, arising out of a breach by such
Grantor of any obligation thereunder or arising out of any other agreement, indebtedness or
liability at any time owing to or in favor of such Grantor or its successors from any Grantor, and
all such obligations of the Company shall be and remain enforceable against and only against the
Company and shall not be enforceable against the Collateral Agent. If the Company fails to pay any
amounts owing to the Collateral Agent pursuant to this subsection 4.6, each Secured Party severally
agrees to pay to the Collateral Agent such Secured Party’s pro rata share of such amounts, and the
amount of any such payment shall be added to such Secured Party’s Secured Obligations. The
agreements in this subsection
4.6 shall survive the termination of the other provisions of this Intercreditor Agreement and
the resignation or removal of the Collateral Agent hereunder.

4.7 Collateral Agent’s Lien. Notwithstanding anything to the contrary in this
Intercreditor Agreement, as security for the payment of Fees (i) the Collateral Agent is hereby
granted a lien upon all US Collateral which shall have priority ahead of all other Secured
Obligations secured by such US Collateral and (ii) the Collateral Agent shall have the right to use
and apply any of the funds held by the Collateral Agent in the Collateral Account to cover such
Fees.

SECTION 5.

THE COLLATERAL AGENT

5.1 Appointment of Collateral Agent. Each Holder Representative hereby irrevocably
appoints the Collateral Agent as its agent and authorizes the Collateral Agent to take such actions
on its behalf and to exercise such powers as are delegated to the Collateral Agent by the terms
hereof, together with such actions and powers as are reasonably incidental thereto.

5.2 Exculpatory Provisions. (a) The Collateral Agent shall not be responsible in any
manner whatsoever for the correctness of any recitals, statements, representations or warranties
herein, all of which are made solely by the Grantors. The Collateral Agent makes no
representations as to the value or condition of the US Collateral or any part thereof, or as to the
title of the Grantors thereto or as to the security afforded by this Intercreditor Agreement or any
US Security Document, or as to the validity, execution (except its execution), enforceability,
legality or sufficiency of this Intercreditor Agreement, the US Security Documents or the Secured
Obligations, and the Collateral Agent shall incur no liability or responsibility in respect of any
such matters.

(b) The Collateral Agent shall not be required to ascertain or inquire as to the performance
by the Grantors of any of the covenants or agreements contained herein or in any US Security
Document or Secured Instrument. Whenever it is necessary, or in the opinion of the Collateral
Agent advisable, for the Collateral Agent to ascertain the amount of Secured Obligations then held
by Secured Parties, the Collateral Agent may rely (i) on a certificate of the Credit Agreement
Representative, in the case of Credit Agreement Obligations, (ii) on a

 

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certificate of Synthetic
Lease Representative, in the case of the Synthetic Lease Obligations and (iii) on a certificate of
the relevant Secured Party, in the case of any other Secured Obligations, and, if the Credit
Agreement Representative, the Synthetic Lease Representative or any relevant Secured Party shall
not give such information to the Collateral Agent after receiving a written request therefor from
the Collateral Agent, it shall not be entitled to receive distributions hereunder (in which case
distributions to those Persons who have supplied such information to the Collateral Agent shall be
calculated by the Collateral Agent using, for those Persons who have not supplied such information,
the list then most recently delivered by the Company pursuant to subsection 4.2), and the amount so
calculated to be distributed to the Person who fails to give
such information shall be held in trust for such Person until such Person does supply such
information to the Collateral Agent, whereupon on the next applicable Distribution Date the amount
distributable to such Person shall be recalculated using such information and distributed to it.
Nothing in this subsection 5.2(b) shall prevent any Grantor from contesting any amounts claimed by
any Secured Party in any certificate so supplied. Notwithstanding anything to the contrary set
forth in this subsection 5.2(b), so long as no Notice of Acceleration is in effect, the Collateral
Agent may rely conclusively on a certificate of a Responsible Officer of the Company with respect
to the matters set forth in the second sentence of this subsection 5.2(b).

(c) The Collateral Agent shall be under no obligation or duty to take any action under this
Intercreditor Agreement or any US Security Document if taking such action (i) would subject the
Collateral Agent to a tax (or equivalent liability) in any jurisdiction where it is not then
subject to a tax (or equivalent liability) or (ii) would require the Collateral Agent to qualify to
do business in any jurisdiction where it is not then so qualified, unless the Collateral Agent
receives security or indemnity satisfactory to it against such tax (or equivalent liability), or
any liability resulting from such qualification, in each case as results from the taking of such
action under this Intercreditor Agreement or any US Security Document.

(d) The Collateral Agent shall have the same rights with respect to any Secured Obligation
held by it as any other Secured Party and may exercise such rights as though it were not the
Collateral Agent hereunder, and may accept deposits from, lend money to, and generally engage in
any kind of banking or trust business with, any of the Grantors as if it were not the Collateral
Agent.

(e) Notwithstanding any other provision of this Intercreditor Agreement, the Collateral Agent
shall not be liable for any action taken or omitted to be taken in accordance with this
Intercreditor Agreement or the US Security Documents except for its own gross negligence, bad faith
or willful misconduct.

5.3 Delegation of Duties. The Collateral Agent may execute any of the powers hereof
and perform any duty hereunder either directly or by or through agents or attorneys-in-fact. The
Collateral Agent shall be entitled to advice of counsel concerning all matters pertaining to such
powers and duties. The Collateral Agent shall not be responsible for the negligence or misconduct
of any agents or attorneys-in-fact selected by it without gross negligence or willful misconduct.

5.4 Reliance by Collateral Agent. (a) Whenever in the administration of this
Intercreditor Agreement or the US Security Documents after a Notice of Acceleration is received

 

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by the Collateral Agent, the Collateral Agent shall deem it necessary or desirable that a factual
matter be proved or established in connection with the Collateral Agent taking, suffering or
omitting any action hereunder or thereunder, such matter (unless other evidence in respect thereof
is herein specifically prescribed) may be deemed to be conclusively proved or established by a
certificate of a Responsible Officer of the Company delivered to the Collateral Agent, and such
certificate
shall be full warrant to the Collateral Agent for any action taken, suffered or omitted in
reliance thereon, subject, however, to the provisions of subsection 5.5.

(b) The Collateral Agent may consult with counsel, and any Opinion of Counsel shall be full
and complete authorization and protection in respect of any action taken or suffered by it
hereunder or under any US Security Document in accordance therewith. While a Notice of
Acceleration is in effect, the Collateral Agent shall have the right at any time to seek
instructions concerning the administration of this Intercreditor Agreement and the US Security
Documents from any court of competent jurisdiction.

(c) The Collateral Agent may rely, and shall be fully protected in acting, upon any
resolution, statement, certificate, instrument, opinion, report, notice, request, consent, order,
bond or other paper or document which it has no reason to believe to be other than genuine and to
have been signed or presented by the proper party or parties or, in the case of cables, telecopies,
facsimiles, .pdf or other electronic transmissions and telexes, to have been sent by the proper
party or parties. In the absence of its own gross negligence, bad faith or willful misconduct, the
Collateral Agent may conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon any certificates or opinions furnished to the Collateral Agent
and conforming to the requirements of this Intercreditor Agreement.

(d) The Collateral Agent shall not be under any obligation to exercise any of the rights or
powers vested in the Collateral Agent by this Intercreditor Agreement and the US Security
Documents, at the request or direction of the Controlling Party pursuant to this Intercreditor
Agreement or otherwise, unless the Collateral Agent shall have been provided adequate security and
indemnity against the costs, expenses and liabilities which may be incurred by the Collateral Agent
in compliance with such request or direction, including such reasonable advances as may be
requested by the Collateral Agent.

(e) [Reserved].

(f) Any Opinion of Counsel may be based, insofar as it relates to factual matters, upon a
certificate of a Responsible Officer of the Company provided to such counsel in connection with
such opinion or representations made by a Responsible Officer of the Company in a writing filed
with the Collateral Agent.

5.5 Limitations on Duties of the Collateral Agent. (a) Unless a Notice of
Acceleration is in effect, the Collateral Agent shall be obligated to perform such duties and only
such duties as are specifically set forth in this Intercreditor Agreement, and no implied covenants
or obligations shall be read into this Intercreditor Agreement or any US Security Document against
the Collateral Agent. If and so long as a Notice of Acceleration is in effect, the Collateral Agent
shall, subject to the provisions of subsection 2.5(b), exercise the rights and powers vested in the
Collateral Agent by this Intercreditor Agreement and the US Security Documents, and

 

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shall not be liable with respect to any action taken, or omitted to be taken, in accordance with the direction
of the Controlling Party.

(b) Except as herein otherwise expressly provided, the Collateral Agent shall not be under any
obligation to take any action which is discretionary with the Collateral Agent under the provisions
hereof or of any US Security Document, except upon the written request of the Controlling Party at
such time. The Collateral Agent shall make available for inspection and copying by each Holder
Representative and each Secured Party in respect of Other Secured Non-Loan Exposure, each
certificate or other paper furnished to the Collateral Agent by any of the Grantors under or in
respect of this Intercreditor Agreement or any of the US Collateral.

(c) No provision of this Intercreditor Agreement or of any US Security Document shall be
deemed to impose any duty or obligation on the Collateral Agent to perform any act or acts or
exercise any right, power, duty or obligation conferred or imposed on it, in any jurisdiction in
which it shall be illegal, or in which the Collateral Agent shall be unqualified or incompetent, to
perform any such act or acts or to exercise any such right, power, duty or obligation or if such
performance or exercise would constitute doing business by the Collateral Agent in such
jurisdiction or impose a tax on the Collateral Agent by reason thereof or to risk its own funds or
otherwise incur any financial liability in the performance of its duties hereunder.

(d) Notwithstanding anything to the contrary contained herein, in no event shall the
Collateral Agent have any obligation to monitor the perfection or continuation of perfection or the
sufficiency or validity of any security interest in or related to the US Collateral.

5.6 Moneys to be Held in Trust. All moneys received by the Collateral Agent under or
pursuant to any provision of this Intercreditor Agreement or any US Security Document (except Fees)
after a Notice of Acceleration is in effect shall be held in trust for the purposes for which they
were paid or are held and in accordance with this Intercreditor Agreement.

5.7 Resignation of the Collateral Agent. Subject to the appointment and acceptance of
a successor Collateral Agent as provided in this paragraph, the Collateral Agent may resign at any
time by notifying the Holder Representatives. Upon any such resignation, the Majority Secured
Parties shall have the right, in consultation with the Company (unless a Notice of Acceleration is
in effect, in which case no such consultation shall be required), to appoint a successor. If no
successor shall have been so appointed by the Majority Secured Parties and shall have accepted such
appointment within 30 days after the retiring Collateral Agent gives notice of its resignation,
then the retiring Collateral Agent may, on behalf of the Secured Parties, appoint its successor in
such capacity, which shall be a financial institution or an Affiliate of any financial institution
or a Lender, in each case having a combined capital and surplus and undivided profits of at least
$500,000,000. Upon the acceptance of its appointment as Collateral Agent hereunder by a successor,
such successor shall succeed to and become vested with all the rights, powers, privileges,
obligations and duties of the retiring Collateral Agent, and the retiring Collateral Agent shall be
discharged from its duties and any further obligations hereunder. The retiring Collateral Agent
shall, at its own cost, make available to the successor Collateral Agent any documents and records
and provide any assistance which the successor Collateral Agent may reasonably request for the
purposes of performing its functions as Collateral Agent under this Intercreditor Agreement. The
fees payable by the Company to a successor Collateral Agent shall be the same as those payable to
its predecessor unless otherwise agreed between the Company

 

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and such successor. After the Collateral Agent’s resignation hereunder, the provisions of
this Intercreditor Agreement shall continue in effect for the benefit of such retiring Collateral
Agent, its sub-agents and co-agents and their respective Affiliates in respect of any actions taken
or omitted to be taken by any of them while it was acting as Collateral Agent.

5.8 [Reserved].

5.9 Merger of the Collateral Agent. Any corporation into which the Collateral Agent
may be merged, or with which it may be consolidated, or any corporation resulting from any merger
or consolidation to which the Collateral Agent shall be a party, shall be Collateral Agent under
this Intercreditor Agreement and the US Security Documents without the execution or filing of any
paper or any further act on the part of the parties hereto.

5.10 Co-Collateral Agent; Separate Collateral Agent. (a) If at any time or times it
shall be necessary or prudent in order to conform to any law of any jurisdiction in which any of
the US Collateral shall be located, or to avoid any violation of law or imposition on the
Collateral Agent of taxes by such jurisdiction not otherwise imposed on the Collateral Agent, or
the Collateral Agent shall be advised by counsel, satisfactory to it, that it is necessary or
prudent in the interest of the Secured Parties, or any Holder Representative shall in writing so
reasonably request the Collateral Agent and the Grantors, or the Collateral Agent shall deem it
desirable for its own protection in the performance of its duties hereunder or under any US
Security Document, the Collateral Agent and each of the Grantors shall execute and deliver all
instruments and agreements necessary or proper to constitute another bank or financial institution,
or one or more persons approved by the Collateral Agent and the Grantors, either to act as co-agent
or co-agents of all or any of the US Collateral under this Intercreditor Agreement or under any of
the US Security Documents, jointly with the Collateral Agent originally named herein or therein or
any successor Collateral Agent, or to act as separate agent or agents of any of the US Collateral.
If any of the Grantors shall not have joined in the execution of such instruments and agreements
within 30 days after it receives a written request from the Collateral Agent to do so, or if a
Notice of Acceleration is in effect, the Collateral Agent may act under the foregoing provisions of
this subsection 5.10(a) without the concurrence of such Grantors and execute and deliver such
instruments and agreements on behalf of such Grantors. Each of the Grantors hereby appoints the
Collateral Agent as its agent and attorney to act for it under the foregoing provisions of this
subsection 5.10(a) in either of such contingencies.

(b)
[Reserved].

(c) Every separate agent and every co-agent, other than any successor Collateral Agent
appointed pursuant to subsection 5.7, shall, to the extent permitted by law, be appointed and act
and be such, subject to the following provisions and conditions:

(i) all rights, powers, duties and obligations conferred upon the Collateral Agent in
respect of the custody, control and management of moneys, papers or securities
shall be exercised solely by the Collateral Agent or any agent appointed by the
Collateral Agent;

 

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(ii) all rights, powers, duties and obligations conferred or imposed upon the
Collateral Agent hereunder and under the relevant US Security Document(s) shall be conferred
or imposed and exercised or performed by the Collateral Agent and such separate agent or
separate agents or co-agent or co-agents, jointly, as shall be provided in the instrument
appointing such separate agent or separate agents or co-agent or co-agents, except to the
extent that under any law of any jurisdiction in which any particular act or acts are to be
performed the Collateral Agent shall be incompetent or unqualified to perform such act or
acts, or unless the performance of such act or acts would result in the imposition of any
tax on the Collateral Agent which would not be imposed absent such joint act or acts, in
which event such rights, powers, duties and obligations shall be exercised and performed by
such separate agent or separate agents or co-agent or co-agents;

(iii) no power given hereby or by the relevant US Security Documents to, or which it is
provided herein or therein may be exercised by, any such co-agent or co-agents or separate
agent or separate agents shall be exercised hereunder or thereunder by such co-agent or
co-agents or separate agent or separate agents except jointly with, or with the consent in
writing of, the Collateral Agent, anything contained herein to the contrary notwithstanding;

(iv) no agent hereunder shall be personally liable by reason of any act or omission of
any other agent hereunder; and

(v) the Company and the Collateral Agent, at any time by an instrument in writing
executed by them jointly, may accept the resignation of or remove any such separate agent or
co-agent and, in that case by an instrument in writing executed by them jointly, may appoint
a successor to such separate agent or co-agent, as the case may be, anything contained
herein to the contrary notwithstanding. If the Company shall not have joined in the
execution of any such instrument within 30 days after it receives a written request from the
Collateral Agent to do so, or if a Notice of Acceleration is in effect, the Collateral Agent
shall have the power to accept the resignation of or remove any such separate agent or
co-agent and to appoint a successor without the concurrence of the Company, the Company
hereby appointing the Collateral Agent its agent and attorney to act for it in such
connection in such contingency. If the Collateral Agent shall have appointed a separate
agent or separate agents or co-agent or co-agents as above provided, the Collateral Agent
may at any time, by an instrument in writing, accept the resignation of or remove any such
separate agent or co-agent and the successor to any such separate agent or co-agent shall be
appointed by the Company and the Collateral Agent, or by the Collateral Agent alone pursuant
to this subsection 5.10(c).

5.11 Treatment of Payee or Indorsee by Collateral Agent; Representatives of Secured
Parties(a) . The Collateral Agent may treat the registered holder or, if none, the payee or
indorsee of any promissory note or debenture evidencing a Secured Obligation as the absolute owner
thereof for all purposes and shall not be affected by any notice to the contrary, whether such
promissory note or debenture shall be past due or not.

 

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SECTION 6.

MISCELLANEOUS

6.1 Notices. Unless otherwise specified herein, all notices, requests, demands or
other communications given to any of the Grantors, the Collateral Agent, the Controlling Party and
any Holder Representative shall be given in writing or by electronic transmission and shall be
deemed to have been duly given when personally delivered or when duly deposited in the mails,
registered or certified mail postage prepaid, or when transmitted by electronic transmission, to an
electronic mail address (or by other means of electronic delivery) addressed (i) if to any Grantor
or the Collateral Agent, to such party at its address specified on the signature pages hereof or
any other address which such party shall have specified as its address for the purpose of
communications hereunder, by notice given in accordance with this subsection 6.1 to the party
sending such communication or (ii) if to any Holder Representative or other Secured Party, to it at
its address specified from time to time in the list provided by the Company to the Collateral Agent
pursuant to subsection 4.2; provided that any notice, request or demand to the Collateral
Agent shall not be effective until received by the Collateral Agent in writing or by facsimile
transmission at the office designated by it pursuant to this subsection 6.1.

6.2 No Waivers. No failure on the part of the Collateral Agent, any co-agent, any
separate agent, the Controlling Party, any Holder Representative or any Secured Party to exercise,
no course of dealing with respect to, and no delay in exercising, any right, power or privilege
under this Intercreditor Agreement or any US Security Document shall operate as a waiver thereof
nor shall any single or partial exercise of any such right, power or privilege preclude any other
or further exercise thereof or the exercise of any other right, power or privilege.

6.3 Amendments, Supplements and Waivers. (a) With the written consent of the
Majority Class Holders of each Class, the Collateral Agent may, from time to time, enter into
written agreements or supplements hereto for the purpose of adding to, or waiving any provisions
of, this Intercreditor Agreement or changing in any manner the rights of the Collateral Agent, the
Secured Parties or the Grantors hereunder; provided that no such supplemental agreement
shall (i) amend, modify or waive any provision of this subsection 6.3 without the written consent
of each Holder Representative, (ii) amend, modify or waive any provision of Section 3.4(c) without
the written consent of each Secured Party affected thereby, (iii) amend, modify or waive the
definition of “Secured Obligations” or any component thereof, in each case in any manner that has
the effect of eliminating or reducing any
obligations owed to any Secured Party pursuant to the definition thereof, without the written
consent of such Secured Party or (iv) amend, modify or waive any provision of Section 4 or 5 or
alter the duties, rights or obligations of the Collateral Agent hereunder without the written
consent of the Collateral Agent. Any such supplemental agreement shall be binding upon each Holder
Representative, the Secured Parties and the Collateral Agent (and, if consented to by any Grantor,
such Grantor) and their respective successors.

(b) Solely with the consent of the Controlling Party (and without the consent of any other
Secured Party), the Collateral Agent and any of the Grantors, at any time and from time to time,
may enter into one or more agreements supplemental hereto, in form satisfactory to the

 

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Collateral Agent, (i) to add to the covenants of such Grantor for the benefit of the Secured Parties or to
surrender any right or power herein conferred upon such Grantor; (ii) to mortgage or pledge to the
Collateral Agent, or grant a security interest in favor of the Collateral Agent in, any property or
assets as additional security for the Secured Obligations; or (iii) to effect changes to this
Agreement necessary to reflect the fact that the Existing Credit Agreement no longer constitutes
the Credit Agreement referred to herein, if applicable, and (iv) to cure any ambiguity, to correct
or supplement any provision herein or in any US Security Document which may be defective or
inconsistent with any other provision herein or therein, or to make any other provision with
respect to matters or questions arising hereunder which shall not be inconsistent with any
provision hereof; provided that any such action contemplated by this clause (iv) shall not
adversely affect the interests of the Secured Parties.

6.4 Holders of Other Secured Non-Loan Exposure. The benefit of the US Security
Documents and of the provisions of this Intercreditor Agreement relating to the US Collateral shall
extend to and be available in respect of any Secured Obligation arising under any Other Secured
Non-Loan Exposure (collectively, the “Related Obligations”) solely on the condition and
understanding, as among the Collateral Agent and the Holder Representatives and all Secured
Parties, that (i) the Related Obligations shall be entitled to the benefit of the US Security
Documents and the US Collateral to the extent expressly set forth in this Intercreditor Agreement
and the other US Security Documents and to such extent the Collateral Agent shall hold, and have
the right and power to act with respect to, the Related Obligations and the US Collateral on behalf
of and as agent for the holders of the Related Obligations, but the Collateral Agent shall have no
fiduciary duty, duty of loyalty, duty of care, duty of disclosure or other obligation whatsoever to
any holder of Related Obligations, (ii) all matters, acts and omissions relating in any manner to
the US Security Documents, the US Collateral, or the omission, creation, perfection, priority,
abandonment or release of any Lien, shall be governed solely by the provisions of this
Intercreditor Agreement and the US Security Documents and no separate Lien, right, power or remedy
shall arise or exist in favor of any Secured Party under any separate instrument or agreement or in
respect of any Related Obligation, (iii) each Secured Party shall be bound by all actions taken or
omitted, in accordance with the provisions of this Intercreditor Agreement and the other US
Security Documents, by the Collateral Agent (at the direction of the relevant Secured Parties or
Holder Representatives), which shall be entitled to act in accordance with the terms of this
Intercreditor Agreement without any duty or liability to any other Secured Party or as to any
Related Obligation and without regard to whether any Related Obligation remains outstanding or is
deprived of the benefit of the US Collateral or becomes unsecured or is otherwise affected or put
in jeopardy
thereby, and (iv) no holder of Related Obligations and no other Secured Party (except the
Holder Representatives to the extent set forth in this Intercreditor Agreement) shall have any
right to be notified of, or to direct, require or be heard with respect to, any action taken or
omitted in respect of the US Collateral or under this Intercreditor Agreement or the US Security
Documents.

6.5 Amendments to Existing Credit Agreement. The Credit Agreement Representative (on
behalf of itself and the Secured Parties) and the Grantors agree that they shall not at any time
execute or deliver any amendment to the Existing Credit Agreement reducing or eliminating reserves
related to the obligations under the Synthetic Lease Documentation without the consent of the
Synthetic Lease Representative. The Collateral Agent and the Grantors agree

 

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that they shall not release all or substantially all of the US Collateral without the consent of the Synthetic Lease
Representative.

6.6 Headings. The table of contents and the headings of Sections and subsections have
been included herein and in the US Security Documents for convenience only and should not be
considered in interpreting this Intercreditor Agreement or the US Security Documents.

6.7 Severability. Any provision of this Intercreditor Agreement which is prohibited
or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

6.8 Successors and Assigns. This Intercreditor Agreement shall be binding upon and
inure to the benefit of each of the parties hereto and their respective successors and assigns and
shall inure to the benefit of each of the Secured Parties and their respective successors and
assigns, and nothing herein is intended or shall be construed to give any other Person any right,
remedy or claim under, to or in respect of this Intercreditor Agreement or any US Collateral.

6.9 Currency Conversions. In calculating the amount of Secured Obligations or US
Collateral proceeds for any purpose hereunder, including, without limitation, voting or
distribution purposes, the amount of any Secured Obligation which is denominated in a currency
other than Dollars shall be converted by the Collateral Agent into Dollars at the Spot Selling
Rate.

6.10 Acknowledgements. Each Grantor hereby acknowledges that:

(a) it has been advised by counsel in the negotiation, execution and delivery of this
Intercreditor Agreement and the other Loan Documents to which it is a party;

(b) neither the Collateral Agent nor any Secured Party has any fiduciary relationship
with or duty to any Grantor arising out of or in connection with this Intercreditor
Agreement or any of the other Loan Documents, and the relationship between the Grantors, on
the one hand, and the Collateral Agent and Secured Parties, on the other hand, in connection
herewith or therewith is solely that of debtor and creditor; and

(c) no joint venture is created hereby or by the other Loan Documents or otherwise
exists by virtue of the transactions contemplated hereby among the Secured Parties or among
the Grantors and the Secured Parties.

6.11 Governing Law. This Intercreditor Agreement shall be governed by, and construed
and interpreted in accordance with, the laws of the State of New York.

6.12 Counterparts. This Intercreditor Agreement may be signed in any number of
counterparts with the same effect as if the signatures thereto and hereto were upon the same
instrument.

 

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6.13 [Reserved].

6.14 [Reserved].

6.15 Inspection by Regulatory Agencies. The Collateral Agent shall make available,
and shall cause each custodian and agent acting on its behalf in connection with this Intercreditor
Agreement to make available, all US Collateral in such Person’s possession at all times for
inspection by any regulatory agency having jurisdiction over any Grantor to the extent required by
such regulatory agency in its discretion.

6.16 [Reserved].

6.17 Submission to Jurisdiction; Waivers. Each Grantor, each Holder Representative
and each Secured Party hereby irrevocably and unconditionally:

(a) submits for itself and its property in any legal action or proceeding relating to this
Intercreditor Agreement and the other US Security Documents to which it is a party, or for
recognition and enforcement of any judgment in respect thereof, to the non-exclusive general
jurisdiction of any US Federal or New York State court sitting in the Borough of Manhattan, New
York, and appellate courts from any thereof;

(b) to the extent permitted by applicable law, consents that any such action or proceeding may
be brought in such courts and waives any objection that it may now or hereafter have to the venue
of any such action or proceeding in any such court or that such action or proceeding was brought in
an inconvenient court and agrees not to plead or claim the same; and

(c) waives, to the maximum extent not prohibited by law, any right it may have to claim or
recover in any legal action or proceeding referred to in this subsection any special, exemplary,
punitive or consequential damages.

6.18
WAIVERS OF JURY TRIAL (a). THE COLLATERAL AGENT, EACH HOLDER REPRESENTATIVE,
EACH SECURED PARTY AND EACH OF THE GRANTORS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY
JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS INTERCREDITOR AGREEMENT OR ANY OTHER US
SECURITY DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

6.19 Information Concerning Financial Condition of the Grantors. Each Secured Party
hereby assumes responsibility for keeping itself informed of the financial condition of the Company
and each of the other Grantors and all other circumstances bearing upon the risk of nonpayment of
the Secured Obligations. Neither the Collateral Agent, any Holder Representative nor any Secured
Party shall have any duty to advise any other Secured Party of information known to it regarding
such condition or any such circumstances. In the event the Collateral Agent, any Holder
Representative or any Secured Party, in its sole discretion, undertakes at any time or from time to
time to provide any information to any other Secured Party, it shall be under no obligation (a) to
provide any such information to such other Secured Party or any other party on any subsequent
occasion, (b) to undertake any investigation not a part of its regular business routine, or (c) to
disclose any other information.

 

-25-

 

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

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,

as Collateral Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Address for Notices:

JPMORGAN CHASE BANK, N.A.,

as Credit Agreement Representative

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Address for Notices:

SUNTRUST EQUITY FUNDING, LLC,

as Synthetic Lease Representative

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Address for Notices:

303 Peachtree Street, 26th Floor

MC 3951

Atlanta, Georgia 30308

Attn: Allison McLeod

Telephone: 404-230-5046

Fax: 404-230-1344

Email: allison.mcleod@suntrust.com

 	 

 

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IN WITNESS WHEREOF, for the purposes of the recitals hereto and Sections 2.4, 3.2, 3.3, 3.4(a),
3.6, 4, 5.7, 5.10(a), 5.10(c)(v), 6.1, 6.3, 6.5, 6.10, 6.15, 6.17 and 6.18 only, the undersigned
has executed this Intercreditor Agreement as of the date first written above.

	 	 	 	 	 
	 	LIZ CLAIBORNE, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Address for Notices:

[GRANTORS]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Address for Notices:

 	 

 

-27-

 

EXHIBIT A

FORM OF NOTICE OF ACCELERATION

[Date]

	 	 	 
	To:

	 	JPMorgan Chase Bank, N.A., as Collateral Agent
	 
	 	 
	Re:

	 	Intercreditor Agreement, dated as of January 12, 2009 (the
“Intercreditor Agreement”), among JPMorgan Chase Bank, N.A., as
Collateral Agent and Credit Agreement Representative and SunTrust
Equity Funding, LLC as Synthetic Lease Representative.

[The [Credit Agreement Obligations] [Synthetic Lease Obligations] have not been paid in full
at the stated final maturity and any applicable grace period has expired.] [A default has occurred
under the provisions of the [Credit Agreement] [Synthetic Lease Documentation] and, as a result
thereof, the [Credit Agreement Obligations] [Synthetic Lease Obligations] have become due and
payable prior to the stated maturity thereof.]

Terms defined in the Intercreditor Agreement and used herein shall have the meanings given to
them in the Intercreditor Agreement.

	 	 	 	 	 	 	 
	 	 	[_______________________,	 	 
	 	 	as Credit Agreement Representative]	 	 
	 
	 	 	 	 	 	 
	 	 	[_______________________,	 	 
	 	 	as Synthetic Lease Representative]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

 

-28-

 

EXHIBIT I

FORM OF

BORROWING REQUEST

JPMorgan Chase Bank, N.A., as Administrative Agent

     for the Lenders party to the

     Credit Agreement referred to below

10 South Dearborn, 22nd Floor

Chicago, Illinois 60603

New York, NY 10017

Attention: Maria Teodoro — Operations

Fax No: 312-377-1100

[J.P. Morgan Europe Limited, as European

     Administrative Agent for the Facility B Lenders party

     to the Credit Agreement referred to below [and as Issuing Bank]

Loans Agency 9th Floor

125 London Wall

London EC2Y 5AJ

United Kingdom

Attention: Loans Agency

Fax No.: +44 20 7777 2360]8

[J.P. Morgan Chase Bank, N.A., Toronto Branch, as Canadian

     Administrative Agent for the Facility B Lenders party

     to the Credit Agreement referred to below

200 Bay Street

Royal Bank Plaza, South Tower, Suite 1800

Toronto M5J 2J2 Canada

Attention: Indrani Lazarus

Telephone: (416) 981-9218

Telecopy: (416) 981-9174]9

[Date]

Dear Sirs:

 

	 	 	 
	8	 	For Facility B Revolving Loans other than Canadian Revolving Loans
and/or Facility B Letters of Credit other than Canadian Letters of Credit.
	 
	9	 	For Canadian Revolving Loans and/or Canadian Letters of Credit.

 

 

 

Reference is made to the Second Amended and Restated Credit Agreement, dated as of May 6, 2010
(as further amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), by and among Liz Claiborne, Inc., Mexx Europe B.V., Juicy Couture Europe Limited,
Liz Claiborne Canada Inc., the other Loan Parties from time to time party thereto, the Lenders
party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent and US Collateral Agent, J.P.
Morgan Europe Limited, as European Administrative Agent and European Collateral Agent, JPMorgan
Chase Bank, N.A., Toronto Branch, as Canadian Administrative Agent and Canadian Collateral Agent,
Bank of America, N.A., as Syndication Agent, and General Electric Capital Corporation , as
Documentation Agent. Terms defined in the Credit Agreement are used herein with the same meanings.
This notice constitutes a Borrowing Request and the undersigned Borrower hereby requests [a
Revolving Borrowing][a Swingline Borrowing] [the [issuance][amendment] [renewal][extension] of a
Letter of Credit]10 under the Credit Agreement, and in that connection the undersigned Borrower
specifies the following information with respect to the extension of credit requested hereby:

[THE FOLLOWING SHOULD BE USED FOR REVOLVING LOAN AND SWINGLINE

LOAN REQUESTS]

	 	1.	 	Principal amount of Revolving Borrowing11:                    
	 
	 	2.	 	Date of Revolving Borrowing (which is a Business Day):                    
	 
	 	3.	 	Interest rate basis12:                    
	 
	 	4.	 	The initial [Interest Period] [Contract Period]13:                    
	 
	 	5.	 	Location and routing number of the undersigned Borrower’s
account to which proceeds of Borrowing are to be
disbursed:                    
	 
	 	6.	 	Facility under which this Revolving Borrowing is being
made:                    
	 
	 	7.	 	The currency of the Revolving Borrowing14:                    

 

	 	 	 
	10	 	For European Borrower and UK Borrower only.
	 
	11	 	For a Eurocurrency Borrowing of Revolving Loans, an aggregate
amount not less than $5,000,000 and an integral multiple of $1,000,000 (or, in
the case of any currency other than dollars, an approximate equivalent thereof
as determined by the Administrative Agent, European Administrative Agent or
Canadian Administrative Agent, as applicable).
	 
	12	 	Eurocurrency Borrowing, ABR Borrowing, Canadian Prime Rate
Borrowing or BA Drawing.
	 
	13	 	For Eurocurrency Borrowings or BA Drawings only.

 

2

 

	 	8.	 	[This Borrowing Request is a request for a Swingline Loan
pursuant to Section 2.05(a)[(i)] [(ii)] [(iii)] [(iv)] [v]].15

[THE FOLLOWING SHOULD BE USED FOR LETTER OF CREDIT REQUESTS ISSUED

BY J.P. MORGAN EUROPE LIMITED]

	 	9.	 	The undersigned [European Borrower] [UK Borrower] specifies the
following information with respect to the Letter of Credit Request requested
hereby:

	 	(1)	 	Name of the Applicant:                    
	 
	 	(2)	 	Name and address of the Beneficiary:                    
	 
	 	(3)	 	The date of
[issuance][amendment][renewal][extension]:16                    
	 
	 	(4)	 	The date of expiration17:                    
	 
	 	(5)	 	Facility under which this Letter of Credit is being
[issued][amended][renewed][extended]:                    
	 
	 	(6)	 	The currency of the Letter of Credit18:                    
	 
	 	(7)	 	The amount of the Letter of Credit:                    
	 
	 	(8)	 	[Letter of Credit
Number]19:                    

 

	 	 	 
	14	 	For Facility B Borrowings only.
	 
	15	 	Swingline Loans requested pursuant to Sections 2.05(a)(ii), (iii) or (iv) shall, until conversion to a Revolving Loan pursuant to Section 2.05(c), be Overnight LIBO Borrowings.
	 
	16	 	The date of issuance, amendment, renewal or extension shall be a Business Day.
	 
	17	 	The expiration date shall be at or before one year after the date of the issuance and no later than five Business Days prior to the Maturity Date.
	 
	18	 	Dollars, in the case of each Facility A Letter of Credit, dollars, Sterling or Euros, in the case of each Facility B Letter of Credit issued on behalf of the European Borrower or the UK Borrower, dollars or Canadian Dollars, in the case of each Facility B Letter of Credit issued on behalf of the Canadian Borrower or dollars, Canadian Dollars, Euros, Sterling or Yen, in the case of each Facility B Letter of Credit issued on behalf of the Company.
	 
	19	 	For an amendment, renewal or extension of any Letter of Credit.

 

3

 

The [European Borrower] [UK Borrower] hereby represents and warrants that, after giving effect
to such [issuance][amendment][renewal][ extension], (i) the aggregate LC Exposure will not exceed
the LC Sublimit, (ii) the aggregate principal amount of outstanding Letters of Credit that are
standby Letters of Credit will not exceed $65,000,000 and (iii) the Borrowers will be in compliance
with the Revolving Exposure Limitations.

 

4

 

The undersigned Borrower hereby represents and warrants that the conditions specified in
paragraphs (a), (b) and (c) of Section 4.02 of the Credit Agreement are satisfied.

	 	 	 	 	 
	 	Very truly yours,

[NAME OF APPLICABLE BORROWER],

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:exhibit101.htm

 

EXHIBIT 10.1

CRACKER BARREL OLD COUNTRY STORE, INC.

and

SUBSIDIARIES

FY 2011 Annual Bonus Plan

ARTICLE I

General

1.1           Establishment of the Plan.  Pursuant to the Cracker Barrel Old Country Store, Inc. 2002 Omnibus Incentive Compensation Plan ( the “Omnibus Plan”), the Compensation Committee (the “Committee”) of the Board of Directors of Cracker Barrel Old Country Store, Inc. (the “Company”) hereby establishes this FY 2011 Annual Bonus Plan (the “ABP”).

1.2           Plan Purpose.  The purpose of this ABP is to specify appropriate opportunities to earn a bonus with respect to the Company’s 2011 fiscal year in order to reward officers of the Company and of its subsidiaries for the Company's financial performance during fiscal year 2011 and to further align their interests with those of the shareholders of the Company.

1.3           ABP Subject to Omnibus Plan.    This ABP is established pursuant to, and it comprises a part of the Omnibus Plan. Accordingly, all of the terms of the Omnibus Plan are incorporated in this ABP by reference as if included verbatim.  In case of a conflict between the terms and conditions of the ABP and the Omnibus Plan, the terms and conditions of the Omnibus Plan shall supersede and control the issue.  It is intended that the ABP shall in all respects be subject to and governed by the provisions of the Omnibus Plan and, except to the extent Annual Bonuses (as defined herein) are paid on an accelerated basis pursuant to a Change in Control, that all Annual Bonuses paid to Covered Employees shall constitute qualified performance-based compensation under Section 162(m) of the Code. The terms of this ABP shall in all respects be so interpreted and construed as to be consistent with this intention.

ARTICLE II

Definitions

2.1           Omnibus Plan Definitions.  Capitalized terms used in this ABP without definition have the meanings ascribed to them in the Omnibus Plan, unless otherwise expressly provided.

2.2           Other Definitions.  In addition to those terms defined in the Omnibus Plan and elsewhere in this ABP, whenever used in this ABP, the following terms have the meanings set forth below:

 

	 	(a)	“2011 Operating Income” means, operating income during the 2011 fiscal year, excluding extraordinary gains or losses and the effects of any sale of assets (other than in the ordinary course of business), the effects of any refinancing of the Company’s long-term indebtedness, the effects of changes in accounting principles.

 

  

  

  

 

	 	(b) 	"Annual Bonus” means the Award paid to a Participant after the Committee determines that the Performance Goal has been achieved and exercised its discretion in determining whether to pay the Eligible Bonus or some different lower amount.
	 	 	 
	 	(c)	"Eligible Bonus” means an Award equal to a percentage of a Participant's applicable annual base salary established within the first 90 days of the Performance Period or, in the case of new hires or Participants who are promoted, established at the time of hiring or promotion and the portion of fiscal year 2011 for which the salary is applicable, consistent with those established for the same or similar position by the Committee within the first 90 days of the Performance Period.
	 	 	 
	 	(d) 	"Performance Goal” means achievement of 2011 Operating Income in an amount equal to or greater than an amount established by the Committee within the first 90 days of the Performance Period.
	 	 	 
	 	(e) 	"Performance Period” means the Company's 2011 fiscal year.

ARTICLE III

Eligibility; Calculation and Payment of Awards

3.1           Plan Eligibility.  The Participants in the ABP shall be those persons designated by the Committee during the first 90 days of the Company's 2011 fiscal year, and those hired or promoted during the fiscal year and at that time designated as Participants by the Committee.

3.2           Bonus Eligibility.  If the Performance Goal is achieved, each Participant shall be eligible to receive his or her Eligible Bonus.  The Annual Bonus, however, shall be determined by the Committee based upon such measures, if any, that the Committee in its discretion shall employ.

3.3           Calculation and Payment of Awards.  After the close of the Performance Period, the Committee shall certify in writing the achievement of the Performance Goal and the amounts of any Annual Bonus payable to each Participant.  No Annual Bonus shall be paid to any Covered Employee if the Performance Goal is not achieved.  .Any Annual Bonus due shall be paid within a reasonable time after certification of the achievement of the Performance Goal by the Committee and, in any event, on or prior to March 31, 2012.

 

                3.4           Committee Discretion; Limit on Awards.  Subject to Section 3.2, The Committee shall have the discretion to establish the amount of any Annual Bonus payable to any Participant, except that the Annual Bonus of any Covered Employee shall not exceed either his or her Eligible Bonus or the Section 162(m) Cash Maximum.

  

  

  

ARTICLE IV

Termination of Employment

4.1           Termination of Employment.  Except upon death or disability, if, prior to the certification of the Award as set forth in Section 3.3, a Participant’s employment is terminated or the Participant voluntarily resigns, all of the Participant’s rights to an Annual Bonus shall be forfeited.  If a Participant’s employment is terminated because of a Participant's death or disability, the Eligible Bonus shall be reduced to reflect only the period of employment prior to termination.  The adjusted Award shall be based upon the number of days of employment during the Performance Period.  In the case of a Participant’s disability, the employment termination shall be deemed to have occurred on the date the Committee determines that the disability has occurred, pursuant to the Company’s then-effective group long-term disability insurance benefit for officers.  Any Annual Bonus thereafter determined by the Committee shall be payable at the time specified in Section 3.3.

ARTICLE V

Change in Control

5.1           Change in Control.  If a Change in Control takes place during fiscal 2011, (i), the Performance Goal shall be deemed to have been met if the Company’s operating income through the end of the fiscal month preceding the Change in Control equals or exceeds 50% of the Company’s operating income for the comparable period in the 2010 fiscal year, (ii) all Annual Bonuses established by the Committee shall be immediately payable in cash to Participants upon the date of the Change of Control (subject to any election previously made by a Participant to defer receipt of such Bonus), and (iii) unless expressly terminated, this ABP shall continue in effect throughout the remainder of fiscal 2011 with the amount of any Bonuses payable at the end of 2011 reduced by the amount of any Bonuses paid upon the Change in Control

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