Document:

Amended and Restated Credit Agreement

  
 Exhibit 10.1

  
 AMENDED AND RESTATED 
  
 CREDIT AGREEMENT 
  
 dated September 23, 2004 
  
 by and among 
  
 URBAN OUTFITTERS, INC., 
 and its Subsidiaries listed on Schedule 1 hereto,

  
 as Borrowers, 
  
 the Lenders referred to herein, 
  
 and 
  
 WACHOVIA BANK, NATIONAL ASSOCIATION, 
 as Administrative Agent 

  
 TABLE OF CONTENTS

  

					
	 	  	 	  	Page

		
	ARTICLE I DEFINITIONS	  	1
	 Section 1.1
	  	 Definitions
	  	1
	 Section 1.2
	  	 General
	  	15
	 Section 1.3
	  	 Other Definitions and Provisions
	  	15
		
	ARTICLE II CREDIT FACILITY	  	15
	 Section 2.1
	  	 Loans
	  	15
	 Section 2.2
	  	 Procedure for Advances of Loans
	  	16
	 Section 2.3
	  	 Repayment of Loans
	  	17
	 Section 2.4
	  	 Notes
	  	17
	 Section 2.5
	  	 Change in Commitment
	  	18
	 Section 2.6
	  	 Termination of the Aggregate Commitment
	  	18
	 Section 2.7
	  	 Use of Proceeds
	  	18
	 Section 2.8
	  	 Joint and Several Obligations
	  	18
	 Section 2.9
	  	 Dollar Equivalent
	  	19
		
	ARTICLE III LETTERS OF CREDIT	  	19
	 Section 3.1
	  	 L/C Commitment
	  	19
	 Section 3.2
	  	 Terms of Letters of Credit
	  	19
	 Section 3.3
	  	 Existing Letters of Credit issued by Wachovia
	  	20
	 Section 3.4
	  	 Cash Collateral for Letters of Credit
	  	20
	 Section 3.5
	  	 Procedure for Issuance of Letters of Credit
	  	21
	 Section 3.6
	  	 Commissions and Other Charges
	  	21
	 Section 3.7
	  	 L/C Participations
	  	21
	 Section 3.8
	  	 Reimbursement Obligation of the Borrowers
	  	22
	 Section 3.9
	  	 Obligations Absolute
	  	22
	 Section 3.10
	  	 General Terms of Documentary Letters of Credit
	  	23
	 Section 3.11
	  	 Effect of Application
	  	24
	 Section 3.12
	  	 Letter of Credit Documents
	  	24
		
	ARTICLE IV GENERAL LOAN PROVISIONS	  	24
	 Section 4.1
	  	 Interest
	  	24
	 Section 4.2
	  	 Notice and Manner of Conversion or Continuation of Loans
	  	26
	 Section 4.3
	  	 Fees
	  	27
	 Section 4.4
	  	 Manner of Payment
	  	27
	 Section 4.5
	  	 Credit of Payments and Proceeds
	  	27
	 Section 4.6
	  	 Changed Circumstances
	  	28
	 Section 4.7
	  	 Indemnity
	  	29
	 Section 4.8
	  	 Capital Requirements
	  	30
	 Section 4.9
	  	 Taxes
	  	30
	 Section 4.10
	  	 Guaranty
	  	31
	 Section 4.11
	  	 Adjustments
	  	31
	 Section 4.12
	  	 Nature of Obligations of Lenders Regarding Extensions of Credit; Assumption by the Administrative Agent
	  	32
	 Section 4.13
	  	 Currencies; Currency Equivalent and Related Provisions
	  	32

  

 -i- 

					
	ARTICLE V CLOSING; CONDITIONS OF CLOSING AND BORROWING	  	34
	 Section 5.1
	  	 Closing
	  	34
	 Section 5.2
	  	 Conditions to Closing and Initial Extensions of Credit
	  	34
	 Section 5.3
	  	 Conditions to All Extensions of Credit
	  	36
		
	ARTICLE VI REPRESENTATIONS AND WARRANTIES OF THE BORROWERS	  	37
	 Section 6.1
	  	 Representations and Warranties
	  	37
	 Section 6.2
	  	 Survival of Representations and Warranties, Etc.
	  	43
		
	ARTICLE VII FINANCIAL INFORMATION AND NOTICES	  	43
	 Section 7.1
	  	 Financial Statements and Projections
	  	43
	 Section 7.2
	  	 Officer’s Compliance Certificate
	  	44
	 Section 7.3
	  	 Accountants’ Certificate
	  	44
	 Section 7.4
	  	 Other Reports
	  	44
	 Section 7.5
	  	 Notice of Litigation and Other Matters
	  	45
	 Section 7.6
	  	 Accuracy of Information
	  	45
		
	ARTICLE VIII AFFIRMATIVE COVENANTS	  	45
	 Section 8.1
	  	 Preservation of Corporate Existence and Related Matters
	  	45
	 Section 8.2
	  	 Maintenance of Property
	  	46
	 Section 8.3
	  	 Insurance
	  	46
	 Section 8.4
	  	 Accounting Methods and Financial Records
	  	46
	 Section 8.5
	  	 Payment and Performance of Obligations
	  	46
	 Section 8.6
	  	 Compliance With Laws and Approvals
	  	46
	 Section 8.7
	  	 Environmental Laws
	  	46
	 Section 8.8
	  	 Compliance with ERISA
	  	47
	 Section 8.9
	  	 Compliance With Agreements
	  	47
	 Section 8.10
	  	 Conduct of Business
	  	47
	 Section 8.11
	  	 Visits and Inspections
	  	47
	 Section 8.12
	  	 Additional Guarantors
	  	47
	 Section 8.13
	  	 Maintain Cash Collateral Account
	  	47
	 Section 8.14
	  	 Subsequent Credit Terms
	  	47
	 Section 8.15
	  	 Opinions of Counsel to Non-U.S. Borrowers
	  	48
	 Section 8.16
	  	 Further Assurances
	  	48
	 Section 8.17
	  	 Bank Accounts
	  	48
		
	ARTICLE IX FINANCIAL COVENANTS	  	48
	 Section 9.1
	  	 Fixed Charge Coverage Ratio
	  	48
	 Section 9.2
	  	 Adjusted Debt to EBITDAR Ratio
	  	48
		
	ARTICLE X NEGATIVE COVENANTS	  	48
	 Section 10.1
	  	 Limitations on Debt
	  	48
	 Section 10.2
	  	 Limitations on Guaranty Obligations
	  	49
	 Section 10.3
	  	 Limitations on Liens
	  	50
	 Section 10.4
	  	 Limitations on Loans, Advances, Investments and Acquisitions
	  	50
	 Section 10.5
	  	 Limitations on Mergers and Liquidation
	  	51
	 Section 10.6
	  	 Limitations on Sale of Assets
	  	51
	 Section 10.7
	  	 Limitations on Dividends and Distributions
	  	52
	 Section 10.8
	  	 Limitations on Exchange and Issuance of Capital Stock
	  	52
	 Section 10.9
	  	 Transactions with Affiliates
	  	52
	 Section 10.10
	  	 Certain Accounting Changes
	  	52
	 Section 10.11
	  	 Amendments; Payments and Prepayments of Subordinated Debt
	  	53
	 Section 10.12
	  	 Restrictive Agreements
	  	53

  

 -ii- 

					
	 Section 10.13
	  	 Capital Expenditures
	  	53
		
	ARTICLE XI DEFAULT AND REMEDIES	  	53
	 Section 11.1
	  	 Events of Default
	  	53
	 Section 11.2
	  	 Remedies
	  	55
	 Section 11.3
	  	 Rights and Remedies Cumulative; Non-Waiver, etc.
	  	55
		
	ARTICLE XII THE ADMINISTRATIVE AGENT	  	56
	 Section 12.1
	  	 Appointment
	  	56
	 Section 12.2
	  	 Delegation of Duties
	  	56
	 Section 12.3
	  	 Exculpatory Provisions
	  	56
	 Section 12.4
	  	 Reliance by the Administrative Agent
	  	56
	 Section 12.5
	  	 Notice of Default
	  	57
	 Section 12.6
	  	 Non-Reliance on the Administrative Agent and Other Lenders
	  	57
	 Section 12.7
	  	 Indemnification
	  	58
	 Section 12.8
	  	 The Administrative Agent in Its Individual Capacity
	  	58
	 Section 12.9
	  	 Resignation of the Administrative Agent; Successor Administrative Agent
	  	58
		
	ARTICLE XIII MISCELLANEOUS	  	58
	 Section 13.1
	  	 Notices
	  	58
	 Section 13.2
	  	 Expenses; Indemnity
	  	60
	 Section 13.3
	  	 Set-off
	  	60
	 Section 13.4
	  	 Governing Law
	  	60
	 Section 13.5
	  	 Consent to Jurisdiction; Service of Process
	  	60
	 Section 13.6
	  	 Waiver of Jury Trial; Preservation of Remedies
	  	61
	 Section 13.7
	  	 Reversal of Payments
	  	61
	 Section 13.8
	  	 Injunctive Relief; Punitive Damages
	  	62
	 Section 13.9
	  	 Accounting Matters
	  	62
	 Section 13.10
	  	 Successors and Assigns; Participations
	  	62
	 Section 13.11
	  	 Disclosure of Information; Confidentiality
	  	64
	 Section 13.12
	  	 Patriot Act Notice
	  	64
	 Section 13.13
	  	 Amendments, Waivers and Consents
	  	64
	 Section 13.14
	  	 Agreement Controls
	  	64
	 Section 13.15
	  	 Covenants Independent
	  	65
	 Section 13.16
	  	 Survival
	  	65
	 Section 13.17
	  	 Counterparts
	  	65
	 Section 13.18
	  	 Headings
	  	65
	 Section 13.19
	  	 Severability
	  	65
	 Section 13.20
	  	 Entirety
	  	65
	 Section 13.21
	  	 Termination
	  	65
	 Section 13.22
	  	 Payment of Borrowers’ Obligations
	  	65
	 Section 13.23
	  	 Powers of Attorney and Authorizations Irrevocable
	  	65
	 Section 13.24
	  	 Register
	  	66
	 Section 13.25
	  	 Judgment Currency
	  	66

  

 -iii- 

					
	SCHEDULES	  	 	  	 
			
	Schedule 1	  	-	  	Subsidiaries that are Borrowers
	Schedule 2	  	-	  	Lenders and Commitments
	Schedule 3	  	-	  	Guarantors
	Schedule 4	  	-	  	Existing Letters of Credit
	Schedule 5	  	-	  	Import Letter of Credit Pricing
	Schedule 6.1(a)	  	-	  	Jurisdictions of Organization and Qualification
	Schedule 6.1(b)	  	-	  	Subsidiaries and Capitalization
	Schedule 6.1(i)	  	-	  	ERISA Plans
	Schedule 6.1(l)	  	-	  	Material Contracts
	Schedule 6.1(m)	  	-	  	Labor and Collective Bargaining Agreements
	Schedule 6.1(t)	  	-	  	Debt and Guaranty Obligations
	Schedule 6.1(u)	  	-	  	Litigation
	Schedule 10.3	  	-	  	Existing Liens
	Schedule 10.4(a)	  	 	  	Existing Loans, Advances and Investments
	Schedule 10.4(b)	  	-	  	Investment Policy and Guidelines
			
	EXHIBITS	  	 	  	 
			
	Exhibit A	  	-	  	Form of Note
	Exhibit B	  	-	  	Form of Notice of Borrowing
	Exhibit C	  	-	  	Form of Notice of Account Designation
	Exhibit D	  	-	  	Form of Notice of Conversion/Continuation
	Exhibit E	  	-	  	Form of Officer’s Compliance Certificate
	Exhibit F	  	-	  	Form of Termination Date Extension Request
	Exhibit G	  	-	  	Form of Assignment Agreement
	Exhibit H	  	-	  	MLA Costs
	Exhibit I	  	-	  	Form of Continuing Letter of Credit Agreement

  

 -iv- 

  
 AMENDED AND RESTATED CREDIT
AGREEMENT (“Credit Agreement”), dated the                  day of September, 2004, by and among URBAN OUTFITTERS, INC., a Pennsylvania corporation
(“Urban”), the Subsidiaries (as hereinafter defined) of Urban listed on Schedule 1 hereto (including Urban, each individually a “Borrower” and collectively, the “Borrowers”), the Lenders who are or may become
party to this Agreement, WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association, as Administrative Agent for the Lenders. 
  
 STATEMENT OF PURPOSE 
  
 On September 12, 2001, the Borrowers, the Administrative Agent and certain Lenders entered into a credit agreement providing for a $25,000,000 revolving
credit facility to fund working capital (including capital expenditures), to support the issuance of documentary and standby Letters of Credit and to finance the general corporate purposes of the Borrowers (the “Existing Credit
Agreement”). The Existing Credit Agreement was subsequently amended by Amendment No. 1 dated September 11, 2002, Amendment No. 2 dated November 15, 2002 and Amendment No. 3 dated September 9, 2003. 
  
 The parties hereto have agreed to amend and restate the Existing Credit
Agreement (i) to increase the Aggregate Commitment to Thirty-five Million Dollars ($35,000,000) and (ii) to make certain other modifications as set forth herein. 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the
parties hereto, and intending to be legally bound hereby, such parties hereby agree as follows: 
  
 ARTICLE I 
 DEFINITIONS 
  
 Section 1.1 Definitions. The following terms when used in this Agreement shall have the meanings assigned to them
below: 
  
 “Adjusted Debt” means, for any period
of determination, as to Urban and its Consolidated Subsidiaries, the sum of eight times (8x) Rents plus Funded Debt. 
  
 “Adjusted Debt to EBITDAR Ratio” means, as of any date of determination, as to Urban and its Consolidated Subsidiaries, Adjusted Debt
divided by EBITDAR, in each case for the most recently ended Rolling Period. 
  
 “Administration Fee” shall have the meaning assigned thereto in Section 4.3(a) hereof. 
  
 “Administrative Agent” means Wachovia in its capacity as Administrative Agent hereunder, and any successor thereto appointed pursuant to
Section 12.1 hereof. 
  
 “Administrative
Agent’s Office” means the office of the Administrative Agent specified or determined in accordance with the provisions of Section 13.1(c) hereof. 
  
 “Affiliate” means, with respect to any Person, any other Person (other than a Subsidiary) which directly or
indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such first Person or any Subsidiary. The term control means (a) the power to vote five percent (5%) or more of the securities or other
equity interests of a Person having ordinary voting power, or (b) the possession, directly or indirectly, of any other power to direct or cause the direction of 

  

 
the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
  
 “Aggregate Commitment” means the aggregate amount of the
Lenders’ Commitments hereunder, as such amount may be reduced or modified at any time or from time to time pursuant to the terms hereof. On the Closing Date, the Aggregate Commitment shall be Thirty-five Million Dollars ($35,000,000), as such
amount may be increased in accordance with Section 2.5(b) hereof. 
  
 “Agreement” means this Credit Agreement including the schedules and exhibits attached hereto, as amended, restated or otherwise modified from time to time. 
  
 “Alternate Currency” means as of the date hereof Pounds
Sterling and the euro and hereafter means such currencies or such other lawful currency other than Dollars that is freely transferable and convertible into Dollars as each Lender and Administrative Agent may mutually agree and from time to time
designate as an Alternate Currency, each such Alternate Currency specified herein or hereafter designated to remain in effect as such until notice is given by any Lender or Administrative Agent that such currency is no longer available as an
Alternate Currency. 
  
 “Alternate Currency Loan”
means a Loan denominated in an Alternate Currency. 
  
 “Alternate Currency Exposure” means the aggregate outstanding principal balance of all Alternate Currency Loans, plus the outstanding undrawn amount of, and all unreimbursed draws under, all Alternate Currency Letters of
Credit. 
  
 “Alternate Currency Letter of Credit”
means a Letter of Credit denominated in an Alternate Currency. 
  
 “Alternate Currency Sublimit” means the Dollar Equivalent of the portion of the Aggregate Commitment up to which Lenders have agreed to make Alternate Currency Loans and/or issue Alternate Currency Letters of Credit
(subject to the L/C Commitment), being Two Million Dollars ($2,000,000). 
  
 “Applicable Law” means all applicable provisions of constitutions, laws, statutes, ordinances, rules, treaties, regulations, permits, licenses, approvals, interpretations and orders of courts or
Governmental Authorities and all orders and decrees of all courts and arbitrators. 
  
 “Applicable Margin” means with respect to the Loans (i) on the Closing Date and through the date of delivery of the completed Officer’s Compliance Certificate for the fiscal quarter ending July
31, 2004, the percentages set forth for Level IV in the chart below and (ii) for each fiscal quarter ending after July 31, 2004, the percentages determined by reference to the Adjusted Debt to EBITDAR Ratio as of the end of the fiscal quarter
immediately preceding the delivery of the applicable Officer’s Compliance Certificate as follows: 
  

												
	 Level

	  	 Adjusted Debt to
 EBITDAR Ratio

	  	 Applicable Base
 Rate Margin

	 	 	 Applicable LIBO
 Market Rate Index
 Margin

	 	 	 Applicable LIBOR
 and Eurocurrency
 Margin

	 
	 I
	  	>4.00	  	0	%	 	1.60	%	 	1.50	%
	 II
	  	> 3.50 and £ 4.00	  	0	%	 	1.35	%	 	1.25	%
	 III
	  	> 3.00 and £ 3.50	  	0	%	 	1.10	%	 	1.00	%
	 IV
	  	> 2.50 and £ 3.00	  	0	%	 	0.85	%	 	0.75	%
	 V
	  	£ 2.50	  	0	%	 	0.60	%	 	0.50	%

  

 -2- 

 Adjustments, if any, in the Applicable Margin shall be made by the Administrative Agent on the fifth (5th) Business Day
after receipt by the Administrative Agent of quarterly financial statements for the Borrowers and the accompanying Officer’s Compliance Certificate setting forth the Adjusted Debt to EBITDAR Ratio of the Borrower as of the most recent fiscal
quarter end. Notwithstanding the remedies available to Lenders under Section 4.1(c) hereof, in the event the Borrowers fail to deliver such financial statements and certificate within the time required by Section 7.1 and 7.2 hereof,
the Applicable Margin shall be the percentage set forth in Level I in the above chart until the delivery of such financial statements and certificate which indicate that an adjustment is available. 
  
 “Application” means an application, in the form specified by
the Issuing Lender from time to time, requesting the Issuing Lender to issue a Letter of Credit. 
  
 “Assignment Agreement” shall have the meaning assigned thereto in Section 13.10. hereof. 
  
 “Base Rate” means, at any time, the higher of (a) the Prime
Rate and (b) the sum of (i) the Federal Funds Rate plus (ii) 1/2 of 1%; each change in the Base Rate applicable to the Loans bearing interest at such rate shall take effect simultaneously with the corresponding change or changes in the Prime
Rate or the Federal Funds Rate. 
  
 “Base Rate
Loan” means any Loan bearing interest at a rate based upon the Base Rate as provided in Section 4.1(a) hereof. 
  
 “Borrower” means individually, and “Borrowers” means collectively, Urban Outfitters, Inc., a Pennsylvania corporation,
and each Subsidiary set forth on Schedule 1 hereto, including without limitation each Non-U.S. Borrower, each in its capacity as a borrower hereunder. 
  
 “Business Day” means (a) for all purposes other than as set forth in clause (b) below, any day other than a Saturday, Sunday or legal
holiday on which banks in Philadelphia, Pennsylvania are open for the conduct of its commercial banking business, and (b) with respect to all notices and determinations in connection with, and payments of principal and interest on, any Alternate
Currency Loan LIBOR Rate Loan or LIBO Market Index Rate Loan, any day that is a Business Day described in clause (a) and that is also a day on which commercial banks and the London foreign exchange market set the payments in the Principal Financial
Center for any Alternate Currency. 
  
 “Capital
Asset” means, with respect to the Borrowers and their Subsidiaries, any asset that should, in accordance with GAAP, be classified and accounted for as a capital asset on a Consolidated balance sheet of the Borrowers and their Subsidiaries.

  
 “Capital Expenditure Payment(s)” means
capital expenditures, net of all applicable tenant improvement allowances and any other amounts for fit-out and other capital expenditures that will be reimbursed to any Borrower or Subsidiary from any source, including state and local government
grants, rebates and incentives, on the annual audited financial statements of Urban and its Consolidated Subsidiaries as prepared in accordance with GAAP. 
  

 -3- 

 “Capital Lease” means, with respect to the Borrowers and their Subsidiaries, any lease
of any property that should, in accordance with GAAP, be classified and accounted for as a capital lease on a Consolidated balance sheet of the Borrowers and their Subsidiaries. 
  
 “Cash Taxes” means, cash taxes as calculated in accordance with GAAP. 
  
 “Change in Control” means the occurrence of any of the
following events: (i) Richard A. Hayne (“Hayne”) shall cease to own at least twenty percent (20%) of the total shares of capital stock outstanding of Urban; (ii) any person or group of persons (within the meaning of Section 13(d) of the
Securities Exchange Act of 1934, as amended) shall own more of Urban’s shares of capital stock outstanding than are owned by Hayne at any one time; (iii) Hayne shall retire or be removed from active management of Urban; (iv) any person or group
of persons (within the meaning of Section 13(d) of the Securities Exchange Act of 1934, as amended), other than Hayne, shall obtain ownership or control in one or more series of transactions of more than fifty percent (50%) of the common stock or
fifty percent (50%) of the voting power of Urban entitled to vote in the election of members of the board of directors of Urban; or (v) there shall have occurred under any indenture or other instrument evidencing any Debt in excess of $2,000,000 any
change in control (as defined in such indenture or other evidence of Debt) obligating any Borrower to repurchase, redeem or repay all or any part of the Debt or capital stock provided for therein. For purposes of clause (i), Hayne shall be deemed to
own voting shares registered to members of his immediate family and trusts for the benefit of members of his immediate family, in each case, if Hayne continues to have voting control of such shares. 
  
 “Closing Adjusted Tangible Net Worth” means 85% of the
Tangible Net Worth of Urban and its Consolidated Subsidiaries on the Closing Date based on the most recent quarterly or year-end balance sheet of Urban and its Consolidated Subsidiaries. 
  
 “Closing Date” means the date of this Agreement or such later Business Day upon which each condition
described in Section 5.2 hereof shall be satisfied or waived in all respects in a manner acceptable to the Administrative Agent, in its sole discretion. 
  
 “Code” means the Internal Revenue Code of 1986, and the rules and regulations thereunder, each as amended,
supplemented or otherwise modified. 
  
 “Commitment” means, as to any Lender, the obligation of such Lender to make Loans to, and, subject to the L/C Commitment, to issue or participate in Letters of Credit for the account of, the Borrowers hereunder in an
aggregate principal or face amount at any time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2 hereto, as the same may be reduced or modified at any time or from time to time pursuant to the terms
hereof. 
  
 “Commitment Percentage” means, as to
any Lender at any time, the ratio of (a) the amount of the Commitment of such Lender to (b) the Aggregate Commitment of all the Lenders. 
  
 “Consolidated” means, when used with reference to financial statements or financial statement items of the Borrowers and their
Subsidiaries, such statements or items on a consolidated basis in accordance with applicable principles of consolidation under GAAP. 
  
 “Continuing Letter of Credit Agreement” means the Continuing Letter of Credit Agreement in the form of Exhibit I hereto to be
entered into by the Borrowers, Guarantors and Issuing Lender. 
  

 -4- 

 “Corporate Headquarters” means the planned new corporate headquarters and related
improvements for Urban and its Subsidiaries to be located in the City of Philadelphia in an area commonly known as “The Naval Yard.” 
  
 “Debt” means, with respect to the Borrowers and their Subsidiaries at any date and without duplication, the sum of the following
determined in accordance with GAAP: (a) all liabilities, obligations and indebtedness for borrowed money, including without limitation obligations evidenced by bonds, debentures, notes or other similar instruments of any such Person,
provided, however, that liabilities, obligations and indebtedness under operating leases shall not constitute Debt unless and until payments thereunder become past due or accelerated in accordance with GAAP; (b) all obligations to pay
the deferred purchase price of property or services of any such Person, except trade payables arising in the ordinary course of business not more than thirty (30) days past due; (c) all obligations of any such Person as lessee under Capital Leases
and under “synthetic” or similar leases; (d) all Debt secured by any Lien upon property or assets owned by such Person, notwithstanding that such Person has not assumed or become liable for the payment of such Debt; (e) all Guaranty
Obligations of any such Person; (f) all obligations, contingent or otherwise, of any such Person relative to the face amount of letters of credit, whether or not drawn, including without limitation any Reimbursement Obligation, and banker’s
acceptances issued for the account of any such Person; (g) all obligations of any such Person to redeem, repurchase, exchange, defease or otherwise make payments in respect of capital stock or other securities of such Person; and (h) all obligations
incurred by any such Person pursuant to Hedging Agreements. 
  
 “Default” means any of the events specified in Section 11.1 hereof which with the passage of time, the giving of notice or any other condition, would constitute an Event of Default. 
  
 “Defaulting Lender” has the meaning assigned to such term in
Section 4.6(d) hereof. 
  
 “Distribution
Center” means the planned new distribution center and call center in Pennsylvania for Urban and its Subsidiaries. 
  
 “Dollar Equivalent” means, on any date of determination with respect to any Alternate Currency Loan or Alternate Currency Letter of
Credit, the amount, as determined by Administrative Agent, of Dollars which could be purchased with the amount of the relevant Alternate Currency involved in such computation at the spot rate at which Dollars may be exchanged into such Alternate
Currency as set forth on such date on the applicable Dow Jones Telerate page (or any successor pages) or, if such rate does not appear on such pages, at the rate of exchange quoted by the Administrative Agent in Philadelphia, Pennsylvania at 11:00
a.m. on the date of determination, to prime banks in New York City for the spot purchase in the New York foreign exchange market of such amount of Dollars with such Alternate Currency, as the case may be. 
  
 “Dollars or $” means, unless otherwise qualified, the lawful
currency of the United States of America. 
  
 “EBIT” means, for any period of determination, as to Urban and its Consolidated Subsidiaries, net income for such period, plus Interest Expense and taxes, in each case as determined in accordance with GAAP and, if
applicable, to the extent each has been deducted in determining net income. 
  
 “EBITDAR” means, for any period of determination, as to Urban and its Consolidated Subsidiaries, EBIT plus depreciation expense, amortization expense and Rents for such period, in each case as
determined in accordance with GAAP (except Rents, which shall be determined on a cash rather than an accrual basis) and, if applicable, to the extent each has been deducted in determining net income. 
  

 -5- 

 “Eligible Assignee” means, with respect to any assignment of the rights, interest and
obligations of a Lender hereunder, a Person that is at the time of such assignment: (a) a commercial bank organized under the laws of the United States or any state thereof, having combined capital and surplus in excess of $500,000,000; (b) a
commercial bank organized under the laws of any other country that is a member of the Organization of Economic Cooperation and Development, or a political subdivision of any such country, having combined capital and surplus in excess of
$500,000,000; (c) a finance company, insurance company or other financial institution which in the ordinary course of business extends credit of the type extended hereunder and that has total assets in excess of $1,000,000,000; (d) already a Lender
hereunder (whether as an original party to this Agreement or as the assignee of the Lender); (e) the successor (whether by transfer of assets, merger or otherwise) to all or substantially all of the commercial lending business of the assigning
Lender; or (f) any other Person that has been approved in writing as an Eligible Assignee by the Borrowers and the Administrative Agent. 
  
 “Employee Benefit Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA which (a) is maintained for employees
of any Borrower or any ERISA Affiliate or (b) has at any time within the preceding six years been maintained for the employees of any Borrower or any current or former ERISA Affiliate. 
  
 “Environmental Laws” means any and all federal, state and local laws, statutes, ordinances, rules,
regulations, permits, licenses, approvals, interpretations and orders of courts or Governmental Authorities, relating to the protection of human health or the environment, including without limitation requirements pertaining to the manufacture,
processing, distribution, use, treatment, storage, disposal, transportation, handling, reporting, licensing, permitting, investigation or remediation of Hazardous Materials. 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974, and the rules and regulations
thereunder, each as amended, supplemented or otherwise modified. 
  
 “ERISA Affiliate” means any Person who together with any Borrower or Subsidiary is treated as a single employer within the meaning of Section 414(b), (c), (m) or (o) of the Code or Section 4001(b) of ERISA. 
  
 “euro” means the single currency of the Participating Member
States of the European Union. 
  
 “Eurocurrency
Rate” shall mean, with respect to any Eurocurrency Loan, a rate per annum (rounded to the next higher 1/100 of 1%) at which deposits in the relevant Alternate Currency are offered to the Administrative Agent at its principal office in
London, England by prime banks in the London Interbank Market, in each case, as of 11:00 a.m. London time, on the second Business Day prior to the commencement of the relevant Interest Period in amounts substantially equal to the Alternate Currency
Loan as to which Borrowers may elect the Eurocurrency Rate to be applicable and with a maturity of comparable duration to the Interest Period selected by Borrowers for such Alternate Currency Loan, as may be adjusted for reserves by dividing that
rate by 1.00 minus the Eurodollar Reserve Percentage, and as may be further adjusted for MLA Costs. 
  
 “Eurodollar Reserve Percentage” means, for any day, the percentage (expressed as a decimal and rounded upwards, if necessary, to the next
higher one-hundredth of one percent (1/100%)) which is in effect for such day as prescribed by the Federal Reserve Board (or any successor) for determining the maximum reserve requirement (including without limitation any basic, supplemental or
emergency reserves) in respect of eurocurrency liabilities or any similar category of liabilities for a member bank of the Federal Reserve System in New York City. 
  

 -6- 

 “Event of Default” means any of the events specified in Section 11.1 hereof,
provided that any requirement for passage of time, giving of notice, or any other condition, has been satisfied. 
  
 “Excluded Projects” means the acquisition, leasing, planning, development, construction (including demolition, rehabilitation, renovation
and/or expansion of existing buildings) and fit-out (but excluding any long-term and equipment financing thereof) of the Corporate Headquarters and the Distribution Center. 
  
 “Existing Wachovia Facility” means that certain standby letter of credit facility, documentary letter of
credit facility and forward contract foreign exchange facility by and between Urban Outfitters UK Limited, as the borrower, and Wachovia, London Branch, as the lender, as in effect from time to time. 
  
 “Existing Letters of Credit” has the meaning assigned
thereto in Section 3.3 hereof. 
  
 “Extensions of
Credit” means an amount equal to the sum of: (a) the aggregate principal amount of all Loans then outstanding, and (b) the L/C Obligations then outstanding. 
  
 “Executive Order” has the meaning assigned thereto in Section 6.1(z) hereof. 
  
 “FDIC” means the Federal Deposit Insurance Corporation, or
any successor thereto. 
  
 “Federal Funds Rate”
means, the rate per annum (rounded upwards, if necessary, to the next higher one-hundredth of one percent (1/100%)) representing the daily effective federal funds rate as quoted by the Administrative Agent and confirmed in Federal Reserve Board
Statistical Release H.15 (519) or any successor or substitute publication selected by the Administrative Agent. If, for any reason, such rate is not available, then “Federal Funds Rate” shall mean a daily rate which is determined, in the
opinion of the Administrative Agent, to be the rate at which federal funds are being offered for sale in the national federal funds market at 9:00 a.m.(Philadelphia time). Rates for weekends or holidays shall be the same as the rate for the most
immediate preceding Business Day. 
  
 “Fiscal
Year” means the fiscal year of the Borrowers and their Subsidiaries ending on January 31. 
  
 “Fixed Charge Coverage Ratio” means, as of any date of determination, as to Urban and its Consolidated Subsidiaries, the ratio of (a)
EBITDAR to (b) Fixed Charges, in each case for the most recently ended Rolling Period. 
  
 “Fixed Charges” means the sum of Interest Expense, Cash Taxes, Rents, stock repurchases, and dividends and other equity distributions. 
  
 “Foreign Assets Control Regulations” has the meaning assigned thereto in Section 6.1(z) hereof.

  
 “Funded Debt” means, for any period of
determination, the aggregate principal amount of all Debt of the Borrowers and their Consolidated Subsidiaries for: (i) borrowed money (including without limitation the face amount of Letters of Credit whether or not drawn); (ii) installment
purchases of real or personal property; (iii) the principal portion of obligations owing under Capital Leases, determined in accordance with GAAP; (iv) “synthetic leases” and other similar lease arrangements; and (v) guaranties of Funded
Debt of others, without duplication. 
  

 -7- 

 “FX Calculation Date” means (a) each date of delivery of a Notice of Borrowing or
Application, (b) each date of delivery of an Officer’s Compliance Certificate, and (c) each other date on which Administrative Agent shall, in its discretion, calculate the Dollar Equivalent of outstanding Alternate Currency Exposure, provided,
that Administrative Agent agrees to make such calculation upon receipt of written notice from any Lender that such Lender believes the Aggregate Commitment or Alternate Currency Sublimit may be exceeded as a result of currency fluctuations affecting
the Dollar Equivalent of outstanding Alternate Currency Exposure, provided further, that, except as set forth in the foregoing proviso, Administrative Agent shall have no obligation to calculate the Dollar Equivalent of outstanding Alternate
Currency Exposure other than on an FX Calculation Date as set forth in clauses (a) and (b). 
  
 “GAAP” means generally accepted accounting principles, as recognized by the American Institute of Certified Public Accountants and the Financial Accounting Standards Board, consistently applied and
maintained on a consistent basis for the Borrowers and their Subsidiaries throughout the period indicated and consistent with the prior financial practice of the Borrowers and their Subsidiaries. 
  
 “Governmental Approvals” means all authorizations, consents,
approvals, licenses and exemptions of, registrations and filings with, and reports to, all Governmental Authorities. 
  
 “Governmental Authority” means any nation, province, state or political subdivision thereof, and any government, agency, instrumentality
regulatory body, court, central bank or other Person exercising executive, legislative, regulatory, administrative or judicial functions of or pertaining to government, and any corporation or other entity owned or controlled, through stock or
capital ownership or otherwise, by any of the foregoing. 
  
 “Guaranty Agreement” means that certain Guaranty Agreement, dated the date of this Agreement, executed by the Guarantors in favor of the Administrative Agent for the benefit of Lenders, pursuant to which the Guarantors have
agreed to unconditionally guaranty, on a joint and several basis, the full, prompt and complete performance of all of the Borrowers’ duties, covenants and obligations under this Agreement, the Notes and the other Loan Documents. The term
“Guaranty Agreement” shall also be deemed to mean and refer to all amendments, modifications, extensions, renewals, refinancings and/or supplements to said agreement made and/or entered into subsequent to the Closing Date, including
without limitation all amendments which are consummated for the purposes of adding any new and/or additional Persons as Guarantors, as provided for in Section 8.12 of this Agreement. 
  
 “Guarantors” means collectively those direct and indirect
Subsidiaries of the Borrowers set forth on Schedule 3 hereto, and “Guarantor” means any of such Guarantors and each additional entity whether now owned or hereafter acquired that becomes a Guarantor pursuant to Section 8.12
hereof; provided, however, that Urban Outfitters Canada, Inc., a corporation formed under the laws of Canada, shall not be a Guarantor. 
  
 “Guaranty Obligation” means, with respect to the Borrowers and their Subsidiaries, without duplication, any obligation, contingent or
otherwise, of any such Person pursuant to which such Person has directly or indirectly guaranteed any Debt of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, with
respect to such Debt: (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt (whether arising by virtue of partnership arrangements, by agreement to keep well, to purchase assets, goods, securities or services,
to take-or-pay, or to maintain financial statement condition or otherwise), or (b) entered into for the purpose of assuring in any other manner the obligee of such Debt of the payment thereof or to protect such obligee against loss in respect
thereof (in whole or in part); provided, that the term “Guaranty Obligation” shall not include (i) endorsements for collection or deposit in the ordinary 

  

 -8- 

 
course of business, or (ii) obligations under real estate leases to the extent that such obligations do not constitute Debt. 
  
 “Hayne” has the meaning assigned thereto in the definition
of Change of Control above. 
  
 “Hazardous
Materials” means any substances or materials: (a) which are or become defined as hazardous wastes, hazardous substances, pollutants, contaminants, chemical substances or mixtures or toxic substances under any Applicable Law; (b) which are
toxic, explosive, corrosive, flammable, infectious, radioactive, carcinogenic, mutagenic or otherwise harmful to human health or the environment and are or become regulated by any Governmental Authority; (c) the presence of which require
investigation or remediation under any Applicable Law; (d) the discharge or emission or release of which requires a permit or license under any Applicable Law or other Governmental Approval; (e) which are deemed to constitute a nuisance, a trespass
or pose a health or safety hazard to persons or neighboring properties; (f) which consist of underground or aboveground storage tanks, whether empty, filled or partially filled with any substance; or (g) which contain, without limitation, asbestos,
polychlorinated biphenyls, urea formaldehyde foam insulation, petroleum hydrocarbons, petroleum derived substances or waste, crude oil, nuclear fuel, natural gas or synthetic gas. 
  
 “Hedging Agreement” means any agreement with respect to an interest rate or currency exchange rate swap,
collar, cap, floor or forward rate agreement or other agreement regarding the hedging of interest rate risk exposure or currency exchange rate risk exposure executed in connection with hedging the interest rate exposure or exchange rate exposure of
any Borrower, and any confirming letter executed pursuant to such hedging agreement, all as amended, restated or otherwise modified. 
  
 “Intangible Assets” means for Urban and its Consolidated Subsidiaries, all assets which would be classified in accordance with GAAP as
intangible assets, including without limitation, all franchises, licenses, permits, patents, patent applications, copyrights, trademarks, tradenames, goodwill, experimental or organization expenses and other like intangibles, the cash surrender
value and other like intangibles of any life insurance policy, treasury stock and unamortized debt discount. 
  
 “Interest Expense” means, for any period of determination, as to Urban and its Consolidated Subsidiaries, total interest expense
(including without limitation interest expense attributable to Capital Leases), without duplication, determined in accordance with GAAP. 
  
 “Interest Period” shall have the meaning assigned thereto in Section 4.1(b) hereof. 
  
 “Issuing Lender” means Wachovia in its capacity as issuer of
any Letter of Credit, or any successor thereto. 
  
 “L/C
Commitment” means: (a) in the case of documentary Letters of Credit, the Aggregate Commitment, and (b) in the case of standby Letters of Credit, the lesser of (i) the Aggregate Commitment and (ii) One Million Dollars ($1,000,000).

  
 “L/C Obligations” means at any time, an
amount equal to the sum of (a) the aggregate undrawn and unexpired amount of the then outstanding Letters of Credit and (b) the aggregate amount of drawings under Letters of Credit which have not then been reimbursed pursuant to Section 3.8
hereof. 
  
 “L/C Participants” means the
collective reference to all Lenders participating in the issuance of Letters of Credit. 
  

 -9- 

 “Lender” means each Person executing this Agreement as a Lender set forth on the
signature pages hereto and each Person that hereafter becomes a party to this Agreement as a Lender pursuant to Section 13.10 hereof. 
  
 “Lending Office” means, with respect to any Lender, the office of such Lender maintaining such Lender’s Commitment Percentage of the
Loans. 
  
 “Letters of Credit” shall have the
meaning assigned thereto in Section 3.1 hereof. 
  
 “LIBO Market Index Rate” means for any day, [(a)] for borrowings in Dollars, the rate for one (1) month U.S. Dollar deposits [and (b) for borrowings in an Alternate Currency, the rate for one (1) month deposits of such
Alternate Currency,] as reported on the Telerate page 3750 [or similar page for Alternate Currency] as of 11:00 a.m. London time, for such day, provided that, if such day is not a London Business Day, then the immediately preceding London Business
Day (or if not so reported, then as determined by the Administrative Agent from another recognized source or interbank quotation); each change in the LIBO Market Index Rate applicable to the Loans bearing interest at such rate shall take effect
simultaneously with the corresponding change in the LIBO Market Index Rate. 
  
 “LIBO Market Index Rate Loan” means any Loan bearing interest at a rate based upon the LIBO Market Index Rate as provided in Section 4.1(a) hereof. 
  
 “LIBOR” means the rate of interest per annum determined on
the basis of the rate for deposits in Dollars, in amounts substantially equal to the amount of the LIBOR Rate Loan to which such LIBOR Rate will apply, for a period equal to the applicable Interest Period which appears on the Telerate Page 3750 at
approximately 11:00 a.m.(London time) two (2) Business Days prior to the first day of the applicable Interest Period (rounded upwards, if necessary, to the next higher one-hundredth of one percent (1/100%)). If, for any reason, such rate does not
appear on Telerate Page 3750, then LIBOR shall be determined by the Administrative Agent to be the arithmetic average (rounded upwards, if necessary, to the next higher one-hundredth of one percent (1/100%)) of the rate per annum at which deposits
in Dollars would be offered by first class banks in the London interbank market to the Administrative Agent approximately 11:00 a.m.(London time) two (2) Business Days prior to the first day of the applicable Interest Period for a period equal to
such Interest Period and in an amount substantially equal to the amount of the applicable Loan. 
  
 “LIBOR Rate” means a rate per annum (rounded upwards, if necessary, to the next higher one-hundredth of one percent (1/100%)) determined
by the Administrative Agent pursuant to the following formula: 
  

					
	LIBOR Rate =	  	LIBOR	  	 
	  	1.00 - Eurodollar Reserve Percentage	  	 

  
 “LIBOR Rate
Loan” means any Loan bearing interest at a rate based upon the LIBOR Rate as provided in Section 4.1(a) hereof. 
  
 “Lien” means, with respect to any asset, any mortgage, lien pledge, charge, security interest or encumbrance of any kind in respect of
such asset, including without limitation acquiring or holding any asset subject to the interest of a vendor, lessor or other creditor under any conditional sale agreement, Capital Lease or other title retention agreement relating to such asset.

  

 -10- 

 “Loans” means any revolving loan made to the Borrowers pursuant to Section 2.1
hereof, including without limitation all Alternate Currency Loans, and all such revolving loans collectively as the context requires, and “Loan” means any of such Loans. 
  
 “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. 
  
 “London Business Day” means any Business Day on which banks in London, England are open for business. 
  
 “Management Report” means that certain memorandum entitled “Material Weaknesses in Internal Control” furnished to the Borrowers
by their auditors, or any similar successor report, in its entirety, as required to be delivered in accordance with Generally Accepted Auditing Standards. 
  
 “Material Adverse Effect” means, with respect to the Borrowers and their Subsidiaries taken as a whole, a material adverse effect on the
properties, business, prospects, operations or condition (financial or otherwise) of the Borrowers and their Subsidiaries or the ability of the Borrowers and their Subsidiaries to perform their obligations under the Loan Documents or Material
Contracts, in each case to which they are a party. 
  
 “Material Contract” means (a) any contract or other agreement, written or oral, of any Borrower or any Subsidiary involving monetary liability of or to any such Person in an amount in excess of $5,000,000 per annum, or (b)
any other contract or agreement, written or oral, of any Borrower or any Subsidiary the failure to comply with which could reasonably be expected to have a Material Adverse Effect; provided, however, that operating leases in the
aggregate, in and of themselves, shall not be deemed a Material Contract; provided, further, however, that any single operating lease may constitute a Material Contract in accordance with the foregoing definition of Material Contract;
and provided, further that no contracts (other than contracts relating to any aspect of the financing of the Corporate Headquarters and/or the Distribution Center) entered into in connection with Excluded Projects will be deemed to be
a Material Contract. 
  
 “MLA Cost” shall mean,
with respect to any Alternate Currency Loan made by any Lender, the cost imputed to such Lender of compliance with the Mandatory Liquid Assets requirements of the Bank of England during the Interest Period applicable to such Alternate Currency Loan,
expressed as a rate per annum and determined in accordance with Exhibit H hereto. 
  
 “Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which any Borrower, any Subsidiary or any ERISA Affiliate is making, or is accruing an
obligation to make, contributions within the preceding six years. 
  
 “national currency unit” means the unit of currency (other than a euro unit) of a Participating Member State. 
  
 “Non-U.S. Borrowers” means collectively all Borrowers formed under a jurisdiction outside of the United States, including without
limitation Urban Outfitters UK Limited, a corporation formed under the laws of England and Wales, and Urban Outfitters Ireland Limited, a corporation formed under the laws of the Republic of Ireland, and “Non-U.S. Borrower” means
any of such Non-U.S. Borrowers. 
  

 -11- 

 “Non-U.S. Sublimit” means the maximum amount which may be outstanding at any time, in
the aggregate, for: (i) Loans borrowed by or on behalf of any Non-U.S. Borrower, (ii) intercompany loans to any Non-U.S. Borrower permitted under Section 10.4(d) hereof and (iii) L/C Obligations for Letters of Credit issued for the account of
any Non-U.S. Borrower, being Eight Million Dollars ($8,000,000) on the date hereof. 
  
 “Note(s)” means the collective reference to the Notes executed by the Borrowers payable to the order of each Lender, substantially in the form of Exhibit A hereto, evidencing the Commitments,
and any amendments and modifications thereto, any substitutes therefor, and any replacements, restatements, renewals or extension thereof, in whole or in part. 
  

“Note 10” shall have the meaning assigned thereto in Section 6.1(t) hereof. 
  
 “Notice of Account Designation” shall have the meaning
assigned thereto in Section 2.2(c) hereof. 
  
 “Notice of Borrowing” shall have the meaning assigned thereto in Section 2.2 hereof. 
  
 “Notice of Conversion/Continuation” shall have the meaning assigned thereto in Section 4.2 hereof. 
  
 “Obligations” means, in each case, whether now in existence
or hereafter arising: (a) the principal of and interest on (including without limitation interest accruing after the filing of any bankruptcy or similar petition) the Loans; (b) the L/C Obligations; (c) all payment and other obligations owing by the
Borrowers and Guarantors to any Lender or the Administrative Agent under any Hedging Agreement with any Lender; and (d) all other fees and commissions (including without limitation attorney’s fees), charges, indebtedness, loans, liabilities,
financial accommodations, obligations, covenants and duties owing by the Borrowers and Guarantors to the Lenders or the Administrative Agent, of every kind, nature and description, direct or indirect, absolute or contingent, due or to become due,
contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any note, in each case under or in respect of this Agreement, the Note, any Letter of Credit or any of the other Loan Documents, or any Hedging Agreement with any
Lender or the Administrative Agent. 
  
 “Officer’s
Compliance Certificate” shall have the meaning assigned thereto in Section 7.2 hereof. 
  
 “Other Taxes” shall have the meaning assigned thereto in Section 4.9(b) hereof. 
  
 “Participants” shall have the meaning assigned thereto in
Section 13.10 hereof. 
  
 “Participating Member
State” means each state so described in any legislation enacted by the European Union. 
  
 “Participations” shall have the meaning assigned thereto in Section 13.10 hereof. 
  
 “PBGC” means the Pension Benefit Guaranty Corporation or any
successor agency. 
  
 “Pension Plan” means any
Employee Benefit Plan, other than a Multiemployer Plan, which is subject to the provisions of Title IV of ERISA or Section 412 of the Code and which (a) is maintained for employees of any Borrower, Subsidiary or ERISA Affiliate or (b) has at any
time within 

  

 -12- 

 
the preceding six years been maintained for the employees of any Borrower, Subsidiary or current or former ERISA Affiliate. 
  
 “Person” means an individual, corporation, limited liability
company, partnership, association, trust, business trust, joint venture, joint stock company, pool, syndicate, sole proprietorship, unincorporated organization, Governmental Authority or any other form of entity or group thereof. 
  
 “Pounds Sterling” means the lawful currency of the United
Kingdom. 
  
 “Prime Rate” means, at any time, the
rate of interest per annum publicly announced from time to time by Wachovia as its prime rate. Each change in the Prime Rate shall be effective as of the opening of business on the day such change in the Prime Rate occurs. The parties hereto
acknowledge that the rate announced publicly by Wachovia as its Prime Rate is an index or base rate and shall not necessarily be its lowest or best rate charged to its customers or other banks. 
  
 “Principal Financial Center” means, in the case of any
Alternate Currency, the principal financial center with such Alternate Currency is cleared and settled, as determined by the Administrative Agent. 
  
 “Reimbursement Obligation” means the obligation of the Borrowers to reimburse the Issuing Lender pursuant to Section 3.8 hereof
for amounts drawn under Letters of Credit. 
  
 “Remaining
Lenders” means the Lenders other than the Lender(s) which the Borrowers have requested to be terminated, replaced or added under this Agreement; provided, however, that such Remaining Lenders hold in the aggregate at least sixty percent
(60%) of the Aggregate Commitment immediately prior to such termination, replacement or addition. 
  
 “Rents” means all cash payments made to a landlord in connection with a lease of real property, including without limitation payments for
rent, utilities and taxes. 
  
 “Required Lenders”
means: (i) if there are less than three Lenders, all Lenders, or (ii) if there are three or more Lenders, at any date, any combination of holders of at least sixty-six and two-thirds percent (66 2/3%) of the aggregate unpaid principal amount of the
Notes, or if no amounts are outstanding under the Notes, any combination of Lenders whose Commitment Percentages aggregate at least sixty-six and two-thirds percent (66 2/3%). 
  
 “Responsible Officer” means any of the following: the chief executive officer, chief financial officer or
treasurer of each Borrower or Guarantor or any other officer of such Borrower or Guarantor reasonably acceptable to the Administrative Agent. 
  
 “Rolling Period” means, as of any date, the most recent four (4) consecutive fiscal quarters of Urban and its Consolidated Subsidiaries
completed on or before such date. 
  
 “Solvent”
means, as to any Borrower or Guarantor on a particular date, that any such Person (a) has capital sufficient to carry on its business and transactions and all business and transactions in which it is about to engage and is able to pay its debts as
they mature, (b) owns property having a value, both at fair valuation and at present fair saleable value, greater than the amount required to pay its probable liabilities (including without limitation contingencies), and (c) does not believe that it
will incur debts or liabilities beyond its ability to pay such debts or liabilities as they mature. 
  

 -13- 

 “SPE” means one or more entities formed after the date of this Credit Agreement, if any,
created for the sole purpose of owning all or any portion of an Excluded Project. 
  
 “Subordinated Debt” means the collective reference to Debt on Schedule 6.1(t) hereto designated as Subordinated Debt and any other Debt of any Borrower or Subsidiary subordinated in right and
time of payment to the Obligations on terms satisfactory to the Required Lenders. 
  
 “Subsidiary” means as to any Person, any corporation, partnership, limited liability company or other entity of which more than fifty percent (50%) of the outstanding capital stock or other ownership
interests having ordinary voting power to elect a majority of the board of directors or other managers of such corporation, partnership, limited liability company or other entity is at the time, directly or indirectly, owned by or the management is
otherwise controlled by such Person (irrespective of whether, at the time, capital stock or other ownership interests of any other class or classes of such corporation, partnership, limited liability company or other entity shall have or might have
voting power by reason of the happening of any contingency). Unless otherwise qualified references to “Subsidiary” or “Subsidiaries” herein shall refer to those of any Borrower. 
  
 “Tangible Net Worth” means Urban and its Consolidated
Subsidiaries’ net worth, as defined in accordance with GAAP, minus Intangible Assets. 
  
 “Taxes” has the meaning assigned thereto in Section 4.9 hereof. 
  
 “Termination Date” means the earliest of the dates referred to in Section 2.6 hereof. 
  
 “Termination Date Extension Request” means a request by
Urban to the Administrative Agent, substantially in the form of Exhibit F hereto, which shall be submitted no earlier than one hundred fifty (150) days and no later than forty-five days (45) days prior to the Termination Date referred to in
subsection (a) of Section 2.6 hereof. 
  
 “Termination Event” means one or more of any of the following: (a) a “Reportable Event” described in Section 4043 of ERISA; (b) the withdrawal of any Borrower, Subsidiary or any ERISA Affiliate from a Pension Plan
during a plan year in which it was a “substantial employer” as defined in Section 4001(a)(2) of ERISA; (c) the termination of a Pension Plan, the filing of a notice of intent to terminate a Pension Plan or the treatment of a Pension Plan
amendment as a termination under Section 4041 of ERISA; (d) the institution of proceedings to terminate, or the appointment of a trustee with respect to, any Pension Plan by the PBGC; (e) any other event or condition which would constitute grounds
under Section 4042(a) of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (f) the partial or complete withdrawal of any Borrower, Subsidiary or ERISA Affiliate from a Multiemployer Plan; (g) the
imposition of a Lien pursuant to Section 412 of the Code or Section 302 of ERISA; (h) any event or condition which results in the reorganization or insolvency of a Multiemployer Plan under Sections 4241 or 4245 of ERISA; or (i) any event or
condition which results in the termination of a Multiemployer Plan under Section 4041A of ERISA or the institution by PBGC of proceedings to terminate a Multiemployer Plan under Section 4042 of ERISA. 
  
 “Trading With the Enemy Act” has the meaning assigned
thereto in Section 6.1(z) hereto. 
  
 “Uniform
Customs” means in the case of (a) standby Letters of Credit, the International Standby Practices—ISP98 (1998), International Chamber of Commerce Publication No. 590, as the same may be amended or revised from time to time, and (b)
documentary Letters of Credit, the Uniform Customs and Practice for Documentary Credits (1994 Revision), International Chamber of Commerce Publication No. 500, as the same may be amended or revised from time to time. 
  

 -14- 

 “UCC” means the Uniform Commercial Code as in effect in the Commonwealth of
Pennsylvania, as amended, restated or otherwise modified. 
  
 “United States” means the United States of America. 
  
 “U.S. Borrowers” means collectively all Borrowers formed under the laws of a jurisdiction within the United States, and “U.S. Borrower” means any of such U.S. Borrowers. 

 
 “Wachovia” means Wachovia Bank, a national banking
association, and its successors. 
  
 “Wholly-Owned” means, with respect to a Subsidiary, that all of the shares of capital stock or other ownership interests of such Subsidiary are, directly or indirectly, owned or controlled by a Borrower and/or one or more
of a Borrower’s Wholly-Owned Subsidiaries. 
  
 Section 1.2
General. Unless otherwise specified, a reference in this Agreement to a particular section, subsection, Schedule or Exhibit is a reference to that section, subsection, Schedule or Exhibit of this Agreement. Wherever from the context it
appears appropriate, each term stated in either the singular or plural shall include the singular and plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, the feminine and the neuter. Any reference
herein to “Philadelphia time” shall refer to the applicable time of day in Philadelphia, Pennsylvania. 
  
 Section 1.3 Other Definitions and Provisions. 
  
 (a) Use of Capitalized Terms. Unless otherwise defined therein, all capitalized terms defined in this Agreement shall have the
defined meanings when used in this Agreement, the Note and the other Loan Documents or any certificate, report or other document made or delivered pursuant to this Agreement. 
  
 (b) Miscellaneous. The words hereof, herein and hereunder and words of similar import when used in
this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. 
  
 ARTICLE II 
 CREDIT FACILITY 
  
 Section 2.1 Loans. Subject to the terms and conditions of this Agreement,
each Lender severally agrees to make Loans to the Borrowers from time to time from the Closing Date through the Termination Date as requested by the Borrowers in accordance with the terms of hereof; provided, that 
  
 (a) the aggregate principal amount of all outstanding Loans
(after giving effect to any amount requested) shall not exceed the Aggregate Commitment less the sum of all L/C Obligations, 
  
 (b) the principal amount of outstanding Loans from any Lender to the Borrowers shall not at any time exceed such Lender’s Commitment
as set forth on Schedule 2 hereto less such Lender’s Commitment Percentage of outstanding L/C Obligations, 
  
 (c) the aggregate principal amount of all outstanding Loans to Non-U.S. Borrowers (after giving effect to any amount requested) shall not
at any time exceed the Non-U.S. Sublimit less the sum of: (i) the aggregate principal amount of all outstanding intercompany loans to any 

  

 -15- 

 
Non-U.S. Borrower permitted under Section 10.4(d) hereof and (ii) all L/C Obligations for Letters of Credit issued for the account of any Non-U.S.
Borrower, 
  
 (d) Lenders may make Alternate
Currency Loans only to Non-U.S. Borrowers; and 
  
 (e) the Dollar Equivalent of the Alternate Currency Exposure shall not at any time exceed the Alternate Currency Sublimit. 
  
 Each Loan by a Lender shall be in a principal amount equal to such Lender’s Commitment Percentage of the aggregate principal amount of Loans requested on such
occasion. Subject to the terms and conditions hereof, the Borrowers may borrow, repay and reborrow Loans hereunder until the Termination Date. 
  
 Section 2.2 Procedure for Advances of Loans. 
  
 (a) Requests for Borrowing. The Borrowers shall give the Administrative Agent irrevocable prior written notice in the form attached
hereto as Exhibit B (a “Notice of Borrowing”) not later than 11:00 a.m.(Philadelphia time) (i) on the same Business Day as each Base Rate Loan or LIBO Market Index Rate Loan, (ii) at least three (3) Business Days before each LIBOR
Rate Loan, and (iii) at least three (3) London Business Days before each Alternate Currency Loan, of its intention to borrow, specifying: (A) the date of such borrowing, which shall be a Business Day (and a London Business Day with respect to an
Alternate Currency Loan); (B) the amount of such borrowing, which shall be in an amount equal to the amount of the Aggregate Commitment then available to the Borrowers, or, if less, (w) with respect to Base Rate Loans, in an aggregate
principal amount of $250,000 and increments of $250,000 in excess thereof, (x) with respect to LIBO Market Index Rate Loans, in an aggregate principal amount of $500,000 and increments of $250,000 in excess thereof, (y) with respect to
LIBOR Rate Loans in an aggregate principal amount of $1,000,000 and increments of $500,000 in excess thereof and (z) with respect to Eurocurrency Loans, the Dollar Equivalent of $100,000 and increments of $100,000 in excess thereof; (C)
whether such Loans are to be Base Rate Loans, LIBO Market Index Rate Loans, LIBOR Rate Loans or Eurocurrency Loans, if a combination thereof, the amount allocated to each; and (D) in the case of a LIBOR Rate Loan or a Eurocurrency Loan, the duration
of the Interest Period applicable thereto. Notices received after 11:00 a.m.(Philadelphia time) shall be deemed received on the next Business Day. The Administrative Agent shall promptly notify the Lenders of each Notice of Borrowing. 
  
 (b) Authority of Urban. Each Borrower hereby
irrevocably authorizes and requests that Urban execute all Notices of Borrowing, make all elections as to interest rates and take any other actions required of or permitted by the Borrowers under this Agreement, on its respective behalf, in each
case, with the same force and effect as if such Borrower had executed such Notice of Borrowing, made such election or taken such other action itself. Any request, application, or other communication by Urban may be relied on by the Administrative
Agent and the Lenders, and any communication by the Administrative Agent and the Lenders shall be made to Urban, and shall be binding on each Borrower, jointly and severally, as fully as if such request, application or other communication were made
directly by or to each such Borrower. 
  
 (c)
Disbursement of Loans. Not later than 2:00 p.m.(Philadelphia time) on the proposed borrowing date, each Lender will make available to the Administrative Agent, for the account of the Borrowers, at the office of the Administrative Agent, in
funds immediately available to the Administrative Agent, such Lender’s Commitment Percentage of the Loans to be made on such borrowing date. The Borrowers hereby irrevocably authorize the Administrative Agent to disburse the proceeds of each
borrowing requested pursuant to this Section 2.2 in immediately available funds by 

  

 -16- 

 
crediting or wiring such proceeds to the deposit account of the Borrowers identified in the most recent notice substantially in the form of Exhibit C
hereto (a “Notice of Account Designation”) delivered by the Borrowers to the Administrative Agent or as may be otherwise agreed upon by the Borrowers and the Administrative Agent from time to time. Subject to Section 4.12 hereof,
the Administrative Agent shall not be obligated to disburse the portion of the proceeds of any Loan requested pursuant to this Section 2.2 to the extent that any Lender has not made available to the Administrative Agent its Commitment
Percentage of such Loan. 
  
 Section 2.3 Repayment of
Loans. 
  
 (a) Repayment of Loans. The
Borrowers shall repay the outstanding principal amount of all Loans in full on the Termination Date, together with all accrued but unpaid interest thereon and fees, costs and expenses. 
  
 (b) Mandatory Repayments. (i) If at any time the outstanding principal amount of all Loans exceeds
the Aggregate Commitment less the sum of all L/C Obligations, the Borrowers shall repay immediately upon notice from the Administrative Agent, by payment to the Administrative Agent for the account of the Lenders, the Loans, and shall furnish
cash collateral reasonably satisfactory to the Administrative Agent and/or repay the L/C Obligations, in an amount equal to such excess with each such repayment applied first to the aggregate amount of drawings under Letters of Credit which
have not then been reimbursed pursuant to Section 3.8 hereof, second to the principal amount of outstanding Loans, and third to the cash collateral account described in, and to be applied in accordance with the terms of,
Section 11.2(b) hereof. Each such repayment shall be accompanied by any amount required to be paid pursuant to Section 4.7 hereof, and (ii) if at any time the Dollar Equivalent of all Alternate Currency Exposure exceeds the Alternate
Currency Sublimit, then the Borrowers shall make a prepayment of Alternate Currency Loans and/or furnish cash collateral reasonably satisfactory to Administrative Agent or repay the L/C Obligations for the Alternate Currency Letters of Credit in the
amount of such excess. 
  
 (c) Optional
Repayments; Limitation on Prepayment of LIBOR Rate Loans and Eurocurrency Loans. The Borrowers: (i) may at any time and from time to time repay all or any portion of the outstanding principal balance of any Base Rate Loan or LIBO Market Index
Rate Loan without premium or penalty, provided that any such repayment shall include all accrued interest on the amount repaid; and (ii) may not repay any LIBOR Rate Loan or Eurocurrency Loan on any day other than on the last day of the Interest
Period applicable thereto unless such repayment is accompanied by all accrued interest on the amount repaid and by any amount required to be paid pursuant to Section 4.7 hereof 
  
 (d) Survival of Hedging Agreements. Any prepayment shall not affect Borrower’s obligation to
continue making payments under any Hedging Agreement (including any swap agreement, as defined in 11 U.S.C. §101) executed by any Borrower after the date hereof (it being acknowledged that no Hedging Agreement is outstanding as of the date
hereof), which shall remain in full force and effect notwithstanding such prepayment, subject to the terms of such Hedging Agreement. 
  
 Section 2.4 Notes. The Loans and the obligation of the Borrowers to repay such Loans shall be evidenced by a Note executed by the Borrowers payable
to the order of each Lender representing the Borrowers’ obligation to pay such Lender’s Commitment or, if less, the aggregate unpaid principal amount of all Loans made and to be made by such Lender to the Borrowers hereunder, plus
interest and all other fees, charges and other amounts due thereon. Each Note shall be dated the Closing Date and shall bear interest on the unpaid principal amount thereof at the applicable interest rate per annum specified in Section 4.1
hereof. 
  

 -17- 

 Section 2.5 Change in Commitment. 
  
 (a) Reductions. The Borrowers shall have the right at any time and from time to time, upon at least
five (5) Business Days prior written notice to the Administrative Agent, to permanently reduce, without premium or penalty, (i) the Aggregate Commitment at any time or (ii) portions of the Aggregate Commitment, from time to time, in an aggregate
principal amount not less than $1,000,000 or any whole multiple of $1,000,000 in excess thereof. Each permanent reduction permitted pursuant to this Section 2.5(a) shall be accompanied by a payment of principal sufficient to reduce the aggregate
outstanding Extensions of Credit after such reduction to the Aggregate Commitment as so reduced and if the Aggregate Commitment as so reduced is less than the aggregate amount of all outstanding and unexpired Letters of Credit, the Borrowers shall
be required to deposit collateral, of the type and in the amounts required by Section 3.4 hereof, in a cash collateral account opened by the Administrative Agent. Any reduction of the Aggregate Commitment to zero shall be accompanied by
payment of all outstanding Obligations thereunder (and furnishing of cash collateral satisfactory to the Administrative Agent for all L/C Obligations) and shall result in the termination of the Aggregate Commitment. Such cash collateral shall be
applied in accordance with Section 11.2(b) hereof. If the reduction of the Aggregate Commitment requires the repayment of any LIBOR Rate Loan, such repayment shall be accompanied by any amount required to be paid pursuant to Section
4.7 hereof. 
  
 (b) Increases. So long
as no Default or Event of Default has occurred and is continuing hereunder, the Borrowers shall have the right at any time and from time to time, upon at least seven (7) Business Days prior written notice to the Administrative Agent, to increase the
Aggregate Commitment, in one or more tranches, by an aggregate principal amount not to exceed Fifteen Million Dollars ($15,000,000). Each such increase permitted pursuant to this Section 2.5(b) shall be conditioned upon Borrowers’
compliance, as of the effective date of any such increase, with the requirements of Section 5.2(b) hereto, as required by the Administrative Agent, which requirements may include without limitation, the execution and delivery of an amendment
agreement in form and substance satisfactory to the Required Lenders, the delivery of replacement or additional promissory notes, and confirmations of Guaranty Agreements. 
  
 Section 2.6 Termination of the Aggregate Commitment. The Aggregate Commitment shall terminate on the earliest of: (a)
September     , 2007 [the third (3rd) anniversary of the date hereof]; (b) the date of
termination by the Borrowers pursuant to Section 2.5(a) hereof; and (c) the date of termination by the Administrative Agent on behalf of the Lenders pursuant to Section 11.2(a) hereof; [provided, however, that Urban may
submit to the Administrative Agent a Termination Date Extension Request (which shall be submitted without limitation with the annual business plan and financial projections required to be delivered under Section 7.1(d) hereof), pursuant to
which each Lender, at its sole discretion, may agree to extend the Termination Date of its respective Commitment set forth in subsection (a) of this Section 2.6 by an additional three hundred sixty-four (364) day term.] 
  
 Section 2.7 Use of Proceeds. The Borrowers shall use the proceeds of
the Extensions of Credit: (a) to fund working capital (including expenditures for Capital Assets); (b) to support the issuance of Letters of Credit for the account of any Borrower (including for the benefit of a Guarantor); and (c) for the general
corporate requirements of the Borrowers (including without limitation the payment of certain fees and expenses incurred in connection with the transactions contemplated hereby). 
  
 Section 2.8 Joint and Several Obligations. The obligations of the Borrowers hereunder are and shall be joint and
several. It is the intent of Borrowers and Lenders that Non-U.S. Borrowers shall not be liable hereunder, except with respect to Loans made to Non-U.S. Borrowers and L/C Obligations for Letters of Credit issued for the account of Non-U.S. Borrowers.

  

 -18- 

 Section 2.9 Dollar Equivalent. All limitations relating to the amount of Alternate Currency
Advances and Alternate Currency Letters of Credit shall be calculated from time to time based on the Dollar Equivalent thereof as of the most recent FX Calculation Date. 
  
 ARTICLE III 
 LETTERS OF CREDIT 
  
 Section 3.1 L/C
Commitment. Subject to the terms and conditions hereof, the Issuing Lender: (i) agrees to issue standby and documentary letters of credit for the account of any Borrower or Guarantor and (ii) agrees to issue Alternate Currency Letters of Credit
for the account of any Non-U.S. Borrower (collectively, “Letters of Credit”), on any Business Day from the Closing Date through but not including the Termination Date in such form as may be approved from time to time by the Issuing Lender;
provided, that the Issuing Lender shall have no obligation to issue any Letter of Credit if: 
  
 (a) there exists a Default or an Event of Default, or the issuance of such Letter of Credit would give rise to a Default or an Event of
Default; 
  
 (b) after giving effect to such
issuance: 
  
 (i) the L/C Obligations would
exceed the L/C Commitment, 
  
 (ii) the Aggregate
Commitment minus the Extensions of Credit would be less than zero, 
  
 (iii) any Lender’s Commitment minus such Lender’s Extensions of Credit would be less than zero, 
  
 (iv) (A) the L/C Obligations for all Letters of Credit issued for the account of any Non-U.S. Borrower plus (B) the aggregate principal
amount of all Loans outstanding to any Non-U.S. Borrower plus (C) the aggregate principal amount of all outstanding intercompany loans to Non-U.S. Borrowers permitted under Section 10.4(d) hereof, would exceed the Non U.S. Sublimit, or

  
 (v) at the time of issuance of any Alternate
Currency Letter of Credit, the amount available to be drawn under such Alternate Currency Letter of Credit and all other Alternate Currency Letters of Credit then outstanding hereunder plus any unreimbursed draws under Alternate Currency Letters of
Credit, together with the outstanding principal amount of all Alternate Currency Loans, shall not exceed the Alternate Currency Sublimit. 
  
 (c) such issuance would conflict with, or cause the Issuing Lender or any L/C Participant to exceed any limits imposed by, any Applicable
Law. 
  
 References herein to “issue” and derivations thereof with
respect to Letters of Credit shall also include extensions or modifications of any existing Letters of Credit, unless the context otherwise requires. 
  
 Section 3.2 Terms of Letters of Credit. Subject without limitation to Section 3.1 hereof, each Letter of Credit shall: 
  
 (a) be denominated in Dollars in a minimum amount of $1,500,
or be denominated in an Alternate Currency in a minimum amount of a Dollar Equivalent of $1,500; 
  

 -19- 

 (b) be issued to support obligations of a Borrower or a Subsidiary, contingent or
otherwise, incurred in the ordinary course of business; 
  
 (c) expire on a date which shall be no later than the earlier of: 
  
 (i) in the case of standby Letters of Credit one (1) year from the date of issuance and subject to Section 3.4, the Termination
Date; or 
  
 (ii) in the case of documentary
Letters of Credit, one hundred eighty (180) days from the date of issuance, and subject to Section 3.4, the Termination Date. 
  
 (d) be subject to the Uniform Customs and, to the extent not inconsistent therewith the laws of the Commonwealth of Pennsylvania.

  
 Section 3.3 Existing Letters of Credit issued by
Wachovia. Reference is made to the letters of credit issued by Wachovia on behalf of one or more Borrowers prior to the date of this Agreement, the face amount, beneficiary and number of which are listed on Schedule 4 hereto (the
“Existing Letters of Credit”). The Borrowers and the Lenders hereby agree that as of the date of this Agreement: (a) all such Existing Letters of Credit shall hereinafter be deemed Letters of Credit, as if originally issued hereunder, and
shall be subject to the terms of this Agreement; provided, however, that the Borrowers shall not be obligated to pay any additional issuance fees in connection with such Existing Letters of Credit which are deemed to be Letters of
Credit hereunder; and (b) each of (i) the Existing Wachovia Facility, (ii) that certain Continuing Letter of Credit Agreement executed by Urban dated
                    ,             (iii) that certain CyberImport
International Operations Agreement executed by Urban on January 8, 2004, and (iv) each other master letter of credit agreement previously executed by any Borrower or Subsidiary with Wachovia, is hereby deemed superseded in its entirety by the terms
and conditions of this Agreement. 
  
 Section 3.4 Cash
Collateral for Letters of Credit. 
  
 (a)
Notwithstanding the provisions of Section 3.2 hereof requiring that the final expiry of each Letter of Credit be on or before the Termination Date, the Issuing Lender may issue, upon the Borrowers’ request if required by a proposed beneficiary,
a Letter of Credit which by its terms may be extended beyond the Termination Date. With respect to any such Letter of Credit issued hereunder, the Borrowers hereby agree that they will deliver on or before the Termination Date collateral, of the
type and in the amounts required by subparagraph (b) below and subject to subparagraph (c) below, in an amount equal to one hundred five percent (105%) of the outstanding undrawn amount of each such Letter of Credit. 
  
 (b) On the Termination Date, upon a reduction of the
Aggregate Commitment in the manner set forth in Section 2.5 hereof or upon the occurrence of and during the continuance of an Event of Default, the Issuing Lender may require (and in the case of an Event of Default occurring under Section
11.1(j) or Section 11.1(k) it shall be required automatically) that the Borrowers deliver to the Issuing Lender cash or U.S. Treasury Bills with maturities of not more than ninety (90) days from the date of delivery (discounted in
accordance with customary banking practice to present value to determine amount) in an amount equal at all times to one hundred five percent (105%) of the outstanding undrawn amount of all Letters of Credit, such cash or U.S. Treasury Bills and all
interest earned thereon to constitute cash collateral for all such Letters of Credit. 
  
 (c) Any cash collateral deposited under subparagraph (b) above, and all interest earned thereon, shall be held by the Issuing Lender and
invested and reinvested at the expense and 

  

 -20- 

 
the written direction of Borrowers, in U.S. Treasury Bills with maturities of no more than ninety (90) days from the date of investment. 
  
 Section 3.5 Procedure for Issuance of Letters of Credit. The Borrowers
may from time to time request that the Issuing Lender issue a Letter of Credit, or request that a Letter of Credit be amended or extended, by delivering to the Issuing Lender at the Administrative Agent’s office, an Application therefor,
completed to the satisfaction of the Issuing Lender, and such other certificates, documents and other papers and information as the Issuing Lender may request. Upon receipt of any Application, the Issuing Lender shall process such Application and
the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall, subject to Section 3.1 and Article V hereof, promptly issue the Letter of
Credit requested thereby (but in no event shall the Issuing Lender be required to issue any standby Letter of Credit earlier than three (3) Business Days, or any documentary Letter of Credit earlier than one (1) Business Day, after its receipt of
the Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by the Issuing Lender
and the Borrowers. The Issuing Lender shall promptly furnish to the Borrowers a copy of such Letter of Credit. 
  
 Section 3.6 Commissions and Other Charges. 
  
 (a) The Borrowers shall pay to the Administrative Agent for the account of the Issuing Lender and the L/C Participants on a pro rata basis
(i) fees with respect to documentary Letters of Credit as set forth on Schedule 5 attached hereto and (iii) a letter of credit fee with respect to each standby Letter of Credit in an amount equal to the Applicable Margin for a LIBOR Rate Loan as of
the date of the calculation of the fee on a per annum basis multiplied by the face amount of each standby Letter of Credit as then in effect. Each such commission shall be payable quarterly in arrears on the last Business Day of each calendar
quarter and on the Termination Date. 
  
 (b) In
connection with the issuance, transfer, extension, modification or other administration of any Letter of Credit, the Borrowers shall pay to the Issuing Lender upon request all customary costs and expenses of the Issuing Lender therefor. 

 
 (c) All fees, commissions, costs, expenses or other
charges paid to an Issuing Lender by Borrowers under this Section 3.6 shall be non-refundable. 
  
 Section 3.7 L/C Participations. 
  
 (a) The Issuing Lender irrevocably agrees to grant and hereby grants to each L/C Participant, and, to induce the Issuing Lender to issue
Letters of Credit hereunder, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from the Issuing Lender, on the terms and conditions hereinafter stated, for such L/C Participant’s own account and
risk an undivided interest equal to such L/C Participant’s Commitment Percentage in the Issuing Lender’s obligations and rights under each Letter of Credit issued hereunder and the amount of each draft paid by the Issuing Lender
thereunder. Each L/C Participant unconditionally and irrevocably agrees with the Issuing Lender that, if a draft is paid under any Letter of Credit for which the Issuing Lender is not reimbursed in full by the Borrowers in accordance with the terms
of this Agreement, such L/C Participant shall pay to the Issuing Lender upon demand at the Issuing Lender’s address for notices specified herein an amount equal to such L/C Participant’s Commitment Percentage of the amount of such draft,
or any part thereof, which is not so reimbursed. 
  

 -21- 

 (b) Upon becoming aware of any amount required to be paid by any L/C Participant to the
Issuing Lender pursuant to Section 3.7(a) hereof in respect of any unreimbursed portion of any payment made by the Issuing Lender under any Letter of Credit, the Issuing Lender shall notify each L/C Participant of the amount and due date of
such required payment and such L/C Participant shall pay to the Issuing Lender the amount specified on the applicable due date. If any such amount is paid to the Issuing Lender after the date such payment is due, such L/C Participant shall pay to
the Issuing Lender on demand, in addition to such amount, the product of (i) such amount, times (ii) the daily average Federal Funds Rate as determined by the Administrative Agent during the period from and including the date such payment is
due to the date on which such payment is immediately available to the Issuing Lender, times (iii) a fraction the numerator of which is the number of days that elapse during such period and the denominator of which is 360. A certificate of the
Issuing Lender with respect to any amounts owing under this Section 3.7(b) shall be conclusive in the absence of manifest error. With respect to payment to the Issuing Lender of the unreimbursed amounts described in this Section
3.7(b), if the L/C Participants receive notice that any such payment is due (A) prior to 1:00 p.m.(Philadelphia time) on any Business Day, such payment shall be due that Business Day, and (B) after 1:00 p.m.(Philadelphia time) on any
Business Day, such payment shall be due on the following Business Day. 
  
 (c) Whenever, at any time after the Issuing Lender has made payment under any Letter of Credit and has received from any L/C Participant its Commitment Percentage of such payment in accordance with this Section
3.7, the Issuing Lender receives any payment related to such Letter of Credit (whether directly from the Borrowers or otherwise, or any payment of interest on account thereof, the Issuing Lender will distribute to such L/C Participant its
pro rata share thereof; provided, that in the event that any such payment received by the Issuing Lender shall be required to be returned by the Issuing Lender, such L/C Participant shall return to the Issuing Lender the portion
thereof previously distributed by the Issuing Lender to it. 
  
 Section 3.8 Reimbursement Obligation of the Borrowers. The Borrowers agree to reimburse the Issuing Lender on each date on which the Issuing Lender notifies the Borrowers of the date and amount of a draft paid under any Letter of
Credit for the amount of (a) such draft so paid or presented purporting to be drawn and (b) any taxes, fees, charges or other costs or expenses incurred by the Issuing Lender in connection with such payment. Each such payment shall be made to the
Issuing Lender at its address for notices specified herein in Dollars, (except for payments in connection with Alternate Currency Letters of Credit which shall be repaid in the currency in which such draft was paid) and in immediately available
funds. If the Borrowers fail to timely reimburse the Issuing Lender on the date the Borrowers receive the notice referred to in this Section 3.8, the Borrowers shall be deemed to have timely given a Notice of Borrowing hereunder to the
Administrative Agent requesting the Lenders to make a Base Rate Loan on such date in an amount equal to the amount of such drawing and, regardless of whether or not the conditions precedent specified in Article V have been satisfied, the
Lenders shall make Base Rate Loans in such amount, the proceeds of which shall be applied to reimburse the Issuing Lender for the amount of the related drawing and costs and expenses; provided, however, that absent an Event of Default,
the Borrowers may elect to convert amounts remaining unpaid by the Borrowers (i) under any Letter of Credit denominated in Dollars to Base Rate Loans, LIBO Market Index Rate Loans, or LIBOR Rate Loans, and (ii) any Letter of Credit denominated in
any Alternate Currency to Eurocurrency Loans [or LIBO Market Index Rate Loans], subject to Section 4.2 hereof. 
  
 Section 3.9 Obligations Absolute. The Borrowers’ obligations under this Article III (including without limitation the Reimbursement
Obligation) shall be absolute and unconditional under any and all circumstances and irrespective of any set-off, counterclaim or defense to payment which any Borrower may have or have had against the Issuing Lender or any beneficiary of a Letter of
Credit. The Borrowers also agree with the Issuing Lender that the Issuing Lender shall not be responsible for, and the Borrowers’ Reimbursement Obligation under Section 3.8 shall not be affected by, among other things, the 

  

 -22- 

 
validity or genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, or
any dispute between or among any Borrower and any beneficiary of any Letter of Credit or any other party to which such Letter of Credit may be transferred or any claims whatsoever of any Borrower against any beneficiary of such Letter of Credit or
any such transferee. The Borrowers assume all risks of the acts or omissions of the beneficiary of each Letter of Credit with respect to the use of the Letter of Credit or with respect to the beneficiary’s obligations to any Borrower. The
Issuing Lender shall not be liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit, except for errors or omissions caused by
the Issuing Lender’s gross negligence or willful misconduct. The Borrowers agree that any action taken or omitted by the Issuing Lender under or in connection with any Letter of Credit or the related drafts or documents, if done in the absence
of gross negligence or willful misconduct and in accordance with the standards of care specified in the Uniform Customs and, to the extent not inconsistent therewith, the UCC shall be binding on the Borrowers and shall not result in any liability of
the Issuing Lender to the Borrowers. The responsibility of the Issuing Lender to the Borrowers in connection with any draft presented for payment under any Letter of Credit shall, in addition to any payment obligation expressly provided for in such
Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection with such presentment are in conformity with such Letter of Credit. The parties hereto expressly agree that, in
the absence of gross negligence or willful misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised care in each determination of whether drafts or
other documents presented under a Letter of Credit comply with the terms thereof. 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 their terms of a Letter of Credit, the 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 compliance with the terms of such Letter of Credit. In furtherance and not in limitation of the foregoing, in accordance with the
Uniform Customs, the Issuing Lender may accept facially conforming documents. 
  
 Section 3.10 General Terms of Documentary Letters of Credit. 
  
 (a) To the extent any failure to comply with the provisions of this Section 3.10 would, either individually or in the aggregate,
result in a Material Adverse Effect, the Borrowers agree to procure or to cause the beneficiaries of each documentary Letter of Credit to procure promptly any necessary import and export or other licenses for the import or export or shipping of any
goods referred to in or pursuant to a Letter of Credit and to comply and to use its commercially reasonable efforts to cause the beneficiaries to comply with all foreign and domestic governmental regulations with respect to the shipment and
warehousing of such goods or otherwise relating to or affecting such Letter of Credit, including without limitation governmental regulations pertaining to transactions involving designated foreign countries or their nationals, and to furnish such
certificates in that respect as the Issuing Lender may at any time reasonably require, and to keep such goods adequately covered by insurance in amounts, with carriers and for such risks as shall be customary in the industry and to cause the Issuing
Lender’s interest to be endorsed on such insurance and to furnish the Issuing Lender at its request with reasonable evidence thereof. Should such insurance (or lack thereof) upon said goods for any reason not be reasonably satisfactory to the
Issuing Lender, the Issuing Lender may (but is not obligated to) obtain, after notice, at the Borrowers’ expense, insurance satisfactory to the Issuing Lender. 
  
 (b) In connection with each documentary Letter of Credit, neither the Issuing Lender nor any correspondent
shall be responsible for: (i) the existence, character, quality, quantity, condition, packing, value or delivery of the property purporting to be represented by documents; (ii) any 

  

 -23- 

 
difference in character, quality, condition or value of the property from that expressed in documents; (iii) the time, place, manner or order in which
shipment of the property is made; (iv) partial or incomplete shipment referred to in such Letter of Credit; (v) the character, adequacy or responsibility of any insurer, or any other risk connected with insurance other than insurance procured by the
Issuing Lender; (vi) any deviation from instructions, delay, default or fraud by the beneficiary or anyone else in connection with the property or the shipping thereof; (vii) the solvency, responsibility or relationship to the property of any party
issuing any documents in connection with the property; (viii) delay in arrival or failure to arrive of either the property or any of the documents relating thereto; (ix) delay in giving or failure to give notice of arrival or any other notice; (x)
any breach of contract between the Letter of Credit beneficiaries and any Borrower; (xi) any laws, customs, and regulations which may be effective in any jurisdiction where any negotiation and/or payment of such Letter of Credit occurs; (xii)
failure of documents (other than documents required by the terms of the Letter of Credit) to accompany any draft at negotiation; or (xiii) failure of any entity to note the amount of any document or draft on the reverse of such Letter of Credit or
to surrender or to take up such Letter of Credit or to forward documents other than documents required by the terms of the Letter of Credit. In connection with each Letter of Credit, the Issuing Lender shall not be responsible for any error, neglect
or default of any of its correspondents. None of the above shall affect, impair or prevent the vesting of any of the Issuing Lender’s rights or powers hereunder. If a Letter of Credit provides that payment is to be made by the Issuing
Lender’s correspondent, neither the Issuing Lender nor such correspondent shall be responsible for the failure of any of the documents specified in such Letter of Credit to come into the Issuing Lender’s hands, or for any delay in
connection therewith, and the Borrowers’ obligation to make reimbursements shall not be affected by such failure or delay in the receipt of any such documents. 
  
 (c) To the extent not inconsistent with this Agreement, the Uniform Customs are hereby made a part of this
Agreement with respect to obligations in connection with each documentary Letter of Credit. 
  
 Section 3.11 Effect of Application. To the extent that any provision of any Application related to any Letter of Credit, or either of the documents referenced in clauses (i) or (ii) of Section 3.12 hereof, is
inconsistent with the provisions of this Article III, or with Article XI hereof, the provisions of this Article III or Article XI hereof, as applicable, shall apply. Article XI alone shall govern with respect to
Default and Events of Default in connection with any Letter of Credit. 
  
 Section 3.12 Letter of Credit Documents. Subject to Section 3.11 hereof, Letters of Credit and amendments thereto issued by Wachovia, as Issuing Lender, shall be requested, processed and issued, and draws thereon shall be negotiated,
processed and paid, in accordance with and subject to the terms and procedures of: (i) the Continuing Letter of Credit Agreement and/or (ii) the CyberImport International Operations Agreement between Wachovia and Urban dated August
            , 2004. 
  
 ARTICLE IV 
 GENERAL LOAN PROVISIONS 
  
 Section 4.1 Interest. 
  
 (a) Interest Rate Options. 
  
 (i) Loans. Subject to the provisions of this
Section 4.1, at the election of the Borrowers, the aggregate principal balance of the Loans or any portion thereof shall bear interest at: 
  
 (A) the Base Rate on a per annum basis; 
  

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 (B) the LIBO Market Index Rate plus the Applicable Margin on a per annum basis;
or 
  
 (C) the LIBOR Rate plus the
Applicable Margin on a per annum basis; 
  
 provided that the LIBOR Rate
shall not be available until three (3) Business Days after the Closing Date. The Borrowers shall select the rate of interest and Interest Period, if any, applicable to any Loan at the time a Notice of Borrowing is given pursuant to
Section 2.2 hereof or at the time a Notice of Conversion/Continuation is given pursuant to Section 4.2 hereof. Each Loan or portion thereof bearing interest based on: (x) the Base Rate shall be a “Base Rate Loan;” (y)
the LIBO Market Index Rate shall be a “LIBO Market Index Rate Loan;” and (z) LIBOR Rate shall be a “LIBOR Rate Loan.” Any Loan or any portion thereof as to which the Borrowers have not duly specified an interest rate as provided
herein shall be deemed a Base Rate Loan. 
  
 (ii)
Alternate Currency Loans. Any Alternate Currency Loan shall bear interest at the applicable Eurocurrency Rate plus the Applicable Margin on a per annum basis. Each Alternate Currency Loan bearing interest based on the Eurocurrency Rate
shall be a “Eurocurrency Loan.” 
  
 (b)
Interest Periods. In connection with each LIBOR Rate Loan, the Borrowers, by giving notice at the times described in Section 4.1(a) hereof, shall elect an interest period (each, an “Interest Period”) to be applicable to such
Loan or Alternate Currency Loan, which Interest Period shall be a period of one (1), two (2) or three (3) months with respect to each LIBOR Rate Loan or Eurocurrency Loan; provided that: 
  
 (i) the Interest Period shall commence on the date of
advance of or conversion to any LIBOR Rate Loan or Eurocurrency Loan and, in the case of immediately successive Interest Periods, each successive Interest Period shall commence on the date on which the next preceding Interest Period expires;

  
 (ii) if any Interest Period would otherwise
expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, that if any Interest Period with respect to a LIBOR Rate Loan or Eurocurrency Loan would otherwise expire on a day
that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; 
  
 (iii) any Interest Period with respect to a LIBOR Rate Loan or Eurocurrency Loan that begins on the last
Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the relevant calendar month at the end of such Interest
Period; 
  
 (iv) no Interest Period shall extend
beyond the Termination Date; and 
  
 (v) there
shall be no more than six (6) Interest Periods outstanding at any time. 
  
 (c) Default Rate. Subject to Section 11.3 hereof, at the discretion of the Administrative Agent and the Required Lenders, upon the occurrence and during the continuance of an Event of Default: (i) the
Borrowers shall no longer have the option to request LIBOR Rate Loans, Eurocurrency Loans or LIBO Market Index Rate Loans; (ii) all amounts due and payable with respect to 

  

 -25- 

 
LIBOR Rate Loans shall bear interest at a rate per annum two percent (2%) in excess of the rate then applicable to LIBOR Rate Loans until the end of the
applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate then applicable to Base Rate Loans; (iii) LIBO Market Index Rate Loans shall convert to Base Rate Loans; and (iv) all amounts due and payable with
respect to Base Rate Loans shall bear interest at a rate per annum equal to two percent (2%) in excess of the rate then applicable to Base Rate Loans. Interest shall continue to accrue on the Notes at the rates set forth above after the filing by or
against the Borrowers of any petition seeking any relief in bankruptcy or under any act or law pertaining to insolvency or debtor relief, whether state, federal or foreign, as well as before and after any judgment. 
  
 (d) Interest Payment and Computation. Interest on
each Base Rate Loan and each LIBO Market Index Rate Loan shall be payable in arrears on the last Business Day of each calendar quarter commencing October 31, 2004, [or earlier, if such Base Rate Loan or LIBO Market Index Rate Loan is repaid by the
Borrower prior to the end of any calendar quarter, on the date of such repayment;] and interest on each LIBOR Rate Loans or Eurocurrency Loan shall be payable on the last day of each Interest Period applicable thereto. Interest on LIBOR Rate Loans,
Eurocurrency Loans, LIBO Market Index Rate Loans and all fees payable hereunder shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed, and interest on Base Rate Loans shall be computed on the basis of a
365/66-day year and assessed for the actual number of days elapsed. 
  
 (e) Maximum Rate. In no contingency or event whatsoever shall the aggregate of all amounts deemed interest hereunder or under the Notes charged or collected pursuant to the terms of this Agreement or pursuant
to the Notes exceed the highest rate permissible under any Applicable Law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto. In the event that such a court determines that the Lenders have charged or
received interest hereunder in excess of the highest applicable rate, the rate in effect hereunder shall automatically be reduced to the maximum rate permitted by Applicable Law, and the Lenders shall at the Administrative Agent’s option: (i)
promptly refund to the Borrowers any interest received by the Lenders in excess of the maximum lawful rate; or (ii) apply such excess to the principal balance of the Obligations. It is the intent hereof that the Borrowers not pay or contract to pay,
and that neither the Administrative Agent nor any Lender receive or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that which may be paid by the Borrowers under Applicable Law. 
  
 Section 4.2 Notice and Manner of Conversion or Continuation of Loans.
Provided that no Event of Default has occurred and is then continuing, the Borrowers shall have the option to: (a) convert at any time, but not earlier than the third Business Day after the Closing Date, all or any portion of its outstanding Base
Rate Loans or LIBO Market Index Rate Loans in a principal amount equal to $1,000,000 or any whole multiple of $500,000 in excess thereof into one or more LIBOR Rate Loans; and (b) upon the expiration of any Interest Period, (i) convert all or any
part of its outstanding LIBOR Rate Loans in a principal amount equal to $250,000 or a whole multiple of $250,000 in excess thereof into Base Rate Loans, (ii) convert all or any part of its outstanding LIBOR Rate Loans in a principal amount equal to
$500,000 or a whole multiple of $250,000 in excess thereof into LIBO Market Index Rate Loans, or (iii) continue such LIBOR Rate Loans as LIBOR Rate Loans and Eurocurrency Loans as Eurocurrency Loans. Whenever the Borrowers desire to convert or
continue Loans as provided above, the Borrowers shall give the Administrative Agent irrevocable prior written notice in the form attached hereto as Exhibit D (a “Notice of Conversion/Continuation”) not later than 11:00
a.m.(Philadelphia time) three (3) Business Days before the day on which a proposed conversion or continuation of such Loan is to be effective specifying: (A) the Loans to be converted or continued, and, in the case of any LIBOR Rate Loan to be
converted or continued, the last day of the Interest Period therefor; (B) the effective date of such conversion or continuation (which shall be a Business Day); (C) the principal amount of such Loans to be converted or continued; and (D) the
Interest Period to be applicable to such converted or continued 

  

 -26- 

 
LIBOR Rate Loan. The Administrative Agent shall promptly notify the Lenders of such Notice of Conversion/Continuation. 
  
 Section 4.3 Fees. 
  
 (a) Administration Fee. The Borrowers shall pay the
Administrative Agent an administration fee (the “Administration Fee”) equal to $15,000 payable on the Closing Date. 
  
 Section 4.4 Manner of Payment. Each payment by the Borrowers on account of the principal of or interest on the Loans or of any fee, commission or
other amounts (including without limitation the Reimbursement Obligation) payable to the Lenders under this Agreement or the Notes shall be made not later than 1:00 p.m.(Philadelphia time) on the date specified for payment under this Agreement to
the Administrative Agent at the Administrative Agent’s Office for the account of the Lenders (other than as set forth below) pro rata in accordance with their respective Commitment Percentages (except as specified below), in Dollars (except
with respect to Alternate Currency Loans, as to which payments will be made in the currency in which such Alternate Currency Loan was made) in immediately available funds and shall be made without any set-off, counterclaim or deduction whatsoever.
Any payment received after such time but before 2:00 p.m.(Philadelphia time) on such day shall be deemed a payment on such date for the purposes of Section 11.1 hereof, but for all other purposes shall be deemed to have been made on the next
succeeding Business Day. Any payment received after 2:00 p.m.(Philadelphia time) shall be deemed to have been made on the next succeeding Business Day for all purposes. Upon receipt by the Administrative Agent of each such payment, the
Administrative Agent shall distribute to each Lender at its address for notices set forth herein its pro rata share of such payment in accordance with such Lender’s Commitment Percentage (except as specified below) and shall wire
advice of the amount of such credit to each Lender. Each payment to the Administrative Agent of the Issuing Lender’s fees or L/C Participants commissions shall be made in like manner, but for the account of the Issuing Lender or the L/C
Participants, as the case may be. Each payment to the Administrative Agent of Administrative Agent’s fees or expenses shall be made for the account of the Administrative Agent, and any amount payable to any Lender under Section 4.6,
Section 4.7, Section 4.8, Section 4.9 or Section 13.2 hereof shall be paid to the Administrative Agent for the account of the applicable Lender. Subject to Section 4.1(b)(ii) hereof, if any payment under this
Agreement or the Notes shall be specified to be made upon a day which is not a Business Day, it shall be made on the next succeeding day which is a Business Day, and such extension of time shall in such case be included in computing any interest if
payable along with such payment. 
  
 Section 4.5 Credit of
Payments and Proceeds. In the event that the Borrowers shall fail to pay any of the Obligations when due and the Obligations have been accelerated pursuant to Section 11.2 hereof, all payments received by the Lenders upon the Notes and
the other Obligations and all net proceeds from the enforcement of the Obligations shall be applied first to all expenses then due and payable by the Borrowers hereunder, then to all indemnity obligations then due and payable by the Borrowers
hereunder, then to all Administrative Agent’s and Issuing Lender’s fees then due and payable, then to all commitment and other fees and commissions then due and payable, then to accrued and unpaid interest on the Notes, the Reimbursement
Obligations and any termination payments due in respect of any Hedging Agreement with any Lender (pro rata in accordance with all such amounts due), then to the principal amount of the Notes and Reimbursement Obligations (pro
rata in accordance with all such amounts due) and then to the cash collateral account described in Section 11.2(b) hereof to the extent of any L/C Obligations then outstanding, in that order. 
  

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 Section 4.6 Changed Circumstances. 
  
 (a) Circumstances Affecting LIBOR Rate and Eurocurrency Rate Availability. If with respect to any
Interest Period the Administrative Agent or any Lender shall determine that, by reason of circumstances affecting the foreign exchange and interbank markets generally, deposits in Eurodollars in the applicable amounts are not being quoted via
Telerate Page 3750 or offered to the Administrative Agent or such Lender for such Interest Period, then the Administrative Agent shall forthwith give notice thereof to the Borrowers. Thereafter, until the Administrative Agent notifies the Borrowers
that such circumstances no longer exist, the obligation of the Lenders to make LIBOR Rate Loans, Eurocurrency Loans or LIBO Market Index Rate Loans and the right of the Borrowers to convert any Loan to or continue any Loan as a LIBOR Rate Loan,
Eurocurrency Loan or a LIBO Market Index Rate Loan shall be suspended, and the Borrowers shall: (i) repay in full (or cause to be repaid in full) the then outstanding principal amount of each such LIBOR Rate Loan or Eurocurrency Loan, together with
accrued interest thereon, on the last day of the then current Interest Period applicable to such LIBOR Rate Loan or Eurocurrency Loan; (ii) repay in full (or cause to be repaid in full) the then outstanding principal amount of each such LIBO Market
Index Rate Loan together with accrued interest thereon; or (iii) convert to a Base Rate Loan the then outstanding principal amount of each such LIBO Market Index Rate Loan and, as of the last day of each applicable Interest Period, the then
outstanding principal amount of each such LIBOR Rate Loan or Eurocurrency Loan. 
  
 (b) Laws Affecting LIBOR Rate, Eurocurrency Rate and LIBO Market Index Rate Availability. If, after the date hereof, the
introduction of, or any change in, any Applicable Law or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or
compliance by any Lender (or any of their respective Lending Offices) with any request or directive (whether or not having the force of law) of any such Authority, central bank or comparable agency, shall make it unlawful or impossible for any
Lender (or any of their respective Lending Offices) to honor its obligations hereunder to make or maintain any LIBOR Rate Loan, Eurocurrency Loan or LIBO Market Index Rate Loan, such Lender shall promptly give notice thereof to the Administrative
Agent, and the Administrative Agent shall promptly give notice to the Borrowers and the other Lenders. Thereafter, until the Administrative Agent notifies the Borrowers that such circumstances no longer exist, (i) the obligations of the Lenders to
make LIBOR Rate Loans, Eurocurrency Loans, or LIBO Market Index Rate Loans and the right of the Borrowers to convert any Loan or continue any Loan as a LIBOR Rate Loan, Eurocurrency Loan or LIBO Market Index Rate Loan shall be suspended and
thereafter the Borrowers may select only Base Rate Loans hereunder, and (ii) if any of the Lenders may not lawfully continue to maintain a LIBO Market Index Rate Loan, LIBOR Rate Loan or Eurocurrency Loan to the end of the then current Interest
Period applicable thereto, the applicable LIBO Market Index Rate Loan shall immediately be converted to a Base Rate Loan or the applicable LIBOR Rate Loan or Eurocurrency Loan shall immediately be converted to a Base Rate Loan for the remainder of
the Interest Period applicable thereto. 
  
 (c)
Increased Costs. If, after the date hereof, the introduction of, or any change in, any Applicable Law, or in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the
interpretation or administration thereof, or compliance by any Lender (or any of their respective Lending Offices) with any request or directive (whether or not having the force of law) of such Authority, central bank or comparable agency:

  
 (i) shall subject any Lender (or any of their
respective Lending Offices) to any tax, duty or other charge with respect to any Note, any Letter of Credit or any Application or shall change the basis of taxation of payments to any Lender (or any of their respective Lending Offices) of the
principal of or interest on any Note, any Letter of Credit or any Application or any other amounts due under this Agreement in respect thereof including MLA Costs (except for changes in the rate 

  

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of tax on the overall net income of any Lender or any of their respective Lending Offices imposed by the jurisdiction in which such Lender is organized or is
or should be qualified to do business or such Lending Office is located); or 
  
 (ii) shall impose, modify or deem applicable any reserve (including without limitation any imposed by the Board of Governors of the Federal Reserve System), special deposit, insurance or capital or similar requirement
against assets of, deposits with or for the account of, or credit extended by any Lender (or any of their respective Lending Offices) or shall impose on any Lender (or any of their respective Lending Offices) or the foreign exchange and interbank
markets any other condition affecting any Note; 
  
 and the result of any of the
foregoing is to increase the costs to any Lender of maintaining any LIBOR Rate Loan, Eurocurrency Loan or LIBO Market Index Rate Loan or issuing Letters of Credit or to reduce the yield or amount of any sum received or receivable by any Lender under
this Agreement or under the Notes in respect of a LIBOR Rate Loan, Eurocurrency Loan, LIBO Market Index Rate Loan or Letter of Credit or Application, then such Lender shall promptly notify the Administrative Agent, and the Administrative Agent shall
promptly notify the Borrowers of such fact and demand compensation therefor and, within fifteen (15) days after such notice by the Administrative Agent, the Borrowers shall pay to such Lender such additional amount or amounts as will compensate such
Lender for such increased cost or reduction. The Lender will promptly notify the Borrowers of any event of which it has knowledge which will entitle such Lender to compensation pursuant to this Section 4.6(c); provided, that the
Administrative Agent shall incur no liability whatsoever to the Borrowers in the event it fails to do so. The amount of such compensation shall be determined, in the applicable Lender’s sole discretion, based upon the assumption that such
Lender funded its Commitment Percentage of the LIBOR Rate Loans, Eurocurrency Loans or the LIBO Market Index Rate Loans in the London interbank market and using any reasonable attribution or averaging methods which such Lender deems appropriate and
practical. A certificate of such Lender setting forth the basis for determining such amount or amounts necessary to compensate such Lender shall be forwarded to the Borrowers and shall be conclusively presumed to be correct save for manifest error.
The Lenders shall determine the applicability of, and the amount due under, this Section 4.6 consistent with the manner in which they apply similar provisions and calculate similar amounts payable to it by other borrowers having in their
credit agreements provisions comparable to this Section 4.6. 
  
 (d) Replacement of Defaulting Lenders. Any Lender that: (i) is unable to or is prohibited from making LIBOR Rate Loans, Eurocurrency Loans or LIBO Market Index Rate Loans to the Borrowers as set forth in
Section 4.6(a) or Section 4.6(b) above or (ii) incurs increased costs and demands compensation therefor as set forth in Section 4.6(c) above, shall be referred to hereafter as a “Defaulting Lender.” If any Lender is a
Defaulting Lender, then Borrowers may elect to remove such Defaulting Lender from this Agreement, and notwithstanding the provisions of Section 13.13 hereof to the contrary, the consent of the Remaining Lenders shall not be required for such
removal, and so long as no Default or Event of Default has occurred and is continuing, the consent of solely the Borrowers and the Administrative Agent shall be required for the replacement bank, if any, and the requirement that the Defaulting
Lender’s Commitment must be replaced, and the requisite documentation to effect such removal and replacement, such consent not to be unreasonably withheld or delayed. 
  
 Section 4.7 Indemnity. The Borrowers hereby indemnify each of the Lenders against any loss or expense which may arise
or be attributable to each Lender’s obtaining, liquidating or employing deposits or other funds acquired to effect, fund or maintain any Loan: (a) as a consequence of any failure by the Borrowers to make any payment when due of any amount due
hereunder in connection with a LIBOR Rate Loan or Eurocurrency Loan; (b) due to any failure of the Borrowers to borrow on a date specified therefor in a Notice of Borrowing or Notice of Continuation/Conversion; or (c) due to any 

  

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payment, prepayment or conversion of any LIBOR Rate Loan or Eurocurrency Loan on a date other than the last day of the Interest Period therefor. The amount
of such loss or expense shall be determined, in the applicable Lender’s sole discretion, based upon the assumption that such Lender funded the LIBOR Rate Loans or Eurocurrency Loans in the London interbank market and using any reasonable
attribution or averaging methods which such Lender deems appropriate and practical. A certificate of such Lender setting forth the basis for determining such amount or amounts necessary to compensate the Lender shall be forwarded to the Borrowers
through the Administrative Agent and shall be conclusively presumed to be correct save for manifest error. 
  
 Section 4.8 Capital Requirements. If either (a) the introduction of, or any change in, or in the interpretation of, any Applicable Law or (b)
compliance with any guideline or request from any central bank or comparable agency or other Governmental Authority (whether or not having the force of law), has or would have the effect of reducing the rate of return on the capital of, or has
affected or would affect the amount of capital required to be maintained by, any Lender or any corporation controlling such Lender as a consequence of, or with reference to the Commitments and other commitments of this type, below the rate which the
Lender or such other corporation could have achieved but for such introduction, change or compliance, then within five (5) Business Days after written demand by such Lender, the Borrowers shall pay to such Lender from time to time as specified by
such Lender additional amounts sufficient to compensate such Lender or other corporation for such reduction. A certificate as to such amounts submitted to the Borrowers and the Administrative Agent by such Lender, shall, in the absence of manifest
error, be presumed to be correct and binding for all purposes. Lenders shall determine the applicability of, and the amount due under, this Section 4.8 consistent with the manner in which it applies similar provisions and calculates similar
amounts payable to it by other borrowers having in their credit agreements provisions comparable to this Section 4.8. 
  
 Section 4.9 Taxes. 
  
 (a) Payments Free and Clear. Any and all payments by the Borrowers hereunder or under the Notes or the Letters of Credit shall be
made free and clear of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholding, and all liabilities with respect thereto excluding, (i) in the case of each Lender and the Administrative
Agent, income and franchise taxes imposed by the jurisdiction under the laws of which such Lender and the Administrative Agent (as the case may be) is organized or is or should be qualified to do business or any political subdivision thereof and
(ii) in the case of each Lender, income and franchise taxes imposed by the jurisdiction of such Lender’s Lending Office or any political subdivision thereof (all such non-excluded taxes, levies, imposts, deductions, charges, withholdings and
liabilities being hereinafter referred to as “Taxes”). If the Borrowers shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder or under any Note or Letter of Credit to any Lender or the Administrative
Agent: (A) the sum payable shall be increased as may be necessary so that after making all required deductions (including without limitation deductions applicable to additional sums payable under this Section 4.9) such Lender or the
Administrative Agent (as the case may be) receives an amount equal to the amount it would have received had no such deductions been made; (B) the Borrowers shall make such deductions; (C) the Borrowers shall pay the full amount deducted to the
relevant taxing authority or other authority in accordance with applicable law; and (D) the Borrowers shall deliver to the Administrative Agent evidence of such payment to the relevant taxing authority or other authority in the manner provided in
Section 4.9(d) hereof. 
  
 (b) Stamp
and Other Taxes. In addition, the Borrowers shall pay any present or future stamp, registration, recordation or documentary taxes or any other similar fees or charges or excise or property taxes, levies of the United States or any state or
political subdivision thereof or any applicable foreign jurisdiction which arise from any payment made hereunder or from the execution, 

  

 -30- 

 
delivery or registration of, or otherwise with respect to, this Agreement, the Loans, the Letters of Credit, the other Loan Documents, or the perfection of
any rights or security interest in respect thereto (hereinafter referred to as “Other Taxes”). 
  
 (c) Indemnity. The Borrowers shall indemnify each Lender and the Administrative Agent for the full amount of Taxes and Other Taxes
(including without limitation any Taxes and Other Taxes imposed by any jurisdiction on amounts payable under this Section 4.9) paid by such Lender or the Administrative Agent (as the case may be) and any liability (including without
limitation penalties, interest and expenses) arising therefrom or with respect thereto, whether or not such Taxes or Other Taxes were correctly or legally asserted. Such indemnification shall be made within thirty (30) days from the date such Lender
or the Administrative Agent (as the case may be) makes written demand therefor. 
  
 (d) Evidence of Payment. Within thirty (30) days after the date of any payment of Taxes or Other Taxes, the Borrowers shall furnish
to the Administrative Agent, at its address referred to in Section 13.1 hereof, the original or a certified copy of a receipt evidencing payment thereof or other evidence of payment satisfactory to the Administrative Agent. 
  
 (e) Survival. Without prejudice to the survival of
any other agreement of the Borrowers hereunder, the agreements and obligations of each Borrower contained in this Section 4.9 shall survive the payment in full of the Obligations and the termination of the Commitments. 
  
 (f) Delivery of Tax Forms. Each Lender organized
under the laws of a jurisdiction other than the United States or any state thereof shall deliver to the Borrower, with a copy to the Administrative Agent, on the Closing Date or concurrently with the delivery of the relevant Assignment and
Acceptance, as applicable, (i) two United States Internal Revenue Service Forms W-8ECI or Forms W-8BEN, as applicable (or successor forms), properly completed and certifying in each case that such Lender is entitled to a complete exemption from
withholding or deduction for or on account of any United States federal income taxes, and (ii) an Internal Revenue Service Form W-8 or W-9 or successor applicable form, as the case may be, to establish an exemption from United States backup
withholding taxes. Each such Lender further agrees to deliver to the Borrower, with a copy to the Administrative Agent, a Form W-8ECI or W-8BEN and Form W-8 or W-9, or successor applicable forms or manner of certification, as the case may be, on or
before the date that any such form expires or becomes obsolete or after the occurrence of any event requiring a change in the most recent form previously delivered by it to the Borrower, certifying in the case of a Form W-8ECI or W-8BEN that such
Lender is entitled to receive payments under this Agreement without deduction or withholding of any United States federal income taxes (unless in any such case an event (including without limitation any change in treaty, law or regulation) has
occurred prior to the date on which any such delivery would otherwise be required which renders such forms inapplicable or the exemption to which such forms relate unavailable and such Lender notifies the Borrower and the Administrative Agent that
it is not entitled to receive payments without deduction or withholding of United States federal income taxes) and, in the case of a Form W-8 or W-9, establishing an exemption from United States backup withholding tax. 
  
 Section 4.10 Guaranty. The Obligations of the Borrowers shall be
guaranteed by the Guarantors as provided in the Guaranty Agreement. 
  
 Section 4.11 Adjustments. If any Lender (a “Benefited Lender”) shall at any time receive any payment of all or part of the Obligations owing to it, or interest thereon, or if any Lender shall at any time receive any
collateral in respect to the Obligations owing to it (whether voluntarily or involuntarily, by set-off or otherwise) in a greater proportion than any such payment to and collateral received by any other Lender, if any, in respect of the Obligations
owing to such other Lender, or interest 

  

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thereon, such Benefited Lender shall purchase for cash from the other Lenders such portion of each such other Lender’s Extensions of Credit, or shall
provide such other Lenders with the benefits of any such collateral, or the proceeds thereof, as shall be necessary to cause such Benefited Lender to share the excess payment or benefits of such collateral or proceeds ratably with each of the
Lenders; provided, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned to the extent of such recovery, but
without interest. The Borrowers agree that each Lender so purchasing a portion of another Lender’s Extensions of Credit may exercise all rights of payment (including without limitation rights of set-off) with respect to such portion as fully as
if such Lender were the direct holder of such portion. 
  
 Section
4.12 Nature of Obligations of Lenders Regarding Extensions of Credit; Assumption by the Administrative Agent. The obligations of the Lenders under this Agreement to make the Loans and issue or participate in Letters of Credit are several and
are not joint or joint and several. Unless the Administrative Agent shall have received notice from a Lender prior to a proposed borrowing date that such Lender will not make available to the Administrative Agent such Lender’s ratable portion
of the amount to be borrowed on such date (which notice shall not release such Lender of its obligations hereunder), the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the proposed
borrowing date in accordance with Section 2.2(c) hereof, and the Administrative Agent may, in reliance upon such assumption, make available to the Borrowers on such date a corresponding amount. If such amount is made available to the
Administrative Agent on a date after such borrowing date, such Lender shall pay to the Administrative Agent on demand an amount, until paid, equal to the product of (a) the amount not made available by such Lender in accordance with the terms
hereof, times (b) the daily average Federal Funds Rate during such period as determined by the Administrative Agent, times (c) a fraction the numerator of which is the number of days that elapse from and including such borrowing date
to the date on which such amount not made available by such Lender in accordance with the terms hereof shall have become immediately available to the Administrative Agent and the denominator of which is 360. A certificate of the Administrative Agent
with respect to any amounts owing under this Section 4.12 shall be conclusive, absent manifest error. If such Lender’s Commitment Percentage of such borrowing is not made available to the Administrative Agent by such Lender within three
(3) Business Days of such borrowing date, the Administrative Agent shall be entitled to recover such amount made available by the Administrative Agent with interest thereon at the rate per annum applicable to Base Rate Loans hereunder, on demand,
from the Borrowers. The failure of any Lender to make available its Commitment Percentage of any Loan requested by the Borrowers shall not relieve it or any other Lender of its obligation, if any, hereunder to make its Commitment Percentage of such
Loan available on the borrowing date, but no Lender shall be responsible for the failure of any other Lender to make its Commitment Percentage of such Loan available on the borrowing date. 
  
 Section 4.13 Currencies; Currency Equivalent and Related Provisions.

  
 (a) Redenomination and Alternate
Currencies. Each obligation of any party under this Agreement which has been denominated in the fixed national currency unit of a Participating Member State shall be redenominated into the euro in accordance with the legislation of the European
Union applicable to such currency, provided, that if and to the extent that any such legislation provides that an amount denominated either in the euro unit or in the national currency unit of a Participating Member State and payable within the
Participating Member State by crediting an account of a creditor can be paid by a debtor either in the euro unit or in that national currency unit, each party to this Agreement shall be entitled to pay or repay any such amount either in the euro
unit or in such national currency unit. 
  

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 (b) Loans. Any portion of an Alternate Currency Loan in the currency of a
Participating Member State shall be made in the euro unit, provided that any portion of such Alternate Currency Loan may, if so requested by Borrowers, be made in the national currency unit of any Participating Member State so long as such national
currency unit continues to be available as legal tender for obligations of the same type or character as the obligations set forth in this Agreement, is freely convertible and is not subject to exchange controls. 
  
 (c) Payments by Borrowers. Those Sections of this
Agreement providing for payment or repayment in a national currency unit shall be construed so that, in relation to the payment of any amount of euro units or national currency units, such amount shall be made available to the Lenders in immediately
available, freely transferable, cleared funds to such account with Lenders (in such principal financial center) as Lenders may from time to time in good faith nominate for this purpose. 
  
 (d) Payments by Lenders Generally. With respect to the payment of any amount denominated in the euro
unit or in a national currency unit, no Lender shall be liable to the Borrowers in any way whatsoever for any delay, or the consequences of any delay, in the crediting to any account of any amount required by this Agreement to be paid by a Lender if
such Lender has made reasonable effort to effect all relevant steps to achieve, on the date required by the Agreement, the payment of such amount in immediately available, freely transferable, cleared funds (in the euro unit or, as the case may be,
in a national currency unit) to the account with such Lender in the principal financial center in the Participating Member State which the Borrowers shall have specified for such purpose. In this paragraph, “all relevant steps” means all
such steps as may be prescribed from time to time by the regulations or operating procedures of such clearing or settlement system as the Lender may from time to time reasonably believe to be in effect for the purpose of clearing or settling payment
in the euro. 
  
 (e) Basis of Accrual. If
the basis of accrual of interest or fees expressed in this Agreement with respect to the currency of any state that becomes a Participating State Member, in Administrative Agent’s judgment, shall not be available because interest rate quotes
for a national currency unit are no longer provided, or shall be inconsistent with any convention or practice in the London interbank market for the basis of accrual of interest or fees in respect of the euro, such convention or practice shall
replace such expressed basis effective as of and from the date on which such state becomes a Participating Member State; provided, however, if any or all of an Alternate Currency Loan in the currency of such state is outstanding immediately prior to
such date, such replacement shall take effect, with respect to such portion of the Alternate Currency Loan, on the last day of the current Interest Period. 
  
 (f) Rounding and Other Consequential Changes. Without prejudice and in addition to any method of conversion or rounding prescribed
by any applicable legislation, and without prejudice to the respective liabilities for indebtedness of the Borrowers to Lenders and the Lenders to the Borrowers under or pursuant to this Agreement: 
  
 (i) each reference in this Agreement to a minimum amount (or
an integral multiple thereof) in a national currency unit to be paid to or by Lenders shall be replaced by a reference to such reasonably comparable amount (or an integral multiple thereof) in the euro unit as Administrative Agent may from time to
time specify; and 
  
 (ii) except as expressly
provided in this Agreement, each provision of this Agreement, including, without limitation, the right to combine currencies to effect a set off, shall be subject to such reasonable changes of interpretation as Administrative Agent, as applicable,
may from time to time specify to be necessary or appropriate to reflect the introduction of or change over to the euro in Participating Member States. 
  

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 (g) Exchange Indemnification and Increased Costs. The Borrowers shall, upon demand
from Administrative Agent, pay to Lenders the amount of: (i) any loss or cost or increased cost incurred by any Lender, (ii) any reduction in any amount payable to or in the effective return on its capital to any Lender, (iii) interest or other
return, including principal, foregone by any Lender as a result of the introduction of, change over to or operation of the euro in any Participating Member State, or (iv) any currency exchange loss that any Lender sustains as a result of the
Borrowers’ election to borrow in national currency units and repay in euro units or to borrow in euro units and repay in national currency units. A certificate of a Lender setting forth the basis for determining such additional amount or
amounts necessary to compensate such Lender shall be conclusively presumed to be correct save for manifest error. 
  
 ARTICLE V 
 CLOSING; CONDITIONS OF CLOSING AND BORROWING 

 
 Section 5.1 Closing. The closing shall take place at the offices of
Pepper Hamilton LLP at 10:00 a.m. on September         , 2004, or on such other date and in such other manner as the parties hereto shall mutually agree. 
  
 Section 5.2 Conditions to Closing and Initial Extensions of Credit.
The obligation of the Administrative Agent and the Lenders to close this Agreement and to make the initial Loan or to issue the initial Letter of Credit is subject to the satisfaction of each of the following conditions: 
  
 (a) Executed Loan Documents. This Agreement, the
Notes and the Guaranty Agreement shall have been duly authorized, executed and delivered to the Administrative Agent by the parties thereto, shall be in full force and effect and no Default or Event of Default shall exist thereunder, and the
Borrowers and Guarantors, as applicable, shall have delivered original counterparts thereof to the Administrative Agent. 
  
 (b) Closing Certificates; etc. 
  
 (i) Certificate of the Secretary of each Borrower and Guarantor. The Administrative Agent shall have received a certificate of the
secretary or assistant secretary of each Borrower and each Guarantor certifying as to the incumbency and genuineness of the signature of each officer of such Borrower (including without limitation the Non-U.S. Borrowers) or Guarantor executing Loan
Documents to which it is a party and certifying (A) that either (1) since the last delivery of such documents to Wachovia there have been no changes to the articles, or certificate(s), of incorporation, the bylaws or other similar formation or
organizational documents of such Borrower or Guarantor as in effect on the date of such certifications or, for each such Borrower or Guarantor to which (1) does not apply, (2) that attached thereto is a true, correct and complete copy of the
articles, or certificate(s), of incorporation, the bylaws or other similar formation or organizational documents and all amendments thereto of such Borrower or Guarantor as in effect on the date of such certifications; and (B) that attached thereto
is a true, correct and complete copy of resolutions duly adopted by the board of directors of such Borrower or Guarantor authorizing the borrowings contemplated hereunder and the execution, delivery and performance of this Agreement and the other
Loan Documents to which it is a party. 
  
 (ii)
Certificates of Good Standing. The Administrative Agent shall have received certificates as of a recent date of the good standing of each Borrower (including without limitation the Non-U.S. Borrowers) and each Guarantor under the laws of its
jurisdiction of organization. 
  

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 (iii) Opinions of Counsel. The Administrative Agent shall have received favorable
opinions of counsel to the Borrowers and the Guarantors addressed to the Administrative Agent and the Lenders with respect to such matters as the Lenders shall request. 
  
 (c) Hazard and Liability Insurance. The Administrative Agent shall have received certificates of
current hazard, business interruption and liability insurance, and, if requested by the Administrative Agent, evidence of payment of all insurance premiums for the current policy period of each and copies (certified by a Responsible Officer) of
insurance policies in form and substance reasonably satisfactory to the Administrative Agent. 
  
 (d) Consents; Defaults. 
  
 (i) Governmental and Third Party Approvals. The Borrowers shall have obtained all necessary approvals, authorizations and consents
of any Person and of all Governmental Authorities and courts having jurisdiction with respect to the transactions contemplated by this Agreement and the other Loan Documents. 
  
 (ii) No Injunction, Etc. No action, proceeding, investigation, regulation or legislation shall have
been instituted, threatened or proposed before any Governmental Authority to enjoin, restrain, or prohibit, or to obtain substantial damages in respect of, or which is related to or arises out of this Agreement or the other Loan Documents or the
consummation of the transactions contemplated hereby or thereby, or which, in the Administrative Agent’s sole discretion, would make it inadvisable to consummate the transactions contemplated by this Agreement and such other Loan Documents.

  
 (iii) No Event of Default. No Default
or Event of Default shall have occurred and be continuing. 
  
 (e) Financial Matters. 
  
 (i) Financial Statements. The Administrative Agent shall have received the most recent audited Consolidated financial statements of Urban and its Consolidated Subsidiaries, all in form and substance
satisfactory to the Administrative Agent. 
  
 (ii) Financial Condition Certificate. The Borrowers shall have delivered to the Administrative Agent a certificate, in form and substance satisfactory to the Administrative Agent, and certified as accurate by a Responsible Officer of
Urban, that: (A) each Borrower and each Subsidiary is Solvent; (B) each Borrower’s uncontested payables are current and not past due in excess of sixty (60) days; (C) attached thereto are the quarterly financial statements for the second
quarter of the current fiscal year, ending [July 31, 2004], setting forth the financial condition of the Borrowers and their Consolidated Subsidiaries on a Consolidated basis as of that date, and evidencing compliance with the covenants contained in
Articles IX and X of the Credit Agreement and (D) attached thereto are the financial projections previously delivered to the Administrative Agent representing the good faith opinions of the Borrowers and senior management thereof as to
the projected results contained therein. 
  
 (iii) Payments at Closing. The Borrowers shall have paid the fees due to Lenders under Section 4.3 hereof and any other accrued and unpaid fees or commissions due hereunder (including without limitation legal fees and expenses
to the Administrative Agent), and to any other Person such amount as may be due thereto in connection with the transactions contemplated hereby, 

  

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including without limitation all taxes, fees and other charges in connection with the execution, delivery, recording, filing and registration of any of the
Loan Documents. 
  
 (f) Miscellaneous.

  
 (i) Notice of Account Designation. The
Administrative Agent shall have received a Notice of Account Designation specifying the account or accounts to which the proceeds of any Loans are to be disbursed. 
  
 (ii) Proceedings and Documents. All opinions, certificates and other instruments and all proceedings
in connection with the transactions contemplated by this Agreement shall be satisfactory in form and substance to the Administrative Agent. The Administrative Agent shall have received copies of all other instruments and other evidence as the
Administrative Agent may reasonably request, in form and substance satisfactory to the Administrative Agent, with respect to the transactions contemplated by this Agreement and the taking of all actions in connection therewith. 
  
 (iii) Due Diligence and Other Documents. The
Borrowers shall have delivered to the Administrative Agent documentation evidencing the Existing Wachovia Facility and such other documents, certificates and opinions as the Administrative Agent may reasonably request. 
  
 (iv) Tax Forms. Lenders shall have delivered to
Administrative Agent any U.S. Internal Revenue Service tax forms required under Section 4.9(f) hereof. 
  
 Section 5.3 Conditions to All Extensions of Credit. The obligation of the Administrative Agent and the Lenders to make any Extension of Credit is
subject to the satisfaction of the following conditions precedent on the relevant borrowing or issue date, as applicable: 
  
 (a) Continuation of Representations and Warranties. The representations and warranties contained in Article VI hereof shall
be true and correct on and as of such borrowing or issuance date with the same effect as if made on and as of such date; except for any representation and warranty made as of an earlier date, which representation and warranty shall remain true and
correct as of such earlier date. 
  
 (b) No
Existing Default. No Default or Event of Default shall have occurred and be continuing hereunder (i) on the borrowing date with respect to such Loan or after giving effect to the Loans to be made on such date or (ii) on the issue date with
respect to such Letter of Credit or after giving effect to such Letters of Credit on such date. 
  
 (c) Officer’s Compliance Certificate; Additional Documents. The Administrative Agent shall have received the current
Officer’s Compliance Certificate and each additional document, instrument, legal opinion or other item of information, as reasonably requested by the Administrative Agent. 
  
 (d) Conditions. Each borrowing by the Borrowers or request for the issuance of a Letter of Credit
shall constitute a representation and warranty by the Borrowers as of the date of such Loan or issuance of such Letter of Credit that the conditions of this Section 5.3 hereof have been satisfied. 
  

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 ARTICLE VI 

REPRESENTATIONS AND WARRANTIES OF THE BORROWERS 
  

Section 6.1 Representations and Warranties. To induce the Administrative Agent and the Lenders to enter into this Agreement and to induce the
Lenders to make Extensions of Credit, the Borrowers hereby represent and warrant to the Administrative Agent and the Lenders both before and after giving effect to the transactions contemplated hereunder that: 
  
 (a) Organization; Power; Qualification. Each Borrower
and each Subsidiary is duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation, has the power and authority to own its properties and to carry on its business as now being and
hereafter proposed to be conducted and is duly qualified and authorized to do business in each jurisdiction in which the character of its properties or the nature of its business requires such qualification and authorization, except where the
failure to obtain such qualification or authorization would not have a Material Adverse Effect. The jurisdictions in which each Borrower and each Guarantor are organized and qualified to do business as of the Closing Date are described on
Schedule 6.1(a) hereto. 
  
 (b)
Ownership. Each Subsidiary of any Borrower and each of their respective Subsidiaries, as of the Closing Date, as depicted on the organizational chart attached hereto as Schedule 6.1(b). As of the Closing Date and unless otherwise noted
on Schedule 6.1(b), each “parent” entity depicted on Schedule 6.1(b) hereto owns one hundred percent (100%) of the outstanding equity of any entity shown to be a subsidiary. All of the outstanding shares representing the equity
ownership of the parent entities have been duly authorized and validly issued and are fully paid and nonassessable. As of the Closing Date, there are no outstanding stock purchase warrants, subscriptions, options, securities, instruments or other
rights of any type or nature whatsoever, which are convertible into, exchangeable for or otherwise provide for or permit the issuance of capital stock of any Borrower. 
  
 (c) Authorization of Agreement, Loan Documents and Borrowing. Each Borrower, each Subsidiary and each
Guarantor has the right, power and authority and has taken all necessary corporate and other action to authorize the execution, delivery and performance of this Agreement and each of the other Loan Documents to which it is a party in accordance with
their respective terms. This Agreement and each of the other Loan Documents have been duly executed and delivered by the duly authorized officers of each Borrower, each Subsidiary and each Guarantor party thereto, and each such document constitutes
the legal, valid and binding obligation of each Borrower, each Subsidiary and each Guarantor party thereto, enforceable in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or
similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditors rights in general and the availability of equitable remedies. 
  
 (d) Compliance of Agreement, Loan Documents and Borrowing with Laws, Etc. The execution, delivery and
performance by each Borrower, each Subsidiary and each Guarantor of the Loan Documents to which each such Person is a party, in accordance with their respective terms, the borrowings hereunder and the transactions contemplated hereby do not and will
not, by the passage of time, the giving of notice or otherwise, (i) require any Governmental Approval or violate any Applicable Law relating to any Borrower, any Subsidiary or any Guarantor, (ii) conflict with, result in a breach of or constitute a
default under the articles or certificate of incorporation, bylaws or other organizational documents of any Borrower, any Subsidiary or any Guarantor or any indenture, agreement or other instrument to which such Person is a party or by which any of
its properties may be bound or any Governmental Approval relating to such Person, or (iii) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by such Person other than
Liens (if any) arising under the Loan Documents. 
  

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 (e) Compliance with Law; Governmental Approvals. Each Borrower, each Subsidiary
and each Guarantor: (i) has all Governmental Approvals required by any Applicable Law for it to conduct its business, each of which is in full force and effect, is final and not subject to review on appeal and is not the subject of any pending or,
to the best of its knowledge, threatened attack by direct or collateral proceeding, except where the failure to obtain any such Governmental Approvals or the existence of any potential appeals or threatened attacks in connection therewith would not,
singly or in the aggregate, have a Material Adverse Effect, and (ii) is in compliance with each Governmental Approval applicable to it and in compliance with all other Applicable Laws relating to it or any of its respective properties, except for
such failures to comply that would not, singly or in the aggregate, have a Material Adverse Effect. 
  
 (f) Tax Returns and Payments. Each Borrower, each Subsidiary and each Guarantor has duly filed or caused to be filed all federal,
state, local and other tax returns required by Applicable Law to be filed, and has paid, or made adequate provision for the payment of, all federal, state, local and other taxes, assessments and governmental charges or levies upon it and its
property, income, profits and assets which are due and payable, except such taxes that are being contested in good faith by appropriate proceedings and for which adequate reserves have been provided in accordance with GAAP. No Governmental Authority
has asserted any Lien or other claim against any Borrower, any Subsidiary or any Guarantor with respect to unpaid taxes which has not been discharged or resolved. The charges, accruals and reserves on the books of each Borrower, each Subsidiary and
each Guarantor in respect of federal, state, local and other taxes for all Fiscal Years and portions thereof since the organization of each Borrower, each Subsidiary and each Guarantor are in the judgment of the Borrowers adequate, and the Borrowers
do not anticipate any additional taxes or assessments for any of such years. 
  
 (g) Intellectual Property Matters. Each Borrower, each Subsidiary and each Guarantor owns or possesses rights to use all franchises, licenses, copyrights, copyright applications, patents, patent rights or
licenses, patent applications, trademarks, trademark rights, trade names, trade name rights, copyrights and rights with respect to the foregoing which are required to conduct its business. No event has occurred which permits, or after notice or
lapse of time or both would permit, the revocation or termination of any such rights, and no Borrower nor any Subsidiary is liable to any Person for infringement under Applicable Law with respect to any such rights as a result of its business
operations, except to the extent any such event or liability, either singly or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 
  
 (h) Environmental Matters. 
  
 (i) To the knowledge of each Borrower, each Subsidiary and each Guarantor, the properties owned, leased or
operated by each Borrower, each Subsidiary and each Guarantor do not contain, and to their knowledge have not previously contained, any Hazardous Materials in amounts or concentrations which (A) constitute or constituted a violation of applicable
Environmental Laws or (B) could give rise to Borrower liability under applicable Environmental Laws which, either singly or in the aggregate, could reasonably be expected to cause a Material Adverse Effect; 
  
 (ii) Each Borrower, each Subsidiary, each Guarantor and
their properties and all operations conducted in connection therewith are in compliance, and have been in compliance (other than such instances which have been cured), with all applicable Environmental Laws, except to the extent any instances of
noncompliance, either singly or in the aggregate, could not reasonably be expected to cause a Material Adverse Effect; 
  
 (iii) No Borrower, Subsidiary or Guarantor has received any notice of violation, alleged violation, non-compliance, liability or potential
liability regarding environmental 

  

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matters, Hazardous Materials, or compliance with Environmental Laws, nor does any Borrower, any Subsidiary or any Guarantor have knowledge or reason to
believe that any such notice will be received or is being threatened, except to the extent any such notices, either singly or in the aggregate, could not reasonably be expected to cause a Material Adverse Effect; 
  
 (iv) To the knowledge of each Borrower, Subsidiary or
Guarantor, Hazardous Materials have not been transported or disposed of to or from the properties owned, leased or operated by any Borrower, any Subsidiary or any Guarantor in violation of, or in a manner or to a location which could give rise to
liability under Environmental Laws which, either singly or in the aggregate, could reasonably be expected to cause a Material Adverse Effect, nor have any Hazardous Materials been generated, treated, stored or disposed of at, on or under any of such
properties in violation of, or in a manner that could give rise to liability under, any applicable Environmental Laws which, either singly or in the aggregate, could reasonably be expected to cause a Material Adverse Effect; 
  
 (v) No judicial proceedings or governmental or
administrative action is pending, or, to the knowledge of any Borrower, any Subsidiary or any Guarantor, threatened, under any Environmental Law to which any Borrower, any Subsidiary or any Guarantor is or will be named as a party, nor are there any
consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial requirements outstanding under any Environmental Law with respect to any Borrower, any Subsidiary, any Guarantor or such
properties owned (or, to the knowledge of any Borrower, Subsidiary or Guarantor, leased) by any Borrower, Subsidiary or Guarantor, or operations conducted by any Borrower, Subsidiary or Guarantor, except to the extent any such proceedings, actions,
decrees, orders or requirements, either singly or in the aggregate, could not reasonably be expected to cause a Material Adverse Effect; and 
  
 (vi) To the knowledge of each Borrower, each Subsidiary and each Guarantor, there has been no release or threat of release of Hazardous
Materials at or from properties owned, leased or operated by any Borrower, any Subsidiary or any Guarantor, now or in the past, in violation of or in amounts or in a manner that could give rise to liability to any Borrower, any Subsidiary, any
Guarantor or to any assignee thereof under Environmental Laws which, either singly or in the aggregate, could reasonably be expected to cause a Material Adverse Effect. 
  
 (i) ERISA. 
  

(i) As of the Closing Date, no Borrower, Subsidiary, Guarantor or ERISA Affiliate maintains or contributes to, or has any obligation
under, any Employee Benefit Plans other than those identified on Schedule 6.1(i) hereto; 
  
 (ii) Each Borrower, Subsidiary, Guarantor and ERISA Affiliate is in compliance with all applicable provisions of ERISA and the regulations
and published interpretations thereunder with respect to all Employee Benefit Plans except for any required amendments for which the remedial amendment period as defined in Section 401(b) of the Code has not yet expired. Each Employee Benefit Plan
that is intended to be qualified under Section 401(a) of the Code has been determined by the Internal Revenue Service to be so qualified, and each trust related to such plan has been determined to be exempt under Section 501(a) of the Code. No
liability has been incurred by any Borrower, any Subsidiary, any Guarantor or any ERISA Affiliate which remains unsatisfied for any taxes or penalties with respect to any Employee Benefit Plan or any Multiemployer Plan; 
  
 (iii) No Pension Plan has been terminated, nor has any
accumulated funding deficiency (as defined in Section 412 of the Code) been incurred (without regard to any waiver granted under Section 412 of the Code), nor has any funding waiver from the Internal Revenue Service 

  

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been received or requested with respect to any Pension Plan, nor has any Borrower, any Subsidiary, any Guarantor or any ERISA Affiliate failed to make any
contributions or to pay any amounts due and owing as required by Section 412 of the Code, Section 302 of ERISA or the terms of any Pension Plan prior to the due dates of such contributions under Section 412 of the Code or Section 302 of ERISA, nor
has there been any event requiring any disclosure under Section 4041(c)(3)(C) or 4063(a) of ERISA with respect to any Pension Plan; 
  
 (iv) No Borrower, Subsidiary, Guarantor or ERISA Affiliate has: (A) engaged in a nonexempt prohibited transaction described in Section 406
of the ERISA or Section 4975 of the Code; (B) incurred any liability to the PBGC which remains outstanding other than the payment of premiums and there are no premium payments which are due and unpaid; (C) failed to make a required contribution or
payment to a Multiemployer Plan; or (D) failed to make a required installment or other required payment under Section 412 of the Code; 
  
 (v) No Termination Event has occurred or is reasonably expected to occur; and 
  
 (vi) No proceeding, claim, lawsuit and/or investigation is
existing or, to the best knowledge of each Borrower, each Subsidiary and each Guarantor after due inquiry, threatened, concerning or involving any (A) employee welfare benefit plan (as defined in Section 3(1) of ERISA) currently maintained or
contributed to by any Borrower, any Subsidiary, any Guarantor or any ERISA Affiliate, (B) Pension Plan or (C) Multiemployer Plan. 
  
 (j) Margin Stock. No Borrower, Subsidiary or Guarantor is engaged principally or as one of its activities in the business of
extending credit for the purpose of purchasing or carrying any margin stock (as each such term is defined or used in Regulation U of the Board of Governors of the Federal Reserve System). No part of the proceeds of any of the Loans or Letters of
Credit will be used for purchasing or carrying margin stock or for any purpose which violates, or which would be inconsistent with, the provisions of Regulation T, U or X of such Board of Governors. 
  
 (k) Government Regulation. No Borrower, Subsidiary or
Guarantor is an investment company or a company controlled by an investment company (as each such term is defined or used in the Investment Company Act of 1940, as amended), and no Borrower, Subsidiary or Guarantor is, or after giving effect to any
Extension of Credit will be, subject to regulation under the Public Utility Holding Company Act of 1935 or the Interstate Commerce Act, each as amended, or any other Applicable Law which limits its ability to incur or consummate the transactions
contemplated hereby. 
  
 (l) Material
Contracts. Schedule 6.1(l) hereto sets forth a complete and accurate list of all Material Contracts of each Borrower, each Subsidiary and each Guarantor in effect as of the Closing Date not listed on any other Schedule hereto; other than
as set forth in Schedule 6.1(l) hereto, each such Material Contract is, and after giving effect to the consummation of the transactions contemplated by the Loan Documents will be, in full force and effect in accordance with the terms thereof.

  
 (m) Employee Relations. Each Borrower,
each Subsidiary and each Guarantor enjoys good employee relations and is not, as of the Closing Date, party to any collective bargaining agreement nor has any labor union been recognized as the representative of its employees except as set forth on
Schedule 6.1(m) hereto. No Borrower, Subsidiary or Guarantor knows of any pending, threatened or contemplated strikes, work stoppage or other collective labor disputes involving its employees or those of any Subsidiary. 
  

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 (n) Burdensome Provisions. No Borrower, Subsidiary or Guarantor is a party to any
indenture, agreement, lease or other instrument, or subject to any corporate or partnership restriction, Governmental Approval or Applicable Law which is so unusual or burdensome as in the foreseeable future could be reasonably expected to have a
Material Adverse Effect. No Borrower, Subsidiary or Guarantor presently anticipates that future expenditures needed to meet the provisions of any statutes, orders, rules or regulations of a Governmental Authority will be so burdensome as to have a
Material Adverse Effect. 
  
 (o) Financial
Statements. The Consolidated balance sheets of Urban and its Consolidated Subsidiaries as of January 31, 2004 and the related statements of income and retained earnings and cash flows for the Fiscal Years then ended, copies of which have been
furnished to the Lenders, are complete and correct and fairly present the assets, liabilities and financial position of the Borrowers, their Subsidiaries and the Guarantors as at such dates, and the results of the operations and changes of financial
position for the periods then ended. All such financial statements, including without limitation the related schedules and notes thereto, have been prepared in accordance with GAAP. No Borrower, Subsidiary or Guarantor has any Debt, obligation or
other unusual forward or long-term commitment which is not fairly reflected in the foregoing financial statements or in the notes thereto in accordance with GAAP. 
  
 (p) No Material Adverse Change. Since January 31, 2004, there has been no material adverse change in
the properties, business, operations, prospects, or condition (financial or otherwise) of any Borrower, any Subsidiary or any Guarantor, and no event, including without limitation any material pending or threatened litigation, bankruptcy or other
proceeding, has occurred or condition arisen that could reasonably be expected to have a Material Adverse Effect. 
  
 (q) Solvency. As of the Closing Date and after giving effect to each Extension of Credit made hereunder, each Borrower, each
Subsidiary and each Guarantor will be Solvent. 
  
 (r) Titles to Properties. Each Borrower, each Subsidiary and each Guarantor has such title to the real property owned or leased by it as is necessary or desirable to the conduct of its business and valid and legal title to all of its
personal property and assets, including without limitation those reflected on the balance sheets of Urban and its Consolidated Subsidiaries delivered pursuant to Section 6.1(o) hereof, except those which have been disposed of by any Borrower,
any Subsidiary or any Guarantor subsequent to such date which dispositions have been in the ordinary course of business or as otherwise expressly permitted hereunder. 
  
 (s) Liens. None of the properties and assets of any Borrower, any Subsidiary or any Guarantor is
subject to any Lien, except Liens permitted pursuant to Section 10.3 hereof. No financing statement under the Uniform Commercial Code of any state which names any Borrower, any Subsidiary, any Guarantor or any of their respective trade names
or divisions as debtor and which has not been terminated, has been filed in any state or other jurisdiction, and no Borrower, Subsidiary or Guarantor has signed any such financing statement or any security agreement authorizing any secured party
thereunder to file any such financing statement, except to perfect those Liens permitted by Section 10.3 hereof. 
  
 (t) Debt and Guaranty Obligations. A complete and correct listing of all Debt and Guaranty Obligations of each Borrower, each
Subsidiary and each Guarantor as of January 31, 2004 appears at Note 10 (page F-20) of the audited financial statements included as part of Item 8 of the Form 10-K for the year ended January 31, 2004 filed with the Securities and Exchange Commission
on April 15, 2004 (“Note 10”). There is no Debt and no Guaranty Obligations of any Borrower, any Subsidiary or any Guarantor other than those listed on Note 10 and Note 10 presents, in all material 

  

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respects, an accurate listing of the Debt and Guaranty Obligations of each Borrower, each Subsidiary and each Guarantor as of the Closing Date. Each
Borrower, each Subsidiary and each Guarantor has performed and is in compliance with all of the terms of such Debt and Guaranty Obligations and all instruments and agreements relating thereto, and no default or event of default, or event or
condition which with notice or lapse of time or both would constitute such a default or event of default on the part of any Borrower, any Subsidiary or any Guarantor exists with respect to any such Debt or Guaranty Obligation. 
  
 (u) Litigation. Except for matters existing on the
Closing Date and set forth on Schedule 6.1(u) hereto and those as to which the insurer has not disclaimed liability coverage, there are no actions, suits or proceedings pending nor, to the knowledge of any Borrower, any Subsidiary or any
Guarantor, threatened, against or in any other way relating adversely to or affecting any Borrower, any Subsidiary, any Guarantor or any of their respective properties in any court or before any arbitrator of any kind or before or by any
Governmental Authority, which, either singly or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
  
 (v) Absence of Defaults. No event has occurred or is continuing which constitutes a Default or an Event of Default, or which
constitutes, or which with the passage of time or giving of notice or both would constitute, a default or event of default by any Borrower, any Subsidiary or any Guarantor under any Material Contract or judgment, decree or order to which any
Borrower, any Subsidiary or any Guarantor is a party or by which any Borrower, any Subsidiary, any Guarantor or any of their respective properties may be bound or which would require any Borrower, any Subsidiary or any Guarantor to make any payment
thereunder prior to the scheduled maturity date therefor. 
  
 (w) Accuracy and Completeness of Information. All written information, reports and other papers and data produced by or on behalf of each Borrower, each Subsidiary and each Guarantor and furnished to the
Lenders were, at the time the same were so furnished, complete and correct in all respects to the extent necessary to give the recipient a true and accurate knowledge of the subject matter. No document, including without limitation any financial
statement, furnished or written statement made to the Lenders by any Borrower, any Subsidiary and any Guarantor in connection with the negotiation, preparation or execution of this Agreement or any of the Loan Documents contains or will contain any
untrue statement of a fact material to the creditworthiness of any Borrower, any Subsidiary or any Guarantor or omits or will omit to state a fact necessary in order to make the statements contained therein not misleading. No Borrower is aware of
any facts which it has not disclosed in writing to the Lenders having a Material Adverse Effect, or insofar as such Borrower can now foresee, could reasonably be expected to have a Material Adverse Effect. 
  
 (x) Fees and Commissions. No Borrower owes any fees
or commissions of any kind, and no Borrower knows of any claim for any fees or commissions, in connection with the Borrowers’ obtaining the Commitments or the Loans from the Lenders, except those provided herein. 
  
 (y) Public Utility Holding Company Act. No Borrower
is a “public utility holding company” within the meaning of the Public Utility Holding Company Act of 1935, as amended (the “1935 Act”), nor does the execution, delivery and performance of this Agreement and the Note require any
filing, authorization or consent under the 1935 Act. 
  
 (z) Foreign Assets Control Regulations, Etc. None of the requesting or borrowing of the Loans, the requesting or issuance, extension or renewal of any Letters of Credit or the use of the proceeds of any thereof will violate the
Trading with the Enemy Act (50 U.S.C. §1 et seq., as amended) (the “Trading With the Enemy Act”) or any of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended)
(the “Foreign Assets 

  

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Control Regulations”) or any enabling legislation or executive order relating thereto (which for the avoidance of doubt shall include, but shall not be
limited to (a) Executive Order 13224 of September 21, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001) (the “Executive Order”) and (b) the Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56)). Furthermore, none of the Borrowers nor any of their Subsidiaries or other Affiliates (a) is or will become a
“blocked person” as described in the Executive Order, the Trading with the Enemy Act or the Foreign Assets Control Regulations or (b) engages or will engage in any dealings or transactions, or be otherwise associated, with any such
“blocked person.” 
  
 Section 6.2 Survival of
Representations and Warranties, Etc. All representations and warranties set forth in this Article VI and all representations and warranties contained in any certificate, or any of the Loan Documents (including without limitation any such
representation or warranty made in or in connection with any amendment thereto) shall constitute representations and warranties made under this Agreement. All representations and warranties made under this Agreement shall be made or deemed to be
made at and as of the Closing Date, shall survive the Closing Date and shall not be waived by the execution and delivery of this Agreement, any investigation made by or on behalf of the Administrative Agent or the Lenders or any borrowing hereunder.

  
 ARTICLE VII 
 FINANCIAL INFORMATION AND NOTICES 
  
 Until all the Obligations have been paid and satisfied in full and the Commitments terminated, unless consent has been obtained in the manner set forth in
Section 13.13 hereof, the Borrowers will furnish or cause to be furnished to the Administrative Agent and the Lenders at the Administrative Agent’s Office, or such other office as may be designated by the Administrative Agent and the
Lenders from time to time: 
  
 Section 7.1 Financial Statements
and Projections. 
  
 (a) [Intentionally
Omitted] 
  
 (b) Quarterly Financial
Statements. As soon as practicable and in any event within forty-five (45) days after the end of the first three (3) fiscal quarters of each Fiscal Year, an unaudited Consolidated balance sheet of Urban and its Consolidated Subsidiaries as of
the close of such fiscal quarter and unaudited Consolidated statements of income, retained earnings and cash flows for the fiscal quarter then ended and that portion of the Fiscal Year then ended, including without limitation the notes thereto, all
in reasonable detail setting forth in comparative form the corresponding figures for the preceding Fiscal Year and prepared by Urban in accordance with GAAP and, if applicable, containing disclosure of the effect on the financial position or results
of operations of any change in the application of accounting principles and practices during the period, and certified by a Responsible Officer of Urban to present fairly in all material respects the financial condition of Urban and its Consolidated
Subsidiaries as of their respective dates and the results of operations of Urban and its Consolidated Subsidiaries for the respective periods then ended, subject to normal year end adjustments. 
  
 (c) Annual Financial Statements. As soon as
practicable and in any event within ninety (90) days after the end of each Fiscal Year, an audited Consolidated balance sheet of Urban and its Consolidated Subsidiaries as of the close of such Fiscal Year and audited Consolidated statements of
income, retained earnings and cash flows for the Fiscal Year then ended, including without limitation the notes thereto, all in reasonable detail setting forth in comparative form the corresponding figures for the preceding Fiscal Year and examined
by an independent certified public accounting firm acceptable to 

  

 -43- 

 
the Administrative Agent in accordance with GAAP and, if applicable, containing disclosure of the effect on the financial position or results of operation of
any change in the application of accounting principles and practices during the year, and accompanied by a report thereon by such certified public accountants that is not qualified with respect to scope limitations imposed by any Borrower, any
Subsidiary or any Guarantor or with respect to accounting principles followed by any Borrower, any Subsidiary or any Guarantor not in accordance with GAAP. 
  
 (d) Annual Business Plan and Financial Projections. If the Borrowers submit a Termination Date Extension Request pursuant to
Section 2.6 hereof, then as soon as practicable but not less than forty-five (45) days prior to the Termination Date, a business plan of Urban and its Consolidated Subsidiaries for the ensuing six (6) fiscal quarters, such plan to be prepared
in accordance with GAAP and to include, on a quarterly basis, the following: a quarterly operating and capital budget, a projected income statement, statement of cash flows and balance sheet and a report containing management’s discussion and
analysis of such projections, accompanied by a certificate from a Responsible Officer of Urban to the effect that, to the best of such Responsible Officer’s knowledge, such projections are good faith estimates of the financial condition and
operations of Urban and its Consolidated Subsidiaries for such six (6) quarter period. 
  
 Section 7.2 Officer’s Compliance Certificate. At each time financial statements are delivered pursuant to Section 7.1(b) or Section 7.1(c) hereof and at such other times as the Administrative
Agent shall reasonably request, a certificate of the chief financial officer or the treasurer of Urban in the form of Exhibit E attached hereto (an “Officer’s Compliance Certificate”). 
  
 Section 7.3 Accountants’ Certificate. At each time financial
statements are delivered pursuant to Section 7.1(c) hereof, a certificate of the independent public accountants certifying such financial statements addressed to the Administrative Agent: 
  
 (a) stating that in making the examination necessary to
issue the report of independent public accountants of such financial statements, nothing came to their attention that caused them to believe that Urban and its Consolidated Subsidiaries were not in compliance with any of the terms, covenants,
provisions or conditions of Article IX of the Agreement as they relate to accounting matters; and 
  
 (b) attaching the calculations prepared by Urban and its Consolidated Subsidiaries that were provided to the accountants in connection
with Section 7.3(a) hereof. 
  
 Section 7.4 Other
Reports. 
  
 (a) Promptly upon receipt
thereof, copies of all Management Reports, if any, submitted to any Borrower, any Subsidiary or any Guarantor or to its respective board of directors by its independent public accountants in connection with their auditing function, and copies of any
management responses thereto; and 
  
 (b) Such
other information regarding the operations, business affairs and financial condition of any Borrower, any Subsidiary or any Guarantor as the Administrative Agent may reasonably request. 
  

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 Section 7.5 Notice of Litigation and Other Matters. Prompt (but in no event later than ten (10)
Business Days after an officer of any Borrower or any Subsidiary obtains knowledge thereof) telephonic and written notice of: 
  
 (a) the commencement of all proceedings and investigations by or before any Governmental Authority and all actions and proceedings in any
court or before any arbitrator against or involving any Borrower or any Subsidiary or any of their respective properties, assets or businesses, which in any such case could reasonably be expected to have a Material Adverse Effect; 
  
 (b) any notice of any violation received by any Borrower or
any Subsidiary from any Governmental Authority including without limitation any notice of violation of Environmental Laws, which in any such case could reasonably be expected to have a Material Adverse Effect; 
  
 (c) any labor controversy that has resulted in, or threatens
to result in, a strike or other work action against any Borrower or any Subsidiary, which in any such case could reasonably be expected to have a Material Adverse Effect; 
  
 (d) any attachment, judgment, levy or order exceeding $1,000,000 (in any such case, which is not covered by
insurance, or as to which the insurer has disclaimed insurance coverage, or which is not stayed or bonded) that may be assessed against any Borrower or any Subsidiary; 
  
 (e) any Default or Event of Default, or any event which constitutes or which with the passage of time or
giving of notice or both would constitute a default or event of default under any Material Contract to which any Borrower or any Subsidiary is a party or by which any Borrower or any Subsidiary or any of their respective properties may be bound;

  
 (f) (i) any unfavorable determination letter
from the Internal Revenue Service regarding the qualification of an Employee Benefit Plan under Section 401(a) of the Code (along with a copy thereof), (ii) all notices received by any Borrower, any Subsidiary or any ERISA Affiliate of the
PBGC’s intent to terminate any Pension Plan or to have a trustee appointed to administer any Pension Plan, (iii) all notices received by any Borrower, any Subsidiary or any ERISA Affiliate from a Multiemployer Plan sponsor concerning the
imposition or amount of withdrawal liability pursuant to Section 4202 of ERISA and (iv) any Borrower obtaining knowledge or reason to know that any Borrower, any Subsidiary or any ERISA Affiliate has filed or intends to file a notice of intent to
terminate any Pension Plan under a distress termination within the meaning of Section 4041(c) of ERISA; and 
  
 (g) any event which makes any of the representations set forth in Section 6.1 hereof inaccurate in any material respect.

  
 Section 7.6 Accuracy of Information. All written
information, reports, statements and other papers and data furnished by or on behalf of any Borrower, any Subsidiary or any Guarantor to the Administrative Agent (other than financial forecasts), whether pursuant to this Article VII, any
other provision of this Agreement or the Guaranty Agreement, shall be, at the time the same is so furnished, complete and correct in all material respects to the extent necessary to give the Lenders complete, true and accurate knowledge of the
subject matter based on the Borrowers’ knowledge thereof. 
  
 ARTICLE VIII 
 AFFIRMATIVE COVENANTS 
  
 Until all of the Obligations have been paid and satisfied in full and the Commitments terminated, unless consent has been
obtained in the manner provided for in Section 13.13 hereof, each Borrower will, and will cause each Subsidiary and each Guarantor to: 
  
 Section 8.1 Preservation of Corporate Existence and Related Matters. Except as permitted by Section 10.5 hereof, preserve and maintain its
separate corporate existence and all rights, 

  

 -45- 

 
franchises, licenses and privileges necessary to the conduct of its business, and qualify and remain qualified as a foreign corporation and authorized to do
business in each jurisdiction in which the failure to so qualify would have a Material Adverse Effect. 
  
 Section 8.2 Maintenance of Property. Protect and preserve all properties useful in and material to its business, including without limitation
copyrights, patents, trade names and trademarks; maintain in good working order and condition all buildings, equipment and other tangible real and personal property; and from time to time make or cause to be made all renewals, replacements and
additions to such property necessary for the conduct of its business, so that the business carried on in connection therewith may be properly and advantageously conducted at all times. 
  
 Section 8.3 Insurance. Maintain insurance with financially sound and reputable insurance companies against such risks
and in such amounts as are customarily maintained by similar businesses and as may be required by Applicable Law, and on the Closing Date and from time to time thereafter deliver to the Administrative Agent upon its request a detailed list of the
insurance then in effect, stating the names of the insurance companies, the amounts and rates of the insurance, the dates of the expiration thereof and the properties and risks covered thereby. 
  
 Section 8.4 Accounting Methods and Financial Records. Maintain a
system of accounting, and keep such books, records and accounts (which shall be true and complete in all material respects) as may be required or as may be necessary to permit the preparation of financial statements in accordance with GAAP and in
compliance with the regulations of any Governmental Authority having jurisdiction over it or any of its properties. 
  
 Section 8.5 Payment and Performance of Obligations. Pay and perform all Obligations under this Agreement and the other Loan Documents, and pay or
perform (a) all taxes, assessments and other governmental charges that may be levied or assessed upon it or any of its property, and (b) all other indebtedness, obligations and liabilities in accordance with customary trade practices;
provided, that a Borrower or Subsidiary may contest any item described in clauses (a) or (b) of this Section 8.5 in good faith so long as adequate reserves are maintained with respect thereto in accordance with GAAP. 
  
 Section 8.6 Compliance With Laws and Approvals. Observe and remain in
compliance with all Applicable Laws and maintain in full force and effect all Governmental Approvals, in each case applicable to the conduct of its business, except where the failure to do so would not have a Material Adverse Effect. 
  
 Section 8.7 Environmental Laws. In addition to and without limiting
the generality of Section 8.6 hereof, (a) comply with, and ensure such compliance by all tenants and subtenants with all applicable Environmental Laws and obtain and comply with and maintain, and ensure that all tenants and subtenants obtain
and comply with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws, (b) conduct and complete all investigations, studies, sampling and testing, and all remedial, removal
and other actions required under Environmental Laws, and promptly comply with all lawful orders and directives of any Governmental Authority regarding Environmental Laws, and (c) defend, indemnify and hold harmless the Lenders, and their respective
parents, Subsidiaries, Affiliates, employees, agents, officers and directors, from and against any claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of whatever kind or nature known or unknown, contingent or
otherwise, arising out of, or in any way relating to the presence of Hazardous Materials, or the violation of, noncompliance with or liability under any Environmental Laws applicable to the operations of such Borrower or such Subsidiary, or any
orders, requirements or demands of Governmental Authorities related thereto, including without limitation 

  

 -46- 

 
reasonable attorney’s and consultant’s fees, investigation and laboratory fees, response costs, court costs and litigation expenses, except to the
extent that any of the foregoing directly result from the gross negligence or willful misconduct of the party seeking indemnification therefor. 
  
 Section 8.8 Compliance with ERISA. In addition to and without limiting the generality of Section 8.6 hereof, (a) comply with all applicable
provisions of ERISA and the regulations and published interpretations thereunder with respect to all Employee Benefit Plans, (b) not take any action or fail to take action the result of which could be a liability to the PBGC or to a Multiemployer
Plan, (c) not participate in any prohibited transaction that could result in any civil penalty under ERISA or tax under the Code, (d) operate each Employee Benefit Plan in such a manner that will not incur any tax liability under Section 4980B of
the Code or any liability to any qualified beneficiary as defined in Section 4980B of the Code and (e) furnish to the Administrative Agent upon the Administrative Agent’s request such additional information about any Employee Benefit Plan as
may be reasonably requested by the Administrative Agent. 
  
 Section 8.9 Compliance With Agreements. Comply with each term, condition and provision of all leases, agreements and other instruments entered into in the conduct of its business, except to the extent any failure to comply, either
singly or in the aggregate, would not have a Material Adverse Effect; provided, that a Borrower or Subsidiary may: (a) contest any such lease, agreement or other instrument in good faith through applicable actions or proceedings so long as
adequate reserves are maintained in accordance with GAAP; or (b) cancel any Material Contract so long as written notice thereof is provided to the Administrative Agent not more than twenty-five (25) Business Days thereafter. 
  
 Section 8.10 Conduct of Business. Engage only in businesses in
substantially the same fields as the businesses conducted by the Borrowers and their Subsidiaries on the Closing Date and in lines of business reasonably related thereto. 
  
 Section 8.11 Visits and Inspections. Permit representatives of the Administrative Agent, from time to time, to visit
and inspect its properties; inspect, audit and make extracts from its books, records and files, including without limitation management letters prepared by independent accountants; and discuss with its principal officers, and its independent
accountants, its business, assets, liabilities, financial condition, results of operations and business prospects. 
  
 Section 8.12 Additional Guarantors. Within ten (10) days after any Subsidiary of any Borrower with at least $20,000,000 of equity is created or
acquired after the Closing Date, give notice thereof to the Administrative Agent of such creation or acquisition and whether such Subsidiary shall be formed under a jurisdiction outside of the United States, and cause to be executed and delivered to
the Administrative Agent: (a) a duly executed Guaranty Agreement or supplement thereto, with such changes as the Administrative Agent may reasonably request, and (b) favorable legal opinions addressed to the Administrative Agent and the Lenders in
form and substance satisfactory thereto with respect to such Guaranty Agreement and such other documents and closing certificates as may be requested by the Administrative Agent. 
  
 Section 8.13 Maintain Cash Collateral Account. On the Termination Date, establish and maintain with the Issuing
Lender an account and deposit in such account cash collateral for Letters of Credit as required under Section 3.4(b) hereof. 
  
 Section 8.14 Subsequent Credit Terms. 
  
 (a) Notify the Administrative Agent in writing not less than ten (10) Business Days prior to its entering into any amendment or
modification of any credit arrangement other 

  

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than any construction financing in connection with any Excluded Project (but excluding long-term or permanent financing in connection with the Corporate
Headquarters and/or the Distribution Center), whether now in effect or hereafter incurred, pursuant to which any Borrower or any Subsidiary agrees to financial covenants or events of default which are more restrictive to such Borrower or Subsidiary
than those contained in this Agreement. Upon entering into any such amendment or modification, and with respect to the covenants and events of default in this Agreement, the corresponding covenants, terms and conditions of this Agreement are and
shall be deemed to be automatically and immediately amended to conform with and to include the applicable covenants, terms and/or conditions of such other agreement; provided, however, that the foregoing shall not be applicable to or
be deemed to affect any provision of this Agreement to the extent that any amendment or modification is less restrictive than the corresponding provisions of this Agreement. 
  
 (b) Each Borrower and Subsidiary hereby agrees promptly to execute and deliver any and all such documents
and instruments and to take all such further actions as Administrative Agent may, in its sole discretion, deem necessary or appropriate to effectuate the provisions of this Section 8.14. 
  
 Section 8.15 Opinions of Counsel to Non-U.S. Borrowers. Deliver to
Administrative Agent, within 30 days of the Closing Date, favorable opinions of counsel to the Non-U.S. Borrowers addressed to the Administrative Agent and the Lenders with respect to such matters as the Lenders shall request. 
  
 Section 8.16 Further Assurances. Make, execute and deliver all such
additional and further acts, things, deeds and instruments as the Administrative Agent may reasonably require to document and consummate the transactions contemplated hereby and to vest completely in and insure the Lenders their rights under this
Agreement, the Notes, the Letters of Credit and the other Loan Documents. 
  
 Section 8.17 Bank Accounts. Use Wachovia as its primary provider of trade/import letter of credit services. 
  
 ARTICLE IX 
 FINANCIAL COVENANTS

  
 Until all of the Obligations have been paid and
satisfied in full and the Commitments terminated, unless consent has been obtained in the manner set forth in Section 13.13 hereof, no Borrower or Subsidiary will: 
  
 Section 9.1 Fixed Charge Coverage Ratio. As of any fiscal quarter end, permit the Fixed Charge Coverage Ratio of
Urban and its Consolidated Subsidiaries to be less than 1.3 to 1.0. 
  
 Section 9.2 Adjusted Debt to EBITDAR Ratio. As of any fiscal quarter end, permit the Adjusted Debt to EBITDAR Ratio of Urban and its Consolidated Subsidiaries to be more than 4.0 to 1.0. 
  
 ARTICLE X 
 NEGATIVE COVENANTS 
  
 Until all of the Obligations have been paid and satisfied in full and the Commitments terminated, unless consent has been obtained in the manner set forth in Section 13.13 hereof, no Borrower has or will, and
no Borrower will permit any Subsidiary to: 
  
 Section 10.1
Limitations on Debt. Create, incur, assume or suffer to exist any Debt except: 
  
 (a) the Obligations; 
  

 -48- 

 (b) Debt incurred in connection with a Hedging Agreement with a counterparty and upon
terms and conditions (including without limitation interest rate) reasonably satisfactory to the Administrative Agent; 
  
 (c) Subordinated Debt; 
  
 (d) Debt existing on the Closing Date and not otherwise permitted under this Section 10.1 hereof, as set forth on Schedule
6.1(t) hereto and the renewal and refinancing (but not the increase at the aggregate principal amount thereof) thereof; 
  
 (e) purchase money Debt of the Borrowers and their Subsidiaries and Debt of the Borrowers and their Subsidiaries incurred in connection
with Capitalized Leases in an aggregate principal amount not to exceed $2,000,000 outstanding on any date of determination; 
  
 (f) Debt consisting of Guaranty Obligations permitted by Section 10.2 hereof; 
  
 (g) Debt of the Non-U.S. Borrowers to Borrowers under loans
and advances permitted by Section 10.4(d); 
  
 (h) so long as no Event of Default has occurred and is continuing or would result therefrom, unsecured Debt of Borrowers and their Subsidiaries in an aggregate principal amount not to exceed $500,000 at any time outstanding, provided
that such Debt is not senior in right of payment to the payment of the Debt arising under this Agreement and the other Loan Documents; and 
  
 (i) Debt owing by an SPE in connection with the Excluded Projects, up to an aggregate principal amount not to exceed $50,000,000;

  
 provided, that no agreement or instrument with respect to Debt
permitted to be incurred by this Section 10.1 shall restrict, limit or otherwise encumber (by covenant or otherwise) the ability of any Subsidiary of any Borrower to make any payment to any Borrower or any other Subsidiary (in the form of
dividends, intercompany advances or otherwise) for the purpose of enabling the Borrowers to pay the Obligations. 
  
 Section 10.2 Limitations on Guaranty Obligations. Create, incur, assume or suffer to exist any Guaranty Obligations except: 
  
 (a) Guaranty Obligations in favor of the Lenders; and

  
 (b) Guaranty Obligations of Urban for the
benefit of any Subsidiary of Debt permitted by Section 10.1(a), Section 10.1(b), Section 10.1(c), Section 10.1(d), Section 10.1(e), Section 10.1(f) and Section 10.1(g) and Section 10.1(i) hereof.

  

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 Section 10.3 Limitations on Liens. Create, incur, assume or suffer to exist, any Lien on or with
respect to any of its assets or properties (including without limitation shares of capital stock or other ownership interests or commercial tort claims), real or personal, whether now owned or hereafter acquired, except: 
  
 (a) Liens for taxes, assessments and other governmental
charges or levies (excluding any Lien imposed pursuant to any of the provisions of ERISA or Environmental Laws) not yet due or as to which the period of grace (not to exceed thirty (30) days), if any, related thereto has not expired or which are
being contested in good faith and by appropriate proceedings if adequate reserves are maintained to the extent required by GAAP; 
  
 (b) the claims of materialmen, mechanics, carriers, warehousemen, processors or landlords for labor, materials, supplies or rentals
incurred in the ordinary course of business: (i) each of which, as to the underlying indebtedness thereof, is not overdue for a period of more than sixty (60) days; or (ii) which claims are being contested in good faith and by appropriate actions or
proceedings or are stayed or bonded; 
  
 (c)
Liens consisting of deposits or pledges made in the ordinary course of business in connection with, or to secure payment of, obligations under workers compensation, unemployment insurance or similar legislation or obligations under customer service
contracts; 
  
 (d) Liens constituting
encumbrances in the nature of zoning restrictions, easements and rights or restrictions of record on the use of real property, which in the aggregate are not substantial in amount and which do not, in any case, detract from the value of such
property or impair the use thereof in the ordinary conduct of business; 
  
 (e) Liens of the Lenders; 
  
 (f) Liens not otherwise permitted by this Section 10.3 and in existence on the Closing Date and described on Schedule 10.3 hereto; and 
  
 (g) Liens securing Debt permitted under Section 10.1(e) or Section 10.1(i) hereof;
provided that (i) such Liens shall be created substantially simultaneously with the acquisition of the related asset or in connection with the refinancing of Liens created substantially simultaneously, (ii) such Liens do not at any time
encumber any property other than the property financed by such Debt, (iii) the amount of Debt secured thereby is not increased and (iv) the principal amount of Debt secured by any such Lien shall at no time exceed one hundred percent (100%) of the
original purchase price of such property at the time it was acquired. 
  
 Section 10.4 Limitations on Loans, Advances, Investments and Acquisitions. Purchase, own, invest in or otherwise acquire, directly or indirectly, any capital stock, interests in any partnership or joint venture (including without
limitation the creation or capitalization of any Subsidiary), evidence of Debt or other obligation or security, substantially all or a portion of the business or assets of any other Person or any other investment or interest whatsoever in any other
Person, or make or permit to exist, directly or indirectly, any loans, advances or extensions of credit to, or any investment in cash or by delivery of property in, any Person except: 
  
 (a) investments not otherwise permitted by this Section 10.4 in Subsidiaries existing on the Closing
Date and the other existing loans, advances and investments not otherwise permitted by this Section 10.4 described on Schedule 10.4(a) hereto; 
  
 (b) investments made in accordance with the Investment Policy and Guidelines attached hereto as Schedule 10.4(b) as in effect on
the date hereof, which Investment Policy and Guidelines may be updated or amended by the Borrowers without the consent of Wachovia; provided, that such updates or amendments shall not become a part of this Credit Agreement without ten
(10) days prior written notice to Wachovia; 
  

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 (c) investments by any Borrower or any Subsidiary in the form of acquisitions of all or
substantially all of the business or a line of business (whether by the acquisition of capital stock, assets or any combination thereof) of any other Person if such acquisition has been previously approved in writing by the Required Lenders;

  
 (d) the making by any Borrower or any
Guarantor of loans or advances to or investments in any Subsidiary, provided that such Subsidiary is joined as a Guarantor pursuant to Section 8.12 hereof, and provided, further, that: (i) the aggregate principal amount
of intercompany loans to Non-U.S. Borrowers may not exceed the Non-U.S. Sublimit less: (A) the amount of L/C Obligations for Letters of Credit issued for the account of Non-U.S. Borrowers and (B) the aggregate principal amount of outstanding Loans
borrowed by or on behalf of any Non-U.S. Borrower and (ii) intercompany loans and advances to Non-U.S. Borrowers from U.S. Borrowers together with investments by U.S. Borrowers in Non-U.S. Borrowers shall not exceed, in the aggregate, without
duplication, $50,000,000 at any time outstanding. 
  
 (e) the creation of accounts receivable in the ordinary course of business; 
  
 (f) the making of loans and advances to employees in the ordinary course of business, which loans and advances: (i) shall not exceed
$1,000,000 in the aggregate outstanding at any one time, (ii) shall not remain outstanding in excess of 366 days, and (iii) shall otherwise be in compliance with Section 10.9 hereof; and 
  
 (g) advances to any SPE which, in the aggregate, shall not
exceed $65,000,000 less the amount of any long-term or permanent financing obtained in connection with the Corporate Headquarters and/or the Distribution Center. 
  
 Section 10.5 Limitations on Mergers and Liquidation. Merge, consolidate or enter into any similar combination with
any other Person or liquidate, wind-up or dissolve itself (or suffer any liquidation or dissolution) except: 
  
 (a) any Wholly-Owned Subsidiary of any Borrower may merge with any other Wholly-Owned Subsidiary of any Borrower; 
  
 (b) any Wholly-Owned Subsidiary may merge into the Person
such Wholly-Owned Subsidiary was formed to acquire in connection with an acquisition permitted by Section 10.4(c) hereof; and 
  
 (c) any Wholly-Owned Subsidiary of any Borrower may wind-up into any Borrower or any other Wholly-Owned Subsidiary of any Borrower.

  
 Section 10.6 Limitations on Sale of Assets. Convey,
sell, lease, assign, transfer or otherwise dispose of any of its property, business or assets (including without limitation the sale of any receivables and leasehold interests and any sale-leaseback or similar transaction), whether now owned or
hereafter acquired except: 
  
 (a) the sale of
inventory in the ordinary course of business; 
  
 (b) the sale of obsolete assets no longer used or usable in the business of any Borrower or any Subsidiary; 
  

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 (c) the transfer of assets to any Borrower or any Wholly-Owned Subsidiary of any Borrower
pursuant to Section 10.5(c) hereof; 
  
 (d) the transfer of assets to any Guarantor pursuant to Section 10.4(d) hereof; and 
  
 (e) the sale or discount without recourse of accounts receivable arising in the ordinary course of business in connection with the
compromise or collection thereof. 
  
 Section 10.7 Limitations
on Dividends and Distributions. Declare or pay any dividends upon any of its capital stock; purchase, redeem, retire or otherwise acquire, directly or indirectly, any shares of its capital stock, or make any distribution of cash, property or
assets among the holders of shares of its capital stock, or make any change in its capital structure that could reasonably be expected to have a Material Adverse Effect; provided that: 
  
 (a) any Borrower or any Subsidiary may pay dividends in
shares of its own capital stock; 
  
 (b) any
Subsidiary may pay cash dividends to any Borrower; and 
  
 (c) with the approval of the board of directors of Urban, Urban may: (i) repurchase shares of its capital stock, provided that the Fixed Charge Coverage Ratio of Urban and its Consolidated Subsidiaries as of the most recently ended
fiscal quarter is not less than 1.3 to 1.0, and that each such repurchase of shares of capital stock would not cause the Fixed Charge Coverage Ratio to be less than the minimum required to be maintained for the next succeeding fiscal quarter; and
(ii) repurchase fractional shares of its capital stock in connection with any stock split or reverse stock split of Urban’s capital stock, the purchase price (based on fair market value) of which does not exceed $1,000,000 in the aggregate.

  
 Section 10.8 Limitations on Exchange and Issuance of
Capital Stock. Issue, sell or otherwise dispose of any class or series of capital stock that, by its terms or by the terms of any security into which it is convertible or exchangeable, is, or upon the happening of an event or passage of time
would be, (a) convertible or exchangeable into Debt or (b) required to be redeemed or repurchased, including without limitation at the option of the holder, in whole or in part, or has, or upon the happening of an event or passage of time would
have, a redemption or similar payment due. 
  
 Section 10.9
Transactions with Affiliates. Directly or indirectly: (a) make any loan or advance to, or purchase or assume any note or other obligation to or from, any of its officers, directors, shareholders or other Affiliates, or to or from any member
of the immediate family of any of its officers, directors, shareholders or other Affiliates, or subcontract any operations to any of its Affiliates, or (b) enter into, or be a party to, any other transaction with any of its Affiliates, except
pursuant to the reasonable requirements of its business and upon fair and reasonable terms that are fully disclosed to and approved in writing by the Administrative Agent prior to the consummation thereof and are no less favorable to it than it
would obtain in a comparable arm’s length transaction with a Person not its Affiliate; provided, however, that this Section 10.9 shall not be construed to prohibit or limit the terms of employee compensation provided in the
ordinary course of business, including without limitation salaries and benefits, relocation packages and, subject to Section 10.4(f) hereof, loans and advances to employees. 
  
 Section 10.10 Certain Accounting Changes. Change its Fiscal Year end, or make any change in its accounting treatment
and reporting practices except as required by GAAP. 
  

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 Section 10.11 Amendments; Payments and Prepayments of Subordinated Debt. Amend or modify (or
permit the modification or amendment of) any of the terms or provisions of any Subordinated Debt, or cancel or forgive, make any voluntary or optional payment or prepayment on, or redeem or acquire for value (including without limitation by way of
depositing with any trustee with respect thereto money or securities before due for the purpose of paying when due) any Subordinated Debt. 
  
 Section 10.12 Restrictive Agreements. Enter into any Debt which contains any negative pledge on assets or any covenants more restrictive than the
provisions of Articles VIII, IX and X hereof, or which restricts, limits or otherwise encumbers its ability to incur Liens on or with respect to any of its assets or properties other than the assets or properties securing such Debt.

  
 Section 10.13 Capital Expenditures. Make Capital
Expenditure Payments exceeding: (a) $75,000,000 in the aggregate in the Fiscal Year ending January 31, 2005; (b) $110,000,000 in the aggregate in the Fiscal Year ending January 31, 2006; and (c) $90,000,000 in the aggregate in the Fiscal Year ending
January 31, 2007. 
  
 ARTICLE XI 

DEFAULT AND REMEDIES 
  
 Section 11.1 Events of Default. Each of the following shall constitute an Event of Default, whatever the reason for such event and whether it shall
be voluntary or involuntary or be effected by operation of law or pursuant to any judgment or order of any court or any order, rule or regulation of any Governmental Authority or otherwise: 
  
 (a) Default in Payment of Principal of Loans and
Reimbursement Obligations. The Borrowers shall default in any payment of principal of any Loan, Note or Reimbursement Obligation when and as due (whether at maturity, by reason of acceleration or otherwise). 
  
 (b) Other Payment Default. The Borrowers shall
default in the payment when and as due (whether at maturity, by reason of acceleration or otherwise) of interest on any Loan, Note or Reimbursement Obligation or the payment of any other Obligation, and such default shall continue unremedied for
three (3) Business Days. 
  
 (c)
Misrepresentation. Any representation or warranty made or deemed to be made by any Borrower or any Subsidiary under this Agreement, any Loan Document or any amendment hereto or thereto, shall at any time prove to have been incorrect or
misleading in any material respect when made or deemed made. 
  
 (d) Default in Performance of Certain Covenants. Any Borrower shall default in the performance or observance of any covenant or agreement contained in Section 7.1, Section 7.2 or Section
7.5(e) or Article IX or Article X of this Agreement. 
  
 (e) Default in Performance of Other Covenants and Conditions. Any Borrower or any Subsidiary shall default in the performance or observance of any term, covenant, condition or agreement contained in this
Agreement (other than as specifically provided for otherwise in this Section 11.1) or any other Loan Document and such default shall continue for a period of thirty (30) days after written notice thereof has been given to the Borrowers by the
Administrative Agent. 
  
 (f) Hedging
Agreement. Any termination payment shall be due by any Borrower under any Hedging Agreement and such amount is not paid by the due date thereof; provided, 

  

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however, that in the case of any Hedging Agreement with a counterparty other than Wachovia or any Lender, no Event of Default shall exist hereunder
unless the termination payment exceeds $5,000,000. 
  
 (g) Debt Cross-Default. Any Borrower or any Subsidiary shall (i) default in the payment of any Debt (other than (x) any Note or any Reimbursement Obligation, which occurrence is governed by Section 11.1(a), and (y) any non-recourse
Debt permitted pursuant to Section 10.1(i) hereof so long as such Debt has not been guaranteed by any Borrower or Guarantor) the aggregate outstanding amount of which Debt is in excess of $5,000,000 or any of such Debt in excess of $5,000,000 shall
be accelerated or demanded or declared due and payable, or (ii) default in the observance or performance of any other agreement or condition relating to any Debt (other than any Note or any Reimbursement Obligation) the aggregate outstanding amount
of which Debt is in excess of $5,000,000 or contained in any instrument or agreement evidencing, securing or relating thereto or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or
to permit the holder or holders of such Debt (or a trustee or agent on behalf of such holder or holders) to cause, with the giving of notice if required, any such Debt to become due prior to its stated maturity (any applicable grace period having
expired). 
  
 (h) Other Cross-Defaults.
Any Borrower or any Subsidiary shall default in the payment when due, or in the performance or observance, of any material obligation or condition of any Material Contract unless, but only as long as, the existence of any such default is being
contested by such Borrower or such Subsidiary in good faith by appropriate actions or proceedings and adequate reserves in respect thereof have been established on the books of such Borrower or such Subsidiary to the extent required by GAAP.

  
 (i) Change in Control. A Change in
Control shall have occurred. 
  
 (j) Voluntary
Bankruptcy Proceeding. Any Borrower or any Subsidiary shall: (i) commence a voluntary case under the federal bankruptcy laws (as now or hereafter in effect); (ii) file a petition seeking to take advantage of any other laws, domestic or foreign,
relating to bankruptcy, insolvency, reorganization, winding up or composition for adjustment of debts; (iii) consent to or fail to contest in a timely and appropriate manner any petition filed against it in an involuntary case under such bankruptcy
laws or other laws; (iv) apply for or consent to, or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee, or liquidator of itself or of a substantial part of its
property, domestic or foreign; (v) admit in writing its inability to pay its debts as they become due; (vi) make a general assignment for the benefit of creditors; or (vii) take any corporate action for the purpose of authorizing any of the
foregoing. 
  
 (k) Involuntary Bankruptcy
Proceeding. A case or other proceeding shall be commenced against any Borrower or any Subsidiary in any court of competent jurisdiction seeking: (i) relief under the federal bankruptcy laws (as now or hereafter in effect) or under any other
laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding up or adjustment of debts; or (ii) the appointment of a trustee, receiver, custodian, liquidator or the like for such Borrower or Subsidiary or for all or any
substantial part of their respective assets, domestic or foreign, and such case or proceeding shall continue without dismissal or stay for a period of sixty (60) consecutive days, or an order granting the relief requested in such case or proceeding
(including without limitation an order for relief under such federal bankruptcy laws) shall be entered. 
  
 (l) Termination Event. The occurrence of any of the following events: (i) any Borrower, any Subsidiary or any ERISA Affiliate fails
to make full payment when due of all amounts which, under the provisions of any Pension Plan or Section 412 of the Code, such Borrower, Subsidiary or ERISA Affiliate is required to pay as contributions thereto; (ii) an accumulated funding deficiency
in 

  

 -54- 

 
excess of $100,000 occurs or exists, whether or not waived, with respect to any Pension Plan, (iii) a Termination Event or (iv) any Borrower, any Subsidiary
or any ERISA Affiliate as employers under one or more Multiemployer Plan makes a complete or partial withdrawal from any such Multiemployer Plan and the plan sponsor of such Multiemployer Plans notifies such withdrawing employer that such employer
has incurred a withdrawal liability requiring payments in an amount exceeding $100,000. 
  
 (m) Judgment. A judgment or order for the payment of money which causes the aggregate amount of all such judgments to exceed
$7,500,000 in any Fiscal Year shall be entered against any Borrower or any Subsidiary by any court and such judgment or order shall continue without discharge or stay for a period of thirty (30) days; provided, however, that any such
judgment or order shall not constitute an Event of Default if bonded or if otherwise covered by insurance which shall have not been disclaimed by the insurer. 
  

Section 11.2 Remedies. Upon the occurrence of an Event of Default, with the consent of the Required Lenders, the Administrative Agent may, or
upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrowers: 
  
 (a) Acceleration; Termination of Facilities. Declare the principal of and interest on the Loans, the Notes and the Reimbursement
Obligations at the time outstanding, and all other amounts owed to the Lenders and the Administrative Agent under this Agreement or any of the other Loan Documents (other than any Hedging Agreement) (including without limitation all L/C Obligations,
whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) and all other Obligations (other than obligations owing under any Hedging Agreement), to be forthwith due and payable,
whereupon the same shall immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived, anything in this Agreement or the other Loan Documents to the contrary notwithstanding,
and terminate the Aggregate Commitment and Commitments and any right of the Borrowers to request borrowings or Letters of Credit thereunder; provided, that upon the occurrence of an Event of Default specified in Section 11.1(j) or
Section 11.1(k) hereof, the Aggregate Commitment and Commitments shall be automatically terminated and all Obligations (other than obligations owing under any Hedging Agreement) shall automatically become due and payable. 
  
 (b) Letters of Credit. With respect to all Letters of
Credit with respect to which presentment for honor shall not have occurred at the time of an acceleration pursuant to the preceding paragraph, require the Borrowers at such time to deposit in a cash collateral account opened by the Issuing Lender an
amount equal to the aggregate then undrawn and unexpired amount of such Letters of Credit. Amounts held in such cash collateral account shall be applied by the Issuing Lender to the payment of drafts drawn under such Letters of Credit, and the
unused portion thereof after all such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay the other Obligations. After all such Letters of Credit shall have expired or been fully drawn upon, the
Reimbursement Obligation shall have been satisfied and all other Obligations shall have been paid in full, the balance, if any, in such cash collateral account shall be returned to the Borrowers. 
  
 (c) Rights of Collection. Exercise on behalf of the
Lenders of all of their other rights and remedies under this Agreement, the other Loan Documents and Applicable Law, in order to satisfy all of the Borrowers’ Obligations. 
  
 Section 11.3 Rights and Remedies Cumulative; Non-Waiver, etc. The enumeration of the rights and remedies of the
Administrative Agent and the Lenders set forth in this Agreement is not intended to be exhaustive, and the exercise by the Administrative Agent and the Lenders of any right or remedy shall not preclude the exercise of any other rights or remedies,
all of which shall be cumulative, 

  

 -55- 

 
and shall be in addition to any other right or remedy given hereunder or under the Loan Documents or that may now or hereafter exist in law or in equity or
by suit or otherwise. No delay or failure to take action on the part of the Administrative Agent or the Lenders in exercising any right, power or privilege shall operate as a waiver thereof, nor shall any single or partial exercise of any such
right, power or privilege preclude other or further exercise thereof or the exercise of any other right, power or privilege or shall be construed to be a waiver of any Event of Default. No course of dealing between the Borrowers, the Administrative
Agent and the Lenders or their respective agents or employees shall be effective to change, modify or discharge any provision of this Agreement or any of the other Loan Documents or to constitute a waiver of any Event of Default. 
  
 ARTICLE XII 
 THE ADMINISTRATIVE AGENT 
  
 Section 12.1 Appointment. Each of the Lenders hereby irrevocably designates and appoints Wachovia as Administrative Agent of such Lender under this Agreement and the other Loan Documents for the term hereof,
and each such Lender irrevocably authorizes Wachovia as Administrative Agent for such Lender, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and perform such duties
as are expressly delegated to the Administrative Agent by the terms of this Agreement and such other Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in
this Agreement or such other Loan Documents, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein and therein, or any fiduciary relationship with any Lender, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or the other Loan Documents or otherwise exist against the Administrative Agent. Any reference to the Administrative Agent in this Article XII
shall be deemed to refer to the Administrative Agent solely in its capacity as Administrative Agent and not in its capacity as a Lender. 
  
 Section 12.2 Delegation of Duties. The Administrative Agent may execute any of its respective duties under this Agreement and the other Loan
Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or
attorneys-in-fact selected by the Administrative Agent with reasonable care. 
  
 Section 12.3 Exculpatory Provisions. Neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact, Subsidiaries or Affiliates shall be (a) liable for any action
lawfully taken or omitted to be taken by it or such Person under or in connection with this Agreement or the other Loan Documents (except for actions occasioned solely by its or such Person’s own gross negligence or willful misconduct), or (b)
responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Borrower or any Subsidiary or any officer thereof contained in this Agreement or the other Loan Documents or in any certificate,
report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement or the other Loan Documents or for the value, validity, effectiveness, genuineness,
enforceability or sufficiency of this Agreement or the other Loan Documents or for any failure of any Borrower to perform its obligations hereunder or thereunder. The Administrative Agent shall not be under any obligation to any Lender to ascertain
or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement, or to inspect the properties, books or records of any. 
  
 Section 12.4 Reliance by the Administrative Agent. The Administrative Agent shall be entitled to rely, and shall be
fully protected in relying, upon any note, writing, resolution, notice, 

  

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consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message, statement, order or other document or conversation
believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including without limitation counsel to the Borrowers), independent accountants and other
experts selected by the Administrative Agent. The Administrative Agent may deem and treat the payee of any Note as the owner thereof for all purposes unless such Note shall have been transferred in accordance with Section 13.10 hereof. The
Administrative Agent shall be fully justified in failing or refusing to take any action under this Agreement and the other Loan Documents unless it shall first receive such advice or concurrence of the Required Lenders (or, when expressly required
hereby or by the relevant other Loan Document, all the Lenders) as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or
continuing to take any such action except for its own gross negligence or willful misconduct. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the Notes in accordance
with a request of the Required Lenders (or, when expressly required hereby, all the Lenders), and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Notes.

  
 Section 12.5 Notice of Default. The Administrative
Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless it has received notice from a Lender or the Borrowers referring to this Agreement, describing such Default or Event of
Default and stating that such notice is a notice of default. In the event that the Administrative Agent receives such a notice, it shall promptly give notice thereof to the Lenders. The Administrative Agent shall take such action with respect to
such Default or Event of Default as shall be reasonably directed by the Required Lenders; provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated
to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders, except to the extent that other provisions of this Agreement expressly
require that any such action be taken or not be taken only with the consent and authorization or the request of the Lenders or Required Lenders, as applicable. 
  

Section 12.6 Non-Reliance on the Administrative Agent and Other Lenders. Each Lender expressly acknowledges that neither the Administrative
Agent nor any of its respective officers, directors, employees, agents, attorneys-in-fact, Subsidiaries or Affiliates has made any representations or warranties to it and that no act by the Administrative Agent hereinafter taken, including without
limitation any review of the affairs of the Borrowers, shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender. Each Lender represents to the Administrative Agent that it has, independently and without
reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition
and creditworthiness of the Borrowers and made its own decision to make its Loans and issue or participate in Letters of Credit hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance
upon the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this
Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Borrowers. Except for notices, reports
and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder or by the other Loan Documents, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or
other information concerning the business, operations, property, financial and other condition or creditworthiness of the Borrowers which may come into the possession of the 

  

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Administrative Agent or any of its respective officers, directors, employees, agents, attorneys-in-fact, Subsidiaries or Affiliates. 
  
 Section 12.7 Indemnification. The Lenders agree to indemnify the
Administrative Agent in its capacity as such and (to the extent not reimbursed by the Borrowers and without limiting the obligation of the Borrowers to do so), ratably according to the respective amounts of their Commitment Percentages, from and
against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including without limitation at any time following the payment of the
Notes or any Reimbursement Obligation) be imposed on, incurred by or asserted against the Administrative Agent in any way relating to or arising out of this Agreement or the other Loan Documents, or any documents contemplated by or referred to
herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Administrative Agent under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any
portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting solely from the Administrative Agent’s bad faith, gross negligence or willful misconduct. The agreements
in this Section 12.7 shall survive the payment of the Notes, any Reimbursement Obligation and all other amounts payable hereunder and the termination of this Agreement. 
  
 Section 12.8 The Administrative Agent in Its Individual Capacity. The Administrative Agent and its respective
Subsidiaries and Affiliates may make loans to, accept deposits from and generally engage in any kind of business with the Borrowers as though the Administrative Agent were not an Administrative Agent hereunder. With respect to any Loans made or
renewed by it and any Note issued to it and with respect to any Letter of Credit issued by it or participated in by it, the Administrative Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any Lender
and may exercise the same as though it were not an Administrative Agent, and the terms “Lender” and “Lenders” shall include the Administrative Agent in its individual capacity. 
  
 Section 12.9 Resignation of the Administrative Agent; Successor
Administrative Agent. Subject to the appointment and acceptance of a successor as provided below, the Administrative Agent may resign at any time by giving notice thereof to the Lenders and the Borrowers. Upon any such resignation, the Required
Lenders shall have the right to appoint a successor Administrative Agent, which successor shall be an Eligible Assignee. If no successor Administrative Agent shall have been so appointed by the Required Lenders and shall have accepted such
appointment within thirty (30) days after the Administrative Agent’s giving of notice of resignation, then the Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent, which successor shall have minimum
capital and surplus of at least $500,000,000. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all
rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder. After any retiring Administrative Agent’s resignation hereunder as
Administrative Agent, the provisions of this Section 12.9 shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as Administrative Agent. 
  
 ARTICLE XIII 
 MISCELLANEOUS 
  
 Section 13.1 Notices. 
  
 (a) Method of Communication. Except as otherwise provided in this Agreement, all notices and communications hereunder shall be in writing, or by telephone subsequently 

  

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confirmed in writing. Any notice shall be effective if delivered by hand delivery or sent via telecopy, recognized overnight courier service or certified
mail, return receipt requested, and shall be presumed to be received by a party hereto (i) on the date of delivery if delivered by hand or sent by telecopy, (ii) on the next Business Day if sent by recognized overnight courier service and (iii) on
the third Business Day following the date sent by certified mail, return receipt requested. A telephonic notice to the Administrative Agent as understood by the Administrative Agent will be deemed to be the controlling and proper notice in the event
of a discrepancy with or failure to receive a confirming written notice. 
  
 (b) Addresses for Notices. Notices to any party shall be sent to it at the following addresses, or any other address as to which all the other parties are notified in writing. 
  

			
	If to the Borrowers:	 	Urban Outfitters, Inc.
	 	 	1809 Walnut Street
	 	 	Philadelphia, PA 19103-4997
	 	 	Attention: President
	 	 	Telephone No.: (215) 564-2313
	 	 	Telecopy No.: (215) 568-1549
		
	With copies to:	 	Urban Outfitters, Inc.
	 	 	1809 Walnut Street
	 	 	Philadelphia, PA 19103-4997
	 	 	Attention: General Counsel
	 	 	Telephone No.: (215) 564-2313
	 	 	Telecopy No.: (215) 568-1549
		
	If to Wachovia:	 	Wachovia Securities, Inc.
	 	 	123 South Broad Street
	 	 	14th Floor (PA1202)
	 	 	Philadelphia, Pennsylvania 19109
	 	 	Attention: Stephen T. Dorosh
	 	 	Telephone: (267) 670-6577
	 	 	Telecopy No.: (267) 670-6543
		
	With copies to:	 	Pepper Hamilton LLP
	 	 	3000 Two Logan Square
	 	 	18th and Arch Streets
	 	 	Philadelphia, Pennsylvania 19107-2799
	 	 	Attention: Lisa R. Jacobs, Esquire
	 	 	Telephone No.: (215) 981-4701
	 	 	Telecopy No.: (215) 981-4750
	If to any Lender:	 	To the Address set forth on Schedule 2 hereto

  
 (c)
Administrative Agent’s Office. The Administrative Agent hereby designates its office located at the address set forth above, or any subsequent office which shall have been specified for such purpose by written notice to the Borrowers, as
the Administrative Agent’s Office referred to herein, to which payments due are to be made and at which Loans will be disbursed and Letters of Credit issued. 
  

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 Section 13.2 Expenses; Indemnity. The Borrowers will: (a) pay all reasonable out-of-pocket
expenses of the Administrative Agent in connection with (i) the preparation, execution and delivery of this Agreement and each other Loan Document, whenever the same shall be executed and delivered, including without limitation all out-of-pocket due
diligence expenses and reasonable fees and disbursements of counsel for the Administrative Agent and (ii) the preparation, execution and delivery of any waiver, amendment or consent by the Administrative Agent relating to this Agreement or any other
Loan Document, including without limitation reasonable fees and disbursements of counsel for the Administrative Agent; (b) pay all reasonable out-of-pocket expenses of the Administrative Agent and each Lender actually incurred in connection with the
administration and enforcement of any rights and remedies of the Administrative Agent and each Lender under the Aggregate Commitment, including without limitation consulting with appraisers, accountants, engineers, attorneys and other Persons
concerning the nature, scope or value of any right or remedy of the Administrative Agent or any Lender hereunder or under any other Loan Document or any factual matters in connection therewith, which expenses shall include without limitation the
reasonable fees and disbursements of such Persons; and (c) defend, indemnify and hold harmless the Administrative Agent and any Lender and its parents, Subsidiaries, Affiliates, employees, agents, officers and directors, from and against any losses,
penalties, fines, liabilities, settlements, damages, costs and expenses, suffered by any such Person in connection with any claim, investigation, litigation or other proceeding (whether or not the Administrative Agent or any Lender is a party
thereto) and the prosecution and defense thereof, arising out of or in any way connected with the Agreement, any other Loan Document or the Loans, including without limitation reasonable attorney’s and consultant’s fees, except to the
extent that any of the foregoing directly result from the gross negligence or willful misconduct of the party seeking indemnification therefor. 
  
 Section 13.3 Set-off. In addition to any rights now or hereafter granted under Applicable Law and not by way of limitation of any such rights, upon
and after the occurrence of any Event of Default and during the continuance thereof, the Lenders and any assignee or participant of a Lender in accordance with Section 13.10 hereof are hereby authorized by the Borrowers at any time or from
time to time, without notice to the Borrowers or to any other Person, any such notice being hereby expressly waived, to set off and to appropriate and to apply any and all deposits (general or special, time or demand, including without limitation
indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by the Lenders, or any such assignee or participant to or for the credit or the account of any Borrower against and
on account of the Obligations irrespective of whether or not (a) the Lenders shall have made any demand under this Agreement or any of the other Loan Documents or (b) the Administrative Agent shall have declared any or all of the Obligations to be
due and payable as permitted by Section 11.2 hereof and although such Obligations shall be contingent or unmatured. 
  
 Section 13.4 Governing Law. This Agreement, the Notes and the other Loan Documents, unless otherwise expressly set forth therein, shall be governed
by, construed and enforced in accordance with the laws of the Commonwealth of Pennsylvania, without reference to the conflicts or choice of law principles thereof. 
  
 Section 13.5 Consent to Jurisdiction; Service of Process. 
  
 (a) Each Borrower hereby irrevocably consents to the
personal jurisdiction of the state and federal courts located in Philadelphia County, Pennsylvania, in any action, claim or other proceeding arising out of any dispute in connection with this Agreement, the Notes and the other Loan Documents, any
rights or obligations hereunder or thereunder, or the performance of such rights and obligations. Each Borrower hereby irrevocably appoints each and every officer of Urban as its attorney upon whom may be served any summons, complaint or other
process or pleading in any action, claim or proceeding brought by the Administrative Agent or any Lender in connection with this Agreement, the 

  

 -60- 

 
Notes or the other Loan Documents, any rights or obligations hereunder or thereunder, or the performance of such rights and obligations, on behalf of itself
or its property, in the manner specified in Section 13.1 hereof, and irrevocably consents to the service of a summons and complaint in any action or proceeding brought by the Administrative Agent or any Lender by mailing copies thereof by
registered or certified mail, posted paid, to the address specified for delivery of notices herein. Nothing in this Section 13.5 shall affect the right of the Lender to serve legal process in any other manner permitted by Applicable Law or
affect the right Administrative Agent or any Lender to bring any action or proceeding against any Borrower or its properties any other jurisdictions. 
  
 (b) To the extent that any Borrower has or hereafter may acquire: (i) any immunity from jurisdiction of the state or federal courts
located in Philadelphia County, Pennsylvania or from any legal process out of any such court (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its
property, or (ii) any objection to the laying of the venue or of an inconvenient forum or any suit, action or proceeding brought in a state or federal court located in Philadelphia County, Pennsylvania under process served in accordance with this
Agreement or any Loan Document, each Borrower hereby irrevocably waives such immunity or objection in respect of any suit, action or proceeding arising out of or relating to this Agreement, any other Loan Document or the rights and obligations of
the parties hereunder. 
  
 Section 13.6 Waiver of Jury Trial;
Preservation of Remedies. 
  
 (a) Jury
Trial. THE ADMINISTRATIVE AGENT, EACH LENDER AND EACH BORROWER HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL WITH RESPECT TO ANY ACTION, CLAIM OR OTHER PROCEEDING ARISING OUT OF ANY DISPUTE, CLAIM OR CONTROVERSY IN CONNECTION WITH THIS
AGREEMENT, THE NOTES, THE LETTERS OF CREDIT OR THE OTHER LOAN DOCUMENTS, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THEREUNDER, OR THE PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS. 
  
 (b) Preservation of Certain Remedies. The parties hereto and the other Loan Documents preserve,
without diminution, certain remedies that such Persons may employ or exercise freely, either alone, in conjunction with or during a dispute, claim or controversy arising out of this Agreement, the Notes, the Letters of Credit or any other Loan
Document. Each such Person shall have and hereby reserves the right to proceed in any court of proper jurisdiction or by self help to exercise or prosecute the following remedies: (i) all rights to foreclose against any real or personal property or
other security by exercising a power of sale granted in the Loan Documents or under applicable law or by judicial foreclosure and sale; (ii) all rights of self help including without limitation peaceful occupation of property and collection of
rents, set off, and peaceful possession of property; (iii) obtaining provisional or ancillary remedies including without limitation injunctive relief, sequestration, garnishment, attachment, appointment of receiver and in filing an involuntary
bankruptcy proceeding; and (iv) when applicable, a judgment by confession of judgment. 
  
 Section 13.7 Reversal of Payments. To the extent the Borrowers make a payment or payments to the Administrative Agent for the ratable benefit of the Lenders or the Administrative Agent receives any payment or
proceeds of the collateral which payments or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy
law, state or federal law, common law or equitable cause, then, to the extent of such payment or proceeds repaid, the Obligations or part thereof intended to be satisfied shall be revived and continued in full force and effect as if such payment or
proceeds had not been received by the Administrative Agent. 
  

 -61- 

 Section 13.8 Injunctive Relief; Punitive Damages. 
  
 (a) The Borrowers recognize that, in the event the Borrowers
fail to perform, observe or discharge any of their obligations or liabilities under this Agreement, any remedy of law may prove to be inadequate relief to the Lenders. Therefore, the Borrowers agree that the Lenders, at the Lenders’ option,
shall be entitled to temporary and permanent injunctive relief in any such case without the necessity of proving actual damages. 
  
 (b) The Administrative Agent, Lenders and the Borrowers (on behalf of themselves and each Subsidiary) hereby agree that no such Person
shall have a remedy of punitive or exemplary damages against any other party to a Loan Document and each such Person hereby waives any right or claim to punitive or exemplary damages that they may now have or may arise in the future in connection
with any Dispute, whether such Dispute is resolved through arbitration or judicially. 
  
 (c) The parties agree that they shall not have a remedy of punitive or exemplary damages against any other party in any Dispute and hereby
waive any right or claim to punitive or exemplary damages they have now or which may arise in the future in connection with any Dispute whether the Dispute is resolved by arbitration or judicially. 
  
 Section 13.9 Accounting Matters. All financial and accounting
calculations, measurements and computations made for any purpose relating to this Agreement, including without limitation all computations utilized by any Borrower or any Subsidiary to determine compliance with any covenant contained herein, shall,
except as otherwise expressly contemplated hereby or unless there is an express written direction by the Administrative Agent to the contrary agreed to by the Borrowers, be performed in accordance with GAAP as in effect on the Closing Date. In the
event that changes in GAAP shall be mandated by the Financial Accounting Standards Board, or any similar accounting body of comparable standing, or shall be recommended by the Borrowers’ certified public accountants, to the extent that such
changes would modify such accounting terms or the interpretation or computation thereof, such changes shall be followed in defining such accounting terms only from and after the date the Borrowers and the Lenders shall have amended this Agreement to
the extent necessary to reflect any such changes in the financial covenants and other terms and conditions of this Agreement. 
  
 Section 13.10 Successors and Assigns; Participations. 
  
 (a) Benefit of Agreement. This Agreement shall be binding upon and inure to the benefit of the Borrowers, the Administrative Agent
and the Lenders, all future holders of the Notes, and their respective successors and assigns, except that the Borrowers shall not assign or transfer any of their rights or obligations under this Agreement or any other Loan Document without the
prior written consent of each Lender. 
  
 (b)
Assignments and Participations by the Lenders. 
  
 (i) Assignments by the Lenders. The Borrowers hereby acknowledge and agree that each Lender may at any time with the consent of the Borrowers (so long as no Default or Event of Default has occurred and is continuing) and the consent
of the Administrative Agent, which consents shall not be unreasonably withheld, assign to one or more Eligible Assignees all or a portion of its interests, rights and obligations under this Agreement (including without limitation all or a portion of
the Extensions of Credit at the time owing to it and the Notes held by it); provided that (A) each such assignment shall be of a constant, and not a varying percentage, of all such assigning Lender’s rights and obligations under this
Agreement; (B) if less than all of the assigning Lender’s Commitment is to be assigned, the Commitment so assigned shall not be less than $5,000,000; (C) the parties to each such 

  

 -62- 

 
assignment shall execute and deliver to the Administrative Agent, for its acceptance and recording, an assignment agreement (an “Assignment
Agreement”) in the form of Exhibit G hereto, together with any Note or Notes subject to such assignment; (D) such assignment shall not, without the consent of the Borrowers, require the Borrowers to file a registration statement with the
Securities and Exchange Commission or apply to or qualify the Loans or any Note under the blue sky laws of any state; (E) the assigning Lender shall pay to the Administrative Agent an assignment fee of $3,000 upon the execution by such Lender of the
Assignment Agreement; provided that no such fee shall be payable upon any assignment by a Lender to an Affiliate thereof; (F) the assignee thereunder shall be a party to this Agreement and, to the extent provided in such Assignment Agreement,
have the rights and obligations of a Lender hereunder; (G) the assigning Lender thereunder shall, to the extent provided in such Assignment Agreement, be released from its obligations under this Agreement; and (H) upon receipt of an Assignment
Agreement from an assigning Lender and an Eligible Assignee, the Administrative Agent shall promptly deliver a copy of such Assignment Agreement to the Borrowers. Within five (5) Business Days after receipt of notice, the Borrowers shall execute and
deliver to the Lender, in exchange for the Note or Notes to be surrendered in the manner set forth below, a new Note or Notes payable to the order of such Eligible Assignee in an amount equal to the Commitment assumed by it pursuant to such
Assignment Agreement and a new Note payable to the order of the assigning Lender in an amount equal to the Commitment retained by it hereunder. Such new Note or Notes shall be in an aggregate principal amount equal to the aggregate principal amount
of the surrendered Note, shall be dated the effective date of such Assignment Agreement and shall otherwise be in substantially the form of the surrendered Note. Each surrendered Note shall be canceled and returned to the Borrowers concurrent with
the Borrowers’ delivery of the new Note or Notes. 
  
 (ii) Participations by the Lenders. The Borrowers hereby acknowledge and agree that each Lender may at any time grant participations in all or any portion the Commitment, the Loans, the Notes, the Extensions of Credit or of its
right, title and interest therein or in or to this Agreement (collectively, “Participations”) to any other lending office or to any other bank, lending institution or other entity which has the requisite sophistication to evaluate the
merits and risks of investments in Participations (“Participants”); provided, however, that: (A) each such participation shall be in an amount not less than $5,000,000; (B) all amounts payable by the Borrowers hereunder shall
be determined as if Lenders had not granted such Participation; (C) such Lender’s obligations under this Agreement (including without limitation its Commitment) shall remain unchanged); (D) such Lender shall remain solely responsible to the
other parties hereto for the performance of such obligations; (E) such Lender shall remain the holder of the Notes held by it for purposes of this Agreement; (F) the Borrowers, the Administrative Agent 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 and (G) any agreement pursuant to which a Lender may grant a Participation (x) shall provide that such Lender shall retain the
sole right and responsibility to enforce the obligations of Borrowers hereunder including, without limitation, the right to approve any amendment, modification or waiver of any provisions of this Agreement, (y) such participation agreement may
provide that such Lender will not agree to any modification, amendment or waiver of this Agreement without the consent of the Participant if such modification, amendment or waiver would reduce the principal of or rate of interest on any Loan or
postpone the date fixed for any payment of principal of or interest on any Loan, and (z) shall not relieve such Lender from its obligations, which shall remain absolute, to make Loans and to issue Letters of Credit hereunder. 
  
 (iii) Right to Assign to Federal Reserve Bank.
Notwithstanding anything herein to the contrary, Lenders may pledge or grant a security interest in any Note, right to payment or other benefit hereunder to any Federal Reserve Bank without the consent or any party, without notice to any party, and
without payment of any fees in accordance with Applicable Law. 
  

 -63- 

 Section 13.11 Disclosure of Information; Confidentiality. Lenders shall hold all non-public
information with respect to the Borrowers obtained pursuant to the Loan Documents in accordance with their customary procedures for handling confidential information; provided, that the Administrative Agent and Lenders may disclose any such
information: (a) to the extent such disclosure is required by law or requested by any regulatory authority, or (b) in any suit, action or proceeding for the purpose of the Administrative Agent or any Lender defending itself, reducing its liability,
or protecting or exercising any of its claims, rights, remedies or interests under or in connection with any of the Loan Documents or any Hedging Agreement. Any Lender may, in connection with any assignment, proposed assignment, participation or
proposed participation pursuant to Section 13.10 hereof, disclose to the assignee, participant, proposed assignee or proposed participant, any information relating to any Borrower, any Subsidiary or any Guarantor furnished to such Lender by
or on behalf of the Borrowers, their Subsidiaries or the Guarantors; provided, that prior to any such disclosure, each such assignee, proposed assignee, participant or proposed participant shall agree with the Borrowers or such Lender to
preserve the confidentiality of any confidential information relating to any Borrower, any Subsidiary or any Guarantor received from such Lender. 
  
 Section 13.12 Patriot Act Notice. To help fight the funding of terrorism and money laundering activities, Federal law requires all financial
institutions to obtain, verify, and record information that identifies each person who opens an account. For purposes of this section, account shall be understood to include loan accounts. 
  
 Section 13.13 Amendments, Waivers and Consents. Except as set forth
below, any term, covenant, agreement or condition of this Agreement or any of the other Loan Documents (other than any Hedging Agreement, the terms and conditions of which may be amended, modified or waived by the parties thereto) may be amended or
waived by the Lenders, and any consent given by the Lenders, if, but only if, such amendment, waiver or consent is in writing signed by the Required Lenders (or by the Administrative Agent with the consent of the Required Lenders) and delivered to
the Administrative Agent and, in the case of an amendment, signed by the Borrowers; provided, that no amendment, waiver or consent shall: (a) increase the amount or extend the time of the obligation of the Lenders to make Loans or issue or
participate in Letters of Credit (including without limitation pursuant to Section 3.7 hereof), (b) extend the originally scheduled time or times of payment of the principal of any Loan or Reimbursement Obligation or the time or times of
payment of interest on any Loan or Reimbursement Obligation, (c) reduce the rate of interest or fees payable on any Loan or Reimbursement Obligation, (d) reduce the principal amount of any Loan or Reimbursement Obligation, (e) permit any
subordination of the principal or interest on any Loan or Reimbursement Obligation, (f) permit any assignment (other than as specifically permitted or contemplated in this Agreement) of any of the Borrowers’ rights and obligations hereunder,
(g) release any Guarantor, (h) consent to a replacement bank or agree to reduce the Aggregate Commitment in connection with the replacement of a Defaulting Lender under Section 4.6(d) hereof or (i) amend the provisions of this Section 13.13
or the definition of Required Lenders, without the prior written consent of each Lender. In addition, no amendment, waiver or consent to the provisions of (a) Article XIII hereof shall be made without the written consent of the Administrative
Agent and (b) Article III hereof without the written consent of the Issuing Lender. 
  
 Section 13.14 Agreement Controls. In the event there is a conflict or inconsistency between this Agreement and any other Loan Document, the terms of this Agreement shall control; provided, that any provision of
the Guaranty Agreement which imposes additional burdens on any Borrower or any Subsidiary or further restricts the rights of any Borrower or any Subsidiary or gives the Administrative Agent or the Lenders additional rights shall not be deemed to be
in conflict or inconsistent with this Agreement and shall be given full force and effect. 
  

 -64- 

 Section 13.15 Covenants Independent. The Borrowers expressly acknowledge and agree that each
covenant contained in Article VIII, Article IX or Article X hereof shall be given independent effect. Accordingly, the Borrowers shall not engage in any transaction or other act otherwise permitted under any covenant contained
in Article VIII, Article IX or Article X hereof if, before or after giving effect to such transaction or act, the Borrowers shall or would be in breach of any other covenant contained in Article VIII, Article IX or
Article X hereof. 
  
 Section 13.16 Survival.
Notwithstanding any termination of this Agreement, the indemnities to which the Administrative Agent and the Lenders are entitled under the provisions of this Article XIII and any other provision of this Agreement and the Loan Documents shall
continue in full force and effect and shall protect the Administrative Agent and the Lenders against events arising after such termination as well as before. 
  
 Section 13.17 Counterparts. This Agreement may be executed in any number of counterparts, by facsimile 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. 
  
 Section 13.18 Headings. Titles and captions of Articles, Sections and
subsections in this Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement. 
  
 Section 13.19 Severability. Any provision of this Agreement or any other Loan Document which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating the remainder of such provision or the remaining provisions hereof or thereof or affecting the validity or enforceability
of such provision in any other jurisdiction. 
  
 Section 13.20
Entirety. This Agreement together with 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 Loan Documents or the transactions contemplated herein or therein, except those obligations which survive under the commitment letter between the Borrowers and the Administrative Agent dated March 30, 2001.

  
 Section 13.21 Termination. This Agreement shall remain
in effect from the Closing Date through and including the date upon which all Obligations shall have been indefeasibly and irrevocably paid and satisfied in full. No termination of this Agreement shall affect the rights and obligations of the
parties hereto arising prior to such termination. 
  
 Section
13.22 Payment of Borrowers’ Obligations. The Borrowers’ Obligations under this Agreement and each of the Loan Documents shall be performed by the Borrowers at their sole cost and expense. 
  
 Section 13.23 Powers of Attorney and Authorizations Irrevocable. All
powers of attorney and other authorizations granted to the Administrative Agent, the Lenders and any Persons designated by the Administrative Agent or any Lender pursuant to any provisions of this Agreement or any of the other Loan Documents shall
be deemed coupled with an interest and shall be irrevocable so long as any of the Obligations remain unpaid or unsatisfied or the Aggregate Commitment has not been terminated. 
  

 -65- 

 Section 13.24 Register. The Administrative Agent shall maintain a copy of each Assignment and
Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders and the amount of the Extensions of Credit with respect to each Lender from time to time (the “Register”). The entries in the Register
shall be conclusive, in the absence of manifest error, and the Borrowers, the Administrative Agent and the Lenders may treat each person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement. The Register
shall be available for inspection by the Borrowers or Lenders at any reasonable time and from time to time upon reasonable prior notice. 
  
 Section 13.25 Judgment Currency. 
  
 (a) The Borrowers’ obligations under this Agreement to make payments in Dollars (the “Obligation Currency”) shall not be
discharged or satisfied by any tender or recovery pursuant to any judgment expressed in or converted into any currency other than the Obligation Currency, except to the extent that such tender or recovery results in the effective receipt by the
Lenders of the full amount of the Obligation Currency expressed to be payable to the Lenders under this Agreement. If for the purpose of obtaining or enforcing judgment against any Borrowers in any court or in any jurisdiction, it becomes necessary
to convert into or from any currency other than the Obligation Currency (such other currency being hereinafter referred to as the “Judgment Currency”) an amount due in the Obligation Currency, the conversion shall be made at the rate of
exchange (as quoted by the Administrative Agent or if the Administrative Agent does not quote a rate of exchange on such currency, by a known dealer in such currency designated by the Administrative Agent) determined, in each case, as of the day
immediately preceding the day on which the judgment is given (such business day being hereinafter referred to as the “Judgment Currency Conversion Date”). 
  
 (b) If there is a change in the rate of exchange prevailing between the Judgment Currency Conversion Date
and the date of actual payment of the amount due, the Borrowers covenant and agree to pay, or cause to be paid, such additional amounts, if any (but in any event not a lesser amount), as may be necessary to ensure that the amount paid in the
Judgment Currency, when converted at the rate of exchange prevailing on the date of payment, will produce the amount of the Obligation Currency which could have been purchased with the amount of Judgment Currency stipulated in the judgment or
judicial award at the rate of exchange prevailing on the Judgment Currency Conversion Date. 
  
 (c) For purposes of determining any rate of exchange for this Section 13.25, such amounts shall include any premium and costs
payable in connection with the purchase of the Obligation Currency. 
  
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.] 
  

 -66- 

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

									
	 	 	 	 	Borrowers:
			
	 [CORPORATE SEAL]
	 	 	 	 URBAN OUTFITTERS, INC.,
 as a Borrower

					
	 	 	 	 	 	 	By:	 	/s/    Richard A. Hayne
	 	 	 	 	 	 	 	 	 Name: Richard A. Hayne

	 	 	 	 	 	 	 	 	 Title:   President

  

									
			
	 [CORPORATE SEAL]
	 	 	 	 UO FENWICK, INC.,
 as a Borrower

					
	 	 	 	 	 	 	By:	 	/s/    David A. Hill
	 	 	 	 	 	 	 	 	 Name: David A. Hill

	 	 	 	 	 	 	 	 	 Title:   Vice President

  

									
			
	 [CORPORATE SEAL]
	 	 	 	 INTER-URBAN, INC.,
 as a Borrower

					
	 	 	 	 	 	 	By:	 	/s/    David A. Hill
	 	 	 	 	 	 	 	 	 Name: David A. Hill

	 	 	 	 	 	 	 	 	 Title:   Vice President

  

									
			
	 [CORPORATE SEAL]
	 	 	 	 URBAN OUTFITTERS (DELAWARE), INC.,
 as a Borrower

					
	 	 	 	 	 	 	By:	 	/s/    Glen A. Bodzy
	 	 	 	 	 	 	 	 	 Name: Glen A. Bodzy

	 	 	 	 	 	 	 	 	 Title:   Secretary

  

									
			
	 [CORPORATE SEAL]
	 	 	 	 ANTHROPOLOGIE (DELAWARE), INC.,
 as a Borrower

					
	 	 	 	 	 	 	By:	 	/s/    Glen A. Bodzy
	 	 	 	 	 	 	 	 	 Name: Glen A. Bodzy

	 	 	 	 	 	 	 	 	 Title:   Secretary

  
 [Signatures Continued]

  

 -67- 

									
	 [CORPORATE SEAL]
	 	 	 	 URBAN OUTFITTERS UK LIMITED,
 as a Borrower

					
	 	 	 	 	 	 	By:	 	/s/    Richard A. Hayne
	 	 	 	 	 	 	 	 	 Name: Richard A. Hayne

	 	 	 	 	 	 	 	 	 Title:   Director

  

									
					
	 	 	 	 	 	 	By:	 	/s/    Glen A. Bodzy
	 	 	 	 	 	 	 	 	 Name: Glen A. Bodzy

	 	 	 	 	 	 	 	 	 Title:   Director

  

									
	 [CORPORATE SEAL]
	 	 	 	 URBAN OUTFITTERS IRELAND LIMITED,
 as a Borrower

					
	 	 	 	 	 	 	By:	 	/s/    Richard A. Hayne
	 	 	 	 	 	 	 	 	 Name: Richard A. Hayne

	 	 	 	 	 	 	 	 	 Title:   Director

  

									
					
	 	 	 	 	 	 	By:	 	/s/    Glen A. Bodzy
	 	 	 	 	 	 	 	 	 Name: Glen A. Bodzy

	 	 	 	 	 	 	 	 	 Title:   Director

  

									
	 	 	 	 	 	 	Lenders:
			
	 	 	 	 	 WACHOVIA BANK, NATIONAL ASSOCIATION
(f/k/a FIRST UNION NATIONAL BANK,)
 as a Lender, Issuing and as Administrative Agent

					
	 	 	 	 	 	 	By:	 	/s/    Stephen T. Dorosh
	 	 	 	 	 	 	 	 	 Name: Stephen T. Dorosh

	 	 	 	 	 	 	 	 	 Title:   Vice President

  

 -68- 

  
 Schedule 1 

Subsidiaries that are Borrowers 
  
 UO Fenwick, Inc., a Delaware corporation 
  
 Inter-Urban, Inc., a Delaware corporation 
  
 Urban Outfitters (Delaware), Inc., a Delaware corporation 
  
 Anthropologie (Delaware), Inc., a Delaware corporation 
  
 Urban Outfitters UK Limited, a corporation formed under the laws of England and Wales 
  
 Urban Outfitters Ireland Limited, a corporation formed under the laws of the Republic of Ireland 
  

 S1-1 

  
 Schedule 2 

Lenders and Commitments 
  

				
	 Lender

	  	Commitment

	 Wachovia Bank, National Association
 123 South Broad Street, 14th Floor (PA1202)
 Philadelphia, PA 19109
 Attention: Stephen T. Dorosh, Vice President
	  	$	35,000,000

  
 Telephone No.: (215) 670-6577

 Telecopy No.: (215) 670-6543 
  

 S2-1 

  
 Schedule 3 

Guarantors 
  
 Anthropologie, Inc., a Pennsylvania corporation 
  
 Urban Outfitters Wholesale, Inc., a Pennsylvania corporation 
  
 Urban Outfitters Direct, LLC, a Pennsylvania limited liability company 
  
 Anthropologie Direct, LLC, a Pennsylvania limited liability company 
  
 U.O.D., Inc., a Delaware corporation 
  
 U.O.D. Secondary, Inc., a Delaware corporation 
  
 UOGC, Inc., a Florida corporation 
  
 Urban Outfitters West LLC, a California limited liability company 
  
 Free People LLC, a Delaware limited liability company 
  
 Freepeople.com LLC, a                      limited liability
company 
  
 Urban Outfitters Holdings LLC, a
                     limited liability company 
  
 Anthropologie Holdings LLC, a                      limited
liability company 
  
 Urbanoutfitters.com LP, a
                     limited partnership 
  
 Anthropologie.com LP, a                      limited
partnership 
  

 S3-2 

  
 Schedule 4 

Existing Letters of Credit 
  

							
	 LC#

	 	 Amount

	 	 Beneficiary

	  	 Expiry
Date

  

 S3-3 

  
 Schedule 5 

Import Letter of Credit Pricing 
  
 A) Letter of Credit Fees for Urban Outfitters Inc. and affiliates: 
  
 No fees for Letter of Credit processing * 
  

	*	Assumes all Letter of Credit processing is out of Wachovia Bank Hong Kong. 

  
 B) Letter of Credit Fees for Urban Outfitters Inc. Beneficiaries: 
  
 For Hong Kong Beneficiaries: 
  

							
	 LC Advising Fee:
	  	$35**	 	 	  	 
	 Commission in lieu of exchange:
	  	1⁄4 % on first $50,000, 1/8% on balance	 	 	  	 
	 Transit Commission:
	  	Prime +1% for 10 days	 	 	  	 
	 Discrepancy fee:
	  	$65	 	 	  	 
	 Paying Bank Charge:
	  	$42.50	 	 	  	 
	 Courier fee:
	  	$35	 	 	  	 
	 Swift/Telex:
	  	$15 per page	 	 	  	 

  

	**	All dollar quoted charges are U.S. dollars 

  
 For non-Hong Kong Beneficiaries: 
  

							
	 Discrepancy fee:
	  	$65	  	 	  	 
	 Paying Bank Charge:
	  	$42.50	  	 	  	 
	 Swift/Telex:
	  	$15 –per page	  	 	  	 
	 Handling Commission:
	  	$30	  	 	  	 

  
 Wachovia Bank maintains the right to
raise Beneficiary pricing by an amount of up to 5% in the aggregate during the term of this Agreement; provided, however, that in the event that the aggregate face amount of all import Letters of Credit issued under this Agreement during any fiscal
year represents an increase of at least 20% over the aggregate face amount of all import Letters of Credit issued under this Agreement during the previous fiscal year, no such increase will be implemented for the next succeeding fiscal year.

  

 S3-4Employment Agreement between BankUnited Financial Corp and Humberto L. Lopez

 Exhibit 10.1 
  
 EMPLOYMENT AGREEMENT 
  
 THIS EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into as of December 7, 2004 by and between Humberto L. Lopez (hereinafter the
“Executive”) and BankUnited Financial Corporation, a Florida corporation (“BankUnited” or the “Company”). 
  
 Recitals 
  
 A    The Executive is the Senior Executive Vice President and Chief Financial Officer of the Company. 
  
 B    The Company is concerned that in the event of a possible or threatened Change of Control (as hereinafter defined), uncertainties necessarily
arise and the Executive may have concerns about his employment status and responsibilities and may be approached by others offering competing employment opportunities, and the Company therefore desires to provide the Executive assurances as to the
continuation of his employment status and responsibilities in such event. The Company further desires to assure that, if a possible or threatened Change of Control should arise and the Executive should be involved in deliberations or negotiations in
connection therewith, the Executive would be in a secure position to consider and participate in such transaction as objectively as possible in the best interests of the Company and, to this end, desires to protect the Executive from any direct or
implied threat to his financial well-being. 
  
 C    The Board
has determined that this Agreement will reinforce and encourage the Executive’s attention and dedication to the Company. 
  
 D    The Executive is willing to continue to make his services available to the Company on the terms and conditions hereinafter set forth, but desires
assurance that in the event of such a threatened or actual Change of Control he will continue to have the employment status and responsibilities he could reasonably expect absent such event and, in the event of his termination or a Change of
Control, he will have fair and reasonable severance protection on the basis of his service to the Company at that time. 
  
 NOW, THEREFORE, in consideration of the premises and mutual covenants set forth herein, the parties agree as follows: 
  
 1. Definitions. In addition to the words and terms defined elsewhere
in this Agreement, the following words and terms as used herein shall have the meanings as set forth below, unless the context or use indicates a different meaning: 
  
 (a) “Date of Termination” means the date of receipt of a Notice of Termination or any later date specified
therein, as the case may be; provided, however, that if the Executive’s employment is terminated by reason of the Executive’s death or Disability, the Date of Termination shall be the date of death of the Executive or the Disability
Effective Date, as the case may be. 
  

 1 

 (b) “Disability” means any physical or mental condition that prevents the Executive from
performing the essential function of his position for at least three (3) months after the commencement of such condition and that is determined to be of a permanent duration by a physician acceptable to the Company and the Executive or the
Executive’s legal representative (such agreement as to acceptability not to be unreasonably withheld). If the Company determines in good faith that the Disability of the Executive has occurred, and that it cannot reasonably accommodate as
defined by law it may give to the Executive written notice of its intention to terminate the Executive’s employment. In such event, the Executive’s employment with the Company shall terminate effective as of the Disability Effective Date,
provided that the Executive shall not have returned to full-time performance of the Executive’s duties prior to the Disability Effective Date. Any subsequent different Disability, shall not be deemed a continuation of a prior Disability and,
the determination of time periods for the purposes of this provision shall recommence. Any dispute shall be resolved by arbitration as provided in Section 24. 
  

(c) “Disability Effective Date” means the date thirty (30) days following receipt by the Executive of notice from the Company of the
Company’s intention to terminate the Executive’s employment because of the Executive’s Disability. 
  
 (d) “Notice of Termination” means a written notice that (i) indicates the specific termination provision in this Agreement relied upon,
(ii) in the case of termination for Cause, sets forth circumstances claimed to provide a basis for termination of the Executive’s employment for Cause in reasonable detail and includes the resolution of the Board regarding the termination of
the Executive’s employment for Cause, and (iii) if the Date of Termination is other than the date of receipt of such notice, specifies the termination date. 
  
 (e) “Change of Control Payment” means a lump sum cash payment to the Executive by the Company in an amount
which equals two (2) times the Executive’s Base Salary for the year in which the termination occurs plus two (2) times the amount equal to the last Annual Bonus awarded to the Executive during the year prior to a Change of
Control. 
  
 (f) “Vested Benefits” means all
amounts earned by and vested in the Executive pursuant to the plans, programs, policies and practices of the Company, including, without limitation, the BankUnited Financial Corporation Profit Sharing Plan, stock options, stock grants, disability
insurance plan, and group life insurance plans. 
  
 2.
Employment. 
  
 2.1 Employment and Term. The
Company hereby agrees to employ the Executive and the Executive hereby agrees to continue to serve the Company, on the terms and conditions set forth herein, for the period commencing on December 7, 2004 (hereinafter the “Commencement
Date”) and expiring December 7, 2004 (the “Term”) unless sooner terminated as hereinafter set forth. 
  
 2.2 Position and Duties of Executive. The Executive shall serve as the Senior Executive Vice President and Chief Financial Officer
(“CFO”) of BankUnited and as Senior Executive Vice President and CFO of BankUnited, FSB. During the Term of employment, the 
  

 2 

 Executive shall diligently perform all services as may be reasonably assigned to him by the President, Chief Executive
Officer (“CEO”), Board or Board Chairman and shall exercise such power and authority as may from time to time be delegated to him by the President, CEO, Board or Board Chairman. The Executive shall be required to report to, and shall be
subject to the supervision and direction of, the President, CEO, Board or Board Chairman and no other person or group shall be given authority to supervise or direct Executive in the performance of his duties. The Executive shall devote
substantially all his working time and attention (other than during weekends, holidays, approved vacation periods, and periods of illness or approved leaves of absence) to the business and affairs of the Company, render such services efficiently and
to the best of his ability, and use his best efforts to promote the interests of the Company. 
  
 2.3 Place of Performance. In connection with his employment by the Company, the Executive’s principal place of employment shall be the Company’s executive offices in Florida. 
  
 3. Compensation. 
  
 3.1 Base Salary. The Executive shall receive a base salary of
$245,000.00 (the “Base Salary”) per year during the Term of this Agreement, with such Base Salary payable in installments consistent with the Company’s standard payroll practice for executives. Prior to each November, commencing in
2004 and occurring during the Term, the Compensation Committee of the Board shall review the Executive’s annual rate of salary and may, in its discretion, approve an increase of the Executive’s Base Salary for the ensuing year. The first
and last year shall be prorated based on the number of months in such year. In addition to salary, the Executive may receive other cash, stock or stock-based compensation from the Company for services rendered hereunder at such times, in such
amounts and on such terms and conditions as the Compensation Committee of the Board, in its discretion, may determine from time to time continuing throughout the Term. The Base Salary shall not be decreased unless the Executive is not performing his
duties and responsibilities in all material respects to the satisfaction of the Compensation Committee of the Board. Any increase in Base Salary shall not limit or reduce any obligation to the Executive under this Agreement. All disputes as to Base
Salary shall be resolved by Arbitration as provided in paragraph 23. 
  
 3.2 Annual Bonus. The Executive may be entitled to a cash bonus (the “Annual Bonus”) for each year of the Term (for purposes of this Agreement a “year” shall mean the calendar year). The first and last
“year” shall be prorated based on the number of months of employment in such year. The Annual Bonus for a year shall be based upon merit during such year (taking into account various factors as may be deemed appropriate by the CEO, COO and
Compensation Committee of the Board) and shall be determined, after recommendation by the President and the CEO, by the Compensation Committee of the Board (or the independent members of the full Board in the absence of such Committee or a
replacement therefor) in their sole discretion. The range of Annual Bonus shall be performance based determined in accordance with the standard practices of the Company’s Compensation Committee. 
  

 3 

 4. Additional Benefits. 
  
 4.1 Expense Reimbursement. During the Term, upon the submission of supporting documentation by the Executive in form
sufficient to permit deduction thereof under applicable tax law (but without regard to actual deductibility), the Company shall promptly reimburse the Executive for all reasonable expenses actually paid or incurred by the Executive in the course of
and pursuant to the business of the Company, including expenses for entertainment and all travel and living expenses while away from home on business or at the request of the Company, provided that such expenses are incurred and accounted for in
accordance with the Company’s regular policies and procedures. 
  
 4.2 Other Benefits. The Company shall provide the Executive the standard benefits provided to other senior executives, including, major medical and hospitalization insurance coverage, group disability and group
life insurance for the Executive (collectively, the “Policies”), which Policies the Company shall keep in effect at its sole expense throughout the Term. Nothing paid to the Executive under any plan or arrangement presently in effect or
made available in the future shall be deemed to be in lieu of the Base Salary or Annual Bonus payable to the Executive pursuant to this Agreement. 
  
 4.3 Vacation. The Executive shall be entitled to four (4) weeks vacation per year, said vacation to be scheduled so as not to materially interfere
with the performance by the Executive of his duties pursuant to this Agreement. 
  
 4.4 Stock Option Compensation. Executive shall also be eligible to participate in stock option, incentive compensation and other plans providing opportunities to receive additional compensation. 
  
 4.5 Working Facilities and Support Staff. The Company shall furnish
the Executive with an office or offices, of a size and with furnishings and other appointments, and secretarial and such other facilities and support services suitable to his position and adequate for the performance of his duties hereunder
including, but not limited to, appropriate internet and news service subscriptions, cellular telephones, computers (“palm,” “lap top” or other appropriate computer/cellular devices). 
  
 4.6 Indemnification and Insurance. 
  
 (a) During the Term of this Agreement, the Company shall cause the
Executive to be covered by and named as an insured under any policy or contract of insurance obtained by it to insure its directors and officers against personal liability for acts or omissions in connection with service as an officer or director of
the Company or service in other capacities at the request of the Company. The coverage provided to the Executive pursuant to this section 4.6 shall be of the same scope and on the same terms and conditions as the coverage (if any) provided to other
officers or directors of the Company. 
  
 (b) To the maximum
extent permitted under applicable law, during the Term of this Agreement and for a period of 3 years thereafter, the Company shall indemnify the 
  

 4 

 Executive against and hold him harmless from any costs, liabilities, losses and exposures to the fullest extent and on
the most favorable terms and conditions that similar indemnification is offered to any director or officer of the Company or any subsidiary or affiliate thereof. 
  
 5. Termination. 
  
 5.1 Termination for Cause. Notwithstanding anything contained herein to the contrary, this Agreement may be terminated by the Company for Cause. As
used in this Agreement, “Cause” shall mean (i) any action or omission or failure of the Executive which constitutes a material breach of this Agreement, including without limitation failing to carry out his duties and responsibilities in
accordance with Section 2.2 (if, however, the Board determines that it is an action, omission or failure which can be cured, the Company agrees to provide one cure period of sixty (60) days after receipt by the Executive of specific written notice
of the issue. If the issue is not cured within the sixty (60) day period, or is of a nature that the Board determines cannot be cured, the Executive will be terminated for cause as specified in a Notice of Termination); (ii) the Executive engages in
an act(s) of personal dishonesty, incompetence, or willful misconduct in connection with his employment, the performance of services or handling the affairs of the Company or BankUnited, FSB; (iii) the conviction of Executive for, or a plea of
guilty or nolo contendere to, a criminal act which is a felony, or which is a misdemeanor involving theft, dishonesty or moral turpitude; (iv) the Executive breaches a fiduciary duty owed to the Company involving personal profit,
intentional failure to perform stated duties, or which could seriously prejudice the interest of the Company, BankUnited, FSB, its depositors, or shareholders; or (v) the Executive’s breach or willful violation of any law, rule, regulation,
corporate policy (other than traffic violations or similar non-material offenses), or final cease and desist order in connection with his performance of services for the Company. An express termination by the Company for reasons other than those
included above or which otherwise does not fall within another part of section 5, will be considered a termination without cause under paragraph 5.3. All disputes shall be resolved by Arbitration as provided in Section 24. 
  
 5.2 Termination for Death or Disability. This Agreement shall
terminate automatically upon the Executive’s death and may be terminated by the Company upon the Executive’s Disability. Upon a termination by reason of the Executive’s Disability, the Company shall pay to the Executive or his
beneficiaries, as the case may be, (i) any compensation or other obligations accrued for periods prior to the Date of Termination, all of which shall be paid within fifteen (15) days after the Date of Termination, (ii) six (6) months of Base Salary,
all of which shall be paid in installments consistent with the Company’s payroll practice for executives, and shall implement the provisions for the Executive’s Vested Benefits as of the Date of Termination. If Termination is due to the
death of the Executive, the Company shall, within fifteen (15) days after the Date of Termination, pay to the Executive’s estate or beneficiaries, as the case may be, any unpaid Base Salary, Annual Bonus and benefits accrued for periods prior
to the Date of Termination, or, if an alternative beneficiary is designated in proper legal form, the payments and benefits shall be paid to said designated beneficiary. In addition, the life insurance proceeds from the group policies described in
this Agreement shall be paid to his personal representative or such other persons as the Executive may have designated in writing. 
  

 5 

 5.3 Termination Without Cause. At any time the Company shall have the right to terminate
Executive’s employment hereunder by written notice to Executive; provided, however, that the Company shall (i) pay to Executive an amount equal to one year of his Base Salary for the year in which the termination occurs, plus the amount equal
to the last Annual Bonus awarded to the Executive during the year prior to the termination pursuant to this Section 5.3, and (ii) implement the provisions for the Executive’s Vested Benefits as of the Date of Termination. The Company shall be
deemed to have terminated the Executive’s employment pursuant to this Section 5.3 if such employment is terminated by the Company without Cause. The Company and the Executive hereby stipulate that the Company may condition the payment and
delivery of the amounts specified in clause (ii) of the first sentence of this Section 5.3 on the receipt of the Executive’s resignation from any and all positions which he holds as an officer, director or committee member with respect to the
Company, BankUnited, FSB or any subsidiary or affiliate of either of them and a full release by the Executive to the Bank of all then existing claims under this Agreement. Any disputes shall be resolved by Arbitration as provided in Section 24.

  
 5.4 Resignation. In the event Executive resigns other
than upon written request of the Company, Executive shall have not further right to any payments or grants due under this Agreement and all Executives’ rights and benefits under this Agreement shall terminate. A termination of this Agreement
under Sections 5.1, 5.2, or 5.3 shall not be considered a “resignation” under Section 5.4 unless specifically agreed to in writing by the Executive and the Company. 
  
 6. Change of Control. 
  
 6.1 Change of Control. A “Change of Control” shall be deemed to have occurred if the conditions set forth in any one of the following
paragraphs shall have been satisfied: 
  
 (a) any person, as
defined in Section 3(a)(9) of the Securities Exchange Act of 1934 (“Exchange Act”), as such term is modified in Sections 13(d) and 14(d) of the Exchange Act, is or becomes the beneficial owner (as defined in Rule 13d-3 promulgated under
the Exchange Act), directly or indirectly, of securities of the Company representing 51% or more of the combined voting power of the Company’s then outstanding voting securities (other than (A) any employee plan established by any
“Corporation” [which for these purposes shall be deemed to be the Company and any corporation, association, joint venture, proprietorship or partnership which is connected with the Company either through stock ownership or through common
control, within the meaning of Sections 414(b) and (c) and 1563 of the Internal Revenue Code of 1986, as amended], (B) the Company or any of its affiliates (as defined in Rule 12b-2 promulgated under the Exchange Act), (C) an underwriter temporarily
holding securities pursuant to an offering of such securities, (D) a corporation owned, directly or indirectly, by stockholders of the Company in substantially the same proportions as their ownership of the Company or (E) Alfred R. Camner or any
member(s) of his family or an entity, person, or group acting in concert with him or his family or on his behalf. 
  

 6 

 (b) the stockholders of the Company approve a merger or consolidation of the Company with any other
corporation other than (A) a merger or consolidation that would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of any Corporation, at least 51% of the combined voting power of the
voting securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (B) a merger or consolidation effected to implement a recapitalization of the Company (or similar
transaction) in which no Person is or becomes the beneficial owner (as defined in clause (a) above), directly or indirectly, of voting securities of the Company or of the surviving entity of such merger or consolidation or any parent thereof
representing 51% or more of the combined voting power of the Company’s then outstanding voting securities or the Company or any surviving entity or parent (other than Alfred R. Camner or any member(s) of his family or an entity, person, or
group acting in concert with him or his family or on his behalf); or 
  
 (c) the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than a sale or disposition
by the Company of all or substantially all of the Company’s assets to an entity, at least 75% of the combined voting power of the voting securities of which are owned by persons in substantially the same proportions as their ownership of the
Company immediately prior to such sale. 
  
 6.2 Payments Upon a
Change of Control. 
  
 (a) The Company shall, following the
Change of Control, pay the Executive the Change of Control Payment which payment shall be made the earlier of six (6) months from the occurrence of a Change of Control or the acquiring entity’s termination of the Executive; and 
  
 (b) The Executive shall have the right, but not the obligation, to resign
and the Company shall pay the Executive any Base Salary, or other benefits accrued for dates prior to the date of resignation and implement the provisions of the Executive’s Vested Benefits; provided, however, that the Executive must remain in
the employ of the acquiring entity for a period of time not to exceed six (6) months if the acquiring entity so desires; and 
  
 6.3 Arrangements Not Exclusive or Limiting. The specific arrangements referred to herein are not intended to exclude or limit the Executive’s
participation in other benefits available to executive personnel generally, or to preclude or limit other compensation or benefits as may be authorized by the Board of the Company at any time, or to limit or reduce any compensation or benefit to
which the Executive would be entitled but for this Agreement. 
  

 7 

 7. Gross-Up of Change of Control Payments (if applicable). 
  
 (a) This Section shall apply if Executive’s employment is terminated
upon or following a Change of Control as defined in Section 6 of this Agreement. If this Section applies, then, for any taxable year, the Executive shall be liable for the payment of an excise tax under section 4999 of the Code with respect to any
payment in the nature of compensation made by the Company, the Bank or any direct or indirect subsidiary or affiliate of the Company or the Bank to (or for the benefit of) the Executive, the Company shall pay to the Executive an amount equal to X
determined under the following formula: 
  

					
	 	 	 	 	 X = E x P

	 	 	 	 	1 - [(FI x (1 - SLI)) + SLI + E + M]
	
	where

  
 E = the rate at which
the excise tax is assessed under section 4999 of the Code; 
  
 P =
the amount with respect to which such excise tax is assessed, determined without regard to this Section 7; 
  
 FI = the highest marginal rate of income tax applicable to the Executive under the Code for the taxable year in question; 
  
 SLI = the sum of the highest marginal rates of income tax
applicable to the Executive under all applicable state and local laws for the taxable year in question; and 
  
 M = the highest marginal rate of Medicare tax applicable to the Executive under the Code for the taxable year in question. 
  
 With respect to any payment in the nature of compensation that is made to (or
for the benefit of) the Executive under the terms of this Agreement, or otherwise, and on which an excise tax under section 4999 of the Code will be assessed, the payment determined under this Section 7(a) shall be made to the Executive on the
earlier of (i) the date the Company, the Bank or any direct or indirect subsidiary or affiliate of the Company or the Bank is required to withhold such tax, or (ii) the date the tax is required to be paid by the Executive. 
  
 (b) Notwithstanding anything in this Section 7 to the contrary, in the event
that the Executive’s liability for the excise tax under section 4999 of the Code for a taxable year is subsequently determined to be different than the amount determined by the formula (X + P) x E, where X, P and E have the meanings provided in
Section 7(a), the Executive or the Company, as the case may be, shall pay to the other party at the time that the amount of such excise tax is finally determined, an appropriate amount, plus interest, such that the payment made under Section 7(a),
when increased by the amount of the payment made to the Executive under this Section 7(b) by the Company, or when reduced by the amount of the payment made to the Company under this Section 7(b) by the Executive, equals the amount that should have
properly been paid to the Executive under Section 7(a). The interest paid under this Section 7(b) shall be determined at the rate provided under section 1274(b)(2)(B) of the Code. To confirm that the 
  

 8 

 proper amount, if any, was paid to the Executive under this Section 7, the Executive shall furnish to the Company a copy
of each tax return which reflects a liability for an excise tax payment made by the Company, at least 20 days before the date on which such return is required to be filed with the Internal Revenue Service. 
  
 (c) Notwithstanding the provisions of Sections 7(a) and (b) above, in the
event that the Executive shall be required to pay any additional amount of excise tax under section 4999 of the Code, or any successor to such section, or under any similar federal, State or local tax provision in connection with his receipt of
payment in the nature of compensation from the Company, the Bank or any direct or indirect subsidiary or affiliate of the Company or the Bank to (or for the benefit of) the Executive, the Executive shall be entitled to receive an additional payment
(a “Gross-Up Payment “) in an amount such that, after payment by the Executive of all taxes (and any interest or penalties imposed with respect to such taxes) and the excise tax under the Code and/or State and local tax provision imposed
upon the Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment equal to the excise tax imposed by the Code or any State or local tax provision upon such compensation. For purposes of this paragraph 7(c), the term
“taxes” shall include, but not be limited to, income taxes and the Executive’s share of any employment taxes. 
  
 (d) This section shall not apply to any entitlement to stock options, stock grants, or other securities of the Company. 
  
 8. Regulatory Considerations. 
  
 Notwithstanding anything herein to the contrary, any payments to Executive
by BankUnited, whether pursuant to this Agreement or otherwise, are subject to and conditioned on compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. § 1828(k) and any regulations promulgated thereunder. 
  
 Executive acknowledges that, as a result of recent corporate responsibility
laws enacted, including the Sarbanes-Oxley Act, employment contracts with executives of publicly traded companies may have to be modified to bring their agreement into conformity with the law and the Executive agrees to cooperate in all reasonable
respects and consistent with other high level executives. 
  
 9.
Confidentiality and Non-Competition. 
  
 9.1 The Executive
acknowledges that during the Term of this Agreement, he will learn or be privy to valuable confidential business information, and he will develop and cultivate on behalf of BankUnited substantial relationships with past, present and prospective
business customers of BankUnited. During the term of this Agreement with BankUnited, and thereafter, Executive will not, directly or indirectly, use or disclose to anyone, or authorize disclosure of any confidential information or trade secrets
except for the benefit of BankUnited. 
  
 9.2 The Executive
acknowledges that the confidentiality of the protected information with which Executive has been or may become privy is essential and proprietary to 
  

 9 

 BankUnited and is owned and shall continue to be owned by BankUnited. The Executive agrees that at the termination of his
employment, for whatever reason, he will return to BankUnited immediately any and all documents in whatever form that are in his possession or control and that contain, reflect or refer to confidential information or trade secrets. 
  
 9.3 During the Term of this Agreement and for a period of six (6) months
following any termination of this Agreement for Cause pursuant to Section 5.1, the Executive shall not, either directly or indirectly, or for himself or through, on behalf of, or in conjunction with any other person, persons or legal entity, own,
maintain, operate, engage in, assist, be employed by, or have any interest in any business engaging or planning to be engaged in banking or offering other financial services offered by BankUnited, in any respect in any Florida counties where
BankUnited, FSB or its subsidiaries have branch offices; provided, that this provision shall not be deemed to prohibit beneficial ownership of securities (as that term is used under Section 13(d) of the Securities Exchange Act of 1934, as amended),
of less than five percent (5%) of any class of a legal entity’s securities. 
  
 9.4 During the Term of this Agreement and for a period of twelve (12) months thereafter, Executive shall not, except if this Agreement is terminated as a result of a Change of Control: 
  
 (a) either directly or indirectly, employ, retain the services of, or seek
to employ or retain the services of any person who is at that time or was within the previous six (6) months employed by, or providing services to BankUnited or BankUnited, FSB, without the prior express written permission of BankUnited, which
BankUnited may in its absolute discretion withhold; 
  
 (b)
either directly or indirectly solicit or contact customers of BankUnited or BankUnited, FSB which solicitation is for or on behalf of any entity engaged in or seeking to be engaged in BankUnited’s banking or financial service business, or in
direct competition with BankUnited. 
  
 9.5 Executive and
BankUnited warrant that it is their intention to agree to restrictions on disclosure of confidential information and on competition that are as broad as permitted by Florida law (save only for the limitations of time set forth in Sections 9.3 and
9.4) and hereby agree to subscribe to any expansion of the recited agreements as may be authorized by any subsequent amendment to, or interpretation of Florida Statute Section 542.335 (2000) or any other Florida law. For purposes of Section 9.4, a
person shall be deemed retained by BankUnited during any period of time in which such person receives compensation from BankUnited or its successors. 
  
 9.6 The Executive acknowledges that Section 9 is reasonably necessary to protect the business interest of the Company and that the provisions of Section 2
and Section 9 are the essence of this Agreement for BankUnited and the Executive agrees that if he engages in activities prohibited by Section 9, irreparable harm to BankUnited will likely result, for which a remedy in the form of damages may not be
ascertainable. Under such circumstances, the Executive acknowledges that BankUnited may seek temporary, preliminary or permanent 
  

 10 

 injunctive relief against him in any court of competent jurisdiction upon three days written notice provided to the
address listed in Section 16. This section shall not limit any other legal or equitable remedies BankUnited or its successors may have against the Executive for violation of this Agreement. The prevailing party in any action to enforce Section 9 of
this Agreement shall be entitled to attorney’s fees and costs. 
  
 10. Representation By the Executive. The Executive represents and warrants as of the Commencement Date, that he is not a party to any agreement, contract or understanding, whether of employment or otherwise, or subject to any
governmental restriction, which would in any way restrict or prohibit him from undertaking or performing employment with the Company in accordance with the terms and conditions of this Agreement. The Executive further represents and warrants to the
best of his knowledge as of the Commencement Date, that he is physically and mentally capable of performing all the essential function of the job and all duties reasonably assigned to him for the entire term of this Agreement. 
  
 11. Withholding. The Company may withhold from any amounts payable
under this Agreement such federal, state or local taxes as shall be required to be withheld pursuant to any applicable law or regulations. In the event Section 162(m) of the Internal Revenue Code of 1988 shall be applicable to Executives’
compensation, the Executive shall cooperate with the Company to restructure his compensation so as it to be fully deductible for income tax purposes; provided, however, such cooperation shall be on such terms, if any, as both the Executive and the
Company agree, both utilizing good faith efforts to structure payments in such a manner that the Executive’s total compensation, on a present value basis, is not diminished. 
  
 12. Enforcement Costs Upon a Change of Control. The Company is aware that upon the occurrence of a Change of Control,
the Board of Directors or a stockholder of the Company may then cause or attempt to cause the Company to refuse to comply with its obligations under Section 6 of this Agreement, or may cause or attempt to cause the Company to institute, or may
institute, litigation seeking to have Section 6 of this Agreement declared unenforceable, or may take, or attempt to take, other action to deny the Executive the benefits intended under Section 6 of this Agreement. In these circumstances, the
purpose of this Agreement could be frustrated. It is the intent of the parties that the Executive not be required to incur the legal fees and expenses associated with the protection or enforcement of his rights under Section 6 of this Agreement by
arbitration, litigation or other legal action because such costs would substantially detract from the benefits intended to be extended to the Executive hereunder, nor be bound to negotiate any settlement of his rights hereunder under threat of
incurring such costs. Accordingly, if at any time after the Commencement Date, it should appear to the Executive that the Company is or has acted contrary to or is failing or has failed to comply with any of its obligations solely under Section 6 of
this Agreement for the reason that it regards this Agreement to be void or unenforceable or for any other reason, or in the event that the Company or any other person takes any action to declare Section 6 of this Agreement void or unenforceable, or
institutes arbitration, litigation or other legal action designed to deny, diminish or to recover from the Executive the benefits provided or intended to be provided to him under Section 6, and the Executive has acted in good faith to perform his
obligations under this Agreement, the Company irrevocably authorizes the Executive from time to time to retain counsel of his choice at the expense of the Company to represent him in connection with the protection and enforcement of his rights under

  

 11 

 Section 6. The reasonable fees and expenses of counsel selected from time to time by the Executive as herein above
provided shall be paid or reimbursed to the Executive by the Company on a regular, periodic basis upon presentation by the Executive of a statement or statements prepared by such counsel in accordance with its customary practices. Counsel so
retained by the Executive may be counsel representing other officers or key executives of the Company in connection with the protection and enforcement of their rights under similar agreements between them and the Company, and, unless in his sole
judgment use of common counsel could be prejudicial to him or would not be likely to reduce the fees and expenses chargeable hereunder to the Company, the Executive agrees to use his best efforts to agree with such other officers or executives to
retain common counsel. 
  
 13. Governing Law. This
Agreement shall be governed by and construed in accordance with the laws of the State of Florida, and applicable to contracts entered into and to be performed entirely within the State of Florida. 
  
 14. Non-Alienation. The Executive shall not have any right to pledge,
hypothecate, anticipate, or in any way create a lien upon any amounts provided under this Agreement, and no payments or benefits due hereunder shall be assignable in anticipation of payment either by voluntary or involuntary acts or by operation of
law. So long as the Executive lives, no person, other than the parties hereto, shall have any rights under or interest in this Agreement or in the subject matter hereof. 
  
 15. Notices. Any notice required or permitted to be given under this Agreement shall be in writing, and shall be
deemed to have been given when delivered by hand or when deposited in the United States mail, by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
  
 If to the Company: 
  
 Alfred R. Camner, Chairman 
 BankUnited Financial Corporation 
 255
Alhambra Circle 
 Coral Gables, Florida 33134 
  
 If to the Executive: 
  
 Humberto L. Lopez 
 5711 Maggiore Street

 Coral Gables, FL 33146 
  
 or to such other addresses as either party hereto may from time to time give notice of to the other in the aforesaid manner. 
  
 16. Guarantee. BankUnited hereby agrees to guarantee the payment by
BankUnited, FSB of any benefits and compensation to which Executive is or may be entitled to under the terms and conditions of the Agreement effective as of December 7, 2004 between the Bank and Executive, a copy of which is attached hereto as
Exhibit A (“Bank Agreement”). 
  

 12 

 17. Severability. The invalidity of any one or more of the words, phrases, sentences, clauses or
sections contained in this Agreement shall not affect the enforceability of the remaining portions of this Agreement or any part thereof, all of which are inserted conditionally on their being valid in law, and, in the event that any one or more of
the words, phrases, sentences, clauses or sections contained in this Agreement shall be declared invalid, this Agreement shall be construed as if such invalid word or words, phrase or phrases, sentence or sentences, clause or clauses, or section or
sections had not been inserted. 
  
 18. Successors; Binding
Agreement. 
  
 18.1 The Company shall require any successor,
whether direct or indirect to all or substantially all of the business or assets of the Company whether by purchase, merger, consolidation or otherwise, prior to or contemporaneously with such acquisition, by agreement in form and substance
reasonably satisfactory to the Executive and his legal counsel, to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such acquisition had taken place (to the
extent not previously performed by the Company). As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any such successor which executes and delivers the agreement provided for in this Section 18.1 or
which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law. 
  
 18.2 This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees. 
  
 18.3
This Agreement is personal to the Executive and, without the prior written consent of the Company, shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution. 
  
 19. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  
 20. Entire Agreement, Modifications and Waiver. This Agreement constitutes the entire agreement between the Company and the Executive with respect
to its subject matter and supersedes all prior negotiations, agreements, understandings and arrangements, both oral and written, between the Company and the Executive with respect to such subject matter including, but not limited to, any employee
manuals of the Company. No modification or waiver of any provision of this Agreement shall be binding unless executed in writing by all parties hereto. No waiver of any provision of this Agreement shall be deemed or shall constitute a waiver of any
other provision (whether or not similar), nor shall any such waiver constitute a continuing waiver. The failure of the Executive or the Company to insist upon strict compliance with any provision hereof shall not be deemed to be a waiver of such
provision or any other provision thereof. 
  

 13 

 21. Non-Duplication. In the event that Executive shall perform services for BankUnited, FSB or any
other direct or indirect subsidiary of the Company, any compensation or benefits provided to Executive by such other employer shall be applied to offset the obligations of the Company hereunder, it being intended that this Agreement set forth the
aggregate compensation and benefits payable to Executive for all services to the Company and all of its direct or indirect subsidiaries, including BankUnited, FSB. 
  
 22. Survival. The provisions of Section 9 shall survive the expiration of the Term of the Agreement plus extensions,
if any, or termination of the Agreement. 
  
 23. Dispute
Resolution-Arbitration. 
  
 (a) This paragraph concerns the
resolution of any controversies or claims between the Company and the Executive (except for claims arising under Section 9), whether arising in contract, tort or by statute, including but not limited to controversies or claims that arise out of or
relate to: (i) this Agreement (including any renewals, extensions or modifications); or (ii) any document related to this Agreement; (collectively a “Claim”). 
  
 (b) At the request of the Company or the Executive, any Claim shall be resolved by binding arbitration. The Company will pay
the filing fees and arbitrator fees. The prevailing party to be awarded fees and costs. 
  
 (c) Arbitration proceedings will be conducted by the American Arbitration Association or any successor thereof (“AAA”), and the terms of this paragraph. In the event of any inconsistency, the terms of this
paragraph shall control. 
  
 (d) The arbitration shall be
administered by AAA under employment rules and conducted in Florida. All Claims shall be determined by one arbitrator. All arbitration hearings shall commence within 90 days of the demand for arbitration and close within 90 days of commencement and
the award of the arbitrator(s) shall be issued within 30 days of the close of the hearing. However, the arbitrator, upon a showing of good cause, may extend the commencement of the hearing for up to an additional 60 days. The arbitrator(s) shall
provide a concise written statement of reasons for the award. The arbitration award may be submitted to any court having jurisdiction to be confirmed and enforced. 
  
 (e) The arbitrator(s) will have the authority to decide whether any Claim is barred by the statute of limitations and, if
so, to dismiss the arbitration on that basis. For purposes of the application of the statute of limitations, the service on AAA under applicable AAA rules of a notice of Claim is the equivalent of the filing of a lawsuit. Any dispute concerning this
arbitration provision or whether a Claim is arbitrable shall be determined by the arbitrator(s). The arbitrator(s) shall have the power to award legal fees pursuant to the terms of this Agreement. 
  

 14 

 (f) By agreeing to binding arbitration, the parties irrevocably and voluntarily waive any right they may
have to a trial by jury in respect of any Claim. Furthermore, without intending in any way to limit this agreement to arbitrate, to the extent any Claim is not arbitrated, the parties irrevocably and voluntarily waive any right they may have to a
trial by jury in respect of such Claim. This provision is a material inducement for the parties entering into this Agreement. 
  
 IN WITNESS WHEREOF, the Executive and, pursuant to the authorization from the Board, BankUnited has executed this Agreement as of the date first above
written. 
  

			
	BANKUNITED FINANCIAL CORPORATION
		
	By:	 	 /s/ Ramiro A. Ortiz

	Name:	 	Ramiro A. Ortiz
	Title:	 	President and Chief Operating Officer
	
	ATTEST:
		
	By:	 	 /s/ Dellene Acampa

	 	 	Secretary
	
	EXECUTIVE:
		
	By:	 	 /s/ Humberto L. Lopez

	Name:	 	Humberto L. Lopez
	Title:	 	Senior Executive Vice President and
	 	 	Chief Financial Officer

  

 15

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