Document:

EX-10.3

 Exhibit 10.3 
 FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT 
 THIS FIRST
AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (the “Amendment”), dated as of June 12, 2012, is among ELIZABETH ARDEN, INC., a Florida corporation (the “Borrower”), the banks party hereto,
JPMORGAN CHASE BANK, N.A. (formerly JPMorgan Chase Bank), as the administrative agent (the “Administrative Agent”), and BANK OF AMERICA, N.A. (successor in interest by merger to Fleet National Bank), as the collateral agent (the
“Collateral Agent”, and together with the Administrative Agent, the “Agents”). 
 RECITALS:

 A. The Borrower, the Administrative Agent, the Collateral Agent and the banks party thereto have entered into that certain
Third Amended and Restated Credit Agreement dated as of January 21, 2011 (such agreement, as the same may be amended or otherwise modified, the “Agreement”). 

B. The Borrower has informed the Administrative Agent, the Collateral Agent and the Banks that the Borrower desires to obtain from
JPMorgan Chase Bank, N.A. a term loan in an aggregate principal amount not to exceed $30,000,000 pursuant to that certain Credit Agreement (Second Lien) between JPMorgan Chase Bank, N.A., as term lender (the “Term Lender”) and the
Borrower (such agreement as the same may be amended or otherwise modified, the “Second Lien Credit Agreement”). The term loan shall be secured by Liens in favor of the Term Lender in the Collateral which Liens shall be subordinated
to the Liens in favor of the Collateral Agent under the Loan Documents pursuant to that certain Intercreditor Agreement, dated as of June 12, 2012, among the Collateral Agent, the Administrative Agent, the Borrower, the Guarantors, and the Term
Lender (such agreement, as the same may be amended or otherwise modified, the “Intercreditor Agreement”). In accordance with Section 2.11(b) of the Agreement, the Borrower shall make a payment (without a permanent
reduction of the underlying Commitments) of the Loans in an amount equal to 100% of the Net Proceeds from the issuance of the term loan. 
 C. The Borrower has also informed the Administrative Agent, the Collateral Agent and the Banks that the Borrower desires to acquire certain licenses and other assets from Give Back Brands and has acquired
certain licenses and inventory from New Wave LLC (the “Acquisitions”). 
 D. The Borrower and the Guarantors
have requested that the Agents and the Banks amend certain provisions of the Agreement and the Agents and the Banks party hereto have agreed to do so on and subject to the terms set forth herein. 

NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows effective as of the date hereof unless otherwise indicated: 
 ARTICLE I. 
 Definitions 

Section 1.1. Definitions. Capitalized terms used in this Amendment, to the extent not otherwise defined herein, shall have
the same meanings as in the Agreement, as amended hereby. 

  
 FIRST AMENDMENT TO THIRD
AMENDED AND RESTATED CREDIT AGREEMENT, Page 1 

 ARTICLE II.  
 Amendments 
 Section 2.1. Amendment to Section 1.01
(Definitions). Each of the following definitions contained in Section 1.01 of the Agreement is amended in its entirety to read as follows: 

“Bank Product Obligations” means all indebtedness, liabilities, obligations, covenants and duties of the
Borrower or any Subsidiary to any Bank or any Affiliate of any Bank, of every kind, nature and description arising under or in respect of any Bank Product (including arising under or in respect of any Guarantee thereof), whether direct or indirect,
absolute or contingent, due or not due, contractual or tortious, liquidated or unliquidated. Bank Product Obligations shall not include any indebtedness, liabilities, obligations, covenants or duties of the Borrower or any Subsidiary to the Second
Lien Term Lender under the Second Lien Documents. 
 “Obligations” means (a) the
“Obligations” as defined in the Guarantee Agreement and (b) the Bank Product Obligations. Obligations shall not include any indebtedness, liabilities, obligations, covenants or duties of the Borrower or any Subsidiary to the Second
Lien Term Lender under the Second Lien Documents. 
 Section 2.2. Amendment to definition of “Borrowing Base”
in Section 1.01 (Definitions). Clause (h) of the definition of the term “Borrowing Base” contained in Section 1.01 of the Agreement is amended in its entirety to read as follows: 

(h) Reserves. Any Second Lien Reserve then in effect, the Bank Product Reserve and the aggregate amount of
the other reserves established by the Administrative Agent at any time and from time to time after the Effective Date that the Administrative Agent determines are necessary to protect the Banks’ interests, such determination to be made in the
Administrative Agent’s reasonable and sole discretion. Reserves established under this clause (h) may include, without limitation: (i) with respect to accounts receivable, reserves for Allowance Accounts, customer markdowns,
and destroyed in field and (ii) with respect to inventory, inventory classified as long term assets and capitalized costs. The “other reserves” established under this clause (h) shall not include any amounts attributable
to Bank Products, such amounts shall be included in the Bank Product Reserve. The “other reserves” established under this clause (h) shall also not include any amount included in the Second Lien Reserve. 

Section 2.3. Amendment to definition of “Eligible Accounts Receivable” in Section 1.01 (Definitions).
Clause (vi) of the definition of “Eligible Accounts Receivable” contained in Section 1.01 of the Agreement is amended in its entirety to read as follows: 

(vi) the account is subject to no Lien, except for the security interest in favor of the Collateral Agent, for the ratable
interest of the Administrative Agent and the Banks, under the Loan Documents, and the security interest in favor of the Second Lien Term Lender, subject to the terms of the Intercreditor Agreement; 

  
 FIRST AMENDMENT TO THIRD
AMENDED AND RESTATED CREDIT AGREEMENT, Page 2 

 Section 2.4. Additions to Section 1.01 (Definitions). Each of the
following definitions are added to Section 1.01 of the Agreement in proper alphabetical order and shall read as follows: 
 “Intercreditor Agreement” means that certain Intercreditor Agreement, substantially in the form of Exhibit H hereto, to be executed among the Collateral Agent, the Administrative Agent,
the Second Lien Term Lender and the Borrower. 
 “Second Lien Credit Agreement” means that
certain Credit Agreement (Second Lien) dated June 12, 2012 (as amended, supplemented and otherwise modified in accordance with its terms and the terms of the Intercreditor Agreement) between the Borrower and the Second Lien Term Lender.

 “Second Lien Documents” means the Second Lien Credit Agreement the security agreement
executed pursuant thereto and the Second Lien License, as the same may be amended or otherwise modified from time to time. 
 “Second Lien License” means an agreement substantially in the form of Exhibit I hereto pursuant to which the Subsidiaries who own the trademarks and other intellectual property used to
manufacture or dispose of the inventory covered by the security agreement securing the Second Lien Loan or which are otherwise used in connection with such inventory, grant to the Second Lien Term Lender a worldwide, limited, royalty-free, fully
paid-up license and right to use such intellectual property to liquidate the inventory encumbered by such security agreement. 
 “Second Lien Loan” means the loan made pursuant to the Second Lien Credit Agreement. 
 “Second Lien Maturity Date” means the maturity date of the Second Lien Loan provided for in the Second Lien Credit Agreement. 

“Second Lien Reserve” means, at any time of determination, an amount equal to the aggregate outstanding
principal amount of the Second Lien Loan plus all unpaid interest accrued thereon. The Second Lien Reserve shall only be in effect during the period from and including the date 60 days prior to the Second Lien Maturity Date if the Second Lien Loan
is outstanding on such date to and excluding the first date thereafter when the Second Lien Loan has been repaid in full. 
 “Second Lien Term Lender” means JPMorgan Chase Bank, N.A. in its capacity as a lender to the Borrower under the Second Lien Credit Agreement. 

Section 2.5. Amendment to Section 4.15 (Licenses; Trademarks; Distribution Agreements). Clause (b) of
Section 4.15 of the Agreement is amended in its entirety to read as follows: 
 (b) Except as set
forth in Schedule 4.15 as of the Effective Date, all of the License Agreements and Distribution Agreements listed on Schedule 4.15 are in full force and effect and constitute legal, valid and binding obligations of Borrower; there
have not been and there currently are not any defaults thereunder by the Borrower or, to the best of its knowledge, by any other party which could cause such License Agreement or Distribution Agreement to be canceled, revoked or terminated; and no
event has occurred which (whether with or without notice, lapse of time or the happening or occurrence of any other event) would constitute such a default by Borrower or, to the best of its knowledge, by any other party thereunder. As of the
Effective Date, Borrower owns or has a right to use all the trademarks, copyrights, patents and applications for any of the foregoing listed on Schedule 4.15(a)(ii) and, except as set forth thereon or as permitted herein, pays no royalty
under any of them and has the exclusive right to bring 

  
 FIRST AMENDMENT TO THIRD
AMENDED AND RESTATED CREDIT AGREEMENT, Page 3 

 
actions for the infringement thereof. Except as set forth on Schedule 4.15 as of the Effective Date, (i) no product made by Borrower violates any License Agreement or Distribution
Agreement listed on Schedule 4.15, and (ii) no material amount of product sold by Borrower infringes any trademark, trade name, service mark, copyright, know–how, patent or application for any of the foregoing of any other Person.
Except as listed on Schedule 4.15 as of the Effective Date, there is no pending or, to the best of its knowledge, threatened claim or litigation against Borrower contesting the right of Borrower to use any of the trademarks listed on
Schedule 4.15 or the validity of any of the License Agreements, Distribution Agreements, copyrights and patents listed on Schedule 4.15 or asserting the misuse thereof which if adversely determined would have a Material Adverse Effect.

 Section 2.6. Amendment to Section 4.19 (Lockbox Accounts). Section 4.19 of the Agreement
is amended in its entirety to read as follows: 
 Section 4.19. Lockbox Accounts. As of the Effective
Date, Schedule 4.19 correctly identifies all Lockbox Accounts owned by the Borrower and each Guarantor and the institutions holding such accounts. No Person other than the Agents, the Second Lien Term Lender, and the institution at which a lockbox
account is held, has control over any lockbox account owned by the Borrower or by any Guarantor. 
 Section 2.7.
Amendment to Section 5.10 (Negative Pledge). Section 5.10 of the Agreement is amended to (a) delete the “or” at the end of clause (f) thereof, (b) replace the “.” at the end of clause
(g) thereof with “; or”, and (c) add a new clause (h) which shall read in its entirety as follows: 
 (h) Liens encumbering the Collateral owned by the Borrower in favor of the Second Lien Term Lender to secure the Indebtedness permitted under Section 5.15(g), subject to the terms of the
Intercreditor Agreement. 
 Section 2.8. Amendment to Section 5.15 (Indebtedness).
Section 5.15 of the Agreement is amended to (a) delete the “or” at the end of clause (d) thereof, (b) replace the “.” at the end of clause (e) thereof with “;”, and (c) add new
clauses (f) and (g) which shall read in their respective entireties as follows: 
 (f) Indebtedness of
the Borrower consisting of the deferred purchase price for the acquisition of certain licenses and other assets from Give Back Brands in an aggregate amount not to exceed $33,000,000 at any time; and 

(g) Indebtedness of the Borrower arising under the Second Lien Credit Agreement in an aggregate principal amount not to
exceed $30,000,000 at any time and any Permitted Refinancings thereof. 
 Section 2.9. Amendment to Section 5.21
(Restriction on Payment of Indebtedness). Section 5.21 of the Agreement is amended in its entirety to read as follows: 
 Section 5.21 Restriction on Payment of Indebtedness. Borrower will not, nor will it permit any Subsidiary to, make or agree to pay or make, directly or indirectly, any payment or other
distribution (whether in cash securities or other property) of or in respect of principal of or interest on the Senior Notes, the Convertible Bonds, the Second Lien Loan and any refinancing of any of the foregoing Indebtedness (collectively, the
“Significant Debt”), or any payment or other distribution (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation
or termination of any of the Significant Debt, except: 
 (a) payment of regularly scheduled interest and
principal payments as and when due, other than payments in respect of any subordinated Indebtedness prohibited by the subordination provisions thereof; 

  
 FIRST AMENDMENT TO THIRD
AMENDED AND RESTATED CREDIT AGREEMENT, Page 4 

 (b) refinancing of the Significant Debt to the extent permitted by
Section 5.15; 
 (c) prepayments on the Second Lien Loan which are made after February 1, 2013
but only if: (i) no Default exists or would result from the making of such prepayment, (ii) the sum of the following must equal or exceed $35,000,000 each day during the thirty day period ending on the date of the proposed prepayment:
(A) the sum of the balances of the Borrower’s domestic cash, domestic cash equivalents and Borrowing Base Capacity minus (B) the amount of the prepayment on the Second Lien Loan and (iii) the Borrower shall have delivered
to the Administrative Agent a certificate certifying as to its compliance with the forgoing clauses (i) and (ii) and shall show in reasonable detail the calculation required by clause (ii); 

(d) any prepayment, purchase, redemption, or other acquisition of any of the Significant Debt (each a
“Prepayment”) from the Net Proceeds of an equity offering or, with respect to the Convertible Bonds, the conversion thereof into the underlying common stock of the Borrower; and 

(e) any other Prepayment which is not a prepayment of the loan made pursuant to the Second Lien Documents and which is
otherwise not permitted by clause (d) preceding but only if: 
 (i) no Default exists or would
result; 
 (ii) if the Prepayment is made: 

(A) during the period from and including February 1 to and including August 31, then the sum of the following
must equal or exceed $25,000,000 as of the date of calculation (which date must not be more than 30 days prior to the date of the Prepayment): (x) the sum of the balances of the Borrower’s domestic cash, domestic cash equivalents and
Borrowing Base Capacity as of the calculation date; minus (y) the amount of the Prepayment; or 

(B) during the period from and including September 1 to and including January 31, then the sum of the following
must equal or exceed $35,000,000 as of the date of calculation (which date must not be more than 30 days prior to the date of the Prepayment): (x) the sum of the balances of the Borrower’s domestic cash, domestic cash equivalents and
Borrowing Base Capacity as of the calculation date; minus (y) the amount of the Prepayment; and 

(iii) the Borrower shall have delivered to the Administrative Agent a certificate certifying as to its compliance with
the forgoing clauses (i) and (ii) and shall show in reasonable detail the calculation required by clause (ii). 

  
 FIRST AMENDMENT TO THIRD
AMENDED AND RESTATED CREDIT AGREEMENT, Page 5 

 Section 2.10. Amendment to Section 5.22 (Lockbox and Deposit
Accounts). Section 5.22 of the Agreement is amended in its entirety to read as follows: 

Section 5.22. Lockbox and Deposit Accounts. Borrower shall not, and shall not permit any Guarantor to, open
any new lockbox account or otherwise utilize any such lockbox account other than the lockbox accounts identified on Schedule 4.19 unless it shall have given the Administrative Agent thirty (30) days prior written notice thereof and shall have
taken all action deemed necessary or desirable by the Administrative Agent to cause the Collateral Agent’s security interest in the proceeds of Collateral to be perfected and protected. Borrower will not, nor will it permit any Guarantor to,
give any party (other than the depository institution holding the Lockbox Account, the Collateral Agent or the Second Lien Term Lender) control over any Lockbox Account. At any time and from time to time within fifteen days of the Administrative
Agent’s request, the Borrower shall provide the Administrative Agent with a list identifying all deposit accounts owned by the Borrower and each Guarantor and the institutions holding such accounts. 

Section 2.11. Amendment to Section 6.04 (Status of Accounts). Subclause (xi) of
Section 6.04(a) of the Agreement is amended in its entirety to read as follows: 
 (xi) they have not
been pledged to any Person other than the Collateral Agent and the Second Lien Term Lender. 
 Section 2.12. Addition of
Exhibit H. Exhibit H is added to the Agreement immediately following Exhibit G thereto and such new Exhibit H shall read as Exhibit H attached hereto. Each of the Banks party hereto directs and authorizes the Agents to enter into the
Intercreditor Agreement on behalf of the Banks. 
 Section 2.13. Addition of Exhibit I. Exhibit I is added to the
Agreement immediately following Exhibit H thereto and such new Exhibit I shall read as Exhibit I attached hereto. 

Section 2.14. Consent to Second Lien License. Borrower and the Guarantors have requested that the Required Banks consent to
each Guarantor’s departure from the Section 5.11(b) of the Agreement (which imposes restrictions on the disposition of assets) in order to permit the Guarantors to enter into the Second Lien License. Subject to the satisfaction of the
conditions precedent described in Article III hereof, each of the undersigned Banks consent to each Guarantor’s departure from restrictions of Section 5.11(b) of the Agreement for purposes of allowing the Guarantors to enter into the
Second Lien License and agree that such departure will not result in an Event of Default under the Agreement. The Borrower and, by its execution of this Amendment below, each Guarantor agree that the consent set forth herein shall not be deemed a
consent to the departure from or waiver of (a) Section 5.11(b) of the Agreement for any purpose other than to permit the execution and delivery of the Second Lien License or (b) any other covenant or condition in any Loan Document or
(c) any Event of Default that otherwise may arise as a result of thereof. 

  
 FIRST AMENDMENT TO THIRD
AMENDED AND RESTATED CREDIT AGREEMENT, Page 6 

 ARTICLE III. 
 Conditions Precedent 
 Section 3.1. Conditions. The
effectiveness of Article II of this Amendment is subject to the satisfaction of the following conditions precedent (the date upon which such conditions precedent are satisfied, the “Effective Date”): 

(a) The Administrative Agent shall have received this Amendment duly executed by the Borrower, the Guarantors and the Required Banks;

 (b) The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel
may reasonably request relating to the organization, existence and good standing of Borrower and the Guarantors, the authorization of this Amendment and the transactions contemplated hereby and any other legal matters relating to this Amendment
reasonably requested by the Administrative Agent, all in form and substance satisfactory to the Administrative Agent and its counsel; 
 (c) The Administrative Agent shall have received a true, correct and complete copy of the Intercreditor Agreement executed by all the parties thereto; 

(d) The Administrative Agent shall have received true, correct and complete copies of the Second Lien Documents; 

(e) The Administrative Agent shall have received all fees due and payable pursuant to Section 9.03 of the Agreement to the extent
invoiced at least two Business Days prior to the Effective Date and the fees set forth in that certain Fee Letter dated the date hereof between the Administrative Agent and the Borrower; 

(f) The representations and warranties contained herein and in all other Loan Documents, as amended hereby, shall be true and correct in
all material respects (which materiality exception will not apply to representations qualified by materiality standards) as of the date hereof as if made on the date hereof, except for such representations and warranties limited by their terms to an
earlier date (which representations and warranties shall be true and correct in all material respects as of such earlier date); and 
 (g) No Default shall exist. 
 ARTICLE IV. 

Miscellaneous 
 Section 4.1. Ratifications. The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth in the Agreement and except as
expressly modified and superseded by this Amendment, the terms and provisions of the Agreement, and the other Loan Documents are ratified and confirmed and shall continue in full force and effect. The Borrower, the Agents and the Banks party hereto
agree that the Agreement as amended hereby and the other Loan Documents shall continue to be legal, valid, binding and enforceable in accordance with their respective terms. 
 Section 4.2. Representations and Warranties. The Borrower hereby represents and warrants to the Agents and the Banks as follows: (a) no Default exists; (b) the representations and
warranties set 

  
 FIRST AMENDMENT TO THIRD
AMENDED AND RESTATED CREDIT AGREEMENT, Page 7 

 
forth in the Loan Documents are true and correct in all material respects (which materiality exception will not apply to representations qualified by materiality standards) on and as of the date
hereof with the same effect as though made on and as of such date except with respect to any representations and warranties limited by their terms to an earlier date (which representations and warranties are true and correct in all material respects
as of such earlier date); and (c) after giving effect to this Amendment, each Acquisition is a Permitted Acquisition, all Indebtedness assumed in connection with the Acquisition involving Give Back Brands shall be repaid in full on the date of
the closing of that Acquisition and no Default will result from either Acquisition. 
 Section 4.3. Survival of
Representations and Warranties. All representations and warranties made in this Amendment or any other Loan Document including any Loan Document furnished in connection with this Amendment shall survive the execution and delivery of this
Amendment, and no investigation by any Agent or any Bank or any closing shall affect the representations and warranties or the right of any Agent or any Bank to rely upon them. 

Section 4.4. Reference to Agreement. Each of the Loan Documents, including the Agreement and any and all other agreements,
documents, or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Agreement as amended hereby, are hereby amended so that any reference in such Loan Documents to the Agreement shall mean a
reference to the Agreement as amended hereby. 
 Section 4.5. Expenses of Administrative Agent. To the extent set
forth in Section 9.3 of the Agreement, the Borrower agrees to pay on demand all reasonable costs and expenses incurred by the Administrative Agent in connection with the preparation, negotiation, and execution of this Amendment, including
without limitation, the reasonable costs and fees of the Administrative Agent’s legal counsel provided it sends an invoice to the Borrower beforehand and addresses reasonable questions. 

Section 4.6. Severability. Any provision of this Amendment held by a court of competent jurisdiction to be invalid or
unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable. 
 Section 4.7. Applicable Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York other than those conflict of law provisions that would defer
to the substantive laws of another jurisdiction. This governing law election has been made by the parties in reliance (at least in part) on Section 5-1401 of the General Obligations Law of the State of New York, as amended (as and to the extent
applicable), and other applicable law. 
 Section 4.8. Successors and Assigns. This Amendment is binding upon and
shall inure to the benefit of the Agents, each Bank, the Borrower, each Guarantor and their respective successors and assigns, except neither the Borrower nor any Guarantor may assign or transfer any of its rights or obligations hereunder without
the prior written consent of the Banks. Any assignment in violation of this Section 4.8 shall be void. 

Section 4.9. Effectiveness; Counterparts. This Amendment shall become effective when the Administrative Agent shall have
received this Amendment duly executed by the Borrower, the collateral Agent, the Guarantors and the Banks. This Amendment may be executed in one or more counterparts and on telecopy or other electronic counterparts, each of which when so executed
shall be deemed to be an original, but all of which when taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this Amendment by telecopy or other electronic communication shall be
effective as delivery of a manually executed counterpart of this Amendment. 

  
 FIRST AMENDMENT TO THIRD
AMENDED AND RESTATED CREDIT AGREEMENT, Page 8 

 Section 4.10. Effect of Waiver. No consent or waiver, express or implied, by any
Agent or any Bank to or for any breach of or deviation from any covenant, condition or duty by the Borrower or any Guarantor shall be deemed a consent or waiver to or of any other breach of the same or any other covenant, condition or duty.

 Section 4.11. Headings. The headings, captions, and arrangements used in this Amendment are for convenience only
and shall not affect the interpretation of this Amendment. 
 Section 4.12. ENTIRE AGREEMENT. THIS AMENDMENT
EMBODIES THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THIS
AMENDMENT, AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO. 

Section 4.13. Required Banks. Pursuant to Section 9.05 of the Agreement, the Agreement may be modified as
provided in this Amendment with the agreement of the Required Banks which means Banks having more than fifty percent (50%) of the Commitments, or if the Commitments have been terminated, Banks with Committed Exposure of more than fifty percent
(50%) of the aggregate Committed Exposure (such percentage applicable to a Bank, herein such Bank’s “Required Bank Percentage”). For purposes of determining the effectiveness of this Amendment, each Bank’s Required
Bank Percentage is set forth on Schedule 4.13 hereto. 
 Executed as of the date first written above. 

 

			
	ELIZABETH ARDEN, INC., as the Borrower
		
	By:	 	 /s/ Marcey Becker

		 	Marcey Becker, Senior Vice President, Finance & Corporate Development
	
	JPMORGAN CHASE BANK, N.A. (formerly JPMorgan Chase Bank), individually as a Bank, an Issuing Bank and as Administrative Agent
		
	By:	 	 /s/ Christy L. West

		 	Christy L. West, Authorized Officer

  
 FIRST AMENDMENT TO THIRD
AMENDED AND RESTATED CREDIT AGREEMENT, Page 9 

 
			
	BANK OF AMERICA, N.A. (successor in interest by merger to Fleet National Bank), as Collateral Agent and a Bank
		
	By:	 	 /s/ Seth Tyminski

		 	Seth Tyminski, Vice President

  
 FIRST AMENDMENT TO THIRD
AMENDED AND RESTATED CREDIT AGREEMENT, Page 10 

 
			
	OTHER BANKS:
	
	WELLS FARGO CAPITAL FINANCE, LLC (successor in interest to Wachovia Bank, National Association)
		
	By:	 	 /s/ Mark Bradford

		 	Mark Bradford, Senior Vice President

  
 FIRST AMENDMENT TO THIRD
AMENDED AND RESTATED CREDIT AGREEMENT, Page 11 

 
			
	PNC BANK, NATIONAL ASSOCIATION (successor in interest to National City Business Credit, Inc.)
		
	By:	 	 /s/ Timothy Canon

		 	Timothy Canon, Vice President

  
 FIRST AMENDMENT TO THIRD
AMENDED AND RESTATED CREDIT AGREEMENT, Page 12 

 
			
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Christopher Fudge

		 	Christopher Fudge, Vice-President

  
 FIRST AMENDMENT TO THIRD
AMENDED AND RESTATED CREDIT AGREEMENT, Page 13 

 
			
	HSBC BANK USA, N.A.
		
	By:	 	 /s/ Darren Pinsker

		 	Darren Pinsker, Senior Vice President
	
	HSBC BANK Plc
		
	By:	 	 /s/ Christopher R. Clarke

		 	Christopher R. Clarke, Corporate Banking Relationship Manager

  
 FIRST AMENDMENT TO THIRD
AMENDED AND RESTATED CREDIT AGREEMENT, Page 14 

 
			
	HARRIS, N.A.
		
	By:	 	 /s/ Craig Thistlethwaite

		 	Craig Thistlethwaite, Director

  
 FIRST AMENDMENT TO THIRD
AMENDED AND RESTATED CREDIT AGREEMENT, Page 15 

 CONSENT OF GUARANTORS AND REAFFIRMATION OF LOAN DOCUMENTS 

Each of the Guarantors consent and agree to this Amendment (including without limitation, the provisions of Sections 2.14,
4.1 and 4.2 hereof) and agree that (i) the obligations secured by the Security Agreement and guaranteed under the Guarantee Agreement include without limitation, the “Obligations” as defined in the Agreement and
(ii) all the Loan Documents to which it is a party shall remain in full force and effect and shall continue to be the legal, valid and binding obligation of such Guarantor enforceable against it in accordance with their respective terms.

  

			
	FD MANAGEMENT, INC.
	DF ENTERPRISES, INC.
	ELIZABETH ARDEN INTERNATIONAL HOLDING, INC., (formerly FFI International, Inc.)
	RDEN MANAGEMENT, INC.
	ELIZABETH ARDEN (FINANCING), INC.
	ELIZABETH ARDEN TRAVEL RETAIL, INC.
		
	By:	 	 /s/ Marcey Becker

		 	Marcey Becker, Vice President of each Guarantor
		 	President & Treasurer

  
 FIRST AMENDMENT TO THIRD
AMENDED AND RESTATED CREDIT AGREEMENT, Page 16 

 Schedule 4.13 
 to 
 Elizabeth Arden, Inc. 

First Amendment to Third Amended and Restated Credit Agreement 
 Required Bank Percentage 
  

									
	 Name of Bank
	  	Required Bank Percentage	 	 	Banks Agreeing to First
Amendment
(insert % from prior column if Lender
signs this Amendment then
total
percentages in this column)	 
	 JPMorgan Chase Bank, N.A.
	  	 	23.333333333	% 	 	 	23.333333333	% 
	 Bank of America, N.A.
	  	 	20.000000000	% 	 	 	20.000000000	% 
	 HSBC Bank USA, N.A.
	  	 	8.500000000	% 	 	 	8.500000000	% 
	 HSBC Bank PLC
	  	 	5.666666667	% 	 	 	5.666666667	% 
	 Wells Fargo Capital Finance, LLC
	  	 	14.166666667	% 	 	 	14.166666667	% 
	 U.S. Bank National Association
	  	 	13.333333333	% 	 	 	13.333333333	% 
	 Harris, N.A.
	  	 	10.000000000	% 	 	 	0.00	% 
	 PNC Bank, National Association
	  	 	5.000000000	% 	 	 	5.000000000	% 
		  	  
	  
	 	 	  
	  
	 
	 TOTAL
	  	 	100.000	% 	 	 	90.00	% 
		  	  
	  
	 	 	  
	  
	 

  
 SCHEDULE 4.13, Solo Page

 Exhibit H 
 to 
 Elizabeth Arden, Inc. 

First Amendment to Third Amended and Restated Credit Agreement 
 Form of Intercreditor Agreement 

  
 Exhibit H, Cover Page

 INTERCREDITOR AGREEMENT 

INTERCREDITOR AGREEMENT (this “Agreement”), dated as of June 12, 2012, among BANK OF AMERICA, N.A., as Collateral
Agent (in such capacity, with its successors and assigns, and as more specifically defined below, the “First Priority Collateral Agent”) for the First Priority Secured Parties (as defined below), JPMORGAN CHASE BANK, N.A., as
administrative agent for the First Priority Secured Parties (in such capacity, with its successors and assigns, and as more specifically defined below, the “First Priority Representative”), JPMORGAN CHASE BANK, N.A. (in its
individual capacity, with its successors and assigns, and as more specifically defined below, the “Second Priority Secured Party”) and ELIZABETH ARDEN, INC., a Florida corporation (the “Borrower”). 

RECITALS: 
 The
Borrower, the First Priority Representative, the First Priority Collateral Agent and certain financial institutions and other entities are parties to that certain Third Amended and Restated Credit Agreement dated as of January 21, 2011 (the
“Existing First Priority Agreement”), pursuant to which such financial institutions and other entities have agreed to make loans and extend other financial accommodations to the Borrower; and 

The Borrower and Second Priority Secured Party are parties to that certain Credit Agreement (Second Lien) dated as of June 12, 2012
(the “Existing Second Priority Agreement”), pursuant to which the Second Priority Secured Party agreed to make a term loan to the Borrower; and 
 The Borrower has granted to the First Priority Collateral Agent security interests in the Common Collateral as security for payment and performance of the First Priority Obligations; and 

Pursuant to the terms of the Existing First Priority Agreement the Borrower may not grant additional security interests in the Common
Collateral without the consent of the requisite number of First Priority Creditors thereunder; and 
 The Borrower proposes to
grant to the Second Priority Secured Party junior security interests in the Common Collateral as security for payment and performance of the Second Priority Obligations; and 
 The First Priority Creditors under the Existing First Priority Agreement have agreed to permit the grant of such junior security interests to the Second Priority Secured Party on the terms and conditions
of this Agreement; 
 NOW THEREFORE, in consideration of the foregoing and the mutual covenants herein contained and other good
and valuable consideration, the existence and sufficiency of which is expressly recognized by all of the parties hereto, the parties agree as follows: 
 SECTION 1. Definitions. 
 1.1. Defined Terms. The following
terms, as used herein, have the following meanings: 
 “Additional First Priority Agreement” means any
agreement approved for designation as such by the First Priority Representative and the Second Priority Secured Party. 

“Additional Second Priority Agreement” means any agreement approved for designation as such by the First Priority
Representative and the Second Priority Secured Party. 

  
 INTERCREDITOR AGREEMENT, Page
2 

 “Bankruptcy Code” means the United States Bankruptcy Code (11 U.S.C.
§101 et seq.), as amended from time to time. 
 “Borrower” has the meaning set forth in the introductory
paragraph hereof. 
 “Cash Management Obligations” means, with respect to any Loan Party, any obligations of
such Loan Party owed to any First Priority Secured Party (or any of its affiliates) in respect of treasury management arrangements, depositary or other cash management services. 

“Common Collateral” means all assets that are both First Priority Collateral and Second Priority Collateral. 

“Comparable Second Priority Security Document” means, in relation to any Common Collateral subject to any First Priority
Security Document, that Second Priority Security Document that creates a security interest in the same Common Collateral, granted by the Borrower. 
 “DIP Financing” has the meaning set forth in Section 5.2. 

“Enforcement Action” means, with respect to the First Priority Obligations or the Second Priority Obligations, the
exercise of any remedial rights and remedies with respect to any Common Collateral securing such obligations or the commencement or prosecution of enforcement of any of the rights and remedies with respect to the Common Collateral under, as
applicable, the First Priority Documents or the Second Priority Documents, or applicable law, including without limitation the exercise of any rights of set-off or recoupment, and the exercise of any rights or remedies of a secured creditor under
the Uniform Commercial Code of any applicable jurisdiction or under the Bankruptcy Code. 
 “Existing First Priority
Agreement” has the meaning set forth in the first Recital clause of this Agreement. 
 “Existing Second
Priority Agreement” has the meaning set forth in the second Recital clause of this Agreement. 
 “First
Priority Agreement” means the collective reference to (a) the Existing First Priority Agreement, (b) any Additional First Priority Agreement and (c) any other credit agreement, loan agreement, note agreement, promissory note,
indenture or other agreement or instrument evidencing or governing the terms of any indebtedness or other financial accommodation that has been incurred to extend, replace, refinance or refund in whole or in part the indebtedness and other
obligations outstanding under the Existing First Priority Agreement, any Additional First Priority Agreement or any other agreement or instrument referred to in this clause (c) unless such agreement or instrument expressly provides that it is
not intended to be and is not a First Priority Agreement hereunder (a “Replacement First Priority Agreement”). Any reference to the First Priority Agreement hereunder shall be deemed a reference to any First Priority Agreement then
extant. 
 “First Priority Collateral” means all assets, whether now owned or hereafter acquired by the
Borrower in which a Lien is granted or purported to be granted to any First Priority Secured Party as security for any First Priority Obligation. 
 “First Priority Collateral Agent” has the meaning set forth in the introduction to this Agreement but shall also include any Person identified as the “First Priority Collateral
Agent” in any First Priority Agreement other than the Existing First Priority Agreement. 

  
 INTERCREDITOR AGREEMENT, Page
3 

 “First Priority Creditors” means the “Banks” as defined in the
First Priority Agreement, any affiliate of any Bank that is owed any of the First Priority Obligations, and each other Persons that is designated under the First Priority Agreement as the “First Priority Creditors” for purposes of this
Agreement. 
 “First Priority Documents” means the First Priority Agreement, each First Priority Security
Document and each First Priority Guarantee. 
 “First Priority Guarantee” means any guarantee by any Loan Party
of any or all of the First Priority Obligations. 
 “First Priority Lien” means any Lien created by the First
Priority Security Documents. 
 “First Priority Obligations” means (a) all principal of and interest
(including without limitation any Post-Petition Interest) and premium (if any) on all loans made pursuant to the First Priority Agreement, (b) all reimbursement obligations (if any) and interest thereon (including without limitation any
Post-Petition Interest) with respect to any letter of credit or similar instruments issued pursuant to the First Priority Agreement, (c) all Hedging Obligations, (d) all Cash Management Obligations, (e) all guarantee obligations,
fees, expenses and other amounts payable from time to time pursuant to the First Priority Documents, and (f) all other “Obligations” as defined in the First Priority Agreement, in each case whether or not allowed or allowable in an
Insolvency Proceeding. To the extent any payment with respect to any First Priority Obligation (whether by or on behalf of any Loan Party, as proceeds of security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent
conveyance or a preference in any respect, set aside or required to be paid to a debtor in possession, the Second Priority Secured Party, receiver or similar Person, then the obligation or part thereof originally intended to be satisfied shall, for
the purposes of this Agreement and the rights and obligations of the First Priority Secured Parties and the Second Priority Secured Party, be deemed to be reinstated and outstanding as if such payment had not occurred. 

“First Priority Obligations Payment Date” means the first date on which (a) the First Priority Obligations (other
than those that constitute Unasserted Contingent Obligations) have been indefeasibly paid in cash in full (or cash collateralized or defeased in accordance with the terms of the First Priority Documents), (b) all commitments to extend credit
under the First Priority Documents have been terminated, (c) there are no outstanding letters of credit or similar instruments issued under the First Priority Documents (other than such as have been cash collateralized or defeased in accordance
with the terms of the First Priority Security Documents), and (d) either (i) the First Priority Representative has delivered a written notice to the Second Priority Secured Party stating that the events described in clauses (a),
(b) and (c) have occurred to the satisfaction of the First Priority Secured Parties or (ii) the events described in clauses (a), (b) and (c) have occurred, the Borrower shall have delivered to the First Priority
Representative a written notice requesting that the First Priority Representative deliver the written notice in accordance with clause (i) and the First Priority Representative shall not have, within 10 business days of receipt of such notice
from the Borrower either (A) provided the written notice in accordance with clause (i) or (B) provided a written notice to the Borrower and the Second Priority Secured Party stating that the events described in clauses (a),
(b) and (c) have not occurred to the satisfaction of the First Priority Secured Parties. 
 “First Priority
Representative” has the meaning set forth in the introductory paragraph hereof. In the case of any Replacement First Priority Agreement, the First Priority Representative shall be the Person identified as such in such Agreement. 

  
 INTERCREDITOR AGREEMENT, Page
4 

 “First Priority Secured Parties” means the First Priority Representative,
the First Priority Collateral Agent, the First Priority Creditors and any other holders of the First Priority Obligations. 

“First Priority Security Documents” means the “Security Agreement” as defined in the First Priority Agreement,
and any other documents that are designated under the First Priority Agreement as “First Priority Security Documents” for purposes of this Agreement. 
 “Hedging Obligations” means, with respect to any Loan Party, any obligations of such Loan Party owed to any First Priority Creditor (or any of its affiliates) in respect of any swap
agreement or hedge agreement in respect of interest rates, currency exchange rates or commodity prices. 
 “Insolvency
Proceeding” means any proceeding in respect of bankruptcy, insolvency, winding up, receivership, dissolution or assignment for the benefit of creditors, in each of the foregoing events whether under the Bankruptcy Code or any similar
federal, state or foreign bankruptcy, insolvency, reorganization, receivership or similar law. 
 “Lien” means,
with respect to any asset, (a) any mortgage, deed of trust, deed to secure debt, lien, pledge, hypothecation, assignment, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any
conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option,
call or similar right of a third party with respect to such securities. 
 “Loan Party” means the Borrower and
each direct or indirect subsidiary of the Borrower that is now or hereafter becomes a party to any First Priority Document. All references in this Agreement to any Loan Party shall include such Loan Party as a debtor-in-possession and any receiver
or trustee for such Loan Party in any Insolvency Proceeding. 
 “Person” means any person, individual, sole
proprietorship, partnership, joint venture, corporation, limited liability company, unincorporated organization, association, institution, entity, party, including any government and any political subdivision, agency or instrumentality thereof.

 “Post-Petition Interest” means any interest or entitlement to fees or expenses or other charges that accrues
after the commencement of any Insolvency Proceeding, whether or not allowed or allowable in any such Insolvency Proceeding. 

“Replacement First Priority Agreement” has the meaning set forth in the definition of “First Priority
Agreement”. 
 “Second Priority Agreement” means the collective reference to (a) the Existing Second
Priority Agreement, (b) any Additional Second Priority Agreement and (c) any other credit agreement, loan agreement, note agreement, promissory note, indenture, or other agreement or instrument evidencing or governing the terms of any
indebtedness or other financial accommodation that has been incurred to extend, replace, refinance or refund in whole or in part the indebtedness and other obligations outstanding under the Existing Second Priority Agreement, any Additional Second
Priority Agreement or any other agreement or instrument referred to in this clause (c). Any reference to the Second Priority Agreement hereunder shall be deemed a reference to any Second Priority Agreement then extant. 

“Second Priority Collateral” means all assets, whether now owned or hereafter acquired by the Borrower in which a Lien
is granted or purported to be granted to the Second Priority Secured Party as security for any Second Priority Obligation. 

  
 INTERCREDITOR AGREEMENT, Page
5 

 “Second Priority Documents” means each Second Priority Agreement and each
Second Priority Security Document. 
 “Second Priority Lien” means any Lien created by the Second Priority
Security Documents. 
 “Second Priority Obligations” means (a) all principal of and interest (including
without limitation any Post-Petition Interest) and premium (if any) on all indebtedness under the Second Priority Agreement, and (b) all fees, expenses and other amounts payable from time to time pursuant to the Second Priority Documents, in
each case whether or not allowed or allowable in an Insolvency Proceeding. To the extent any payment with respect to any Second Priority Obligation (whether by or on behalf of the Borrower, as proceeds of security, enforcement of any right of setoff
or otherwise) is declared to be a fraudulent conveyance or a preference in any respect, set aside or required to be paid to a debtor in possession, any First Priority Secured Party, receiver or similar Person, then the obligation or part thereof
originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of the First Priority Secured Parties and the Second Priority Secured Party, be deemed to be reinstated and outstanding as if such payment
had not occurred. 
 “Second Priority Secured Party” has the meaning set forth in the introductory paragraph
hereof, but shall also include any Person identified as a “Second Priority Secured Party” in any Second Priority Agreement other than the Existing Second Priority Agreement and any other holder of the Second Priority Obligations.

 “Second Priority Security Documents” means the “Security Agreement” as defined in the Second
Priority Agreement and any documents that are designated under the Second Priority Agreement as “Second Priority Security Documents” for purposes of this Agreement. 
 “Secured Parties” means the First Priority Secured Parties and the Second Priority Secured Party. 
 “Unasserted Contingent Obligations” shall mean, at any time, First Priority Obligations for taxes, costs, indemnifications, reimbursements, damages and other liabilities (excluding
(a) the principal of, and interest and premium (if any) on, and fees and expenses relating to, any First Priority Obligation and (b) contingent reimbursement obligations in respect of amounts that may be drawn under outstanding letters of
credit) in respect of which no assertion of liability (whether oral or written) and no claim or demand for payment (whether oral or written) has been made (and, in the case of First Priority Obligations for indemnification, no notice for
indemnification has been issued by the indemnitee) at such time. 
 “Uniform Commercial Code” shall mean the
Uniform Commercial Code as in effect from time to time in the applicable jurisdiction. 
 1.2 Amended Agreements. All
references in this Agreement to agreements or other contractual obligations shall, unless otherwise specified, be deemed to refer to such agreements or contractual obligations as amended, supplemented, restated or otherwise modified from time to
time. 
 SECTION 2. Lien Priorities. 
 2.1 Subordination of Liens. (a) Any and all Liens now existing or hereafter created or arising in favor of the Second Priority Secured Party securing the Second Priority Obligations,
regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise are expressly junior in priority, operation and effect to any and all Liens now existing or hereafter created or arising in favor

  
 INTERCREDITOR AGREEMENT, Page
6 

 
of the First Priority Secured Parties securing the First Priority Obligations, notwithstanding (i) anything to the contrary contained in any agreement or filing to which the Second Priority
Secured Party may now or hereafter be a party, and regardless of the time, order or method of grant, attachment, recording or perfection of any financing statements or other security interests, assignments, pledges, deeds, mortgages and other liens,
charges or encumbrances or any defect or deficiency or alleged defect or deficiency in any of the foregoing, (ii) any provision of the Uniform Commercial Code or any applicable law or any First Priority Document or Second Priority Document or
any other circumstance whatsoever and (iii) the fact that any such Liens in favor of any First Priority Secured Party securing any of the First Priority Obligations are (x) subordinated to any Lien securing any obligation of any Loan Party
other than the Second Priority Obligations or (y) otherwise subordinated, voided, avoided, invalidated or lapsed. 
 (b) No
First Priority Secured Party nor the Second Priority Secured Party shall object to or contest, or support any other Person in contesting or objecting to, in any proceeding (including without limitation, any Insolvency Proceeding), the validity,
extent, perfection, priority or enforceability of any security interest in the Common Collateral granted to the other. Notwithstanding any failure by any First Priority Secured Party or the Second Priority Secured Party to perfect its security
interests in the Common Collateral or any avoidance, invalidation or subordination by any third party or court of competent jurisdiction of the security interests in the Common Collateral granted to the First Priority Secured Parties or the Second
Priority Secured Party, the priority and rights as between the First Priority Secured Parties and the Second Priority Secured Party with respect to the Common Collateral shall be as set forth herein. 

2.2 Nature of First Priority Obligations. The Second Priority Secured Party acknowledges that a portion of the First Priority
Obligations represents debt that is revolving in nature and that the amount thereof that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed, and that the terms of the First Priority
Obligations may be modified, extended or amended from time to time, and that the aggregate amount of the First Priority Obligations may be increased, replaced or refinanced, in each event, without notice to or consent by the Second Priority Secured
Party and without affecting the provisions hereof, but only so long as, except in the case of any DIP Financing, any such obligations are permitted to be incurred pursuant to the Second Priority Documents as in effect on the date of this Agreement.
The lien priorities provided in Section 2.1 shall not be altered or otherwise affected by any such amendment, modification, supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement or refinancing of either the
First Priority Obligations or the Second Priority Obligations, or any portion thereof. 
 2.3 Agreements Regarding Actions to
Perfect Liens. (a) The Second Priority Secured Party agrees that UCC-1 financing statements, patent, trademark or copyright filings or other filings or recordings filed or recorded by or on behalf of the Second Priority Secured Party shall
be in form satisfactory to the First Priority Representative. 
 (b) Each of the First Priority Representative and the First
Priority Collateral Agent hereby acknowledges that, to the extent that it holds, or a third party holds on its behalf, physical possession of or “control” (as defined in the Uniform Commercial Code) over, or to the extent is it granted
access to or other rights with respect to any, Common Collateral pursuant to the First Priority Security Documents (including pursuant to any deposit account control agreement, securities account control agreement, lien acknowledgment, landlord
waiver, subordination or access agreement or any other documentation), such possession, control or other rights is also for the benefit of the Second Priority Secured Party solely to the extent required to perfect or protect their security interest
in the Common Collateral or to the extent required to obtain access to or rights in the Common Collateral. Nothing in the preceding sentence shall be construed to impose any duty on the First Priority Representative (or any third party acting on its
behalf) with respect to such Common Collateral or provide the Second Priority Secured Party with any rights with respect to such Common Collateral beyond those specified in this Agreement and the Second

  
 INTERCREDITOR AGREEMENT, Page
7 

 
Priority Security Documents, provided that subsequent to the occurrence of the First Priority Obligations Payment Date, the First Priority Representative shall (i) deliver to the
Second Priority Secured Party, at the Borrower’s sole cost and expense, the Common Collateral in its possession or control together with any necessary endorsements to the extent required by the Second Priority Documents or (ii) direct and
deliver such Common Collateral as a court of competent jurisdiction otherwise directs, and provided, further, that the provisions of this Agreement are intended solely to govern the respective Lien priorities as between the First
Priority Secured Parties and the Second Priority Secured Party and shall not impose on the First Priority Secured Parties any obligations in respect of the disposition of any Common Collateral (or any proceeds thereof) that would conflict with prior
perfected Liens or any claims thereon in favor of any other Person that is not a Secured Party. 
 2.4 No New Liens. So
long as the First Priority Obligations Payment Date has not occurred, the parties hereto agree that (a) there shall be no Lien, and Borrower shall not have any right to create any Lien, on any assets of the Borrower securing any Second Priority
Obligation if these same assets are not subject to, and do not become subject to, a Lien securing the First Priority Obligations and (b) if the Second Priority Secured Party shall acquire or hold any Lien on any assets of the Borrower securing
any Second Priority Obligation which assets are not also subject to the first-priority Lien of the First Priority Representative under the First Priority Documents, then the Second Priority Secured Party, upon demand by the First Priority
Representative, will without the need for any further consent of the Second Priority Secured Party, notwithstanding anything to the contrary in any other Second Priority Document either (i) release such Lien or (ii) assign it to the First
Priority Representative as security for the First Priority Obligations (in which case the Second Priority Secured Party may retain a junior lien on such assets subject to the terms hereof). To the extent that the foregoing provisions are not
complied with for any reason, without limiting any other rights and remedies available to the First Priority Secured Parties, the Second Priority Secured Party agrees that any amounts received by or distributed to any of them pursuant to or as a
result of Liens granted in contravention of this Section 2.4 shall be subject to Section 4.1. 
 SECTION 3.
Enforcement Rights.  
 3.1 Exclusive Enforcement. Until the First Priority Obligations Payment Date has occurred,
whether or not an Insolvency Proceeding has been commenced by or against the Borrower, the First Priority Secured Parties shall have the exclusive right to take and continue any Enforcement Action with respect to the Common Collateral, without any
consultation with or consent of the Second Priority Secured Party, but subject to the provisos set forth in Sections 3.2 and 5.1. Upon the occurrence and during the continuance of a default or an event of default under the First Priority Documents,
the First Priority Representative and the other First Priority Secured Parties may take and continue any Enforcement Action with respect to the First Priority Obligations and the Common Collateral in such order and manner as they may determine in
their sole discretion. 
 3.2 Standstill and Waivers. The Second Priority Secured Party agrees that, until the First
Priority Obligations Payment Date has occurred, subject to the proviso set forth in Section 5.1, in its capacity as the Second Priority Secured Party: 
 (a) it will not take or cause to be taken any Enforcement Action; 

(b) it will not take or cause to be taken any action, the purpose or effect of which is to make any Lien in respect of any
Second Priority Obligation pari passu with or senior to, or to give the Second Priority Secured Party any preference or priority relative to, the Liens with respect to the First Priority Obligations or the First Priority Secured Parties with respect
to any of the Common Collateral; 

  
 INTERCREDITOR AGREEMENT, Page
8 

 (c) it will not contest, oppose, object to, interfere with, hinder or delay,
in any manner, whether by judicial proceedings (including without limitation the filing of an Insolvency Proceeding) or otherwise, any foreclosure, sale, lease, exchange, transfer or other disposition of the Common Collateral by any First Priority
Secured Party or any other Enforcement Action taken (or any forbearance from taking any Enforcement Action) by or on behalf of any First Priority Secured Party; 
 (d) it has no right to (i) direct either the First Priority Representative or any other First Priority Secured Party to exercise any right, remedy or power with respect to the Common Collateral or
pursuant to the First Priority Security Documents or (ii) consent or object to the exercise by the First Priority Representative or any other First Priority Secured Party of any right, remedy or power with respect to the Common Collateral or
pursuant to the First Priority Security Documents or to the timing or manner in which any such right is exercised or not exercised (or, to the extent they may have any such right described in this clause (c), whether as a junior lien creditor or
otherwise, they hereby irrevocably waive such right); 
 (e) it will not institute any suit or other proceeding
or assert in any suit, Insolvency Proceeding or other proceeding any claim against any First Priority Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise, with respect to, and no First
Priority Secured Party shall be liable for, any action taken or omitted to be taken by any First Priority Secured Party with respect to the Common Collateral or pursuant to the First Priority Documents; and 

(f) it will not seek, and hereby waive any right, to have the Common Collateral or any part thereof marshaled upon any
foreclosure or other disposition of the Common Collateral. 
 provided that, notwithstanding the foregoing, the Second Priority Secured
Party may exercise its rights and remedies in respect of the Common Collateral under the Second Priority Security Documents or applicable law after the passage of a period of 180 days (the “Standstill Period”) from the date of
delivery of a notice in writing to the First Priority Representative of its intention to exercise such rights and remedies, which notice may only be delivered following the occurrence of and during the continuation of an “Event of Default”
under and as defined in the Second Priority Agreement; provided, further, however, that, notwithstanding the foregoing, in no event shall the Second Priority Secured Party exercise or continue to exercise any such rights or remedies
if, notwithstanding the expiration of the Standstill Period, (i) any First Priority Secured Party shall have commenced and be diligently pursuing the exercise of any of its rights and remedies with respect to any of the Common Collateral
(prompt notice of such exercise to be given to the Second Priority Secured Party) or (ii) an Insolvency Proceeding in respect of the Borrower shall have been commenced; and provided, further, that in any Insolvency Proceeding
commenced by or against the Borrower, the Second Priority Secured Party may take any action expressly permitted by Section 5. 
 3.3 Judgment Creditors. In the event that the Second Priority Secured Party becomes a judgment lien creditor as a result of its enforcement of its rights as an unsecured creditor, such judgment
lien shall be subject to the terms of this Agreement for all purposes (including in relation to the First Priority Liens and the First Priority Obligations) to the same extent as all other Liens securing the Second Priority Obligations are subject
to the terms of this Agreement. 
 3.4 Cooperation. The Second Priority Secured Party agrees that it shall take such
actions as the First Priority Representative or the First Priority Collateral Agent shall request in connection with the exercise by the First Priority Secured Parties of their rights set forth herein. 

  
 INTERCREDITOR AGREEMENT, Page
9 

 3.5 No Additional Rights For the Borrower Hereunder. Except as provided in
Section 3.6, if any First Priority Secured Party or the Second Priority Secured Party shall enforce its rights or remedies in violation of the terms of this Agreement, the Borrower shall not be entitled to use such violation as a defense to any
action by any First Priority Secured Party or the Second Priority Secured Party, nor to assert such violation as a counterclaim or basis for set off or recoupment against any First Priority Secured Party or the Second Priority Secured Party.

 3.6 Actions Upon Breach. (a) If the Second Priority Secured Party, contrary to this Agreement, commences or
participates in any action or proceeding against the Borrower or the Common Collateral, the Borrower, with prior written notice to the First Priority Secured Representative, may interpose as a defense or dilatory plea the making of this Agreement,
and any First Priority Secured Party may intervene and interpose such defense or plea in its or their name or in the name of the Borrower. 
 (b) Should the Second Priority Secured Party, contrary to this Agreement, in any way take, attempt to or threaten to take any action with respect to the Common Collateral (including, without limitation,
any attempt to realize upon or enforce any remedy with respect to this Agreement), or fail to take any action required by this Agreement, any First Priority Secured Party (in its own name or in the name of the Borrower) or the Borrower may obtain
relief against such Second Priority Secured Party by injunction, specific performance and/or other appropriate equitable relief, it being understood and agreed by the Second Priority Secured Party that (i) the First Priority Secured
Parties’ damages from its actions may at that time be difficult to ascertain and may be irreparable, and (ii) the Second Priority Secured Party waives any defense that the Borrower and/or the First Priority Secured Parties cannot
demonstrate damage and/or be made whole by the awarding of damages. 
 3.7 Option to Purchase. (a) The First
Priority Representative agrees that it will give the Second Priority Secured Party written notice (the “Enforcement Notice”) within five business days after commencing any Enforcement Action with respect to Common Collateral (which
notice shall be effective for all Enforcement Actions taken after the date of such notice so long as the First Priority Representative is diligently pursuing in good faith the exercise of its default or enforcement rights or remedies against, or
diligently attempting in good faith to vacate any stay of enforcement rights of its senior Liens on a material portion of the Common Collateral, including, without limitation, all Enforcement Actions identified in such notice). The Second Priority
Secured Party shall have the option, by irrevocable written notice (the “Purchase Notice”) delivered by the Second Priority Secured Party to the First Priority Representative and the First Priority Collateral Agent no later than
five business days after receipt by the Second Priority Secured Party of the Enforcement Notice, to purchase all of the First Priority Obligations from the First Priority Secured Parties. If the Second Priority Secured Party so delivers the Purchase
Notice, the First Priority Representative shall terminate any existing Enforcement Actions and shall not take any further Enforcement Actions, provided, that the Purchase (as defined below) shall have been consummated on the date specified in
the Purchase Notice in accordance with this Section 3.7. 
 (b) On the date specified by the Second Priority Secured Party
in the Purchase Notice (which shall be a business day not less than five business days, nor more than ten business days, after receipt by the First Priority Representative of the Purchase Notice), the First Priority Secured Parties shall, subject to
any required approval of any court or other governmental authority then in effect, sell to the Second Priority Secured Party electing to purchase pursuant to Section 3.7(a) (the “Purchasing Parties”), and the Purchasing Parties
shall purchase (the “Purchase”) from the First Priority Secured Parties, the First Priority Obligations; provided, that the First Priority Obligations purchased shall not include any rights of First Priority Secured Parties
with respect to indemnification and other obligations of the Loan Parties under the First Priority Documents that are expressly stated to survive the termination of the First Priority Documents (the “Surviving Obligations”).

  
 INTERCREDITOR AGREEMENT, Page
10 

 (c) Without limiting the obligations of the Loan Parties under the First Priority Documents
to the First Priority Secured Parties with respect to the Surviving Obligations (which shall not be transferred in connection with the Purchase), on the date of the Purchase, the Purchasing Parties shall (i) pay to the First Priority Secured
Parties as the purchase price (the “Purchase Price”) therefor the full amount of all First Priority Obligations then outstanding and unpaid (including principal, interest, fees, breakage costs, attorneys’ fees and expenses,
and, in the case of any Hedging Obligations, the amount that would be payable by the relevant Loan Party thereunder if it were to terminate such Hedging Obligations on the date of the Purchase or, if not terminated, an amount determined by the
relevant First Priority Secured Party to be necessary to collateralize its credit risk arising out of such Hedging Obligations, (ii) furnish cash collateral (the “Cash Collateral”) to the First Priority Secured Parties in such
amounts as the relevant First Priority Secured Parties determine is reasonably necessary to secure such First Priority Secured Parties in connection with any outstanding letters of credit (not to exceed 105% of the aggregate undrawn face amount of
such letters of credit), (iii) agree to reimburse the First Priority Secured Parties for any loss, cost, damage or expense (including attorneys’ fees and expenses) in connection with any fees, costs or expenses related to any checks or
other payments provisionally credited to the First Priority Obligations and/or as to which the First Priority Secured Parties have not yet received final payment and (iv) agree, after written request from the First Priority Representative, to
reimburse the First Priority Secured Parties in respect of indemnification obligations of the Loan Parties, if any, under the First Priority Documents as to matters or circumstances known to the Purchasing Parties at the time of the Purchase which
could reasonably be expected to result in any loss, cost, damage or expense to any of the First Priority Secured Parties, provided that, in no event shall any Purchasing Party have any liability for such amounts in excess of proceeds of
Common Collateral received by the Purchasing Parties. 
 (d) The Purchase Price and Cash Collateral shall be remitted by wire
transfer in immediately available funds to such account of the First Priority Representative as it shall designate to the Purchasing Parties. The First Priority Representative shall, promptly following its receipt thereof, distribute the amounts
received by it in respect of the Purchase Price to the First Priority Secured Parties in accordance with the First Priority Agreement. Interest shall be calculated to but excluding the day on which the Purchase occurs if the amounts so paid by the
Purchasing Parties to the account designated by the First Priority Representative are received in such account prior to 12:00 Noon, New York City time, and interest shall be calculated to and including such day if the amounts so paid by the
Purchasing Parties to the account designated by the First Priority Representative are received in such account later than 12:00 Noon, New York City time. 
 (e) The Purchase shall be made without representation or warranty of any kind by the First Priority Secured Parties as to the First Priority Obligations, the Common Collateral or otherwise and without
recourse to the First Priority Secured Parties, except that the First Priority Secured Parties shall represent and warrant: (i) the amount of the First Priority Obligations being purchased, (ii) that the First Priority Secured Parties own
the First Priority Obligations free and clear of any liens or encumbrances and (iii) that the First Priority Secured Parties have the right to assign the First Priority Obligations and the assignment is duly authorized. 

SECTION 4. Application of Proceeds of Common Collateral; Dispositions and Releases of Common Collateral; Inspection and
Insurance.  
 4.1 Application of Proceeds; Turnover Provisions. All proceeds of Common Collateral (including
without limitation any interest earned thereon) resulting from the sale, collection or other disposition of Common Collateral in connection with an Enforcement Action, whether or not pursuant to an Insolvency Proceeding, shall be distributed as
follows: first to the First Priority Representative for application to the First Priority Obligations in accordance with the terms of the First Priority Documents, until the First Priority Obligations Payment Date has occurred and
thereafter, to the Second Priority 

  
 INTERCREDITOR AGREEMENT, Page
11 

 
Secured Party for application in accordance with the Second Priority Documents. Until the occurrence of the First Priority Obligations Payment Date, any Common Collateral, including without
limitation any such Common Collateral constituting proceeds, that may be received by the Second Priority Secured Party in violation of this Agreement shall be segregated and held in trust and promptly paid over to the First Priority Representative,
for the benefit of the First Priority Secured Parties, in the same form as received, with any necessary endorsements, and the Second Priority Secured Party hereby authorizes the First Priority Representative to make any such endorsements as agent
for the Second Priority Secured Party (which authorization, being coupled with an interest, is irrevocable). 
 4.2 Releases
of Second Priority Lien. (a) Upon any release, sale or disposition of Common Collateral permitted pursuant to the terms of the First Priority Documents that results in the release of the First Priority Lien on any Common Collateral
(excluding any sale or other disposition that is expressly prohibited by the Second Priority Agreement as in effect on the date hereof (or as amended to the extent that any corresponding amendment is made to any comparable First Priority Document)
unless such sale or disposition is consummated in connection with an Enforcement Action or consummated after the institution of any Insolvency Proceeding), the Second Priority Lien on such Common Collateral (excluding any portion of the proceeds of
such Common Collateral remaining after the First Priority Obligations Payment Date occurs) shall be automatically and unconditionally released with no further consent or action of any Person. 

(b) The Second Priority Secured Party shall promptly execute and deliver such release documents and instruments and shall take such
further actions as the First Priority Representative shall request to evidence any release of the Second Priority Lien described in paragraph (a). The Second Priority Secured Party hereby appoints the First Priority Representative and any officer or
duly authorized person of the First Priority Representative, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power of attorney in the place and stead of the Second Priority Secured Party and in the name
of the Second Priority Secured Party or in the First Priority Representative’s own name, from time to time, in the First Priority Representative’s sole discretion, for the purposes of carrying out the terms of this Section 4.2, to
take any and all appropriate action and to execute and deliver any and all documents and instruments as may be necessary or desirable to accomplish the purposes of this Section 4.2, including, without limitation, any financing statements,
endorsements, assignments, releases or other documents or instruments of transfer (which appointment, being coupled with an interest, is irrevocable). 
 4.3 Inspection Rights and Insurance. (a) Any First Priority Secured Party and its representatives and invitees may at any time inspect, repossess, remove and otherwise deal with the Common
Collateral, and the First Priority Representative may advertise and conduct public auctions or private sales of the Common Collateral, in each case without notice to, the involvement of or interference by the Second Priority Secured Party or
liability to the Second Priority Secured Party. 
 (b) Until the First Priority Obligations Payment Date has occurred, the First
Priority Representative will have the sole and exclusive right (i) to be named as additional insured and loss payee under any insurance policies maintained from time to time by the Borrower (except that the Second Priority Secured Party shall
have the right to be named as additional insured and loss payee so long as its second lien status is identified in a manner satisfactory to the First Priority Representative); (ii) to adjust or settle any insurance policy or claim covering the
Common Collateral in the event of any loss thereunder and (iii) to approve any award granted in any condemnation or similar proceeding affecting the Common Collateral, in each case, to the extent permitted under the First Priority Documents.

  
 INTERCREDITOR AGREEMENT, Page
12 

 SECTION 5. Insolvency Proceedings.  

5.1 Filing of Motions. Until the First Priority Obligations Payment Date has occurred, the Second Priority Secured Party agrees
that it shall not, in or in connection with any Insolvency Proceeding, file any pleadings or motions, take any position at any hearing or proceeding of any nature, or otherwise take any action whatsoever, in each case that (a) violates, or is
prohibited by, this Section 5 (or, in the absence of an Insolvency Proceeding, otherwise would violate or be prohibited by this Agreement), (b) asserts any right, benefit or privilege that arises in favor of the Second Priority Secured
Party or Second Priority Secured Party, in whole or in part, as a result of their interest in the Common Collateral or in the Second Priority Lien (unless the assertion of such right is expressly permitted by this Agreement) or (c) challenges
the validity, priority, enforceability or voidability of any Liens or claims held by the First Priority Representative or any other First Priority Secured Party, or the extent to which the First Priority Obligations constitute secured claims under
Section 506(a) of the Bankruptcy Code or otherwise; provided that the Second Priority Secured Party may file a proof of claim in an Insolvency Proceeding, subject to the limitations contained in this Agreement and only if consistent with
the terms and the limitations on the Second Priority Secured Party imposed hereby. 
 5.2 Financing Matters. If
the Borrower becomes subject to any Insolvency Proceeding, and if the First Priority Representative or the other First Priority Secured Parties desire to consent (or not object) to the use of cash collateral under the Bankruptcy Code or to provide
financing to the Borrower under the Bankruptcy Code or to consent (or not object) to the provision of such financing to the Borrower by any third party (any such financing, “DIP Financing”), then the Second Priority Secured Party
agrees that it (a) will be deemed to have consented to, will raise no objection to, nor support any other Person objecting to, the use of such cash collateral or to such DIP Financing, (b) will not request or accept adequate protection or
any other relief in connection with the use of such cash collateral or such DIP Financing except as set forth in paragraph 5.4 below and (c) will subordinate (and will be deemed hereunder to have subordinated) the Second Priority Liens
(i) to such DIP Financing on the same terms as the First Priority Liens are subordinated thereto (and such subordination will not alter in any manner the terms of this Agreement), (ii) to any adequate protection provided to the First
Priority Secured Parties and (iii) to any “carve-out” agreed to by the First Priority Representative or the other First Priority Secured Parties, and (d) agrees that notice received two calendar days prior to the entry of an
order approving such usage of cash collateral or approving such financing shall be adequate notice. 
 5.3 Relief From the
Automatic Stay. The Second Priority Secured Party agrees that it will not seek relief from the automatic stay or from any other stay in any Insolvency Proceeding or take any action in derogation thereof, in each case in respect of any Common
Collateral, without the prior written consent of the First Priority Representative. 
 5.4 Adequate Protection. The
Second Priority Secured Party agrees that it shall not object, contest, or support any other Person objecting to or contesting, (a) any request by the First Priority Representative or the other First Priority Secured Parties for adequate
protection or any adequate protection provided to the First Priority Representative or the other First Priority Secured Parties or (b) any objection by the First Priority Representative or any other First Priority Secured Parties to any motion,
relief, action or proceeding based on a claim of a lack of adequate protection or (c) the payment of interest, fees, expenses or other amounts to the First Priority Representative or any other First Priority Secured Party under
Section 506(b) or 506(c) of the Bankruptcy Code or otherwise. Notwithstanding anything contained in this Section and in Section 5.2(b) (but subject to all other provisions of this Agreement, including, without limitation, Sections 5.2(a)
and 5.3), in any Insolvency Proceeding, (i) if the First Priority Secured Parties (or any subset thereof) are granted adequate protection consisting of additional collateral (with replacement liens on such additional collateral) and
superpriority claims in connection with any DIP Financing or use of cash collateral, and the First Priority Secured Parties do not 

  
 INTERCREDITOR AGREEMENT, Page
13 

 
object to the adequate protection being provided to them, then in connection with any such DIP Financing or use of cash collateral the Second Priority Secured Party may seek or accept adequate
protection consisting solely of (x) a replacement Lien on the same additional collateral, subordinated to the Liens securing the First Priority Obligations and such DIP Financing on the same basis as the other Liens securing the Second Priority
Obligations are so subordinated to the First Priority Obligations under this Agreement, (y) superpriority claims junior in all respects to the superpriority claims granted to the First Priority Secured Parties and (z) subject to the right
of the First Priority Secured Parties to object thereto, the payment of post-petition interest at the pre-default rate (provided, in the case of this clause (z), that the First Priority Secured Parties have been granted adequate protection in the
form of post-petition interest at a rate no lower than the pre-default rate), provided, however, that the Second Priority Secured Party shall have irrevocably agreed, pursuant to Section 1129(a)(9) of the Bankruptcy Code, in any
stipulation and/or order granting such adequate protection, that such junior superpriority claims may be paid under any plan of reorganization in any combination of cash, debt, equity or other property having a value on the effective date of such
plan equal to the allowed amount of such claims and (ii) in the event the Second Priority Secured Party seeks or accepts adequate protection in accordance with clause (i) above and such adequate protection is granted in the form of
additional collateral, then the Second Priority Secured Party agrees that the First Priority Representative shall also be granted a senior Lien on such additional collateral as security for the First Priority Obligations and any such DIP Financing
and that any Lien on such additional collateral securing the Second Priority Obligations shall be subordinated to the Liens on such collateral securing the First Priority Obligations and any such DIP Financing (and all Obligations relating thereto)
and any other Liens granted to the First Priority Secured Parties as adequate protection, with such subordination to be on the same terms that the other Liens securing the Second Priority Obligations are subordinated to such First Priority
Obligations under this Agreement. The Second Priority Secured Party agrees that except as expressly set forth in this Section it shall not seek or accept adequate protection without the prior written consent of the First Priority Representative.

 5.5 Avoidance Issues. If any First Priority Secured Party is required in any Insolvency Proceeding or otherwise to
disgorge, turn over or otherwise pay to the estate of the Borrower, because such amount was avoided or ordered to be paid or disgorged for any reason, including without limitation because it was found to be a fraudulent or preferential transfer, any
amount (a “Recovery”), whether received as proceeds of security, enforcement of any right of set-off or otherwise, then the First Priority Obligations shall be reinstated to the extent of such Recovery and deemed to be outstanding
as if such payment had not occurred and the First Priority Obligations Payment Date shall be deemed not to have occurred. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and
effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto. The Second Priority Secured Party agrees that it shall not be entitled to benefit from any avoidance action
affecting or otherwise relating to any distribution or allocation made in accordance with this Agreement, whether by preference or otherwise, it being understood and agreed that the benefit of such avoidance action otherwise allocable to it shall
instead be allocated and turned over for application in accordance with the priorities set forth in this Agreement. 
 5.6
Asset Dispositions in an Insolvency Proceeding. In an Insolvency Proceeding, the Second Priority Secured Party shall not oppose any sale or disposition of any assets of the Borrower that is supported by the First Priority Secured Parties, and
the Second Priority Secured Party will be deemed to have consented under Section 363 of the Bankruptcy Code (and otherwise) to any sale supported by the First Priority Secured Parties and to have released their Liens on such assets. 

5.7 Separate Grants of Security and Separate Classification. Each Secured Party acknowledges and agrees that (a) the grants
of Liens pursuant to the First Priority Security Documents and the Second Priority Security Documents constitute two separate and distinct grants of Liens and (b) 

  
 INTERCREDITOR AGREEMENT, Page
14 

 
because of, among other things, their differing rights in the Common Collateral, the First Priority Obligations and the Second Priority Obligations are fundamentally different from each other and
must be separately classified in any plan of reorganization proposed or adopted in an Insolvency Proceeding. To further effectuate the intent of the parties as provided in the immediately preceding sentence, if it is held that the claims of the
First Priority Secured Parties and the Second Priority Secured Party in respect of the Common Collateral constitute only one secured claim (rather than separate classes of senior and junior secured claims), then the Second Priority Secured Party
agrees that all distributions shall be made as if there were separate classes of senior and junior secured claims against the Borrower in respect of the Common Collateral, with the effect being that, to the extent that the aggregate value of the
Common Collateral is sufficient (for this purpose ignoring all claims held by the Second Priority Secured Party), the First Priority Secured Parties shall be entitled to receive, in addition to amounts distributed to them in respect of principal,
pre-petition interest and other claims, all amounts owing in respect of Post-Petition Interest before any distribution is made in respect of the claims held by the Second Secured Priority Secured Party. The Second Priority Secured Party agrees to
turn over to the First Priority Secured Parties amounts otherwise received or receivable by it to the extent necessary to effectuate the intent of the preceding sentence, even if such turnover has the effect of reducing the claim or recovery of the
Second Priority Secured Party. 
 5.8 No Waivers of Rights of First Priority Secured Parties. Nothing contained herein
shall prohibit or in any way limit the First Priority Representative or any other First Priority Secured Party from objecting in any Insolvency Proceeding or otherwise to any action taken by the Second Priority Secured Party not expressly permitted
hereunder, including the seeking by the Second Priority Secured Party of adequate protection (except as provided in Section 5.4). 
 5.9 Other Matters. To the extent that the Second Priority Secured Party has or acquires rights under Section 363 or Section 364 of the Bankruptcy Code with respect to any of the Common
Collateral, the Second Priority Secured Party agrees not to assert any of such rights without the prior written consent of the First Priority Representative unless expressly permitted to do so hereunder. 

5.10 Effectiveness in Insolvency Proceedings. This Agreement, which the parties hereto expressly acknowledge is a
“subordination agreement” under section 510(a) of the Bankruptcy Code, shall be effective before, during and after the commencement of an Insolvency Proceeding. 
 SECTION 6. Security Documents. 
 In the event the First Priority
Representative enters into any amendment, waiver or consent in respect of any of the First Priority Security Documents for the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, any First
Priority Security Document or changing in any manner the rights of any parties thereunder, then such amendment, waiver or consent shall apply automatically to any comparable provision of the Comparable Second Priority Security Document without the
consent of or action by the Second Priority Secured Party (with all such amendments, waivers and modifications subject to the terms hereof); provided that (other than with respect to amendments, modifications or waivers that secure additional
extensions of credit and add additional secured creditors and do not violate the express provisions of the Second Priority Agreements), (a) no such amendment, waiver or consent shall have the effect of removing assets subject to the Lien of any
Second Priority Security Document, except to the extent that a release of such Lien is permitted by Section 4.2 and provided there is a corresponding release of the Lien securing the First Priority Obligations, (b) any such amendment,
waiver or consent that materially and adversely affects the rights of the Second Priority Secured Party and does not affect the First Priority Secured Parties in a like or similar manner shall not apply to the Second Priority Security Documents
without the consent of the Second Priority Secured Party and (c) notice of such amendment, waiver or consent shall be given to the Second Priority Secured Party no later than 30 days after its effectiveness, provided that the failure to give
such notice shall not affect the effectiveness and validity thereof. 

  
 INTERCREDITOR AGREEMENT, Page
15 

 SECTION 7. Reliance; Waivers; etc. 

7.1 Reliance. The First Priority Documents are deemed to have been executed and delivered, and all extensions of credit thereunder
are deemed to have been made or incurred, in reliance upon this Agreement. The Second Priority Secured Party expressly waives all notice of the acceptance of and reliance on this Agreement by the First Priority Secured Parties. The Second Priority
Documents are deemed to have been executed and delivered and all extensions of credit thereunder are deemed to have been made or incurred, in reliance upon this Agreement. The First Priority Representative expressly waives all notices of the
acceptance of and reliance by the Second Priority Secured Party. 
 7.2 No Warranties or Liability. The Second Priority
Secured Party and the First Priority Representative acknowledge and agree that neither has made any representation or warranty with respect to the execution, validity, legality, completeness, collectibility or enforceability of any other First
Priority Document or any Second Priority Document. Except as otherwise provided in this Agreement, the Second Priority Secured Party and the First Priority Representative will be entitled to manage and supervise their respective extensions of credit
to any Loan Party in accordance with law and their usual practices, modified from time to time as they deem appropriate. 
 7.3
No Waivers. No right or benefit of any party hereunder shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of such party or any other party hereto or by any noncompliance by any Loan Party with the
terms and conditions of any of the First Priority Documents or the Second Priority Documents. 
 SECTION 8.
Obligations Unconditional. 
 8.1 First Priority Obligations Unconditional. All rights and interests of the First
Priority Secured Parties hereunder, and all agreements and obligations of the Second Priority Secured Party (and, to the extent applicable, the Loan Parties) hereunder, shall remain in full force and effect irrespective of: 

(a) any lack of validity or enforceability of any First Priority Document; 

(b) any change in the time, place or manner of payment of, or in any other term of, all or any portion of the First
Priority Obligations, or any amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of any First Priority Document; 

(c) prior to the First Priority Obligations Payment Date, any exchange, release, voiding, avoidance or non-perfection of
any security interest in any Common Collateral or any other collateral, or any release, amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of all or any
portion of the First Priority Obligations or any guarantee or guaranty thereof; or 
 (d) any other circumstances
that otherwise might constitute a defense available to, or a discharge of, any Loan Party in respect of the First Priority Obligations, or of the Second Priority Secured Party, or any Loan Party, to the extent applicable, in respect of this
Agreement. 

  
 INTERCREDITOR AGREEMENT, Page
16 

 8.2 Second Priority Obligations Unconditional. All rights and interests of the Second
Priority Secured Party hereunder, and all agreements and obligations of the First Priority Secured Parties (and, to the extent applicable, the Loan Parties) hereunder, shall remain in full force and effect irrespective of: 

(a) any lack of validity or enforceability of any Second Priority Document; 

(b) any change in the time, place or manner of payment of, or in any other term of, all or any portion of the Second
Priority Obligations, or any amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of any Second Priority Document; 

(c) any exchange, release, voiding, avoidance or non-perfection of any security interest in any Common Collateral or any
other collateral, or any release, amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of all or any portion of the Second Priority Obligations or any guarantee
or guaranty thereof; or 
 (d) any other circumstances that otherwise might constitute a defense available to, or
a discharge of, any Loan Party in respect of the Second Priority Obligations or any First Priority Secured Party in respect of this Agreement. 
 SECTION 9. Miscellaneous. 
 9.1 Conflicts. In the event of
any conflict between the provisions of this Agreement and the provisions of any First Priority Document or any Second Priority Document, the provisions of this Agreement shall govern. 

9.2 Continuing Nature of Provisions. This Agreement shall continue to be effective, and shall not be revocable by any party
hereto, until the First Priority Obligation Payment Date shall have occurred. This is a continuing agreement and the First Priority Secured Parties and the Second Priority Secured Party may continue, at any time and without notice to the other
parties hereto, to extend credit and other financial accommodations, lend monies and provide indebtedness to, or for the benefit of, Borrower or any other Loan Party on the faith hereof. 

9.3 Amendments; Waivers. (a) No amendment or modification of any of the provisions of this Agreement shall be effective
unless the same shall be in writing and signed by the First Priority Representative and the Second Priority Secured Party, and, in the case of amendments or modifications that directly affect the rights or duties of the Borrower, the Borrower.

 (b) It is understood that the First Priority Representative and the Second Priority Secured Party, without the consent of any
other First Priority Secured Party or any other party, may in their discretion determine that a supplemental agreement (which make take the form of an amendment and restatement of this Agreement) is necessary or appropriate to facilitate having
additional indebtedness or other obligations (“Additional Debt”) of the Borrower become First Priority Obligations or Second Priority Obligations, as the case may be, under this Agreement, which supplemental agreement shall specify
whether such Additional Debt constitutes First Priority Obligations or Second Priority Obligations, provided, that such Additional Debt is permitted to be incurred by the First Priority Agreement and Second Priority Agreement then extant, and
is permitted by said Agreements to be subject to the provisions of this Agreement as First Priority Obligations or Second Priority Obligations, as applicable. 
 9.4 Information Concerning Financial Condition of the Borrower and the other Loan Parties. The Second Priority Secured Party and the First Priority Representative hereby assume responsibility for

  
 INTERCREDITOR AGREEMENT, Page
17 

 
keeping itself informed of the financial condition of the Borrower and, to the extent applicable, each of the other Loan Parties and all other circumstances bearing upon the risk of nonpayment of
the First Priority Obligations or the Second Priority Obligations. The Second Priority Secured Party and the First Priority Representative hereby agree that no party shall have any duty to advise any other party of information known to it regarding
such condition or any such circumstances. In the event the Second Priority Secured Party or the First Priority Representative, in its sole discretion, undertakes at any time or from time to time to provide any information to any other party to this
Agreement, it shall be under no obligation (a) to provide any such information to such other party or any other party on any subsequent occasion, (b) to undertake any investigation not a part of its regular business routine, or (c) to
disclose any other information. 
 9.5 Governing Law. This Agreement shall be construed in accordance with and governed
by the law of the State of New York, except as otherwise required by mandatory provisions of law and except to the extent that remedies provided by the laws of any jurisdiction other than the State of New York are governed by the laws of such
jurisdiction. 
 9.6 Submission to Jurisdiction. (a) Each First Priority Secured Party, the Second Priority Secured
Party and the Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of
the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each such party hereby irrevocably and
unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each such party agrees that a final judgment in any
such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the any First Priority Secured Party or
Second Priority Secured Party may otherwise have to bring any action or proceeding against the Borrower or its properties in the courts of any jurisdiction. 
 (b) Each First Priority Secured Party, the Second Priority Secured Party and the Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so
(i) any objection it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (a) of this Section and (ii) the defense of an
inconvenient forum to the maintenance of such action or proceeding. 
 (c) Each party to this Agreement irrevocably consents to
service of process in the manner provided for notices in Section 9.7. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

9.7 Notices. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be
given shall be in writing and may be personally served, telecopied, or sent by overnight express courier service or United States mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of a telecopy
or five days after deposit in the United States mail (certified, with postage prepaid and properly addressed). For the purposes hereof, the addresses of the parties hereto (until notice of a change thereof is delivered as provided in this Section)
shall be as set forth in the applicable First Priority Agreement or Second Priority Agreement, or, as to each party, at such other address as may be designated by such party in a written notice to all of the other parties. 

  
 INTERCREDITOR AGREEMENT, Page
18 

 9.8 Successors and Assigns. This Agreement shall be binding upon and inure to
the benefit of each of the parties hereto and each of the First Priority Secured Parties and Second Priority Secured Party and their respective successors and assigns, and nothing herein is intended, or shall be construed to give, any other Person
any right, remedy or claim under, to or in respect of this Agreement or any Common Collateral. 
 9.9 Headings. Section
headings used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

9.10 Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in
a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 9.11 Counterparts; Integration;
Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.
Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. This Agreement shall become effective when it shall have been executed by each
party hereto. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic communication shall be effective as delivery of a manually executed counterpart of this Agreement. 

9.12 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY
JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN. 
 IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the date first written above. 
  

			
	 JPMORGAN CHASE BANK, N.A., as (i) First Priority Representative for and on behalf of the First Priority
Secured Parties and (ii) the Second Priority Secured Party

		
	By:	 	 /s/ Christy West

		 	Christy West, Authorized Officer

  
 INTERCREDITOR AGREEMENT, Page
19 

 
			
	 BANK OF AMERICA, N.A., as First Priority Collateral Agent for and on behalf of the First Priority Secured
Parties

		
	By:	 	 /s/ Seth Tyminski

		 	Seth Tyminski, Vice President
	
	ELIZABETH ARDEN, INC.
		
	By:	 	 /s/ Marcey Becker

		 	Marcey Becker, Senior Vice President, Finance & Corporate Development

  
 INTERCREDITOR AGREEMENT, Page
20 

 Exhibit I 
 to 
 Elizabeth Arden, Inc. 

First Amendment to Third Amended and Restated Credit Agreement 
 Form of Second Lien License 

  
 Exhibit I, Cover Page

 12 June 2012 
 JPMorgan Chase Bank, N.A. 
 2200 Ross Ave., 9th Floor 

TX1-2921 
 Dallas, TX 75201 

Attention: Christy L. West 
 Telephone No.
(214) 965-2364 
 Telecopy No. (214) 965-2594 
  

			
	Re:	  	Security Agreement dated as of June 12, 2012 between Elizabeth Arden, Inc. (the “Grantor”) and JPMorgan Chase Bank, N.A. (the “Bank” and such
agreement, as the same has been or may be amended, the “Security Agreement”). All capitalized terms used herein, unless otherwise defined herein, shall have the same meaning as in the Security Agreement.

 Ladies and Gentlemen: 
 We understand that the Grantor has entered into the Security Agreement and granted you a security interest in, among other property, all Inventory under the terms thereof. Certain of the Inventory is
manufactured and/or sold pursuant to, or with the use of, Intellectual Property that is owned or licensed by one or more of the undersigned (the “Subsidiaries”) and further licensed or sublicensed to the Grantor (all Intellectual
Property owned by a Subsidiary and required for the manufacture, sale or other disposition of the Inventory, herein the “Subsidiary Intellectual Property”) 
 Each Subsidiary also understands that Bank is relying upon the execution and delivery of this letter agreement (the “Agreement”) by the Subsidiaries and the undertakings of each
Subsidiary hereunder in making extensions of credit to the Grantor secured by the Security Agreement and further recognizes that the execution and delivery of this Agreement is a material inducement to the Bank in entering into the Credit Agreement
and continuing to extend credit thereunder. Each Subsidiary acknowledges that there are no conditions to the full effectiveness of this Agreement. 
 In order to induce the Bank to extend credit to the Grantor under the Credit Agreement, each Subsidiary grants to the Bank a worldwide, limited, non-exclusive, royalty-free, fully paid-up license and
right to use such Subsidiary’s Subsidiary Intellectual Property to liquidate the Inventory, until such time as all said Inventory has been fully sold or otherwise disposed of by the Bank in accordance with and pursuant to the Security
Agreement. The foregoing license shall terminate once all the Obligations have been paid in full (other than contingent Obligations for which no claim has been made as of the date of termination). 

Each Subsidiary represents and warrants to the Bank that (a) its execution, delivery and performance of this Agreement has been duly
authorized by all necessary action on its part and does not and will not: (1) violate any provision of law applicable to such Subsidiary, the certificate of incorporation, bylaws, partnership agreement, membership agreement, or other applicable
governing document of such Subsidiary or any order, judgment, or decree of any court or agency of government binding upon such Subsidiary; (2) conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a
default under the Indenture (as defined in the Credit Agreement) or any other material contractual obligation of such Subsidiary; or (3) require any approval or consent of any party under any material contractual obligation of such Subsidiary;
and (b) this Agreement constitutes such Subsidiary’s valid and binding agreement, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally
and equitable principles of general applicability. 

  
 Letter Agreement (Second Lien
License), Page 1 

 This Agreement may be executed by one or more of the parties to this Agreement on any number
of separate counterparts (including by telecopy or other electronic communication), and all of said counterparts taken together shall be deemed to constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this
Agreement by telecopy or other electronic communication shall be effective as delivery of a manually executed counterpart of this Agreement. 
 THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. EACH SUBSIDIARY HEREBY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURTS
FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN NEW YORK CITY FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

EACH SUBSIDIARY AND THE BANK IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREIN. 
 This Agreement embodies the final, entire agreement among the parties
hereto and supersedes any and all prior commitments, agreements, representations and understandings, whether written or oral, relating to this Agreement, and may not be contradicted or varied by evidence of prior, contemporaneous or subsequent oral
agreements or discussions of the parties hereto. Each Subsidiary waives notice of the Bank’s acceptance of this Agreement. 

  
 Letter Agreement (Second Lien
License), Page 2 

 
			
	Very truly yours,
	
	 DF ENTERPRISES, INC.

FD MANAGEMENT, INC.

ELIZABETH ARDEN INTERNATIONAL HOLDING, INC.

ELIZABETH ARDEN (FINANCING), INC.

ELIZABETH ARDEN TRAVEL RETAIL, INC.

RDEN MANAGEMENT, INC.

		
	By:	 	 /s/ Marcey Becker

		 	Marcey Becker, Vice President of each Subsidiary

 Accepted and agreed to as of the date first written above 

 

			
	 JPMORGAN CHASE BANK, N.A.

		
	By:	 	 /s/ Christy L. West

		 	Christy L. West, Authorized Officer

  
 Letter Agreement (Second Lien
License), Page 3EX-10.4

  

 
 Exhibit 10.4 

CREDIT AGREEMENT 

(Second Lien) 

dated as of 

12 June 2012 

between 
  

 
 ELIZABETH ARDEN, INC. 
 and 
  
 

 
 JPMORGAN CHASE BANK, N.A. 

 
  

 

 Table of Contents 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE I.    DEFINITIONS
	  	 	1	  
			
	 Section 1.01.
	  	 Definitions
	  	 	1	  
	 Section 1.02.
	  	 Accounting Terms and Determinations
	  	 	6	  
	 Section 1.03.
	  	 Types of Borrowings
	  	 	7	  
		
	 ARTICLE II.     THE LOAN
	  	 	7	  
			
	 Section 2.01.
	  	 Commitments to Lend
	  	 	7	  
	 Section 2.02.
	  	 Notice of Initial Borrowings
	  	 	7	  
	 Section 2.03.
	  	 Funding of Loan
	  	 	7	  
	 Section 2.04.
	  	 Note
	  	 	7	  
	 Section 2.05.
	  	 Interest Rate Elections
	  	 	8	  
	 Section 2.06.
	  	 Interest Rates
	  	 	9	  
	 Section 2.07.
	  	 Maturity of Loan
	  	 	9	  
	 Section 2.08.
	  	 Prepayments
	  	 	9	  
	 Section 2.09.
	  	 General Provisions as to Payments; Application of Collateral Proceeds
	  	 	9	  
	 Section 2.10.
	  	 Funding Losses
	  	 	10	  
	 Section 2.11.
	  	 Computation of Interest
	  	 	10	  
		
	 ARTICLE III.     CONDITIONS
	  	 	10	  
			
	 Section 3.01.
	  	 Effective Date
	  	 	10	  
	 Section 3.02.
	  	 The Loan
	  	 	12	  
		
	 ARTICLE IV.     REPRESENTATIONS AND WARRANTIES
	  	 	12	  
			
	 Section 4.01.
	  	 Corporate Existence and Power
	  	 	12	  
	 Section 4.02.
	  	 Corporate and Governmental Authorization; No Contravention
	  	 	13	  
	 Section 4.03.
	  	 Binding Effect
	  	 	13	  
	 Section 4.04.
	  	 Financial Information
	  	 	13	  
	 Section 4.05.
	  	 Litigation
	  	 	13	  
	 Section 4.06.
	  	 Subsidiaries
	  	 	13	  
	 Section 4.07.
	  	 Full Disclosure
	  	 	14	  
	 Section 4.08.
	  	 Governmental Approvals
	  	 	14	  
	 Section 4.09.
	  	 Security
	  	 	14	  
	 Section 4.10.
	  	 Revolving Credit Agreement
	  	 	14	  
		
	 ARTICLE V.     COVENANTS
	  	 	14	  
			
	 Section 5.01.
	  	 Information
	  	 	14	  
	 Section 5.02.
	  	 Maintenance of Property; Insurance
	  	 	16	  
	 Section 5.03.
	  	 Inspection of Property, Books and Records
	  	 	16	  
	 Section 5.04.
	  	 Use of Proceeds
	  	 	16	  
	 Section 5.05.
	  	 Covenants in the Revolving Credit Agreement
	  	 	17	  

  
 TABLE OF CONTENTS, Page i

							
		
	 ARTICLE VI.     DEFAULTS
	  	 	17	  
			
	 Section 6.01.
	  	 Events of Default
	  	 	17	  
	 Section 6.02.
	  	 Management; Collection of Accounts
	  	 	18	  
	 Section 6.03.
	  	 Collateral Custodian
	  	 	19	  
	 Section 6.04.
	  	 Performance by the Bank
	  	 	20	  
		
	 ARTICLE VII.     CHANGE IN CIRCUMSTANCES
	  	 	20	  
			
	 Section 7.01.
	  	 Basis for Determining Interest Rate Inadequate or Unfair
	  	 	20	  
	 Section 7.02.
	  	 Illegality
	  	 	20	  
	 Section 7.03.
	  	 Increased Cost and Reduced Return
	  	 	21	  
	 Section 7.04.
	  	 Taxes
	  	 	22	  
	 Section 7.05.
	  	 Base Rate Borrowings Substituted for Affected LIBOR Borrowings
	  	 	23	  
	 Section 7.06.
	  	 Substitution of Bank
	  	 	23	  
		
	 ARTICLE VIII.     MISCELLANEOUS
	  	 	23	  
			
	 Section 8.01.
	  	 Notices
	  	 	23	  
	 Section 8.02.
	  	 No Waivers
	  	 	24	  
	 Section 8.03.
	  	 Expenses; Indemnification
	  	 	24	  
	 Section 8.04.
	  	 Setoffs
	  	 	25	  
	 Section 8.05.
	  	 Amendments and Waivers
	  	 	25	  
	 Section 8.06.
	  	 Successors and Assigns
	  	 	25	  
	 Section 8.07.
	  	 Governing Law; Submission to Jurisdiction
	  	 	25	  
	 Section 8.08.
	  	 Counterparts; Integration
	  	 	26	  
	 Section 8.09.
	  	 WAIVER OF JURY TRIAL
	  	 	26	  
	 Section 8.10.
	  	 Confidentiality
	  	 	26	  
	 Section 8.11.
	  	 Replacement Note
	  	 	26	  
	 Section 8.12.
	  	 Usury
	  	 	26	  
	 Section 8.13.
	  	 Independence of Covenants
	  	 	27	  
	 Section 8.14.
	  	 USA PATRIOT Act
	  	 	27	  
	 Section 8.15.
	  	 OFAC
	  	 	27	  

  
 TABLE OF CONTENTS, Page ii

 List of Exhibits and Schedules 

Exhibits 
  

			
		
	 A
	  	 Form of Note

	 B
	  	 Form of Security Agreement

	
	Schedules
		
	 4.06
	  	 Subsidiaries

  
 LIST OF EXHIBITS AND
SCHEDULES, Solo Page 

 CREDIT AGREEMENT 

(Second Lien) 
 THIS CREDIT AGREEMENT (Second Lien) is dated as of June 12, 2012 between ELIZABETH ARDEN, INC. a Florida corporation (the “Borrower”) and JPMORGAN CHASE BANK,
N.A. (the “Bank”). 
 The parties hereto agree as follows: 

ARTICLE I. 

Definitions 
 Section 1.01. Definitions. The following terms, as used herein, have the following meanings: 
 “Accounts” means all accounts (as such term is defined in the Uniform Commercial Code in effect in the State of New York (as the same may be amended or modified from time to time),
whether now owned or hereafter acquired by the Borrower. 
 “Affiliate” means, with respect to any Person, any
other Person directly or indirectly controlling, controlled by or under common control with such Person. As used in this definition, the term “control” means the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 
 “Agreement” shall mean this Credit Agreement, as the same may be amended, supplemented, extended or otherwise modified from time to time. 

“Applicable Lending Office” means (i) in the case of its Base Rate Borrowing, the Bank’s Domestic Lending
Office and, (ii) in the case of LIBOR Borrowings, the Bank’s LIBOR Lending Office. 
 “Bank” has the
meaning set forth in the introductory paragraph to this Agreement. 
 “Base Rate” means, for any day, a rate
per annum equal to the higher of (i) the Prime Rate for such day, (ii) the sum of 1/2 of 1% plus the Federal Funds Rate for such day, or (iii) the sum of 1% plus the Base CD Rate for such day. For purposes of this Agreement, any
change in the Base Rate due to a change in the Prime Rate, Federal Funds Rate or the Base CD Rate shall be effective on the effective date of such change in the Prime Rate, Federal Funds Rate or the Base CD Rate, respectively. If for any
reason the Bank shall have determined (which determination shall be conclusive and binding, absent manifest error) that it is unable to ascertain the Federal Funds Rate or Base CD Rate, or both, for any reason, including the inability or
failure of the Bank to obtain sufficient quotations in accordance with the terms hereof, the Base Rate shall be determined without regard to clause (ii) or (iii), or both, as appropriate, until the circumstances giving rise to
such inability no longer exist. As used in this definition, the following terms have the following meanings: 

“Assessment Rate” shall mean the annual assessment rate (net of refunds and rounded upwards, if
necessary, to the next 1/16 of 1%) estimated by the Bank (in good faith, but in no event in excess of statutory or regulatory maximums) to be payable by the Bank to the Federal Deposit Insurance Corporation (or any successor) for insurance by such
corporation (or such successor) of time deposits made in Dollars at the Bank’s domestic offices during the current calendar year. 

  
 CREDIT AGREEMENT (Second
Lien), Page 1 

 “Base CD Rate” shall mean the sum of (a) the product
of (i) the Three–Month Secondary CD Rate and (ii) Statutory Reserves and (b) the Assessment Rate. 
 “Prime Rate” shall mean the rate of interest per annum publicly announced from time to time by the Bank or its successor financial institution, at its principal office as its prime rate
in effect at such time. Without notice to the Borrower or any other Person, the Prime Rate shall change automatically from time to time as and in the amount by which said prime rate shall fluctuate, with each such change to be effective as of the
date of each change in such prime rate. THE PRIME RATE IS A REFERENCE RATE AND DOES NOT NECESSARILY REPRESENT THE LOWEST OR BEST RATE ACTUALLY CHARGED BY THE BANK OR SUCH SUCCESSOR FINANCIAL INSTITUTION TO ANY OF ITS CUSTOMERS. THE BANK OR ANY SUCH
SUCCESSOR FINANCIAL INSTITUTION MAY MAKE COMMERCIAL LOANS OR OTHER LOANS AT RATES OF INTEREST AT, ABOVE AND BELOW THE PRIME RATE. 
 “Statutory Reserves” shall mean a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the
maximum reserve percentage (including without limitation, any marginal, special, emergency or supplemental reserves) expressed as a decimal, established by the Board of Governors of the Federal Reserve System of the United States or any banking
authority to which the Bank is subject with respect to the Base CD Rate for new negotiable non–personal time deposits in Dollars of over $100,000 with maturities approximately equal to three months. Statutory Reserves shall be adjusted
automatically on and as of the effective date of any change in any applicable reserve percentage. 

“Three–Month Secondary CD Rate” shall mean, for any day, the secondary market rate for
three–month certificates of deposit reported as being in effect on such day (or, if such day shall not be a Domestic Business Day, the next preceding Domestic Business Day) by the Board of Governors of the Federal Reserve System of the United
States through the public information telephone line of the Federal Reserve Bank of New York (which rate will, under the current practices of such Board of Governors, be published in Federal Reserve Statistical Release H.15(519) during the week
following such day), or, if such rate shall not be so reported on such day or such next preceding Domestic Business Day, the average of the secondary market quotations for three–month certificates of deposit of major money center banks in New
York City received at approximately 10:00 a.m. on such day (or, if such day shall not be a Domestic Business Day, on the next preceding Domestic Business Day) by the Bank from three New York City negotiable certificate of deposit dealers of
recognized standing selected by Bank. 
 “Base Rate Borrowing” means any portion of the Loan subject to the
Base Rate. 
 “Borrower” means Elizabeth Arden, Inc., a Florida corporation. 

“Borrowing” has the meaning set forth in Section 1.03. 

“Collateral” shall have the meaning as set forth in the Security Agreement. 

“Commitment” means the obligation of the Bank to make an advances of funds to the Borrower hereunder in the aggregate
principal amount not to exceed $30,000,000. 

  
 CREDIT AGREEMENT (Second
Lien), Page 2 

 “Consolidated Subsidiary” means at any date any Subsidiary or other entity
the accounts of which would be consolidated with those of the Borrower in its consolidated financial statements if such statements were prepared as of such date. 
 “Default” means any condition or event which constitutes an Event of Default or which with the giving of notice or lapse of time or both would, unless cured or waived, become an Event of
Default. 
 “Dollars” and the sign “$” mean lawful money of the United States. 

“Domestic Business Day” means any day except a Saturday, Sunday or other day on which commercial bank in New York, New
York are authorized or required by law to close. 
 “Domestic Lending Office” means the office of the Bank
located at its address set forth in Section 8.01 or such other office as the Bank may hereafter designate as its Domestic Lending Office by notice to the Borrower. 
 “Domestic Subsidiary” means a Subsidiary that is not a Foreign Subsidiary. 
 “Effective Date” means the date this Agreement becomes effective in accordance with Section 3.01. 
 “Election Date” has the meaning set forth in Section 2.05(b). 
 “Event of Default” shall have the meaning as set forth in Section 6.01. 
 “Federal Funds Rate” means, for any day, the rate per annum (rounded upward, if necessary, to the nearest 1/100th of 1%) equal to the weighted average of the rates on overnight Federal
funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Domestic Business Day next succeeding such day, provided that (i) if such
day is not a Domestic Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Domestic Business Day as so published on the next succeeding Domestic Business Day, and (ii) if no such rate
is so published on such next succeeding Domestic Business Day, the Federal Funds Rate for such day shall be the average rate quoted to the Bank on such day on such transactions as determined by the Bank. 

“Financing Transactions” means the execution and delivery of the Loan Documents and the performance of the transactions
contemplated by the Loan Documents, including the borrowing of the Loan. 
 “Foreign Subsidiary” means any
Subsidiary of the Borrower formed under the laws of any jurisdiction other than the United States, its territories or any political subdivision thereof substantially all of the assets of which are located outside the United States or that conducts
substantially all of its business outside of the United States. 
 “GAAP” means generally accepted accounting
principles consistently applied. 
 “Governmental Authority” means any federal, state, local or foreign
government or political subdivision or any court or governmental agency, authority, instrumentality or regulatory body. 

“Indenture” shall mean the Indenture dated as of January 21, 2011 among the Borrower and U.S. Bank National
Association, as trustee, relating to the 7.375% Senior Note due 2021 in a principal amount 

  
 CREDIT AGREEMENT (Second
Lien), Page 3 

 
equal to $250,000,000. To the extent that any terms defined in an Indenture are incorporated herein as therein defined, such definitions shall be incorporated herein as set forth in such
Indenture on the Effective Date, without giving effect to any amendment or other modification thereto unless modified for purposes of such incorporation, with the consent of the Bank. 

“Intercreditor Agreement” means that certain Intercreditor Agreement dated as of June 12, 2012 among Bank of
America, N.A., as collateral agent under the terms of the Revolving Credit Agreement, JPMorgan Chase Bank, N.A., as administrative agent under the Revolving Credit Agreement the Bank and the Borrower, as the same may be amended or otherwise modified
from time to time. 
 “Interest Period” means with respect to each LIBOR Borrowing, the period commencing on
the date specified in the applicable Notice of Borrowing or Notice of Interest Rate Election and ending one, two, three or six months thereafter (or nine or twelve months, if acceptable to the Bank), as the Borrower may elect in such Notice of
Borrowing or Notice of Interest Rate Election; provided that: 
 (a) any Interest Period which would otherwise
end on a day which is not a LIBOR Business Day shall be extended to the next succeeding LIBOR Business Day unless such LIBOR Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding LIBOR
Business Day; 
 (b) any Interest Period which begins on the last LIBOR 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, subject to clause (c) below, end on the last LIBOR Business Day of a calendar month; and 

(c) any Interest Period which would otherwise end after the Termination Date shall end on the Termination Date.

 “Inventory” means all inventory (as such term is defined in the Uniform Commercial Code in effect in the
State of New York (as the same may be amended or modified from time to time)), whether now owned or hereafter acquired. 

“LIBOR Base Rate” means with respect to each Interest Period for a LIBOR Borrowing, the rate appearing on British
Bankers Association Page 3750 (or on any successor or substitute page of such Service, or any successor to or substitute for such Service, providing rate quotations comparable to those currently provided on such page of such Service, as determined
by the Bank from time to time for purposes of providing quotations of interest rates applicable to Dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, three LIBOR Business Days prior to the commencement of
such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason, then the “LIBOR Rate” with respect to such LIBOR
Borrowing and Interest Period shall be the rate at which Dollar deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the Bank in immediately available funds in the London
interbank market at approximately 11:00 a.m., London time, three LIBOR Business Days prior to the commencement of such Interest Period. The Bank shall give notice to the Borrower of the LIBOR Rate as determined for each LIBOR Borrowing and such
notice shall be conclusive and binding, absent manifest error. 
 “LIBOR Borrowing” means any portion of the
Loan subject to a LIBOR Base Rate. 
 “LIBOR Business Day” means any Domestic Business Day on which commercial
banks are open for international business (including dealings in Dollar deposits) in London. 

  
 CREDIT AGREEMENT (Second
Lien), Page 4 

 “LIBOR Lending Office” means the Bank’s office, branch or Affiliate
identified as its LIBOR Lending Office by notice to the Borrower. 
 “LIBOR Rate” means with respect to each
day during each Interest Period pertaining to a LIBOR Borrowing, a rate per annum determined for such day in accordance with the following formula (rounded upward, if necessary, to the nearest 1/32nd of 1%): 

 

					
		 	 LIBOR Base Rate
	 	
		 	1.00 - LIBOR Reserve Requirements	 	
		 		 	

 “LIBOR Reserve Requirements” means, for any day as applied to a LIBOR Borrowing, the
aggregate (without duplication) of the maximum rates (expressed as a decimal fraction) of reserve requirements in effect on such day (including basic, supplemental, marginal and emergency reserves under any regulations of the Board of Governors of
the Federal Reserve System or other Governmental Authority having jurisdiction with respect thereto) dealing with reserve requirements prescribed for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in
Regulation D of such Board) maintained by a member bank of the “Federal Reserve System” (or in respect of any other category of liabilities which includes deposits by reference to which the interest rate on LIBOR Borrowings is
determined or any category of extensions of credit or other assets which includes loans by a non–United States office of any bank to United States residents). 
 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind, or any other type of preferential arrangement that has the
practical effect of a security interest, in respect of such asset. For the purposes of this Agreement, the Borrower or any Subsidiary shall be deemed to own subject to a Lien any asset which it has acquired or holds subject to the interest of a
vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement relating to such asset. 

“Loan” means the advance made under Article 2 of this Agreement. 

“Loan Documents” means this Agreement, the Security Agreement, the Note and any other agreement entered into by the
Borrower with the Bank under the terms of or pursuant to this Agreement and each other instrument, agreement, certificate or other documentation referred to herein or contemplated hereby, as the same may be amended or otherwise modified from time to
time. 
 “Margin Stock” has the meaning given to such term under Regulation U. 

“Material Adverse Effect” means (i) a materially adverse effect on the business, operations or financial condition
of the Borrower and its Subsidiaries considered as a whole, (ii) material impairment of the ability of the Borrower or any Subsidiary to perform any of its obligations under the Loan Document to which it is or will be a party, or
(iii) material impairment of the rights of or benefits available to the Bank under the Loan Document. A delisting, or a suspension of trading, of the common stock issued by the Borrower from the New York Stock Exchange or the NASDAQ shall not
constitute a Material Adverse Effect in and of itself provided that the inclusion of this sentence in this definition shall not prevent the Bank from asserting that a Material Adverse Effect shall have occurred based on an event or circumstance that
resulted in such delisting or suspension. 
 “Material Debt” means indebtedness (other than the Note) of the
Borrower and/or one or more of its Subsidiaries, arising in one or more related or unrelated transactions, in an aggregate principal amount equal to or exceeding $10,000,000. 

  
 CREDIT AGREEMENT (Second
Lien), Page 5 

 “Note” means a promissory note of the Borrower substantially in the form of
Exhibit A hereto, evidencing the obligation of the Borrower to repay the Loan. 
 “Notice of
Borrowing” has the meaning set forth in Section 2.02. 
 “Notice of Interest Rate
Election” has the meaning set forth in Section 2.05. 
 “Obligations” means all
obligations, indebtedness, and liabilities of the Borrower or any Subsidiaries, or any one of them, to the Bank arising pursuant to any of the Loan Documents, whether now existing or hereafter arising, whether direct, indirect, related, unrelated,
fixed, contingent, liquidated, unliquidated, joint, several, or joint and several, including, without limitation, the obligation of the Borrower or any Subsidiaries to repay the Loan, interest on the Loan and all fees, costs, and expenses (including
attorneys’ fees and expenses) provided for in the Loan Documents. 
 “Parent” means, with respect to the
Bank, any Person controlling the Bank. 
 “Person” means an individual, a corporation, a partnership, an
association, a trust or any other entity or organization, including a Governmental Authority. 

“Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System, as in effect from
time to time. 
 “Related Parties” means, with respect to any specified Person, such Person’s Affiliates
and the respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 

“Revolving Credit Agreement” means that certain Third Amended and Restated Credit Agreement dated as of January 21,
2011 among the Borrower, JPMorgan Chase Bank, N.A., as agent and the other agents and banks party thereto, as the same exists on the date hereof and as amended by that certain First Amendment to Third Amended and Restated Credit Agreement dated as
of the Effective Date but without giving effect to any other amendment, supplement or other modification thereof (unless such amendment, supplement or other modification is agreed to by the Bank) and without giving effect to any termination,
cancellation, repayment, discharge or replacement thereof. 
 “Security Agreement” means that certain Security
Agreement in substantially the form attached hereto as Exhibit B between the Bank and the Borrower, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Subsidiary” means any corporation or other entity now existing or hereafter formed of which securities or other
ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by the Borrower. 

“Termination Date” means the second anniversary of the date the Loan is funded. 

“Type” has the meaning set forth in Section 1.03. 

“United States” means the United States of America, including the States and the District of Columbia, but excluding its
territories and possessions. 
 Section 1.02. Accounting Terms and Determinations. Unless otherwise specified
herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made, 

  
 CREDIT AGREEMENT (Second
Lien), Page 6 

 
and all financial statements required to be delivered hereunder shall be prepared in accordance with United States generally accepted accounting principles as in effect from time to time, applied
on a basis consistent (except for changes concurred in by the Borrower’s independent public accountants) with the most recent audited consolidated financial statements of the Borrower and its Consolidated Subsidiaries delivered to the Bank
prior to the Effective Date. 
 Section 1.03. Types of Borrowings. The term “Borrowing” means any portion
of the Loan accruing interest based on the type of interest rate applicable thereto and therefore Borrowings hereunder are distinguished by “Type”. The Type of a Borrowing refers to whether such Borrowing is a Base Rate Borrowing or a
LIBOR Borrowing. 
 ARTICLE II. 
 The Loan 
 Section 2.01. Commitments to Lend. From the period
from the Effective Date to and including July 1, 2012, the Bank agrees, on the terms and conditions set forth in this Agreement, to make a single advance to the Borrower in an amount not to exceed the Commitment. The Loan shall be made in
Dollars. 
 Section 2.02. Notice of Initial Borrowings. Borrower shall give the Bank written notice (“Notice
of Borrowing”) not later than 11:00 a.m. (New York, New York time) on (a) the date of the Loan if the Loan will be comprised of only a Base Rate Borrowing or (b) three (3) LIBOR Business Days before the date of the Loan
if any portion of the Loan will be comprised of LIBOR Borrowings, specifying: 
 (A) the date of such Borrowing, which shall be
a Domestic Business Day in the case of a Base Rate Borrowing or a LIBOR Business Day in the case of a LIBOR Borrowing; 
 (B)
the aggregate amount of the Loan; 
 (C) whether the Borrowings comprising the Loan are to be Base Rate Borrowings or LIBOR
Borrowings or any combination thereof; and 
 (D) in the case of a LIBOR Borrowing, the duration of the Interest Period
applicable thereto, subject to the provisions of the definition of Interest Period. 
 Section 2.03. Funding of
Loan. Not later than 1:00 p.m. (New York City time) on the date of the Loan, the Bank shall make the Loan available to the Borrower by promptly crediting the amount thereof, in funds immediately available, by wire transfer, automated
clearing house debit or interbank transfer to the Agent under the Revolving Credit Agreement for application as a prepayment of the amounts outstanding thereunder. 
 Section 2.04. Note. If requested by the Bank, the Loan shall be evidenced by a Note of the Borrower payable to the order of Bank for the account of its Applicable Lending Office. The Bank
shall record the date, amount, Type and maturity of the Loan and each Borrowing made by it to the Borrower and the date and amount of each payment of principal made by the Borrower with respect thereto and may, in connection with any transfer of the
Note, endorse on the schedule forming a part thereof appropriate notations to evidence the foregoing information with respect to the Loan then outstanding; provided that (and the Borrower understands and agrees that) the failure of the Bank to make
any such recordation or endorsement shall not affect the obligations of the Borrower hereunder or under the Note. The Bank is hereby irrevocably authorized by the Borrower so to endorse the Note and to attach to and make a part of the Note a
continuation of any such schedule as and when required. 

  
 CREDIT AGREEMENT (Second
Lien), Page 7 

 Section 2.05. Interest Rate Elections. 

(a) The initial Type of Borrowings comprising the Loan, and the duration of the initial Interest Period applicable thereto if they are
initially LIBOR Borrowings, shall be as specified in the Notice of Borrowing. Thereafter, the Borrower may from time to time elect to change or continue the Type of, or the duration of the Interest Period applicable to, each Borrowing (excluding
overdue Borrowings and subject in each case to the provisions of the definition of Interest Period and Article VII), as follows: 
 (i) if such Borrowings are Base Rate Borrowings, the Borrower may elect to designate such Borrowings as LIBOR Borrowings, may elect to continue such Borrowings as Base Rate Borrowings or may elect to
designate such Borrowings as any combination of Base Rate Borrowings and LIBOR Borrowings; and 
 (ii) if such Borrowings are
LIBOR Borrowings, the Borrower may elect to designate such Borrowings as Base Rate Borrowings, may elect to continue such Borrowings as LIBOR Borrowings for an additional Interest Period, or may elect to designate such Borrowings as any combination
of Base Rate Borrowings and LIBOR Borrowings. 
 Notwithstanding the foregoing, the Borrower may not elect an Interest Period
for LIBOR Borrowings unless the aggregate outstanding principal amount of the LIBOR Borrowings to which such Interest Period will apply is at least $500,000 or any larger multiple of $100,000 provided, however, at no time shall there be more than
six (6) different Interest Periods outstanding. 
 (b) Any election permitted by subsection (a) of this Section
may become effective on any LIBOR Business Day specified by the Borrower (the “Election Date”); provided that, with respect to any outstanding LIBOR Borrowing, the Borrower may not specify an Election Date that is other than the
last day of the Interest Period therefor. Each such election shall be made by the Borrower by delivering a notice (a “Notice of Interest Rate Election”) to the Bank not later than 11:00 a.m. (New York City time) on (x) the
Election Date, if all the resulting Borrowings will be Base Rate Borrowings and (y) the date three (3) LIBOR Business Days before the Election Date, if the resulting Borrowings will include LIBOR Borrowings. Each Notice of Interest Rate
Election shall specify with respect to the outstanding Borrowings to which such notice applies: 
 (i) the Election Date;

 (ii) if the Type of Borrowing is to be changed, the new Type of Borrowing and, if such new Type is a LIBOR Borrowing, the
duration of the new Interest Period applicable thereto; 
 (iii) if such Borrowings are LIBOR Borrowings and the Type of such
Borrowings is to be continued for an additional or different Interest Period, the duration of such additional or different Interest Period; and 
 (iv) if such Borrowings are to be designated as a combination of Base Rate Borrowings, or LIBOR Borrowings, the information specified in clauses (i) through (iii) above as to each
resulting Borrowing and the aggregate amount of each such Borrowing. 

  
 CREDIT AGREEMENT (Second
Lien), Page 8 

 Each Interest Period specified in a Notice of Interest Rate Election shall comply with the
provisions of the definition of Interest Period and the last sentence of subsection (a) of this Section. 
 (c) If a
Borrower (i) fails to deliver a timely Notice of Interest Rate Election to the Bank electing to continue or change the Type of, or the duration of the Interest Period applicable to, the Loans included in any Borrowing as provided in this
Section and (ii) has not theretofore delivered a notice of prepayment relating to such Loans, then such Borrower shall be deemed to have given the Bank a Notice of Interest Rate Election electing to change the Type of such Loans to (or continue
the Type thereof as) Base Rate Borrowings, commencing on the last day of the then current Interest Period. 
 Section 2.06.
Interest Rates. 
 (a) Base Rate Borrowing. Each Base Rate Borrowing shall bear interest on the outstanding
principal amount thereof, for each day from the date such Borrowing is made until it becomes due or is converted to a Borrowing of another Type, at a rate per annum equal to the Base Rate for such day plus two and three quarters percent (2.75%).
Such interest shall be payable monthly in arrears on the first Domestic Business Day of each month and, with respect to the principal amount of any Base Rate Borrowing converted to a LIBOR Borrowing, on the date such Base Rate Borrowing is so
converted. 
 (b) LIBOR Borrowing. Each LIBOR Borrowing shall bear interest on the outstanding principal amount thereof,
for each day during each Interest Period applicable thereto, at a rate per annum equal to the sum of the LIBOR Rate plus three and three quarters percent (3.75%). Such interest shall be payable for each Interest Period on the last day thereof and,
if such Interest Period is longer than three months, at intervals of three months after the first day thereof. 
 (c)
Determination. The Bank shall determine each interest rate applicable to a Borrowing hereunder pursuant to the terms hereof. The Bank shall give prompt notice to the Borrower of each rate of interest so determined, and its determination
thereof shall be conclusive in the absence of manifest error. 
 (d) Default Interests. Notwithstanding the foregoing,
upon the occurrence and continuation of an Event of Default, all Borrowings shall bear interest at a rate per annum equal to the sum of four and three quarters percent (4.75%) plus the Base Rate. 

Section 2.07. Maturity of Loan. The Loan shall mature, and the principal amount thereof shall be due and payable, together
with accrued interest thereon, on the Termination Date. 
 Section 2.08. Prepayments. Subject to the restrictions
contained in Section 5.21(c) the Revolving Credit Agreement, the Borrower may, upon at least one Domestic Business Day’s notice (or, if such prepayment is made prior to noon, on the same day or in the case of a LIBOR Borrowings, two
LIBOR Business Days’ notice) to the Bank, prepay any Borrowing in whole at any time, or from time to time in part in amounts aggregating $5,000,000 or any larger multiple of $1,000,000, by paying the principal amount to be prepaid together with
accrued interest thereon to the date of prepayment. 
 Section 2.09. General Provisions as to Payments; Application of
Collateral Proceeds. Except as otherwise expressly provided herein, all payments to be made by the Borrower hereunder or under the Note shall be made not later than 1:00 p.m. (New York City time) on the date when due, in Federal or other
funds immediately available in to the Bank pursuant to instructions provided by the Bank to the Borrower. Whenever any payment of principal of, or interest on, the Base Rate Borrowings shall be due on a day which is not a Domestic Business Day, the
date for payment thereof shall be extended to the next succeeding Domestic Business Day. Whenever any payment of principal of, or interest on the LIBOR 

  
 CREDIT AGREEMENT (Second
Lien), Page 9 

 
Borrowings shall be due on a day which is not a LIBOR Business Day, the date for payment thereof shall be extended to the next succeeding LIBOR Business Day, unless such LIBOR Business Day falls
in another calendar month, in which case the date for payment thereof shall be the next preceding LIBOR Business Day. If the date for any payment of principal is extended by operation of law or otherwise, interest thereon shall be payable for such
extended time. Proceeds of Collateral shall be applied to the Obligations in such order and manner as the Bank may determine in its discretion. 
 Section 2.10. Funding Losses. If the Borrower makes any payment of principal with respect to any LIBOR Borrowing (pursuant to Article II or otherwise) on any day other than the
last day of the Interest Period applicable thereto, or the end of any applicable period fixed pursuant to the terms hereto, or if the Borrower fails to borrow any LIBOR Borrowings after notice has been given to the Bank in accordance with
Section 2.02 or to change or continue the Type of, or the duration of the Interest Period applicable to, any LIBOR Borrowings after notice has been given to the Bank in accordance with Section 2.05(b), the Borrower shall
reimburse the Bank within fifteen (15) days after demand for any resulting loss or expense incurred by it (or by an existing or prospective Participant in the related Borrowing) including (without limitation) any loss incurred in obtaining,
liquidating or employing deposits from third parties, but excluding loss of margin for the period after any such payment or failure to borrow; provided that the Bank shall have delivered to the Borrower a certificate as to the amount of such loss or
expense, which certificate shall be conclusive in the absence of manifest error. 
 Section 2.11. Computation of
Interest. All interest shall be computed on the basis of a year of 360 days and paid for the actual number of days elapsed (including the first day but excluding the last day). 

ARTICLE III. 

Conditions 
 Section 3.01. Effective Date. The obligations of the Bank to make the Loan shall not become effective until the date on which each of the following conditions is satisfied or duly waived:

 (a) Execution and Delivery of this Agreement. The Bank (or its counsel) shall have received from the Borrower either
(i) a counterpart of this Agreement signed on behalf of the Borrower or (ii) written evidence satisfactory to the Bank (which may include telecopy or other electronic transmission of a signed signature page of this Agreement) that the
Borrower has signed a counterpart of this Agreement. 
 (b) Legal Opinion. The Bank shall have received a favorable
written opinion (addressed to the Bank dated the Effective Date) of counsel for the Borrower covering the matters set forth in Sections 4.01, 4.02 and 4.03 of this Agreement, the creation and perfection of the Bank’s Liens in the
Collateral and such other matters relating to the Borrower, the Loan Documents or the Transactions as the Bank shall reasonably request. The Borrower hereby requests such counsel to deliver such opinions. 

(c) Corporate Authorization Documents. The Bank shall have received such documents and certificates as the Bank or its counsel may
reasonably request relating to the organization, existence and good standing of Borrower and the authorization of the Transactions, all in form and substance satisfactory to the Bank and its counsel. 

(d) Closing Certificate. The Bank shall have received a certificate signed by a senior officer of the Borrower, dated the
Effective Date, to the effect that (i) no Default has occurred and is continuing as of the Effective Date, and (ii) the representations and warranties of the Borrower set forth in Article IV hereof are true in all material
respects on, and as of, the Effective Date; 

  
 CREDIT AGREEMENT (Second
Lien), Page 10 

 (e) Fees. The Bank shall have received all fees and other amounts due and payable on
or prior to the Effective Date, including the upfront fees the Borrower has agreed to pay to the Bank and, to the extent invoiced at least two Business Days prior to the Effective Date, reimbursement or payment of all out-of-pocket expenses
(including fees, charges and disbursements of counsel) required to be reimbursed or paid by the Borrower hereunder or under any other Loan Document. 
 (f) Insurance. The Bank shall have received evidence that the insurance required by Section 5.02 is in effect. 
 (g) Consents and Approvals. The receipt by the Bank of reasonably satisfactory written evidence that all requisite Governmental Authorities and third parties, if any, required to approve or consent
to the Financing Transactions shall have approved or consented thereto to the extent required (without the imposition of any materially burdensome condition or qualification in the reasonable judgment of the Bank) and all such approvals or consents
shall be in full force and effect, all applicable appeal periods shall have expired and there shall be no governmental or judicial action, actual or threatened, that has or could have a reasonable likelihood of restraining, preventing or imposing
materially burdensome conditions on any of the Financing Transactions; 
 (h) No Litigation. The Bank shall be satisfied
that no action, suit, investigation, litigation or other legal proceeding, tax or accounting matter, ERISA matter, environmental matter or other matter is pending or threatened against the Borrower, or any Subsidiary in any court or before any
arbitrator or governmental instrumentality that purports to affect the Financing Transactions which could have a Material Adverse Effect on the Financing Transactions or that could have a Material Adverse Effect on the business, assets, conditions
(financial or otherwise), operations, performance, properties or projections of the Borrower; 
 (i) No Material Adverse
Change. The Bank shall be satisfied that no material adverse change or any condition or event, which with the passage of time would result in a material adverse change shall have occurred or become known with respect to the business, assets,
condition (financial or otherwise), operations, performance, properties or projections of the Borrower or the Subsidiaries since the end of the most recently ended fiscal year for which audited statements have been provided to the Bank or in the
facts or information as represented by the Borrower to the Bank to date; 
 (j) Execution and Delivery of the Intercreditor
Agreement. The Bank (or its counsel) shall have received from the parties thereof either (i) a counterpart of the Intercreditor Agreement signed on behalf of each such party or (ii) written evidence satisfactory to the Bank (which may
include telecopy or other electronic transmission of a signed signature page of the Intercreditor Agreement) that the parties thereto have signed a counterpart of the Intercreditor Agreement. 

(k) Security Agreement. The Bank shall have received counterparts of the Security Agreement signed on behalf of the Borrower
together with the following: 
 (i) all documents and instruments, including Uniform Commercial Code financing
statements, required by law or reasonably requested by the Bank to be filed, registered or recorded to create or perfect the Liens intended to be created under the Security Agreement; 

  
 CREDIT AGREEMENT (Second
Lien), Page 11 

 (ii) an agreement pursuant to which the Subsidiaries who own the trademarks
and other intellectual property used to manufacture or dispose of the inventory covered by the Security Agreement or which are otherwise used in connection with such inventory, grant to the Bank a worldwide, limited, royalty-free, fully paid-up
license and right to use such intellectual property to liquidate the inventory encumbered by the Security Agreement; and 
 (iii) the results of the search of the Uniform Commercial Code (or equivalent) filings, tax Liens and judgment Liens made with respect to the Borrower in each jurisdiction (A) in which the Borrower
is organized, and (B) where the Borrower has its chief executive office or has had its chief executive office within the last four months prior to the Effective Date and copies of the financing statements (or other documents) disclosed by such
search and evidence reasonably satisfactory to the Bank that the Liens indicated by such financing statements (or similar documents) are permitted hereby or have been released or, simultaneously with the initial Loan hereunder, will be released.

 The Bank shall notify the Borrower of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the
obligations of the Bank to make the Loan hereunder shall not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to Section 8.05) at or prior to 3:00 p.m., New York City time, on July 1,
2012 (and, in the event such conditions are not so satisfied or waived, the Commitment shall terminate at such time). 

Section 3.02. The Loan. The obligation of the Bank to make the Loan is subject to the satisfaction of the following
additional conditions: 
 (a) receipt by the Bank of a Notice of Borrowing as required by Section 2.02; 

(b) the fact that, immediately before and after the Loan is made, no Default shall have occurred and be continuing; and 

(c) the fact that the representations and warranties of the Borrower contained in this Agreement and the other Loan Documents shall be
true in all material respects (which materiality exception will not apply to representations and warranties qualified by materiality standards) on and as of the date the Loan is made. 

The request to make the Loan shall be deemed to be a representation and warranty by the Borrower on the date of the Loan is made as to
the facts specified in clauses (b) and (c) of this Section. 
 ARTICLE IV. 

Representations and Warranties 
 The Borrower represents and warrants that: 
 Section 4.01. Corporate
Existence and Power. The Borrower is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Florida, and has all corporate powers and all material governmental licenses, authorizations, consents and
approvals required to carry on its business as now conducted. 

  
 CREDIT AGREEMENT (Second
Lien), Page 12 

 Section 4.02. Corporate and Governmental Authorization; No Contravention. The
execution, delivery and performance by the Borrower of each Loan Document to which it is or is to be a party and the Financing Transactions is within its corporate powers, has been duly authorized by all necessary corporate action, require no action
by or in respect of, or filing with, any Governmental Authority or official thereof (other than such as have been duly taken or made) and do not contravene, or constitute a default under, any provision of applicable law or regulation or of the
charter or by–laws of the Borrower or the Indenture, the Revolving Credit Agreement or any other indenture, agreement, judgment, injunction, order, decree or other instrument binding upon the Borrower or result in the creation or imposition of
any Lien (other than Liens created by the Loan Documents) on any asset of the Borrower or any Subsidiary, except for any contraventions or defaults under such indentures, agreements, judgments, injunctions, orders, decrees or other instruments or
the creation or imposition of any such Liens that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 
 Section 4.03. Binding Effect. This Agreement constitutes a valid and binding agreement of the Borrower, and the other Loan Documents to which the Borrower is a party, when executed and
delivered in accordance with this Agreement, will constitute valid and binding agreements and obligations of the Borrower, in each case enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting
creditors’ rights generally and equitable principles of general applicability. 
 Section 4.04. Financial
Information. 
 (a) The consolidated audited balance sheet of the Borrower as of June 30, 2011 and the related
consolidated statements of operations, shareholders’ equity and cash flows for the fiscal year then ended, a copy of which has been delivered to the Bank, fairly present in all material respects, in conformity with generally accepted accounting
principles, the financial position of the Borrower as of such date and its results of operations and cash flows for such fiscal year. 
 (b) The unaudited consolidated balance sheet of the Borrower as of March 31, 2012, and the related consolidated statements of operations and cash flows for the fiscal period then ended, a copy of
which has been delivered to the Bank, fairly present in all material respects, applied on a basis consistent with the financial statements referred to in subsection (a) of this Section, the financial position of the Borrower as of such
date and its results of operations and cash flows for such fiscal period (subject to normal year–end adjustments). 
 (c)
Since June 30, 2011, there has been no material adverse change in the business, operations or financial condition of the Borrower and its Consolidated Subsidiaries, considered as a whole. 

(d) No preferred stock issued by the Borrower is outstanding. 
 Section 4.05. Litigation. Except as disclosed on Schedule 4.05 to the Revolving Credit Agreement, there is (i) no injunction, stay, decree or order of any Governmental
Authority or (ii) action, suit or proceeding pending against, or to the knowledge of the Borrower threatened against or affecting, the Borrower or any Subsidiary before any Governmental Authority or official thereof in which there is a
reasonable probability of an adverse decision which would reasonably be expected to have a Material Adverse Effect or which in any manner draws into question the validity of this Agreement or any other Loan Document. 

Section 4.06. Subsidiaries. Each of the Subsidiaries is a corporation duly incorporated, validly existing and in good
standing under the laws of its jurisdiction of incorporation, and has all corporate 

  
 CREDIT AGREEMENT (Second
Lien), Page 13 

 
powers and all governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted, except to the extent that all failures to comply with the
foregoing would not reasonably be expected to have, in the aggregate, a Material Adverse Effect. As of the Effective Date, all the Borrower’s Subsidiaries are reflected on Schedule 4.06. 

Section 4.07. Full Disclosure. All information heretofore furnished in writing by the Borrower or any Subsidiary to the Bank
for purposes of or in connection with this Agreement, any other Loan Document or the Financing Transactions was, and all such information hereafter furnished in writing by the Borrower or any Subsidiary to the Bank will be, in each case considered
as a whole, true and accurate in all material respects on the date as of which such information is stated or certified. The Borrower has disclosed to the Bank in writing any and all facts which materially and adversely affect or may materially and
adversely affect (to the extent that the Borrower can now reasonably foresee), the business, operations or financial condition of the Borrower and its Consolidated Subsidiaries, considered as a whole, or the ability of the Borrower to perform its
obligations hereunder or under any other Loan Document. Notwithstanding the forgoing, no representation or warranty is given herein with respect to any projections other than that the information contained therein was based upon good faith estimates
and assumptions believed to be reasonable at the time made in light of the past operations of the Borrower and its Subsidiaries, it being recognized by the Bank that such projections as to future events are not to be viewed as fact and that actual
results during the period or periods covered by any such projections may differ from the projected results. 

Section 4.08. Governmental Approvals. As of the Effective Date, all material consents and approvals of, and material filings
and registrations with, and all other material actions in respect of, all Governmental Authorities or any other Person required in order to consummate the Financing Transactions shall have been obtained, given, filed or taken and shall be in full
force and effect. 
 Section 4.09. Security. The Security Agreement is in full force and effect and the Security
Agreement is effective to create in favor of the Bank a legally valid and enforceable perfected security interest in the Collateral subject only to the Liens of the Collateral Agent governed by the Intercreditor Agreement and any other Lien
permitted to encumber the Collateral under the terms of the Revolving Credit Agreement. 
 Section 4.10. Revolving
Credit Agreement. All the representations and warranties of the Borrower contained in Revolving Credit Agreement are true in all material respects (which materiality exception will not apply to representations and warranties qualified by
materiality standards) on and as of the Effective Date except for such representations and warranties that are limited by their terms to a specific date. All the representations and warranties of the Borrower contained in Revolving Credit Agreement
limited by their terms to a specific date were true in all material respects (which materiality exception will not apply to representations and warranties qualified by materiality standards) on and as of the applicable specific date. 

ARTICLE V. 

Covenants 

The Borrower agrees that so long as any Obligation (other than contingent obligations not yet due and payable) remains unpaid and
outstanding: 
 Section 5.01. Information. The Borrower will deliver to the Bank: 

(a) as soon as available and in any event within ninety (90) days after the end of each fiscal year of the Borrower, audited
consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as of the end of such fiscal year and the related consolidated statements of operations, stockholders’ equity and cash flows for such fiscal year, setting forth in
each case in comparative form the figures for the previous fiscal year, all reported on in the form of an unqualified audit opinion by independent public accountants of nationally recognized standing; 

  
 CREDIT AGREEMENT (Second
Lien), Page 14 

 (b) as soon as available and in any event within forty–five (45) days after the
end of each of the first three quarters of each fiscal year of the Borrower, a consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as of the end of such quarter, the related consolidated statement of stockholders’
equity as of such fiscal quarter end and the related consolidated statements of operations and cash flows for the portion of the Borrower’s fiscal year ended at the end of such quarter; setting forth in comparative form the figures for the
corresponding quarter or the corresponding portion of the Borrower’s previous fiscal year (as the case may be), all certified (subject to normal year–end adjustments) as to fairness of presentation, generally accepted accounting principles
and consistency by a senior financial officer of the Borrower; 
 (c) simultaneously with the delivery of each set of financial
statements referred to in clause (a) above and each set of financial statements referred to in clause (e) below delivered for each month end which corresponds with the end of each fiscal quarter end, a certificate of the
principal financial officer or the principal accounting officer of the Borrower: (i) setting forth in reasonable detail the calculations required to establish whether the Borrower was in compliance with the requirements of
Section 5.19 of the Revolving Credit Agreement on the date of such financial statements, (ii) stating whether any Default exists hereunder on the date of such certificate and, if any Default then exists, setting forth the details
thereof and the action which the Borrower is taking or proposes to take with respect thereto, and (iii) stating whether, since the date of the most recent financial statements previously delivered pursuant to this Section, there has been any
material change in the generally accepted accounting principles applied in the preparation of such statements, and, if so, describing such change; 
 (d) simultaneously with the delivery of each set of financial statements referred to in clause (a) above, a statement of the firm of independent public accountants which reported on such
statements as to (i) whether anything has come to their attention to cause them to believe that any Default existed on the date of such statements and (ii) confirming the calculations set forth in the officer’s certificate delivered
simultaneously therewith pursuant to clause (c) above; provided that the foregoing shall not be construed to require that such accountants conduct any investigation outside the regular course of their audit; 

(e) within thirty (30) days after the end of each month, a consolidated and consolidating balance sheet of the Borrower and its
Consolidated Subsidiaries as of the end of such month, the related consolidated statements of stockholders’ equity as of the end of such month and the related consolidated and consolidating statements of operations and cash flows for such month
and for the portion of the Borrower’s fiscal year ended at the end of such month, setting forth in each case in comparative form the figures for the corresponding month and the corresponding portion of the Borrower’s previous fiscal year,
all certified (subject to normal year–end adjustments) as to fairness of presentation, generally accepted accounting principles and consistency by one of the principal financial officers of the Borrower; 

(f) within forty-five (45) days after the end of each fiscal year of the Borrower, projections in reasonable detail of an annual
operating budget and cash flow of the Borrower and its Subsidiaries, prepared by Borrower on a monthly basis for the current fiscal year and on an annual basis for the next succeeding fiscal year, and also containing a certification by its principal
financial officer to the effect that such projections have been prepared on a sound financial planning basis and that the assumptions upon which such projections are based are reasonable; 

  
 CREDIT AGREEMENT (Second
Lien), Page 15 

 (g) within five (5) days after the principal executive officer, president or any
financial officer of the Borrower obtains knowledge of any Default, if such Default is then continuing, a certificate of the principal financial officer or the principal accounting officer of the Borrower setting forth the details thereof and the
action which the Borrower is taking or proposes to take with respect thereto; 
 (h) all periodic and other reports, proxy
statements and other materials filed by the Borrower with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the functions of said Commission, or with any national securities exchange, or distributed by
the Borrower to its shareholders generally, as the case may be, promptly upon the filing of such reports, statements and other materials provided, however, that to the extent such periodic and other reports, proxy statements and other materials are
filed by the Borrower on the Securities and Exchange Commission’s EDGAR website, such periodic and other reports, proxy statements and other materials shall be deemed to have been delivered to the Bank; and 

(i) from time to time such additional information regarding the financial position or business of the Borrower and the Subsidiaries as
the Bank may reasonably request. 
 Section 5.02. Maintenance of Property; Insurance. The Borrower will keep, and
will cause each of its Subsidiaries to keep, all property necessary in its business in good working order and condition, ordinary wear and tear expected. The Borrower will maintain, and will cause each of its Subsidiaries to maintain, insurance in
such amounts and against such risks as is customary for companies in the same or similar businesses, in each case with financially sound and reputable insurers. The Bank shall be named as loss payee on all property loss policies for inventory and
the Bank shall be named as additional insured on all liability policies. 
 Section 5.03. Inspection of Property, Books
and Records. The Borrower will keep, and will cause each of its Subsidiaries to keep, proper books of record and account in which full, true and correct entries shall be made of all dealings and transactions in relation to its business and
activities. The Borrower will permit, and will cause each of its Subsidiaries to permit, representatives of the Bank, at Borrower’s expense to visit and inspect any of their respective properties, to examine and make abstracts from any of their
respective books and records, to discuss their respective affairs, finances and accounts with their respective officers and independent public accountants and to otherwise conduct inventory inspections, appraisals, collateral audits or other field
examinations provided that unless an Event of Default shall have occurred hereunder, the Bank may not conduct field examinations under the terms of this Agreement (but may conduct them to the extent permitted under the Revolving Credit Agreement)
and the exercise by the Bank of its rights under this sentence shall require reasonable prior notice to the Borrower and shall be conducted during normal business hours in a reasonable manner so as not to disrupt the normal conduct of the
Borrower’s business. Notwithstanding anything contained to the contrary herein or in any of the Loan Documents, upon the occurrence of an Event of Default, the Bank may visit and inspect the Borrower, any of its Subsidiaries and any of their
respective properties in order to examine and make abstracts from any of their respective books and records, to discuss their respective affairs, finances and accounts with their respective officers and independent public accountants and to
otherwise conduct inventory inspections, appraisals, collateral audits or other field examinations as often as may reasonably be desired. 
 Section 5.04. Use of Proceeds. The proceeds of the Loan will be used to make a principal payment (without a permanent reduction in the underlying revolving commitments) on the amounts

  
 CREDIT AGREEMENT (Second
Lien), Page 16 

 
outstanding under the Revolving Credit Agreement. None of the proceeds of the Loan will be used, directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of buying or
carrying any Margin Stock. 
 Section 5.05. Covenants in the Revolving Credit Agreement. The Borrower will comply,
for the benefit of the Bank, with all the covenants contained in Article V and Section 6.04(b) of the Revolving Credit Agreement. 
 ARTICLE VI. 
 Defaults 

Section 6.01. Events of Default. If one or more of the following events (“Events of Default”) shall have
occurred and be continuing: 
 (a) (i) the Borrower shall fail to pay when due any principal on the Loan or (ii) the
Borrower shall fail to pay interest on the Loan, any fees or any other amount payable hereunder or under any other Loan Document within five (5) days of the time such amount is due; 

(b) the Borrower shall fail to observe or perform any covenant contained in Sections 5.01 or 5.05 hereof or
Sections 5.09 to 5.21, inclusive of the Revolving Credit Agreement; 
 (c) the Borrower shall fail to observe
or perform any covenant or agreement contained in the Loan Document (other than those covered by clause (a) or (b) above) for thirty (30) days after written notice thereof has been given to the Borrower by the Bank;

 (d) any representation, warranty, certification or statement made by the Borrower in this Agreement or any other Loan
Document or in any certificate, financial statement or other document delivered pursuant to this Agreement or any other Loan Document shall prove to have been incorrect in any material respect when made (or deemed made); 

(e) the Borrower or any Subsidiary shall fail to make any payment in respect of any Material Debt when due or within any applicable grace
period; 
 (f) any event or condition shall occur which results in the acceleration of the maturity of any Material Debt or
enables (or, with the giving of notice or lapse of time or both, would enable) the holder of such Material Debt or any Person acting on such holder’s behalf to accelerate the maturity thereof or, under circumstances in the nature of a default,
to require the prepayment or repurchase thereof prior to the maturity thereof; 
 (g) the Borrower or any Domestic Subsidiary
shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment
of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or
other proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due, or shall take any corporate action to authorize any of the foregoing; 

  
 CREDIT AGREEMENT (Second
Lien), Page 17 

 (h) an involuntary case or other proceeding shall be commenced against the Borrower or any
Domestic Subsidiary seeking liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator,
custodian or other similar official of it or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of sixty (60) days; or an order for relief shall be entered
against the Borrower or any Subsidiary under the federal bankruptcy laws as now or hereafter in effect; 
 (i) one or more
judgments or orders for the payment of money in an aggregate amount in excess of $10,000,000 shall be rendered against the Borrower or any Subsidiary or a combination thereof and shall continue unsatisfied and unstayed for a period of 60 days, or
any action shall be legally taken by a judgment creditor to levy upon assets or properties of the Borrower or any Subsidiary to enforce any such judgment; 
 (j) the Security Agreement shall cease to be, or shall be asserted by the Borrower not to be, a valid and binding obligation of the Borrower, creating Liens in the Collateral; or 

(k) any Event of Default under the Revolving Credit Agreement 
 then, and in every such event, the Bank may (i) by notice to the Borrower terminate the Commitment and it shall thereupon terminate, (ii) by notice to the Borrower declare the Loan and the Note
(together with accrued interest thereon) to be, and the Loan and the Note (together with accrued interest thereon) shall thereupon become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are
hereby waived by the Borrower, or, (iii) do any combination of the foregoing; provided that in the case of any of the Events of Default specified in clause (g) or (h) above with respect to the Borrower, without any
notice to the Borrower or any other act by the Bank, (i) the Commitment shall thereupon terminate, and (ii) the Loan and the Note (together with accrued interest thereon) shall become immediately due and payable without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. Upon the occurrence of any Event of Default, the Bank may exercise any and all other rights and remedies afforded by the laws of the State of New York or
any other jurisdiction, by any of the Loan Documents, by equity, or otherwise. 
 Section 6.02. Management; Collection
of Accounts. The rights of the Bank under this Section 6.02 are subject to compliance with the terms of the Intercreditor Agreement. 
 (a) Upon the occurrence of an Event of Default, the Borrower will, at the Bank’s request, at the Borrower’s cost and expense but subject to the terms of the Intercreditor Agreement, collect and
otherwise enforce as the Bank’s property and in trust for Bank all amounts payable on or otherwise receivable with respect to the Accounts and Inventory of the Borrower. In such event, as to all moneys so collected and all other proceeds of
Accounts and Inventory received by the Borrower, the Borrower shall receive in trust and shall deliver to the Bank or, the agent under the Revolving Credit Agreement (or to a Lockbox Account or the Concentration Account, as such terms are defined in
the Revolving Credit Agreement) in original form and on the date of receipt thereof, all checks, drafts, notes, money orders, acceptances, cash and other evidences of indebtedness. Upon any termination of the Borrower’s authority to collect and
enforce the Accounts and amounts payable with respect to Inventory (which Bank may do at any time after the occurrence of an Event of Default, or the occurrence of any event which, with the passage of time or giving of a Default notice or both,
would constitute an Event of Default), Bank may send a notice of assignment and/or notice of the Bank’s security interest to any and all customers or any third party otherwise concerned with any of the Accounts or such Inventory, and thereafter
Bank shall have the sole right (subject to the terms of the Intercreditor Agreement) to collect and receive and/or take possession of the Accounts and such other amounts and the books and records relating thereto. 

  
 CREDIT AGREEMENT (Second
Lien), Page 18 

 (b) (i) the Borrower hereby constitutes the Bank or its designees as the Borrower’s
attorney–in–fact with power: to receive, endorse, assign and/or deliver in its name or the name of the Borrower any notes, acceptances, checks, drafts, money orders or other evidences of payment or account that may come into its possession
and the Borrower hereby waives notice of presentment, protest and non–payment of any instrument so endorsed; to sign the Borrower’s name on any invoice or bill of lading relating to any of the Accounts; and to send verifications of
Accounts; to do all other acts and things necessary to carry out this Agreement and, upon the occurrence of an Event of Default, to notify postal service authorities to change the address for delivery of mail addressed to the Borrower to such
address as the Bank or the agent under the Revolving Credit Agreement may designate. All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission,
for any error of judgment or for any mistake of fact or law, provided that the Bank or its designees shall not be relieved of liability to the extent it is determined by a final judicial decision that its act, error or mistake constituted gross
negligence or willful misconduct. This power of attorney, being coupled with an interest, is irrevocable until all of the Obligations are paid in full and the Commitment is terminated. 

(ii) The Bank, without notice to or consent of the Borrower, upon the occurrence of an Event of Default, (A) may make demand on,
sue upon or otherwise collect, extend the time of payment of, or compromise or settle for cash, credit or otherwise upon such terms as shall be determined by Bank in its sole discretion, any of the Accounts or any securities, instruments or
insurance applicable thereto and/or release the obligor thereon; and (B) is authorized and empowered to accept the return of the goods represented by any of the Accounts. 
 (c) Nothing herein contained shall be construed to constitute the Borrower as agent of Bank for any purpose whatsoever, and the Bank shall not be responsible or liable for any shortage, discrepancy,
damage, loss or destruction of any part of the Collateral wherever the same may be located and regardless of the cause thereof (except for the Bank’s obligations, if any, under the Uniform Commercial Code with respect thereto or to the extent
it is determined by a final judicial decision that Bank’s act or omission constituted gross negligence or willful misconduct). The Bank shall not, under any circumstances or in any event whatsoever, have any liability for any error or omission
or delay of any kind occurring in the settlement, collection or payment of any of the Accounts or any instrument received in payment thereof or for any damage resulting therefrom (except to the extent it is determined by a final judicial decision
that Bank’s error, omission or delay constituted gross negligence or willful misconduct). The Bank, by anything herein or in any assignment or otherwise, do not assume any of the Borrower’s obligations under any contract or agreement
assigned to Bank, and the Bank shall not be responsible in any way for the performance by Borrower of any of the terms and conditions thereof. 
 (d) If any of the Accounts include a charge for any tax payable to any governmental tax authority, the Bank is hereby authorized (but in no event obligated) to pay the amount thereof to the proper taxing
authority for the Borrower’s account and to charge Borrower’s account therefor. The Borrower shall notify the Bank if any Accounts include any tax due to any such taxing authority and, in the absence of such notice, the Bank shall have the
right to retain the full proceeds of such Accounts and shall not be liable for any taxes that may be due from the Borrower by reason of the sale and delivery creating such Accounts. 

Section 6.03. Collateral Custodian. If an Event of Default exists and the Bank is either exercising its remedies with respect
to the Collateral or otherwise acting to protect its interests in the Collateral, the Bank may at any time and from time to time employ and maintain in the premises of the 

  
 CREDIT AGREEMENT (Second
Lien), Page 19 

 
Borrower a custodian selected by the Bank who shall have full authority to do all acts necessary to protect the Bank’s interests and to report to the Bank thereon. The Borrower hereby agrees
to cooperate with any such custodian and to do whatever the Bank may reasonably request to preserve the Collateral. All costs and expenses incurred by the Bank by reason of the employment of the custodian shall be payable by the Borrower and added
to the Obligations. 
 Section 6.04. Performance by the Bank. If a Default exists, the Borrower shall fail to
perform any covenant or agreement in accordance with the terms of the Loan Documents, Bank may perform or attempt to perform such covenant or agreement on behalf of Borrower. In such event, the Borrower shall, at the request of the Bank, promptly
pay any necessary and reasonable amount expended by the Bank in connection with such performance or attempted performance. Notwithstanding the foregoing, it is expressly agreed that the Bank shall not have any liability or responsibility for the
performance of any obligation of Borrower under the Loan Document. The Bank may be obligated to pay certain amounts to the financial institutions holding the Borrower’s deposit accounts from time to time, including without limitations, fees
owed to such financial institutions arising from their lock box and other deposit account services and amounts sufficient to reimburse such financial institutions for the amount of any item deposited in the related account which is returned unpaid.
In the event the Bank is required to pay any such amounts, the Bank shall notify Borrower and Borrower shall promptly pay any amount so expended by the Bank to the Bank. 
 ARTICLE VII. 
 Change in Circumstances 

Section 7.01. Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest
Period for any LIBOR Rate Borrowing, the Bank determines that the LIBOR Rate will not adequately and fairly reflect the cost to Bank of funding its LIBOR Borrowings for such Interest Period, the Bank shall forthwith give notice thereof to the
Borrower, whereupon until the Bank notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank to make LIBOR Borrowings or to convert outstanding Borrowings into LIBOR Borrowings
shall be suspended, (ii) each outstanding LIBOR Borrowing shall be converted into a Base Rate Borrowing on the last day of the then current Interest Period applicable thereto, and (iii) unless the Borrower notifies the Bank at least two
Domestic Business Days before the date of any LIBOR Rate Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, shall instead be made as a Base Rate Borrowing. 

Section 7.02. Illegality. If, on or after the date of this Agreement, the adoption of any applicable law, rule or regulation,
or any change therein, 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 the Bank (or its LIBOR
Lending Office) 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 the Bank (or its LIBOR Lending Office) to make, maintain or fund
its LIBOR Borrowings and the Bank shall forthwith give notice thereof to the Borrower, whereupon until Bank notifies the Borrower that the circumstances giving rise to such suspension no longer exist, the obligation of Bank to make LIBOR Borrowings
to the Borrower shall be suspended. Before giving any notice to the Borrower pursuant to this Section, the Bank shall designate a different LIBOR Lending Office if such designation will avoid the need for giving such notice and will not, in the
judgment of the Bank, be otherwise disadvantageous to the Bank. If the Bank shall determine that it may not lawfully continue to maintain and fund any of its outstanding LIBOR Borrowings to the Borrower to maturity and shall so specify in such
notice, the Borrower shall immediately prepay in full the then outstanding principal amount of each such LIBOR Borrowing, together with accrued interest 

  
 CREDIT AGREEMENT (Second
Lien), Page 20 

 
thereon. Concurrently with prepaying each such LIBOR Borrowing, the Borrower shall borrow a Base Rate Borrowing in an equal principal amount from the Bank (on which interest and principal shall
be payable contemporaneously with the related LIBOR Borrowings of the other Bank), and the Bank shall make such a Base Rate Borrowing. 
 Section 7.03. Increased Cost and Reduced Return. 
 (a) If on or after
the Effective Date the adoption of any applicable law, rule or regulation, or any change in any applicable law, rule or regulation, 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 the Bank (or its Applicable Lending Office) with any request or directive (whether or not having the force of law) of any such Governmental Authority,
central bank or comparable agency shall impose, modify or deem applicable any reserve, special deposit, insurance assessment or similar requirement (including, without limitation, any such requirement imposed by the Board of Governors of the Federal
Reserve System, against assets of, deposits with or for the account of, or credit extended by, the Bank (or its Applicable Lending Office) or shall impose on the Bank (or its Applicable Lending Office) or on the United States market for certificates
of deposit or the London interbank market any other condition affecting its LIBOR Borrowings or its obligation to make such LIBOR Borrowings and the result of any of the foregoing is to increase the cost to Bank (or its Applicable Lending Office) of
making or maintaining any LIBOR Borrowing to the Borrower, or to reduce the amount of any sum received or receivable by Bank (or its Applicable Lending Office) under this Agreement or under the Note with respect thereto, by an amount reasonably
deemed by the Bank to be material, then, within 15 days after demand by the Bank setting forth the circumstances giving rise to such demand and a calculation of the amount or amounts demanded, the Borrower shall pay to the Bank such additional
amount or amounts as will compensate the Bank for such increased cost or reduction. 
 (b) If the Bank shall have determined
that, after the Effective Date, the adoption of any applicable law, rule or regulation regarding capital adequacy, or any change therein, 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 any request or directive regarding capital adequacy (whether or not having the force of law) of any such authority, central bank or comparable agency, has or would have
the effect of reducing the rate of return on the capital of the Bank (or its Parent) as a consequence of the Bank’s obligations hereunder to a level below that which the Bank (or its Parent) could have achieved but for such adoption, change,
request or directive (taking into consideration its policies with respect to capital adequacy) by an amount deemed by the Bank to be material, then from time to time, within 15 days after demand by the Bank, the Borrower shall pay to the Bank such
additional amount or amounts as will compensate the Bank (or its Parent) for such reduction. 
 (c) The Bank will promptly
notify the Borrower of any event of which it has knowledge, occurring after the Effective Date, which will entitle the Bank to compensation pursuant to this Section and will designate a different Applicable Lending Office if such designation will
avoid the need for, or reduce the amount of, such compensation and will not, in the judgment of the Bank, be otherwise disadvantageous to the Bank. A certificate of the Bank claiming compensation under this Section and setting forth the additional
amount or amounts to be paid to it hereunder shall be conclusive in the absence of manifest error. In determining such amount, the Bank may use any reasonable averaging and attribution methods. 

(d) Failure or delay on the part of the Bank to demand compensation pursuant to this Section shall not constitute a waiver of the
Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate the Bank pursuant to this Section for any increased costs or 

  
 CREDIT AGREEMENT (Second
Lien), Page 21 

 
reduced returns incurred more than 270 days prior to the date the Bank notifies the Borrower thereof and of the Bank’s intention to claim compensation therefor; provided further that, if the
change in law or in the application of law giving rise to such increased costs or reduced returns is retroactive, than the 270–day period referred to above shall be extended to include the period of retroactive effect thereof. 

Section 7.04. Taxes. 
 (a) For purposes of this Section 7.04(a), the following terms have the following meanings: 
 “Taxes” means any and all present or future taxes, duties, levies, imposts, deductions, charges or withholdings with respect to any payment by the Borrower pursuant to this Agreement or
under any other Loan Document, and all liabilities with respect thereto, including any taxes, duties, levies, imposts, deductions, charges or withholdings with respect to any payment by the Borrower that would not have been imposed on a payment by
the Borrower, but excluding (i) in the case of the Bank, taxes imposed on its income, and franchise or similar taxes imposed on it, by a jurisdiction under the laws of which the Bank is organized or in which its principal executive office is
located or in which its Applicable Lending Office is located, (ii) in the case of the Bank, taxes imposed solely by reason of Bank doing business in the jurisdiction imposing such tax, other than as a result of this Agreement or any other Loan
Documents or any transaction contemplated hereby (including the negotiation of any of the foregoing) and (iii) in the case of the Bank, any withholding tax imposed on such payments but only at a rate equal to the United States withholding tax
that the Bank is (or would be) subject to on such payments by the Borrower at the time the Bank first becomes a party to this Agreement. 
 “Other Taxes” means any present or future stamp or documentary taxes and any other excise or property taxes, or similar charges or levies, which arise from any payment made pursuant to
this Agreement or under any other Loan Document or from the execution or delivery of, or otherwise with respect to, this Agreement or any other Loan Documents. 
 (b) Any and all payments by the Borrower to or for the account of the Bank hereunder or under any other Loan Document shall be made without deduction for any Taxes or Other Taxes; provided that, if the
Borrower shall be required by law to deduct any Taxes or Other Taxes from any such payments, (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums
payable under this Section) the Bank receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions, (iii) the Borrower shall pay the full amount deducted to the
relevant taxation authority or other authority in accordance with applicable law and (iv) the Borrower shall furnish to the Bank the original or a copy of a receipt evidencing payment thereof. 

(c) The Borrower agrees to indemnify the Bank for the full amount of Taxes or Other Taxes (including, without limitation, any Taxes or
Other Taxes imposed or asserted on amounts payable under this Section) paid by the Bank and any liability (including penalties, interest and expenses) arising therefrom or with respect thereto. This indemnification shall be paid within 15 days after
the Bank makes written demand therefor. After the Bank learns of the imposition of Taxes or Other Taxes, the Bank will act in good faith promptly to notify the relevant Borrower of its obligations hereunder. 

  
 CREDIT AGREEMENT (Second
Lien), Page 22 

 (d) If the Borrower is required to pay additional amounts to or for the account of the Bank
pursuant to this Section, then the Bank will change the jurisdiction of its Applicable Lending Office if such change (i) will eliminate or reduce any such additional payment which may thereafter accrue and (ii) in the judgment of the Bank,
is not otherwise disadvantageous to the Bank. 
 (e) If the Bank shall receive a refund (including any offset or credit) from a
taxation authority (as a result of any error in the imposition of Taxes or Other Taxes by such taxation authority) of any Taxes or Other Taxes paid by the Borrower pursuant to Section 7.04(b) or (c), the Bank shall promptly pay to
the Borrower the amount so received, with interest received from the taxation authority with respect to such refund. 

Section 7.05. Base Rate Borrowings Substituted for Affected LIBOR Borrowings. If (i) the obligation of the Bank to make
LIBOR Borrowings to the Borrower has been suspended pursuant to Section 7.02 or (ii) the Bank has demanded compensation from the Borrower under Section 7.03 or 7.04 with respect to its LIBOR Borrowings and the
Borrower shall, by at least five LIBOR Business Days’ prior notice to the Bank, have elected that the provisions of this Section shall apply, then, unless and until the Bank notifies the Borrower that the circumstances giving rise to such
suspension or demand for compensation no longer apply: 
 (a) all Borrowings which would otherwise be made by the Bank as LIBOR
Borrowings shall be made instead as Base Rate Borrowings, and 
 (b) after each of its LIBOR Borrowings has been repaid, all
payments of principal which would otherwise be applied to repay such LIBOR Borrowings shall be applied to repay its Base Rate Borrowings instead. 
 Section 7.06. Substitution of Bank. If (i) the obligation of the Bank to make or maintain LIBOR Borrowings has been suspended pursuant to Section 7.02 or (ii) the Bank
has demanded compensation under Section 7.03 or is receiving increased payments or indemnification payments under Section 7.04, the Borrower shall have the right to seek an other Person (“Substitute Bank”) to
purchase all (but not less than all) of the Note and, if the Borrower locates a Substitute Bank, the Bank shall, upon payment to it of the purchase price agreed between it and the Substitute Bank (or, failing such agreement, a purchase price in the
amount of the outstanding principal amount of its Loans and accrued interest thereon to the date of payment) plus any amount (other than principal and interest) then due to it or accrued for its account hereunder, assign all its rights and
obligations under this Agreement and the Notes to the Substitute Bank, and the Substitute Bank shall assume such rights and obligations, whereupon the Substitute Bank shall be a Bank party to this Agreement and shall have all the rights and
obligations of a Bank. Any assignment by Bank pursuant to this Section shall be treated as a prepayment of the Bank’s LIBOR Borrowings for purposes of Section 2.09. 

ARTICLE VIII. 

Miscellaneous 
 Section 8.01. Notices. All notices, requests and other communications to any party hereunder shall be in writing (including bank wire, .pdf, facsimile transmission or similar writing) and
shall be given to such party either (a) at its address or its telecopy number set forth on the signature pages hereof or (b) in the case of any party, such other address or other telecopy or telex number as such party may hereafter specify
for the purpose by notice to the other party. Each such notice, request or other communication shall be effective (i) if given by telecopy, when such telecopy is transmitted to the telecopy number specified in this Section and the appropriate
confirmation of receipt or answerback is 

  
 CREDIT AGREEMENT (Second
Lien), Page 23 

 
received, (ii) if given by mail, 72 hours after such communication is deposited in the mails with first class postage prepaid, addressed as aforesaid or (iii) if given by any other
means, when delivered at the address specified in this Section; provided that notices to the Bank under Article II or Article VII shall not be effective until received. 

Section 8.02. No Waivers. No failure or delay by the Bank in exercising any right, power or privilege hereunder or under any
other Loan Document shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided
shall be cumulative and not exclusive of any rights or remedies provided by law. 
 Section 8.03. Expenses;
Indemnification. 
 (a) The Borrower shall pay all reasonable out–of–pocket expenses of the Bank, including
reasonable fees and disbursements of counsel for the Bank in connection with the preparation and administration of this Agreement and the other Loan Documents, any waiver or consent hereunder or thereunder or any amendment hereof or thereof or any
Default or alleged Default hereunder and the collection, bankruptcy, insolvency and other enforcement proceedings resulting therefrom and any fees and expenses incurred in connection with field examinations of the Collateral (if payment is required
by the Borrower) and inventory appraisals; provided that when no Default exists, the Bank shall not incur more than $10,000 in fees or expenses (relating to a single expense or a series of expenses) without prior written consent from the Borrower,
provided further that the forgoing limitation does not apply to (A) reasonable fees and expenses of the Bank’s legal counsel or (B) any other expenditure which has been previously approved by the Borrower. 

(b) The Borrower indemnifies the Bank and its Related Parties (each an “Indemnitee”) and hold each such Indemnitee
harmless from and against any and all liabilities, losses, damages, costs and expenses of any kind (including any of the foregoing with respect to environmental laws applicable to the Borrower or any Subsidiary), including, without limitation, the
reasonable fees and disbursements of counsel, which may be actually incurred by such Indemnitee in connection with any investigative, administrative or judicial proceeding (whether or not such Indemnitee shall be designated a party thereto) brought
or threatened relating to or arising out of the Loan Documents or any actual or proposed use of proceeds of Loan; provided that no Indemnitee shall have the right to be indemnified hereunder for its own gross negligence or willful misconduct as
determined by a final nonappealable judgment of a court of competent jurisdiction. 

  
 CREDIT AGREEMENT (Second
Lien), Page 24 

 Section 8.04. Setoffs. In addition to any rights and remedies of the Bank
provided by law but subject to the obligations under the Intercreditor Agreement, the Bank shall have the right, without prior notice the Borrower or any of its Subsidiaries, any such notice being expressly waived to the extent permitted by
applicable law, upon any amount becoming due and payable by the Borrower or any of its Subsidiaries hereunder (whether at the stated maturity, by acceleration or otherwise) or under any of the other Loan Documents, to set off and appropriate and
apply against such amount any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or
contingent, matured or unmatured, at any time held or owing by Bank or any branch or agency thereof to or for the credit or the account of the Borrower or any of its Subsidiaries, as the case may be, and whether or not Bank is otherwise fully
secured. The Bank agrees promptly to notify the Borrower and the Bank after any such setoff and application made by Bank, provided, that the failure to give such notice shall not affect the validity of such setoff and application. 

Section 8.05. Amendments and Waivers. Any provision of this Agreement may be amended or waived if, but only if, such
amendment or waiver is in writing and is signed by, or approved in writing by, the Borrower and the Bank. 
 Section 8.06.
Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise
transfer any of its rights or obligations hereunder without the prior written consent of the Bank (and any attempted assignment or transfer by the Borrower without such consent shall be null and void). Nothing in this Agreement, expressed or
implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, and Persons to whom participation interests have been sold (to the extent provided in this Section) and,
to the extent expressly contemplated hereby, the Related Parties of the Bank) any legal or equitable right, remedy or claim under or by reason of this Agreement. The Bank may, with the consent of the Borrower (which consent shall not be unreasonably
withheld or delayed and shall not be required if an Event of Default exists), assign to a Person all of the Bank’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loan). The Bank may, without
the consent of the Borrower, pledge and sell participations to one or more Persons in all or a portion of Bank’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loan). The Borrower agrees that
each Person to whom the Bank has sold a participation interest hereunder shall be entitled to the benefits of Article VII to the same extent as if it were a Bank and had acquired its interest by assignment. To the extent permitted by law,
each such participant also shall be entitled to the benefits of Section 8.04 as though it were the Bank. 

Section 8.07. Governing Law; Submission to Jurisdiction. This Agreement, the Note and each other Loan Document shall be
governed by and construed in accordance with the laws of the State of New York (other than those conflict of law provisions that would defer to the substantive laws of another jurisdiction). Without in any way limiting the preceding choice of law,
the parties elect to be governed by New York law in accordance with, and are relying (at least in part) on, Section 5–1401 of the General Obligations Law of the State of New York. The Borrower hereby submits to the nonexclusive
jurisdiction of the United States District Court for the Southern District of New York and of any New York State court sitting in New York City for purposes of all legal proceedings arising out of or relating to this Agreement or the transactions
contemplated hereby. The Borrower irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such
proceeding brought in such a court has been brought in an inconvenient forum. 

  
 CREDIT AGREEMENT (Second
Lien), Page 25 

 Section 8.08. Counterparts; Integration. This Agreement may be signed in any
number of counterparts and on telecopy or other electronic counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement constitutes the entire agreement
and understanding among the parties hereto and supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof. 
 Section 8.09. WAIVER OF JURY TRIAL. THE BORROWER AND THE BANK EACH HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT, THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 8.10. Confidentiality.
The Bank agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its affiliates’ directors, officers, employees and agent, including accountants, legal counsel
and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential and the Bank shall be responsible for the
compliance with this paragraph by any Persons to whom such Information was delivered by such Bank) for purposes of evaluating Loan, (b) to the extent requested by any regulatory authority, (c) to the extent otherwise required by applicable
laws and regulations or by any subpoena or similar legal process (in which case, to the extent permitted by law, the party in receipt of such request shall promptly inform the Borrower in advance), (d) in connection with the exercise of any
remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (e) subject to an agreement containing provisions substantially the same as those of this Section, to any assignee of or
participant in, or any prospective assignee of or participant in, any of its rights or obligations under this Agreement, (f) with the written consent of the Borrower or (g) to the extent such Information (i) becomes publicly available
other than as a result of a breach of this Section or (ii) becomes available to the Bank on a nonconfidential basis from a source other than the Borrower or any Subsidiary. For the purposes of this Section, “Information” means all
information received in writing from the Borrower or any Subsidiary relating to the Borrower or any Subsidiary or their businesses, other than any such information that is available to the Bank on a nonconfidential basis prior to disclosure by the
Borrower or any Subsidiary; provided that, in the case of non–financial information received from the Borrower or any Subsidiary after the Effective Date, such information is clearly identified at the time of delivery as confidential. Any
Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such
Information as such Person would accord to its own confidential information. 
 Section 8.11. Replacement Note. Upon
receipt of an appropriate and reasonably acceptable affidavit of an officer of the Bank as to the loss, theft, destruction or mutilation of the Note or of any other Loan Document which is not of public record and, in the case of any such mutilation,
upon surrender and cancellation of such Note or other Loan Document, the Borrower will issue, in lieu thereof, a replacement Note or other Loan Document in the same principal amount (as to the Note) and in any event of like tenor. 

Section 8.12. Usury. All agreements between the Borrower (on the one hand) and the Bank (on the other hand) relating to the
Financing Transactions are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of maturity of the Note or otherwise, shall the amount paid or agreed to be paid for the use or the forbearance of
the indebtedness represented by the Note exceed the maximum permissible under applicable law. In this regard, it is expressly agreed that it is the intent of the Borrower and the Bank, in the execution, delivery and acceptance of the Note, to
contract in strict compliance with the laws of the State of New York. If, under any circumstances 

  
 CREDIT AGREEMENT (Second
Lien), Page 26 

 
whatsoever, performance or fulfillment of any provision of any of the Note or any of the other Loan Documents at the time such provision is to be performed or fulfilled shall involve exceeding
the limit of validity prescribed by applicable law, then the obligation so to be performed or fulfilled shall be reduced automatically to the limits of such validity, and if under any circumstances whatsoever the Bank should ever receive as interest
an amount which would exceed the highest lawful rate, such amount which would be excessive interest shall be applied to the reduction of the principal balance evidenced by the Note and not to the payment of interest. The provisions of this
Section 8.12 shall control every other provision of this Agreement and of the Note. 
 Section 8.13.
Independence of Covenants. All covenants under the Loan Documents shall be given independent effect so that if a particular action is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or be
otherwise within the limitations of, another covenant shall not avoid the occurrence of a Default if such action is taken. 

Section 8.14. USA PATRIOT Act. The Bank that is subject to the requirements of the USA Patriot Act (Title III of Pub. L.
107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies the Borrower that pursuant to the requirements of the Act, it is required to obtain, verify and record information that identifies the Borrower, which information
includes the name and address of the Borrower and other information that will allow Bank to identify the Borrower in accordance with the Act. 
 Section 8.15. OFAC. Borrower represents and warrants that, as of the Effective Date, to its knowledge, neither it nor any Subsidiary of the Borrower: (a) is a Person whose property or
interests in property are blocked or are subject to blocking pursuant to Section 1 of Executive Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit or Support
Terrorism (66 Fed. Reg. 49079(2001) or (b) is otherwise a Person on the list of Specially Designated Nationals and Blocked Persons or subject to the limitations or prohibitions under any other OFAC regulation or executive
order. Neither the Borrower nor any Subsidiary of the Borrower will knowingly (i) engage in any dealings or transactions prohibited by Section 2 of such executive order, or (ii) be otherwise associated with any such Person in any
manner violative of Section 2 of such order. 

  
 CREDIT AGREEMENT (Second
Lien), Page 27 

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

			
	ELIZABETH ARDEN, INC.
		
	By:	 	 /s/ Marcey Becker

		 	Marcey Becker, Senior Vice President, Finance & Corporate Development

 Address: 
 Elizabeth Arden, Inc. 
 2400 SW 145th Avenue 
 Miramar, Florida 33027 
 Attn: Oscar Marina 

Phone No. (954) 364-3514 
 Facsimile No.:
(954) 364-6920 

  
 CREDIT AGREEMENT (Second
Lien), Page 28 

 
			
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	 /s/ Christy L. West

		 	Christy L. West, Authorized Officer

 Address: 
 JPMorgan Chase Bank, N.A. 
 2200 Ross Ave., 9th Floor 

TX1-2921 
 Dallas, TX 75201 

Attention: Christy L. West 
 Telephone No.
(214) 965-2364 
 Telecopy No. (214) 965-2594 
 Lending Office for Base Rate 
 Loans and LIBOR Borrowings: 

10 South Dearborn Street 

22nd
 Floor 
 Chicago, IL 60603-2003 

Attn: Chase Business Credit/Operations 

  
 CREDIT AGREEMENT (Second
Lien), Page 29 

 Index to Exhibits and Schedules 

 

			
	 A
	  	Form of Promissory Note
	 B
	  	Form of Security Agreement

 Schedules 
  

			
	 4.06
	  	Subsidiaries

  
 INDEX TO EXHIBITS AND
SCHEDULES – Solo Page 

 EXHIBIT A 
 TO 
 ELIZABETH ARDEN, INC. 

CREDIT AGREEMENT 

(SECOND LIEN) 

Form of Promissory Note 

  
 EXHIBIT A, Cover Page

 NOTE 
  

			
	$30,000,000	 	June 12, 2012

 For value received, ELIZABETH ARDEN, INC., a Florida corporation (the
“Borrower”), promises to pay to the order of JPMORGAN CHASE BANK, N.A. (the “Bank”), for the account of its Applicable Lending Office, $30,000,000 or, if less, the aggregate unpaid principal amount of the
Bank’s Loan to Borrower then outstanding under the Credit Agreement referred to below on the date or dates provided for in the Credit Agreement. The Borrower promises to pay interest on the unpaid principal amount of the Loan on the dates and
at the rate or rates provided for in the Credit Agreement. All such payments of principal and interest shall be made in lawful money of the United States in Federal or other immediately available funds at the office of the Bank, unless otherwise
directed by the Bank. 
 The Loan made by the Bank, the maturity thereof and all repayments of the principal thereof shall be
recorded by the Bank and, prior to any transfer hereof, appropriate notations to evidence the foregoing information with respect to each such loan then outstanding shall be endorsed by the Bank on a schedule attached hereto; provided that the
failure of the Bank to make any such recordation or endorsement shall not affect the obligations of the Borrower hereunder or under the Credit Agreement. 
 This note is the Note referred to in the Credit Agreement (Second Lien) dated as of June 12, 2012 between the Borrower and the Bank (as the same may be amended or otherwise modified from time to
time, the “Credit Agreement”). Terms defined in the Credit Agreement are used herein with the same meanings. 

The Borrower hereby waives diligence, presentment, protest and notice of any kind whatsoever, other than notices expressly required by
the Credit Agreement. 
 Reference is made to the Credit Agreement for provisions for the prepayment hereof and the acceleration
of the maturity hereof. 
  

			
	ELIZABETH ARDEN, INC.
		
	By:	 	 /s/ Marcey Becker

		 	Marcey Becker, Senior Vice President, Finance & Corporate Development

  
 NOTE, Solo Page 

 EXHIBIT B 
 TO 
 ELIZABETH ARDEN, INC. 

CREDIT AGREEMENT 

(SECOND LIEN) 

Form of Security Agreement 

  
 EXHIBIT B, Cover Page

 SECURITY AGREEMENT 
 SECURITY AGREEMENT, dated as of June 12, 2012, made by ELIZABETH ARDEN, INC., a Florida corporation (the “Grantor”) in favor of JPMorgan Chase Bank, N.A. (the
“Bank”) in connection with that certain Credit Agreement (Second Lien) dated as of June 12, 2012 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”) between the
Grantor and the Bank. 
 RECITALS 
 It is a condition precedent to the obligation of the Bank to entering into the Credit Agreement that the Grantor shall have executed and delivered this Agreement to the Bank. 

NOW, THEREFORE, in consideration of the premises and to induce the Bank to enter into the Credit Agreement and to induce the Bank to make
the loan to the Grantor under the Credit Agreement, the Grantor hereby agrees with the Bank as follows: 
 SECTION 1. DEFINED
TERMS 
 1.1 Definitions. 
 (a) Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement, and the following terms are used herein as defined
in the New York UCC: Accounts, Certificated Security, Documents, and Instruments. 
 (b) The following terms shall have the
following meanings: 
 “Accounts”: all accounts, accounts receivable, other receivables,
evidence of indebtedness, notes, drafts, acceptances, contract rights related thereto and General Intangibles, including, without limitation, all collateral and security therefor (evidencing, without limitation, all guarantees, letters of credit,
liens and security interests in favor of the Grantor) and all rights to the payment of money, in each case whether now owned or hereafter acquired by the Grantor, or in which the Grantor may now have or hereafter acquire an interest. 

“Agreement”: this Security Agreement, as the same may be amended, supplemented or otherwise modified from
time to time. 
 “Collateral” as defined in Section 2. 

“Contracts”: any contract or agreement between the Grantor and any Person or any Affiliate with respect
to the Accounts and the Receivables, or an invoice sent or to be sent by the Grantor, pursuant to or under which any Receivable or Account shall arise or be created, or which evidences a Receivable or an Account. 

“Event of Default”: shall have the meaning as set forth in the Credit Agreement. 

“General Intangibles”: with respect to Receivables and Contracts covered by this Agreement, all
“general intangibles” as such term is defined in Section 9-106 of the New York UCC relating thereto and, in any event, including, without limitation, with respect to the Grantor, all contracts, agreements, instruments and indentures
in any form relating thereto, and portions thereof, to which the Grantor is a party or under which the Grantor has any right, title or interest or to which the Grantor or any property of the Grantor is subject, as the same may from time to time be
amended, supplemented or otherwise modified, including, without limitation, (i) all rights 

  
 SECURITY AGREEMENT, PAGE 3

 
of the Grantor to receive moneys due and to become due to it thereunder or in connection therewith, (ii) all rights of the Grantor to damages arising thereunder and (iii) all rights of
the Grantor to perform and to exercise all remedies thereunder. 
 “Intellectual Property” shall
mean (i) all domestic patents, patent applications, and patent disclosures, together with all reissuances, continuations, continuations-in-part, revisions, extensions, and reexaminations thereof, (ii) all trademarks, service marks, trade
dress, logos, trade names, together with all translations, adaptations, derivations, and combinations thereof and including all goodwill associated therewith, and all applications, registrations and renewals in connection therewith, (iii) all
copyrights, applications, registrations and renewals in connection therewith and (iv) all rights granted or retained in licenses in respect of any of the foregoing. 

“Inventory”: all inventory (as such term is defined in the New York UCC), including without limitation,
all merchandise, raw materials, work in process, parts, components, dies, molds, finished goods, supplies and all goods returned to or repossessed by the Grantor, in each case whether now owned or hereafter acquired by the Grantor, or in which the
Grantor may now have or hereafter acquire an interest. 
 “New York UCC”: the Uniform Commercial
Code as from time to time in effect in the State of New York. 
 “Obligations”: the Obligations
(including, without limitation, interest accruing at the then applicable rate provided in the Credit Agreement after the maturity thereof and interest accruing at the then applicable rate provided in the Credit Agreement after the filing of any
petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Grantor, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding). 

“Proceeds”: all “proceeds” as such term is defined in Section 9-306(1) of the New York
UCC. 
 “Receivable”: any right to payment from any Person or any Affiliate for goods sold or
leased or for services rendered, whether or not such right is evidenced by an Instrument and whether or not it has been earned by performance (including, without limitation, any Account). 

1.2 Other Definitional Provisions. 
 The words “hereof,” “herein”, “hereto” 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, and Section and Schedule references’ are to this Agreement unless otherwise specified. The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of
such terms. 
 SECTION 2. GRANT OF SECURITY INTEREST AND LICENSE 

2.1 Grant of Security Interest. The Grantor hereby assigns and transfers to the Bank, and hereby grants to the Bank a security
interest in, all of the following property now owned or at any time hereafter acquired by the Grantor or in which the Grantor now has or at any time in the future may acquire any right, title or interest (collectively, the
“Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations: 

(a) all Accounts owed by any Person or any Affiliate at any time to the Grantor; 

  
 SECURITY AGREEMENT, PAGE 4

 (b) all Contracts; 

(c) all Documents relating to amounts owed under Accounts at any time from any Person or any Affiliate to the Grantor;

 (d) all General Intangibles relating to Accounts owed by any Person or any Affiliate at any time to the
Grantor or to the Contracts; 
 (e) all Instruments relating to amounts owed under Accounts at any time from any
Person or any Affiliate to the Grantor; 
 (f) all Receivables; 

(g) all Inventory; 
 (h) all books, records and documents pertaining to the Collateral; 

(i) to the extent not otherwise included, all Proceeds and products of any and all of the foregoing and all collateral
security and guarantees given by any Person with respect to any of the foregoing; and 
 (j) to the extent not
otherwise included, all accessions, additions or improvements to, all replacements, substitutions and parts for, and all proceeds and products of any of the foregoing. 
 2.2 Grant of License. As a condition and in consideration for entering this Agreement, the Grantor hereby grants to the Bank a worldwide, limited, non-exclusive, royalty-free, fully paid-up license
and right to use the Intellectual Property to liquidate the Inventory encumbered pursuant to this Agreement, until such time as said Inventory has been fully exhausted. The right granted hereunder shall at all times be subject to the rights of
others set forth in the Intercreditor Agreement. 
 SECTION 3. REPRESENTATIONS AND WARRANTIES 

To induce the Bank to enter into the Credit Agreement and to make the extension of credit to the Grantor under the Credit Agreement, the
Grantor hereby represents and warrants to the Bank that: 
 3.1 Title; No Other Liens. Except for the security interest
granted to the Bank pursuant to this Agreement, the other Liens in favor of Bank of America, N.A., as collateral agent (the “Collateral Agent”) under the Revolving Credit Agreement encumbering the Collateral as described in the
Intercreditor Agreement and the other Liens permitted by the Credit Agreement, the Grantor owns each item of the Collateral free and clear of any and all Liens or claims of others. No financing statement or other public notice with respect to all or
any part of the Collateral is on file or of record in any public office, except such as have been filed in favor of the Bank pursuant to this Agreement, as have been filed in favor of the Collateral Agent pursuant to the Revolving Credit Agreement
or as are otherwise permitted by the Credit Agreement. 
 3.2 Perfected Liens. The security interests granted pursuant to
this Agreement (a) upon completion of the filings and other actions specified on Schedule A (which, in the case of all filings and other documents referred to on said Schedule, have been delivered to the Bank in completed and duly
executed form) will constitute valid perfected security interests in all of the Collateral in which a security interest can be perfected by the filing of a financing statement and/or the other filings and actions

  
 SECURITY AGREEMENT, PAGE 5

 
specified on Schedule A in favor of the Bank as collateral security for the Obligations, enforceable in accordance with the terms hereof against all creditors of the Grantor and any
Persons purporting to purchase any Collateral from the Grantor and (b) are prior to all other Liens on the Collateral in existence on the date hereof except for the Liens of the Collateral Agent governed by the terms of the Intercreditor
Agreement. 
 3.3 Chief Executive Office. On the date hereof, the Grantor’s jurisdiction of organization and the
location of the Grantor’s chief executive office or sole place of business are specified on Schedule B. 
 3.4
Receivables. No material amount payable to the Grantor under or in connection with any Receivable is evidenced by any Instrument which has not been delivered to the Collateral Agent. The amounts represented by the Grantor to the Bank from
time to time as owing to the Grantor in respect of the Receivables will at such times be accurate. 
 SECTION 4. COVENANTS

 The Grantor covenants and agrees with the Bank that, from and after the date of this Agreement until the Obligations shall
have been paid in full in cash: 
 4.1 Delivery of Instruments, Certificated Securities. If any amount payable under or
in connection with any of the Collateral shall be or become evidenced by any Instrument or Certificated Security, such Instrument or Certificated Security shall be promptly delivered to the Collateral Agent or the Bank, duly endorsed in a manner
satisfactory to the Bank, to be held as Collateral pursuant to this Agreement. 
 4.2 Maintenance of Perfected Security
Interest; Further Documentation. 
 (a) The Grantor shall maintain the security interest created by this Agreement as a
perfected security interest having at least the priority described in Section 3.2 and shall defend such security interest against the claims and demands of all Persons whomsoever. 

(b) The Grantor will furnish to the Bank from time to time statements and schedules further identifying and describing the assets and
property of the Grantor and such other reports in connection therewith relating to Collateral as the Bank may reasonably request, all in reasonable detail. 
 (c) At any time and from time to time, upon the written request of the Bank, and at the sole expense of the Grantor, the Grantor will promptly and duly execute and deliver, and have recorded, such further
instruments and documents and take such further actions as the Bank may reasonably request for the purpose of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted, including, without limitation,
(i) filing any financing or continuation statements under the Uniform Commercial Code (or other similar laws) in effect in any jurisdiction with respect to the security interests created hereby and (ii) in the case of any other relevant
Collateral, taking any actions necessary to enable the Bank to obtain “control” (within the meaning of the applicable Uniform Commercial Code), if necessary for perfection, with respect thereto. 

(d) Notwithstanding the foregoing however, if no Default exists: 

(i) the Grantor may retain for collection in the ordinary course of business checks representing proceeds of Accounts and
Receivables received in the ordinary course of business and may otherwise handle such proceeds in accordance with the requirements of the Revolving Credit Agreement; 

  
 SECURITY AGREEMENT, PAGE 6

 (ii) the Grantor may retain any letters of credit and money received or held
in the ordinary course of business and may otherwise handle such Collateral in accordance with the requirements of the Revolving Credit Agreement; 
 (iii) the Grantor may retain any documents received and further negotiated in the ordinary course of business and may otherwise handle such Collateral in accordance with the requirements of the Revolving
Credit Agreement; and 
 (iv) except as contemplated by the Intercreditor Agreement, the Grantor shall not be
required to: 
 (A) grant the Bank control over any deposit, commodity or security account, any chattel paper or
letter of credit right included in the Collateral and may otherwise handle such Collateral in accordance with the requirements of the Revolving Credit Agreement; and 

(B) obtain and deliver to the Bank any waivers, subordinations or acknowledgments from any third party who has possession
or control of any Collateral, including any agent, landlord or bailee; 
 If an Event of Default exists and the Bank requests, then, subject to
the prior rights of and directions from the Collateral Agent, the Grantor the shall take such action as the Bank may reasonably request to perfect and protect the security interests of the Bank in all of the Collateral including any of the
Collateral described in clauses (A) and (B) above, including the following actions, subject to the Intercreditor Agreement: (i) the delivery to the Collateral Agent or, subject to the terms of the Intercreditor Agreement, the Bank all
Collateral the possession of which is necessary to perfect the security interest of the Bank therein; (ii) instructing all account debtors to make payment on Accounts and any other Collateral to a post office box or boxes or to a deposit
account under the control and in the name of the Bank. The Grantor agrees that if any proceeds of any Collateral (including payments made in respect of accounts or payment intangible) shall be received by it while a Default exists, it shall promptly
deliver such proceeds to the Bank with any necessary endorsements, and until such proceeds are delivered to the Bank, such proceeds shall be held in trust by it for the benefit of the Bank and shall not be commingled with any other funds or property
of it) and (iii) any other of the actions excused pursuant to clauses (A) and (B) above. 
 4.3 Changes in
Locations, Name, etc. The Grantor will not, except upon 30 days’ prior written notice to the Bank and delivery to the Bank of (a) all additional executed financing statements and other documents reasonably requested by the Bank to
maintain the validity, perfection and priority of the security interests provided for herein and (b) if applicable, a written supplement to Schedule A showing any additional location at which Collateral shall be kept: (i) change its
jurisdiction of organization or the location of its chief executive office or sole place of business from that referred to in Section 3.3; or (ii) change its name, identity or corporate structure to such an extent that any financing
statement filed by the Bank in connection with this Agreement would become misleading. 
 4.4 Notices. The Grantor will
advise the Bank promptly, in reasonable detail, of any Lien (other than Liens created hereby, the Liens of the Collateral Agent governed by the Intercreditor Agreement or other Liens permitted under the Credit Agreement) on any of the Collateral
which would adversely affect the ability of the Bank to exercise any of its remedies hereunder; and of the occurrence of any other event which could reasonably be expected to have a material adverse effect on the aggregate value of the Collateral or
on the Liens created hereby. 
 4.5 Receivables. Other than in the ordinary course of business consistent with its past
practice, the Grantor will not (i) grant any extension of the time of payment of any Receivable, (ii)

  
 SECURITY AGREEMENT, PAGE 7

 
compromise or settle any Receivable for less than the full amount thereof, (iii) release, wholly or partially, any Person or any Affiliate liable for the payment of any Receivable,
(iv) allow any credit or discount whatsoever on any Receivable or (v) amend, supplement or modify any Receivable in any manner that could materially adversely affect the value thereof. 

SECTION 5. REMEDIAL PROVISIONS 
 5.1 Certain Matters Relating to Receivables. 
 (a) If required by the Bank
at any time after the occurrence and during the continuance of an Event of Default, any payments of Receivables, when collected by the Grantor, (i) shall be forthwith deposited by the Grantor in the exact form received, duly endorsed by the
Grantor to the Collateral Agent or, subject to the terms of the Intercreditor Agreement, to the Bank if required, in a collateral account maintained under the dominion and control of to the Collateral Agent or, subject to the terms of the
Intercreditor Agreement, to the Bank as collateral security for the Obligations, subject to withdrawal by the Bank in payment of the Obligations as provided in Section 5.2, and (ii) until so turned over, shall be held by the Grantor in
trust for the Bank, segregated from other funds of the Grantor. Each such deposit of Proceeds of Receivables shall be accompanied by a report identifying in reasonable detail the nature and source of the payments included in the deposit. 

(b) Anything herein to the contrary notwithstanding, the Grantor shall remain liable under each of the Receivables and the Contracts to
observe and perform all the conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of any agreement giving rise thereto. The Bank shall not have any obligation or liability under any Receivable (or
any agreement giving rise thereto) or Contract by reason of or arising out of this Agreement or the receipt by the Bank of any payment relating thereto, nor shall the Bank be obligated in any manner to perform any of the obligations of the Grantor
under or pursuant to any Receivable (or any agreement giving rise thereto) or Contract, to make any payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of any performance by any
party thereunder, to take any action to enforce any performance or to collect the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times. 

5.2 Application of Proceeds. After an Event of Default shall have occurred and be continuing, at any time at the Bank’s
election, the Bank may apply all or any part of Proceeds held in any collateral account and all other Proceeds in payment of the Obligations in such order as the Bank may elect, and any part of such funds which the Bank elects not to so apply and
deems not required as collateral security for the Obligations shall be paid over from time to time by the Bank to the Grantor or to whomsoever may be lawfully entitled to receive the same. Any balance of such Proceeds remaining after the Obligations
shall have been paid in full shall be turned over to whomsoever may be lawfully entitled to receive the same. 
 5.3 Code and
Other Remedies. After an Event of Default shall have occurred and be continuing, the Bank may exercise, in addition to all other rights and remedies granted to them in this Agreement and in any other instrument or agreement securing, evidencing
or relating to the Obligations, all rights and remedies of a secured party under the New York UCC or any other applicable law. Without limiting the generality of the foregoing, the Bank, without further demand of performance or other demand,
presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below), to or upon the Grantor or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived), may
in such circumstances forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, lease, assign, give option or options to purchase, or otherwise dispose of and deliver the Collateral or
any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s board or office of the Bank or elsewhere upon such terms and conditions as it may

  
 SECURITY AGREEMENT, PAGE 8

 
deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk. The Bank shall have the right upon any such public sale
or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in the Grantor, which right or equity is hereby waived and
released. The Grantor further agrees, at the Bank’s request but subject to the rights of the Collateral Agent and the applicable terms of the Intercreditor Agreement, to assemble the Collateral and make it available to the Bank at places which
the Bank shall reasonably select, whether at the Grantor’s premises or elsewhere. The Bank shall apply the net proceeds of any action taken by it pursuant to this Section 5.3, after deducting all reasonable costs and expenses of every kind
incurred in connection therewith or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Bank hereunder, including, without limitation, reasonable attorneys’ fees and
disbursements, to the payment in whole or in part of the Obligations, in such order as the Bank may elect, and only after such application and after the payment by the Bank of any other amount required by any provision of law, including, without
limitation, Section 9-504(1)(c) of the New York UCC, need the Bank account for the surplus, if any, to the Grantor. To the extent permitted by applicable law, the Grantor waives all claims, damages and demands it may acquire against the Bank
arising out of the exercise by the Bank of any rights hereunder. If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least 10 days before such
sale or other disposition. 
 5.4 Waiver; Deficiency. The Grantor waives and agrees not to assert any rights or
privileges which it may acquire under Section 9-112 of the New York UCC. The Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay the Obligations and the fees
and disbursements of any attorneys employed by the Bank to collect such deficiency. 
 SECTION 6. THE BANK 

6.1 Bank’s Appointment as Attorney-in-Fact, etc. 
 (a) The Grantor hereby irrevocably constitutes and appoints the Bank and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power
and authority in the place and stead of the Grantor and in the name of the Grantor or in its own name, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate action and to execute any and all documents and
instruments which may be necessary or desirable to accomplish the purposes of this Agreement, and, without limiting the generality of the foregoing, the Grantor hereby gives the Bank the power and right, on behalf of the Grantor, without notice to
or assent by the Grantor, to do any or all of the following after and during the continuance of an Event of Default: 
 (i) in
the name of the Grantor or its own name, or otherwise, take possession of and endorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due under any Collateral and file any claim or take any other
action or proceeding in any court of law or equity or otherwise deemed appropriate by the Bank for the purpose of collecting any and all such moneys due under any Collateral whenever payable; 

(ii) execute, in connection with any sale provided for in Section 5, any endorsements, assignments or other instruments of
conveyance or transfer with respect to the Collateral; and 
 (iii) ask or demand for, collect, and receive payment of and
receipt for, any and all moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Collateral; commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent
jurisdiction to collect the Collateral or any portion thereof and to enforce any other right in 

  
 SECURITY AGREEMENT, PAGE 9

 
respect of any Collateral; defend any suit, action or proceeding brought against the Grantor with respect to any Collateral; settle, compromise or adjust any such suit, action or proceeding and,
in connection therewith, give such discharges or releases as the Bank may deem appropriate; and generally, sell, transfer, pledge and make any agreement with respect to or otherwise deal with any of the Collateral as fully and completely as though
the Bank were the absolute owner thereof for all purposes, and do, at the Bank’s option and the Grantor’s expense, at any time, or from time to time, all acts and things which the Bank deems necessary to protect, preserve or realize upon
the Collateral and the Bank’s security interests therein and to effect the intent of this Agreement, all as fully and effectively as the Grantor might do. 
 (b) The expenses of the Bank incurred in connection with actions undertaken as provided in this Section 6.1, together with interest thereon at a rate per annum equal to the highest rate per annum at
which interest would then be payable on any category of past due Base Rate Borrowings under the Credit Agreement, from the date of payment by the Bank to the date reimbursed by the Grantor, shall be payable by the Grantor to the Bank on demand.

 (c) The Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof. All powers,
authorizations and agencies contained in this Agreement are coupled with an interest and are irrevocable until this Agreement is terminated and the security interests created hereby are released. 

6.2 Duty of Bank. The Bank’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral
in its possession, under Section 9-207 of the New York UCC or otherwise, shall be to deal with it in the same manner as the Bank deals with similar property for its own account. Neither the Bank nor any of their respective officers, directors,
employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of the Grantor or
any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. The powers conferred on the Bank hereunder are solely to protect the Bank’s interests in the Collateral and shall not impose any duty
upon the Bank to exercise any such powers. The Bank shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their officers, directors, employees or agents shall be
responsible to the Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct. 
 6.3 Filing of Financing Statements. Pursuant to the New York UCC and any other applicable law, the Grantor authorizes the Bank to file or record financing statements and other filing or recording
documents or instruments with respect to the Collateral without the signature of the Grantor in such form and in such offices as the Bank determines appropriate to perfect the security interests of the Bank under this Agreement. A photographic or
other reproduction of this Agreement shall be sufficient as a financing statement or other filing or recording document or instrument for filing or recording in any jurisdiction. 

6.4 Authority of Bank. The Grantor acknowledges that the rights and responsibilities of the Bank under this Agreement with respect
to any action taken by the Bank or the exercise or non-exercise by the Bank of any option, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Bank and the Collateral
Agent, be governed by the Intercreditor Agreement and by such other agreements with respect thereto as may exist from time to time among them, but the Intercreditor Agreement shall not give the Grantor any substantive rights except as may be
specifically set forth therein and any obligations of the Bank to the Collateral Agent thereunder may not be enforced by the Grantor against the Bank. 

  
 SECURITY AGREEMENT, PAGE 10

 SECTION 7. MISCELLANEOUS 

7.1 Amendments in Writing. None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise
modified except by an agreement in writing between the Grantor and the Bank and except as provided in Section 7.13 below. 
 7.2 Notices. All notices, requests and demands to or upon the Bank or the Grantor hereunder shall be effected in the manner provided for in the Credit Agreement. 

7.3 No Waiver by Course of Conduct; Cumulative Remedies. The Bank shall not by any act (except by a written instrument pursuant to
Section 7.1), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default. No failure to exercise, nor any delay in exercising, on the part of
the Bank, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right,
power or privilege. A waiver by the Bank of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which the Bank would otherwise have on any future occasion. The rights and remedies herein provided
are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law. 

7.4 Enforcement Expenses; Indemnification. 
 (a) The Grantor agrees to pay or reimburse the Bank for all its costs and expenses incurred in enforcing or preserving any rights under this Agreement and the other Loan Documents to which the Grantor is
a party, including, without limitation, the reasonable fees and disbursements of counsel to the Bank. 
 (b) The Grantor agrees
to pay, and to save the Bank harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any of the
Collateral or in connection with any of the transactions contemplated by this Agreement. 
 (c) The Grantor agrees to pay,
indemnify, and hold the Bank and its respective Related Parties (each, an “Indemnitee”) harmless from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind or nature whatsoever with respect to the Obligations and the reasonable fees and expenses of legal counsel in connection with claims, actions or proceedings by such Indemnitee (all the foregoing, collectively, the
“Indemnified Liabilities”), provided, that the Grantor shall have no obligation hereunder to any Indemnitee with respect to Indemnified Liabilities to the extent such Indemnified Liabilities are found by a final and nonappealable
decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnitee. 
 (d) The agreements in this Section 7.4 shall survive repayment of the Obligations and all other amounts payable under the Credit Agreement and the other Loan Documents. 

7.5 Successors and Assigns. This Agreement shall be binding upon the Grantor and on the successors and assigns of the Grantor and
shall inure to the benefit of the Bank and its successors and assigns; provided that Grantor may not assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written consent of the Bank. 

7.6 Set-Off. The Grantor hereby irrevocably authorizes the Bank at any time and from time to time after the occurrence and during
the continuance of any Event of Default without notice to the Grantor, any such notice being expressly waived by the Grantor, to set-off and hold as collateral security 

  
 SECURITY AGREEMENT, PAGE 11

 
in any collateral account or otherwise as cash collateral for the Obligations to be applied to the Obligations when due, any and all deposits (general or special, time or demand, provisional or
final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by the Bank to or for the credit or the account
of the Grantor, or any part thereof in such amounts as the Bank may elect, against and on account of the obligations and liabilities of the Grantor to the Bank hereunder and claims of every nature and description of the Bank against the Grantor, in
any currency, whether arising hereunder or under any other Loan Document or otherwise, as the Bank may elect, whether or not the Bank has made any demand for payment, whether or not any of the Obligations are otherwise fully secured and although
such obligations, liabilities and claims may be contingent or unmatured. The Bank shall notify the Grantor promptly of any such set-off and the application made by the Bank of the proceeds thereof; provided that the failure to give such
notice shall not affect the validity of such set-off and application. The rights of the Bank under this Section 7.6 are in addition to other rights and remedies (including, without limitation, other rights of set-off) which the Bank may have.

 7.7 Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of
separate counterparts (including by telecopy or other electronic communication), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this
Agreement by telecopy or other electronic communication shall be effective as delivery of a manually executed counterpart of this Agreement. 
 7.8 Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

7.9 Section Headings. The Section headings used in this Agreement are for convenience of reference only and are not to affect the
construction hereof or be taken into consideration in the interpretation hereof. 
 7.10 Integration. This Agreement and
the other Loan Documents represent the agreement of the Grantor and the Bank with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Bank relative to subject matter hereof
and thereof not expressly set forth or referred to herein or in the other Loan Documents. 
 7.11 GOVERNING LAW. THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

  
 SECURITY AGREEMENT, PAGE 12

 7.12 Acknowledgments. The Grantor hereby acknowledges that: (a) it has been
advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents to which it is a party; (b) the Bank has no fiduciary relationship with or duty to the Grantor arising out of or in connection with
this Agreement or any of the other Loan Documents, and the relationship between the Grantor, on the one hand, and the Bank, on the other hand, in connection herewith or therewith is solely that of borrower and lender; and (c) no joint venture
is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby between the Grantor and the Bank. 
 IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be duly executed and delivered as of the date first above written. 

 

			
	ELIZABETH ARDEN, INC.
		
	By:	 	 /s/ Marcey Becker

		 	Marcey Becker, Senior Vice President, Finance & Corporate Development

  
 SECURITY AGREEMENT, PAGE 13

 Schedule A 

Filings and Other Actions Required to Perfect Security Interests 

 

			
	Elizabeth Arden, Inc.	 	Florida Secretary of State

 Schedule B 
 Location of Jurisdiction of Organization  
 and Chief Executive
Office 
  

					
	 Company
	 	 State of Incorporation
	 	 Chief Executive Office

			
	 Elizabeth Arden, Inc.
	 	Florida	 	Florida

  
 SCHEDULES TO SECURITY
AGREEMENT, Solo Page 

 Schedule 4.06 
 to 
 Elizabeth Arden, Inc. 

Credit Agreement 

(Second Lien) 

Subsidiaries 

Domestic Subsidiaries 
 DF
Enterprises, Inc. 
 FD Management, Inc. 

RDEN Management, Inc. 
 Elizabeth Arden
International Holding, Inc. 
 Elizabeth Arden (Financing), Inc. 
 Elizabeth Arden Travel Retail, Inc. 
 Foreign Subsidiaries 

Elizabeth Arden (Australia) Pty Ltd. 
 Elizabeth
Arden Handels GmbH 
 Elizabeth Arden (Canada) Limited 
 Elizabeth Arden (Shanghai) Cosmetics & Fragrances Trading, Ltd. 
 Elizabeth Arden
(Denmark) ApS 
 Elizabeth Arden (France) S.A.S. 
 Elizabeth Arden (Italy) S.r.l. 
 Elizabeth Arden Korea Yuhan Hoesa 

Elizabeth Arden (Netherlands) Holding B. V. 

Elizabeth Arden Trading B. V. (Taiwan Branch) 

Elizabeth Arden (New Zealand) Limited 
 Elizabeth
Arden (Norway) AS 
 Elizabeth Arden (Export), Inc. 
 Elizabeth Arden (Puerto Rico), Inc. 
 Elizabeth Arden (Singapore) PTE Ltd. 

Elizabeth Arden (South Africa)(Pty) Ltd. 

Elizabeth Arden España, S.L. 
 Elizabeth
Arden (Sweden) AB 
 Elizabeth Arden (Switzerland) Holding S.a.r.l. 
 Elizabeth Arden International S.a.r.l. 
 Elizabeth Arden (Manufacturing) S.a.r.l. 

Elizabeth Arden (UK) Ltd. 
 Elizabeth Arden
Cosmeticos do Brazil, Ltda. 

  
 SCHEDULE 4.06, Solo Page

 June 25, 2012 
 Elizabeth Arden, Inc. 
 2400 SW 145th Avenue 
 Miramar, Florida 33027 
 Attn: Oscar Marina 

Phone No. (954) 364-3514 
 Facsimile No.:
(954) 364-6920 
  

	 	Re:	Credit Agreement (Second Lien) dated June 12, 2012 (the “Credit Agreement”) between Elizabeth Arden, Inc. (“Borrower”) and
JPMorgan Chase Bank, N.A. (the “Lender”); Capitalized terms used herein but not defined herein shall have the meanings set forth for such terms in the Credit Agreement. 

Ladies and Gentlemen: 

Borrower has requested that the Lender extend the date by which Borrower has to request the advance of the Loan to July 2, 2012.
Borrower and the Lender agree that each reference to “July 1, 2012” in Section 2.01 of the Credit Agreement and in the last sentence of Section 3.01 of the Credit Agreement is amended to read “July 2,
2012”. 
 To induce the Lender to agree to the terms of this letter (“Amendment Letter”), Borrower agrees
that: 
  

	 	1.	Except as expressly set forth herein, this Amendment Letter shall not be deemed to be an amendment or waiver of the terms and provisions of any of the Loan Documents
nor a waiver of any Default. 

  

	 	2.	The Credit Agreement and the other Loan Documents shall continue to be legal, valid, binding and enforceable in accordance with their respective terms.

  

	 	3.	All of Borrower’s obligations and liabilities under the Loan Documents are hereby ratified and confirmed. 

THIS AMENDMENT LETTER EMBODIES THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS,
AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS WHETHER WRITTEN OR ORAL RELATING TO THE SUBJECT MATTER HEREOF, AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES
HERETO. 
 This Amendment Letter shall be governed by and construed in accordance with the laws of the State of New York (other
than those conflict of law provisions that would defer to the substantive laws of another jurisdiction). Without in any way limiting the preceding choice of law, the parties elect to be governed by New York law in accordance with, and are relying
(at least in part) on, Section 5–140 1 of the General Obligations Law of the State of New York. This Amendment Letter may be executed in one or more counterparts and on telecopied or other electronically reproduced counterparts each of
which shall be deemed an original but all of which together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this Amendment Letter by telecopy or other electronic communication shall be
effective as delivery of a manually executed counterpart of this Amendment Letter. 

  
 AMENDMENT LETTER, Page 16

 
			
	Sincerely,
	
	JPMORGAN CHASE BANK, N.A., as the Lender
		
	By:	 	 /s/ Christy West

		 	Christy West, Authorized Officer
	
	Accepted and agreed to as of the date first written above
	
	ELIZABETH ARDEN, INC., as Borrower
		
	By:	 	 /s/ Marcey Becker

		 	Marcey Becker, Senior Vice President,
		 	Finance and Corporate Development

  
 AMENDMENT LETTER, Page 17

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00207-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00207-of-00352.parquet"}]]