Document:

Sixth Amended and Restated Note

 Exhibit 10.2 
 SIXTH AMENDED AND RESTATED NOTE 
  

			
	$175,000,000	  	June     , 2012

 FOR VALUE RECEIVED, the undersigned, URBAN OUTFITTERS, INC., a corporation organized under the laws of
Pennsylvania (“Urban”), and each Subsidiary of Urban listed on Schedule 1 to the Credit Agreement referred to below (Urban and each such Subsidiary, each a “Borrower” and collectively, the “Borrowers”), jointly and
severally, promise to pay to the order of Wells Fargo Bank, National Association, successor in interest to Wachovia Bank, National Association (the “Lender”), at the office of the Administrative Agent and times provided in the Credit
Agreement referred to below, the principal sum of One Hundred and Seventy-Five Million Dollars ($175,000,000) or, if less, the principal amount of all Loans made by the Lender from time to time pursuant to that certain Amended and Restated Credit
Agreement dated September 23, 2004 (as amended through the date hereof, and as may be further amended, restated or otherwise modified from time to time, the “Credit Agreement”) by and among the Borrowers, the Lender, the other lenders
referred to therein, and Wells Fargo Bank, National Association, as Administrative Agent. Capitalized terms used herein and not defined herein shall have the meanings assigned thereto in the Credit Agreement. Notwithstanding anything to the contrary
contained herein, the liability of the non-U.S. Borrowers shall be limited as and to the extent set forth in Section 2.8 of the Credit Agreement. 
 The unpaid principal amount of this Sixth Amended and Restated Note (the “2012 Note”) from time to time outstanding is subject to repayment from time to time as provided in the Credit Agreement
and shall bear interest as provided in Section 4.1 of the Credit Agreement. All payments of principal and interest on this 2012 Note shall be payable in lawful currency of the United States of America in immediately available funds to the
account designated in the Credit Agreement. 
 This 2012 Note is entitled to the benefits of, and evidences Obligations incurred
under, the Credit Agreement, to which reference is made for a description of the collateral for this 2012 Note, if any, and for a statement of the terms and conditions on which the Borrowers are permitted and required to make prepayments and
repayments of principal of the Obligations evidenced by this 2012 Note and on which such Obligations may be declared to be immediately due and payable. 
 This 2012 Note evidences and constitutes the restatement, renewal and modification of that certain Fifth Amended and Restated Note, dated May 27, 2010 (the “Existing Note”), which, in turn,
amended and restated that certain Fourth Amended and Restated Note, dated September 21, 2009 (the “2009 Note”), which, in turn, amended and restated that certain Third Amended and Restated Note, dated December 10, 2007 (the
“2007 Note”), which, in turn, amended and restated that certain Second Amended and Restated Note, dated May 31, 2007 (the “May 2007 Note”), which, in turn, amended and restated that certain Amended and Restated Note, dated
May 16, 2005, from the Borrowers to the Lender in the principal amount of $42,500,000 (the “Amended and Restated Note”), which, in turn, amended and restated that certain Note, dated September 23, 2004, from the Borrowers to the
Lender in the original principal amount of $35,000,000 issued pursuant to the Credit Agreement (the “Prior Note”). Such Prior Note constituted the restatement, renewal and modification of that certain Promissory Note dated
September 12, 2001 from the Borrowers to the Lender, in the original principal amount of $25,000,000 issued pursuant to the Existing Credit Agreement and the amendments thereto (as amended and/or restated from time to time prior to the date
hereof, the “Original Note” and together with the Existing Note, the 2009 Note, the 2007 Note, the May 2007 Note, the Amended and Restated Note and the Prior 

 
Note, the “Existing Notes”). The execution and delivery of this 2012 Note shall not in any circumstances be deemed to have terminated, extinguished, released or discharged the
Borrowers’ indebtedness under the Existing Notes, which indebtedness shall continue under and be governed by this 2012 Note and the Credit Agreement. This 2012 Note shall, for all purposes, be deemed the “Note” in connection with any
of the documents executed and delivered in connection with or pursuant to the Existing Note. 
 THIS 2012 NOTE SHALL BE
GOVERNED, CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA, WITHOUT REFERENCE TO THE CONFLICTS OF LAW PRINCIPLES THEREOF. 
 The Borrowers hereby waive all requirements as to diligence, presentment, demand of payment, protest and (except as required by the Credit Agreement) notice of any kind with respect to this 2012 Note.

 SIGNATURE PAGE FOLLOWS 

 IN WITNESS WHEREOF, the undersigned have executed this Sixth Amended and Restated Note under
seal as of the day and year first written above. 
  

									
		
	[CORPORATE SEAL]	 	URBAN OUTFITTERS, INC.,
		 		 	as a Borrower
					
		 		 	By:	 	 	 	 
		 		 		 	Name:	 	Frank Conforti
		 		 		 	Title:	 	Chief Financial Officer
		 		 		 		 	
		
	[CORPORATE SEAL]	 	U.O. FENWICK, INC.,
		 		 	as a Borrower
					
		 		 	By:	 	 	 	 
		 		 		 	Name:	 	Frank Conforti
		 		 		 	Title:	 	Chief Financial Officer
		 		 		 		 	
		
	[CORPORATE SEAL]	 	U.O. MERCHANDISE, INC.,
		 		 	as a Borrower
					
		 		 	By:	 	 	 	 
		 		 		 	Name:	 	Frank Conforti
		 		 		 	Title:	 	Chief Financial Officer
		 		 		 		 	
		
	[CORPORATE SEAL]	 	HK SOURCING LIMITED,
		 		 	as a Borrower
					
		 		 	By:	 	 	 	 
		 		 		 	Name:	 	Francis John Conforti
		 		 		 	Title:	 	Director
		 		 		 		 	
		
	[CORPORATE SEAL]	 	URBN UK LIMITED f/k/a URBAN OUTFITTERS UK LIMITED
		 		 	
					
		 		 	By:	 	 	 	 
		 		 		 	Name:	 	Francis J. Conforti
		 		 		 	Title:	 	Director
		 		 		 		 	

 Signature Page to Sixth Amended and Restated NoteAmendment No. 7 to the Amended and Restated Credit Agreement

 Exhibit 10.3 
 AMENDMENT NO. 7 TO 
 AMENDED AND RESTATED CREDIT AGREEMENT

 THIS AMENDMENT NO. 7 TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Seventh Amendment”), dated
July 31, 2012, is by and among URBAN OUTFITTERS, INC., a Pennsylvania corporation (“Urban”), and certain of its subsidiaries party hereto (together with Urban, individually and collectively, the “Borrowers”);
the Lenders party to the Credit Agreement defined below, and WELLS FARGO BANK, NATIONAL ASSOCIATION (successor by merger to Wachovia Bank, National Association), as administrative agent for the Lenders (in such capacity, the “Administrative
Agent”). 
 BACKGROUND 
 A. The Borrowers, Administrative Agent and Lenders have entered into that certain Amended and Restated Credit Agreement, dated September 23, 2004, by and among the Borrowers, the Lenders
referred to therein, and the Administrative Agent, as amended by (i) that certain Letter Agreement Concerning Amended and Restated Note, dated May 18, 2005, (ii) that certain First Amendment to Amended and Restated Credit Agreement,
dated November 30, 2006, (iii) that certain Extension of Amended and Restated Credit Agreement, dated November 27, 2007, (iv) that certain Amendment No. 2 to Amended and Restated Credit Agreement, dated December 10,
2007, (v) that certain Amendment No. 3, Consent and Waiver to Amended and Restated Credit Agreement dated as of September 21, 2009, (vi) that certain letter agreement dated December 1, 2010, (vii) that certain letter
agreement dated March 9, 2011, (viii) that certain Amendment No. 4 to Amended and Restated Credit Agreement, dated April 25, 2011, (xi) that certain Amendment No. 5 to Amended and Restated Credit Agreement, dated
October 31, 2011, and (xii) that certain Amendment No. 6 to Amended and Restated Credit Agreement, dated June 14, 2012 (collectively, as so amended and as may be further amended, restated or modified from time to time, the
“Credit Agreement). 
 B. Borrowers have requested to amend the Credit Agreement to reduce the Fixed Charges
Coverage Ratio for certain fiscal quarters, as set forth herein. 
 C. The Lenders and the Administrative Agent have agreed to
the foregoing modifications as more particularly described herein and subject to the terms and conditions hereof. 
 NOW,
THEREFORE, in consideration of the foregoing premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows: 

1. Definitions. 
 (a) General Rule. Except as expressly set forth herein, all capitalized terms used and defined herein have the respective meanings ascribed thereto in the Credit Agreement. 

(b) Additional Definitions. As of the Seventh Amendment Effective Date, the following additional definitions are added to
Section 1.1 of the Credit Agreement to read in their entireties as follows: 

 “Seventh Amendment” means that certain Amendment No. 7 to Amended and
Restated Credit Agreement, by and among Borrowers, Lenders, and Administrative Agent, dated July 31, 2012. 

“Seventh Amendment Documents” means, collectively, the Seventh Amendment and each other document, instrument,
certificate and agreement executed and delivered by any Borrower, any Subsidiary, any Guarantor, or their counsel in connection with the Seventh Amendment or otherwise referred to therein or contemplated thereby, all as they may be amended, restated
or otherwise modified. 
 “Seventh Amendment Effective Date” means the date on which the conditions set forth
in Section 4 of the Seventh Amendment have been satisfied. 
 (c) Amended Definition. The
following definition is amended and restated to read in its entirety as follows: 
 “Loan Documents” means,
collectively, this Agreement, the Note, the Guaranty Agreement, the Applications, the Letters of Credit and each other document, instrument, certificate and agreement executed and delivered by any Borrower, any Subsidiary, any Guarantor or their
counsel in connection with this Agreement or otherwise referred to herein or contemplated hereby, all as may be amended, restated or otherwise modified, including, without limitation, the First Amendment Documents, the Second Amendment Documents,
the Third Amendment Documents, the Fourth Amendment Documents, the Fifth Amendment Documents, the Sixth Amendment Documents, and the Seventh Amendment Documents. 
 2. Amendments to Credit Agreement. As of the Seventh Amendment Effective Date: 
 (a) Modification of Section 9.1 of the Credit Agreement. Section 9.1 of the Credit Agreement is hereby amended and restated to read in its entirety as follows: 

Section 9.1 Fixed Charge Coverage Ratio. (i) For the fiscal quarters ended on July 31, 2012 and October 31,
2012, permit the Fixed Charge Coverage Ratio of Urban and its Consolidated Subsidiaries to be less than 2.25 to 1.0; and (ii) as of any fiscal quarter ended on or after January 31, 2013, permit the Fixed Charge Coverage Ratio of Urban and
its Consolidated Subsidiaries to be less than 2.5 to 1.0. 
 3. Representations and Warranties. Each Borrower hereby
represents and warrants to Lenders, as to themselves and their Subsidiaries, as follows, as of the Seventh Amendment Effective Date and after giving effect thereto: 
 (a) Representations. The Borrowers represent and warrant as follows: (i) the representations and warranties set forth in Article VI of the Credit Agreement are true and correct in all material
respects, except for any representation or warranty made as of an earlier date, which representation and warranty shall remain true and correct as of such earlier date; (ii) there is no Event of

  
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Default or Default under the Credit Agreement, as amended hereby, which has not been cured or waived; and (iii) no Material Adverse Effect has occurred or is continuing. 

(b) Power and Authority. Each Borrower has the power and authority under the laws of its jurisdiction of formation and under its
respective formation documents to enter into and perform this Seventh Amendment and the other documents and agreements required hereunder (collectively, the “Seventh Amendment Documents”); all necessary actions (corporate or
otherwise) for the execution and performance by each Borrower of the Seventh Amendment Documents have been taken; and each of the Seventh Amendment Documents and the Credit Agreement, as amended, constitute the valid and binding obligations of
Borrowers, enforceable in accordance with their respective terms. 
 (c) No Violations of Law or Agreements. The
execution and performance of the Seventh Amendment Documents by Borrowers and Guarantors party thereto will not: (i) violate any provisions of any law or regulation, federal, state, local, or foreign, or any formation document of any Borrower
or (ii) result in any breach or violation of, or constitute a default or require the obtaining of any consent under, any material agreement or instrument by which any Borrower or its property may be bound. 

4. Conditions to Effectiveness of Amendment. This Seventh Amendment shall be effective upon the date of Administrative
Agent’s receipt of the following documents, each in form and substance reasonably satisfactory to Administrative Agent: 

(a) Seventh Amendment. This Seventh Amendment duly executed and delivered by each of the Borrowers, the Lenders, and the
Administrative Agent. 
 (b) Acknowledgement of Guarantors. The Acknowledgement of the Guarantors, duly executed and
delivered by each of the Guarantors, in the form attached hereto as Exhibit I. 
 (c) Other Documents. Such
additional documents as Administrative Agent may reasonably request. 
 (d) Payment of the Administrative Agent’s Legal
and Other Fees. Payment to the Administrative Agent for all reasonable fees and expenses (including without limitation reasonable fees and expenses of counsel) incurred by Administrative Agent in connection with the preparation, execution and
delivery of this Seventh Amendment. 
 5. Affirmations. Borrowers hereby: (i) affirm all the provisions of the
Credit Agreement, as amended by this Seventh Amendment; and (ii) agree that the terms and conditions of the Credit Agreement shall continue in full force and effect, as amended hereby. 

6. Miscellaneous. 
 (a) Borrowers agree to pay Administrative Agent for all reasonable fees and expenses (including without limitation reasonable fees and expenses of counsel) incurred by Administrative Agent and its counsel
in connection with the due diligence review, the preparation, execution and delivery of this Seventh Amendment, and the future administration by the Administrative Agent of this Seventh Amendment and the transactions contemplated hereby. 

  
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 (b) This Seventh Amendment shall be governed by and construed in accordance with the laws
of the Commonwealth of Pennsylvania, without regard to conflicts of law or choice of law principles. 
 (c) This Seventh
Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and shall be binding upon all parties, their successors and assigns,
and all of which taken together shall constitute one and the same agreement. 
 (d) Entirety. This Seventh Amendment,
together with the other Seventh Amendment Documents, the Credit Agreement, and the other Loan Documents, represents the entire agreement of the parties hereto and thereto, and supersedes all prior agreements and understandings, oral and written, if
any, including any commitment letters or correspondence relating to the Seventh Amendment Documents, the other Loan Documents or the transactions contemplated herein or therein. 

(e) No Waiver. Except as expressly set forth herein, the execution, delivery and performance of this Seventh Amendment shall not
operate as a waiver of any right, power or remedy of Administrative Agent, any Issuing Lender, or Lenders under the Credit Agreement and the agreements and documents executed in connection therewith or constitute a waiver of any provision thereof.

 [Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, each of the undersigned has duly executed this Amendment No. 7 to
Amended and Restated Credit Agreement the day and year first above written. 
  

									
		 		 	Borrowers:
			
	[CORPORATE SEAL]	 		 	URBAN OUTFITTERS, INC.
					
		 		 		 	By:	 	 
		 		 		 		 	Name: Frank Conforti
		 		 		 		 	Title: Chief Financial Officer

									
			
	[CORPORATE SEAL]	 		 	UO FENWICK, INC.
					
		 		 		 	By:	 	 
		 		 		 		 	Name: Frank Conforti
		 		 		 		 	Title: Chief Financial Officer

									
			
	[CORPORATE SEAL]	 		 	U.O. MERCHANDISE, INC.
					
		 		 		 	By:	 	 
		 		 		 		 	Name: Frank Conforti
		 		 		 		 	Title: Chief Financial Officer

									
			
	[CORPORATE SEAL]	 		 	HK SOURCING LIMITED
					
		 		 		 	By:	 	 
		 		 		 		 	Name: Francis John Conforti
		 		 		 		 	Title: Director

									
			
	[CORPORATE SEAL]	 		 	URBN UK LIMITED f/k/a URBAN OUTFITTERS UK LIMITED
					
		 		 		 	By:	 	 
		 		 		 		 	Name: Francis J. Conforti
		 		 		 		 	Title: Director

 Signature Page to Amendment No. 7 

									
		 		 	Lender:
			
		 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION (successor by merger to Wachovia Bank, National Association), as a Lender, Issuing Lender and as Administrative
Agent
					
		 		 		 	By:	 	 
		 		 		 		 	Name: Stephen T. Dorosh
		 		 		 		 	Title: Senior Vice President

 Signature Page to Amendment No. 7 

 EXHIBIT I 

FORM OF 
 CONSENT
AND REAFFIRMATION 
 Each of the undersigned hereby (i) acknowledges receipt of a copy of the foregoing Amendment
No. 7 to Amended and Restated Credit Agreement (the “Amendment”); (ii) consents to Borrowers’ execution and delivery of the Amendment; (iii) agrees to be bound by the Amendment; (iv) affirms that nothing
contained in the Amendment shall modify in any respect whatsoever any Loan Document to which it is a party except as expressly set forth in the Amendment; and (v) reaffirms that such Loan Documents shall continue to remain in full force and
effect. Although each of the undersigned has been informed of the matters set forth herein and has acknowledged and agreed to same, each of the undersigned understands that Administrative Agent and the Lenders have no obligation to inform such
undersigned of such matters in the future or to seek the undersigned’s acknowledgement or agreement to future amendments, waivers or consents, and nothing herein shall create such a duty. Capitalized terms have the meanings assigned to them in
the Amendment. 
 This Consent and Reaffirmation shall be governed by and construed in accordance with the laws of the
Commonwealth of Pennsylvania, without regard to conflicts of law or choice of law principles. 
 Section 16 of that certain
Guaranty Agreement (as it may be amended, restated or modified from time to time), dated September 23, 2004, by certain affiliates of Urban Outfitters, Inc. (“Urban”) in favor of Wells Fargo Bank (successor by merger to
Wachovia Bank, National Association), as administrative agent for the benefit of the lenders under the Credit Agreement (defined below), executed and delivered in connection with that certain Amended and Restated Credit Agreement (as amended through
the date hereof, and as it may be amended, restated or modified from time to time, the “Credit Agreement”), dated September 23, 2004, by and among Urban, the other Borrowers (as defined therein), the Lenders referred to therein, and
Wells Fargo Bank, National Association (successor by merger to Wachovia Bank, National Association) as administrative agent is incorporated herein. 
 SIGNATURE PAGE FOLLOWS 

  
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	 ANTHROPOLOGIE, INC.,

as a Guarantor

		
	By:	 	 
		 	 Name:

Title:

	
	

 
			
	
	 URBAN OUTFITTERS WHOLESALE, INC.,

as a Guarantor

		
	By:	 	 
		 	 Name:

Title:

  

			
	 URBAN OUTFITTERS WEST LLC,

as a Guarantor

		
	By:	 	 
		 	 Name:

Title:

  

			
	 FREE PEOPLE OF PA LLC,

as a Guarantor

		
	By:	 	 
		 	 Name:

Title:

  

			
	 FREEPEOPLE.COM, LLC,
 as a Guarantor

		
	By:	 	 
		 	 Name:

Title:

  

			
	 U.O. REAL ESTATE LLC,

as a Guarantor

		
	By:	 	 
		 	 Name:

Title:

  

			
	 URBN NL HOLDING, C.V.,

as a Guarantor

		
	By:	 	 
		 	 Name:

Title:

  
 I-2

 
			
	
	 UO (BERMUDA) LIMITED,
 as a Guarantor

		
	By:	 	 
		 	 Name:

Title:

 
			
		 	
	
	 UO.COM LLC,
 as a
Guarantor

		
	By:	 	 
		 	 Name:

Title:

	
	 ANTHROPOLOGIE.COM LLC,
 as a Guarantor

		
	By:	 	 
		 	 Name:

Title:

	
	 URBN HOLDING, INC.,

as a Guarantor

		
	By:	 	 
		 	 Name:

Title:

	
	 UO US LLC,
 as a
Guarantor

		
	By:	 	 
		 	 Name:

Title:

  
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