Document:

EX-4.31

 Exhibit 4.31 
  

							
		  		  	 	 	
ANTONIO PÉREZ-COCA CRESPO
Notary

C/ Monte Esquinza, 6
 28010
MADRID
 Tel.: 91 418 32 80 Fax.: 91 319 90 46

 DEED OF ACCESSION TO THE PLEDGE OF SHARES OF CEMEX ESPAÑA, S.A. GRANTED BY THE ENTITIES
“THE BANK OF NEW YORK MELLON” y “CEMEX ESPAÑA, S.A.” 
 NUMBER SIX THOUSAND FOUR HUNDRED AND NINE.

 In Madrid, my residence on December 5th, two thousand seventeen. 

Before me, JOSÉ LUIS LÓPEZ DE GARAYO Y GALLARDO, Notary Public of Madrid and its Illustrious Bar, in substitution of my
companion MR. ANTONIO PÉREZ-COCA CRESPO, for his accidental impossibility, 

APPEARS: 
 MRS.
PALOMA-JULIETA ÁLVAREZ-URÍA BERROS, adult, of Spanish nationality, with domicile to these effects in Madrid, José Abascal st., number 45; with National Identity Document number
09427338Y. 
 MR. JUAN PELEGRI y GIRON, adult, of Spanish nationality domiciled for these purposes at Hernández de Tejada St.,
number 1, 28027 Madrid; with National Identity Document number 01489996-X.  

  
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 INTERVENE: 

The first, on behalf and representation of THE BANK OF NEW YORK MELLON (hereafter, the “Bank”), constituted in
accordance with the laws of the State of New York (United States of America) America), with registered office at 225 Liberty Street, New York, N.Y. 10286, United States of America, which in turn acts in representation and benefit of the holders of
Senior Secured Notes for maximum main aggregate amount of SIX HUNDRED FIFTY MILLIONS of euros (650,000,000.00 Euros), at a rate of 2,750% interest, with maturity in two thousand twenty-four, subject to the assumptions of
anticipated amortization that have been foreseen, issued under the bond issue agreement (Indenture), governed by the laws of the State of New York (United States of America), signed on December
5th, 2.017 by, among others, CEMEX, S.A.B. de C.V. a company stablished in accordance to the laws of Mexico, as issuer, and The Bank of New York Mellon, as trustee (hereafter, with its following
amendments or novation, the “Bond Issue”). 

  
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 Making use of its current power, as it affirms, to its favor conferred by deed granted before
Notary Public of New York, Mr. Bret Derman, on November 29th, two thousand and seventeen, photocopy of which has been shown to me and whose original, duly apostilled in accordance with the
Hague Convention of October 5th,1. 961, which I will add the present deed, through diligence, when it is delivered to me. 

The second, on behalf and representing the Society “CEMEX ESPAÑA, S.A.” (formerly COMPAÑÍA
VALENCIANA DE CEMENTOS PÓRTLAND, S.A.) domiciled in Madrid, Hernández de Tejada st., 1; whose object is the Holding activity. 
 With Code
CNAE 6420 “Activities of the Holding Company”. 

  
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 It was constituted with an indefinite duration in deed authorized by the Notary who was in Valencia,
Mr. Juan Bautista Roch Contelles, on April 30th, 1.917, adapted to the present legislation through deed authorized by the Notary Public of Valencia, Mr. Antonio Soto Bisquert on July
13th, 1.990; whose constitution was REGISTERED in the Mercantile Registry of Valencia, in Volume 122, book 28 of companies, section 3a of anonymous, sheet 354, inscription Ia; as of the adaptation it is registered in the aforementioned Registry, in volume 2,854, book 10, general section, folio sheet V2533,inscription 165; Also, the statues of the company were recast
through another instrument authorized by the Notary Public of Madrid, Mr. Antonio Francés y de Mateo on August 12th,1993, with order number 6,796, which caused the 200th registration. 
 Transferred the current address above, by deed authorized by the Notary of Valencia,
Mr. Antonio Soto Bisquert, on June 29th, 1995, with order number 1,489 of its protocol, and registered in the Mercantile Registry of Madrid, in volume 9743 and 9744, section 8a, of the Book of Companies, folio 1 and 166, sheet number M 156542, inscriptions Ia y 2a. 

  
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 Changed its name to the one it now holds, by agreement taken by the General Board of Shareholders of the Company,
in its meeting held on the twenty-fourth day of June two thousand and two, raised to public before my testimony, the same day, under order number 662 of his protocol, causing the 122 ° inscription of the registry sheet. 

It has C.I.F. number: A46004214 and CNAE Code number 6420 (holding societies). 

The appearing party states that the data identifying the Company and, especially, its social object and domicile, have not varied from the consigned ones.

 Has C.I.F. number: A-46.004.214. 

Making use of its current faculties, which were conferred in its favor by adopted agreement by the Board of Directors of the Company, in their meeting held on
November 15th, of two thousand seventeen, raised to public through 

  
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Public deed granted before me, in substitution, today, under the number of protocol previous to the present, as credited by authorized copy of the deed I have to the view. 

For the purposes set forth in article 98 of the Law 24/2001, and in accordance with the Resolution of the General Directorate of Registries and Notaries of
April 12th, 2002, I note that in my opinion, I consider the accredited representative powers sufficient to formalize the present deed of adhesion of pledge in the terms that are indicated below.

 REAL TITULARITY.- I, the Notary, expressly state that I have complied with the obligation of Identification of the real holder that the Law
10/2010 of April 28th, imposes, whose result consists in authorized act before my testimony, the eleventh day of November of two thousand and ten, under number 2,387 of order of my protocol, which
has not been modified since then, according to the representative of the Society. 

  
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 The appearing gentlemen have in my opinion, as they intervene, legal capacity and legitimate interest necessary
for the granting of present DEED OF ACCESSION TO THE POLICY OF PLEDGE OF SHARES OF CEMEX ESPAÑA, S.A. and, to such effect, in the representation they hold, and all the legal effects that proceed, 

EXPOSE 
 I. That, by virtue of the
contract granted in the policy intervened by me on November 8th, 2012, registered with the number 3,530 in Section A of its Registry Book, which has been extended in several times, the last on
July 19th, 2017 through contract formalized through policy intervened by me on said date (hereinafter, the “Pledge Policy”), CEMEX, S.A.B. de C.V. and New Sunward Holding B.V.
they constituted certain real rights of Pledge (hereinafter, the “Pledges”) over the shares of the company CEMEX Spain, S.A. of its ownership. 

  
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 II. That, in accordance with the Contract of Relations between Creditors (as defined in the Pledge Policy), the
creditors of the CEMEX group in virtue of bond issues such as the Issuance of Bonds will be considered as Creditors of Additional Bonds (Additional Notes Creditors) and, therefore, of Guaranteed Parties (Secured Parties) under the terms provided in
the Contract of Relationship between Creditors and in the Pledge Policy, and they can get the benefit of the Pledges by adhering to the Pledge Policy in accordance with the provisions of Clause 16 therein. 

III. That, in accordance with the provisions of Clause 16 of the Pledge Policy, the Parties Guaranteed in whose benefit the Agent of Guarantees, including the
Bank, in his status of trustee of the bondholders of the Bond Issue, may adhere to the Pledge Policy and ratify their content, accepting the Pledges constituted in their favor in guarantee of the Guaranteed Obligations corresponding, through the
appearance before me. 

  
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 Said accessions will be carried out through the granting the corresponding deed or accession policy, and all
without the need for new consent of the pledging agents or pledgee creditors, for having lent their consent in advance in the Contract of Relationship between Creditors and in the Pledge Policy itself. 

IV. That the Bank expressly states that the accession to which the Stipulations of this Scripture refer is formalized as a mere instrument for the execution
of the rights attributed to the Bank in the Pledge Policy, from which it causes, so that the payment obligations derived from the Bond Issue are guaranteed with a real right of pledge of first rank over the Actions (as defined in the Pledge Policy),
concurrent with the remaining Pledge. 
 V. That in virtue of the above, the Bank wishes to grant the present deed of accession (hereafter, the
“Deed”) according to the following 
 STIPULATIONS 

  
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 FIRST.- ACCESSION TO THE PLEDGE POLICY. 

By this Deed, the Bank adheres, ratifies and approves the Pledge Policy in all its contents, whose full content declares to know, giving therefore to such
bestowal full value and legal effectiveness and accepting that the obligations of payment derived from the Bond Issue shall be guaranteed with a real right of pledge of first range over the Actions (as defined in Pledge Policy), concurrent with the
rest Pledges. 
 The Bank REQUIRES ME, the Notary, to NOTIFY this accession to WILMINGTON TRUST (LONDON) LIMITED, with address for these
purposes in Third Floor, 1 King’s Arms Yard, London, United Kingdom, EC2R 7AF (attention Sajada Afzal), in its condition of Agent of Guarantees and I, the Notary, accept said requirement. 

CEMEX Spain, S.A., appears in this act to the effects of being notified of this accession. 

SECOND.- APPLICABLE LAW AND JURISDICTION. 

2.1 The present Deed is subject to the Spanish common law. 

  
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 2.2 The Parties expressly submit to the Jurisdiction and Competence of the Courts and Tribunals
of Madrid capital for all issues that may arise from the validity, interpretation, compliance and execution of present Deed.  

TREATMENT OF DATA.- The appearing parties accept the incorporation of their data and the copy of their identity documents to the files
of the Notary in order to perform the functions proper of the notarial activity and carry out the data communications provided for in the La won Public Administrations and, where appropriate, the Notary that succeeds the current one. May exercise
its rights of access, rectification, cancellation and opposition in the authorizing Notary. 
 Said and granted 

And me, the Notary, I CERTIFY: 

a. – That I know Mr. Pelegri, and have identified the other appearing party through its corresponding national identity document,
whose photograph and signature match. 

  
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 b. - That the parties, in my opinion, have the capacity and are legitimized for the present
bestowal. 
 c. - That the granting suits the legality and free and properly informed will of those appearing. 

d. - Having read this public instrument to the grantors, previously warned of their right to do it themselves, that they have exercised, and
who claim to have been duly informed of the full content thereof, to which they lend their consent, all in accordance with Article 193 of the Notarial Regulation. 

e. - That the present public instrument remains spread on seven folios of notarial paper, series DS numbers: 0756934 and the following six in
order correlative, I, the Notary, certify. Follow the signatures of the parties. - Signed. JOSE LUIS LÓPEZ DE GARAYO AND GALLARDO. Rubricated Stamp of the Notary. 

DILIGENCE. - I, ANTONIO PÉREZ-COCA CRESPO, Notary Public of Madrid and its
Illustrious Bar, give 

  
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 Of the present to note that with date of today, December eleventh of the year two thousand and seventeen, I was
given a copy of the power of attorney, typed on a double column format, in Spanish and English languages, whose languages I, the Notary understands, which is specially granted for formalizing the deed object of the present, in favor of
Mrs. Sonia Chaliha, as General Director and Mrs. Teresa Wyszomierski, as Vice President of THE BANK OF NEW MELLON, before the Notary Public of New York, Mr. Bret S. Derman, the twenty-ninth day of November two thousand and seventeen.

 The power is duly apostilled pursuant to The Hague Convention. And I, the Notary, for my knowledge of the legislation of the State of New York in this
matter; for being granted before a Notary of said country; because the powers there and thus granted they supply the same effects in the country of origin, because the powers specials are not registered in the Commercial Register of New York,
because the Notary of New York 

  
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assured the identity, legal capacity and compliance with all national formalities and since said act is valid according to the rules of private international law, in view of the purposes of
article 36 of the Mortgage Regulations and the Third Additional Disposition of Law 15/2015 concerning Voluntary Jurisdiction, I consider the principle of equivalence of forms as fulfilled. 

Having said power of attorney in sight, and I hereby declare the faculties conferred therein sufficient and enough to grant the present deed
of adhesion of pledge. — And having nothing else to declare, I extend the present instrument on this single sheet of notarial paper, I, the Notary, testify to this. Signed. ANTONIO PÉREZ-COCA
CRESPO. Rubricated. With a Seal of the Notary. 
 ... LICENCE. - For the record, I, ANTONIO PÉREZ-COCA
CRESPO, hereby declare that on December fourteenth of two thousand and seventeen, submitted before the Post Central, located in the office 2825494, E.O MINISTRY OF PUBLIC ADMONS, a Certificate and notice of receipt of the notification of the act

  
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Mentioned above, and that by the official in charge of the service I have been provided with the receipt that has the shipping number RF129001190ES. 

Of all the above-mentioned and the following writing that motivates this deed, in its last use paper folio of exclusive notarial use, having the number
0756962 of the DS series. 
 In Madrid on December fourteen, two thousand Seventeen Signed. ANTONIO
PÉREZ-COCA CRESPO. Notary Stamp. 
 ATTACHED DOCUMENTS HEREINAFTER 

  
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 (Convention de La Haye du 5 Octobre 1961) 

1. Country: United States of America 
 This
public document 
  

	1.	has been signed by Milton Adair Tingling 

  

	2.	acting in the capacity of County Clerk 

  

	3.	bears the seal/stamp of the county of New York 

 Certified 

5. at New York City, New York
                                         
     6. the 5th day of December 2017 
  

	7.	by Special Deputy Secretary of State, State of New York 

  

	8.	No. NYC-917316 

  

	9.	Seal/Stamp
                                         
                            10. Signature 

 

							
		 		 		 	 /s/ Whitney A. Clark

	Apostille (REV: 09/25/12)	 		 		 	Whitney A. Clark
	 		 		 	Special Deputy Secretary of State

 POWER OF ATTORNEY 

Ms. Sonia Chaliha and Ms. Teresa Wyszomierski, acting in the name and on behalf of The Bank of New York Mellon (a Corporation duly organized
and existing under the laws of the State of New York, with corporate domicile at 225 Liberty Street, New York, N.Y. 10286, U.S.A., and with an I.R.S. employer identification number 13-5160382) (the “Grantor”), grant a special power of
attorney, as broad and sufficient as is required by law, in favor of (i) Ms. Ana María Arias Somalo, of legal age, of Spanish Nationality, with business address in Calle José Abascal 45, Madrid (Spain) and holder of national
identification card number 00.410.487-Y, currently in force, (ii) Ms. Marta García López, of legal age, of Spanish Nationality, with business address in Calle José Abascal 45, Madrid (Spain) and holder of national identification
card number 2.634.855-K, currently in force, (iii) Ms. Paloma Julieta Alvarez-Uría Berros, of legal age, of Spanish Nationality, with business address in Calle José Abascal 45, Madrid (Spain) and holder of national identification card
number 9.427.338-Y, currently in forcé and (iv) Ms. Beatriz Torres Sánchez, of legal age, of Spanish Nationality, with business address in Calle José Abascal 45, Madrid (Spain) and holder of national identification card number
7.964.201-Z, currently in force (hereinafter, any of them, indistinctly, an “Attorney” and jointly the “Attorneys”), so that any of them may, acting jointly and severally, in the name and on behalf of the Grantor, acting on
behalf and for the benefit of the holders of the EUR 650,000,000 2.750% Senior Secured Notes Due 2024 (the “Notes”) referred to below (the “Noteholders”) and issued

 PODER ESPECIAL 

Dña. Sonia Chaliha y Dña. Teresa Wyszomierski; actuando en nombre y representación de The Bank of New York Mellon (una
sociedad debidamente constituida con arreglo a las leyes del estado de Nueva York, con domicilio en 225 Liberty Street, New York, N.Y. 10286, (U.S.A.) y con número de 

I. R.S. 13-5160382) (el “Poderdante”), confiere poder especial, tan amplio y bastante como en derecho sea menester, en
favor de (i) Da. Ana María Arias Somalo, mayor de edad, de nacionalidad española, con domicilio profesional en Calle José Abascal 45, Madrid (España) y titular de documento
nacional de identidad número 00.410.487-Y en vigor, (ii) D”. Marta García López, mayor de edad, de nacionalidad española, con domicilio profesional en Calle José Abascal 45, Madrid (España) y titular de documento
nacional de identidad número 2.634.855-K en vigor, (iii) Dn Paloma Julieta Alvarez-Uría Berros, mayor de edad, de nacionalidad española, con domicilio profesional en Calle
José Abascal 45, Madrid (España) y titular de documento nacional de identidad número 9.427.338-Y en vigor, (iv) D” Beatriz Torres Sánchez, mayor de edad, de nacionalidad española, con domicilio profesional en Calle
José Abascal 45, Madrid (España) y titular de documento nacional de identidad número 7.964.201-Z en vigor (en lo sucesivo, uno cualquiera de ellos, indistintamente, un “Apoderado” y, conjuntamente, los
“Apoderados”), para que uno cualquiera de ellos pueda, actuando indistinta y solidariamente, en nombre y representación del Poderdante, que a su vez actúa en representación y beneficio de los tenedores de Bonos Sénior
Garantizados al tipo de interés del 2.750% con fecha de vencimiento en 2024 y denominados en Euros (EUR 650,000,000 2.750% Sénior Secured Notes Due 2024) (los “Bonos”) a los que se hace referencia más adelante (los
“Bónistas”) y que han sido emitidos 

 

 
 by virtue of an indenture entered into by, among others, CEMEX, S.A.B. de C.V., as issuer (the
“Issuer”), and CEMEX Finance LLC, CEMEX México, S.A. de C.V., Cemex Concretos S.A. de C.V., Empresas Tolteca de México S.A. de C.V., New Sunward Holding B.V., Cemex España, S.A., Cemex Asia B.V., Cemex Corp., Cemex Egyptian
Investments B.V, Cemex France Gestión (S.A.S.), Cemex Research Group AG and Cemex UK, each as guarantor (the “Note Guarantors”) and the Grantor, as trustee and paying agent, dated as of December 5, 2017 (hereinafter, as amended from
time to time, the “Indenture”), 
 carry out any of the following acts, upon the terms and conditions that the Attorney may deem appropriate: 

 

	1.	Negotiate, execute, accept, amend, extend, accede or ratify one or several pledge agreements (the “Share Pledges”) over all or part of the shares {acciones} of the Spanish company CEMEX España,
S.A. (Tax Identification Number A46004214, registered with the Commercial Registry of Madrid, in volume 9,743 and 9,744, sheet 1 to 166, section 8, page no. M-156542), whereby one or more share pledges are created to secure ínter alia
the full and punctual performance of all or part of the obligations assumed by the Issuer and each of the Note Guarantors in favor of, among others, the relevant Noteholders, as well as other secured obligations assumed by the Issuer and its
subsidiaries 

  

	2.	Execute or ratify the abovementioned documents, in a public or private document and appear before a Spanish Notary Public to grant the notarial deeds {pólizas} or public deeds {escrituras públicas}
of the abovementioned documents and, in particular (without limitation), appear before a Spanish notary public {Notario} to notarize or xaise to the status of public document {elevar a documento público} the Share Pledges, the
Indenture and any other agreements, documents, notices or letters related thereto.

 en virtud del contrato de emisión de bonos suscrito el 5 de diciembre de 2017 por CEMEX,
S.A.B. de C.V. como emisor (el “Emisor”), CEMEX Finance LLC, CEMEX México, S.A. de C.V., Cemex Concretos S.A. de C.V., Empresas Tolteca de México S.A. de C.V., New Sunward Holding B.V., Cemex España, S.A., Cemex Asia B.V.,
Cemex Corp., Cemex Egyptian Investments B.V, Cemex France Gestión (S.A.S.), Cemex Research Group AG y Cemex UK, como garantes (los “Garantes’“) y el Otorgante como trustee y agente de pagos (en adelante, según sea
modificado en cada momento, el “Contrato de Emisión de Bonos”). 
 realizar cualesquiera de las siguientes actuaciones, en los
términos y condiciones que el Apoderado crea apropiados: 
  

	1.	Negociar, celebrar, firmar, ejecutar, ratificar, aceptar, modificar, extender, adherirse y otorgar en los términos y condiciones que el Apoderado crea convenientes la constitución de una o varias prendas (las
“Prendas sobre las Acciones”) sobre todas o parte de las acciones de la sociedad española CEMEX España, S.A (C.I.F. número A46004214 e inscrita en el Registro Mercantil de Madrid, en el Tomo 9.743, folio 9.744, hoja 1 y 166,
sección 8, página M-156542), mediante las cuales se constituyan una o varias prendas sobre acciones para garantizar el completo y puntual cumplimiento de todas o parte de las obligaciones asumidas por el Emisor y cada uno de los Garantes
de los Bonos en favor de, entre otros, los respectivos Bonístas, al igual que otras obligaciones garantizadas asumidas por el Emisor y sus filiales. 

  

	2.	Firmar o ratificar los anteriores documentos y contratos en documento privado o público, comparecer ante notario español para intervenga en póliza o eleve a público los mencionados documentos, y, en
especial (sin limitación), comparecer ante Notario para elevar a documento público las Prendas sobre las Acciones, el Contrato de Emisión de Bonos y cualquiera otros contratos, documentos o caitas relacionados o previstos en los
citados contr atos o documentos. 

 

 

	3.	Carry out whichever other actions, declarations, agreements, letters, or execute whichever other public or private document, the Attorney deems desirable or necessary for the validity of the documents previously
mentioned, as well as (in particular without limitation) to accept the extension of the Share Pledges to any other shares of CEMEX España, S.A. that the pledgors that created the Share Pledges may hold from time to time, and to acknowledge the
creation of any pledges or any other security agreement granted in accordance with the preceding paragraph. 

  

	4.	Carry out whichever other actions, declarations, agreements, letters, or execute whichever other public or private document, the Attorney deems desirable or necessary to maintain and protect the Share Pledges or any
other security interest related to the documents referred to in the preceding paragraphs. 

  

	5.	Appear before the Spanish administrative authorities and execute, in the name and on behalf of the Grantor, the necessary documents for obtaining the Spanish tax identification by filing the necessary tax forms,

  

	6.	Appear before any Spanish administrative authorities and, in particular, but not limited to, the Foreign Investments’ Registry of the Ministry of Finance and the Bank of Spain, execute, deliver and file, in the
name and on behalf of the Grantor, any document, statement, payment, application or official forms (including those of a tax nature) that may be necessary or advisable in connection with the execution or compliance with the Indenture and the Share
Pledges. 

	3.	Realizar cualesquiera otros actos o declaraciones, y firmar contratos, cartas, u otorgar cualesquiera otros documentos públicos o privados que el Apoderado considere necesarios o convenientes para la validez de los
documentos a los que se 1ra hecho referencia anteriormente y, en particular (aunque sin limitación), para aceptar la extensión de las Prendas sobre las Acciones a cualesquiera otras acciones de CEMEX España, S.A. de las que sean
titulares en cada momento los pignorantes que constituyeron las Prendas sobre las Acciones, y para tomar conocimiento de la constitución o extensión de cuantas prendas u otros derechos de garantía se otorguen de acuerdo con los
apartados anteriores. 

  

	4.	Realizar cualesquiera otros actos o declaraciones, y firmar contratos, cartas, u otorgar cualesquiera otros documentos públicos o privados que el Apoderado considere necesarios o convenientes para conservar y
proteger la validez de las Prendas sobre las Acciones o cualesquiera otros derechos de garantía se otorguen de acuerdo con los apartados anteriores. 

  

	5.	Comparecer ante las autoridades administrativas españolas y filmar, en nombre del Poderdante, cuantos documentos sean necesarios para la obtención de identificación fiscal presentando los modelos fiscales
que sean necesarios, 

  

	6.	Comparecer ante cuantas autoridades administrativas españolas y, en particular, pero sin limitación ante, el Registro de Inversiones Exteriores del Ministerio de Economía y el Banco de España,
otorgando, comunicando y cumplimentando, en nombre y representación del Poderdante, cuantos documentos, declaraciones, pagos, solicitudes, o impresos oficiales (incluidos los de índole fiscal) que resulten necesarios o convenientes para
la celebración o cumplimiento las Prendas sobre las Acciones y el Contrato de Emisión de Bonos. 

 

 

	7.	As a result of the authority granted in the preceding paragraphs, agree on the terms and conditions the Attorney deems appropriate and issue and receive any binding declarations. 

 

	8.	Grant deeds of formalization, acknowledgement, ratification, confirmation, modification or amendment of any of the agreements and/or public deeds referred to above. 

 

	9.	Request the issuance of copies of any of the aforementioned public documents. 

  

	10.	All the powers granted herein can be exercised by the Attorney, even if this would result in self-contracting (autocontratación) or multi-representation (multirepresentación) or conflict of
interest (conflicto de interés) figures. 

 The deed and text of the present. power of attorney will be interpreted exclusively
according to the English Language translation. 
 This power of attorney is effective for ninety (90) days from the date hereof or the earlier of (i)
revocation by the Grantor, (ii) the Attorney no longer being retained on behalf of the Grantor or an affiliate of the Grantor and (iii) expiration of ninety (90) days from the date of execution. 

The authority granted to the Attorney by this Power of Attorney is not transferable to any other party or entity. 

The relationship of the Grantor and the Attorney under this Power of Attorney is intended by the parties to be that of an independent contractor and not that
of a joint venture, partner, or agent. 
 This Power of Attorney shall be governed by, and construed in accordance with, the laws of the State of New York
without regard to its conflicts of law principles. 

	7.	En el ejercicio de la autoridad conferida en los párrafos precedentes, fijar los términos y condiciones que considere apropiados y emitir y recibir todo tipo de declaraciones de voluntad y manifestaciones.

  

	8.	Otorgar escrituras o pólizas de formalización, reconocimiento, ratificación, confirmación, modificación o rectificación de cualquiera de los contratos, escrituras o pólizas referidos
anteriormente. 

  

	9.	Solicitar copias de las citadas pólizas o escrituras. 

  

	10.	La totalidad de las facultades incluidas en este poder podrán ser ejercitadas por el Apoderado aun cuando en el ejercicio de las mismas incurrieran en las figuras de autocontratación, multirepresentación
o conflicto de interés. 

 La minuta y redacción del presente poder será, en todo caso, inteipretado conforme a la dicción
y sentido del texto que se incluye en lengua inglés. 
 El presente poder será efectivo por noventa (90) días desde esta fecha o hasta la
primera fecha en producirse alguno de los siguientes supuestos: (i) revocación del poder por el Poderdante, (ii) que el Apoderado no continúe siendo empleado por el Poderdante o una de sus filiales; o (iii) expiración del plazo de
noventa (90) días desde la fecha de otorgamiento del poder. 
 Las facultades otorgadas por la Poderdante a través de este poder no son
transferibles a ninguna otra parte o entidad. 
 La relación entre el Poderdante y el Apoderado bajo este Poder, pretendida por las partes, es la
propia de un contratista independiente y no de un miembro de una joint venture, socio o agente. 
 Este poder se regirá y será interpretado
de conformidad con las leyes del Estado de Nueva York, con exclusión de sus principios sobre conflicto de leyes. 

 

 The Grantor hereby undertakes to confirm and ratify, if so requested by the Attorney, each and
every actions taken by the Attorney in accordance with the terms of this power of attorney. 
 In New York, on
November 29, 2017. 

 El Poderdante se compromete a confirmar y ratificar, si es requerido para ello por el
Apoderado, todas y cada una de las actuaciones realizadas por el Apoderado de conformidad con los términos de este poder. 
 En Nueva York, el 29 de
noviembre de 2017. 

 

  

					
		 	The Bank of New York Mellon	 	
			
		 	 /s/ Sonia Chaliha
	 	
		 	By: Ms. Sonia Chaliha	 	
		 	 Managing Director
	 	
			
		 	 /s/ Teresa Wyszomierski
	 	
		 	By: Ms. Teresa Wyszomierski	 	
		 	 Vice President
	 	

 

 NOTARIAL CERTIFICATE 

I, Notary Public of New York hereby certify that: 
  

	I.	The Bank of New York Mellon is a Corporation duly organized and existing under the laws of the State of New York, with corporate domicile at 225 Liberty Street., New York, N.Y. 10286, U.S.A., with an I.R.S.
employer identification number of 13-5160382,- and with the required capacity to grant this Power of Attorney. 

  

	II.	This Power of Attorney has been validly executed by Ms. Sonia Chaliha and Ms. Teresa Wyszomierski who have the required authority to grant this Power of Attorney in the name and on behalf of The Bank of New York
Mellon. 

  

	III.	The above is the true hand-written signatures of Ms. Sonia Chaliha and Ms. Teresa Wyszomierski.

 CERTIFICADO NOTARIAL 

Yo, Notario de Nueva York, por la presente certifico que: 
  

	I.	The Bank of New York Mellon es una sociedad existente y válidamente constituida de acuerdo con las leyes del estado de Nueva York, con domicilio social en 225 Liberty Street, New York, N.Y. 10286, (U.S.A.),
cón número I.R.S. 13-5160382 y con la capacidad necesaria para otorgar este poder. 

  

	II.	El presente poder ha sido válidamente emitido por Dña, Sonia Chaliha y Dña. Teresa Wyszomierski quienes tiene capacidad legal para otorgar dicho poder en nombra y representación de The Bank of
New York Mellon. 

  

	III.	La anterior firma es la firma manuscrita auténtica de Dña, Sonia Chaliha y Dña. Teresa Wyszomierski.

 

	IV.	That the Grantor has the necessary authority to act in the name and on behalf of the Noteholders. 

  

	V.	The acts and transactions effected by the Attorney appointed in this Power of Attorney in. the name and on behalf of The Bank of New York Mellon, within the scope of such Power of Attorney, will be acts or
transactions validly effected by The Bank of New York Mellon. 

 Executed before me, on November 29, 2017.

	IV.	El Poderdante tiene autoridad necesaria para actuar en nombre y representación de los Bonistas. 

  

	V.	Los actos realizados y negocios celebrados por el Apoderado designado en este poder en nombre y representación de The Bank of New York Mellon, dentro del ámbito del presente poder, serán actos o
negocios válidamente realizados ó celebrados por The Bank of New York Mellon. 

 Firmado ante mí, el 29 de noviembre de 2017.

 

  
 STATE OF NEW
YORK        ) 
 COUNTY OF NEW YORK        ) 

On the 29th day of November in the year 2017 before me, the undersigned, a notary public
in and for said State, personally appeared Sonia Chaliha, a Managing Director, and Teresa Wyszomierski, a Vice President, personally known lo me or proved to me on the basis of satisfactory evidence to be the individuals whose names are subscribed
to within that instrument and acknowledged to me that they executed the same within their capacities, and that by their signature on the instrument, the Corporation executed the instrument 

 

	
	 /s/ Bret S. Derman

	        Notary Public
	BRETS. DERMAN
	NOTARY PUBLIC STATE OF NEW YORK
	KNGS COUNTY

			
	 State of New York)

County of New York}
	  	No. 390710

 I, Milton Adair Tingling, Clerk of the County of New York, and Clerk of the Supreme Court in and for said
county, the same being a court of record having a seal, DO HEREBY CERTIFY THAT 
 BRET S. DERMAN 

whose name is subscribed to the annexed original instrument has been commissioned and qualified as a NOTARY PUBLIC and has filed his/her original signature in
this office and that he/she was at the time of taking such proof or acknowledgment or oath duly authorized by the laws of the State of New York to take the same: that he/she is well acquainted with the handwriting of such public officer or has
compared the signature on the certificate of proof or acknowledgment or oath with the original signature filed in his/her office by such public officer and he/she believes that the signature on the original instrument is genuine, 

IN WITNESS WHEREOF, I have hereunto set my hand and my official seal this 05th Day of December, 2017 

 

	
	 /s/ Milton Adair Tingling

	County Clerk, New York County

 THE PRESENT, IS THE FIRST EXACT COPY of ITS MATRIX where it is recorded. For those appearing, as they intervene,
I hereby issue the instrument on twelve stamped pages of exclusive paper for notarial documents, on DS series, numbers 0833037, and the following eleven in descending order, which I hereby sign, rubric and stamp, in MADRID, at December fifteenth,
two thousand and seventeen. I TESTIFY TO THIS.hele_Ex1020

		
			Exhibit 10.20
		

		
			AMENDED AND RESTATED GUARANTY
		

		
			AMENDED AND RESTATED GUARANTY (this “Guaranty”), dated as of March 1, 2018, made by each of the parties listed on the signature pages hereof and each other Person which may from time to time become a party to this Guaranty pursuant to Section 24 (collectively, the “Guarantors”, and each, a “Guarantor”), in favor of the Guarantied Parties referred to below.
		

		
			W I T N E S S E T H:
		

		
			WHEREAS, Helen of Troy L.P., a Texas limited partnership, has entered into an Amended and Restated Credit Agreement, dated as of January 16, 2015, among Helen of Troy Limited a Bermuda company (“Limited”), the Lenders party thereto, and Bank of America, N.A., as the Administrative Agent, Swing Line Lender and L/C Issuer (hereinafter, the “Administrative Agent”) for the Lenders, as amended by that certain First Amendment to Amended and Restated Credit Agreement, dated as of December 7, 2016 and that certain Second Amendment, Assumption, Consent and Ratification Agreement dated March 1, 2018 (the Second Amendment”) (said Credit Agreement, as it has and may further be amended, supplemented or otherwise modified from time to time, being the “Credit Agreement”, and capitalized terms not defined herein but defined therein being used herein as therein defined); and
		

		
			WHEREAS, in connection with the Second Amendment, (i) Helen of Troy L.P. has assigned to Helen of Troy Texas Corporation all of its rights and obligations under the Credit Agreement and the other Loan Documents, and (ii) Helen of Troy Texas Corporation has assumed all of Helen of Troy L.P.’s rights and obligations under the Credit Agreement and the other Loan Documents.
		

		
			WHEREAS, the Borrower and each of the Guarantors are members of the same consolidated group of companies and are engaged in operations which require financing on a basis in which credit can be made available from time to time to the Borrower and the Guarantors, and the Guarantors will derive direct and indirect economic benefit from the Revolving Loans, Swing Line Loans and Letters of Credit under the Credit Agreement; and
		

		
			WHEREAS, pursuant to the Credit Agreement, the Guarantors executed that certain Guaranty dated as of January 16, 2015 as supplemented by that certain Guaranty Supplement No. 1, dated March 18, 2016 and that certain Guaranty Supplement No. 2, dated December 7, 2016 (collectively, the “Existing Guaranty Agreement”).  The parties hereto desire to amend and restate the Existing Guaranty Agreement pursuant to the terms of this Guaranty;
		

		
			WHEREAS, it is a condition precedent to the obligation of the Lenders to make Loans and issue and/or participate in Letters of Credit under the Credit Agreement that the Guarantors shall have executed and delivered this Guaranty; and
		

		
			WHEREAS, the Lenders, the Administrative Agent, any Lender or Affiliate of any Lender entering into a Swap Contract (provided that such Lender was a Lender at the time such Swap Contract was entered into) with the Borrower or any Subsidiary of the Borrower (such Swap Contract, a “Guarantied Swap Contract”), and the beneficiaries of each indemnification obligation undertaken by any Loan Party under any Loan Document are herein referred to as the “Guarantied Parties”;
		

		
			 
		

		
			

		 

 

		

		
			NOW, THEREFORE, in consideration of the premises and to induce the Lenders to make Revolving Loans, the Swing Line Lender to make Swing Line Loans and the L/C Issuer to issue Letters of Credit, the Guarantors hereby agree as follows:
		

		
			SECTION 1.   Guaranty.  The Guarantors hereby jointly and severally unconditionally and irrevocably guarantee the full and prompt payment when due, whether at stated maturity, by acceleration or otherwise, of, and the performance of, (a) the Obligations, whether now or hereafter existing and whether for principal, interest, fees, expenses or otherwise, (b) all obligations owed to any Guarantied Party pursuant to a Guarantied Swap Contract, excluding any Excluded Swap Obligations of a Guarantor, (c) any and all reasonable out-of-pocket expenses (including, without limitation, reasonable expenses and reasonable counsel fees and expenses of the Administrative Agent and the Lenders) incurred by any of the Guarantied Parties in enforcing any rights under this Guaranty and (d) all present and future amounts that would become due but for the operation of any provision of Debtor Relief Laws, and all present and future accrued and unpaid interest, including, without limitation, all post-petition interest if the Borrower or any Guarantor voluntarily or involuntarily becomes subject to any Debtor Relief Laws (the items set forth in clauses (a), (b), (c) and (d) immediately above being herein referred to as the “Guarantied Obligations”).  Upon failure of the Borrower to pay any of the Guarantied Obligations when due after the giving by the Administrative Agent and/or the Lenders of any notice and the expiration of any applicable cure period in each case provided for in the Credit Agreement and other Loan Documents (whether at stated maturity, by acceleration or otherwise), the Guarantors hereby further jointly and severally agree to promptly pay the same after the Guarantors’ receipt of notice from the Administrative Agent of the Borrower’s failure to pay the same, without any other demand or notice whatsoever, including without limitation, any notice having been given to any Guarantor of either the acceptance by the Guarantied Parties of this Guaranty or the creation or incurrence of any of the Guarantied Obligations.  This Guaranty is an absolute guaranty of payment and performance of the Guarantied Obligations and not a guaranty of collection, meaning that it is not necessary for the Guarantied Parties, in order to enforce payment by the Guarantors, first or contemporaneously to accelerate payment of any of the Guarantied Obligations, to institute suit or exhaust any rights against any Loan Party, or to enforce any rights against any Collateral.  Notwithstanding anything herein or in any other Loan Document to the contrary, in any action or .proceeding involving any state corporate law, or any state or federal bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if, as a result of applicable law relating to fraudulent conveyance or fraudulent transfer, including Section 548 of Bankruptcy Code or any applicable provisions of comparable state law (collectively, “Fraudulent Transfer Laws”), the obligations of any Guarantor under this Section 1 would otherwise, after giving effect to (a) all other liabilities of such Guarantor, contingent or otherwise, that are relevant under such Fraudulent Transfer Laws (specifically excluding, however, any liabilities of such Guarantor in respect of intercompany Indebtedness to the Borrower to the extent that such Indebtedness would be discharged in an amount equal to the amount paid by such Guarantor hereunder) and (b) to the value as assets of such Guarantor (as determined under the applicable provisions of such Fraudulent Transfer Laws) of any rights of subrogation, contribution, reimbursement, indemnity or similar rights held by such Guarantor pursuant to (i) applicable requirements of Law, (ii) Section 10 hereof or (iii) any other contractual obligations providing for an equitable allocation among such Guarantor and other Subsidiaries or Affiliates of the Borrower of obligations arising under this Guaranty or other guaranties of the Guarantied Obligations by such parties, be held or determined to be void, invalid or unenforceable, or subordinated to the claims of any other
		

		
			
		

		
			

		 

		

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			creditors, on account of the amount of its liability under this Section 1, then the amount of such liability shall, without any further action by such Guarantor, any Lender, the Administrative Agent or any other Person, be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.
		

		
			SECTION 2.   Guaranty Absolute.  Each Guarantor guarantees that the Guarantied Obligations will be paid strictly in accordance with the terms of the Credit Agreement, the Notes and the other Loan Documents, without set-off or counterclaim, and regardless of any Applicable Law now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Guarantied Parties with respect thereto.  The liability of each Guarantor under this Guaranty shall be absolute and unconditional irrespective of:
		

		
			(a)        any lack of validity or enforceability of any provision of any other Loan Document or any other agreement or instrument relating to any Loan Document, or avoidance or subordination of any of the Guarantied Obligations;
		

		
			(b)        any change in the time, manner or place of payment of, or in any other term of, or any increase in the amount of, all or any of the Guarantied Obligations, or any other amendment or waiver of any term of, or any consent to departure from any requirement of, the Credit Agreement, the Notes or any of the other Loan Documents;
		

		
			(c)        any exchange, release or non-perfection of any Lien on any collateral for, or any release of any Loan Party or amendment or waiver of any term of any other guaranty of, or any consent to departure from any requirement of any other guaranty of, all or any of the Guarantied Obligations;
		

		
			(d)        the absence of any attempt to collect any of the Guarantied Obligations from the Borrower or from any other Loan Party or any other action to enforce the same or the election of any remedy by any of the Guarantied Parties;
		

		
			(e)        any waiver, consent, extension, forbearance or granting of any indulgence by any of the Guarantied Parties with respect to any provision of any other Loan Document;
		

		
			(f)        the election by any of the Guarantied Parties in any proceeding under any Debtor Relief Law;
		

		
			(g)        any borrowing or grant of a security interest by the Borrower, as debtor-in-possession, under any Debtor Relief Law; or
		

		
			(h)        any other circumstance which might otherwise constitute a legal or equitable discharge or defense of the Borrower or any Guarantor other than payment or performance of the Guarantied Obligations.
		

		
			SECTION 3.   Waiver.
		

		
			(a)        Each Guarantor hereby (i) waives, to the extent permitted by Applicable Law, (A) promptness, diligence, and, except as otherwise provided herein, notice of acceptance and any and all other notices, including, without limitation, notice of intent to accelerate and notice
		

		
			
		

		
			

		 

		

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			of acceleration, with respect to any of the Guarantied Obligations or this Guaranty, (B) any requirement that any of the Guarantied Parties protect, secure, perfect or insure any security interest in or other Lien on any property subject thereto or exhaust any right or take any action against the Borrower or any other Person or any collateral, (C) the filing of any claim with a court in the event of receivership or bankruptcy of the Borrower or any other Person, (D) except as otherwise provided herein, protest or notice with respect to nonpayment of all or any of the Guarantied Obligations, (E) the benefit of any statute of limitation relating to the collection of the Obligations against the Borrower, (F) except as otherwise provided herein, all demands whatsoever (and any requirement that demand be made on the Borrower or any other Person as a condition precedent to such Guarantor’s obligations hereunder), (G) all rights by which any Guarantor might be entitled to require suit on an accrued right of action in respect of any of the Guarantied Obligations or require suit against the Borrower or any other Guarantor or Person, whether arising pursuant to Section 43.002 of the Texas Civil Practice and Remedies Code, as amended, Section 17.001 of the Texas Civil Practice and Remedies Code, as amended, Rule 31 of the Texas Rules of Civil Procedure, as amended, or otherwise, (H) any defense based upon an election of remedies by any Guarantied Party, or (I) notice of any events or circumstances set forth in clauses (a) through (h) of Section 2 hereof; and (ii) covenants and agrees that, except as otherwise agreed by the parties, this Guaranty will not be discharged except by complete payment and performance of the Guarantied Obligations and any other obligations of such Guarantor contained herein.
		

		
			(b)        If, in the exercise of any of its rights and remedies in accordance with the provisions of Applicable Law, any of the Guarantied Parties shall forfeit any of its rights or remedies,  including, without limitation, its right to enter a deficiency judgment against the Borrower or any other Person, whether because of any Applicable Law pertaining to “election of remedies” or the like, each Guarantor hereby consents to such action by such Guarantied Party and waives any claim against the Guarantied Parties based upon such action.  Any election of remedies which, by reason of such election, results in the denial or impairment of the right of such Guarantied Party to seek a deficiency judgment against the Borrower shall not impair the obligation of such Guarantor to pay the full amount of the Guarantied Obligations or any other obligation of such Guarantor contained herein.
		

		
			(c)        In the event any of the Guarantied Parties shall bid at any foreclosure or trustee’s sale or at any private sale permitted by Law or under any of the Loan Documents, to the extent not prohibited by Applicable Law, such Guarantied Party may bid all or less than the amount of the Guarantied Obligations and the amount of such bid, if successful, need not be paid by such Guarantied Party but shall be credited against the Guarantied Obligations.
		

		
			(d)        Each Guarantor agrees that notwithstanding the foregoing and without limiting the generality of the foregoing if, after the occurrence and during the continuance of an Event of Default, the Guarantied Parties are prevented by Applicable Law from exercising their respective rights to accelerate the maturity of the Guarantied Obligations, to collect interest on the Guarantied Obligations, or to enforce or exercise any other right or remedy with respect to the Guarantied Obligations, or the Administrative Agent is prevented from taking any action to realize on the Collateral, such Guarantor agrees to pay to the Administrative Agent for the account of the Guarantied Parties, upon demand therefor, for application to the Guarantied Obligations, the amount that would otherwise have been due and payable had such rights and remedies been permitted to be exercised by the Guarantied Parties.
		

		
			
		

		
			

		 

		

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			(e)        Each Guarantor hereby assumes responsibility for keeping itself informed of the financial condition of the Borrower and of each other Loan Party, and of all other circumstances bearing upon the risk of nonpayment of the Guarantied Obligations or any part thereof, that diligent inquiry would reveal. Each Guarantor hereby agrees that the Guarantied Parties shall have no duty to advise any Guarantor of information known to any of the Guarantied Parties regarding such condition or any such circumstance.  In the event that any of the Guarantied Parties in its sole discretion undertakes at any time or from time to time to provide any such information to any Guarantor, such Guarantied Party shall be under no obligation (i) to undertake any investigation not a part of its regular business routine, (ii) to disclose any information which, pursuant to accepted or .reasonable banking or commercial finance practices, such Guarantied Party wishes to maintain as confidential, or (iii) to make any other or future disclosures of such information or any other information to such Guarantor.
		

		
			(f)        Each Guarantor consents and agrees that the Guarantied Parties shall be under no obligation to marshal any assets in favor of any Guarantor or otherwise in connection with obtaining payment of any or all of the Guarantied Obligations from any Person or source.
		

		
			SECTION 4.   Representations and Warranties.  Each Guarantor hereby represents and warrants to the Guarantied Parties that the representations and warranties set forth in Article V of the Credit Agreement as they relate to such Guarantor or to the Loan Documents to which such Guarantor is a party are true and correct in all material respects in the manner specified in the Credit Agreement and the Guarantied Parties shall be entitled to rely on each of them as if they were fully set forth herein.
		

		
			SECTION 5.    Amendments, Etc.  No amendment or waiver of any provision of this Guaranty nor consent to any departure by any Guarantor herefrom shall in any event be effective unless the same shall be in writing, approved by the Required Lenders (or by all the Lenders where the approval of each Lender is required under the Credit Agreement) and signed by the Administrative Agent, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.
		

		
			SECTION 6.    Addresses for Notices.  All notices and other communications provided for hereunder shall be effectuated in the manner provided for in Section 10.02 of the Credit Agreement, provided that if a notice or communication hereunder is sent to a Guarantor, said notice shall be addressed to such Guarantor, in care of the Borrower at the Borrower’s then current address (or facsimile number) for notice under the Credit Agreement.
		

		
			SECTION 7.   No Waiver; Remedies.
		

		
			(a)        No failure on the part of any Guarantied Party to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right.  The remedies herein provided are cumulative and not exclusive of any remedies provided by Applicable Law or any of the other Loan Documents.
		

		
			(b)        No waiver by the Guarantied Parties of any default shall operate as a waiver of any other default or the same default on a future occasion, and no action by any of the Guarantied Parties permitted hereunder shall in way affect or impair any of the rights of the
		

		
			
		

		
			

		 

		

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			Guarantied Parties or the obligations of any Guarantor under this Guaranty or under any of the other Loan Documents, except as specifically set forth in any such waiver.  Any determination by a court of competent jurisdiction of the amount of any principal and/or interest or other amount constituting any of the Guarantied Obligations shall be conclusive and binding on each Guarantor irrespective of whether such Guarantor was a party to the suit or action in which such determination was made.
		

		
			SECTION 8.    Right of Set-off.  Upon the occurrence .and during the continuance of any Event of Default under the Credit Agreement, each of the Guarantied Parties is hereby authorized at any time and from time to time, to the fullest extent permitted by Applicable Law, to set-off and apply any and all deposits (general or special (except trust and escrow accounts), time or demand, provisional or final) at any time held and other Indebtedness at any time owing by such Guarantied Party to or for the credit or the account of each Guarantor against any and all of the obligations of such Guarantor now or hereafter existing under this Guaranty, irrespective of whether or not such Guarantied Party shall have made any demand under this Guaranty; provided,  however, such Guarantied Party shall promptly notify such Guarantor and the Borrower after such set-off and the application made by such Guarantied Party.  The rights of each Guarantied Party under this Section 8 are in addition to other rights and remedies (including, without limitation, other rights of set-off) which such Guarantied Party may have.
		

		
			SECTION 9.    Continuing Guaranty; Transfer of Notes.  This Guaranty (a)(i) is a continuing guaranty and shall remain in full force and effect until the date that the Aggregate Commitments have been terminated, all Loans and other Obligations have been paid in full and no Letters of Credit are outstanding and all obligations and liabilities in respect of Swap Obligations owed to any Guarantied Party have been paid in full (the “Release Date”) and (ii) binding upon each Guarantor, its permitted successors and assigns, and (b) inures to the benefit of and be enforceable by the Guarantied Parties and their respective successors, permitted transferees, and permitted assigns.  Without limiting the generality of the foregoing clause (b), each of the Guarantied Parties may assign or otherwise transfer any Note held by it or the Guarantied Obligations owed to it to any other Person, and such other Person shall thereupon become vested with all the rights in respect thereof granted to such Guarantied Party herein or otherwise with respect to such of the Notes and the Guarantied Obligations so transferred or assigned, subject, however, to compliance with the provisions of Section 10.06 of the Credit Agreement in respect of assignments.  Except as the result of the consummation of a transaction permitted under Section 7.04 or 7.05 of the Credit Agreement, no Guarantor may assign any of its obligations under this Guaranty without first obtaining the written consent of the Lenders as set forth in the Credit Agreement.  If upon any merger, dissolution, liquidation or consolidation permitted under Section 7.04 of the Credit Agreement or any Disposition permitted by Section 7.05 of the Credit Agreement, a Guarantor no longer exists or is no longer a Subsidiary of Limited, such Guarantor shall be released of its obligations hereunder.
		

		
			SECTION 10. Reimbursement.  To the extent that any Guarantor shall be required hereunder to pay a portion of the Guarantied Obligations exceeding the greater of (a) the amount of the economic benefit actually received by such Guarantor from the Loans and the Letters of Credit and (b) the amount such Guarantor would otherwise have paid if such Guarantor had paid the aggregate amount of the Guarantied Obligations (excluding the amount thereof repaid by the Borrower) in the same proportion as such Guarantor’s net worth at the date enforcement is sought hereunder bears to the aggregate net worth of all the Guarantors at the date enforcement is
		

		
			
		

		
			

		 

		

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			sought hereunder, then such Guarantor shall be reimbursed by such other Guarantors for the amount of such excess, pro rata, based on the respective net worths of such other Guarantors at the date enforcement hereunder is sought.  Notwithstanding anything to the contrary, each Guarantor agrees that the Guarantied Obligations may at any time and from time to time exceed the amount of the liability of such Guarantor hereunder without impairing its guaranty herein or effecting the rights and remedies of the Guarantied Parties hereunder.  This Section 10 is intended only to define the relative rights of the Guarantors, and nothing set forth in this Section 10 is intended to or shall impair. the obligations of the Guarantors, jointly and severally, to pay to the Guarantied Parties the Guarantied Obligations as and when the same shall become due and payable in accordance with the terms hereof.
		

		
			SECTION 11. Reinstatement.  This Guaranty shall remain in full force and effect and continue to be effective should any petition be filed by or against any Loan Party for liquidation or reorganization, should any Loan Party become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of any Loan Party’s assets, and shall, to the fullest extent permitted by Applicable Law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Guarantied Obligations, or any part thereof, is, pursuant to Applicable Law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligees of the Guarantied Obligations or such part thereof, whether as a “voidable preference,” “fraudulent transfer,” or otherwise, all as though such payment or performance had not been made.  In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Guarantied Obligations shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.
		

		
			SECTION 12. GOVERNING LAW.
		

		
			(a)        THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF TEXAS APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE; PROVIDED THAT EACH PARTY SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW.
		

		
			(b)        The parties hereto agree that Chapter 346 (other than 346.004) of the Texas Finance Code (which regulates certain revolving credit accounts and revolving tri-party accounts) shall not apply to Loans under this Guaranty.
		

		
			(c)        ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF TEXAS SITTING IN DALLAS COUNTY, TEXAS OR IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF TEXAS (DALLAS DIVISION), AND BY EXECUTION, DELIVERY AND ACCEPTANCE OF THIS GUARANTY, EACH GUARANTOR, THE ADMINISTRATIVE AGENT AND EACH LENDER CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS.  EACH GUARANTOR, THE ADMINISTRATIVE AGENT AND EACH LENDER IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR
		

		
			
		

		
			

		 

		

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			HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY LOAN DOCUMENT OR OTHER DOCUMENT RELATED THERETO.  EACH GUARANTOR, THE ADMINISTRATIVE AGENT AND EACH LENDER WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY THE LAW OF SUCH STATE.
		

		
			SECTION 13. Waiver of Jury Trial.  EACH GUARANTOR, THE ADMINISTRATIVE AGENT AND EACH LENDER HEREBY (OR BY ACCEPTANCE HEREOF) EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF ANY ONE OR MORE OF EACH GUARANTOR, THE BORROWER, THE ADMINISTRATIVE AGENT AND EACH LENDER WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH OF THE GUARANTORS, THE ADMINISTRATIVE AGENT AND EACH LENDER HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY OF THE GUARANTORS, THE ADMINISTRATIVE AGENT AND EACH LENDER MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH GUARANTOR, THE ADMINISTRATIVE AGENT AND EACH LENDER TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.
		

		
			SECTION 14. Section Titles.  The Section titles contained in this Guaranty are and shall be without substantive meaning or content of any kind whatsoever and are not a part of this Guaranty.
		

		
			SECTION 15.  Execution in Counterparts.  This Guaranty may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute one and the same Guaranty.
		

		
			SECTION 16. Miscellaneous.  All references herein to the Borrower or to any Guarantor shall include their respective successors and assigns, including, without limitation, a receiver, trustee or debtor-in-possession of or for the Borrower or such Guarantor.  All references to the singular shall be deemed to include the plural where the context so requires.
		

		
			SECTION 17. Subrogation and Subordination.
		

		
			(a)        Subrogation.  Notwithstanding any reference to subrogation contained herein to the contrary, until the Release Date, each Guarantor hereby irrevocably waives any claim or other rights which it may have or hereafter acquire against the Borrower that arise from the existence, payment, performance or enforcement of such Guarantor’s obligations under this Guaranty, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution, indemnification, any right to participate in any claim or remedy of any Lender against the Borrower or any collateral which any Lender now has or hereafter acquires, whether
		

		
			
		

		
			

		 

		

			8

		

 

		

		
			or not such claim, remedy or right arises in equity, or under contract, statutes or common law, including without limitation, the right to take or receive from the Borrower, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim or other rights.  If any amount shall be paid to any Guarantor in violation of the preceding sentence and the Guarantied Obligations shall not have been paid in full, such amount shall be deemed to have been paid to such Guarantor for the benefit of, and held in trust for the benefit of, the Lenders, and shall forthwith be paid to the Administrative Agent to be credited and applied upon the Guarantied Obligations, whether matured or unmatured, in accordance with the terms of the Credit Agreement.  Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Credit Agreement and that the waiver set forth in this Section 17 is knowingly made in contemplation of such benefits.
		

		
			(b)        Subordination.  All debt and other liabilities of the Borrower to any Guarantor (“Borrower Debt”) are expressly subordinate and junior to the Guarantied Obligations and any instruments evidencing the Borrower Debt to the extent provided below.
		

		
			(i)         Until the Release Date, each Guarantor agrees that it will not request, demand, accept, or receive (by set-off or other manner) any payment amount, credit or reduction of all or any part of the amounts owing under the Borrower Debt or any security therefor, .except as specifically allowed pursuant to clause (ii) below;
		

		
			(ii)       Notwithstanding the provisions of clause (i) above, the Borrower may pay to the Guarantors and the Guarantors may request, demand, accept and receive and retain from the Borrower payments, credits or reductions of all or any part of the amounts owing under the Borrower Debt or any security therefor on the Borrower Debt, provided that the Borrower’s right to pay and the Guarantors’ right to receive any such amount shall automatically and be immediately suspended and cease (A) upon the occurrence and during the continuance of an Event of Default or (B) if, after taking into account the effect of such payment, an Event of Default would occur and be continuing.  The Guarantors’ right to receive amounts under this clause (ii) (including any amounts which theretofore may have been suspended) shall automatically be reinstated at such time as the Event of Default which was the basis of such suspension has been cured or waived (provided that no subsequent Event of Default has occurred) or such earlier date, if any, as the Administrative Agent gives notice to the Guarantors of reinstatement by the Required Lenders, in the Required Lenders’ sole discretion;
		

		
			(iii)      If any Guarantor receives any payment on the Borrower Debt in violation of this Guaranty, such Guarantor will hold such payment in trust for the Lenders and will immediately deliver such payment to the Administrative Agent; and
		

		
			(iv)       In the event of the commencement or joinder of any suit, action or proceeding of any type (judicial or otherwise) or proceeding under any Debtor Relief Law against the Borrower (an “Insolvency Proceeding”) and subject to court orders issued pursuant to the Bankruptcy Code, the Guarantied Obligations shall first be paid, discharged and performed in full before any payment or performance is made upon the Borrower Debt notwithstanding any other provisions which may be made in such Insolvency Proceeding.  In the event of any Insolvency Proceeding, each Guarantor will at any time prior to the Release Date (A) file, at the request of any Guarantied Party, any
		

		
			
		

		
			

		 

		

			9

		

 

		

		
			 
		

		
			claim, proof of claim or similar instrument necessary to enforce the Borrower’s obligation to pay the Borrower Debt, and (B) hold in trust for and pay to the Guarantied Parties any and all monies, obligations, property, stock dividends or other assets received in any such proceeding on account of the Borrower Debt in order that the Guarantied Parties may apply such monies or the cash proceeds of such other assets to the Obligations.
		

		
			SECTION 18. Guarantor Insolvency.  Should any Guarantor voluntarily seek, consent to, or acquiesce in the benefits of any Debtor Relief Law or become a party to or be made the subject of any proceeding provided for by any Debtor Relief Law (other than as a creditor or claimant) that could suspend or otherwise adversely affect the rights of any Guarantied Party granted hereunder, then, the obligations of such Guarantor under this Guaranty shall be, as between such Guarantor and such Guarantied Party, a fully-matured, due, and payable obligation of such Guarantor to such Guarantied Party (without regard to whether there is an Event of Default under the Credit Agreement or whether any part of the Guarantied Obligations is then due and owing by the Borrower to such Guarantied Party), payable in full by such Guarantor to such Guarantied Party upon demand, which shall be the estimated amount owing in respect of the contingent claim created hereunder.
		

		
			SECTION 19. Rate Provision.  It is not the intention of any Guarantied Party to make an agreement violative of the laws of any applicable jurisdiction relating to usury.  Regardless of any provision in this Guaranty, no Guarantied Party shall ever be entitled to contract, charge, receive, collect or apply, as interest on the Guarantied Obligations, any amount in excess of the Highest Lawful Rate.  In no event shall any Guarantor be obligated to pay any amount in excess of the Highest Lawful Rate.  If from any circumstance the Administrative Agent or any Guarantied Party shall ever receive, collect or apply anything of value deemed excess interest under Applicable Law, an amount equal to such excess shall be applied to the reduction of the principal amount of outstanding Revolving Loans, Swing Line Loans, L/C Borrowings and any remainder shall be promptly refunded to the payor.  In determining whether or not interest paid or payable with respect to the Guarantied Obligations, under any specified contingency, exceeds the Highest Lawful Rate, the Guarantors and the Guarantied Parties shall, to the maximum extent permitted by Applicable Law, (a) characterize any non-principal payment as an expense, fee or premium rather than as interest, (b) amortize, prorate, allocate and spread the total amount of interest throughout the full term of such Guarantied Obligations so that the interest paid on account of such Guarantied Obligations does not exceed the Highest Lawful Rate and/or (c) allocate interest between portions of such Guarantied Obligations; provided that if the Guarantied Obligations are paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Highest Lawful Rate, the Guarantied Parties shall refund to the payor the amount of such excess or credit the amount of such excess against the total principal amount owing, and, in such event, no Guarantied Party shall be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the Highest Lawful Rate.
		

		
			SECTION 20. Severability.  Any provision of this Guaranty which is for any reason prohibited or found or held invalid or unenforceable by any court or governmental agency shall be ineffective to the extent of such prohibition or invalidity or unenforceability, without invalidating the remaining provisions hereof in such jurisdiction or affecting the validity or enforceability of such provision in any other jurisdiction.
		

		
			
		

		
			

		 

		

			10

		

 

		

		
			 
		

		
			SECTION 21. Taxes.
		

		
			(a)        Any and all payments by or on account of any obligations of the Guarantors hereunder shall be made free and clear of and without reduction or withholding for any Indemnified Taxes or Other Taxes, provided that if any Guarantor shall be required by Applicable Law to deduct any Indemnified Taxes (including any Other Taxes) from such payments, then (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 applicable Guarantied Party receives an amount equal to the sum it would have received had no such deductions been made, (ii) such Guarantor shall make such deductions and (iii) such Guarantor shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with Applicable Law.
		

		
			(b)        Without limiting the provisions of subsection (a) above, the Guarantors shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with Applicable Law.
		

		
			(c)        The Guarantors shall indemnify each Guarantied Party, within 10 days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or .asserted on or attributable to amounts payable under this Section) paid by such Guarantied Party and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to the Guarantors by such Guarantied Party (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of any Guarantied Party shall be conclusive absent manifest error.
		

		
			(d)        As soon as practicable after any payment of Indemnified Taxes or Other Taxes by any Guarantor to a Governmental Authority, such Guarantor shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.
		

		
			(e)        If any Guarantied Party determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by any Guarantor or with respect to which any Guarantor has paid additional amounts pursuant to this Section, it shall pay to such Guarantor an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by such Guarantor under this Section with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of such Guarantied Party, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that such Guarantor, upon the request of such Guarantied Party, agrees to repay the amount paid over to such Guarantor (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to such Guarantied Party in the event such Guarantied Party is required to repay such refund to such Governmental Authority.  This subsection shall not be construed to require any Guarantied Party to make available its tax returns (or any other information relating to its taxes that it deems confidential) to the Guarantors or any other Person.
		

		
			
		

		
			

		 

		

			11

		

 

		

		
			(f)        The obligations of each Guarantor and Guarantied Party under this Section 21 shall survive termination of the Aggregate Commitments and repayment of all Guarantied Obligations.
		

		
			SECTION 22.  Judgment Currency.  If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given.  The obligation of the Guarantors in respect of any such sum due from it to the Guarantied Parties hereunder shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of the Credit Agreement (the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency.  To the extent permitted by Applicable Law, if the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent from the Guarantors in the Agreement Currency after taking into account any set-offs or counterclaims of any Loan Party against the Person to whom such obligation was owing on which a final judgment has been rendered, the Guarantors agree, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or the Person to whom such obligation was owing against such loss.  If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent in such currency, the Administrative Agent agrees to return the amount of any excess to the Guarantors (or to any other Person who may be entitled thereto under Applicable Law).
		

		
			SECTION 23.  Keepwell.  Each Guarantor which is a Qualified ECP Guarantor hereby acknowledges and agrees to its undertakings under Section 10.21 of the Credit Agreement.
		

		
			SECTION 24.  Additional Guarantors.  Upon the execution and delivery by any other Person of a Guaranty Supplement in substantially the form of Exhibit A (a “Guaranty Supplement”), such Person shall become a “Guarantor” hereunder with the same force and effect as if originally named as a Guarantor herein.  The execution and delivery of any Guaranty Supplement shall not require the consent of any other Guarantor hereunder.  The rights and obligations of each Guarantor hereunder shall remain in full force and effect notwithstanding the addition of any new Guarantor as a party to this Guaranty.
		

		
			SECTION 25. Amendment and Restatement.  The Guarantors previously executed and delivered the Existing Guaranty Agreement in favor of the Guarantied Parties (as defined in the Existing Guaranty Agreement).   This Guaranty is an amendment and restatement of the Existing Guaranty Agreement and is a “Guaranty” as defined in the Credit Agreement.  Each Guarantor affirms its obligations pursuant to the Existing Guaranty Agreement and agrees that this Guaranty amends and restates the Existing Guaranty Agreement in its entirety.  This Guaranty is not intended as, and shall not be construed as, a release or novation of any obligation of any Guarantor pursuant to the Existing Guaranty Agreement.
		

		
			SECTION 26.  ENTIRE AGREEMENT.  THIS GUARANTY AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES
		

		
			
		

		
			

		 

		

			12

		

 

		

		
			REGARDING THE SUBJECT MATTER HEREIN AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.
		

		
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			13

		

 

		

		
			IN WITNESS WHEREOF, each Guarantor has caused this Guaranty to be duly executed and delivered by its duly authorized officer on the date first above written.
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						    

					
					
						GUARANTORS:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						HELEN OF TROY L.P.,

				
	
					
						 

					
					
						 

					
					
						a Texas limited partnership

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By: 

					
					
						HELEN OF TROY NEVADA CORPORATION,

				
	
					
						 

					
					
						 

					
					
						 

					
					
						a Nevada corporation, General Partner

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						HELEN OF TROY LIMITED,

				
	
					
						 

					
					
						 

					
					
						a Bermuda company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						HELEN OF TROY LIMITED,

				
	
					
						 

					
					
						 

					
					
						a Barbados corporation

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						HOT NEVADA, INC.,

				
	
					
						 

					
					
						 

					
					
						a Nevada corporation

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						HELEN OF TROY NEVADA CORPORATION,

				
	
					
						 

					
					
						 

					
					
						a Nevada corporation

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						HELEN OF TROY TEXAS CORPORATION,

				
	
					
						 

					
					
						 

					
					
						a Texas corporation

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						IDELLE LABS LTD.,

				
	
					
						 

					
					
						 

					
					
						a Texas limited partnership

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By: 

					
					
						HELEN OF TROY NEVADA CORPORATION,

				
	
					
						 

					
					
						 

					
					
						 

					
					
						a Nevada corporation, General Partner

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						OXO INTERNATIONAL LTD.,

				
	
					
						 

					
					
						 

					
					
						a Texas limited partnership

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By: 

					
					
						HELEN OF TROY NEVADA CORPORATION,

				
	
					
						 

					
					
						 

					
					
						 

					
					
						a Nevada corporation, General Partner

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						PUR WATER PURIFICATION PRODUCTS, INC.,

				
	
					
						 

					
					
						 

					
					
						a Nevada corporation

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						KAZ, INC.,

				
	
					
						 

					
					
						 

					
					
						a New York corporation

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						KAZ USA, INC.,

				
	
					
						 

					
					
						 

					
					
						a Massachusetts corporation

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						KAZ CANADA, INC.,

				
	
					
						 

					
					
						 

					
					
						a Massachusetts corporation

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						STEEL TECHNOLOGY, LLC,

				
	
					
						 

					
					
						 

					
					
						an Oregon limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						HD HOLDING INC.,

				
	
					
						 

					
					
						 

					
					
						a Nevada corporation

				
	
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			Signature Page to Guaranty

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By: 

					
					
						/s/ Brian L. Grass

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Brian L. Grass

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title for all: Chief Financial Officer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						HELEN OF TROY MACAO COMMERCIAL

				
	
					
						 

					
					
						 

					
					
						OFFSHORE LIMITED,

				
	
					
						 

					
					
						 

					
					
						a Macau corporation

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By: 

					
					
						/s/ Vincent D. Carson

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Vincent D. Carson

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Manager

				
	
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			NOTARIAL CERTIFICATE OF      Brian L. Grass                                          
		

		
			NOTARY PUBLIC DO HEREBY CERTIFY AND ATTEST that on the day of the date hereof personally came and appeared before me Brian L. Grass, the duly authorized Chief Financial Officer of Helen of Troy Limited, a Barbados corporation, one of the executing parties to the within written document and did in my presence sign and deliver the same as and for his free and voluntary act and deed.
		

		
			IN FAITH AND TESTIMONY WHEREOF I the said Rosemary Vasquez have hereunto set and subscribed my name and caused my Seal of Office to be hereunto put and affixed this 27 day of February, 2018.
		

		
			 
		

		
			 
		

		

		 

		

			Signature Page to Guaranty

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						Signed Sealed and Delivered as a

					
					
						    

					
					
						 

				
	
					
						Deed by Helen of Troy Limited,

					
					
						 

					
					
						 

				
	
					
						a Barbados company,

					
					
						 

					
					
						 

				
	
					
						by Order of the Board

					
					
						 

					
					
						/s/ Brian L. Grass

				
	
					
						 

					
					
						 

					
					
						Name in print

				
	
					
						 

					
					
						 

					
					
						Brian L. Grass, Chief Financial Officer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						[SEAL]

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						In the presence of:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						/s/ Rosemary Vasquez

					
					
						 

					
					
						 

				
	
					
						Notary Public

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

		
			EXHIBIT A to Guaranty
		

		
			GUARANTY SUPPLEMENT NO.    
		

		
			THIS GUARANTY SUPPLEMENT NO.         (this “Guaranty Supplement”) is made as of                             , to the Amended and Restated Guaranty dated as of March 1, 2018 (such agreement, together with all amendments and restatements, the “Guaranty”), among the initial signatories thereto and each other Person which from time to time thereafter became a party thereto pursuant to Section 24 thereof (each, individually, a “Guarantor” and, collectively, the “Guarantors”), in favor of the Guarantied Parties (as defined in the Guaranty).
		

		
			BACKGROUND.
		

		
			Capitalized terms not otherwise defined herein have the meaning specified in the Guaranty.  The Guaranty provides that additional parties may become Guarantors under the Guaranty by execution and delivery of this form of Guaranty Supplement.  Pursuant to the provisions of Section 24 of the Guaranty, the undersigned is becoming an Additional Guarantor under the Guaranty.  The undersigned desires to become a Guarantor under the Guaranty in order to induce the Guarantied Parties to continue to make credit extensions and accommodations under the Loan Documents.
		

		
			AGREEMENT.
		

		
			NOW, THEREFORE, the undersigned agrees with the Administrative Agent and each other Guarantied Party as follows:
		

		
			SECTION 1.  In accordance with the Guaranty, the undersigned hereby becomes a Guarantor under the Guaranty with the same force and effect as if it were an original signatory thereto as a Guarantor and the undersigned hereby (a) agrees to all the terms and provisions of the Guaranty applicable to it as a Guarantor thereunder and (b) represents and warrants that the representations and warranties made by it as a Guarantor thereunder are true and correct on and as of the date hereof.  Each reference to a “Guarantor” or an “Additional Guarantor” in the Guaranty shall be deemed to include the undersigned.
		

		
			SECTION 2.  Except as expressly supplemented hereby, the Guaranty shall remain in full force and effect in accordance with its terms.
		

		
			SECTION 3.  THIS GUARANTY SUPPLEMENT AND THE GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF TEXAS.
		

		
			SECTION 4.  This Guaranty Supplement hereby incorporates by reference the provisions of the Guaranty, which provisions are deemed to be a part hereof, and this Guaranty Supplement shall be deemed to be a part of the Guaranty.
		

		
			
		

		
			

		 

		

			Exhibit A to Guaranty

		

 

		

		
			SECTION 5.  This Guaranty Supplement may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original and all of which shall constitute together but one and the same agreement.
		

			
					
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			Exhibit A to Guaranty

		

 

		

		
			EXECUTED as of the date above first written.
		

			
					
						 

					
					
						ADDRESS:

					
					
						  

					
					
						  

					
					
						[ADDITIONAL GUARANTOR]

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						By:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Print Name:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Attention:

					
					
						 

					
					
						 

					
					
						 

					
					
						Print Title:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						ACCEPTED AND AGREED TO BY:

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BANK OF AMERICA, N.A., as Administrative Agent

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Print Name:

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Print Title:

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		 

		

			Exhibit A to Guaranty

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