Document:

Registration Rights Agreement

 Exhibit 4.3 
 EXECUTION VERSION 
 REGISTRATION RIGHTS AGREEMENT

 by and among 
 Express, LLC 
 Express Finance Corp. 
 Express Parent LLC 
 Express GC, LLC 
 and 
 Banc of America Securities LLC 
 Goldman, Sachs & Co.

 Morgan Stanley & Co. Incorporated 
 Dated as of March 5, 2010 

 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (this “Agreement”) is made and entered into as of March 5, 2010, by and among Express,
LLC, a Delaware limited liability company, and Express Finance Corp., a Delaware corporation, (collectively, the “Issuers”), Express Parent LLC, a Delaware limited liability company, and Express GC, LLC, an Ohio limited liability company,
(collectively, the “Guarantors”), and Banc of America Securities LLC, Goldman, Sachs & Co., and Morgan Stanley & Co. Incorporated (collectively, the “Initial Purchasers”), each of whom has agreed to purchase
pursuant to the Purchase Agreement (as defined below) the Issuers’ 8.750% Senior Notes due 2018 (the “Initial Notes”) fully and unconditionally guaranteed by the Guarantors (the “Guarantees”). The Initial Notes and the
Guarantees attached thereto are herein collectively referred to as the “Initial Securities.” 
 This Agreement is made
pursuant to the Purchase Agreement, dated March 2, 2010 (the “Purchase Agreement”), among the Issuers, the Guarantors and the Initial Purchasers (i) for the benefit of the Initial Purchasers and (ii) for the benefit of the
holders from time to time of the Initial Securities, including the Initial Purchasers. In order to induce the Initial Purchasers to purchase the Initial Securities, the Issuers have agreed to provide the registration rights set forth in this
Agreement. The execution and delivery of this Agreement is a condition to the obligations of the Initial Purchasers set forth in Section 8(h) of the Purchase Agreement. 
 The parties hereby agree as follows: 
 SECTION 1. Definitions. 
 As used in this Agreement, the
following capitalized terms shall have the following meanings:  
 Broker-Dealer: Any broker or dealer registered
under the Exchange Act. 
 Business Day: Any day other than a Saturday, Sunday or U.S. federal holiday or a day on which
banking institutions or trust companies located in New York, New York are authorized or obligated to be closed. 
 Closing
Date: The date of this Agreement. 
 Commission: The Securities and Exchange Commission. 
 Consummate: A registered Exchange Offer shall be deemed “Consummated” for purposes of this Agreement upon the occurrence of
(i) the filing and effectiveness under the Securities Act of the Exchange Offer Registration Statement relating to the Exchange Notes to be issued in the Exchange Offer, (ii) the maintenance of such Registration Statement continuously
effective and the keeping of the Exchange Offer open for a period not less than the minimum period required pursuant to Section 3(b) hereof, and (iii) the delivery by the Issuers to the Registrar under the Indenture of Exchange Notes in
the same aggregate principal amount as the aggregate principal amount of Initial Securities that were properly tendered and not withdrawn by Holders thereof pursuant to the Exchange Offer prior to the expiration thereof. 

 Effectiveness Target Date: As defined in Section 5 hereof. 
 Entitled Security: Each Initial Note, until the earliest to occur of (a) the date on which such Initial Note has been exchanged
by a Person other than a Broker-Dealer for an Exchange Note in the Exchange Offer; (b) following the exchange by a Broker-Dealer in the Exchange Offer of an Initial Note for an Exchange Note, the date on which such Exchange Note is sold to a
purchaser who receives from such Broker-Dealer on or prior to the date of such sale a copy of the Prospectus contained in the Exchange Offer Registration Statement; (c) the date on which such Initial Note has been effectively registered under
the Securities Act and disposed of in accordance with the Shelf Registration Statement; or (d) the date on which such Initial Note is actually sold pursuant to Rule 144 under the Securities Act; provided that an Initial Note will not cease to
be an Entitled Security for purposes of the Exchange Offer by virtue of this clause (d). 
 Exchange Act: The Securities
Exchange Act of 1934, as amended. 
 Exchange Offer: The registration by the Issuers under the Securities Act of the
Exchange Notes pursuant to a Registration Statement pursuant to which the Issuers offer the Holders of all outstanding Entitled Securities the opportunity to exchange all such outstanding Entitled Securities held by such Holders for Exchange Notes
in an aggregate principal amount equal to the aggregate principal amount of the Entitled Securities tendered in such exchange offer by such Holders. 
 Exchange Offer Registration Statement: The Registration Statement relating to the Exchange Offer, including the related Prospectus. 
 Exempt Resales: The transactions in which the Initial Purchasers propose to sell the Initial Securities to certain “qualified
institutional buyers,” as such term is defined in Rule 144A under the Securities Act and to certain non-U.S. persons pursuant to Regulation S under the Securities Act. 
 Exchange Notes: The 8.750% Senior Notes due 2018, of the same series under the Indenture as the Initial Securities, to be issued to
Holders in exchange for Entitled Securities pursuant to this Agreement. 
 FINRA: Financial Industry Regulatory
Authority, Inc, an independent regulatory organization. 
 Holders: As defined in Section 2(b) hereof. 

Indemnified Holder: As defined in Section 8(a) hereof. 
 Indenture: The Indenture, dated as of March 5, 2010, by and among the Issuers, the Guarantors and U.S. Bank National
Association, as trustee (the “Trustee”), pursuant to which the Securities are to be issued, as such Indenture is amended or supplemented from time to time in accordance with the terms thereof. 
 Initial Notes: As defined in the preamble hereto. 
  

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 Initial Placement: The issuance and sale by the Issuers of the Initial Securities to
the Initial Purchasers pursuant to the Purchase Agreement. 
 Initial Purchasers: As defined in the preamble hereto. 

 Initial Securities: As defined in the preamble hereto. 
 Interest Payment Date: As defined in the Indenture and the Securities. 
 Person: An individual, partnership, corporation, trust or unincorporated organization, or a government or agency or political
subdivision thereof. 
 Prospectus: The prospectus included in a Registration Statement, as amended or supplemented by
any prospectus supplement and by all other amendments thereto, including post-effective amendments, and all material incorporated by reference into such Prospectus. 
 Registration Default: As defined in Section 5 hereof. 
 Registration Statement: Any registration statement of the Issuers relating to (a) an offering of Exchange Notes pursuant to an Exchange Offer or (b) the registration for resale of Entitled Securities pursuant to the Shelf
Registration Statement, which is filed pursuant to the provisions of this Agreement, in each case, including the Prospectus included therein, all amendments and supplements thereto (including post-effective amendments) and all exhibits and material
incorporated by reference therein. 
 Securities: The Initial Securities, Entitled Securities and Exchange Notes.

 Securities Act: The Securities Act of 1933, as amended. 
 Shelf Filing Deadline: As defined in Section 4(a) hereof. 
 Shelf Registration Statement: As defined in Section 4(a) hereof. 
 Special Interest Payment Date: With respect to the Initial Securities, each Interest Payment Date. 
 Trust Indenture Act: The Trust Indenture Act of 1939, as amended. 
 Underwritten Registration or Underwritten Offering: A registration in which securities of the Issuers are sold to an underwriter for
reoffering to the public. 
 SECTION 2. Securities Subject to this Agreement.  
 (a) Entitled Securities. The securities entitled to the benefits of this Agreement are the Entitled Securities. 
  

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 (b) Holders of Entitled Securities. A Person is deemed to be a holder of Entitled
Securities (each, a “Holder”) whenever such Person owns Entitled Securities. 
 SECTION 3. Registered
Exchange Offer.  
 (a) Unless the Exchange Offer shall not be required or permissible under applicable law or
Commission policy (after the procedures set forth in Section 6(a) hereof have been complied with), each of the Issuers and the Guarantors shall (i) cause to be filed with the Commission on or prior to 300 days after the Closing Date (or if
such 300th day is not a Business Day, the next succeeding Business Day), an Exchange Offer Registration Statement under the Securities Act relating to the Exchange Notes and the Exchange Offer, (ii) use all commercially reasonable efforts to
cause such Exchange Offer Registration Statement to become effective on or prior to 365 days after the Closing Date (or if such 365th day is not a Business Day, the next succeeding Business Day), and (iii) upon the effectiveness of such
Registration Statement, commence the Exchange Offer. The Exchange Offer shall be on the appropriate form permitting registration of the Exchange Notes to be offered in exchange for the Entitled Securities and to permit resales of Initial Securities
held by Broker-Dealers as contemplated by Section 3(c) hereof. 
 (b) The Issuers and the Guarantors shall cause the
Exchange Offer Registration Statement to be effective continuously and shall keep the Exchange Offer open for a period of not less than the minimum period required under applicable federal and state securities laws to Consummate the Exchange Offer;
provided, however, that in no event shall such period be less than 20 Business Days after the date notice of the Exchange Offer is mailed to the Holders. The Issuers shall cause the Exchange Offer to comply with all applicable federal and
state securities laws. No securities other than the Exchange Notes shall be included in the Exchange Offer Registration Statement. Unless the Exchange Offer shall not be required or permissible under applicable law or Commission policy (after the
procedures set forth in Section 6(a) hereof have been complied with), the Issuers shall use all commercially reasonable efforts to issue on or prior to 30 Business Days, or longer if required by applicable securities laws, after the date on
which the Exchange Offer Registration Statement was declared effective by the Commission, Exchange Notes in exchange for all notes properly tendered and not withdrawn in the Exchange Offer prior to the expiration thereof. 
 (c) The Issuers shall indicate in a “Plan of Distribution” section contained in the Prospectus forming a part of the Exchange
Offer Registration Statement that any Broker-Dealer who holds Initial Securities that are Entitled Securities and that were acquired for its own account as a result of market-making activities or other trading activities (other than Entitled
Securities acquired directly from the Issuers), may exchange such Initial Securities pursuant to the Exchange Offer; however, such Broker-Dealer may be deemed to be an “underwriter” within the meaning of the Securities Act and must,
therefore, deliver a prospectus meeting the requirements of the Securities Act in connection with any resales of the Exchange Notes received by such Broker-Dealer in the Exchange Offer, which prospectus delivery requirement may be satisfied by the
delivery by such Broker-Dealer of the Prospectus contained in the Exchange Offer Registration Statement. Such “Plan of Distribution” section shall also contain all other information with respect to such resales by Broker-Dealers that the
Commission may require in

  

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order to permit such resales pursuant thereto, but such “Plan of Distribution” shall not name any such Broker-Dealer or disclose the amount of Initial Securities held by any such
Broker-Dealer except to the extent required by the Commission as a result of a change in policy after the date of this Agreement. 
 Each of the Issuers and the Guarantors shall use all commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously effective, supplemented and amended as required by the provisions of Section 6(c)
hereof to the extent necessary to ensure that it is available for resales of Initial Securities acquired by Broker-Dealers for their own accounts as a result of market-making activities or other trading activities, and to ensure that it conforms
with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from time to time, for a period ending on the earlier of (i) 180 days from the date on which the Exchange Offer
Registration Statement is declared effective and (ii) the date on which a Broker-Dealer is no longer required to deliver a prospectus in connection with market-making or other trading activities. 
 The Issuers shall provide sufficient copies of the latest version of such Prospectus to Broker-Dealers promptly upon request at any time
during such 180 day period (or shorter period as provided in the preceding paragraph) in order to facilitate such resales. 
 SECTION 4. Shelf Registration.  
 (a) Shelf Registration. If
(i) the Issuers and the Guarantors are not required to file an Exchange Offer Registration Statement or permitted to consummate the Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission policy (after the
procedures set forth in Section 6(a) hereof have been complied with), or (ii) any holder of Entitled Securities notifies the Issuers prior to the 20th Business Day following the consummation of the Exchange Offer that (A) it is prohibited by law or Commission
policy from participating in the Exchange Offer, (B) it may not resell the Exchange Notes acquired by it in the Exchange Offer to the public without delivering a Prospectus and the Prospectus contained in the Exchange Offer Registration
Statement is not appropriate or available for such resales, (C) it is a Broker-Dealer and owns Initial Notes acquired directly from the Issuers or an affiliate of the Issuers or (D) it is an Affiliate (as defined in Rule 144 promulgated by
the Commission) of the Issuers and will not receive Exchange Notes in the Exchange Offer that may be freely transferred without restriction under federal securities law, then the Issuers and the Guarantors will: 
 (x) use all commercially reasonable efforts to file a Shelf Registration Statement, which may be an amendment to the Exchange
Offer Registration Statement (in either event, the “Shelf Registration Statement”) with the Commission on or prior to 300 days after such filing obligation arises (or if such 300th day is not a Business Day, the next succeeding Business
Day); and 
 (y) use all commercially reasonable efforts to cause such Shelf Registration Statement to be
declared effective by the Commission on or prior to 365 days after the such obligation arises (or if such 365th day is not a Business Day, the next succeeding Business Day). 
  

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 Each of the Issuers and the Guarantors shall use all commercially reasonable efforts to keep
such Shelf Registration Statement continuously effective, supplemented and amended as required by the provisions of Sections 6(b) and (c) hereof to the extent necessary to ensure that it is available for resales of Initial Securities by the
Holders of Entitled Securities entitled to the benefit of this Section 4(a), and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from
time to time, for a period of at least two years following the effective date of such Shelf Registration Statement (or shorter period that will terminate when all the Initial Securities covered by such Shelf Registration Statement have been sold
pursuant to such Shelf Registration Statement). 
 (b) Provision by Holders of Certain Information in Connection with the
Shelf Registration Statement. No Holder of Entitled Securities may include any of its Entitled Securities in any Shelf Registration Statement pursuant to this Agreement unless and until such Holder furnishes to the Issuers in writing, within 10
Business Days after receipt of a request therefor, such information as the Issuers may reasonably request for use in connection with any Shelf Registration Statement or Prospectus or preliminary Prospectus included therein. Each Holder as to which
any Shelf Registration Statement is being effected agrees to furnish promptly to the Issuers all information required to be disclosed in order to make the information previously furnished to the Issuers by such Holder not materially misleading.

 SECTION 5. Special Interest.  
 If (i) the Issuers and the Guarantors fail to file any of the Registration Statements required by this Agreement on or before the date
specified for such filing, (ii) any of such Registration Statements is not declared effective by the Commission on or prior to the date specified for such effectiveness (the “Effectiveness Target Date”), (iii) the Issuers and the
Guarantors fail to consummate the Exchange Offer within 30 Business Days of the Effectiveness Target Date with respect to the Exchange Offer Registration Statement or (iv) the Shelf Registration Statement or the Exchange Offer Registration
Statement is declared effective but thereafter ceases to be effective or usable in connection with resales of Entitled Securities during the periods specified in this Agreement (each such event referred to in clauses (i) through
(iv) above, a “Registration Default”) as liquidated damages for such Registration Default, the Issuers and the Guarantors agree to pay Holders of Entitled Securities Special Interest of 0.25% per annum during the first
90-day period immediately following the occurrence of any Registration Default. The amount of Special Interest will increase by 0.25% per annum with respect to each subsequent 90-day period until all Registration Defaults have been cured, up to
a maximum of Special Interest for all Registration Defaults of 1.0% per annum of the principal amount of the Entitled Securities outstanding. Following the cure of all Registration Defaults, the accrual of Special Interest will cease.

 All obligations of the Issuers and the Guarantors set forth in the preceding paragraph that are outstanding with respect to
any Entitled Security at the time such security ceases to be a Entitled Security shall survive until such time as all such obligations with respect to such security shall have been satisfied in full. 
  

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 SECTION 6. Registration Procedures.  
 (a) Exchange Offer Registration Statement. In connection with the Exchange Offer, the Issuers and the Guarantors shall comply with
all of the applicable provisions of Section 6(c) hereof, and shall comply with all of the following provisions: 
 (i) If in the reasonable opinion of counsel to the Issuers there is a question as to whether the Exchange Offer is permitted by applicable law, each of the Issuers and the Guarantors hereby agrees to use commercially reasonable efforts to
seek a no-action letter or other favorable decision from the Commission allowing the Issuers and the Guarantors to Consummate an Exchange Offer for such Initial Securities. Each of the Issuers and the Guarantors hereby agrees to use commercially
reasonable efforts to pursue the issuance of such a decision to the Commission staff level but shall not be required to take commercially unreasonable action to effect a change of Commission policy. Each of the Issuers and the Guarantors hereby
agrees, however, to (A) participate in telephonic conferences with the Commission, (B) deliver to the Commission staff an analysis prepared by counsel to the Issuers setting forth the legal bases, if any, upon which such counsel has
concluded that such an Exchange Offer should be permitted and (C) otherwise use commercially reasonable efforts to pursue a favorable resolution by the Commission staff of such submission. 
 (ii) As a condition to its participation in the Exchange Offer pursuant to the terms of this Agreement, each Holder of
Entitled Securities shall furnish, upon the request of the Issuers, prior to the Consummation thereof, a written representation to the Issuers (which may be contained in the letter of transmittal contemplated by the Exchange Offer Registration
Statement) to the effect that (A) it is not an affiliate (within the meaning of Rule 405 under the Securities Act) of the Issuers, (B) it is not engaged in, and does not intend to engage in, and has no arrangement or understanding with any
Person to participate in, a distribution of the Exchange Notes to be issued in the Exchange Offer and (C) it is acquiring the Exchange Notes in its ordinary course of business. In addition, all such Holders of Entitled Securities shall
otherwise cooperate in the Issuers’ preparations for the Exchange Offer. Each Holder hereby acknowledges and agrees that any Broker-Dealer and any such Holder using the Exchange Offer to participate in a distribution of the securities to be
acquired in the Exchange Offer (1) could not under Commission policy as in effect on the date of this Agreement rely on the position of the Commission enunciated in Morgan Stanley and Co., Inc. (available June 5, 1991) and Exxon
Capital Holdings Corporation (available May 13, 1988), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993, and similar no-action letters (which may include any no-action letter obtained
pursuant to clause (i) above), and (2) must comply with the registration and prospectus delivery requirements of the Securities Act in connection with a secondary resale transaction and that such a secondary resale transaction should be
covered by an effective registration statement containing the selling security holder information required by Item 507 or 508, as applicable, of Regulation S-K if the resales are of Exchange Notes obtained by such Holder in exchange for Initial
Securities acquired by such Holder directly from the Issuers. 
  

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 (b) Shelf Registration Statement. In connection with the Shelf Registration
Statement, each of the Issuers and the Guarantors shall comply with all the provisions of Section 6(c) hereof. 
 (c)
General Provisions. In connection with any Registration Statement and any Prospectus required by this Agreement to permit the sale or resale of Entitled Securities (including, without limitation, any Registration Statement and the related
Prospectus required to permit resales of Initial Securities by Broker-Dealers), each of the Issuers and the Guarantors shall: 
 (i) use all commercially reasonable efforts to keep such Registration Statement continuously effective and provide all requisite financial statements, including, if required by the Securities Act or any
regulation thereunder, financial statements of the Guarantors for the period specified in Section 3 or 4 hereof, as applicable; upon the occurrence of any event that would cause any such Registration Statement or the Prospectus contained
therein (A) to contain a material misstatement or omission or (B) not to be effective and usable for resale of Entitled Securities during the period required by this Agreement, the Issuers shall file promptly an appropriate amendment to
such Registration Statement, in the case of clause (A), correcting any such misstatement or omission, and, in the case of either clause (A) or (B), use all commercially reasonable efforts to cause such amendment to be declared effective and
such Registration Statement and the related Prospectus to become usable for their intended purpose(s) as soon as practicable thereafter; 
 (ii) prepare and file with the Commission such amendments and post-effective amendments to the applicable Registration Statement as may be necessary to keep the Registration Statement effective for the
applicable period set forth in Section 3 or 4 hereof, as applicable, or such shorter period as will terminate when all Entitled Securities covered by such Registration Statement have been sold; cause the Prospectus to be supplemented by any
required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the Securities Act, and to comply fully with the applicable provisions of Rules 424 and 430A under the Securities Act in a timely manner; and comply with
the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the sellers thereof set
forth in such Registration Statement or supplement to the Prospectus; 
 (iii) in the case of a Shelf
Registration Statement or an Exchange Offer Registration Statement maintained as effective following the closing of the Exchange Offer, during the applicable period set forth in Section 3 or 4 hereof, advise the underwriter(s), if any,
Broker-Dealer(s), if any, and selling Holders named in a Shelf Registration Statement promptly and if requested by such Persons, to confirm such advice in writing, (A) when the Prospectus or any prospectus supplement or post-effective amendment
has been filed, and, with respect to any Registration Statement or any post-effective amendment thereto, when the same has become effective, (B) of any request by the Commission for amendments to the Registration Statement or amendments

  

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or supplements to the Prospectus or for additional information relating thereto, (C) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration
Statement under the Securities Act or of the suspension by any state securities commission of the qualification of the Entitled Securities for offering or sale in any jurisdiction, or the initiation of any proceeding for any of the preceding
purposes, (D) of the existence of any fact or the happening of any event that makes any statement of a material fact made in the Registration Statement, the Prospectus, any amendment or supplement thereto, or any document incorporated by
reference therein untrue, or that requires the making of any additions to or changes in the Registration Statement or the Prospectus in order to make the statements therein (with respect to the Prospectus, in light of the circumstances under which
they were made) not misleading. If at any time the Commission shall issue any stop order suspending the effectiveness of the Registration Statement, or any state securities commission or other regulatory authority shall issue an order suspending the
qualification or exemption from qualification of the Entitled Securities under state securities or blue sky laws, each of the Issuers and the Guarantors shall use all commercially reasonable efforts to obtain the withdrawal or lifting of such order
at the earliest possible time; 
 (iv) furnish without charge to each of the Initial Purchasers, each selling
Holder named in any Shelf Registration Statement, and each of the underwriter(s), if any, before filing with the Commission, copies of any Shelf Registration Statement or any Prospectus included therein or any amendments or supplements to any such
Shelf Registration Statement or Prospectus (including all documents incorporated by reference after the initial filing of such Shelf Registration Statement), which documents will be subject to the review and comment of such Holders and
underwriter(s) in connection with such sale, if any, for a reasonable period prior to filing (but in any case not more than five Business Days), and the Issuers will not file any such Shelf Registration Statement or Prospectus or any amendment or
supplement to any such Shelf Registration Statement or Prospectus (including all such documents incorporated by reference) to which an Initial Purchaser of Entitled Securities covered by such Shelf Registration Statement or the underwriter(s), if
any, shall reasonably object in writing after the receipt thereof (such objection to be deemed timely made upon confirmation of telecopy transmission within such reasonable period specified by the Issuers). The objection of an Initial Purchaser or
underwriter, if any, shall be deemed to be reasonable if such Shelf Registration Statement, amendment, Prospectus or supplement, as applicable, as proposed to be filed, contains a material misstatement or omission. This clause (iv) shall not
apply to any filing by the Issuers or the Guarantors of any Current Report on Form 8-K that is exclusively unrelated to the Entitled Securities and the offering or exchange therefore; 
 (v) in the case of a Shelf Registration Statement, make available at reasonable times for inspection by the Initial
Purchasers, the managing underwriter(s), if any, participating in any disposition pursuant to such Shelf Registration Statement and any attorney or accountant retained by such Initial Purchasers or any of the underwriter(s), all financial and other
records, pertinent corporate documents and properties of each of the Issuers and the Guarantors and cause the Issuers’ and the Guarantors’ officers, directors

  

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and employees to supply all information reasonably requested by any such Holder, underwriter, attorney or accountant in connection with such Registration Statement or any post-effective amendment
thereto subsequent to the filing thereof and prior to its effectiveness and to participate in meetings with investors to the extent requested by the managing underwriter(s), if any; 
 (vi) if reasonably requested by the underwriter(s), if any, or a Holder of Entitled Securities under a Shelf Registration
Statement, promptly incorporate in any Shelf Registration Statement or Prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such underwriter(s), if any, or Holder(s) of Entitled Securities may reasonably
request to have included therein, including, without limitation, information relating to the “Plan of Distribution” of the Entitled Securities, information with respect to the principal amount of Entitled Securities being sold to such
underwriter(s), the purchase price being paid therefor and any other terms of the offering of the Entitled Securities to be sold in such offering; and make all required filings of such Prospectus supplement or post-effective amendment as soon as
practicable after the Issuers are notified of the matters to be incorporated in such Prospectus supplement or post-effective amendment; 
 (vii) cause the Entitled Securities covered by the Registration Statement to be rated with the appropriate rating agencies, if so requested by the Holders of a majority in aggregate principal amount of
Securities covered thereby or the underwriter(s), if any; 
 (viii) in the case of a Shelf Registration
Statement, furnish to each Initial Purchaser, each selling Holder and the underwriter(s), if any, without charge, at least one copy of the Shelf Registration Statement, as first filed with the Commission, and of each amendment thereto, including
financial statements and schedules, all documents incorporated by reference therein (upon request) and all exhibits (including exhibits incorporated therein by reference)(upon request); 
 (ix) deliver to each selling Holder and each of the underwriter(s), if any, without charge, as many copies of the Prospectus
(including each preliminary prospectus) and any amendment or supplement thereto as such Persons reasonably may request; each of the Issuers and the Guarantors hereby consents to the use of the Prospectus and any amendment or supplement thereto by
each of the selling Holders and each of the underwriter(s), if any, in connection with the offering and the sale of the Entitled Securities covered by the Prospectus or any amendment or supplement thereto; 
  

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 (x) in the case of a Shelf Registration Statement, enter into such
agreements (including an underwriting agreement), and make such customary representations and warranties, and take all such other actions, all to such extent as may be reasonably requested by any Initial Purchaser or by any Holder of Entitled
Securities or underwriter in connection with any sale or resale pursuant to any Shelf Registration Statement contemplated by this Agreement; and whether or not an underwriting agreement is entered into and whether or not the registration is an
Underwritten Registration, each of the Issuers and the Guarantors shall: 
 (A) furnish to each of the Initial
Purchasers, each selling Holder and each underwriter, if any, in such substance and scope as they may reasonably request and as are customarily made by issuers to underwriters in primary underwritten offerings, upon the effectiveness of the Shelf
Registration Statement: 
 (1) a certificate, dated the date of effectiveness of the Shelf Registration
Statement, as the case may be, signed by two executive officers of each of the Issuers and the Guarantors, confirming, as of the date thereof, matters substantially similar to those set forth in Section 8(e) of the Purchase Agreement and such
other matters as such parties may reasonably request; 
 (2) an opinion, dated the date of effectiveness of the
Shelf Registration Statement, of counsel for the Issuers and the Guarantors, covering matters similar to those set forth in Section 8(b) of the Purchase Agreement; and 
 (3) a customary comfort letter, dated the date of effectiveness of the Shelf Registration Statement, from the Issuers’
independent accountants, in the customary form and covering matters of the type customarily requested to be covered in comfort letters by underwriters in connection with primary underwritten offerings, and covering or affirming matters substantially
similar to those set forth in the comfort letters delivered pursuant to Section 8(c) of the Purchase Agreement, without exception; 
 (B) set forth in full or incorporate by reference in the underwriting agreement, if any, the indemnification provisions and procedures of Section 8 hereof with respect to all parties to be
indemnified pursuant to said Section; and 
 (C) deliver such other documents and certificates as may be
reasonably requested by the Initial Purchasers, the underwriters, if any, and the Holders of the majority in aggregate principal amount of the Entitled Securities, to evidence compliance with Section 6(c)(x)(A) hereof and with any customary
conditions contained in the underwriting agreement or other agreement entered into by the Issuers or any of the Guarantors pursuant to this Section 6(c)(x), if any. 
 If at any time the representations and warranties of the Issuers and the Guarantors contemplated in
Section 6(c)(x)(A)(1) hereof made in connection with a Shelf Registration Statement cease to be true and correct, the Issuers or the Guarantors shall so advise the Initial Purchasers and the underwriter(s), if any, and each selling Holder
promptly; 
 (xi) prior to any public offering of Entitled Securities, use all commercially reasonable efforts to
register or qualify the Entitled Securities under the state securities or blue sky laws of such jurisdictions as the selling Holders or underwriter(s), if any, may

  

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request and do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Entitled Securities covered by the Shelf Registration Statement;
provided, however, that neither the Issuers nor the Guarantors shall be required to register or qualify as a foreign entity where it is not then so qualified or to take any action that would subject it to the service of process in suits or to
taxation in any jurisdiction where it is not then so subject; 
 (xii) shall issue, upon the request of any
Holder of Initial Securities covered by the Shelf Registration Statement, Exchange Notes having an aggregate principal amount equal to the aggregate principal amount of Initial Securities surrendered to the Issuers by such Holder in exchange
therefor or being sold by such Holder; such Exchange Notes to be registered in the name of such Holder or in the name of the purchaser(s) of such Securities, as the case may be; in return, the Initial Securities held by such Holder shall be
surrendered to the Issuers for cancellation; 
 (xiii) cooperate with the selling Holders and the underwriter(s),
if any, to facilitate the timely preparation and delivery of certificates representing Entitled Securities to be sold and not bearing any restrictive legends; and enable such Entitled Securities to be in such denominations and registered in such
names as the Holders or the underwriter(s), if any, may request prior to any sale of Entitled Securities made by such Holders or underwriter(s); 
 (xiv) in the case of a Shelf Registration Statement or an Exchange Offer Registration Statement maintained as effective following the closing of the Exchange Offer, during the applicable period set forth
in Section 3 or 4 hereof, if any fact or event contemplated by Section 6(c)(iii)(D) hereof shall exist or have occurred, prepare a supplement or post-effective amendment to the Registration Statement or related Prospectus or any document
incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of Entitled Securities, the Prospectus will not contain an untrue statement of a material fact or omit to state any material
fact necessary in order to make the statements therein not misleading; 
 (xv) provide a CUSIP number for all
Securities not later than the effective date of the Registration Statement covering such Securities and provide the Trustee under the Indenture with printed certificates for such Securities which are in a form eligible for deposit with the
Depository Trust Company and take all other action necessary to ensure that all such Securities are eligible for deposit with the Depository Trust Company; 
 (xvi) cooperate and assist in any filings required to be made with the FINRA and in the performance of any due diligence investigation by any underwriter (including any “qualified independent
underwriter” as the term is defined within the rules and regulations of FINRA) that is required to be retained in accordance with the rules and regulations of the FINRA; 
 (xvii) otherwise use all commercially reasonable efforts to comply with all applicable rules and regulations of the
Commission, and make generally available to its

  

 -12- 

 
security holders, as soon as practicable, a consolidated earnings statement meeting the requirements of Rule 158 under the Securities Act (which need not be audited) for the twelve-month period
(A) commencing at the end of any fiscal quarter in which Entitled Securities are sold to underwriters in a firm commitment or best efforts Underwritten Offering or (B) if not sold to underwriters in such an offering, beginning with the
first month of the Issuers’ first fiscal quarter commencing after the effective date of the Registration Statement; 
 (xviii) cause the Indenture to be qualified under the Trust Indenture Act not later than the effective date of the first Registration Statement required by this Agreement, and, in connection therewith,
cooperate with the Trustee and the Holders of Securities to effect such changes to the Indenture as may be required for such Indenture to be so qualified in accordance with the terms of the Trust Indenture Act; and to execute and use all
commercially reasonable efforts to cause the Trustee to execute, all documents that may be required to effect such changes and all other forms and documents required to be filed with the Commission to enable such Indenture to be so qualified in a
timely manner; 
 (xix) in the case of a Shelf Registration Statement, cause all Securities covered by such Shelf
Registration Statement to be listed on each securities exchange or automated quotation system on which similar securities issued by the Issuers are then listed if requested by the Holders of a majority in aggregate principal amount of Initial
Securities or the managing underwriter(s), if any; and 
 (xx) if not otherwise available on EDGAR, provide
promptly to each Holder upon request each document filed with the Commission pursuant to the requirements of Section 13 and Section 15 of the Exchange Act. 
 Each Holder agrees by acquisition of a Entitled Security that, upon receipt of any notice from the Issuers of the existence of any fact of the kind described in Section 6(c)(iii)(D) hereof, such
Holder will forthwith discontinue disposition of Entitled Securities pursuant to the applicable Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xiv)
hereof, or until it is advised in writing (the “Advice”) by the Issuers that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus.
If so directed by the Issuers, each Holder will deliver to the Issuers (at the Issuers’ expense) all copies, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Entitled Securities that was
current at the time of receipt of such notice. In the event the Issuers shall give any such notice, the time period regarding the effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended
by the number of days during the period from and including the date of the giving of such notice pursuant to Section 6(c)(iii)(D) hereof to and including the date when each selling Holder covered by such Registration Statement shall have
received the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xv) hereof or shall have received the Advice; provided, however, that no such extension shall be taken into account in determining whether Special
Interest is due pursuant to Section 5 hereof or the amount of such Special Interest, it being agreed that the Issuers’ option to suspend use of a Registration Statement pursuant to this paragraph shall be treated as a Registration Default
for purposes of Section 5 hereof. 
  

 -13- 

 SECTION 7. Registration Expenses.  
 (a) All expenses incident to the Issuers’ and the Guarantor’s performance of or compliance with this Agreement will be borne by
the Issuers and the Guarantors, jointly and severally, regardless of whether a Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees and expenses (including filings made by any Initial
Purchaser or Holder with the FINRA (and, if applicable, the fees and expenses of any “qualified independent underwriter” and its counsel that may be required by the rules and regulations of the FINRA)); (ii) all fees and expenses of
compliance with federal securities and state securities or blue sky laws; (iii) all expenses of printing (including printing of Prospectuses), messenger and delivery services and telephone; (iv) all reasonable fees and disbursements of
counsel for the Issuers, the Guarantors and, subject to Section 7(b) hereof, the Holders of Entitled Securities; (v) all application and filing fees in connection with listing the Exchange Notes on a securities exchange or automated
quotation system pursuant to the requirements thereof; and (vi) all fees and disbursements of independent certified public accountants of the Issuers and the Guarantors (including the expenses of any special audit and comfort letters required
by or incident to such performance). 
 Each of the Issuers and the Guarantors will, in any event, bear its internal expenses
(including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by the
Issuers or the Guarantors. 
 Notwithstanding the foregoing, the Holders of Entitled Securities being registered shall pay all
agency fees and commissions and underwriting discounts and commissions, if any, and transfer taxes, if any, attributable to the sale of such Entitled Securities, and the fees and disbursements of any counsel or other advisors or experts retained by
such Holders (severally or jointly), other than the counsel and experts specifically referred to above. 
 (b) In connection
with any Registration Statement required by this Agreement (including, without limitation, the Exchange Offer Registration Statement and the Shelf Registration Statement), the Issuers and the Guarantors, jointly and severally, will reimburse the
Initial Purchasers and the Holders of Entitled Securities being tendered in the Exchange Offer and/or resold pursuant to the “Plan of Distribution” contained in the Exchange Offer Registration Statement or registered pursuant to the Shelf
Registration Statement, as applicable, for the reasonable fees and disbursements of not more than one counsel for the holders of Entitled Securities and Initial Purchasers, who shall be Latham & Watkins LLP, or such other counsel as may be
chosen by the Holders of a majority in principal amount of the Entitled Securities for whose benefit such Registration Statement is being prepared. 
  

 -14- 

 SECTION 8. Indemnification.  
 (a) The Issuers and the Guarantors, jointly and severally, agree to indemnify and hold harmless (i) each Holder and (ii) each
Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) any Holder (any of the Persons referred to in this clause (ii) being hereinafter referred to as a
“controlling person”) and (iii) the respective officers, directors, partners, employees, representatives and agents of any Holder or any controlling person (any Person referred to in clause (i), (ii) or (iii) may hereinafter
be referred to as an “Indemnified Holder”), to the fullest extent lawful, from and against any and all losses, claims, damages, liabilities, judgments, actions and expenses (including, without limitation, and as incurred, reimbursement of
all reasonable costs of investigating, preparing, pursuing, settling, compromising, paying or defending any claim or action, or any investigation or proceeding by any governmental agency or body, commenced or threatened, including the reasonable
fees and expenses of counsel to any Indemnified Holder), joint or several, directly or indirectly caused by, related to, based upon, arising out of or in connection with any untrue statement or alleged untrue statement of a material fact contained
in any Registration Statement or Prospectus (or any amendment or supplement thereto), or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading,
except insofar as such losses, claims, damages, liabilities or expenses are caused by an untrue statement or omission or alleged untrue statement or omission that is made in reliance upon and in conformity with information relating to any of the
Holders furnished in writing to the Issuers by any of the Holders expressly for use therein. This indemnity agreement shall be in addition to any liability which the Issuers or any of the Guarantors may otherwise have. 
 In case any action or proceeding (including any governmental or regulatory investigation or proceeding) shall be brought or asserted against
any of the Indemnified Holders with respect to which indemnity may be sought against the Issuers or the Guarantors, such Indemnified Holder (or the Indemnified Holder controlled by such controlling person) shall promptly notify the Issuers and the
Guarantors in writing; provided, however, that the failure to give such notice shall not relieve any of the Issuers or the Guarantors of its obligations pursuant to this Agreement except to the extent they are prejudiced by any such failure.
Such Indemnified Holder shall have the right to employ its own counsel in any such action and the reasonable fees and expenses of not more than one counsel to such Indemnified Holder (in addition to any local counsel) shall be paid, as incurred, by
the Issuers and the Guarantors, subject to the limitations on the Issuers’ and the Guarantors’ indemnification obligations set forth in the preceding paragraph. The Issuers and the Guarantors shall not, in connection with any one such
action or proceeding or separate but substantially similar or related actions or proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one
separate firm of attorneys (in addition to any local counsel) at any time for such Indemnified Holders, which firm shall be designated by the Holders. The Issuers and the Guarantors shall be liable for any settlement of any such action or proceeding
effected with the Issuers’ and the Guarantors’ prior written consent, which consent shall not be withheld unreasonably, and each of the Issuers and the Guarantors agrees to indemnify and hold harmless any Indemnified Holder from and
against any loss, claim, damage, liability or expense by reason

  

 -15- 

 
of any settlement of any action effected with the written consent of the Issuers and the Guarantors. The Issuers and the Guarantors shall not, without the prior written consent of each
Indemnified Holder, settle or compromise or consent to the entry of judgment in or otherwise seek to terminate any pending or threatened action, claim, litigation or proceeding in respect of which indemnification or contribution may be sought
hereunder (whether or not any Indemnified Holder is a party thereto), unless such settlement, compromise, consent or termination includes an unconditional release of each Indemnified Holder from all liability arising out of such action, claim,
litigation or proceeding. 
 (b) Each Holder of Entitled Securities agrees, severally and not jointly, to indemnify and hold
harmless the Issuers, the Guarantors and the respective directors and officers of the Issuers and the Guarantors who sign a Registration Statement, and any Person controlling (within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act) the Issuers or any of the Guarantors, and the respective officers, directors, partners, employees, representatives and agents of each such Person, to the same extent as the foregoing indemnity from the Issuers
and the Guarantors to each of the Indemnified Holders, but only with respect to claims and actions based on information relating to such Holder furnished in writing by such Holder expressly for use in any Registration Statement or Prospectus. In
case any action or proceeding shall be brought against the Issuers, the Guarantors or its their respective directors or officers or any such controlling person in respect of which indemnity may be sought against a Holder of Entitled Securities, such
Holder shall have the rights and duties given the Issuers and the Guarantors, and the Issuers, the Guarantors, their respective directors and officers and such controlling person shall have the rights and duties given to each Holder by the preceding
paragraph. 
 (c) If the indemnification provided for in this Section 8 is unavailable to an indemnified party under
Section 8(a) or (b) hereof (other than by reason of exceptions provided in those Sections) in respect of any losses, claims, damages, liabilities, judgments, actions or expenses referred to therein, then each applicable indemnifying party,
in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the
relative benefits received by the Issuers and the Guarantors, on the one hand, and the Holders, on the other hand, from the Initial Placement (which in the case of the Issuers and the Guarantors shall be deemed to be equal to the total net proceeds
(before deducting expenses) to the Issuers and the Guarantors from the Initial Placement), the amount of Special Interest which did not become payable as a result of the filing of the Registration Statement resulting in such losses, claims, damages,
liabilities, judgments actions or expenses, and such Registration Statement, or if such allocation is not permitted by applicable law, the relative fault of the Issuers and the Guarantors, on the one hand, and the Holders, on the other hand, in
connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of the Issuers on the one hand and of the Holders on the
other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Issuers or any of
the Guarantors, on the one hand, or the Holders, on the other hand, and the

  

 -16- 

 
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses,
claims, damages, liabilities or expenses referred to above shall be deemed to include, subject to the limitations set forth in Section 8(a) hereof, any legal or other fees or expenses reasonably incurred by such party in connection with
investigating or defending any action or claim. 
 The Issuers, the Guarantors and each Holder of Entitled Securities agree that
it would not be just and equitable if contribution pursuant to this Section 8(c) were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation which does not take
account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section 8, none of the Holders (and its related Indemnified Holders) shall be required to contribute, in the aggregate, any amount in excess of the amount by which the total discount received by such
Holder with respect to the Initial Securities exceeds the amount of any damages which such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to
this Section 8(c) are several in proportion to the respective principal amount of Initial Securities held by each of the Holders hereunder and not joint. 
 SECTION 9. Rule 144A.  
 Each of the Issuers and the
Guarantors hereby agrees with each Holder, for so long as any Entitled Securities remain outstanding, to make available to any Holder or beneficial owner of Entitled Securities in connection with any sale thereof and any prospective purchaser of
such Entitled Securities from such Holder or beneficial owner, the information required by Rule 144A(d)(4) under the Securities Act in order to permit resales of such Entitled Securities pursuant to Rule 144A under the Securities Act. 
 SECTION 10. Participation in Underwritten Registrations.  
 No Holder may participate in any Underwritten Registration hereunder unless such Holder (a) agrees to sell such Holder’s Entitled
Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all reasonable questionnaires, powers of attorney, indemnities,
underwriting agreements, lock-up letters and other documents required under the terms of such underwriting arrangements. 
  

 -17- 

 SECTION 11. Selection of Underwriters. 

 The Holders of Entitled Securities covered by the Shelf Registration Statement who desire to do so may sell such Entitled
Securities in an Underwritten Offering. In any such Underwritten Offering, the investment banker(s) and managing underwriter(s) that will administer such offering will be selected by the Holders of a majority in aggregate principal amount of the
Entitled Securities included in such offering; provided, however, that such investment banker(s) and managing underwriter(s) must be reasonably satisfactory to the Issuers. 
 SECTION 12. Miscellaneous.  
 (a) Remedies. Each of the Issuers and the Guarantors hereby agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of
this Agreement and hereby agree to waive the defense in any action for specific performance that a remedy at law would be adequate. 
 (b) No Inconsistent Agreements. Each of the Issuers and the Guarantors will not on or after the date of this Agreement enter into any agreement with respect to its securities that is inconsistent with the rights granted to the
Holders in this Agreement or otherwise conflicts with the provisions hereof. Neither the Issuers nor the Guarantors are currently party to any agreement granting any registration rights with respect to any of its securities that are similar to the
Entitled Securities to any Person. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of the Issuers’ or any of the Guarantors’ securities under any
agreement in effect on the date hereof. 
 (c) Adjustments Affecting the Securities. The Issuers will not take any
action, or permit any change to occur, with respect to the Securities that would materially and adversely affect the ability of the Holders to Consummate any Exchange Offer. 
 (d) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to
or departures from the provisions hereof may not be given unless the Issuers have (i) in the case of Section 5 hereof and this Section 12(d)(i), obtained the written consent of Holders of all outstanding Entitled Securities and
(ii) in the case of all other provisions hereof, obtained the written consent of Holders of a majority of the outstanding principal amount of Entitled Securities (excluding any Entitled Securities held by the Issuers or its Affiliates).
Notwithstanding the foregoing, a waiver or consent to departure from the provisions hereof that relates exclusively to the rights of Holders whose securities are being tendered pursuant to the Exchange Offer and that does not affect directly or
indirectly the rights of other Holders whose securities are not being tendered pursuant to such Exchange Offer may be given by the Holders of a majority of the outstanding principal amount of Entitled Securities being tendered or registered;
provided, however, that, with respect to any matter that directly or indirectly affects the rights of any Initial Purchaser hereunder, the Issuers shall obtain the written consent of each such Initial Purchaser with respect to which such
amendment, qualification, supplement, waiver, consent or departure is to be effective. 
  

 -18- 

 (e) Notices. All notices and other communications provided for or permitted hereunder
shall be made in writing by hand-delivery, first-class mail (registered or certified, return receipt requested), telex, telecopier, or air courier guaranteeing overnight delivery: 
 (i) if to a Holder, at the address set forth on the records of the Registrar under the Indenture, with a copy to the
Registrar under the Indenture; and 
 (ii) if to the Issuers: 
 Express Parent LLC 
 One Limited Parkway 
 Columbus, OH 43230 
 Telecopier No.: (684) 415-4858 Attention: Secretary 
 With a copy to: 
 Kirkland & Ellis LLP 
 300 North LaSalle 
 Chicago, IL 60654 
 Telecopier No.: (312) 862-2200 
 Attention: Robert M. Hayward, P.C. 
         William R. Burke 
 All such
notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when
receipt acknowledged, if telecopied; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight delivery. 
 Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee at the address specified in the Indenture. 
 (f) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of
the parties, including, without limitation, and without the need for an express assignment, subsequent Holders of Entitled Securities; provided, however, that this Agreement shall not inure to the benefit of or be binding upon a successor or
assign of a Holder unless and to the extent such successor or assign acquired Entitled Securities from such Holder. 
 (g)
Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute
one and the same agreement. 
  

 -19- 

 (h) Headings. The headings in this Agreement are for convenience of reference only
and shall not limit or otherwise affect the meaning hereof. 
 (i) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW RULES THEREOF. 
 (j)
Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in
every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 
 (k) Entire
Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter
contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights granted by the Issuers with respect to the Entitled Securities. This
Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 
  

 -20- 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

					
	Express, LLC
	Express Finance Corp.
		
	By:	 	 /s/ Matthew C. Moellering

		 	Name:	 	Matthew C. Moellering
		 	Title:	 	Executive Vice President, Chief Administrative Officer, Chief Financial Officer, Treasurer and Secretary

  

 [Signature page to Registration Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

					
	Express Parent LLC
	Express GC, LLC
		
	By:	 	 /s/ Matthew C. Moellering

		 	Name:	 	Matthew C. Moellering
		 	Title:	 	Executive Vice President, Chief Administrative Officer, Chief Financial Officer, Treasurer and Secretary

  

 [Signature page to Registration Rights Agreement] 

 The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date
first written above. 
  

					
	Banc of America Securities LLC
		
	By:	 	 /s/ Aaron J. Peyton

		 	Name:	 	Aaron J. Peyton
		 	Title:	 	Managing Director

  

 [Signature page to Registration Rights Agreement] 

 The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date
first written above. 
  

					
	Goldman, Sachs & Co.
		
	By:	 	 /s/ Goldman, Sachs & Co.

		 	Name:	 	
		 	Title:	 	

  

 [Signature page to Registration Rights Agreement] 

 The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date
first written above. 
  

					
	Morgan Stanley & Co. Incorporated
		
	By:	 	 /s/ Paul Fossati

		 	Name:	 	Paul Fossati
		 	Title:	 	Managing Director

  

 [Signature page to Registration Rights Agreement]Asset-Based Loan Credit Agreement

 Exhibit 10.1 
 $200,000,000 ASSET-BASED LOAN CREDIT AGREEMENT 
 Dated as of July 6, 2007 
 Among 
 EXPRESS HOLDING, LLC, 
 as Parent 
 EXPRESS, LLC, 
 as Borrower 
 and 
 THE INITIAL LENDERS, INITIAL ISSUING BANK AND 
 SWING LINE BANK NAMED
HEREIN, 
 as Initial Lenders, Initial Issuing Bank and Swing Line Bank 
 and 
 WELLS FARGO
RETAIL FINANCE, LLC, 
 as Administrative Agent and Collateral Agent 
 and 
 MORGAN STANLEY SENIOR FUNDING, INC., 

as Syndication Agent 
 and 
 THE CIT GROUP/BUSINESS CREDIT, INC. and WACHOVIA CAPITAL FINANCE 
 CORPORATION (CENTRAL), 
 as Co-Documentation Agents 
 MORGAN STANLEY SENIOR FUNDING, INC.,

 as Sole Lead Arranger and Sole Bookrunner 

 T A B L E   O F   C O N T E N T S 
  

					
	 Section
	  	 	  	Page
	 ARTICLE I
  
 DEFINITIONS AND ACCOUNTING TERMS
	  	
			
	 SECTION 1.01.
	  	 Certain Defined Terms
	  	2
	 SECTION 1.02.
	  	 Computation of Time Periods; Other Definitional Provisions
	  	31
	 SECTION 1.03.
	  	 Accounting Terms
	  	31
		
	 ARTICLE II
  
 AMOUNTS AND TERMS OF THE ADVANCES
 AND THE LETTERS OF CREDIT
	  	
			
	 SECTION 2.01.
	  	 The Advances and the Letters of Credit
	  	32
	 SECTION 2.02.
	  	 Making the Advances
	  	34
	 SECTION 2.03.
	  	 Issuance of and Drawings and Reimbursement Under Letters of Credit
	  	36
	 SECTION 2.04.
	  	 Repayment of Advances
	  	37
	 SECTION 2.05.
	  	 Termination or Reduction of the Commitments
	  	39
	 SECTION 2.06.
	  	 Prepayments
	  	39
	 SECTION 2.07.
	  	 Interest
	  	40
	 SECTION 2.08.
	  	 Fees
	  	41
	 SECTION 2.09.
	  	 Conversion of Advances
	  	41
	 SECTION 2.10.
	  	 Increased Costs, Etc.
	  	42
	 SECTION 2.11.
	  	 Payments and Computations
	  	43
	 SECTION 2.12.
	  	 Taxes
	  	47
	 SECTION 2.13.
	  	 Sharing of Payments, Etc.
	  	49
	 SECTION 2.14.
	  	 Use of Proceeds
	  	50
	 SECTION 2.15.
	  	 Defaulting Lenders
	  	50
	 SECTION 2.16.
	  	 Evidence of Debt
	  	52
	 SECTION 2.17.
	  	 Reserves
	  	52
	 SECTION 2.18.
	  	 Increase in Commitments
	  	53
		
	 ARTICLE III
  
 CONDITIONS TO EFFECTIVENESS AND OF LENDING
	  	
			
	 SECTION 3.01.
	  	 Conditions Precedent
	  	54
	 SECTION 3.02.
	  	 Conditions Precedent to Each Borrowing and Issuance
	  	57
	 SECTION 3.03.
	  	 Determinations Under Section 3.01
	  	57
		
	 ARTICLE IV
  
 REPRESENTATIONS AND WARRANTIES
	  	
			
	 SECTION 4.01.
	  	 Representations and Warranties
	  	57

  

 Express – Asset-Based Loan Credit Agreement 

					
	 ARTICLE V
  
 COVENANTS OF THE PARENT
	  	
			
	 SECTION 5.01.
	  	 Affirmative Covenants
	  	63
	 SECTION 5.02.
	  	 Negative Covenants
	  	68
	 SECTION 5.03.
	  	 Reporting Requirements
	  	77
	 SECTION 5.04.
	  	 Holding Company Status of Parent
	  	79
	 SECTION 5.05.
	  	 Financial Covenant
	  	80
		
	 ARTICLE VI
  
 EVENTS OF DEFAULT
	  	
	 SECTION 6.01.
	  	 Events of Default
	  	80
	 SECTION 6.02.
	  	 Actions in Respect of the Letters of Credit upon Default
	  	83
		
	 ARTICLE VII
  
 THE AGENTS
	  	
			
	 SECTION 7.01.
	  	 Authorization and Action
	  	83
	 SECTION 7.02.
	  	 Agents’ Reliance, Etc.
	  	84
	 SECTION 7.03.
	  	 WFR and Affiliates
	  	85
	 SECTION 7.04.
	  	 Lender Party Credit Decision
	  	85
	 SECTION 7.05.
	  	 Indemnification
	  	85
	 SECTION 7.06.
	  	 Successor Agents
	  	86
	 SECTION 7.07.
	  	 Intercreditor Agreement
	  	87
		
	 ARTICLE VIII
  
 GUARANTY
	  	
			
	 SECTION 8.01.
	  	 Guaranty; Limitation of Liability
	  	87
	 SECTION 8.02.
	  	 Guaranty Absolute
	  	88
	 SECTION 8.03.
	  	 Waivers and Acknowledgments
	  	89
	 SECTION 8.04.
	  	 Subrogation
	  	90
	 SECTION 8.05.
	  	 Guaranty Supplements
	  	90
	 SECTION 8.06.
	  	 Subordination
	  	91
	 SECTION 8.07.
	  	 Continuing Guaranty; Assignments
	  	91
		
	 ARTICLE IX
  
 MISCELLANEOUS
	  	
			
	 SECTION 9.01.
	  	 Amendments, Etc.
	  	92
	 SECTION 9.02.
	  	 Notices, Etc.
	  	93
	 SECTION 9.03.
	  	 No Waiver; Remedies
	  	94
	 SECTION 9.04.
	  	 Costs and Expenses
	  	94
	 SECTION 9.05.
	  	 Right of Set-off
	  	96
	 SECTION 9.06.
	  	 Binding Effect
	  	96

  

 Express – Asset-Based Loan Credit Agreement 
 ii 

					
	 SECTION 9.07.
	  	 Assignments and Participations
	  	96
	 SECTION 9.08.
	  	 Execution in Counterparts
	  	99
	 SECTION 9.09.
	  	 No Liability of the Issuing Bank
	  	100
	 SECTION 9.10.
	  	 Confidentiality
	  	100
	 SECTION 9.11.
	  	 Release of Collateral
	  	100
	 SECTION 9.12.
	  	 Replacement of Holdout Lender
	  	101
	 SECTION 9.13.
	  	 Patriot Act Notice
	  	101
	 SECTION 9.14.
	  	 Jurisdiction, Etc.
	  	101
	 SECTION 9.15.
	  	 Governing Law
	  	102
	 SECTION 9.16.
	  	 Waiver of Jury Trial
	  	102

  

 Express – Asset-Based Loan Credit Agreement 
 iii 

 SCHEDULES TO THE CREDIT AGREEMENT 
  

					
	 Schedule I
	  	-	  	 Commitments and Applicable Lending Offices

	 Schedule II
	  	-	  	 Subsidiary Guarantors

	 Schedule III
	  	-	  	 EBITDA

	 Schedule 4.01(b)
	  	-	  	 Loan Parties

	 Schedule 4.01(c)
	  	-	  	 Subsidiaries and Other Equity Investments

	 Schedule 4.01(e)
	  	-	  	 Governmental Authorizations

	 Schedule 4.01(g)
	  	-	  	 Litigation

	 Schedule 4.01(q)
	  	-	  	 Certain Employee Benefits Plans

	 Schedule 4.01(s)
	  	-	  	 Tax Returns

	 Schedule 4.01(t)
	  	-	  	 Existing Debt

	 Schedule 4.01(u)
	  	-	  	 Surviving Debt

	 Schedule 4.01(v)
	  	-	  	 Liens

	 Schedule 4.01(z)
	  	-	  	 Intellectual Property

	 Schedule 5.02(f)
	  	-	  	 Investments

	 Schedule 5.02(l)
	  	-	  	 Negative Pledge

	 Schedule 5.02(h)
	  	-	  	 Limited Liability Company Agreements

	 Schedule 5.03(m)
	  	-	  	 Collateral Reporting

 EXHIBITS 
  

					
	 Exhibit A
	  	-	  	 Form of Revolving Credit Note

	 Exhibit B
	  	-	  	 Form of Notice of Borrowing

	 Exhibit C
	  	-	  	 Form of Assignment and Assumption

	 Exhibit D
	  	-	  	 Form of ABL Security Agreement

	 Exhibit E
	  	-	  	 Form of Guaranty Supplement

	 Exhibit F
	  	-	  	 Form of Opinion of Counsel to the Loan Parties

	 Exhibit G
	  	-	  	 Form of Solvency Certificate

	 Exhibit H
	  	-	  	 Form of Intercreditor Agreement

	 Exhibit I
	  	-	  	 Form of Borrowing Base Certificate

  

 Express – Asset-Based Loan Credit Agreement 
 iv 

 ASSET-BASED LOAN CREDIT AGREEMENT 
 ASSET-BASED LOAN CREDIT AGREEMENT dated as of July 6, 2007 among EXPRESS HOLDING, LLC, a Delaware limited liability company (the
“Parent”), EXPRESS, LLC, a Delaware limited liability company (the “Borrower”), the Subsidiary Guarantors (as hereinafter defined), the Lenders (as hereinafter defined), the Issuing Bank (as
hereinafter defined), the Swing Line Bank (as hereinafter defined), WELLS FARGO RETAIL FINANCE, LLC (“WFR”), as collateral agent (together with any successor collateral agent appointed pursuant to Article VII, the
“Collateral Agent”) for the Secured Parties (as hereinafter defined), and MORGAN STANLEY SENIOR FUNDING, INC. (“MSSF”), as syndication agent, THE CIT GROUP/BUSINESS CREDIT, INC. and WACHOVIA CAPITAL
FINANCE CORPORATION (CENTRAL), as co-documentation agents (the “Documentation Agents”), and WFR, as administrative agent (together with any successor administrative agent appointed pursuant to Article VII, the
“Administrative Agent” and, together with the Collateral Agent, the “Agents”) for the Lender Parties (as hereinafter defined). 
 PRELIMINARY STATEMENTS: 
 (1) Express Investment Corp., a Delaware
corporation (“Express”), has entered into that certain Unit Purchase Agreement dated as of May 15, 2007, as amended, supplemented or otherwise modified in accordance with its terms, to the extent permitted hereunder (the
“Purchase Agreement”), with Limited Brands Store Operations, Inc., a Delaware corporation (the “Seller”), Limited Brands, Inc., a Delaware corporation, and the Parent for the purposes of acquiring (the
“Acquisition”) from the Seller 75% of the issued and outstanding limited liability company interests (the “Units”) of the Parent. 
 (2) The Borrower has requested that, substantially simultaneously with the consummation of the Acquisition, (a) the Lender Parties (as
hereinafter defined) provide to the Borrower a Revolving Credit Facility (as hereinafter defined) in an aggregate amount of $200,000,000 and (b) the Lender Parties (as defined in the Term Loan Facility Credit Agreement (as hereinafter defined))
lend $125,000,000 under the Term Facility (as hereinafter defined). 
 (3) The Sponsor (as hereinafter defined) and certain
co-investors will indirectly purchase for cash equity of the Parent in an aggregate amount of not less than $484,875,000 (the “Equity Contribution”) and, upon consummation of the Acquisition, Express will own 75% of the Units
of the Parent, and the Parent will own, directly or indirectly, all of the Units of the Borrower. 
 (4) The proceeds of the
Revolving Credit Facility (as hereinafter defined) are to be used to pay transaction fees and expenses relating to the Transaction (as hereinafter defined), fund the working capital adjustments, if any, required by the Purchase Agreement and, from
time to time, to be used for working capital and other general corporate purposes (including Capital Expenditures and Permitted Acquisitions) of the Parent and its Subsidiaries. 
 (5) The Lender Parties have indicated their willingness to agree to lend such amounts on the terms and conditions of this Agreement.

  

 Express – Asset-Based Loan Credit Agreement 

 NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements
contained herein, the parties hereto hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS AND ACCOUNTING TERMS 
 SECTION 1.01. Certain Defined Terms. As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms
of the terms defined): 
 “ABL First Lien Collateral” shall have the meaning specified in
the Intercreditor Agreement. 
 “ABL Security Agreement” has the meaning specified in
Section 3.01(a)(ii). 
 “Account(s)” means “accounts” as defined in the
UCC and also means a right to payment of a monetary obligation, whether or not earned by performance, (a) for property that has been or is to be sold, leased, licensed, assigned, or otherwise disposed of, (b) for services rendered or to be
rendered, or (c) arising out of the use of a credit or charge card or information contained on or for use with the card or in connection with the sale or transfer of Accounts arising out of the use of a credit or charge card or information
contained on or for use with the card. The term “Account” does not include (a) rights to payment evidenced by chattel paper or an instrument, (b) commercial tort claims, (c) deposit accounts, (d) investment property, or
(e) letter-of-credit rights or letters of credit. 
 “Account Debtor” means the
Person obligated on an Account. 
 “Acquisition” has the meaning specified in the
preliminary statements to this Agreement. 
 “Additional Commitments Effective Date” has
the meaning specified in Section 2.18(b). 
 “Additional Guarantor” has the meaning
specified in Section 8.05. 
 “Additional Revolving Credit Commitment Amendment” has
the meaning specified in Section 2.18(b). 
 “Additional Revolving Credit Advances”
means any loans made in respect of any Additional Revolving Credit Commitments that shall have been added pursuant to Section 2.18. 
 “Additional Revolving Credit Commitments” means the commitments of the Additional Revolving Credit Lenders to make Additional Revolving Credit Advances pursuant to
Section 2.18. 
 “Additional Revolving Credit Lenders” means the lenders providing
the Additional Revolving Credit Advances. 
 “Administrative Agent” has the meaning
specified in the recital of parties to this Agreement. 
 “Administrative Agent’s
Account” means the account of the Administrative Agent specified by the Administrative Agent in writing to the Lender Parties from time to time. 
  

 Express – Asset-Based Loan Credit Agreement 
 2 

 “Advance” means a Revolving Credit Advance, a Swing
Line Advance, a Letter of Credit Advance, a Protective Advance or an Additional Revolving Credit Advance. 
 “Advisory Agreement” means the advisory agreement dated as of the date hereof among the Parent, the Borrower and GGC, as amended to the extent permitted under this Agreement. 
 “Affiliate” means, as to any Person, any other Person that, directly or indirectly, controls, is
controlled by or is under common control with such Person. For purposes of this definition, the term “control” (including the terms “controlling,” “controlled by” and “under common control with”) of a Person
means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person by contract or other agreement. 
 “Agents” has the meaning specified in the recital of parties to this Agreement. 
 “Aggregate Commitments” means the Commitments of all of the Lenders. 
 “Agreement Value” means, for each Hedge Agreement, on any date of determination, an amount, if any,
determined by the counterparty of the Hedge Agreement that is not a Loan Party or a Subsidiary of such Loan Party that would be payable by such Loan Party or Subsidiary that is a party to such Hedge Agreement to its counterparty to such Hedge
Agreement in accordance with its terms, as if (i) such Hedge Agreement was being terminated early on such date of determination, (ii) such Loan Party or Subsidiary was the sole “Affected Party” and (iii) such counterparty
was the sole party determining such payment amount. 
 “Applicable Lending Office” means,
with respect to each Lender Party, such Lender Party’s Domestic Lending Office in the case of a Base Rate Advance and such Lender Party’s Eurodollar Lending Office in the case of a Eurodollar Rate Advance. 
 “Applicable Margin” means (a) in respect of the Revolving Credit Facility, (i) for the
first six (6) months following the Effective Date, 0.25% per annum for Base Rate Advances and 1.25% per annum for Eurodollar Rate Advances and (ii) thereafter, a percentage per annum determined by reference to the amount of
Excess Availability as set forth below: 
  

							
	 Excess Availability
	  	Base Rate Advances	 	 	Eurodollar Rate Advances	 
	 Level I
 less than $100,000,000
	  	0.25	% 	 	1.25	% 
	 Level II
 $100,000,000 or greater
	  	0.00	% 	 	1.00	% 

 and (b) in respect of the Swing Line Facility, (i) for the first six
(6) months following the Effective Date, 0.25% per annum and (ii) thereafter a percentage per annum determined by reference to the amount of Excess Availability as set forth above for Base Rate Advances. 
 The Applicable Margin for each Base Rate Advance shall be determined by reference to the average monthly amount of Excess Availability
calculated by reference to the most recent Borrowing Base Certificate delivered to the Administrative Agent pursuant to Section 5.03(n) and the Applicable Margin for each Eurodollar Rate Advance shall be determined by reference to the
average monthly amount of Excess Availability calculated by reference to the most recent Borrowing Base Certificate delivered to the Administrative Agent pursuant to Section 5.03(n) prior to the first day of each Interest Period for such
Advance; provided, however, that the Applicable Margin shall be at Level I for so long as the Borrower has not submitted to the Administrative Agent the Borrowing Base Certificate at the times required to be delivered hereunder.

  

 Express – Asset-Based Loan Credit Agreement 
 3 

 “Appropriate Lender” means, at any time, with
respect to (a) the Revolving Credit Facility, a Lender that has a Revolving Credit Commitment at such time, (b) the Letter of Credit Facility, (i) the Issuing Bank and (ii) if the other Revolving Credit Lenders have made Letter
of Credit Advances pursuant to Section 2.03(c) that are outstanding at such time, each such other Revolving Credit Lender and (c) the Swing Line Facility, (i) the Swing Line Bank and (ii) if the other Revolving Credit
Lenders have made Swing Line Advances pursuant to Section 2.02(b) that are outstanding at such time, each such other Revolving Credit Lender. 
 “Approved Fund” means any Fund that is administered or managed by (i) a Lender Party, (ii) an Affiliate of a Lender Party or (iii) an entity or an Affiliate of an
entity that administers or manages a Lender Party. 
 “Assignment and Assumption” means
an assignment and assumption entered into by a Lender Party and an Eligible Assignee (with the consent of any party whose consent is required by Section 9.07 or by the definition of “Eligible Assignee”), and accepted by
the Administrative Agent, in accordance with Section 9.07 and in substantially the form of Exhibit C hereto or any other form approved by the Administrative Agent and the Borrower. 
 “Available Amount” of any Letter of Credit means, at any time, the maximum amount available to be
drawn under such Letter of Credit at such time (assuming compliance at such time with all conditions to drawing). 
 “Bankruptcy Law” means Title 11, U.S. Code, or any similar foreign, federal or state law for the relief of debtors. 
 “Base Rate” means a fluctuating interest rate per annum in effect from time to time, which rate per annum shall at all times be equal to the higher of: 
 (a) the rate of interest published by the Wall Street Journal from time to time, as the prime lending rate; and

 (b)  1/2 of 1% per annum above the Federal Funds Rate.

 “Base Rate Advance” means an Advance that bears interest as provided in
Section 2.07(a)(i). 
 “Borrower” has the meaning specified in the recital of
parties to this Agreement. 
 “Borrower’s Account” means the account of the Borrower
specified by the Borrower in writing to the Administrative Agent from time to time. 
 “Borrowing” means a Revolving Credit Borrowing or a Swing Line Borrowing. 
 “Borrowing Base” means, at any time, the sum of 
 (a) the product of the
Inventory Advance Rate at such time and the Net Orderly Liquidation Value of the Eligible Inventory of the Loan Parties at such time, and 
  

 Express – Asset-Based Loan Credit Agreement 
 4 

 (b) the product of the Credit Card Advance Rate at such time and the
face amount of Eligible Credit Card Receivables of the Loan Parties at such time, minus 
 (c) the aggregate
amount of all Reserves at such time. 
 “Borrowing Base Certificate” means a certificate
of the Borrower on behalf of the Loan Parties, signed by a Responsible Officer of the Borrower, in the form of Exhibit I (or another form which is mutually acceptable to the Collateral Agent and the Borrower). 
 “Business Day” means a day of the year on which banks are not required or authorized by law to close
in New York City and, if the applicable Business Day relates to any Eurodollar Rate Advances, on which dealings are carried on in the London interbank market. 
 “Capital Expenditures” means, for any Person for any period, without duplication, all expenditures
made, directly or indirectly, by such Person or any of its Subsidiaries during such period for equipment, fixed assets, real property or improvements, or for replacements or substitutions therefor or additions thereto, that have been or should be,
in accordance with GAAP, reflected as additions to property, plant or equipment on a Consolidated balance sheet of such Person. For purposes of this definition, “Capital Expenditures” shall not include expenditures (i) made to
restore, replace, rebuild, develop, maintain, improve or upgrade property, to the extent such expenditure is made with, or subsequently reimbursed out of, insurance proceeds, indemnity payments, condemnation awards (or payments in lieu thereof) or
damage recovery proceeds or other settlements relating to any damage, loss, destruction or condemnation of such property, (ii) constituting reinvestment of the net proceeds of any Transfer, to the extent permitted hereunder,
(iii) made by the Parent or any of its Subsidiaries as payment of the consideration for Permitted Acquisitions, (iv) made by Parent or any of its Subsidiaries to effect leasehold improvements to any property leased by Parent or any of its
Subsidiaries as lessee, to the extent that such expenses have been reimbursed in cash by the landlord, (v) actually paid for by a third party (excluding any Loan Party) and for which no Loan Party has provided or is required to provide or
incur, directly or indirectly, any consideration or monetary obligation to such third party or any other person (whether before, during or after such period), or (vi) made with the cash proceeds from the sale or issuance of Qualified Capital
Stock of Parent. 
 “Capitalized Leases” means all leases that have been or should be, in
accordance with GAAP, recorded as capitalized leases. 
 “Cash Equivalents” means any of
the following, to the extent owned by the Parent or any of its Subsidiaries free and clear of all Liens other than Permitted Liens and Liens created under the Collateral Documents and, in each case, having a maturity of not greater than one year
from the date of issuance thereof: (a) readily marketable direct obligations of the Government of the United States or any agency or instrumentality thereof or obligations unconditionally guaranteed by the full faith and credit of the
Government of the United States, (b) readily marketable direct obligations of any member of the European Economic Area, Switzerland or Japan, or any agency or instrumentality thereof or obligations unconditionally guaranteed by the full faith
and credit of such country, and, at the time of acquisition thereof having a credit rating of at least AA- (or the equivalent grade) by Moody’s or Aa3 by S&P, (c) marketable general obligations issued by any state of the United States
or any political subdivision thereof or any or any instrumentality thereof that is guaranteed by the full faith and credit of such state and, at the time of acquisition thereof having a credit rating of at least AA- (or the equivalent grade) by
Moody’s or Aa3 by S&P, (d) insured certificates of deposit, time deposits, eurodollar time deposits or overnight time deposits with any commercial bank that is organized under the laws of the United States or any

  

 Express – Asset-Based Loan Credit Agreement 
 5 

 
State thereof, any member of the European Economic Area, Switzerland or Japan and has combined capital and surplus of at least $500 million, (e) commercial paper issued by any Lender or any
corporation organized under the laws of any State of the United States and rated at least “Prime-1” (or the then equivalent grade) by Moody’s or “A-1” (or the then equivalent grade) by S&P, (f) repurchase agreements
and reverse repurchase agreements with a duration of not more than 30 days for underlying securities of the types set forth in clauses (a) through (e) entered into with any financial institution meeting the specifications in
clause (d) above, (g) auction rate securities or (h) Investments in money market funds, of which at least 95% of the portfolios are limited solely to Investments of the character, quality and maturity described in
clauses (a) through (f) of this definition. With respect to any Foreign Subsidiary, “Cash Equivalents” shall also include any Investment substantially comparable to the foregoing but in the currency of the jurisdiction of
organization of such Subsidiary, Euros or U.S. Dollars. 
 “Cash Management Reserves”
means the amount of reserves as the Administrative Agent determines in its Permitted Discretion as being appropriate to reflect the reasonably anticipated credit exposure of the Loan Parties with respect to Cash Management Services then provided or
outstanding; provided that, in order to qualify as Cash Management Reserves, the method of calculation of such reserves must be established on or substantially contemporaneously on the date that any Lender or any of its respective Affiliates
provides the applicable Cash Management Service. 
 “Cash Management Bank” means any
Person that is a Lender or an Affiliate of a Lender and that enters into a Secured Cash Management Agreement. 
 “Cash Management Services” means each and any of the following bank services, if any, provided to the Borrower and its Subsidiaries by any Lender or any of its respective Affiliates: (i) commercial credit cards,
(ii) store credit cards and (iii) treasury management services (including, without limitation, controlled disbursements, automated clearinghouse transactions, return items, overdrafts and interstate depositary network services).

 “CERCLA” means the Comprehensive Environmental Response, Compensation and Liability
Act of 1980, as amended from time to time. 
 “CERCLIS” means the Comprehensive
Environmental Response, Compensation and Liability Information System maintained by the U.S. Environmental Protection Agency. 
 “CFC” means an entity that is a controlled foreign corporation of the Borrower under Section 957 of the Internal Revenue Code. 
 “Change of Control” means the occurrence of any of the following: (a) at any time prior to the
consummation of an IPO of the Equity Interests of the Parent, the Sponsor shall cease to own at least 50% (directly or indirectly) of the Voting Interests in the Parent; or (b) at any time after the consummation of an IPO of the Equity
Interests of the Parent, any Person or two or more Persons acting in concert other than the Sponsor shall have acquired beneficial ownership (within the meaning of Rule 13(d)-3 of the Securities and Exchange Commission under the Securities Exchange
Act of 1934), directly or indirectly, of Voting Interests (or other securities convertible into such Voting Interests) representing 35% or more of the combined voting power of all Voting Interests of the Parent, unless the Sponsor owns Voting
Interests representing a greater percentage; or (c) at any time after the consummation of an IPO of the Equity Interests of the Parent, during any period of up to 24 consecutive months, Continuing Directors shall cease for any reason to
constitute a majority of the board of directors of the Parent. 
  

 Express – Asset-Based Loan Credit Agreement 
 6 

 “Collateral” means all “Collateral”
referred to in the Collateral Documents and all other property that is or is intended to be subject to any Lien in favor of the Collateral Agent for the benefit of the Secured Parties. 
 “Collateral Access Agreement” has the meaning assigned to such term in the ABL Security
Agreement. 
 “Collateral Account” has the meaning specified in the ABL Security
Agreement. 
 “Collateral Agent” has the meaning specified in the recital of parties to
this Agreement. 
 “Collateral Documents” means the ABL Security Agreement, the
Intellectual Property ABL Security Agreement, the Intercreditor Agreement, each of the collateral documents, instruments and agreements delivered pursuant to Section 5.01(j), and each other agreement that creates or purports to create a Lien in
favor of the Collateral Agent for the benefit of the Secured Parties. 
 “Commitment”
means a Revolving Credit Commitment or a Letter of Credit Commitment. 
 “Confidential
Information” means information that any Loan Party or its Subsidiaries furnishes to any Agent or any Lender Party, but does not include any such information that is or becomes generally available to the public other than as a result of
a breach by such Agent or any Lender Party of its obligations hereunder or that is or becomes available to such Agent or such Lender Party from a source other than the Loan Parties who is not subject to any legally binding obligation to any Loan
Party or its Subsidiaries to keep such information confidential. 
 “Consolidated” refers
to the consolidation of accounts in accordance with GAAP. 
 “Continuing Directors” means
in the case of the Parent and, with respect to any period, the directors of the Parent on the first day of such period and each other director if, in each case, such other director’s nomination for election to the board of directors of the
Parent is recommended by at least a majority of the then Continuing Directors. 
 “Conversion,” “Convert” and “Converted” each refer to a conversion of Advances of one Type into Advances of the other Type pursuant to Section 2.09 or 2.10.

 “Credit Card Advance Rate” means 90%. 
 “Customer Credit Liabilities” means, at any time, the aggregate remaining balance reflected on the
books and records of the Loan Parties at such time of (a) outstanding gift certificates and gift cards of the Loan Parties entitling the holder thereof to use all or a portion of the gift certificate or gift card to pay all or a portion of the
purchase price for any Inventory, and (b) outstanding merchandise credits and customer deposits of the Loan Parties. 
 “Debt” of any Person means, without duplication, (a) all indebtedness of such Person for borrowed money, (b) all Obligations of such Person for the deferred purchase
price of property or services (other than (1) trade payables not overdue by more than 90 days, deferred compensation and straight line rent and landlord allowance in each case incurred in the ordinary course of such Person’s business and
(2) purchase price adjustments under the Purchase Agreement), (c) all Obligations of such Person evidenced by notes, bonds, debentures or other similar instruments,

  

 Express – Asset-Based Loan Credit Agreement 
 7 

 
(d) all Obligations of such Person created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person, (e) all Obligations
of such Person as lessee under Capitalized Leases, (f) all Obligations of such Person under acceptance, letter of credit or similar facilities, (g) all Obligations of such Person with respect to Disqualified Stock, (h) all Obligations
of such Person in respect of Hedge Agreements, valued at the Agreement Value thereof, (i) all Guaranteed Debt and Synthetic Debt of such Person and (j) all indebtedness and other payment Obligations referred to in clauses (a) through
(i) above of another Person secured by (or for which the holder of such Debt has an existing right, contingent or otherwise, to be secured by) any Lien on property (including, without limitation, accounts and contract rights) owned by such
Person, even though such Person has not assumed or become liable for the payment of such indebtedness or other payment Obligations; but limited in amount to the lesser of (i) the fair market value of such property or (ii) the amount of
such indebtedness or other payment obligations. 
 Notwithstanding anything to the contrary contained herein,
Debt shall not include (i) any amounts relating to preferred equity (other than Disqualified Stock), employee consulting arrangements, accrued expenses, deferred rent (other than Capitalized Leases), deferred taxes, obligations under employment
agreements, unredeemed gift card deferred revenue and deferred compensation, or (ii) in connection with the existing letters of credit or any Permitted Acquisition or other acquisition otherwise permitted hereunder or consented to by the
Lenders or consummated prior to the Effective Date, (A) reimbursement obligations in respect of such existing letters of credit or any letter of credit assumed in such Permitted Acquisition or other acquisition the payment of which is either
fully (x) backed by a letter of credit or (y) cash collateralized, or (B) post-closing purchase price adjustments, earn-outs or similar obligations that are dependent upon the performance of the acquisition target after such closing
to which the seller in such Permitted Acquisition or acquisition may become entitled. 
 “Debt for
Borrowed Money” of any Person means, at any date of determination, the sum of (a) the outstanding principal amount of all Debt of the type referred to in clauses (a), (c) and (e) of the definition of “Debt”,
(b) all reimbursement Obligations at such date of such Person under acceptance, letter of credit or similar facilities at such date for amounts that have been drawn under such facilities and (c) all Synthetic Debt of such Person at such
date; provided, however, for purposes of calculating Debt for Borrowed Money, the amount of the Revolving Credit Advances included therein shall (i) for any date that is within twelve (12) months after the date of this
Agreement, be equal to $33,000,000, and (ii) for any date thereafter, be equal to the average daily outstanding balance of such Revolving Credit Advances during the twelve (12) month period ended on such date. 
 “Default” means any Event of Default or any event that would constitute an Event of Default but for
the passage of time or the requirement that notice be given or both. 
 “Default
Interest” has the meaning set forth in Section 2.07(b). 
 “Defaulted
Advance” means, with respect to any Lender Party at any time, the portion of any Advance required to be made by such Lender Party to the Borrower pursuant to Section 2.01 or 2.02 at or prior to such time that has not been made by
such Lender Party or by the Administrative Agent for the account of such Lender Party pursuant to Section 2.02(e) as of such time. In the event that a portion of a Defaulted Advance shall be deemed made pursuant to Section 2.15(a),
the remaining portion of such Defaulted Advance shall be considered a Defaulted Advance originally required to be made pursuant to Section 2.01 on the same date as the Defaulted Advance so deemed made in part. 
  

 Express – Asset-Based Loan Credit Agreement 
 8 

 “Defaulted Amount” means, with respect to any Lender
Party at any time, any amount required to be paid by such Lender Party to any Agent or any other Lender Party hereunder or under any other Loan Document at or prior to such time that has not been so paid by such Lender Party as of such time,
including, without limitation, any amount required to be paid by such Lender Party to (a) the Swing Line Bank pursuant to Section 2.02(b) to purchase a portion of a Swing Line Advance made by the Swing Line Bank, (b) the Issuing
Bank pursuant to Section 2.03(c) to purchase a portion of a Letter of Credit Advance made by the Issuing Bank, (c) the Administrative Agent pursuant to Section 2.02(e) to reimburse the Administrative Agent for the amount of
any Advance made by the Administrative Agent for the account of such Lender Party, (d) any other Lender Party pursuant to Section 2.13 to purchase any participation in Advances owing to such other Lender Party and (e) any Agent or the
Issuing Bank pursuant to Section 7.05 to reimburse such Agent or the Issuing Bank for such Lender Party’s ratable share of any amount required to be paid by the Lender Parties to such Agent or the Issuing Bank as provided therein. In the
event that a portion of a Defaulted Amount shall be deemed paid pursuant to Section 2.15(b), the remaining portion of such Defaulted Amount shall be considered a Defaulted Amount originally required to be paid hereunder or under any other Loan
Document on the same date as the Defaulted Amount so deemed paid in part. 
 “Defaulting
Lender” means, at any time, any Lender Party that, at such time, (a) owes a Defaulted Advance or a Defaulted Amount or (b) shall take any action or be the subject of any action or proceeding of a type described in
Section 6.01(f). 
 “Disqualified Stock” means any Equity Interest that, by its
terms, matures or is Redeemable, in whole or in part, on or prior to the date that is 91 days after the Termination Date. The amount of Disqualified Stock deemed to be outstanding at any time for purposes of this Agreement shall be the maximum
amount that the Loan Parties may become obligated to pay upon such maturity of, or pursuant to such Redeemable provisions in respect of, such Disqualified Stock. 
 “Documentation Agents” has the meaning specified in the recital to this Agreement. 
 “Domestic Lending Office” means, with respect to any Lender Party, the office of such Lender Party
specified as its “Domestic Lending Office” opposite its name on Schedule I hereto or in the Assignment and Assumption pursuant to which it became a Lender Party, as the case may be, or such other office of such Lender Party as such Lender
Party may from time to time specify to the Borrower and the Administrative Agent. 
 “EBITDA” means, for any period and with respect to any Person, Consolidated Net Income of such Person for such period, plus (a) without duplication and to the extent deducted in determining such
Consolidated Net Income (except with respect to item (xiv)), the sum of (i) Consolidated interest expense, amortization or writeoff of debt discount and debt issuance costs and commissions, discounts and other fees and charges associated with
Debt (including the Advances hereunder and the Term Facility) of such Person for such period, (ii) Consolidated income tax (and franchise tax in the nature of income tax) (including federal, state, local and foreign income tax) expense and
foreign withholding tax expense, in each case for such period, and any state single business unitary or similar tax of such Person for such period, (iii) depreciation and amortization expense (including amortization or impairment of intangibles
(including goodwill) and organization costs) for such period (excluding amortization expense attributable to a prepaid cash item (except for deferred finance charges) that was paid in a prior period) of such Person for such period, (iv) any
other non-cash deductions, losses, charges or expenses made in the ordinary course of business in determining Consolidated Net Income (but

  

 Express – Asset-Based Loan Credit Agreement 
 9 

 
excluding any such non-cash charge in respect of an item that increased Consolidated Net Income in a prior period (to the extent of such increase) of such Person for such period, (v) any
extraordinary losses and unusual or non-recurring expenses or charges, incurred in such period, (vi) any Transaction Expenses paid in such period, (vii) costs and expenses incurred in the ordinary course of business in connection with
acquisitions permitted under Section 5.02(f), Excluded Issuances, recapitalizations, Transfers or incurrence of Debt permitted under Article V hereunder (for the purposes of this definition, each a “Permitted
Item”), (viii) any payments made or accrued pursuant to the Advisory Agreement (as in effect on the Effective Date or as permitted to be amended hereby) and of reimbursement of ordinary course out-of-pocket costs and expenses
payable to GGC or its Affiliates pursuant to the Advisory Agreement, (ix) foreign exchange losses recorded in “other income”, (x) expenses in connection with earn-out obligations, (xi) any one-time payments made related to
any Permitted Item, including, without limitation, one-time compensation charges, stay bonuses paid to existing management and severance cost, (xii) expenses incurred to the extent reimbursable by third parties pursuant to indemnification
provisions and either so collected or reasonably expected to be so collected, (xiii) all losses during such period resulting from the sale or disposition of any asset of Parent or any Subsidiary outside the ordinary course of business,
(xiv) proceeds received from business interruption insurance, in each case, with respect to such measurement period, (xv) non-cash expenses resulting from the grant or periodic remeasurement of stock options or other equity-related
incentives (and, for the avoidance of doubt, including any non-cash expenses related to any stock option or other equity-related incentives resulting from the acceleration of vesting in the event of a change in control) to any director, officer,
employee, former employee or consultant of Parent or any Subsidiary pursuant to a written plan or agreement approved by the board of directors of Parent, (xvi) salary, benefit and other direct savings resulting from workforce reductions
implemented or reasonably expected to be implemented within the following twelve months and severance related thereto in connection with the Permitted Acquisitions, (xvii) losses in respect of post-retirement benefits, as a result of the
application of FASB 106, (xviii) losses during such period in connection with the extinguishment, retirement or write-off of Debt and (xix) the amount of any loss from stores which have been closed or identified to be closed, and
minus (b) without duplication and to the extent included in determining such Consolidated Net Income of such Person, any non-cash gains included in Consolidated Net Income of such Person for such period (other than any gains which
represent the reversal of an accrual or reserve for a potential cash item that reduced EBITDA in any prior period), minus (c) without duplication and to the extent included in determining such Consolidated Net Income of such Person, any
extraordinary gains and unusual or non-recurring gains for such period, all determined on a Consolidated basis in accordance with GAAP, minus (d) without duplication and to the extent included in determining such Consolidated Net Income
of such Person, foreign exchange gains recorded in “other income”, minus (e) without duplication and to the extent included in determining such Consolidated Net Income of such Person, all gains during such period resulting from
the sale or disposition of any asset of Parent or any Subsidiary outside the ordinary course of business, minus (f) without duplication and to the extent included in determining such Consolidated Net Income of such Person, the amount of
any gain in respect of post-retirement benefits as a result of the application of FASB 106; provided that, for the purpose of determining EBITDA for the first four fiscal quarters after the Effective Date, EBITDA shall be determined in
accordance with the pro forma adjustments set forth on Schedule III hereto, to the extent applicable. 
 The historical EBITDA
for any Measurement Period of entities (A) that are acquired by the Parent or any of its Subsidiaries after the Effective Date as permitted under the Loan Documents will be included in the calculation of EBITDA and (B) that are disposed of
by the Parent or any of its Subsidiaries after the Effective Date will be excluded in the calculation of EBITDA; provided that, in the case of entities that are acquired by the Parent or any of its Subsidiaries after

  

 Express – Asset-Based Loan Credit Agreement 
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the Effective Date, the Administrative Agent shall be furnished with audited financial statements, or if audited financial statements are not available, other financial statements reasonably
acceptable to the Administrative Agent, of such entities (or if the acquisition is of a division or branch of a larger business or a group of businesses, the audited financial statements, or if audited financial statements are not available, other
financial statements reasonably acceptable to the Administrative Agent of such larger business or group of businesses, so long as the individual activities of the acquired entity are clearly reflected in such financial statements, together with a
certificate certifying that the Parent has reviewed the historical financial statements of the division or branch and that they reflect proper divisional accounting in relation to the large business or group of businesses in all material respects),
reasonably satisfactory to the Administrative Agent in all material respects, confirming such historical results. In addition, EBITDA for any Measurement Period will be determined after giving effect to any identifiable cost savings resulting from
any acquisition consummated during such Measurement Period and expected to be realized within 12 months following the closing thereof on a pro forma basis, in each case to the extent calculated on terms reasonably satisfactory to the Administrative
Agent and certified by a Responsible Officer of the Parent. 
 “Effective Date” has the
meaning specified in Section 3.01. 
 “Eligible Assignee” means (a) a Lender
Party; (b) an Affiliate of a Lender Party; (c) an Approved Fund; and (d) any other Person (other than an individual) approved by the Administrative Agent, (x) the Issuing Bank, (y) the Swing Line Bank and (z) unless an
Event of Default under Section 6.01(a) and (f) has occurred and is continuing, the Borrower (each such approval not to be unreasonably withheld or delayed); provided, however, that neither any Loan Party nor any
Affiliate of a Loan Party shall qualify as an Eligible Assignee under this definition. 
 “Eligible
Cash Collateral” means only such cash and Cash Equivalents that are unrestricted and that are in an account in which the Collateral Agent has a valid and perfected first priority lien (except to the extent of Permitted Liens and other
Liens created or permitted by the Loan Documents) or first priority security interest (except to the extent of Permitted Liens and other Liens created or permitted by the Loan Documents) for the benefit of the Secured Parties securing the Secured
Obligations, to the extent such a Lien is required to be granted under the Loan Documents. 
 “Eligible Credit Card Receivables” means, as of any date of determination, Accounts due to a Loan Party from major credit card and debit card processors (including, but not limited to, VISA, Mastercard, Diners Club,
American Express and DiscoverCard) as arise in the ordinary course of business and which have been earned by performance and that are not excluded as ineligible by virtue of one or more of the criteria set forth below (without duplication of any
Reserves established by the Administrative Agent) and that are reflected in the most recent Borrowing Base Certificate delivered to the Administrative Agent. None of the following shall be deemed to be Eligible Credit Card Receivables: 

(a) Accounts due from major credit card and debit card processors that have been outstanding for more than five
(5) Business Days from the date of sale, or for such longer period(s) as may be approved by the Administrative Agent in its Permitted Discretion; 
 (b) Accounts due from major credit card and debit card processors with respect to which a Loan Party does not have good,
valid and marketable title thereto, free and clear of any Lien (other than Liens granted to the Collateral Agent for its own benefit and the benefit of the other Secured Parties pursuant to the Collateral Documents, Liens in favor of the agent under
the Term Facility, and Permitted Liens (other than any Liens under clauses (i) or (j) of the definition of “Permitted Liens”)); 
  

 Express – Asset-Based Loan Credit Agreement 
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 (c) Accounts due from major credit card and debit card processors that are
not subject to a first priority (except as provided in clauses (b) and (d)) security interest in favor of the Collateral Agent for its own benefit and the benefit of the other Secured Parties (the foregoing not being intended to limit the
discretion of the Administrative Agent to change, establish or eliminate any Reserves on account of any such Liens to the extent permitted hereunder); 
 (d) Accounts due from major credit card and debit card processors which are disputed, or with respect to which a claim, counterclaim, offset or chargeback (other than chargebacks in the ordinary course by
the credit card processors) has been asserted, by the related credit card processor (but only to the extent of such dispute, counterclaim, offset or chargeback); 
 (e) Except as otherwise approved by the Administrative Agent, Accounts due from major credit card and debit card processors
as to which the credit card processor or debit card processor has the right under certain circumstances to require a Loan Party to repurchase the Accounts from such credit card or debit card processor; 
 (f) Except as otherwise approved by the Administrative Agent in an aggregate amount not to exceed $10,000,000 (such approval
not to be unreasonably withheld), Accounts arising from any private label credit card program of the Loan Parties; 
 (g) Accounts due from major credit card and debit card processors (other than Visa, Mastercard, Diners Club, American Express and DiscoverCard) which the Administrative Agent determines in its Permitted Discretion to be unlikely to be
collected; and 
 (h) Accounts that are not subject to a perfected first priority security interest in favor of
the Collateral Agent for its own benefit and the benefit of the other Secured Parties (subject only to Permitted Liens having priority by operation of applicable law (with respect to which Permitted Liens the Administrative Agent may establish
Reserves in the exercise of its Permitted Discretion pursuant to Section 2.17)). 
 “Eligible
Inventory” means, as of any date of determination, without duplication, items of Inventory of a Loan Party in each case that are not excluded as ineligible by virtue of one or more of the criteria set forth below (without duplication of
any Reserves established by the Administrative Agent) and that are reflected in the most recent Borrowing Base Certificate delivered to the Administrative Agent. Notwithstanding anything contained herein to the contrary, Inventory classified as
“in-transit” shall be deemed Eligible Inventory. None of the following shall be deemed to be Eligible Inventory: 
 (a) Inventory with respect to which a Loan Party does not have good, valid and marketable title thereto, free and clear of any Lien (other than Liens granted to the Collateral Agent for its own benefit
and the benefit of the other Secured Parties pursuant to the Collateral Documents, Liens in favor of the agent under the Term Facility, and Permitted Liens (other than any Liens under clauses (i) or (j) of the definition of “Permitted
Liens”)), or is leased by or is on consignment to a Loan Party, or that is not solely owned by a Loan Party; 
 (b) Inventory that (i) is not located in the United States of America or (ii) is stored at a leased or rented location (other than a retail store location) where the aggregate value of Inventory exceeds $250,000, unless the
Administrative Agent has given its prior consent thereto

  

 Express – Asset-Based Loan Credit Agreement 
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or unless either (x) a Collateral Access Agreement in respect of such location has been delivered to the Administrative Agent or (y) Reserves reasonably satisfactory to the
Administrative Agent have been established with respect thereto (provided that the Loan Parties shall use commercially reasonable efforts to ensure that the aggregate value of all Inventory stored at such leased or rented location and not
deemed “Eligible Inventory” shall not exceed $5,000,000 at any one time outstanding), (iii) is stored with a bailee or warehouseman where the aggregate value of Inventory exceeds $250,000, unless either (x) an acknowledged bailee
waiver letter which is in form and substance reasonably satisfactory to the Administrative Agent and the Collateral Agent has been received by the Administrative Agent or (y) Reserves reasonably satisfactory to the Administrative Agent have
been established with respect thereto (provided that the Loan Parties shall use commercially reasonable efforts to ensure that the aggregate value of all Inventory stored with a bailee or warehouseman and not deemed “Eligible
Inventory” shall not exceed $5,000,000 at any one time outstanding), 
 (c) Inventory that represents goods
which (i) are damaged, defective, or otherwise unmerchantable, (ii) are to be returned to the vendor and which is no longer reflected in the Loan Parties’ stock ledger, (iii) are special-order items, work in process, raw
materials, or that constitute spare parts, shipping materials or supplies used or consumed in a Borrower’s business, or (iv) are bill and hold goods; 
 (d) Except as otherwise agreed by the Administrative Agent, Inventory that represents goods that do not conform in all
material respects to the representations and warranties contained in this Agreement or any of the Collateral Documents; 
 (e) Inventory that is not subject to a perfected first priority security interest in favor of the Collateral Agent for its own benefit and the benefit of the other Secured Parties (subject only to Permitted Liens having priority by
operation of applicable law (with respect to which Permitted Liens the Administrative Agent may establish Reserves in the exercise of its Permitted Discretion pursuant to Section 2.17)); 
 (f) Inventory which consists of samples, labels, bags (other than handbags), packaging materials, and other similar
non-merchandise categories; 
 (g) Inventory which has been sold but not yet delivered or Inventory to the extent
that any Loan Party has accepted a deposit therefor and which is no longer reflected in the Loan Parties’ stock ledger; and 
 (h) Inventory acquired pursuant to Section 5.02(f), unless the Administrative Agent shall have received or conducted (A) appraisals, from appraisers reasonably satisfactory to the Administrative
Agent, of such Inventory to be acquired in such Acquisition and (B) such other due diligence as the Administrative Agent may reasonably require, all of the results of the foregoing to be reasonably satisfactory to the Administrative Agent. As
long as the Administrative Agent has received reasonable prior notice of such acquisitions under Section 5.02(f) and the Loan Parties reasonably cooperate (and cause the Person being acquired to reasonably cooperate) with the
Administrative Agent, the Administrative Agent shall use reasonable best efforts to complete such due diligence and a related appraisal on or prior to the closing date of such acquisition under Section 5.02(f). 
 “Environmental Action” means any action, suit, demand, demand letter, claim, notice of non compliance
or violation, notice of liability or potential liability, investigation, proceeding, consent order or consent agreement relating in any way to any violation of, or liability under, any

  

 Express – Asset-Based Loan Credit Agreement 
 13 

 
Environmental Law, or an Environmental Permit or arising from an alleged injury or threat to the environment, or to health and safety with regard to exposure to Hazardous Materials, including,
without limitation, and to the extent arising from the foregoing, by any governmental or regulatory authority or third party for enforcement, cleanup, removal, response, remedial or other actions, damages, contribution, indemnification, cost
recovery, compensation or injunctive relief. 
 “Environmental Law” means any Federal,
state, local or foreign statute, law, ordinance, rule, regulation, code, order, writ, judgment, injunction or decree relating to pollution or protection of the environment, natural resources or exposure of any individual to Hazardous Material,
including, without limitation, those relating to the use, handling, transportation, treatment, storage, disposal, release or discharge of Hazardous Materials. 
 “Environmental Permit” means any permit, approval, identification number, license or other
authorization required under any Environmental Law. 
 “Equity Interests” means, with
respect to any Person, shares of capital stock of (or other ownership or profit interests in) such Person, warrants, options or other rights for the purchase or other acquisition from such Person of shares of capital stock of (or other ownership or
profit interests in) such Person, securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or other acquisition from such
Person of such shares (or such other interests), and other ownership or profit interests in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares,
warrants, options, rights or other interests are authorized on any date of determination. 
 “Equity
Investor” means the Sponsor, the Seller and EXP Investments, Inc., a Delaware corporation. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and rulings issued thereunder. 
 “ERISA Affiliate” means any Person that for purposes of Title IV of ERISA is a member of the
controlled group of any Loan Party, or under common control with any Loan Party, within the meaning of Section 4001(a)(14) of ERISA. 
 “ERISA Event” means (a)(i) the occurrence of a reportable event, within the meaning of Section 4043 of ERISA, with respect to any Plan unless the 30 day notice
requirement with respect to such event has been waived by the PBGC or (ii) the requirements of Section 4043(b) of ERISA apply with respect to a contributing sponsor, as defined in Section 4001(a)(13) of ERISA, of a Plan, and an
event described in paragraph (9), (10), (11), (12) or (13) of Section 4043(c) of ERISA is reasonably expected to occur with respect to such Plan within the following 30 days; (b) the application for a minimum funding
waiver with respect to a Plan; (c) the provision by the administrator of any Plan of a notice of intent to terminate such Plan, pursuant to Section 4041(a)(2) of ERISA (including any such notice with respect to a plan amendment
referred to in Section 4041(e) of ERISA); (d) the cessation of operations at a facility of any Loan Party or any ERISA Affiliate in the circumstances described in Section 4062(e) of ERISA; (e) the withdrawal by any Loan
Party or any ERISA Affiliate from a Multiple Employer Plan during a plan year for which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA; (f) the conditions for imposition of a lien under
Section 302(f) of ERISA shall have been met with respect to any Plan; (g) the adoption of an amendment to a Plan requiring the provision of security to such Plan pursuant to Section 307 of ERISA; or (h) the institution by
the PBGC of

  

 Express – Asset-Based Loan Credit Agreement 
 14 

 
proceedings to terminate a Plan pursuant to Section 4042 of ERISA, or the occurrence of any event or condition described in Section 4042 of ERISA that constitutes grounds for the
termination of, or the appointment of a trustee to administer, such Plan. 
 “Escrow
Bank” has the meaning specified in Section 2.15(c). 
 “Eurodollar Lending
Office” means, with respect to any Lender Party, the office of such Lender Party specified as its “Eurodollar Lending Office” opposite its name on Schedule I hereto or in the Assignment and Assumption pursuant to which it
became a Lender Party (or, if no such office is specified, its Domestic Lending Office), or such other office of such Lender Party as such Lender Party may from time to time specify to the Borrower and the Administrative Agent. 
 “Eurodollar Rate” means, for any Interest Period for all Eurodollar Rate Advances comprising part of
the same Borrowing, an interest rate per annum equal to the rate per annum obtained by dividing (a) the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on Telerate Page 3750 (or any successor page) as the
London interbank offered rate for deposits in U.S. dollars at 11:00 A.M. (London time) two Business Days before the first day of such Interest Period for a period equal to such Interest Period (provided that, if for any reason such rate is
not available, the term “Eurodollar Rate” shall mean, for any Interest Period for all Eurodollar Rate Advances comprising part of the same Borrowing, the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing
on Reuters Screen LIBO Page as the London interbank offered rate for deposits in Dollars at approximately 11:00 A.M. (London time) two Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period;
provided, however, if more than one rate is specified on Reuters Screen LIBO Page, the applicable rate shall be the arithmetic mean of all such rates) by (b) a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage
for such Interest Period. 
 “Eurodollar Rate Advance” means an Advance that bears
interest as provided in Section 2.07(a)(ii). 
 “Eurodollar Rate Reserve Percentage”
for any Interest Period for all Eurodollar Rate Advances comprising part of the same Borrowing means the reserve percentage applicable two Business Days before the first day of such Interest Period under regulations issued from time to time by the
Board of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement (including, without limitation, any emergency, supplemental or other marginal reserve requirement) for a member bank of the Federal
Reserve System in New York City with respect to liabilities or assets consisting of or including Eurocurrency Liabilities (or with respect to any other category of liabilities that includes deposits by reference to which the interest rate on
Eurodollar Rate Advances is determined) having a term equal to such Interest Period. 
 “Events of
Default” has the meaning specified in Section 6.01. 
 “Excess
Availability” means, at any time, the amount, if any, by which (a) the Borrowing Base at such time (determined by reference to the most recent Borrowing Base Certificate delivered to the Administrative Agent pursuant to
Section 5.03) exceeds (b) the aggregate amount of Used Revolving Credit Commitments at such time. 
  

 Express – Asset-Based Loan Credit Agreement 
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 “Excluded Issuance” shall mean (i) an issuance
and sale of Qualified Capital Stock of the Parent or Subordinated Debt to the Equity Investor (or any other stockholder exercising preemptive rights triggered by such issuance), to the extent such Qualified Capital Stock or Subordinated Debt is
used, or the net cash proceeds thereof shall be, within 90 days of the consummation of such issuance and sale, used or committed to be used (and so used within 180 days of consummation), without duplication, to finance Capital Expenditures or one or
more permitted Investments permitted under Section 5.02(f) and (ii) an issuance and sale of Qualified Capital Stock to satisfy legal requirements regarding the issuance of a de minimis amount of shares. 
 “Excluded Subsidiary” means (i) any CFC or (ii) any Subsidiary of the Parent that is
organized under the laws of a jurisdiction located inside the United States that is not a Material Subsidiary; provided that all Excluded Subsidiaries covered by this clause (ii) shall not represent, in the aggregate, more than 5% of
Consolidated EBITDA or 5% of Consolidated tangible assets of the Parent and its Subsidiaries and the Parent shall be obligated to designate one or more Subsidiaries that would otherwise qualify as Excluded Subsidiaries covered by this clause
(ii) as Material Subsidiaries in order to comply with the terms of this proviso. 
 “Existing
Debt” means such Debt set forth on Schedule 4.01(t). 
 “Extraordinary
Receipt” means any cash amount actually received by any Loan Party (net of all out of pocket fees, costs, legal fees, court costs, taxes and other expenses incurred by any Loan Party in connection with the collection, litigation,
adjudication, arbitration, receipt or recovery of any such Extraordinary Receipt, in each case to the extent such amounts are not deducted in calculating Consolidated Net Income) that is not received in the ordinary course of business and which is
received as a result of proceeds of casualty insurance and condemnation awards (and payments in lieu thereof); provided, however, that an Extraordinary Receipt shall not include cash receipts received from proceeds of insurance or
condemnation awards (or payments in lieu thereof) to the extent that such proceeds or awards are received by any Person in respect of any third party claim against such Person and applied to pay (or to reimburse such Person for its prior payment of)
such claim and the costs and expenses of such Person with respect thereto. 
 “Facility”
means the Revolving Credit Facility, the Swing Line Facility or the Letter of Credit Facility, as the context may require. 
 “Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period to the weighted average of the rates on overnight Federal
funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if
such rate is not so published for any day that is a Business Day, the average of the quotations for such day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it.

 “Fee Letter” means, collectively, (i) the fee letter dated July 6, 2007
between the Borrower and the Lead Arranger, as amended and (ii) the fee letter dated July 6, 2007 between the Borrower and the Administrative Agent, as amended. 
 “Fiscal Quarter” means a quarter ending on the last day of April, July, October or January.

 “Fiscal Year” means a fiscal year of the Parent and its Consolidated Subsidiaries
ending on the Saturday closest to January 31 in any calendar year. 
  

 Express – Asset-Based Loan Credit Agreement 
 16 

 “Fixed Charges” means, with reference to any period,
without duplication, cash Interest Expense, plus scheduled principal payment on Debt for Borrowed Money, plus expense for taxes paid in cash (net of any cash refund in respect of income taxes actually received during such period),
plus interest payment obligations in respect of Capitalized Leases, all calculated for the Parent and its Subsidiaries on a Consolidated basis. 
 “Fixed Charge Coverage Ratio” means the ratio, determined as of the end of a Fiscal Quarter for the most recently completed Measurement Period, of (i) EBITDA minus the
unfinanced portion of Capital Expenditures to (ii) Fixed Charges, all calculated for the Parent and its Subsidiaries on a Consolidated basis. 
 “Foreign Subsidiary” means a Subsidiary of the Parent that is organized under the laws of a jurisdiction located outside of the United States. 
 “Fund” means any Person (other than an individual) that is or will be engaged in making, purchasing,
holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 
 “GAAP” has the meaning specified in Section 1.03. 
 “GGC” means GGC Administration, LLC. 
 “Governmental Authority” means any nation or government, any state, province, city, municipal entity or other political subdivision thereof, and any governmental, executive, legislative, judicial, administrative or
regulatory agency, department, authority, instrumentality, commission, board, bureau or similar body, whether federal, state, provincial, territorial, local or foreign. 
 “Governmental Authorization” means any authorization, approval, consent, franchise, license,
covenant, order, ruling, permit, certification, exemption, notice, declaration or similar right, undertaking or other action of, to or by, or any filing, qualification or registration with, any Governmental Authority. 
 “Guaranteed Debt” means, with respect to any Person, any Obligation or arrangement of such Person to
guarantee or intended to guarantee any Debt (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation,
(a) the direct or indirect guarantee, endorsement (other than for collection or deposit in the ordinary course of business), co making, discounting with recourse or sale with recourse by such Person of the Obligation of a primary obligor,
(b) the Obligation to make take-or-pay or similar payments, if required, regardless of nonperformance by any other party or parties to an agreement or (c) any Obligation of such Person, whether or not contingent, (i) to purchase any
such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (A) for the purchase or payment of any such primary obligation or (B) to maintain working capital or equity
capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, assets, securities or services primarily for the purpose of assuring the owner of any such primary obligation
of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the holder of such primary obligation against loss in respect thereof; provided, however, that the term
“Guaranteed Debt” shall not include any product warranties or other ordinary course contingent obligations incurred in the ordinary course of business, including indemnities. The amount of any Guaranteed Debt shall be deemed to be an
amount equal to the

  

 Express – Asset-Based Loan Credit Agreement 
 17 

 
stated or determinable amount of the primary obligation in respect of which such Guaranteed Debt is made (or, if less, the maximum amount of such primary obligation for which such Person may be
liable pursuant to the terms of the instrument evidencing such Guaranteed Debt) or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder), as
determined by such Person in good faith. 
 “Guaranteed Obligations” has the meaning
specified in Section 8.01. 
 “Guaranties” means the Parent Guaranty and the
Subsidiary Guaranty. 
 “Guarantors” means the Parent and the Subsidiary Guarantors.

 “Guaranty Supplement” has the meaning specified in Section 8.05. 
 “Hazardous Materials” means (a) petroleum or petroleum products, by-products or breakdown
products, radioactive materials, asbestos-containing materials, polychlorinated biphenyls, radon gas and toxic mold and (b) any other chemicals, materials or substances designated, classified or regulated as hazardous or toxic or as a pollutant
or contaminant under any Environmental Law. 
 “Hedge Agreements” means interest rate,
currency exchange rate or commodity price swap, cap or collar agreements, future or option contracts and other hedging agreements; provided that such Hedge Bank shall be required to be a Lender Party or an Affiliate of a Lender Party only at
the time that such Hedge Bank enters into such Secured Hedge Agreement. 
 “Hedge Bank”
means any Lender Party or an Affiliate of a Lender Party in its capacity as a party to a Secured Hedge Agreement. 
 “Indemnified Party” has the meaning specified in Section 9.04(b). 
 “Intercreditor Agreement” has the meaning specified in Section 3.01(a)(iii). 
 “Initial Extension of Credit” means the earlier to occur of the initial Borrowing and the initial issuance of a Letter of Credit hereunder. 
 “Initial Issuing Bank” means the bank listed on the signature pages hereof as the Initial Issuing
Bank. 
 “Initial Lender Parties” means the Initial Issuing Bank, the Initial Lenders and
the Initial Swing Line Bank. 
 “Initial Lenders” means the banks, financial institutions
and other institutional lenders listed on the signature pages hereof as the Initial Lenders. 
 “Initial Pledged Debt” has the meaning specified in the ABL Security Agreement. 
 “Initial Pledged Equity” has the meaning specified in the ABL Security Agreement. 
 “Initial Swing Line Bank” means the bank listed on the signature pages hereof as the Initial Swing Line Bank. 
  

 Express – Asset-Based Loan Credit Agreement 
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 “Insufficiency” means, with respect to any Plan, the
amount, if any, of a Plan’s accumulated benefit obligation (determined in accordance with GAAP) in excess of the Plan’s fair value of assets. 
 “Intellectual Property ABL Security Agreement” has the meaning specified in the ABL Security Agreement. 
 “Interest Expense” means, for any Measurement Period, the Consolidated cash interest expense (which,
for the avoidance of doubt, excludes (i) amortization expenses of capitalized finance costs and debt discounts and (ii) any fees (including underwriting fees) and expenses paid in connection with the consummation of the Transactions) of
the Parent and its Subsidiaries with respect to all outstanding Debt of the Parent and its Subsidiaries, in each case for or during such Measurement Period. 
 “Interest Period” means, for each Eurodollar Rate Advance comprising part of the
same Borrowing, the period commencing on the date of such Eurodollar Rate Advance or the date of the Conversion of any Base Rate Advance into such Eurodollar Rate Advance, and ending on the last day of the period selected by the Borrower pursuant to
the provisions below and, thereafter, each subsequent period commencing on the last day of the immediately preceding Interest Period and ending on the last day of the period selected by the Borrower pursuant to the provisions below. The duration of
each such Interest Period shall be one, two, three or six months (or, until the completion of the primary syndication, two weeks or one month, provided that such period shall end on the 30th day after the date hereof (or such earlier date as shall be specified in its sole discretion by the
Administrative Agent in a written notice to the Borrower and the Lenders that such primary syndication has been achieved)), as the Borrower may, upon notice received by the Administrative Agent not later than 11:00 A.M. (New York City time) on the
third Business Day prior to the first day of such Interest Period, select (or, if available to all Lenders under the applicable Facility, nine or twelve months thereafter, as selected by the Borrower in its Notice of Borrowing or conversion);
provided, however, that: 
 (a) the Borrower may not select any Interest Period with respect to any
Eurodollar Rate Advance under a Facility that ends after any principal repayment installment date for such Facility unless, after giving effect to such selection, the aggregate principal amount of Base Rate Advances and of Eurodollar Rate Advances
having Interest Periods that end on or prior to such principal repayment installment date for such Facility shall be at least equal to the aggregate principal amount of Advances under such Facility due and payable on or prior to such date;

 (b) Interest Periods commencing on the same date for Eurodollar Rate Advances comprising part of the same
Borrowing shall be of the same duration; 
 (c) whenever the last day of any Interest Period would otherwise
occur on a day other than a Business Day, the last day of such Interest Period shall be extended to occur on the next succeeding Business Day, provided, however, that, if such extension would cause the last day of such Interest Period
to occur in the next following calendar month, the last day of such Interest Period shall occur on the next preceding Business Day; and 
 (d) whenever the first day of any Interest Period occurs on a day of an initial calendar month for which there is no numerically corresponding day in the calendar month that succeeds such initial calendar
month by the number of months equal to the number of months in such Interest Period, such Interest Period shall end on the last Business Day of such succeeding calendar month. 
  

 Express – Asset-Based Loan Credit Agreement 
 19 

 “Internal Revenue Code” means the Internal Revenue
Code of 1986, as amended from time to time. 
 “Inventory” means all Inventory referred
to in Section 1(b) of the ABL Security Agreement. 
 “Inventory Advance Rate”
means (i) from the Effective Date to the first anniversary thereof, 90% and (ii) thereafter, 85%. 
 “Inventory Reserves” means such reserves as may be established from time to time by the Administrative Agent acting in its Permitted Discretion, with respect to changes in the determination of the saleability, at
retail, of the Eligible Inventory or which reflect such other factors as negatively affect the market value of the Eligible Inventory. 
 “Investment” in any Person means any loan or advance to such Person (other than (a) third-party trade receivables or (b) intercompany trade receivables, in each case
incurred in the ordinary course of such Person’s business), any purchase or other acquisition of any Equity Interests or Debt or the assets comprising a division or business unit or a substantial part or all of the business of such Person, any
capital contribution to such Person or any other direct or indirect investment in such Person, including, without limitation, any acquisition by way of a merger or consolidation (or similar transaction) and any arrangement pursuant to which the
investor incurs Debt of the types referred to in clause (i) or (j) of the definition of “Debt” in respect of such Person. 
 “IPO” means, with respect to any Person, a registered initial public offering of the capital stock of such Person (other than on Form S-8). 
 “Issuing Bank” means the Initial Issuing Bank and any Eligible Assignee to which the Letter of Credit
Commitment hereunder has been assigned pursuant to Section 9.07. 
 “L/C
Disbursement” means a payment or disbursement made by the Issuing Bank pursuant to a Letter of Credit. 
 “L/C Related Documents” has the meaning specified in Section 2.04(d)(ii)(A). 
 “Lead Arranger” means Morgan Stanley Senior Funding, Inc. 
 “Lender
Party” means any Lender, the Issuing Bank or the Swing Line Bank. 
 “Lenders” means the Initial Lenders and each Person that shall become a Lender hereunder pursuant to Section 9.07 for so long as such Initial Lender or Person, as the case may be, shall be a party to this
Agreement. 
 “Letter of Credit Advance” means an advance made by the Issuing Bank or any
Revolving Credit Lender pursuant to Section 2.03(c). 
 “Letter of Credit Agreement”
has the meaning specified in Section 2.03(a). 
  

 Express – Asset-Based Loan Credit Agreement 
 20 

 “Letter of Credit Commitment” means, with respect to
the Issuing Bank at any time, the obligation to issue Letters of Credit up to an aggregate Available Amount of $40,000,000 at any one time outstanding or, if the Issuing Bank has entered into an Assignment and Assumptions, set forth for the Issuing
Bank in the Register maintained by the Administrative Agent pursuant to Section 9.07(d) as the Issuing Bank’s “Letter of Credit Commitment,” as such amount may be reduced at or prior to such time pursuant to Section 2.05.

 “Letter of Credit Facility” means, at any time, an amount equal to the Issuing
Bank’s Letter of Credit Commitment at such time, as such amount may be reduced at or prior to such time pursuant to Section 2.05. 
 “Letters of Credit” has the meaning specified in Section 2.01(c). 
 “Leverage Ratio” means, at any date of determination, the ratio of Consolidated Debt for Borrowed Money (net of cash and Cash Equivalents) at such date to Consolidated EBITDA, in
each case of the Parent and its Subsidiaries for the most recently completed Measurement Period. 
 “Lien” means any lien, security interest, pledge or other charge or encumbrance of any kind, or any other type of preferential arrangement intended for security, including, without limitation, the lien or retained
security title of a conditional vendor and any easement, right of way or other encumbrance on title to real property. 
 “Loan Documents” means (i) this Agreement, (ii) the Notes, (iii) the Collateral Documents, (iv) the Fee Letter and (v) the Intercreditor Agreement. 
 “Loan Parties” means the Borrower and the Guarantors. 
 “Margin Stock” has the meaning specified in Regulation U. 
 “Material Adverse Effect” means a material adverse effect on (a) the business, financial
condition, operations, performance or properties of the Parent and its Subsidiaries, taken as a whole, (b) the rights and remedies of any Agent or any Lender Party under any Loan Document or (c) the ability of any Loan Party to perform its
Obligations under any Loan Document to which it is a party. 
 “Material Subsidiary”
means, at any time, (i) any Subsidiary of the Parent that represents more than 5% of Consolidated EBITDA and more than 5% of Consolidated tangible assets of the Parent and its Subsidiaries, determined at the end of the most recently completed
financial quarter of the Parent based on the financial statements of the Parent delivered pursuant to Section 5.03(b) or (c) or (ii) any Subsidiary of the Parent designated by notice in writing given by the Parent to the
Administrative Agent to be a “Material Subsidiary; provided that, any such Subsidiary so designated as a Material Subsidiary shall at all times thereafter remain a Material Subsidiary for the purposes of this Agreement unless otherwise
agreed to by the Borrower and the Required Lenders. 
 “Measurement Period” means each
period of four consecutive fiscal quarters of the Parent. 
 “Moody’s” means
Moody’s Investors Services, Inc. 
 “MS&Co” has the meaning specified in the
recital of parties to this Agreement. 
  

 Express – Asset-Based Loan Credit Agreement 
 21 

 “MSSF” has the meaning specified in the recital of
parties to this Agreement. 
 “Multiemployer Plan” means a multiemployer plan, as defined
in Section 4001(a)(3) of ERISA, to which any Loan Party or any ERISA Affiliate is making or accruing an obligation to make contributions, or with respect to which any Loan Party has any liability. 
 “Multiple Employer Plan” means a single employer plan, as defined in Section 4001(a)(15) of
ERISA and subject to Title IV of ERISA, that (a) is maintained for employees of any Loan Party or any ERISA Affiliate and at least one Person other than the Loan Parties and the ERISA Affiliates or (b) was so maintained and in respect
of which any Loan Party or any ERISA Affiliate could have liability under Section 4064 or 4069 of ERISA in the event such plan has been or were to be terminated. 
 “Net Income” means, for any period, the net income or loss of the Parent and the Subsidiaries for
such period determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded (a) unrealized gains and losses with respect to Hedge Agreements during such period and (b) the impact of purchase accounting or
similar adjustments required or permitted by GAAP in connection with the Acquisition or any Permitted Acquisition (including the reduction of revenue from any write down of deferred revenue). 
 “Net Orderly Liquidation Value” means, with respect to Inventory of any Person, the orderly
liquidation value thereof as set forth in the most recently delivered or conducted appraisal (as required or permitted hereby) by an appraiser reasonably acceptable to the Administrative Agent. 
 “Note” means a Revolving Credit Note. 
 “Notice of Borrowing” has the meaning specified in Section 2.02(a). 
 “Notice of Issuance” has the meaning specified in Section 2.03(a). 
 “Notice of Renewal” has the meaning specified in Section 2.01(c). 
 “Notice of Swing Line Borrowing” has the meaning specified in Section 2.02(b). 
 “Notice of Termination” has the meaning specified in Section 2.01(c). 
 “NPL” means the National Priorities List under CERCLA. 
 “Obligation” means, with respect to any Person, any payment, performance or other obligation of such
Person of any kind, including, without limitation, any liability of such Person on any claim, whether or not the right of any creditor to payment in respect of such claim is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured,
disputed, undisputed, legal, equitable, secured or unsecured, and whether or not such claim is discharged, stayed or otherwise affected by any proceeding referred to in Section 6.01(f). Without limiting the generality of the foregoing, the
Obligations of any Loan Party under the Loan Documents include (a) the obligation to pay principal, interest, Letter of Credit commissions, charges, expenses, fees, attorneys’ fees and disbursements, indemnities and other amounts payable
by such Loan Party under any Loan Document and (b) the obligation of such Loan Party to reimburse any amount in respect of any of the foregoing that any Lender Party, in its sole discretion, may elect to pay or advance on behalf of such Loan
Party, to the extent permitted by the Loan Documents. 
  

 Express – Asset-Based Loan Credit Agreement 
 22 

 “Other Taxes” has the meaning specified in
Section 2.12(b). 
 “Parent” has the meaning specified in the recital of parties to
this Agreement. 
 “Parent Guaranty” means the guaranty of the Parent set forth in
Article VIII. 
 “Patriot Act” means the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. 107-56, signed into law October 26, 2001. 
 “PBGC” means the Pension Benefit Guaranty Corporation (or any successor). 
 “Permitted Discretion” shall mean a determination made in good faith and in the exercise of reasonable (from the perspective of a secured asset-based lender in the retail industry)
business judgment. 
 “Permitted Distributions” shall mean (i) a payment by the
Borrower or its Subsidiaries to or on behalf of Parent (and any subsequent payment by Parent) for fees, costs and expenses paid to GGC or any of its Affiliates in accordance with the Advisory Agreement (as in effect on the Effective Date or as
amended as permitted hereby); provided that nothing herein shall prohibit the accrual of any such fees under the terms of the Advisory Agreement; (ii) payments by the Borrower or its Subsidiaries to or on behalf of Parent for franchise
taxes and other fees required to maintain the legal existence of Parent or to pay the out-of-pocket legal, accounting and other fees and expenses in the nature of overhead in the ordinary course of business of Parent, including without limitation
payment of fees and reimbursement of expenses of the board of directors and (iii) any payments to Parent in order for Parent to make tax distributions to its members pursuant to Section 4.2 of that certain Amended and Restated Limited
Liability Company Agreement, dated July 6, 2007, by and between Limited Brands Store Operations, Inc., a Delaware corporation, EXP Investments, Inc., a Delaware corporation and Express Investment Corp., a Delaware corporation; provided
that the amount of such payment shall not exceed the amount that the Borrower would be required to pay in respect of federal, state, local or non-US taxes were the Borrower a corporation filing a consolidated return with each of its domestic
Subsidiaries since immediately before the closing date of the Acquisition. 
 “Permitted
Liens” means: (a) Liens for taxes, assessments and governmental charges or levies to the extent not required to be paid under Section 5.01(b) and Liens for taxes, assessments or governmental charges or levies, which are
being contested in good faith by appropriate proceedings for which adequate reserves have been established in accordance with GAAP; (b) Liens imposed by contract or law, such as materialmen’s, mechanics’, carriers’,
workmen’s and repairmen’s Liens and other similar Liens arising in the ordinary course of business securing obligations that (i) in the aggregate do not materially adversely affect the use of the property to which they relate and
(ii) are being contested in good faith and for which adequate reserves have been established in accordance with GAAP; (c) Liens in the ordinary course of business to secure obligations under workers’ compensation laws, unemployment
insurance, social security or similar legislation or to secure public or statutory obligations; (d) deposits to secure the performance of bids, trade contracts and leases (other than Debt), contracts for the purchase of property otherwise
permitted by this Agreement, statutory obligations, surety bonds (other than bonds related to judgments or litigation), performance bonds and other obligations of a like nature incurred in the ordinary course of business; (e) Liens securing
judgments (or the payment of money) not constituting an Event of Default under Section 6.01(g) or securing appeal or other surety bonds related to such judgments, (f) easements, rights of way, restrictions, and other

  

 Express – Asset-Based Loan Credit Agreement 
 23 

 
encumbrances on title to real property that do not materially adversely affect the use of such property for its present purposes; (g) statutory, common law or contractual Liens of landlords,
creditor depository institutions or institutions holding securities accounts (including rights of set-off or similar rights and remedies), (h) any interest or title of a lessor or sublessor under any lease of real estate or licensor or
sublicensor of intellectual property not prohibited hereby, (i) Liens on the property of a Person existing at the time such Person becomes a Subsidiary of the Borrower; provided that, any such Lien may not extend to any other Property of
the Borrower or any other Subsidiary that is not a direct Subsidiary of such Person; and provided further that, any such Lien was not created in anticipation of or in connection with the transaction or series of transactions pursuant to which
such Person became a Subsidiary of the Borrower; (j) Liens on property at the time the Borrower or any Subsidiary acquired such property, including any acquisition by means of a merger, amalgamation or consolidation with or into the Borrower or
any of its Subsidiaries; provided that, such Lien may not extend to any other property of the Borrower or any of its Subsidiaries; provided further that, such Liens shall not have been created in anticipation of or in connection with
the transaction or series of transactions pursuant to which such property was acquired by the Borrower or any Subsidiary; (k) Liens on specific items of inventory or other goods and the proceeds thereof (and each of the following relating
thereto: documents, instruments, accounts, chattel paper, letter of credit rights, general intangibles, supporting obligations, and claims under insurance policies) securing such Person’s obligations in respect of bankers’ acceptances or
letters of credit issued or credited for the account of such Person to facilitate the purchase, shipment or storage of such inventory or goods; (l) Liens arising under conditional sale, title retention, consignment or similar arrangements for
the sale of goods in the ordinary course of business; (m) Liens on insurance proceeds securing the payment of financed insurance premiums; (n) leases or subleases and licenses or sublicenses granted to others in the ordinary course of
business; (o) customary Liens granted in favor of a trustee to secure fees and other amounts owing to such trustee under an indenture or other agreement pursuant to which Debt permitted by Section 5.02(b) is issued; (p) Liens in
favor of customs and revenue authorities arising as a matter of law to secure payment of custom duties in connection with the importation of goods; (q) the filing of precautionary financing statements in connection with operating leases,
consignment, Transfers permitted under Section 5.02(e) and similar matters; (r) Liens on proceeds of sales of assets held in escrow pending resolution of indemnity or purchase price reduction claims; (s) other Liens on assets,
securing Debt or other obligations not prohibited hereunder in an aggregate amount not to exceed $7,500,000 at any time outstanding; (t) Liens granted pursuant to the Collateral Documents; (u) Liens under the Term Facility Loan Documents
and any Lien in existence on the Effective Date and set forth on Schedule 4.01(v); (v) replacement, extension and renewal of any Lien permitted hereby (provided, however, that (1) no such Lien shall extend to or cover
any property not theretofore subject to the Lien being extended, renewed or replaced and (2) the aggregate amount secured shall not exceed the amount permitted to be secured prior to such extension, renewal or replacement); (w) Liens
securing Debt incurred pursuant to Section 5.02(b)(ii), provided that any such Liens attach only to the property being financed pursuant to such Indebtedness and do not encumber any other property of any Loan Party;
(x) bankers’ Liens, rights of setoff and other similar Liens existing solely with respect to cash and Cash Equivalents on deposit in one or more accounts maintained by any Loan Party, in each case granted in the ordinary course of business
in favor of the bank or banks with which such accounts are maintained, securing amounts owing to such bank with respect to cash management and operating account arrangements, including those involving pooled accounts and netting arrangements,
provided that, unless such Liens are non-consensual and arise by operation of law, in no case shall any such Liens secure (either directly or indirectly) the repayment of any Debt; (y) purchase money Liens upon or in real property or
equipment acquired or held by the Borrower or any of its Subsidiaries in the ordinary course of business to secure the purchase price of such property or equipment or to secure Debt incurred solely for the purpose of financing the

  

 Express – Asset-Based Loan Credit Agreement 
 24 

 
acquisition of any such property or equipment to be subject to such Liens, or Liens existing on any such property or equipment at the time of acquisition (other than any such Liens created in
contemplation of such acquisition that do not secure the purchase price), or extensions, renewals or replacements of any of the foregoing for the same or a lesser amount; provided, however, that no such Lien shall extend to or cover
any property other than the property or equipment being acquired, and (z) Liens on assets of Foreign Subsidiaries securing Debt of Foreign Subsidiaries permitted pursuant to Section 5.02(b)(viii). 
 “Person” means an individual, partnership, corporation (including a business trust), limited
liability company, joint stock company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof. 
 “Plan” means a Single Employer Plan or a Multiple Employer Plan. 
 “Pledged Debt” has the meaning specified in the Term Loan Security Agreement. 
 “Post Petition Interest” has the meaning specified in Section 8.06. 
 “Priority Payable Reserves” means reserves established in the Permitted Discretion of the
Administrative Agent for amounts secured by any Liens, choate or inchoate, which rank or are capable of ranking in priority to the Agents’ and/or Lenders’ Liens and/or for amounts which may represent costs relating to the enforcement of
the Agent’s Liens including, without limitation, in the Permitted Discretion of the Administrative Agent, any such amounts due and not paid for vacation pay, amounts due and not paid under any legislation relating to workers’ compensation
or to employment insurance. 
 “Pro Rata Share” means, with respect to each Lender at any
time, a fraction (expressed as a percentage, carried out to the ninth decimal place), the numerator of which is the amount of the Commitments of such Lender under the applicable Facility or Facilities at such time and the denominator of which is the
amount of the Aggregate Commitments under the applicable Facility or Facilities at such time; provided that if such Commitments have been terminated, then the Pro Rata Share of each Lender shall be determined based on the Pro Rata Share of
such Lender immediately prior to such termination and after giving effect to any subsequent assignments made pursuant to the terms hereof. 
 “Protective Advance” has the meaning specified in Section 2.01(d). 
 “Qualified Capital Stock” of any person shall mean any Equity Interests of such person that are not Disqualified Stock. 
 “Redeemable” means, with respect to any Equity Interest, any such Equity Interest that (a) the
issuer has undertaken to redeem at a fixed or determinable date or dates, whether by operation of a sinking fund or otherwise, or upon the occurrence of a condition not solely within the control of the issuer or (b) is redeemable at the option
of the holder. 
 “Register” has the meaning specified in Section 9.07(d).

 “Regulation U” means Regulation U of the Board of Governors of the Federal Reserve
System, as in effect from time to time. 
  

 Express – Asset-Based Loan Credit Agreement 
 25 

 “Related Documents” means the Purchase Agreement and
related documents, the Term Loan Facility Loan Documents, and the Advisory Agreement. 
 “Required
Lenders” means, at any time, Lenders owed or holding at least a majority in interest of the sum of (a) the aggregate principal amount of the Advances outstanding at such time, (b) the aggregate Available Amount of all Letters
of Credit outstanding at such time and (c) the aggregate Unused Revolving Credit Commitments at such time; provided, however, that if any Lender shall be a Defaulting Lender at such time, there shall be excluded from the
determination of Required Lenders at such time (A) the aggregate principal amount of the Advances owing to such Lender (in its capacity as a Lender) and outstanding at such time, (B) such Lender’s Pro Rata Share of the aggregate
Available Amount of all Letters of Credit outstanding at such time and (C) the Unused Revolving Credit Commitment of such Lender at such time. For purposes of this definition, the aggregate principal amount of Swing Line Advances owing to the
Swing Line Bank and of Letter of Credit Advances owing to the Issuing Bank and the Available Amount of each Letter of Credit shall be considered to be owed to the Revolving Credit Lenders ratably in accordance with their respective Revolving Credit
Commitments. 
 “Reserves” means any and all reserves which the Administrative Agent
deems necessary, in its Permitted Discretion, to maintain against the Borrowing Base to reflect any impediments to the realization on the Collateral included in the Borrowing Base which may be instituted by the Administrative Agent upon five
Business Days’ prior notice to the Borrower (including, without limitation, Inventory Reserves, Priority Payable Reserves, Cash Management Reserves, reserves for Customer Credit Liabilities (not to exceed 50% of such liability)); provided,
however, that (i) rent Reserves for locations leased by any Loan Party (A) shall not be taken for leased retail stores or for leased locations covered by a Collateral Access Agreement and (B) for all other leased locations, shall
be limited to (x) in the case of the Borrowers’ corporate headquarters, one month’s rent and (y) in all other cases, three months’ rent but in any event shall not exceed the total value of Eligible Inventory at any such
other location, (ii) Reserves for consignee’s, warehousemen’s and bailee’s charges (A) shall not be taken for locations covered by an acknowledged bailee waiver letter and (B) for all other such locations, shall be
limited to three months’ charges but in any event shall not exceed the total value of Eligible Inventory at any such other location, (iii) all Reserves (including the amount of such Reserve) shall bear a reasonable relationship to the
events, conditions or circumstances that are the basis for such Reserve and (iv) the amount of any Reserve shall not be duplicative of the amount of any other Reserve imposed hereunder with respect to the same events, conditions or
circumstances. In the event that the Administrative Agent determines in its Permitted Discretion that (a) the events, conditions or circumstances underlying the maintenance of any Reserve shall cease to exist or (b) the liability that is
the basis for any Reserve has been reduced, then such Reserve shall be rescinded or reduced in an amount as determined in Administrative Agent’s Permitted Discretion, as applicable, at the request of the Borrower. 
 “Responsible Officer” means the Chief Executive Officer, Chief Financial Officer and Treasurer of the
Parent or the Borrower, as applicable. 
 “Restricted Payment” has the meaning specified
in Section 5.02(g). 
 “Revolving Credit Advance” has the meaning specified in
Section 2.01(a) 
 “Revolving Credit Borrowing” means a borrowing consisting of
simultaneous Revolving Credit Advances of the same Type made by the Revolving Credit Lenders. 
  

 Express – Asset-Based Loan Credit Agreement 
 26 

 “Revolving Credit Commitment” means, with respect to
any Revolving Credit Lender at any time, the amount set forth opposite such Lender’s name on Schedule I hereto under the caption “Revolving Credit Commitment” or, if such Lender has entered into one or more Assignment and Assumptions,
set forth for such Lender in the Register maintained by the Administrative Agent pursuant to Section 9.07(d) as such Lender’s “Revolving Credit Commitment,” as such amount may be reduced at or prior to such time pursuant to
Section 2.05 or increased at or prior to such time pursuant to Section 2.18. 
 “Revolving
Credit Facility” means, at any time, the aggregate amount of the Revolving Credit Lenders’ Revolving Credit Commitments at such time. 
 “Revolving Credit Lender” means any Lender that has a Revolving Credit Commitment. 
 “Revolving Credit Note” means a promissory note of the Borrower payable to the order of any Revolving Credit Lender, in substantially the form of Exhibit A hereto, evidencing the
aggregate indebtedness of the Borrower to such Lender resulting from the Revolving Credit Advances, Letter of Credit Advances and Swing Line Advances made by such Lender, as amended. 
 “S&P” means Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

 “SEC” means the Securities and Exchange Commission, or any Governmental Authority
succeeding to any of its principal functions. 
 “Secured Cash Management Agreement”
means any agreement that is entered into by and between the Borrower or any of its Subsidiaries and any Lender or any of its Affiliates in connection with Cash Management Services provided by such Lender or Affiliate. 
 “Secured Hedge Agreement” means any Hedge Agreement required or permitted under Article V that
is entered into by and between the Borrower and any Hedge Bank. 
 “Secured Obligations”
has the meaning specified in Section 2 of the ABL Security Agreement. 
 “Secured
Parties” means the Agents, the Lender Parties, the Hedge Banks and the Cash Management Banks. 
 “Significant Guarantor” means, at any date of determination, any (i) Subsidiary Guarantor of the Borrower that individually has or (ii) group of Subsidiary Guarantors of the Borrower, that in the aggregate
has, in either case, revenues, assets or earnings in an amount equal to at least 5% of (a) the consolidated revenues of the Parent and its Subsidiaries for the most recently completed fiscal quarter for which the Lenders have received financial
statements of the Parent and its Subsidiaries pursuant to Section 5.03(b) or (c), (b) the consolidated assets of the Parent and its Subsidiaries as of the last day of the most recently completed fiscal quarter for which the Lenders
have received financial statements of the Parent and its Subsidiaries pursuant to Section 5.03(b) or (c), or (c) the consolidated net earnings of the Parent and its Subsidiaries for the most recently completed fiscal quarter for which
the Lenders have received financial statements of the Parent and its Subsidiaries pursuant to Section 5.03(b) or (c), in each case determined in accordance with GAAP for such period. 
  

 Express – Asset-Based Loan Credit Agreement 
 27 

 “Single Employer Plan” means a single employer plan,
as defined in Section 4001(a)(15) of ERISA and subject to Title IV of ERISA, that (a) is maintained for employees of any Loan Party or any ERISA Affiliate and no Person other than the Loan Parties and the ERISA Affiliates or
(b) was so maintained and in respect of which any Loan Party or any ERISA Affiliate could have liability under Section 4069 of ERISA in the event such plan has been or were to be terminated. 
 “Solvent” and “Solvency” mean, with respect to any Person on a particular
date, that on such date (a) the fair value of the property of such Person is greater than the total amount of liabilities, including, without limitation, contingent liabilities, of such Person, (b) the present fair salable value of the
assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur
debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature and (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such
Person’s property would constitute an unreasonably small capital. The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the
amount that can reasonably be expected to become an actual or matured liability. 
 “Specified Equity
Contribution” has the meaning specified in Section 5.05(b). 
 “Specified
Representations” means (a) such of the representations made by the Seller in the Purchase Agreement as are material to the interests of the Lenders, but only to the extent that the Parent has the right to terminate its obligations
under the Purchase Agreement as a result of a breach of such representations in the Purchase Agreement and (b) the representations and warranties made by the Borrower in Sections 4.01(a) (excluding the last sentence thereof),
(d) (only as to the Loan Documents (excluding clauses (iii) and (iv) therein and the last sentence thereof)), (f), (l), (m) and (n) (excluding the last sentence thereof) of this Agreement. 
 “Sponsor” means Golden Gate Private Equity, Inc., a Delaware corporation and each investment fund
managed by it. 
 “Subordinated Debt” means any Debt of any Loan Party that is
subordinated to the Obligations of such Loan Party under the Loan Documents on and that otherwise contains, terms and conditions reasonably satisfactory to the Administrative Agent. 
 “Subordinated Obligations” has the meaning specified in Section 8.06. 
 “Subsidiary” of any Person means any corporation, partnership, joint venture, limited liability
company, trust or estate of which (or in which) more than 50% of (a) the issued and outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether at the time
capital stock of any other class or classes of such corporation shall or might have voting power upon the occurrence of any contingency), (b) the interest in the capital or profits of such partnership, joint venture or limited liability company
or (c) the beneficial interest in such trust or estate is, in the case of clauses (a), (b) and (c), at the time directly or indirectly owned or controlled by such Person, by such Person and one or more of its other Subsidiaries or by one
or more of such Person’s other Subsidiaries. 
  

 Express – Asset-Based Loan Credit Agreement 
 28 

 “Subsidiary Guarantors” means the Subsidiaries of
the Parent listed on Schedule II hereto and each other Subsidiary of the Parent that shall be required to execute and deliver a guaranty pursuant to Section 5.01(j). 
 “Subsidiary Guaranty” means the guaranty of the Subsidiary Guarantors set forth in Article VIII,
together with each other guaranty and guaranty supplement delivered pursuant to Section 5.01(j), in each case as amended, amended and restated, modified or otherwise supplemented. 
 “Supermajority Lenders” means, at any time, Lenders owed or holding at least
66 2/3% of the sum of (a) the aggregate
principal amount of the Advances outstanding at such time, (b) the aggregate Available Amount of all Letters of Credit outstanding at such time and (c) the aggregate Unused Revolving Credit Commitments at such time; provided,
however, that if any Lender shall be a Defaulting Lender at such time, there shall be excluded from the determination of Supermajority Lenders at such time (A) the aggregate principal amount of the Advances owing to such Lender (in its
capacity as a Lender) and outstanding at such time, (B) such Lender’s Pro Rata Share of the aggregate Available Amount of all Letters of Credit outstanding at such time and (C) the Unused Revolving Credit Commitment of such Lender at
such time. For purposes of this definition, the aggregate principal amount of Swing Line Advances owing to the Swing Line Bank and of Letter of Credit Advances owing to the Issuing Bank and the Available Amount of each Letter of Credit shall be
considered to be owed to the Revolving Credit Lenders ratably in accordance with their respective Revolving Credit Commitments. 
 “Supplemental Collateral Agent” has the meaning specified in Section 7.01(c). 
 “Surviving Debt” means (i) Debt of each Loan Party and its Subsidiaries outstanding immediately before and after giving effect to the Initial Extension of Credit and
(ii) Debt incurred under credit facilities existing immediately before and after giving effect to the Initial Extension of Credit, in each case listed on Schedule 4.01(u) to this Agreement. 
 “Swing Line Advance” means an advance made by (a) the Swing Line Bank pursuant to
Section 2.01(b) or (b) any Revolving Credit Lender pursuant to Section 2.02(b). 
 “Swing Line Bank” means the Initial Swing Line Bank and any Eligible Assignee to which the Swing Line Commitment hereunder has been assigned pursuant to Section 9.07. 
 “Swing Line Borrowing” means a borrowing consisting of a Swing Line Advance made by the Swing Line
Bank pursuant to Section 2.01(b) or the Revolving Credit Lenders pursuant to Section 2.02(b). 
 “Swing Line Commitment” means, with respect to the Swing Line Bank at any time, the obligation to make a Swing Line Advance up to a maximum principal amount of $30,000,000 at any one time outstanding or, if the Swing
Line Bank has entered into an Assignment and Assumption, set forth for the Swing Line Bank in the Register maintained by the Administrative Agent pursuant to Section 9.07(d) as the Swing Line Bank’s “Swing Line Commitment,” as
such amount may be reduced at or prior to such time pursuant to Section 2.05. 
 “Swing Line
Facility” means, at any time, an amount equal to the Swing Line Bank’s Swing Line Commitment at such time, as such amount may be reduced at or prior to such time pursuant to Section 2.05. 
  

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 “Synthetic Debt” means, with respect to any Person,
without duplication of any clause within the definition of “Debt,” all (a) Obligations of such Person under any lease that is treated as an operating lease for financial accounting purposes and a financing lease for tax purposes
(i.e., a “synthetic lease”) and (b) Obligations of such Person in respect of transactions entered into by such Person that are intended to function primarily as a borrowing of funds (including, without limitation, any minority
interest transactions that function primarily as a borrowing) but are not otherwise included in the definition of “Debt” or as a liability on a Consolidated balance sheet of such Person and its Subsidiaries in accordance with GAAP.

 “Taxes” has the meaning specified in Section 2.12(a). 
 “Term Loan Facility” means the senior secured term loan facility to be provided to the Borrower
substantially simultaneously with the Acquisition pursuant to the Term Loan Facility Credit Agreement. 
 “Term Loan Facility Credit Agreement” means the term loan credit agreement of even date herewith among the Borrower, the Parent, the Subsidiary Guarantors, the Administrative Agent (as defined therein), the
Collateral Agent (as defined therein) and the lenders party thereto, as amended, amended and restated, supplemented or otherwise modified from time to time in accordance with its terms. 
 “Term Loan Facility Loan Documents” means those documents that are specified as “Loan
Documents” in the Term Loan Facility Credit Agreement. 
 “Termination Date” means
the earlier of (a) the date of termination in whole of the Revolving Credit Commitments, the Letter of Credit Commitment and the Swing Line Commitment, pursuant to Section 2.05 or 6.01 and (b) July 6, 2012. 
 “Transaction” means the Acquisition and the other transactions contemplated by the Transaction
Documents. 
 “Transaction Documents” means, collectively, the Loan Documents and the
Related Documents. 
 “Transaction Expenses” means costs and expenses incurred in
connection with the Transaction, dividend payments to any director, officer or employee in connection with the Transaction deemed to be an expense in accordance with GAAP and retention bonuses paid to employees in an aggregate amount not to exceed
$35,000,000 from the Effective Date through the anniversary of the Effective Date. 
 “Transfer” has the meaning set forth in Section 5.02(e). 
 “Type” refers to the distinction between Advances bearing interest at the Base Rate and Advances bearing interest at the Eurodollar Rate. 
 “Unmatured Surviving Obligations” means Obligations under this Agreement and the other Loan Documents
that by their terms survive the termination of this Agreement or the other Loan Documents but are not, as of the date of determination, due and payable and for which no outstanding claim has been made. 
 “UCC” has the meaning specified in the ABL Security Agreement. 
  

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 “Unused Revolving Credit Commitment” means, with
respect to any Revolving Credit Lender at any time, (a) such Lender’s Revolving Credit Commitment at such time minus (b) the sum of (i) the aggregate principal amount of all Revolving Credit Advances, Swing Line Advances and
Letter of Credit Advances made by such Lender (in its capacity as a Lender) and outstanding at such time plus, without duplication, (ii) such Lender’s Pro Rata Share of (A) the aggregate Available Amount of all Letters of
Credit outstanding at such time, (B) the aggregate principal amount of all Letter of Credit Advances made by the Issuing Bank pursuant to Section 2.03(d) and outstanding at such time and (C) the aggregate principal amount of all
Swing Line Advances made by the Swing Line Bank pursuant to Section 2.01(b) and outstanding at such time. 
 “Used Revolving Credit Commitment” means, with respect to any Revolving Credit Lender at any time, the sum of (a) the aggregate principal amount of all Revolving Credit Advances, Swing Line Advances and Letter
of Credit Advances made by such Lender (in its capacity as a Lender) and outstanding at such time and, without duplication, (b) such Lender’s Pro Rata Share of (i) the aggregate Available Amount of all Letters of Credit outstanding at
such time, (ii) the aggregate principal amount of all Letter of Credit Advances made by the Issuing Bank pursuant to Section 2.03(d) and outstanding at such time and (iii) the aggregate principal amount of all Swing Line Advances
made by the Swing Line Bank pursuant to Section 2.01(b) and outstanding at such time. 
 “Voting Interests” means shares of capital stock issued by a corporation, or equivalent Equity Interests in any other Person, the holders of which are ordinarily, in the absence of contingencies, entitled to vote for
the election of directors (or persons performing similar functions) of such Person, even if the right so to vote has been suspended by the happening of such a contingency. 
 “Welfare Plan” means a welfare benefit plan, as defined in Section 3(1) of ERISA, that is
maintained for employees of any Loan Party or in respect of which any Loan Party could have liability. 
 “Withdrawal Liability” has the meaning specified in Part I of Subtitle E of Title IV of ERISA. 
 SECTION 1.02. Computation of Time Periods; Other Definitional Provisions. In this Agreement and the other Loan Documents in the computation of periods of time from a specified date to a later specified date, the word
“from” means “from and including” and the words “to” and “until” each mean “to but excluding.” References in the Loan Documents to any agreement or contract
“as amended” shall mean and be a reference to such agreement or contract as amended, amended and restated, supplemented or otherwise modified from time to time in accordance with its terms. 
 SECTION 1.03. Accounting Terms. All accounting terms not specifically defined herein shall be construed in accordance with generally
accepted accounting principles as in effect from time to time in the United States (“GAAP”). 
  

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 ARTICLE II 
 AMOUNTS AND TERMS OF THE ADVANCES 
 AND THE LETTERS
OF CREDIT 
 SECTION 2.01. The Advances and the Letters of Credit. (a) The Revolving Credit Advances. Subject to
the terms and conditions set forth herein, (i) each Revolving Credit Lender severally agrees to make revolving credit loans denominated in Dollars to the Borrower pursuant to Section 2.02 (a “Revolving Credit
Advance”) from time to time, on any Business Day until the Termination Date, in an aggregate principal amount of $1,000,000 or an integral multiple of $100,000 in excess thereof (other than a Borrowing the proceeds of which shall be
used solely to repay or prepay in full outstanding Swing Line Advances or outstanding Letter of Credit Advances) and shall consist of Revolving Credit Advances made simultaneously by the Revolving Credit Lenders ratably according to their Revolving
Credit Commitments; provided, however, that the aggregate principal amount of all such Revolving Credit Advances (together with the aggregate principal amount of all Swing Line Advances then outstanding plus the aggregate Available
Amount of all Letters of Credit outstanding at such time) shall not exceed the lesser of (x) the Revolving Credit Facility at such time or (y) the Borrowing Base then in effect, subject to the Administrative Agent’s authority, in its
sole discretion to make Protective Advances pursuant to the terms of Section 2.01(d). Within the limits of each Revolving Credit Lender’s Unused Revolving Credit Commitment in effect from time to time, the Borrower may borrow under this
Section 2.01(a), prepay pursuant to Section 2.06(a) and reborrow under this Section 2.01(a). 
 (b) The Swing Line Advances. The Swing Line Bank agrees on the terms and conditions hereinafter set forth, to make Swing Line Advances to the Borrower from time to time on any Business Day during the period from the Effective Date
until the Termination Date (i) in an aggregate amount not to exceed at any time outstanding $30,000,000 at such time and (ii) in an amount for each such Swing Line Borrowing not to exceed the aggregate of the Unused Revolving Credit
Commitments of the Revolving Credit Lenders at such time; provided, however, that the aggregate principal amount of all such Swing Line Advances (together with the aggregate principal amount of all Revolving Credit Advances then
outstanding plus the aggregate Available Amount of all Letters of Credit outstanding at such time) shall not exceed the Borrowing Base then in effect. No Swing Line Advance shall be used for the purpose of funding the payment of principal of any
other Swing Line Advance. Each Swing Line Borrowing shall be in an amount of $1,000,000 or an integral multiple of $100,000 in excess thereof and shall be made as a Base Rate Advance. Within the limits of the Swing Line Facility and within the
limits referred to in clause (ii) above, the Borrower may borrow under this Section 2.01(b), repay pursuant to Section 2.04(b) or prepay pursuant to Section 2.06(a) and reborrow under this Section 2.01(b).
Immediately upon the making of a Swing Line Advance, each Revolving Credit Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Bank a risk participation in such Swing Line Advance in an
amount equal to the product of such Lender’s Pro Rata Share times the amount of such Swing Line Advance. 
 (c) The Letters of Credit. The Issuing Bank agrees, on the terms and conditions hereinafter set forth, to issue (or cause its Affiliate that is a commercial bank to issue on its behalf) letters of credit (the “Letters of
Credit”) in Dollars for the account of the Borrower from time to time on any Business Day during the period from the Effective Date until 5 Business Days before the Termination Date in an aggregate Available Amount (i) for all
Letters of Credit not to exceed at any time $40,000,000 at such time and (ii) for each such Letter of Credit not to exceed the Unused Revolving Credit Commitments of the Revolving Credit Lenders at such time; provided, however,
that the aggregate Available Amount of all Letters of Credit outstanding at such time (together with the aggregate principal amount of all Revolving Credit Advances and the aggregate principal amount of all Swing Line Advances then outstanding)
shall not exceed the Borrowing Base then in effect. No Letter of Credit shall have an

  

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expiration date (including all rights of the Borrower or the beneficiary to require renewal) later than the earlier of 5 Business Days before the Termination Date (unless cash collateral is
provided for the full face amount of the Letter of Credit prior to such date) and one year after the date of issuance thereof, but may by its terms be renewable annually upon notice (a “Notice of Renewal”) given to the
Issuing Bank and the Administrative Agent on or prior to any date for notice of renewal set forth in such Letter of Credit but in any event at least three Business Days prior to the date of the proposed renewal of such Letter of Credit and upon
fulfillment of the applicable conditions set forth in Article III unless the Issuing Bank has notified the Borrower (with a copy to the Administrative Agent) on or prior to the date for notice of termination set forth in such Letter of Credit
but in any event at least 30 Business Days prior to the date of automatic renewal of its election not to renew such Letter of Credit (a “Notice of Termination”); provided that the terms of each Letter of Credit that is
automatically renewable annually shall (x) require the Issuing Bank that issued such Letter of Credit to give the beneficiary named in such Letter of Credit notice of any Notice of Termination, (y) permit such beneficiary, upon receipt of
such notice, to draw under such Letter of Credit prior to the date such Letter of Credit otherwise would have been automatically renewed and (z) not permit the expiration date (after giving effect to any renewal) of such Letter of Credit in any
event to be extended to a date later than 5 Business Days before the Termination Date (unless cash collateral is provided for the full face amount of the Letter of Credit prior to such date). If either a Notice of Renewal is not given by the
Borrower or a Notice of Termination is given by the Issuing Bank pursuant to the immediately preceding sentence, such Letter of Credit shall expire on the date on which it otherwise would have been automatically renewed; provided,
however, that even in the absence of receipt of a Notice of Renewal the Issuing Bank may in its discretion, unless instructed to the contrary by the Administrative Agent or the Borrower, deem that a Notice of Renewal had been timely delivered
and in such case, a Notice of Renewal shall be deemed to have been so delivered for all purposes under this Agreement. Within the limits of the Letter of Credit Facility, and subject to the limits referred to above, the Borrower may request the
issuance of Letters of Credit under this Section 2.01(c), repay any Letter of Credit Advances resulting from drawings thereunder pursuant to Section 2.04(d) and request the issuance of additional Letters of Credit under this
Section 2.01(c). 
 (d) Protective Advances. Any provision of this Agreement to the contrary
notwithstanding, (i) subject to the limitations set forth below, the Administrative Agent and the Collateral Agent are authorized by the Borrower and the Lenders, from time to time in each of their sole discretion (but shall have absolutely no
obligation to), to make Advances to the Borrower, on behalf of all Lenders, which the Administrative Agent or the Collateral Agent, in such Person’s reasonable discretion, deems necessary or desirable (A) after the occurrence and during
the continuance of an Event of Default or (B) at any time that any of the other applicable conditions precedent set forth in Section 3.02 are not satisfied (x) to preserve or protect the Collateral, or any portion thereof, (y) to
enhance the likelihood of, or maximize the amount of, repayment of the Advances and other Obligations under the Loan Documents or (z) to pay any other amount chargeable to or required to be paid by the Borrower pursuant to the terms of this
Agreement, including payments of principal, interest, L/C Disbursements, fees, reimbursable expenses (including costs, fees and expenses as described in Section 9.04) and other sums payable under the Loan Documents (any of such Advance are
herein referred to as “Protective Advances”); provided that no Protective Advance shall cause the sum of the aggregate principal amount of all Swing Line Advances and Revolving Credit Advances then outstanding
(together with the aggregate Available Amount of all Letters of Credit outstanding at such time) to exceed the Revolving Credit Commitment; provided, further, that the aggregate amount of Protective Advances outstanding at any time,
which were made pursuant to clauses (x) and (y) above, shall not at any time exceed the lesser of (1) $20,000,000 and (2) 10% of the Borrowing Base. Protective Advances shall be secured by Liens in favor of the Administrative
Agent in and to the Collateral and shall constitute Obligations hereunder. All Protective Advances shall be Base Rate Advances. The Administrative Agent’s and the Collateral Agent’s authorization to make Protective Advances may be revoked
at any time by the Required Lenders. Any such revocation must be in writing and shall become effective prospectively upon the Administrative

  

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Agent’s receipt thereof. At any time that there is sufficient Excess Availability and the conditions set forth in Section 3.02 have been satisfied, the Administrative Agent or the
Collateral Agent may request the Revolving Credit Lenders to make a Revolving Credit Advances to repay a Protective Advance. At any other time, the Administrative Agent or the Collateral Agent may require the Lenders to fund their risk
participations as described in clause (ii). 
 (ii) Upon the making of a Protective Advance by the Administrative
Agent or the Collateral Agent (whether before or after the occurrence of an Event of Default), each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from the Administrative Agent
or the Collateral Agent, as applicable, without recourse or warranty, an undivided interest and participation in any Protective Advance in proportion to its Pro Rata Share of all payments of principal and interest and all proceeds of Collateral
received by the Administrative Agent in respect of such Protective Advance. 
 SECTION 2.02. Making the Advances.
(a) Except as otherwise provided in Section 2.02(b) or 2.03, each Borrowing shall be made on notice, given not later than 11:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing in the
case of a Borrowing consisting of Eurodollar Rate Advances, or the first Business Day prior to the date of the proposed Borrowing in the case of a Borrowing consisting of Base Rate Advances by the Borrower to the Administrative Agent, which shall
give to each Appropriate Lender prompt notice thereof by telecopier or electronic communication. Each such notice of a Borrowing (a “Notice of Borrowing”) shall be by telephone, confirmed immediately in writing, or by
telecopier or electronic communication, in substantially the form of Exhibit B hereto, specifying therein the requested (1) date of such Borrowing, (2) Facility under which such Borrowing is to be made, (3) Type of Advances comprising
such Borrowing, (4) aggregate amount of such Borrowing and (5) in the case of a Borrowing consisting of Eurodollar Rate Advances, initial Interest Period for each such Advance. Each Appropriate Lender shall, before 11:00 A.M. (New York
City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at the Administrative Agent’s Account, in same day funds, such Lender’s ratable portion of such Borrowing
in accordance with the respective Commitments under the applicable Facility of such Lender and the other Appropriate Lenders. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in
Article III, the Administrative Agent will make such funds available to the Borrower by crediting the Borrower’s Account; provided, however, that, in the case of any Revolving Credit Borrowing, the Administrative Agent shall
first apply such funds to prepay ratably the aggregate principal amount of any Swing Line Advances and Letter of Credit Advances outstanding at such time, together with interest accrued and unpaid thereon to and as of such date. 
 (b) (i) Each Swing Line Borrowing shall be made on notice, given not later than 11:00 A.M. (New York City time) on the date
of the proposed Swing Line Borrowing, by the Borrower to the Swing Line Bank and the Administrative Agent. Each such notice of a Swing Line Borrowing (a “Notice of Swing Line Borrowing”) shall be by telephone, confirmed
promptly in writing, or by telecopier or electronic communication, specifying therein the requested (i) date of such Borrowing, (ii) amount of such Borrowing and (iii) maturity of such Borrowing (which maturity shall be no later than
the seventh day after the requested date of such Borrowing). The Swing Line Bank will make the amount of the requested Swing Line Advances available to the Administrative Agent at the Administrative Agent’s Account, in same day funds. After the
Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to the Borrower by crediting the Borrower’s Account.

  

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 (ii) The Swing Line Bank may, at any time in its sole and absolute
discretion, request on behalf of the Borrower (and the Borrower hereby irrevocably authorizes the Swing Line Bank to so request on its behalf) that each Revolving Credit Lender make a Base Rate Advance in an amount equal to such Lender’s Pro
Rata Share of the amount of Swing Line Advances then outstanding. Such request shall be deemed to be a Notice of Borrowing for purposes hereof and shall be made in accordance with the provisions of Section 2.02(a) without regard solely to
the minimum amounts specified in Section 2.01(b) but subject to the satisfaction of the conditions set forth in Section 3.02. The Swing Line Bank shall furnish the Borrower with a copy of the applicable Notice of Borrowing promptly
after delivering such notice to the Administrative Agent. Each Revolving Credit Lender shall make an amount equal to its Pro Rata Share of the amount specified in such Notice of Borrowing available for the account of its Applicable Lending Office to
the Administrative Agent for the account of the Swing Line Bank, by deposit to the Administrative Agent’s Account, in same day funds, not later than 11:00 A.M. on the day specified in such Notice of Borrowing. 
 (iii) If for any reason any Swing Line Advance cannot be refinanced by a Revolving Credit Borrowing as contemplated by
Section 2.02(b)(ii), the request for Base Rate Advances submitted by the Swing Line Bank as set forth in Section 2.02(b)(ii) shall be deemed to be a request by the Swing Line Bank that each of the Revolving Credit Lenders fund its
risk participation in the relevant Swing Line Advance and each Revolving Credit Lender’s payment to the Administrative Agent for the account of the Swing Line Bank pursuant to Section 2.02(b)(ii) shall be deemed payment in respect of
such participation. 
 (iv) If and to the extent that any Revolving Credit Lender shall not have made the amount
of its Pro Rata Share of such Swing Line Advance available to the Administrative Agent in accordance with the provisions of Section 2.02(b)(ii), such Revolving Credit Lender agrees to pay to the Administrative Agent forthwith on demand such
amount together with interest thereon, for each day from the date of the applicable Notice of Borrowing delivered by the Swing Line Bank until the date such amount is paid to the Administrative Agent, at the Federal Funds Rate. 
 (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Advances or to purchase and fund risk
participations in Swing Line Advance pursuant to this Section 2.02(b) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any set-off, counterclaim, recoupment, defense or other right which
such Lender may have against the Swing Line Bank, the Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of
the foregoing; provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Advances pursuant to this Section 2.02(b) is subject to satisfaction of the conditions set forth in
Section 3.02. No funding of risk participations shall relieve or otherwise impair the obligation of the Borrower to repay Swing Line Advances, together with interest as provided herein. 
 (c) Anything in subsection (a) above to the contrary notwithstanding, (i) the Borrower may
only select Eurodollar Rate Advances with an Interest Period of two weeks or one month for the period from the date hereof for so long as is required by the Lead Arranger to achieve primary syndication; provided that such period shall end on
the 30th day after the date hereof (or such earlier date
as shall be specified in its sole discretion by the Administrative Agent in a written notice to the Borrower and the Lenders that such primary syndication has been achieved), (ii) the Borrower may not select Eurodollar Rate Advances for any
Borrowing if the aggregate amount of such Borrowing is less than $1,000,000 or if the obligation of the Appropriate Lenders to make Eurodollar Rate Advances shall then be suspended pursuant to Section 2.09 or 2.10 and (iii) the Eurodollar
Rate Advances may not be outstanding as part of more than 15 separate Borrowings. 
  

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 (d) Each Notice of Borrowing and each Notice of Swing Line Borrowing shall
be irrevocable and binding on the Borrower. In the case of any Borrowing that the related Notice of Borrowing specifies is to be comprised of Eurodollar Rate Advances, the Borrower shall indemnify each Appropriate Lender against any loss, cost or
expense incurred by such Lender (as set forth in a written notice delivered by such Lender or the Administrative Agent to the Borrower) as a result of any failure to fulfill on or before the date specified in such Notice of Borrowing for such
Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds
acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. 
 (e) Unless the Administrative Agent shall have received notice from an Appropriate Lender prior to the date of any Borrowing
that such Lender will not make available to the Administrative Agent such Lender’s ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date
of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower or Swing Line Bank or Issuing Bank, as applicable, on such
date a corresponding amount. If and to the extent that such Lender shall not have so made such ratable portion available to the Administrative Agent, such Lender, the Borrower or Swing Line Bank or Issuing Bank, as applicable, severally agree to
repay or pay to the Administrative Agent forthwith on demand such corresponding amount and to pay interest thereon, for each day from the date such amount is made available to the Borrower or Swing Line Bank or Issuing Bank, as applicable, until the
date such amount is repaid or paid to the Administrative Agent, at (i) in the case of the Borrower, the interest rate applicable at such time under Section 2.07 to Advances comprising such Borrowing and (ii) in the case of such
Lender, or Swing Line Bank or Issuing Bank, as applicable, the Federal Funds Rate. If such Lender shall pay to the Administrative Agent such corresponding amount, such amount so paid shall constitute such Lender’s Advance as part of such
Borrowing for all purposes. 
 (f) The failure of any Lender to make the Advance to be made by it as part of any
Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other
Lender on the date of any Borrowing. 
 SECTION 2.03. Issuance of and Drawings and Reimbursement Under Letters of Credit.
(a) Request for Issuance. Each Letter of Credit shall be issued upon notice, given not later than 11:00 A.M. (New York City time) on the second Business Day prior to the date of the proposed issuance of such Letter of Credit, by the Borrower to
the Issuing Bank, which shall give to the Administrative Agent and each Revolving Credit Lender prompt notice thereof by telecopier or electronic communication. Each such notice of issuance of a Letter of Credit (a “Notice of
Issuance”) shall be by telephone, confirmed promptly in writing, or by telecopier or electronic communication, specifying therein the requested (A) date of such issuance (which shall be a Business Day), (B) Available Amount of
such Letter of Credit, (C) expiration date of such Letter of Credit, (D) name and address of the beneficiary of such Letter of Credit and (E) form of such Letter of Credit, and shall be accompanied by such application and agreement
for letter of credit as the Issuing Bank may specify to the Borrower for use in connection with such requested Letter of Credit (a “Letter of Credit Agreement”). If the requested form of such Letter of Credit is acceptable to
the Issuing Bank in its sole discretion, the Issuing Bank will, upon fulfillment of the applicable conditions set forth in Article III, make such Letter of Credit available to the Borrower at its office referred to in Section 9.02 or as
otherwise agreed with the Borrower in connection with such issuance. In the event and to the extent that the provisions of any Letter of Credit Agreement shall conflict with this Agreement, the provisions of this Agreement shall govern. 

 

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 (b) Letter of Credit Reports. The Issuing Bank shall furnish
(A) to the Administrative Agent on the first Business Day of each week a written report summarizing issuance and expiration dates of Letters of Credit issued during the previous week and drawings during such week under all Letters of Credit,
(B) to each Revolving Credit Lender on the first Business Day of each month a written report summarizing issuance and expiration dates of Letters of Credit issued during the preceding month and drawings during such month under all Letters of
Credit and (C) to the Administrative Agent and each Revolving Credit Lender on the first Business Day of each calendar quarter a written report setting forth the average daily aggregate Available Amount during the preceding calendar quarter of
all Letters of Credit. 
 (c) Participations in Letters of Credit. Upon the issuance of a Letter of Credit
by the Issuing Bank under Section 2.03(a), the Issuing Bank shall be deemed, without further action by any party hereto, to have sold to each Revolving Credit Lender, and each Revolving Credit Lender shall be deemed, without further action by
any party hereto, to have purchased from the Issuing Bank, a participation in such Letter of Credit in an amount for each Revolving Credit Lender equal to such Revolving Credit Lender’s Pro Rata Share of the Available Amount of such Letter of
Credit, effective upon the issuance of such Letter of Credit. In consideration and in furtherance of the foregoing, each Revolving Credit Lender hereby absolutely and unconditionally agrees to pay such Revolving Credit Lender’s Pro Rata Share
of each L/C Disbursement made by the Issuing Bank and not reimbursed by the Borrower forthwith on the date due as provided in Section 2.04(d) by making available for the account of its Applicable Lending Office to the Administrative Agent
for the account of the Issuing Bank by deposit to the Administrative Agent’s Account, in same day funds, an amount equal to such Revolving Credit Lender’s Pro Rata Share of such L/C Disbursement. Each Revolving Credit Lender acknowledges
and agrees that its obligation to acquire participations pursuant to this Section 2.03(c) in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and
continuance of a Default or an Event of Default or the termination of the Commitments, and that each such payment shall be made without any off-set, abatement, withholding or reduction whatsoever. If and to the extent that any Revolving Credit
Lender shall not have so made the amount of such L/C Disbursement available to the Administrative Agent, such Revolving Credit Lender agrees to pay to the Administrative Agent forthwith on demand such amount together with interest thereon, for each
day from the date such L/C Disbursement is due pursuant to Section 2.04(d) until the date such amount is paid to the Administrative Agent, at the Federal Funds Rate for its account or the account of the Issuing Bank, as applicable. If such
Lender shall pay to the Administrative Agent such amount for the account of the Issuing Bank on any Business Day, such amount so paid in respect of principal shall constitute a Letter of Credit Advance made by such Lender on such Business Day for
purposes of this Agreement, and the outstanding principal amount of the Letter of Credit Advance made by the Issuing Bank shall be reduced by such amount on such Business Day. 
 (d) Drawing and Reimbursement. The payment by the Issuing Bank of a draft drawn under any Letter of Credit shall
constitute for all purposes of this Agreement the making by the Issuing Bank of a Letter of Credit Advance, which shall be a Base Rate Advance, in the amount of such draft. 
 (e) Failure to Make Letter of Credit Advances. The failure of any Lender to make the Letter of Credit Advance to be
made by it on the date specified in Section 2.03(c) shall not relieve any other Lender of its obligation hereunder to make its Letter of Credit Advance on such date, but no Lender shall be responsible for the failure of any other Lender to
make the Letter of Credit Advance to be made by such other Lender on such date. 
 SECTION 2.04. Repayment of Advances.
(a) Revolving Credit Advances. The Borrower shall repay to the Administrative Agent for the ratable account of the Revolving Credit Lenders on the Termination Date the aggregate principal amount of the Revolving Credit Advances then
outstanding. 
  

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 (b) Swing Line Advances. The Borrower shall repay to the
Administrative Agent for the account of the Swing Line Bank and each other Revolving Credit Lender that has made a Swing Line Advance the outstanding principal amount of each Swing Line Advance made by each of them on the earlier of the maturity
date specified in the applicable Notice of Swing Line Borrowing (which maturity shall be no later than the seventh day after the requested date of such Borrowing) and the Termination Date. 
 (c) Protective Advances. The Borrower shall repay to the Administrative Agent for the ratable account of the Revolving
Credit Lenders that have made a Protective Advance the outstanding principal amount of each Protective Advance made by each of them on the earlier of demand and the Termination Date. 
 (d) Letter of Credit Advances. (i) The Borrower shall repay to the Administrative Agent for the account of the
Issuing Bank and each other Revolving Credit Lender that has made a Letter of Credit Advance on the earlier of demand and the Termination Date the outstanding principal amount of each Letter of Credit Advance made by each of them; provided
that, so long as the conditions precedent under Section 3.02 have been satisfied, the Borrower may repay such outstanding principal amount with a Revolving Credit Advance requested pursuant to Section 2.02(a). 
 (ii) The Obligations of the Borrower under this Agreement to repay Letter of Credit Advances under Section 2.04(d) or to
reimburse drawn Letters of Credit under any Letter of Credit Agreement and any other agreement or instrument relating to any Letter of Credit shall be unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this
Agreement, such Letter of Credit Agreement and such other agreement or instrument under all circumstances, including, without limitation, the following circumstances: 
 (A) any lack of validity or enforceability of any Loan Document, any Letter of Credit Agreement, any Letter of Credit or any
other agreement or instrument relating thereto (all of the foregoing being, collectively, the “L/C Related Documents”); 
 (B) any change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations of the Borrower in respect of any L/C Related Document or any other amendment or waiver of
or any consent to departure from all or any of the L/C Related Documents in each case in accordance with its terms; 
 (C) the existence of any claim, set-off, defense or other right that the Borrower may have at any time against any beneficiary or any transferee of a Letter of Credit (or any Persons for which any such beneficiary or any such transferee may
be acting), the Issuing Bank or any other Person, whether in connection with the transactions contemplated by the L/C Related Documents or any unrelated transaction; 
 (D) any statement or any other document presented under a Letter of Credit proving to be forged, fraudulent, invalid or
insufficient in any respect or any statement therein being untrue or inaccurate in any respect; 
 (E) payment by
the Issuing Bank under a Letter of Credit against presentation of a draft, certificate or other document that does not strictly comply with the terms of such Letter of Credit; 
 (F) any exchange, release or non perfection of any Collateral or other collateral, or any release or amendment or waiver of
or consent to departure from the Guaranties or any other guarantee, for all or any of the Obligations of the Borrower in respect of the L/C Related Documents; or 
  

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 (G) any other circumstance or happening whatsoever, whether or not similar
to any of the foregoing, including, without limitation, any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrower or a guarantor. 
 provided, that the foregoing shall not be construed to excuse any Issuing Bank from liability to the Borrower for damages suffered by
the Borrower that are caused by the Issuing Bank failing to exercise due care when determining whether drafts or other documents presented under a Letter of Credit comply with the terms thereof. 
 SECTION 2.05. Termination or Reduction of the Commitments. (a) Optional. The Borrower may, upon at least five Business
Days’ notice to the Administrative Agent, terminate in whole or reduce in part the Revolving Credit Commitment; provided, however, that each partial reduction of the Revolving Credit Commitment (i) shall be in an aggregate
amount of $1,000,000 or an integral multiple of $500,000 in excess thereof and (ii) shall be made ratably among the Appropriate Lenders in accordance with their Pro Rata Share of the Revolving Credit Commitments. 
 (b) Mandatory. (i) The Letter of Credit Facility shall be permanently reduced from time to time on the date of
each permanent reduction in the Revolving Credit Facility by the amount, if any, by which the amount of the Letter of Credit Facility exceeds the Revolving Credit Facility after giving effect to such permanent reduction of the Revolving Credit
Facility. 
 (ii) The Swing Line Facility shall be permanently reduced from time to time on the date of each
permanent reduction in the Revolving Credit Facility by the amount, if any, by which the amount of the Swing Line Facility exceeds the Revolving Credit Facility after giving effect to such permanent reduction of the Revolving Credit Facility.

 SECTION 2.06. Prepayments. (a) Optional. With regards to the prepayment of any Revolving Credit Advance, the
Borrower may, upon at least one Business Day’s notice in the case of Base Rate Advances and three Business Days’ notice in the case of Eurodollar Rate Advances, in each case to the Administrative Agent stating the proposed date and
aggregate principal amount of the prepayment, and if such notice is given, the Borrower shall prepay the outstanding aggregate principal amount of the Advances comprising part of the same Borrowing in whole or ratably in part, together with accrued
interest to the date of such prepayment on the aggregate principal amount prepaid without premium or penalty; provided, however, that (x) each partial prepayment shall be in an aggregate principal amount of $1,000,000 or an
integral multiple of $500,000 in excess thereof and (y) if any prepayment of a Eurodollar Rate Advance is made on a date other than the last day of an Interest Period for such Advance, the Borrower shall also pay any amounts owing pursuant to
Section 9.04(c). Notwithstanding anything to the contrary contained in this Agreement, the Borrower may rescind any notice of prepayment under this Section 2.06(a) if such prepayment would have resulted from a refinancing of a Facility,
which refinancing shall not be consummated or shall otherwise be delayed. 
 (b) Mandatory. (i) The
Borrower shall, subject to Section 2.17, on each Business Day (commencing with the Fiscal Year ended February 2, 2008), prepay an aggregate principal amount of the Revolving Credit Advances comprising part of the same Borrowings, the
Letter of Credit Advances and the Swing Line Advances and deposit an amount in the Collateral Account in an amount equal to the amount by which (A) the sum of the aggregate principal amount of the Advances then outstanding plus the aggregate
Available Amount of all Letters of Credit then outstanding exceeds (B) the lesser of the Revolving Credit Facility and the Borrowing Base on such Business Day. 
  

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 (ii) The Borrower shall, on each Business Day, pay to the Administrative
Agent for deposit in the Collateral Account an amount sufficient to cause the aggregate amount on deposit in the Collateral Account to equal the amount by which the aggregate Available Amount of all Letters of Credit then outstanding exceeds the
Letter of Credit Facility on such Business Day. 
 (iii) Prepayments of the Revolving Credit Facility made
pursuant to clause (i) above shall be made to each of the Revolving Credit Lenders on a pro rata basis to be first applied to prepay Letter of Credit Advances then outstanding until such Advances are paid in full, second applied
to prepay Swing Line Advances then outstanding until such Advances are paid in full, third applied to prepay Revolving Credit Advances then outstanding comprising part of the same Borrowings until such Advances are paid in full and
fourth deposited in the Collateral Account to cash collateralize 102.5% of the Available Amount of the Letters of Credit then outstanding. Upon the drawing of any Letter of Credit for which funds are on deposit in the Collateral Account, such
funds shall be applied to reimburse the Issuing Bank or Revolving Credit Lenders, as applicable. 
 (iv) All
prepayments under this subsection (b) shall be made together with accrued interest to the date of such prepayment on the principal amount prepaid, together with any amounts owing pursuant to Section 9.04(c). 
 SECTION 2.07. Interest. (a) Scheduled Interest. The Borrower shall pay interest on the unpaid principal amount of each Advance
owing to each Lender from the date of such Advance until such principal amount shall be paid in full, at the following rates per annum: 
 (i) Base Rate Advances. During such periods as such Advance is a Base Rate Advance, a rate per annum equal at all times to the sum of (A) the Base Rate in effect from time to time plus
(B) the Applicable Margin in effect from time to time, payable in arrears quarterly on the last day of each April, July, October and January during such periods and on the date such Base Rate Advance shall be Converted or paid in
full. 
 (ii) Eurodollar Rate Advances. During such periods as such Advance is a Eurodollar Rate Advance,
a rate per annum equal at all times during each Interest Period for such Advance to the sum of (A) the Eurodollar Rate for such Interest Period for such Advance plus (B) the Applicable Margin in effect on the first day of such Interest
Period, payable in arrears on the last day of such Interest Period and, if such Interest Period has a duration of more than three months, on each day that occurs during such Interest Period every three months from the first day of such Interest
Period and on the date such Eurodollar Rate Advance shall be Converted or paid in full. 
 (b) Default
Interest. Upon the occurrence and during the continuation of an Event of Default under Section 6.01(a) or (f), the Administrative Agent may, and upon the request of the Required Lenders shall, require that the Borrower pay interest
(“Default Interest”) on (A) any overdue principal amount, payable in arrears on the dates referred to in clause (i) or (ii) of Section 2.07(a), as applicable, and on demand, at a rate per annum equal at
all times to 2% per annum above the rate per annum required to be paid on such principal amount pursuant to clause (i) or (ii) of Section 2.07(a), as applicable, and (B) to the fullest extent permitted by applicable law, the
amount of any interest, fee or other amount payable (other than any principal of any Advance) under this Agreement or any other Loan Document to any Agent or any Lender Party that is not paid when due, from the date such amount shall be due until
such amount shall be paid in full, payable in arrears on the date such amount shall be paid in full and on demand, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on Base Rate Advances
pursuant to clause (i) of Section 2.07(a). 
  

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 (c) Notice of Interest Period and Interest Rate. Promptly after
receipt of a Notice of Borrowing pursuant to Section 2.02(a), a notice of Conversion pursuant to Section 2.09 or a notice of selection of an Interest Period pursuant to the terms of the definition of “Interest Period,” the
Administrative Agent shall give notice to the Borrower and each Appropriate Lender of the applicable Interest Period and the applicable interest rate determined by the Administrative Agent for purposes of clause (a)(i) or (a)(ii) above.

 SECTION 2.08. Fees. (a) Commitment Fee. The Borrower shall pay to the Administrative Agent for the account of the
Revolving Credit Lenders a commitment fee, from the date hereof in the case of each Initial Lender and from the effective date specified in the Assignment and Assumption pursuant to which it became a Lender in the case of each other Lender until the
Termination Date, payable in arrears quarterly on the last day of each April, July, October and January, and on the Termination Date (pro rated for the number of days elapsed in such quarter), at the rate of 1/4 of 1% per annum on the sum
of the average daily Unused Revolving Credit Commitment of such Lender during such quarter plus its Pro Rata Share of the average daily outstanding Swing Line Advances during such quarter; provided, however, that no commitment fee
shall accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. 
 (b) Letter of Credit Fees, Etc. The Borrower shall pay to (i) the Administrative Agent for the account of each Revolving Credit Lender a commission, payable in arrears quarterly on the last day of each April, July,
October and January, commencing October 31, 2007, and on the Termination Date (pro rated for the number of days elapsed in such quarter), on such Lender’s Pro Rata Share of the average daily aggregate Available Amount during such
quarter of all Letters of Credit outstanding from time to time at the rate of the Applicable Margin for Eurodollar Rate Advances under the Revolving Credit Facility and (ii) the applicable Issuing Bank, a fronting fee, payable in arrears
quarterly on the last day of each April, July, October and January, equal to 1/8 of 1% on such Lender’s Pro Rata Share of the average daily aggregate Available Amount during such quarter of all Letters of Credit outstanding from time to
time. Upon the occurrence and during the continuation of an Event of Default under Section 6.01(a) or (f), the amount of commission payable by the Borrower under clause (b)(i) above shall be increased by 2% per annum if the
Default Interest is imposed pursuant to Section 2.07(b). 
 (c) Agents’ Fees. The Borrower shall
pay to each Agent for its own account such fees as may from time to time be agreed between the Borrower and such Agent. 
 SECTION 2.09. Conversion of Advances. (a) Optional. The Borrower may on any Business Day, upon notice given to the Administrative Agent not later than 11:00 A.M. (New York City time) on the third Business Day prior to the date
of the proposed Conversion and subject to the provisions of Section 2.10, Convert all or any portion of the Advances of one Type comprising the same Borrowing into Advances of the other Type; provided, however, that any Conversion
of Eurodollar Rate Advances into Base Rate Advances shall be made only on the last day of an Interest Period for such Eurodollar Rate Advances, any Conversion of Base Rate Advances into Eurodollar Rate Advances shall be in an amount not less than
$1,000,000, no Conversion of any Advances shall result in more than 15 Interest Periods in effect and each Conversion of Advances comprising part of the same Borrowing under any Facility shall be made ratably among the Appropriate Lenders in
accordance with their Commitments under such Facility. Each such notice of Conversion shall, within the restrictions specified above, specify (i) the date of such Conversion, (ii) the Advances to be Converted and (iii) if such
Conversion is into Eurodollar Rate Advances, the duration of the initial Interest Period for such Advances. Each notice of Conversion shall be irrevocable and binding on the Borrower. 
  

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 (b) Mandatory. (i) If the Borrower shall fail to select the
duration of any Interest Period for any Eurodollar Rate Advances in accordance with the provisions contained in the definition of “Interest Period” in Section 1.01, the Administrative Agent will forthwith so notify the Borrower and
the Appropriate Lenders, whereupon with respect to each such Eurodollar Rate Advance, on the last day of the then existing Interest Period therefor, Borrower shall be deemed to have selected an Interest Period of one month’s duration.

 (ii) Upon the occurrence and during the continuance of any Event of Default, the Administrative Agent and the
Required Lenders may require, by notice to the Borrower, that (x) at the end of the then existing applicable Interest Period each Eurodollar Rate Advance be Converted into a Base Rate Advance and (y) the obligation of the Lenders to make,
or to Convert Advances into, Eurodollar Rate Advances shall be suspended. 
 SECTION 2.10. Increased Costs, Etc. (a) If,
due to either (i) the introduction of or any change in or in the interpretation of any law or regulation by a central bank or governmental authority or (ii) the compliance with any guideline or request from any central bank or other
governmental authority (whether or not having the force of law), there shall be any increase in the cost to any Lender Party of agreeing to make or of making, funding or maintaining Eurodollar Rate Advances or, in the case of any Revolving Credit
Lender, of agreeing to issue or of issuing or maintaining or participating in Letters of Credit or of agreeing to make or of making or maintaining Letter of Credit Advances (excluding, for purposes of this Section 2.10, any such increased costs
resulting from (x) Taxes or Other Taxes (as to which Section 2.12 shall govern) and (y) changes in the basis of imposition, or the rate, of any taxes, levies, imposts, deductions, charges, withholdings or liabilities that are excluded
from the definition of Taxes), then the Borrower shall from time to time, upon demand by such Lender Party (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the account of such Lender Party additional
amounts sufficient to compensate such Lender Party for such increased cost. A certificate as to the amount of such increased cost, submitted to the Borrower by such Lender Party, shall be conclusive and binding for all purposes, absent manifest
error. Notwithstanding anything contained herein to the contrary, the Borrower shall not be required to compensate a Lender pursuant to this Section 2.10(a) for any such increased cost incurred more than one-hundred-eighty (180) days
prior to the date that such Lender demands compensation therefor; provided that, if the circumstance giving rise to such increased cost is retroactive, then such 180 day period shall be extended to include the period of retroactive
effect thereof. 
 (b) If any Lender Party determines that compliance with any law or regulation or any guideline
or request from any central bank or other governmental authority (whether or not having the force of law) affects or would affect the amount of capital required or expected to be maintained by such Lender Party or any corporation controlling such
Lender Party and that the amount of such capital is increased by or based upon the existence of such Lender Party’s commitment to lend or to issue or participate in Letters of Credit hereunder, then, upon demand by such Lender Party or such
corporation (with a copy of such demand to the Administrative Agent), the Borrower shall pay to the Administrative Agent for the account of such Lender Party, from time to time as specified by such Lender Party, additional amounts sufficient to
compensate such Lender Party in the light of such circumstances, to the extent that such Lender Party reasonably determines such increase in capital to be allocable to the existence of such Lender Party’s commitment to lend or to issue or
participate in Letters of Credit hereunder or to the issuance or maintenance of or participation in any Letters of Credit. A certificate as to such amounts submitted to the Borrower by such Lender Party shall be conclusive and binding for all
purposes, absent manifest error. Notwithstanding anything contained herein to the contrary, the Borrower shall not be required to compensate a Lender pursuant to this Section 2.10(b) for any such increased cost incurred more than
one-hundred-eighty (180) days prior to the date that such Lender demands compensation therefor; provided that, if the circumstance giving rise to such increased cost is retroactive, then such 180 day period shall be extended to
include the period of retroactive effect thereof. 
  

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 (c) If, with respect to any Eurodollar Rate Advances under any Facility,
Lenders owed at least a majority of the then aggregate unpaid principal amount thereof notify the Administrative Agent that the Eurodollar Rate for any Interest Period for such Advances will not adequately reflect the cost to such Lenders of making,
funding or maintaining their Eurodollar Rate Advances for such Interest Period, the Administrative Agent shall forthwith so notify the Borrower and the Appropriate Lenders, whereupon (i) each such Eurodollar Rate Advance under such Facility
will automatically, on the last day of the then existing Interest Period therefor, Convert into a Base Rate Advance and (ii) the obligation of the Appropriate Lenders to make, or to Convert Advances into, Eurodollar Rate Advances shall be
suspended until the Administrative Agent shall notify the Borrower that such Lenders have determined that the circumstances causing such suspension no longer exist. 
 (d) Notwithstanding any other provision of this Agreement, if the introduction of or any change in or in the interpretation
of any law or regulation shall make it unlawful, or any central bank or other governmental authority shall assert that it is unlawful, for any Lender or its Eurodollar Lending Office to perform its obligations hereunder to make Eurodollar Rate
Advances or to continue to fund or maintain Eurodollar Rate Advances hereunder, then, on notice thereof and demand therefor by such Lender to the Borrower through the Administrative Agent, (i) each Eurodollar Rate Advance under each Facility
under which such Lender has a Commitment will automatically, upon such demand, Convert into a Base Rate Advance and (ii) the obligation of the Appropriate Lenders to make, or to Convert Advances into, Eurodollar Rate Advances shall be suspended
until the Administrative Agent shall notify the Borrower that such Lender has determined that the circumstances causing such suspension no longer exist; provided, however, that, before making any such demand, such Lender agrees to use
reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate a different Eurodollar Lending Office if the making of such a designation would allow such Lender or its Eurodollar Lending Office to
continue to perform its obligations to make Eurodollar Rate Advances or to continue to fund or maintain Eurodollar Rate Advances and would not, in the judgment of such Lender, be otherwise disadvantageous to such Lender. 
 SECTION 2.11. Payments and Computations. (a) The Borrower shall make each payment hereunder and under the other Loan Documents,
irrespective of any right of counterclaim or set-off (except as otherwise provided in Section 2.15), not later than 11:00 A.M. (New York City time) on the day when due in U.S. dollars to the Administrative Agent at the Administrative
Agent’s Account in same day funds, with payments being received by the Administrative Agent after such time being deemed to have been received on the next succeeding Business Day. The Administrative Agent will promptly thereafter cause like
funds to be distributed (i) if such payment by the Borrower is in respect of principal, interest, commitment fees or any other Obligation then payable hereunder and under the other Loan Documents to more than one Lender Party, to such Lender
Parties for the account of their respective Applicable Lending Offices ratably in accordance with the amounts of such respective Obligations then payable to such Lender Parties and (ii) if such payment by the Borrower is in respect of any
Obligation then payable hereunder to one Lender Party, to such Lender Party for the account of its Applicable Lending Office, in each case to be applied in accordance with the terms of this Agreement. Upon its acceptance of an Assignment and
Assumption and recording of the information contained therein in the Register pursuant to Section 9.07(d), from and after the effective date of such Assignment and Assumption, the Administrative Agent shall make all payments hereunder and under
the other Loan Documents in respect of the interest assigned thereby to the assignee thereunder, and the parties to such Assignment and Assumption shall make all appropriate adjustments in such payments for periods prior to such effective date
directly between themselves. 
 (b) INTENTIONALLY OMITTED. 
  

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 (c) All computations of interest based on the Base Rate shall be made by the
Administrative Agent on the basis of a year of 365 or 366 days, as the case may be, and all computations of interest based on the Eurodollar Rate and of fees shall be made by the Administrative Agent on the basis of a year of 360 days, in each case
for the actual number of days (including the first day but excluding the last day) occurring in the period for which such interest, fees or commissions are payable. Each determination by the Administrative Agent of an interest rate, fee or
commission hereunder shall be conclusive and binding for all purposes, absent manifest error. 
 (d) Whenever any
payment hereunder or under the other Loan Documents shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the
computation of payment of interest or commitment or letter of credit fee or commission, as the case may be; provided, however, that, if such extension would cause payment of interest on or principal of Eurodollar Rate Advances to be
made in the next following calendar month, such payment shall be made on the preceding Business Day. 
 (e)
Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to any Lender Party hereunder that the Borrower will not make such payment in full, the Administrative Agent may assume that
the Borrower has made such payment in full to the Administrative Agent on such date and the Administrative Agent may, in reliance upon such assumption, cause to be distributed to each such Lender Party on such due date an amount equal to the amount
then due such Lender Party. If and to the extent the Borrower shall not have so made such payment in full to the Administrative Agent, each such Lender Party shall repay to the Administrative Agent forthwith on demand such amount distributed to such
Lender Party together with interest thereon, for each day from the date such amount is distributed to such Lender Party until the date such Lender Party repays such amount to the Administrative Agent, at the Federal Funds Rate. 
 (f) Whenever any payment received by the Administrative Agent from the Borrower under this Agreement or any of the other Loan
Documents is insufficient to pay in full all amounts due and payable to the Agents and the Lender Parties by the Borrower under or in respect of this Agreement and the other Loan Documents on any date, such payment shall be distributed by the
Administrative Agent and applied by the Agents and the Lender Parties in the following order of priority (x) upon the occurrence and during the continuance of an Event of Default or (y) at any other time that the Administrative Agent
receives a payment from the Borrower without direction as to the application of such payment: 
 (i)
first, to the payment of all of the fees, indemnification payments, costs and expenses that are due and payable to the Agents (solely in their respective capacities as Agents) under or in respect of this Agreement and the other Loan Documents
on such date by the Borrower, ratably based upon the respective aggregate amounts of all such fees, indemnification payments, costs and expenses owing to the Agents on such date; 
 (ii) second, to the payment of all of the fees, indemnification payments other than indemnification payments as set
forth in clause (iii) below, costs and expenses that are due and payable to the applicable Issuing Bank and the applicable Lenders under or in respect of this Agreement and the other Loan Documents on such date by the Borrower, ratably based
upon the respective aggregate amounts of all such fees, indemnification payments, costs and expenses owing to the applicable Issuing Bank and the applicable Lenders on such date; 
 (iii) third, to the payment of all of the indemnification payments, costs and expenses that are due and payable to the
Lenders under Sections 9.04 hereof, Section 22 of the ABL Security Agreement and any similar Section of any other Loan Documents on such date by the Borrower, ratably based upon the respective aggregate amounts of all such
indemnification payments, costs and expenses owing to the applicable Lenders on such date; 
  

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 (iv) fourth, to the payment of all of the amounts that are due and
payable to the Administrative Agent and the Lender Parties under Sections 2.10 and 2.12 hereof on such date by the Borrower, ratably based upon the respective aggregate amounts thereof owing to the Administrative Agent and the Lender Parties on
such date; 
 (v) fifth, to the payment of all of the fees that are due and payable to the Appropriate
Lenders under Section 2.08(a) on such date by the Borrower, ratably based upon the respective applicable undrawn aggregate Commitments of the Lenders under the applicable Facilities on such date; 
 (vi) sixth, to the payment of all of the accrued and unpaid interest on the Obligations of the Borrower under or in
respect of the Loan Documents that is due and payable to the Agents and the applicable Lender Parties under Section 2.07(b) on such date, ratably based upon the respective aggregate amounts of all such interest owing to the Agents and the
applicable Lender Parties on such date; 
 (vii) seventh, to the payment of all of the accrued and unpaid
interest on the applicable Advances that is due and payable to the applicable Lender Parties under Section 2.07(a) on such date, ratably based upon the respective aggregate amounts of all such interest owing to such applicable Lender
Parties on such date; 
 (viii) eighth, to the payment of the principal amount of all of the outstanding
applicable Advances that is due and payable to the Agents and the applicable Lender Parties on such date by the Borrower, ratably based upon the respective aggregate amounts of all such principal owing to the Agents and the applicable Lender Parties
on such date; and 
 (ix) ninth, to the payment of all other Obligations owing under or in respect of the
Loan Documents that are due and payable to the Administrative Agent and the other Secured Parties on such date by the Borrower, ratably based upon the respective aggregate amounts of all such Obligations owing to the Administrative Agent and the
other Secured Parties on such date. 
 (g) Whenever any cash proceeds are received by the Administrative Agent
from any sale of, collection from, or other realization upon all or any part of the Collateral pursuant to Section 21(b) of the ABL Security Agreement or, if applicable, Section 3 of the Intercreditor Agreement, such cash proceeds
shall be distributed by the Administrative Agent and applied by the Agents and the Lender Parties and Hedge Banks in the following order of priority upon the occurrence and during the continuance of an Event of Default: 
 (i) first, to the payment of all of the fees, indemnification payments, costs and expenses that are due and payable to
the Agents (solely in their respective capacities as Agents) under or in respect of this Agreement and the other Loan Documents on such date by the Borrower, ratably based upon the respective aggregate amounts of all such fees, indemnification
payments, costs and expenses owing to the Agents on such date; 
 (ii) second, to the payment of all of
the fees, indemnification payments (other than indemnification payments as set forth in clause (iii) below), costs and expenses that are due and payable to the applicable Issuing Bank and the applicable Lenders under or in respect of this

  

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Agreement and the other Loan Documents and the applicable Hedge Banks under or in respect of the Secured Hedge Agreements, in each case on such date by the Borrower, ratably based upon the
respective aggregate amounts of all such fees, indemnification payments, costs and expenses owing to the applicable Issuing Bank, the applicable Lenders and the applicable Hedge Banks on such date; 
 (iii) third, to the payment of all of the indemnification payments, costs and expenses that are due and payable to the
Lenders under Sections 9.04 hereof, Section 22 of the ABL Security Agreement and any similar section of any other Loan Documents on such date by the Borrower, ratably based upon the respective aggregate amounts of all such
indemnification payments, costs and expenses owing to the applicable Lenders on such date; 
 (iv) fourth,
to the payment of all of the amounts that are due and payable to the Administrative Agent and the Lender Parties under Sections 2.10 and 2.12 hereof on such date by the Borrower, ratably based upon the respective aggregate amounts thereof owing
to the Administrative Agent and the Lender Parties on such date; 
 (v) fifth, to the payment of all of
the fees that are due and payable to the Appropriate Lenders under Section 2.08(a) on such date by the Borrower, ratably based upon the respective applicable undrawn aggregate Commitments of the Lenders under the applicable Facilities on
such date; 
 (vi) sixth, to the payment of all of the accrued and unpaid interest on the Obligations of
the Borrower under or in respect of the Loan Documents that is due and payable to the Agents and the applicable Lender Parties under Section 2.07(b) on such date, ratably based upon the respective aggregate amounts of all such interest
owing to the Agents and the applicable Lender Parties on such date; 
 (vii) seventh, to the payment of
all of the accrued and unpaid interest on the applicable Advances that is due and payable to the applicable Lender Parties under Section 2.07(a) on such date, ratably based upon the respective aggregate amounts of all such interest owing
to such applicable Lender Parties on such date; 
 (viii) eighth, to the payment of the principal amount
of all of the outstanding applicable Advances that is due and payable to the Agents and the applicable Lender Parties on such date by the Borrower, ratably based upon the respective aggregate amounts of all such principal owing to the Agents and the
applicable Lender Parties on such date (which, for the avoidance of doubt, shall include payment to the Administrative Agent, for the account of the Issuing Bank, to cash collateralize 102.5% of the Available Amount of the Letters of Credit then
outstanding); and 
 (ix) ninth, to the payment of all amounts due under Secured Hedge Agreements and
Secured Cash Management Agreements, ratably among the Hedge Banks and the Cash Management Banks in proportion to the respective aggregate amount owing to such Hedge Banks and Cash Management Banks; and 
 (x) tenth, to the payment of all other Obligations owing under or in respect of the Loan Documents that are due and
payable to the Administrative Agent and the other Secured Parties on such date by the Borrower, ratably based upon the respective aggregate amounts of all such Obligations owing to the Administrative Agent and the other Secured Parties on such date.

  

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 SECTION 2.12. Taxes. (a) Any and all payments by any Loan Party to or for the
account of any Lender Party or any Agent hereunder or under any other Loan Document shall be made, in accordance with Section 2.11 or the applicable provisions of such other Loan Document, if any, free and clear of and without deduction for any
and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding, in the case of each Lender Party and each Agent, taxes that are imposed on its overall net income by
the United States (including franchise taxes imposed in lieu thereof and branch profits taxes) and taxes that are imposed on its overall net income (and franchise taxes imposed in lieu thereof and branch profits taxes) by the state or foreign
jurisdiction under the laws of which such Lender Party or such Agent, as the case may be, is organized, or in which its principal office is located, or any political subdivision thereof and, in the case of each Lender Party, taxes that are imposed
on its overall net income (including franchise taxes imposed in lieu thereof and branch profits taxes) by the state or foreign jurisdiction of such Lender Party’s Applicable Lending Office or any political subdivision thereof (all such
non-excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities in respect of payments hereunder or under any other Loan Document being hereinafter referred to as “Taxes”). If any Loan Party shall be
required by law to deduct any Taxes from or in respect of any sum payable hereunder or under any other Loan Document to any Lender Party or any Agent, (i) the sum payable by such Loan Party shall be increased as may be necessary so that after
such Loan Party and the Administrative Agent have made all required deductions (including deductions applicable to additional sums payable under this Section 2.12) such Lender Party or such Agent, as the case may be, receives an amount equal to
the sum it would have received had no such deductions been made, (ii) such Loan Party shall make all such deductions and (iii) such Loan Party shall pay the full amount deducted to the relevant taxation authority or other authority in
accordance with applicable law. 
 (b) In addition, each Loan Party shall pay any present or future stamp,
documentary, excise, property, intangible, mortgage recording or similar taxes, charges or levies that arise from any payment made by such Loan Party hereunder or under any other Loan Documents or from the execution, delivery or registration of,
performance under, or otherwise with respect to, this Agreement or the other Loan Documents (hereinafter referred to as “Other Taxes”). 
 (c) The Loan Parties shall indemnify each Lender Party and each Agent for and hold them harmless against the full amount of
Taxes and Other Taxes, and for the full amount of taxes of any kind imposed or asserted by any jurisdiction on amounts payable under this Section 2.12, imposed on or paid by such Lender Party or such Agent (as the case may be) and any liability
(including penalties, additions to tax, interest and expenses) arising therefrom or with respect thereto. This indemnification shall be made within 30 days from the date such Lender Party or such Agent (as the case may be) makes written demand
therefor. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender Party (with a copy to the Administrative Agent) or by the Agents on their own behalf or on behalf of a Lender Party shall be conclusive
absent manifest error. 
 (d) Within 30 days after the date of any payment of Taxes, the appropriate Loan Party
shall furnish to the Administrative Agent, at its address referred to in Section 9.02, the original or a certified copy of a receipt evidencing such payment, to the extent such a receipt is issued therefor, or other written proof of payment
thereof that is reasonably satisfactory to the Administrative Agent. For purposes of subsections (d) and (e) of this Section 2.12, the terms “United States” and “United States person”
shall have the meanings specified in Section 7701 of the Internal Revenue Code. 
 (e) (I) Each Lender Party
organized under the laws of a jurisdiction outside the United States shall, on or prior to the date of its execution and delivery of this Agreement in the case of each Initial Lender Party and on the date of the Assignment and Assumption pursuant to
which it becomes a Lender Party in the case of each other Lender Party, and from time to time thereafter as reasonably requested in writing by the Borrower (but only so long thereafter as such Lender Party remains

  

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lawfully able to do so), provide each of the Administrative Agent and the Borrower with two original Internal Revenue Service Forms W-8BEN or W-8ECI or (in the case of a Lender Party that has
certified in writing to the Administrative Agent that it is not (i) a “bank” as defined in Section 881(c)(3)(A) of the Internal Revenue Code), (ii) a 10-percent shareholder (within the meaning of
Section 871(h)(3)(B) of the Internal Revenue Code) of any Loan Party or (iii) a controlled foreign corporation related to any Loan Party (within the meaning of Section 864(d)(4) of the Internal Revenue Code), Internal
Revenue Service Form W-8BEN, as appropriate, or any successor or other form prescribed by the Internal Revenue Service, certifying that such Lender Party is exempt from or entitled to a reduced rate of United States withholding tax on payments
pursuant to this Agreement or any other Loan Document or, in the case of a Lender Party that has certified that it is not a “bank” as described above, certifying that such Lender Party is a foreign corporation, partnership, estate or
trust. If, at the time such Lender Party first becomes a party to this Agreement payments pursuant to this Agreement or any other Loan Document are subject to withholding tax rate at a rate in excess of zero, withholding tax at such rate shall be
considered excluded from Taxes unless and until such Lender Party provides the appropriate forms certifying that a lesser rate applies, whereupon withholding tax at such lesser rate only shall be considered excluded from Taxes for periods governed
by such forms; provided, however, that if, at the effective date of the Assignment and Assumption pursuant to which a Lender Party becomes a party to this Agreement, the Lender Party assignor was entitled to payments under
subsection (a) of this Section 2.12 in respect of United States withholding tax with respect to interest paid at such date, then, to such extent, the term Taxes shall include (in addition to withholding taxes that may be imposed in
the future as a result of a change in law after the date that a Lender becomes a party to this Agreement or other amounts otherwise includable in Taxes) United States withholding tax, if any, applicable with respect to the Lender Party assignee on
such date. 
 (II) Each Lender Party that is a “United States person” shall deliver to the
Administrative Agent two duly signed completed copies of IRS Form W-9. If such Lender Party fails to deliver such forms, then the Administrative Agent may withhold from any interest payment to such Lender an amount equivalent to the applicable
backup withholding tax imposed by the Code, without reduction, and such amount shall be excluded from Taxes. 
 (f) For any period with respect to which a Lender Party has failed to provide the Borrower with the appropriate form, certificate or other document described in subsection (e) above (other than if such failure is due to a change
in law, or in the interpretation or application thereof, occurring after the date on which a form, certificate or other document originally was required to be provided), such Lender Party shall not be entitled to indemnification under
subsection (a) or (c) of this Section 2.12 with respect to Taxes imposed by the United States by reason of such failure; provided, however, that should a Lender Party become subject to Taxes because of its failure
to deliver a form, certificate or other document required hereunder, the Loan Parties shall take such steps as such Lender Party shall reasonably request to assist such Lender Party to recover such Taxes. 
 (g) INTENTIONALLY OMITTED. 
 (h) If the Administrative Agent or a Lender Party determines that it has received a refund of any Taxes or Other Taxes as to
which it has been indemnified by the Loan Parties or with respect to which the Loan Parties have paid additional amounts pursuant to this Section, it shall pay to the Loan Parties an amount equal to such refund (but only to the extent of indemnity
payments made, or additional amounts paid, by the Loan Parties under this Section with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender Party, as the
case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that the Loan Parties, upon the request of the Administrative Agent or such Lender Party, agrees to
repay the amount paid over to the Loan Parties

  

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(plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender Party in the event the Administrative Agent or such
Lender Party is required to repay such refund to such Governmental Authority. This paragraph shall not be construed to require the Administrative Agent or any Lender Party to make available its tax returns (or any other information relating to its
taxes that it deems confidential) to the Loan Parties or any other Person. 
 (i) If any Lender Party requests
compensation under Section 2.10 or requires the Borrower to pay any additional amount to any Lender Party or any Governmental Authority for the account of any Lender Party pursuant to this Section 2.12, then such Lender Party shall use
reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to change the jurisdiction of its Applicable Lending Office for funding or booking its Advances hereunder or to assign its rights and obligations
hereunder to another of its offices, branches or affiliates or to file any certificate or document reasonably requested by the Borrower, if, in the judgment of such Lender Party, such designation, assignment or filing would (x) eliminate or
reduce amounts payable pursuant to Section 2.10 or 2.12, as the case may be, in the future and (y) would not subject such Lender Party to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender Party. The
Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender Party in connection with any such designation or assignment. A certificate setting forth such costs and expenses submitted by such Lender Party to the Borrower
shall be conclusive absent manifest error. 
 SECTION 2.13. Sharing of Payments, Etc. If any Lender Party shall obtain at
any time any payment (whether voluntary, involuntary, through the exercise of any right of set-off, or otherwise, other than as a result of an assignment pursuant to Section 9.07) (a) on account of Obligations due and payable to such
Lender Party hereunder and under the other Loan Documents at such time in excess of its ratable share (according to the proportion of (i) the amount of such Obligations due and payable to such Lender Party at such time to (ii) the
aggregate amount of the Obligations due and payable to all Lender Parties hereunder and under the other Loan Documents at such time) of payments on account of the Obligations due and payable to all Lender Parties hereunder and under the other Loan
Documents at such time obtained by all the Lender Parties at such time or (b) on account of Obligations owing (but not due and payable) to such Lender Party hereunder and under the other Loan Documents at such time in excess of its ratable
share (according to the proportion of (i) the amount of such Obligations owing to such Lender Party at such time to (ii) the aggregate amount of the Obligations owing (but not due and payable) to all Lender Parties hereunder and under the
other Loan Documents at such time) of payments on account of the Obligations owing (but not due and payable) to all Lender Parties hereunder and under the other Loan Documents at such time obtained by all of the Lender Parties at such time, such
Lender Party shall forthwith purchase from the other Lender Parties such interests or participating interests in the Obligations due and payable or owing to them, as the case may be, as shall be necessary to cause such purchasing Lender Party to
share the excess payment ratably with each of them; provided, however, that if all or any portion of such excess payment is thereafter recovered from such purchasing Lender Party, such purchase from each other Lender Party shall be
rescinded and such other Lender Party shall repay to the purchasing Lender Party the purchase price to the extent of such Lender Party’s ratable share (according to the proportion of (i) the purchase price paid to such Lender Party to
(ii) the aggregate purchase price paid to all Lender Parties) of such recovery together with an amount equal to such Lender Party’s ratable share (according to the proportion of (i) the amount of such other Lender Party’s
required repayment to (ii) the total amount so recovered from the purchasing Lender Party) of any interest or other amount paid or payable by the purchasing Lender Party in respect of the total amount so recovered. The Loan Parties agree that
any Lender Party so purchasing an interest or participating interest from another Lender Party pursuant to this Section 2.13 may, to the fullest extent permitted by law, exercise all its rights of payment (including the right of set-off) with
respect to such interest or participating interest, as the case may be, as fully as if such Lender Party were the direct creditor of the Loan Parties in the amount of such interest or participating interest, as the case may be. 
  

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 SECTION 2.14. Use of Proceeds. The proceeds of the Revolving Credit Facility shall be
available (and the Borrower agrees that it shall use such proceeds), in part, to pay transaction fees and expenses relating to the Transaction, any working capital adjustment required to be paid under the Purchase Agreement and to finance working
capital for the Parent and its Subsidiaries and for their other general corporate purposes (including Permitted Acquisitions and Capital Expenditures). 
 SECTION 2.15. Defaulting Lenders. (a) In the event that, at any one time, (i) any Lender Party shall be a Defaulting Lender, (ii) such Defaulting Lender shall owe a Defaulted Advance
to the Borrower and (iii) the Borrower shall be required to make any payment hereunder or under any other Loan Document to or for the account of such Defaulting Lender, then the Borrower may, so long as no Default shall occur or be continuing
at such time and to the fullest extent permitted by applicable law, set off and otherwise apply the Obligation of the Borrower to make such payment to or for the account of such Defaulting Lender against the obligation of such Defaulting Lender to
make such Defaulted Advance. In the event that, on any date, the Borrower shall so set off and otherwise apply its obligation to make any such payment against the obligation of such Defaulting Lender to make any such Defaulted Advance on or prior to
such date, the amount so set off and otherwise applied by the Borrower shall constitute for all purposes of this Agreement and the other Loan Documents an Advance by such Defaulting Lender made on the date of such setoff under the Facility pursuant
to which such Defaulted Advance was originally required to have been made pursuant to Section 2.01. Such Advance shall be considered, for all purposes of this Agreement, to comprise part of the Borrowing in connection with which such Defaulted
Advance was originally required to have been made pursuant to Section 2.01, even if the other Advances comprising such Borrowing shall be Eurodollar Rate Advances on the date such Advance is deemed to be made pursuant to this
subsection (a). The Borrower shall notify the Administrative Agent at any time the Borrower exercises its right of set-off pursuant to this subsection (a) and shall set forth in such notice (A) the name of the Defaulting Lender
and the Defaulted Advance required to be made by such Defaulting Lender and (B) the amount set off and otherwise applied in respect of such Defaulted Advance pursuant to this subsection (a). Any portion of such payment otherwise required
to be made by the Borrower to or for the account of such Defaulting Lender which is paid by the Borrower, after giving effect to the amount set off and otherwise applied by the Borrower pursuant to this subsection (a), shall be applied by the
Administrative Agent as specified in subsection (b) or (c) of this Section 2.15. 
 (b) In
the event that, at any one time, (i) any Lender Party shall be a Defaulting Lender, (ii) such Defaulting Lender shall owe a Defaulted Amount to any Agent or any of the other Lender Parties and (iii) the Borrower shall make any payment
hereunder or under any other Loan Document to the Administrative Agent for the account of such Defaulting Lender, then the Administrative Agent may, on its behalf or on behalf of such other Agents or such other Lender Parties and to the fullest
extent permitted by applicable law, apply at such time the amount so paid by the Borrower to or for the account of such Defaulting Lender to the payment of each such Defaulted Amount to the extent required to pay such Defaulted Amount. In the event
that the Administrative Agent shall so apply any such amount to the payment of any such Defaulted Amount on any date, the amount so applied by the Administrative Agent shall constitute for all purposes of this Agreement and the other Loan Documents
payment, to such extent, of such Defaulted Amount on such date. Any such amount so applied by the Administrative Agent shall be retained by the Administrative Agent or distributed by the Administrative Agent to such other Agents or such other Lender
Parties in the following order of priority: 
 (i) first, to the Agents for any Defaulted Amounts then
owing to them, in their capacities as such, ratably in accordance with such respective Defaulted Amounts then owing to the Agents; 
  

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 (ii) second, to the Issuing Bank and the Swing Line Bank for any
Defaulted Amounts then owing to them, in their capacities as such, ratably in accordance with such respective Defaulted Amounts then owing to the Issuing Bank and the Swing Line Bank; and 
 (iii) third, to any other Lender Parties for any Defaulted Amounts then owing to such other Lender Parties, ratably in
accordance with such respective Defaulted Amounts then owing to such other Lender Parties. 
 Any portion of such amount paid by
the Borrower for the account of such Defaulting Lender remaining after giving effect to the amount applied by the Administrative Agent pursuant to this subsection (b) shall be applied by the Administrative Agent as specified in
subsection (c) of this Section 2.15. 
 (c) In the event that, at any one time, (i) any
Lender Party shall be a Defaulting Lender, (ii) such Defaulting Lender shall not owe a Defaulted Advance or a Defaulted Amount and (iii) the Borrower, any Agent or any other Lender Party shall be required to pay or distribute any amount
hereunder or under any other Loan Document to or for the account of such Defaulting Lender, then the Borrower or such Agent or such other Lender Party shall pay such amount to the Administrative Agent to be held by the Administrative Agent, to the
fullest extent permitted by applicable law, in escrow or the Administrative Agent shall, to the fullest extent permitted by applicable law, hold in escrow such amount otherwise held by it. Any funds held by the Administrative Agent in escrow under
this subsection (c) shall be deposited by the Administrative Agent in an account with a commercial bank selected by the Administrative Agent (the “Escrow Bank”), in the name and under the control of the
Administrative Agent, but subject to the provisions of this subsection (c). The terms applicable to such account, including the rate of interest payable with respect to the credit balance of such account from time to time, shall be the Escrow
Bank’s standard terms applicable to escrow accounts maintained with it. Any interest credited to such account from time to time shall be held by the Administrative Agent in escrow under, and applied by the Administrative Agent from time to time
in accordance with the provisions of, this subsection (c). The Administrative Agent shall, to the fullest extent permitted by applicable law, apply all funds so held in escrow from time to time to the extent necessary to make any Advances
required to be made by such Defaulting Lender and to pay any amount payable by such Defaulting Lender hereunder and under the other Loan Documents to the Administrative Agent or any other Lender Party, as and when such Advances or amounts are
required to be made or paid and, if the amount so held in escrow shall at any time be insufficient to make and pay all such Advances and amounts required to be made or paid at such time, in the following order of priority: 
 (i) first, to the Agents for any amounts then due and payable by such Defaulting Lender to them hereunder, in their
capacities as such, ratably in accordance with such respective amounts then due and payable to the Agents; 
 (ii) second, to the Issuing Bank and the Swing Line Bank for any amounts then due and payable to them hereunder, in their capacities as such, by such Defaulting Lender, ratably in accordance with such respective amounts then due and
payable to the Issuing Bank and the Swing Line Bank; 
 (iii) third, to any other Lender Parties for any
amount then due and payable by such Defaulting Lender to such other Lender Parties hereunder, ratably in accordance with such respective amounts then due and payable to such other Lender Parties; and 
 (iv) fourth, to the Borrower for any Advance then required to be made by such Defaulting Lender pursuant to a
Commitment of such Defaulting Lender. 
  

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 In the event that any Lender Party that is a Defaulting Lender shall, at any time, cease to
be a Defaulting Lender, any funds held by the Administrative Agent in escrow at such time with respect to such Lender Party shall be distributed by the Administrative Agent to such Lender Party and applied by such Lender Party to the Obligations
owing to such Lender Party at such time under this Agreement and the other Loan Documents ratably in accordance with the respective amounts of such Obligations outstanding at such time. 
 (d) The rights and remedies against a Defaulting Lender under this Section 2.15 are in addition to other rights and
remedies that the Borrower may have against such Defaulting Lender with respect to any Defaulted Advance and that any Agent or any Lender Party may have against such Defaulting Lender with respect to any Defaulted Amount. 
 SECTION 2.16. Evidence of Debt. (a) Each Lender Party shall maintain in accordance with its usual practice an account or
accounts evidencing the indebtedness of the Borrower to such Lender Party resulting from each Advance owing to such Lender Party from time to time, including the amounts of principal and interest payable and paid to such Lender Party from time to
time hereunder. The Borrower agrees that upon notice by any Lender Party to the Borrower (with a copy of such notice to the Administrative Agent) to the effect that a promissory note or other evidence of indebtedness is required or appropriate in
order for such Lender Party to evidence (whether for purposes of pledge, enforcement or otherwise) the Advances owing to, or to be made by, such Lender Party, the Borrower shall promptly execute and deliver to such Lender Party, with a copy to the
Administrative Agent, a Revolving Credit Note, in substantially the form of Exhibit A hereto payable to the order of such Lender Party in a principal amount equal to the Revolving Credit Commitment of such Lender Party. All references to Notes in
the Loan Documents shall mean Notes, if any, to the extent issued hereunder. 
 (b) The Register maintained by
the Administrative Agent pursuant to Section 9.07(d) shall include a control account, and a subsidiary account for each Lender Party, in which accounts (taken together) shall be recorded (i) the date and amount of each Borrowing made
hereunder, the Type of Advances comprising such Borrowing and, if appropriate, the Interest Period applicable thereto, (ii) the terms of each Assignment and Assumption delivered to and accepted by it, (iii) the amount of any principal or
interest due and payable or to become due and payable from the Borrower to each Lender Party hereunder and (iv) the amount of any sum received by the Administrative Agent from the Borrower hereunder and each Lender Party’s share thereof.

 (c) Entries made in good faith by the Administrative Agent in the Register pursuant to
subsection (b) above, and by each Lender Party in its account or accounts pursuant to subsection (a) above, shall be prima facie evidence of the amount of principal and interest due and payable or to become due and payable
from the Borrower to, in the case of the Register, each Lender Party and, in the case of such account or accounts, such Lender Party, under this Agreement, absent manifest error; provided, however, that the failure of the
Administrative Agent or such Lender Party to make an entry, or any finding that an entry is incorrect, in the Register or such account or accounts shall not limit or otherwise affect the obligations of the Borrower under this Agreement. 

SECTION 2.17. Reserves. The Administrative Agent may hereafter establish Reserves or change any of the Reserves in its Permitted
Discretion; provided that such Reserves shall not be established or changed except upon not less than five (5) Business Days’ notice to the Borrower (during which period the Administrative Agent shall be available to discuss
any such proposed Reserve with the Borrower and the Borrower may take such action as may be required so that the event, condition or matter that is the basis for such Reserve no longer exists, in a manner and to the extent reasonably satisfactory to
the Administrative Agent); provided, further, that if, as a result of such adjustment or modification, the aggregate principal amount of the Revolving Credit Advances and Swing Line 
  

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Advances then outstanding (together with the Available Amount of the Letters of Credit outstanding at such time) exceeds the Borrowing Base then in effect, then the Borrower shall have three
(3) Business Days following the date on which such adjustment or modification becomes effective to repay the amount of such excess. 
 SECTION 2.18. Increase in Commitments. (a) Upon notice to the Administrative Agent, at any time after the Effective Date, the Borrower may request that Additional Revolving Credit Commitments
be provided by Additional Revolving Credit Lenders (which may include Persons meeting the definition of an Eligible Assignee) on terms agreed to by the Borrower and such Additional Revolving Credit Lenders; provided that (i) after giving
effect to any such Additional Revolving Credit Commitments, the aggregate amount of Additional Revolving Credit Commitments that have been added pursuant to this Section 2.18 shall not exceed $50,000,000 and (ii) the final maturity date
and the Applicable Margin of any Additional Revolving Credit Advances shall be equal respectively to Termination Date and the Applicable Margin of the Revolving Credit Advances, effective upon the providing of the Additional Revolving Credit
Advances. Notwithstanding anything contained herein to the contrary, the Lender Parties shall not be obligated to commit to the Additional Revolving Credit Commitments. 
 (b) Any Additional Revolving Credit Commitments to provide Additional Revolving Credit Advances under this Section 2.18
shall be added to this Agreement pursuant to an amendment (the “Additional Revolving Credit Commitment Amendment”) among the Parent, the Borrower, the Administrative Agent and the Additional Revolving Credit Lenders. As a
condition precedent to the effectiveness of the Additional Revolving Credit Commitment Amendment, the Borrower shall deliver to the Administrative Agent a certificate on behalf of the Borrower dated as of the effective date (the
“Additional Commitments Effective Date”) signed by a Responsible Officer of the Borrower certifying that, before and after giving effect to such increase, (i) the representations and warranties of the Loan Parties
contained in Article IV and the other Loan Documents are true and correct in all material respects on and as of the Additional Commitments Effective Date, except to the extent that such representations and warranties specifically refer to an
earlier date, (ii) no Default or Event of Default exists immediately before or immediately after giving effect to such addition, (iii) the Borrower and its Subsidiaries shall be in compliance with the covenants set forth in
Section 5.05 as of (A) the Additional Commitments Effective Date and (B) the last day of the most recently ended determination period after giving pro forma effect to such Additional Revolving Credit Commitment, the making of
Additional Revolving Credit Advances in respect thereof and any Investment to be consummated in connection therewith. On each Additional Commitments Effective Date, each applicable Lender, Eligible Assignee or other Person which is providing an
Additional Revolving Credit Commitment (i) shall become a “Revolving Credit Lender” for all purposes of this Agreement and the other Loan Documents and (ii) in the case of any Additional Revolving Credit Commitment, shall make an
Additional Revolving Credit Advance to the Company in a principal amount equal to such Additional Revolving Credit Commitment, and such Additional Revolving Credit Advance shall be a “Revolving Credit Advance” for all purposes of this
Agreement and the other Loan Documents. 
 (c) Any Additional Revolving Credit Commitment Amendment and any
related documentation may, without the consent of any Lenders (other than Additional Revolving Credit Lenders that are party to such Additional Revolving Credit Commitment Amendment), effect such amendments to this Agreement and the other Loan
Documents as may be reasonably necessary, in the opinion of the Administrative Agent, to effect the provisions of this Section 2.18. Any Additional Revolving Credit Advances made pursuant to this Section 2.18 shall be evidenced by one or
more entries in the Register maintained by the Administrative Agent in accordance with the provisions set forth in Section 9.07(d). 
  

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 (d) This Section 2.18 shall supersede any provisions in
Section 9.01 to the contrary. Notwithstanding any other provision of any Loan Document, the Loan Documents may be amended by the Administrative Agent and the Loan Parties, if necessary, to provide for terms applicable to each Additional
Revolving Credit Commitment. 
 ARTICLE III 
 CONDITIONS TO EFFECTIVENESS AND OF LENDING 
 SECTION 3.01. Conditions
Precedent. Section 2.01 of this Agreement shall become effective on and as of the first date on or before July 6, 2007 (the “Effective Date”) on which the following conditions precedent have been satisfied (and
the obligation of each Lender to make an Advance on the occasion of the Initial Extension of Credit hereunder is subject to the satisfaction of such conditions precedent before or concurrently with the Effective Date): 
 (a) The Administrative Agent shall have received on or before the Effective Date the following, each dated such day (unless
otherwise specified), in form and substance reasonably satisfactory to the Administrative Agent (unless otherwise specified): 
 (i) The Notes payable to the order of the Lenders to the extent requested by the Lenders pursuant to the terms of Section 2.16. 
 (ii) A security agreement in substantially the form of Exhibit D hereto (the “ABL Security
Agreement”), duly executed by each Loan Party, together with: 
 (A) subject to the Intercreditor
Agreement, certificates representing the Initial Pledged Equity referred to therein, to the extent certificated, accompanied by undated stock powers executed in blank and instruments evidencing the Initial Pledged Debt referred to therein, indorsed
in blank; provided, however, that if the delivery of such certificates may not be accomplished prior to the Effective Date without undue burden or expense, then the delivery of such certificates shall not constitute a condition
precedent to the Initial Extension of Credit and the applicable Loan Party shall agree to deliver or cause to be delivered such certificates within a reasonable period of time after the Effective Date (or such later date as may be agreed to by the
Administrative Agent); 
 (B) proper financing statements in form appropriate for filing under the Uniform
Commercial Code of all jurisdictions that the Administrative Agent may deem necessary in the reasonable opinion of the Administrative Agent, in order to perfect and protect the liens and security interests created under the Term Loan Security
Agreement and the required priority thereof, covering the Collateral described in the Term Loan Security Agreement, 
 (C) the Intellectual Property ABL Security Agreement duly executed by each Loan Party, 
 (D)
INTENTIONALLY OMITTED, 
 (E) evidence of the insurance required by the terms of the ABL Security
Agreement, 
  

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 (F) INTENTIONALLY OMITTED, 
 (G) INTENTIONALLY OMITTED and 
 (H) evidence that all other action that the Administrative Agent may deem necessary in order to perfect and protect the
liens and security interests created under the ABL Security Agreement and the required priority thereof has been taken (including, without limitation, receipt of duly executed payoff letters and UCC-3 termination statements). 
 (iii) An intercreditor agreement in substantially the form of Exhibit H hereto (the “Intercreditor
Agreement”), duly executed by the Administrative Agent, the administrative agent for the Term Facility and each Loan Party. 
 (iv) Certified copies of the resolutions of the board of directors of each Loan Party approving each Loan Document to which it is or is to be a party. 
 (v) A copy of a certificate of the Secretary of State of the jurisdiction of incorporation or formation of each Loan Party,
dated reasonably near the Effective Date certifying (A) as to a true and correct copy of the charter of such Loan Party and each amendment thereto on file in such Secretary’s office and (B) that (1) such amendments are the only
amendments to such Loan Party’s charter on file in such Secretary’s office, (2) (to the extent customary for such jurisdiction’s Secretary of State’s certificate) such Loan Party has paid all franchise taxes to the date of
such certificate and (3) such Loan Party is duly incorporated and in good standing or presently subsisting under the laws of the State of the jurisdiction of its incorporation or formation. 
 (vi) A certificate of each Loan Party signed on behalf of such Loan Party by its Chief Executive Officer or a Vice President,
dated the Effective Date (the statements made in which certificate shall be true on and as of the Effective Date), certifying as to (A) the absence of any proceeding for the dissolution or liquidation of such Loan Party and (B) the truth
in all material respects of the Specified Representations, as though made on and as of the Effective Date, other than any Specified Representations that, by their terms, refer to a specific date other than the Effective Date, in which case as of
such specific date. 
 (vii) A certificate of the Secretary or an Assistant Secretary of each Loan Party
certifying as to (A) the absence of any amendments to the charter of such Loan Party since the date of the Secretary of State’s certificate referred to in Section 3.01(a)(v), (B) a true and correct copy of the bylaws or operating
agreement of such Loan Party as in effect on the date on which the resolutions referred to in Section 3.01(a)(iv) were adopted and on the Effective Date, (C) the due incorporation and good standing or valid existence of such Loan
Party as a corporation organized under the laws of the jurisdiction of its incorporation or formation and (D) the names and true signatures of the officers of such Loan Party authorized to sign each Loan Document to which it is or is to be a
party and the other documents to be delivered hereunder and thereunder. 
 (viii) INTENTIONALLY
OMITTED. 
 (ix) Unaudited combined statements of assets acquired and liabilities assumed and related
combined statements of revenues and direct and allocated expenses for the Parent for the Fiscal Year ended February 3, 2007; provided that the Lead Arranger acknowledges that it is reasonably satisfied with such statements provided on
June 14, 2007. 
  

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 (x) Unaudited combined statement of assets acquired and liabilities assumed
and related combined statements of revenues and direct and allocated expenses for the Parent for the first quarter of the Fiscal Year 2007. 
 (xi) A pro forma Consolidated combined statement of assets acquired and liabilities assumed and related combined statements of revenues and direct and allocated expenses as of and for the three-month
period ending at the end of the Parent’s first fiscal quarter for Fiscal Year 2007 after giving effect to the Transaction as if the Transaction had occurred as of such date (which statement would not reflect final purchase accounting and normal
year-end audit adjustments) (in the case of such statement of assets acquired and liabilities assumed) or at the beginning of such period (in the case of such other financial statements). 
 (xii) A certificate, in substantially the form of Exhibit G, attesting to the Solvency of the Loan Parties, taken as a whole,
before and after giving effect to the Transaction, from its Chief Financial Officer. 
 (xiii) Certified copies
of the Advisory Agreement, duly executed by the parties thereto and in form and substance satisfactory to the Lender Parties. 
 (xiv) A favorable opinion of Kirkland & Ellis LLP, counsel for the Loan Parties, in substantially the form of Exhibit F hereto. 
 (b) The Lender Parties shall be satisfied that all Existing Debt, other than Surviving Debt, has been prepaid, redeemed or
defeased in full or otherwise satisfied and extinguished and all commitments relating thereto terminated and that all Surviving Debt shall be on terms and conditions satisfactory to the Lender Parties. 
 (c) Substantially concurrently with the funding of the Initial Extension of Credit, the Borrower shall have made arrangements
to pay, to the extent reasonably invoiced in advance, all accrued fees of the Agents, the Lead Arranger and the Lender Parties and all accrued expenses of the Agents and the Lead Arranger (including the accrued fees and expenses of counsel to the
Lead Arranger payable by the Borrower hereunder). 
 (d) The Administrative Agent shall have received
confirmation that the Acquisition will be consummated in accordance with the terms of the Purchase Agreement, without any waiver or amendment of any term, provision or condition set forth therein that is materially adverse to the Lenders and that
has not been consented to by the Administrative Agent. 
 (e) The Administrative Agent shall have received
confirmation that the sum of cash and Cash Equivalents to be paid to Limited Brands, Inc. and its Affiliates in connection with the Equity Contribution shall be equal to at least $431,000,000. 
 (f) The Lead Arranger shall have received all documentation and other information required by bank regulatory authorities
under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the Patriot Act. 
  

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 SECTION 3.02. Conditions Precedent to Each Borrowing and Issuance. The obligation of
each Lender to make an Advance on the occasion of each Borrowing (including the initial Borrowing, except that the statement in clause (ii) shall not be applicable in respect of the initial Borrowing) shall be subject to the further conditions
precedent that on the date of such Borrowing the following statements shall be true (and the acceptance by the Borrower of the proceeds of such Borrowing shall constitute a representation and warranty by the Borrower that on the date of such
Borrowing such statements are true): 
 (i) (x) in the case of any Advance made on the Effective Date or any
Letter of Credit issued on the Effective Date, the Specified Representations are correct in all material respects on and as of the Effective Date immediately before and immediately after giving effect to such Borrowing or issuance or renewal and to
the application of the proceeds therefrom, as though made on and as of such date, other than any such Specified Representations that, by their terms, refer to a specific date other than the Effective Date, in which case as of such specific date and
(y) in any other case, the representations and warranties of the Loan Parties contained in each Loan Document are correct in all material respects on and as of such date, immediately before and immediately after giving effect to such Borrowing
or issuance or renewal and to the application of the proceeds therefrom, as though made on and as of such date, other than any such representations or warranties that, by their terms, refer to a specific date other than the date of such Borrowing or
issuance or renewal, in which case as of such specific date; and 
 (ii) no Default has occurred and is
continuing, or would result immediately after giving effect to such Borrowing or issuance or renewal or from the application of the proceeds therefrom. 
 SECTION 3.03. Determinations Under Section 3.01. For purposes of determining compliance with the conditions specified in Section 3.01, each Lender Party shall be deemed to have consented
to, approved or accepted or to be satisfied with each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to the Lender Parties unless an officer of the Administrative Agent responsible for
the transactions contemplated by the Loan Documents shall have received notice from such Lender Party prior to the Effective Date specifying its objection thereto and, if the Initial Extension of Credit consists of a Borrowing, such Lender Party
shall not have made available to the Administrative Agent such Lender Party’s ratable portion of such Borrowing. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES 
 SECTION 4.01. Representations and Warranties. Subject to Section 3.02, each Loan Party represents and warrants as follows:

 (a) Each Loan Party and each of its Subsidiaries (i) is duly organized, validly existing and in good
standing under the laws of the jurisdiction of its formation, (ii) is duly qualified and in good standing (to the extent applicable in the relevant jurisdiction) in each other jurisdiction in which the conduct of its business requires it to so
qualify or be licensed except where the failure to so qualify or be licensed could not be reasonably expected to have a Material Adverse Effect and (iii) has all requisite power and authority (including, without limitation, all Governmental
Authorizations) to own or lease and operate its properties and to carry on its business as now conducted and as proposed to be conducted except where the failure to have such power and authority could not be reasonably expected to have a Material
Adverse Effect. All of

  

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the outstanding Equity Interests in the Borrower have been validly issued, are fully paid and non-assessable and, other than those Equity Interests in respect of stock options that have not been
tendered pursuant to the Purchase Agreement, are owned by the Parent free and clear of all Liens, except those created under the Collateral Documents, the Term Loan Facility Loan Documents and Permitted Liens. 
 (b) Set forth on Schedule 4.01(b) is a complete and accurate list of all Loan Parties, showing as of the date hereof (as
to each Loan Party) the jurisdiction of its incorporation or formation, the address of its principal place of business and its U.S. taxpayer identification number or, in the case of any non-U.S. Loan Party that does not have a U.S. taxpayer
identification number, its unique identification number issued to it by the jurisdiction of its incorporation or formation. 
 (c) Set forth on Schedule 4.01(c) is a complete and accurate list of all Subsidiaries of each Loan Party as of the date hereof, showing as of the date hereof (as to each such Subsidiary) the
jurisdiction of its formation, the number of shares, membership interests or partnership interests (as applicable) of each class of its Equity Interests authorized, and the number outstanding, on the date hereof and the percentage of each such class
of its Equity Interests owned (directly or indirectly) by such Loan Party and the number of shares covered by all outstanding options, warrants, rights of conversion or purchase and similar rights at the date hereof. All of the outstanding Equity
Interests in each Loan Party’s Subsidiaries have been validly issued, are fully paid and non-assessable and are owned by such Loan Party or one or more of its Subsidiaries free and clear of all Liens, except those created under the Collateral
Documents, the Term Loan Facility Loan Documents and Permitted Liens. 
 (d) The execution, delivery and
performance by each Loan Party of each Transaction Document to which it is or is to be a party, and the consummation of the Transaction, are within such Loan Party’s powers, have been duly authorized by all necessary action, and do not
(i) contravene such Loan Party’s charter, bylaws, limited liability company agreement, partnership agreement or other constituent documents, (ii) violate any law, rule, regulation (including, without limitation, Regulation X of the
Board of Governors of the Federal Reserve System), order, writ, judgment, injunction, decree, determination or award, except for violations that (either individually or in the aggregate) could not reasonably be expected to have a Material Adverse
Effect, (iii) conflict with or result in the breach of, or constitute a default or require any payment to be made under, any material contract, loan agreement, indenture, mortgage, deed of trust, lease or other instrument binding on or
affecting any Loan Party, any of its Subsidiaries or any of their properties, except for violations, defaults or the creation of such rights that could not (either individually or in the aggregate) reasonably be expected to have a Material Adverse
Effect,- or (iv) except for the Liens created under the Loan Documents, Term Loan Facility Loan Documents and Permitted Liens, result in or require the creation or imposition of any Lien upon or with respect to any of the properties of any Loan
Party or any of its Subsidiaries. Each Loan Party and each of its Subsidiaries is in compliance with all applicable laws, rules and regulations, except to the extent that failure to do so could not be reasonably expected to have a Material Adverse
Effect. 
 (e) No Governmental Authorization, and no notice to or filing with, any Governmental Authority or any
other third party is required for (i) the due execution, delivery or performance by any Loan Party of any Transaction Document to which it is or is to be a party, or for the consummation of the Transaction, (ii) the grant by any Loan Party
of the Liens granted by it pursuant to the Collateral Documents, (iii) the perfection or maintenance of the Liens created under the Collateral Documents (including the first priority nature and second priority nature

  

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thereof) or (iv) the exercise by any Agent or any Lender Party of its rights under the Loan Documents or the remedies in respect of the Collateral pursuant to the Collateral Documents,
except for (w) the authorizations, approvals, actions, notices and filings contemplated by the Collateral Documents and those listed on Schedule 4.01(e), (x) those authorizations, approvals, actions, notices and filings, the failure of
which to obtain, take, give or make could not be reasonably expected to have a Material Adverse Effect, (y) notices and filings which customarily are required in connection with the exercise of remedies in respect of the Collateral and
(z) landlord consents and waivers. The Acquisition has been consummated in all material respects in accordance with the Purchase Agreement (without any waiver or amendment of any term, provision or condition set forth therein that is materially
adverse to the Lenders and that has not been consented to by the Administrative Agent). 
 (f) This Agreement has
been, and each other Loan Document when delivered hereunder will have been, duly executed and delivered by each Loan Party party thereto. This Agreement is, and each other Loan Document when delivered hereunder will be, the legal, valid and binding
obligation of each Loan Party party thereto, enforceable against such Loan Party in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’
rights generally or by equitable principles (regardless of whether enforcement is sought in equity or at law). 
 (g) Except as set forth in Schedule 4.01(g), there is no action, suit, investigation, litigation or proceeding affecting any Loan Party or any of its Subsidiaries, including any Environmental Action, pending or threatened before any
Governmental Authority or arbitrator that (i) could be reasonably expected to have a Material Adverse Effect or (ii) purports to affect the legality, validity or enforceability of any Loan Document or the consummation of the Transaction.

 (h) The unaudited combined statements of assets acquired and liabilities assumed delivered to the
Administrative Agent pursuant to Section 3.01(a)(ix) and (x), and the related combined statement of revenues and direct and allocated expenses for the period or periods then ended, (i) were prepared in accordance with GAAP
consistently applied throughout the period covered thereby, except as otherwise expressly noted therein and except for the exceptions set forth in Section 3.08 of the Purchase Agreement, and (ii) fairly present in all material respects the
financial condition of the Parent as of the date thereof and their results of operations for the period covered thereby, other than the exceptions set forth in Section 3.08 of the Purchase Agreement and as expressly noted therein (except in the
case of Section 3.01(a)(x), such statements would not reflect the normal year-end audit adjustments). 
 (i)
The Consolidated pro forma combined statement of assets acquired and liabilities assumed and related combined statements of revenues and direct and allocated expenses of the Parent and its Subsidiaries as at May 5, 2007, copies of which have
been furnished to the Administrative Agent, fairly present the Consolidated pro forma financial condition of the Parent and its Subsidiaries as at such date and the Consolidated pro forma results of operations of the Parent and its Subsidiaries for
the period ended on such date, in each case giving effect to the Transaction, all in accordance with GAAP other than the exceptions set forth in Section 3.08 of the Purchase Agreement and as expressly noted therein (except that such statement
would not reflect final purchase accounting and normal year-end audit adjustments). 
 (j) The Consolidated
forecasted balance sheets, statements of income and statement of cash flows of the Borrower and the Parent and their respective Subsidiaries delivered to the Administrative Agent pursuant to Section 5.03 were prepared in good faith on the basis
of the

  

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assumptions believed to be reasonable (it being understood that (i) such Consolidated forecasted balance sheets, statements of income and statement of cash flows are not to be viewed as
facts and are subject to significant uncertainties and contingencies, many of which are beyond the Borrower’s control, (ii) no assurance can be given that such Consolidated forecasted balance sheets, statements of income and statement of
cash flows will be realized, (iii) actual results may differ and (iv) such differences may be material). 
 (k) INTENTIONALLY OMITTED. 
 (l) The Borrower is not engaged in the business of extending
credit for the purpose of purchasing or carrying Margin Stock, and no proceeds of any Advance will be used to purchase or carry any Margin Stock or to extend credit to others for the purpose of purchasing or carrying any Margin Stock in violation of
Regulations T, U or X promulgated by the Board of Governors of the Federal Reserve System. 
 (m) Neither any
Loan Party nor any of its Subsidiaries is an “investment company,” or an “affiliated person” of, or “promoter” or “principal underwriter” for, an “investment company,” as such terms are defined in
the Investment Company Act of 1940, as amended. 
 (n) The Collateral Documents create in favor of the Collateral
Agent for the benefit of the Secured Parties a valid security interest in the Collateral, securing the payment of the Obligations under the Loan Documents, and when (i) financing statements and other filings, including, without limitation,
filings with the United States Patent and Trademark Office or the United States Copyright Office, in appropriate form are filed in the offices specified on Schedule III to the ABL Security Agreement and (ii) upon the taking of possession or
control by the Collateral Agent of the Collateral with respect to which a security interest may be perfected only by possession or control, the Liens created by the ABL Security Agreement shall constitute fully perfected Liens on, and security
interests in, all right, title and interest of the grantors in the Collateral (other than such Collateral in which a security interest cannot be perfected by such action under the UCC as in effect at the relevant time in the relevant jurisdiction),
in each case subject to no Liens other than Permitted Liens and other Liens created or permitted by the Loan Documents. The Loan Parties are the legal and beneficial owners of the Collateral free and clear of any Lien, except for Permitted Liens.

 (o) The Borrower and each Guarantor, taken as a whole, are Solvent. 
 (p) No Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this
Agreement or any other Loan Document. 
 (q) (i) Set forth on Schedule 4.01(q) is a complete and accurate
list of all Plans, Multiemployer Plans and Welfare Plans as of the Effective Date. 
 (ii) No ERISA Event has
occurred or is reasonably expected to occur with respect to any Plan that has resulted in or is reasonably expected to result in a material liability of any Loan Party or any ERISA Affiliate. 
 (iii) Schedule B (Actuarial Information) to the most recent annual report (Form 5500 Series) for each Plan, copies of which
have been filed with the Internal Revenue Service and made available to the Administrative Agent, is complete and accurate and fairly presents the funding status of such Plan, and since the date of such Schedule B there has been no material adverse
change in such funding status. 
  

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 (iv) Neither any Loan Party nor any ERISA Affiliate has incurred or is
reasonably expected to incur any Withdrawal Liability to any Multiemployer Plan. 
 (v) Neither any Loan Party
nor any ERISA Affiliate has been notified by the sponsor of a Multiemployer Plan that such Multiemployer Plan is in reorganization or has been terminated, within the meaning of Title IV of ERISA, and no such Multiemployer Plan is reasonably expected
to be in reorganization or to be terminated, within the meaning of Title IV of ERISA. 
 (r) Except as would not
reasonably be expected to result in a Material Adverse Effect (which representations are, along with clause (g) above, the sole representations of the Loan Parties in respect of environmental matters): 
 (i) the operations and properties of each Loan Party and each of its Subsidiaries comply with all applicable Environmental
Laws and Environmental Permits and all past non-compliance with such Environmental Laws and Environmental Permits has been resolved without ongoing obligations or costs; 
 (ii) no circumstances exist that would be reasonably likely to (A) form the basis of an Environmental Action against any
Loan Party or any of its Subsidiaries or any of their properties or (B) cause any such property to be subject to any restrictions on ownership, occupancy, transferability or use under any Environmental Law; 
 (iii) none of the properties currently or, to the best of its knowledge, formerly owned or operated by any Loan Party or any
of its Subsidiaries is listed or proposed for listing on the NPL or on the CERCLIS or any analogous foreign, state or local list; 
 (iv) there are no underground or aboveground storage tanks or any surface impoundments, septic tanks, pits, sumps or lagoons in which Hazardous Materials are being or have been treated, stored or disposed
on any property currently owned or operated by any Loan Party or any of its Subsidiaries or, to the best of its knowledge, on any property formerly owned or operated by any Loan Party or any of its Subsidiaries; 
 (v) Hazardous Materials have not been released, discharged or disposed of on any property currently or, to the best of its
knowledge, formerly owned or operated by any Loan Party or any of its Subsidiaries; 
 (vi) neither any Loan
Party nor any of its Subsidiaries is undertaking, and has not completed, either individually or together with other potentially responsible parties, any investigation or assessment or remedial or response action relating to any actual or threatened
release, discharge or disposal of Hazardous Materials at any site, location or operation, either voluntarily or pursuant to the order of any governmental or regulatory authority or the requirements of any Environmental Law; and 
 (vii) all Hazardous Materials generated, used, treated, handled or stored at, or transported to or from, any property
currently or, to the best of its knowledge, formerly owned or operated by any Loan Party or any of its Subsidiaries have been disposed of in a manner not reasonably expected to result in liability to any Loan Party or any of its Subsidiaries.

  

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 (s) Except as set forth on Schedule 4.01(s): 
 (i) Neither any Loan Party nor any of its Subsidiaries is party to any tax sharing agreement. 
 (ii) Each Loan Party and each of its Subsidiaries (A) has filed, has caused to be filed or has been included in all
material tax returns (Federal, state, local and foreign) required to be filed and such tax returns are true and correct in all material respects and (B) has paid all taxes shown thereon to be due, together with applicable interest and penalties
or adequate provision therefor has been made in accordance with GAAP except for taxes (x) that are being contested in good faith by appropriate proceedings and for which such Loan Party has set aside on its books adequate reserves in accordance
with GAAP and (y) that could not (individually or in the aggregate) have a Material Adverse Effect. 
 (iii)
No issues have been raised in writing by any tax authorities that, in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 (t) Set forth on Schedule 4.01(t) is a complete and accurate list of all Existing Debt (other than (i) Surviving Debt, (ii) Debt of Subsidiaries to Parent or another Subsidiary of Parent
and (iii) Debt consisting of trade payables more than 90 days past due), showing as of the date hereof the obligor and the principal amount outstanding thereunder. 
 (u) Set forth on Schedule 4.01(u) is a complete and accurate list of all Surviving Debt (other than in respect of Debt
of Subsidiaries to Parent or another Subsidiary of Parent), showing as of the date hereof the obligor and the principal amount outstanding. 
 (v) Set forth on Schedule 4.01(v) is a complete and accurate list of all Liens on the property or assets of any Loan Party or any of its Subsidiaries, showing as of the date hereof the lienholder
thereof and the principal amount of the obligations secured thereby (other than Permitted Liens described in clauses (a), (b), (c), (d), (f), (g), (h), (l), (n), (p), (r) and (x) of the definition thereof). 
 (w) INTENTIONALLY OMITTED. 
 (x) INTENTIONALLY OMITTED. 
 (i) INTENTIONALLY OMITTED. 
 (y) INTENTIONALLY OMITTED. 
 (z) Except as set forth on Schedule 4.01(z) or as could not be expected to have a Material Adverse Effect, the Parent
and each of its Subsidiaries own, or possess the right to use, or could obtain the right to use all of the trademarks, service marks, trade names, copyrights, patents, patent rights, franchises, licenses and other intellectual property rights
(collectively, “IP Rights”) that are reasonably necessary for the operation of their respective businesses, without conflict with the rights of any other Person, and Schedule 4.01(z) sets forth a complete and accurate
list of all registrations (or applications for registrations) for all such IP Rights owned by the Parent and each of its Subsidiaries. To the best knowledge of the Borrower, no slogan or other advertising device, product, process, method, substance,
part or other material now employed, or now contemplated to be employed, by the Parent or any of its Subsidiaries infringes upon any rights held by any other Person. No claim or litigation regarding any of the foregoing is pending or, to the best
knowledge of the Borrower, threatened, which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
  

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 ARTICLE V 
 COVENANTS OF THE PARENT 
 SECTION 5.01. Affirmative
Covenants. So long as any Advance or any other Obligation of any Loan Party under any Loan Document shall remain unpaid (other than Unmatured Surviving Obligations) or any Lender Party shall have any Commitment hereunder, each Loan Party will
(unless Required Lenders consent): 
 (a) Compliance with Laws, Etc. Comply, and cause each of its
Subsidiaries to comply with all applicable laws, rules, regulations and orders, such compliance to include, without limitation, compliance with ERISA and the Racketeer Influenced and Corrupt Organizations Chapter of the Organized Crime Control Act
of 1970, except to the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect. 
 (b) Payment of Taxes, Etc. Pay and discharge, and cause each of its Subsidiaries to pay and discharge, before the same shall become delinquent, (i) all material taxes, assessments and
governmental charges or levies imposed upon it or upon its property and (ii) all material lawful claims that, if unpaid, might by law become a Lien upon its property; provided, however, that neither the Parent nor any of its
Subsidiaries shall be required to pay or discharge any such tax, assessment, charge or claim that is being contested in good faith and by proper proceedings and as to which appropriate reserves are being maintained, unless and until any Lien
resulting therefrom attaches to its property and becomes enforceable against its other creditors; provided, further, that neither the Parent nor any of its Subsidiaries shall be required to pay and discharge any such tax, assessment, charge
or claim where failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 (c) Compliance with Environmental Laws. Comply, and cause each of its Subsidiaries to use commercially reasonable efforts to comply, with all applicable Environmental Laws and Environmental
Permits; obtain and renew, and cause each of its Subsidiaries to obtain and renew, all Environmental Permits necessary for its operations and properties; and conduct, and cause each of its Subsidiaries to conduct, any investigation, study, sampling
and testing, and undertake any cleanup, removal, remedial or other action necessary to remove and clean up all Hazardous Materials from any of its properties, in accordance with the requirements of all Environmental Laws, except, in each case, to
the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect; provided, however, that neither the Parent nor any of its Subsidiaries shall be required to undertake any such cleanup, removal,
remedial or other action to the extent that its obligation to do so is being contested in good faith and by proper proceedings and appropriate reserves are being maintained with respect to such circumstances or to undertake such actions where the
failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 (d) Maintenance of Insurance. Maintain, and cause each of its Subsidiaries to maintain, insurance (as deemed to be reasonably prudent in the good faith judgment of the Responsible Officers of such
Loan Party or its Subsidiaries) (including, without limitation, business interruption insurance) with responsible and reputable insurance companies or associations in such amounts and covering such risks as is usually carried by companies engaged in
similar businesses and owning similar properties in the same general areas and with similar risk factors in which the Parent or such Subsidiary operates. 
  

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 (e) Preservation of Corporate Existence, Etc. Except as permitted
under Section 5.02(d) or 5.02(e)(viii), preserve and maintain, and cause each of its Subsidiaries to preserve and maintain, its existence, rights (charter and statutory), permits, licenses, approvals, privileges and franchises; provided
that neither the Parent nor any of its Subsidiaries shall be required to preserve or maintain any right, permit, license, approval, privilege or franchise if the failure to do so could not reasonably be expected to have a Material Adverse Effect.
Nothing contained in this Section 5.01(e) shall be deemed to prohibit any Subsidiary or the parent entity of such Subsidiary from reorganizing or changing the entity form of such Subsidiary upon prior notice to the Administrative Agent and
provided that such reorganization or change is not materially adverse to the Lenders. 
 (f) Visitation
Rights. (i) At any reasonable time and from time to time, upon reasonable prior notice at any mutually agreeable reasonable time, permit any of the Agents or any of the Lender Parties, or any agents or representatives thereof, to examine
and make copies of and abstracts from the financial records and books of account of, and visit the properties of, the Parent and any of its Subsidiaries, and to discuss the affairs, finances and accounts of the Parent and any of its Subsidiaries
with any of their officers or directors and with their independent certified public accountants (subject to the consent of such accountants); provided, that, so long as no Event of Default has occurred and is continuing, the Agents and the
Lender Parties shall coordinate the exercise of such rights through the Administrative Agent and shall not be entitled to exercise the foregoing rights more than once in any calendar year at the expense of the Borrower, on a collective basis;
provided, however, that a representative of the Borrower shall be given the opportunity to be present for any communication with the independent accountants. 
 (ii) Upon reasonable prior notice and at any mutually agreeable reasonable time during normal business hours and from time to
time, permit the Collateral Agent and/or any representatives designated by the Collateral Agent (including any consultants, accountants and lawyers retained by the Collateral Agent) to visit the properties of the Loan Parties to conduct periodic
commercial finance exams and inventory appraisals at the Borrower’s expense; provided, however, that if no Event of Default has occurred and is continuing, only two such field examinations and appraisals per Fiscal Year shall be
permitted. 
 (g) Keeping of Books. Keep, and cause each of its Subsidiaries to keep, proper books of
record and account, in which full and correct entries in all material respects shall be made of all financial transactions and the assets and business of the Parent and each such Subsidiary in accordance with generally accepted accounting principles
in effect from time to time. 
 (h) Maintenance of Properties, Etc. Maintain and preserve, and cause each
of its Subsidiaries to maintain and preserve, all of its properties that are used or useful in the conduct of its business in good working order and condition, ordinary wear and tear excepted, except to the extent the failure to do so could
reasonably be expected not to have a Material Adverse Effect. 
 (i) Transactions with Affiliates.
Conduct, and cause each of its Subsidiaries to conduct, all transactions otherwise permitted under the Loan Documents with any of their Affiliates on terms that are no less favorable to the Parent or such Subsidiary than it would obtain in a
comparable arm’s length transaction with a Person not an Affiliate; provided, the foregoing restriction shall not apply to (a) transactions between or among Loan Parties or transactions between or among Subsidiaries of the Parent
that are not Loan Parties or transactions between a Loan Party and a Subsidiary that is not a Loan Party so long as the terms of such transaction are no less favorable to the Loan Party than it would obtain in a comparable arm’s length
transaction

  

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with a Person not an Affiliate; (b) Restricted Payments permitted to be made pursuant to Section 5.02(g) and Investments permitted under Section 5.02(f) and permitted
intercompany Debt and asset transfers; (c) reasonable and customary fees paid to and indemnification of members of the board of directors (or similar governing body) of Parent and its Subsidiaries; (d) compensation and indemnity
arrangements and benefit plans for officers and other employees of the Parent and its Subsidiaries entered into or maintained or established in the ordinary course of business; (e) sales of Equity Interests of Parent to Affiliates of Loan
Parties or contributions to the equity capital of Parent by Equity Investors or any of its Affiliates not otherwise prohibited by the Loan Documents and the granting of registration and other customary rights in connection therewith; (f) any
transaction with an Affiliate where the only consideration paid is Equity Interests of Parent; (g) the transactions contemplated in connection with the Transaction Documents and all related documents; (h) the existence of, and the
performance by the Parent (or the Borrower on behalf of the Parent) and the Borrower of their respective obligations under the Advisory Agreement, any limited liability company, limited partnership or other constitutive document or security holders
agreement (including any registration rights agreement or purchase agreement related thereto); any other agreement containing agreements among Parent and its Subsidiaries and their Affiliates that is in effect as of the Effective Date and has been
disclosed to the Administrative Agent as of the Effective Date and similar agreements entered into after the Effective Date that (i) are not more adverse to the interest of the Lenders than those that exist as of the Effective Date taken as a
whole, or (ii) which have been disclosed to and consented to by the Administrative Agent and the Required Lenders. 
 (j) Covenant to Guarantee Obligations and Give Security. Upon (x) the request of the Collateral Agent following the occurrence and during the continuance of an Event of Default, (y) the formation or acquisition of any new
direct or indirect Subsidiaries (other than Excluded Subsidiaries) by any Loan Party or upon any Subsidiary (that is not a CFC) of a Loan Party being designated as a Material Subsidiary or (z) the acquisition of any property by any Loan Party,
(1) that is of similar nature to the property of the Loan Parties that is subject to the Liens created by the Collateral Documents or (2) in the case of fee-owned real estate that has a fair market value of at least $250,000 and such
property, in the judgment of the Collateral Agent, shall not already be subject to a perfected (subject to Permitted Liens and other Liens created or permitted by the Loan Documents and the Term Facility Loan Documents) security interest in favor of
the Collateral Agent for the benefit of the Secured Parties, then in each case at the Borrower’s expense: 
 (i) in connection with the formation or acquisition by a Loan Party of a Subsidiary that is not an Excluded Subsidiary or upon any Subsidiary (that is not a CFC) of a Loan Party being designated as a Material Subsidiary, within 30 days
after such formation, acquisition or designation, cause each such Subsidiary, and cause each direct and indirect parent (that is not a CFC) of such Subsidiary (if it has not already done so), to duly execute and deliver to the Collateral Agent a
guaranty or guaranty supplement, in form and substance reasonably satisfactory to the Collateral Agent, guaranteeing the other Loan Parties’ obligations under the Loan Documents; provided that any Subsidiary of a CFC shall not be required to
execute such guaranty or guaranty supplement, 
 (ii) INTENTIONALLY OMITTED. 
 (iii) within 45 days after (A) such request or acquisition of property by any Loan Party, duly execute and deliver, and
cause each Loan Party to duly execute and deliver, to the Collateral Agent such additional mortgages, pledges, assignments, security agreement supplements, intellectual property security agreement supplements and other

  

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security agreements as specified by, and in form and substance reasonably satisfactory to the Collateral Agent, securing payment of all the Obligations of such Loan Party under the Loan Documents
and constituting Liens on all such properties and (B) such formation or acquisition of any new Subsidiary (other than an Excluded Subsidiary) or the designation of any Subsidiary (that is not a CFC) of a Loan Party as a Material Subsidiary,
duly execute and deliver and cause such Subsidiary and each Loan Party acquiring Equity Interests in such Subsidiary to duly execute and deliver to the Collateral Agent mortgages, pledges, assignments, security agreement supplements, intellectual
property security agreement supplements and other security agreements as specified by, and in form and substance reasonably satisfactory to, the Collateral Agent, securing payment of all of the obligations of such Subsidiary or Loan Party,
respectively, under the Loan Documents; provided that (A) the Equity Interests of any Subsidiary held by a CFC shall not be required to be pledged and (B) if such new property is Equity Interests in a CFC held by a Loan Party, no
more than 65% of the Equity Interests in such CFC shall be pledged in favor of the Secured Parties, 
 (iv)
within 45 days after such request, formation, acquisition or designation, take, and cause each Loan Party and each newly acquired or newly formed Subsidiary (other than an Excluded Subsidiary or a Subsidiary that is a CFC) to take, all reasonable
actions (including, without limitation, the recording of mortgages, the filing of Uniform Commercial Code financing statements, the giving of notices and the endorsement of notices on title documents) as may be necessary or advisable in the opinion
of the Collateral Agent to vest in the Collateral Agent (or in any representative of the Collateral Agent designated by it) valid and subsisting Liens on the properties purported to be subject to the mortgages, pledges, assignments, security
agreement supplements, intellectual property security agreement supplements and security agreements delivered pursuant to this Section 5.01(j), enforceable against all third parties in accordance with their terms, 
 (v) within 60 days after such request, formation, acquisition or designation, deliver to the Collateral Agent, upon the
request of the Collateral Agent in its sole discretion, a signed copy of a favorable opinion, addressed to the Collateral Agent and the other Secured Parties, of counsel for the Loan Parties acceptable to the Collateral Agent as to such other
matters as the Collateral Agent may reasonably request, 
 (vi) as promptly as practicable after such request,
formation or acquisition, deliver, following the occurrence of and during an Event of Default, upon the reasonable request of the Collateral Agent, to the Collateral Agent with respect to each parcel of real property that has a fair market value
equal to or more than $250,000 and that is owned or held by each Loan Party and each newly acquired or newly formed Subsidiary (other than (x) any Subsidiary that is a CFC or an Excluded Subsidiary and (y) any leased real property) title
reports, surveys and engineering, soils and other reports, and environmental assessment reports, each in scope, form and substance reasonably satisfactory to the Collateral Agent, provided, however, that to the extent that any Loan
Party or any of its Subsidiaries shall have otherwise received any of the foregoing items with respect to such real property, such items shall, promptly after the receipt thereof, be delivered to the Collateral Agent, and 
 (vii) at any time and from time to time, promptly execute and deliver, and cause each Loan Party and each newly acquired or
newly formed Subsidiary to execute and deliver, any and all further instruments and documents and take, and cause each Loan

  

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Party and each newly acquired or newly formed Subsidiary to take, all such other action as the Collateral Agent may deem reasonably necessary in obtaining the full benefits of, or in perfecting
and preserving the Liens of, such guaranties, mortgages, pledges, assignments, security agreement supplements, intellectual property security agreement supplements and security agreements. 
 Notwithstanding anything in Section 4.01(j) to the contrary, the Loan Parties shall have no obligation to prefect the Collateral
Agent’s or other Secured Parties’ interests in intellectual property outside of the United States. The Collateral Agent may in its discretion lengthen the foregoing time periods and otherwise modify (with the Borrower’s consent) the
foregoing requirements to the extent it deems it reasonable and prudent to do so and may waive the foregoing requirements to the extent that the cost of obtaining a security interest in the foregoing Collateral is excessive (as reasonably determined
by the Collateral Agent) in relation to the benefits to the Lender Parties. 
 (k) Further Assurances.
(i) Promptly upon the reasonable request by any Agent, or any Lender Party through the Administrative Agent, correct, and cause each of its Subsidiaries promptly to correct, any matter that the parties mutually agree is a material defect or
error that may be discovered in any Loan Document or in the execution, acknowledgment, filing or recordation thereof, and 
 (ii) Promptly upon request by any Agent, or any Lender Party through the Administrative Agent, do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any document or
instrument supplemental to or confirmatory of the Collateral Documents as any Agent, or any Lender Party through the Administrative Agent, may reasonably require from time to time in order to perfect and maintain the validity, effectiveness and
priority of any of the Collateral Documents and any of the Liens intended to be created thereunder. 
 (l)
INTENTIONALLY OMITTED. 
 (m) INTENTIONALLY OMITTED. 
 (n) Ratings. The Borrower shall use commercially reasonable efforts to maintain corporate family credit and corporate
family ratings with S&P and Moody’s, respectively. 
 (o) Conditions Subsequent. Within 45 days
after the Initial Extension of Credit (or, upon the request of the Borrower, such later date as the Administrative Agent shall approve in its reasonable discretion (such approval not to be unreasonably withheld or delayed) so long as the Borrower
shall have used commercially reasonable efforts to satisfy the conditions set forth below within such 45-day period), furnish to the Administrative Agent: 
 (i) the Deposit Account Control Agreements referred to in the ABL Security Agreement, duly executed by the applicable Loan Parties and each Pledged Account Bank referred to in the ABL Security Agreement,
and 
 (ii) the Securities Account Control Agreement referred to in the ABL Security Agreement, duly executed by
the applicable Loan Party and the applicable securities intermediary. 
  

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 SECTION 5.02. Negative Covenants. So long as any Advance or any other Obligation of
any Loan Party under any Loan Document shall remain unpaid (other than Unmatured Surviving Obligations), or any Lender Party shall have any Commitment hereunder, unless the Required Lenders shall otherwise consent in writing, no Loan Party will, at
any time: 
 (a) Liens, Etc. Create, incur, assume or suffer to exist, or permit any of its Subsidiaries
to create, incur, assume or suffer to exist, any Lien on or with respect to any of its properties of any character (including, without limitation, accounts) whether now owned or hereafter acquired, or sign or file or suffer to exist, or permit any
of its Subsidiaries to sign or file or suffer to exist, under the Uniform Commercial Code of any jurisdiction, a financing statement that names the Parent or any of its Subsidiaries as debtor, or sign or suffer to exist, or permit any of its
Subsidiaries to sign or suffer to exist, any security agreement authorizing any secured party thereunder to file such financing statement, or assign, or permit any of its Subsidiaries to assign, any accounts or other right to receive income, except
for Permitted Liens and Transfers permitted by Section 5.02(e). 
 (b) Debt. Create, incur, assume or
suffer to exist, or permit any of its Subsidiaries to create, incur, assume or suffer to exist, any Debt, except: 
 (i) Debt under the Loan Documents or the Term Loan Facility Loan Documents; 
 (ii) Capitalized Leases
and Debt secured by Liens described in clause (w) of the definition of “Permitted Liens” not to exceed in the aggregate $10,000,000 at any one time outstanding; 
 (iii) the Surviving Debt and any Debt extending the maturity of, or refunding or refinancing, in whole or in part, any
Surviving Debt and guarantees of the Surviving Debt or the extension, refunding or refinancing of such Surviving Debt; provided that (A) the amount of such extending, refunding or refinancing Debt does not result in an increase in the
aggregate principal or facility amount thereof (plus the amount of any premium paid in respect of such Debt in connection with any such extension, refunding or refinancing and plus the amount of reasonable expenses incurred by Parent and its
Subsidiaries in connection therewith), (B) such Debt (if it is term debt) does not have a weighted average life to maturity that is less than the weighted average life to maturity of the Debt being extended, refunded or refinanced,
(C) such Debt (if it is term debt) does not have a final maturity earlier than the final maturity of the Debt being extended, refunded or refinanced, (D) the direct and contingent obligors therefor shall not be changed (unless any
contingent obligor is released), as a result of or in connection with such extension, refunding or refinancing and (E) if the Debt being extended, refunded or refinanced is subordinate or junior to the Advances and any Guaranty thereof, then
the Debt incurred to extend, refund or refinance such Debt shall be subordinate to the Advances and any Guaranty, as the case may be, at least to the same extent and in the same manner as the Debt being extended, refunded or refinanced; 

(iv) Debt in respect of Hedge Agreements designed to hedge against fluctuations in interest rates, commodity prices or
currency exchange rates incurred in the ordinary course of business and consistent with prudent business practice; 
 (v) Debt owed to the Borrower or a wholly owned Subsidiary of the Borrower, which Debt shall (x) in the case of Debt owed to a Loan Party by a Loan Party, constitute Pledged Debt and (y) be otherwise permitted under the provisions
of Section 5.02(f); 
  

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 (vi) To the extent it constitutes Debt, Debt incurred by the Borrower or any
of its Subsidiaries arising from agreements providing for indemnification, adjustment of purchase price or similar obligations, or from guaranties or letters of credit, surety bonds or performance bonds securing the performance of the Borrower or
any such Subsidiary pursuant to such agreements, in connection with acquisitions permitted by Section 5.02(f) or Transfers permitted by Section 5.02(e); provided that, in respect of any Debt incurred hereunder pursuant to
agreements providing for indemnification in connection with Transfers permitted by Section 5.02(e), such Debt shall not exceed the amount of net cash proceeds received from such Transfers; 
 (vii) Debt which may be deemed to exist pursuant to any guaranties, performance, surety, statutory, appeal, completion
guarantees, export or import indemnities, customs and revenue bonds or similar instruments, workers’ compensation claims, self-insurance obligations and bankers acceptances issued for the account of any Loan Party in the ordinary course of
business, including guarantees or obligations of any Loan Party with respect to letters of credit supporting such bid, performance or surety bonds, workers’ compensation claims, self-insurance obligations and bankers acceptances (in each case
other than for an obligation for money borrowed) or similar obligations incurred in the ordinary course of business; 
 (viii) Debt of Foreign Subsidiaries not to exceed $10,000,000 at any time outstanding and unsecured guarantees of such Debt; 
 (ix) Debt of a Subsidiary outstanding on the date such Subsidiary was acquired by the Borrower or any of its Subsidiaries or assumed in connection with the acquisition of assets from a Person (other than
Debt incurred as consideration in, or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of transactions pursuant to which such Subsidiary became a Subsidiary of the Borrower or was
otherwise acquired by the Borrower) in an acquisition permitted by Section 5.02(f); and 
 (x) Debt
consisting of the deferred purchase price of acquisitions permitted under Section 5.02(f); 
 (xi) other
unsecured Debt of the Borrower and its Subsidiaries in an aggregate principal amount not to exceed at any time $25,000,000 outstanding at any time; 
 (xii) other Debt of the Borrower and its Subsidiaries that is subordinated to the Obligations under the Loan Documents on terms reasonably acceptable to the Administrative Agent, so long as, after giving
effect to the incurrence or issuance of such Debt, the Leverage Ratio, on a pro forma basis, is not greater than 2.5:1.0. 
 (xiii) Guaranteed Debt of any Loan Party in respect of Debt otherwise permitted under this Section 5.02; 
 (xiv) Debt arising in connection with endorsement of instruments for collection or deposit in the ordinary course of business; 
  

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 (xv) Debt arising from the existing letters of credit so long as such
existing letters of credit are secured by a letter of credit or cash collateral reasonably acceptable to Agents; 
 (xvi) Debt consisting of deferred purchase price or notes issued to officers, directors and employees to purchase equity interests (or options or warrants or similar instruments) of Parent in an aggregate amount not to exceed $5,000,000
outstanding at any time; 
 (xvii) Debt incurred in connection with the financing of insurance premiums in an
amount not to exceed the annual premiums in respect thereof at any one time outstanding; and 
 (xviii) the
Transactions as contemplated by the Transaction Documents. 
 (c) Change in Nature of Business. Make, or
permit any of its Subsidiaries to conduct any business other than the businesses as carried on at the date hereof and other businesses substantially related, incidental thereto or complementary thereto or are reasonable extensions thereof).

 (d) Mergers, Etc. Merge into or consolidate with any Person or permit any Person to merge into it, or
permit any of its Subsidiaries to do so, except that: 
 (i) any Subsidiary of the Borrower may merge into or
consolidate with any other Subsidiary of the Borrower or with the Borrower; provided that, in the case of any such merger or consolidation, the Person formed by such merger or consolidation shall be a wholly owned Subsidiary of the Borrower
or the Borrower; and provided further that, in the case of any such merger or consolidation to which a Subsidiary Guarantor is a party, the Person formed by such merger or consolidation shall be a Subsidiary Guarantor or the Borrower;

 (ii) as part of any acquisition permitted under Section 5.02(f), any Subsidiary of the Borrower may merge
into or consolidate with any other Person or permit any other Person to merge into or consolidate with it; provided that the Person surviving such merger shall be a wholly owned Subsidiary of the Borrower; and provided further that, in
the case of any merger or consolidation to which a Subsidiary Guarantor is a party, the Person formed by such merger or consolidation shall be a Subsidiary Guarantor; 
 (iii) as part of any Transfer permitted under Section 5.02(e), any Subsidiary of the Borrower may merge into or
consolidate with any other Person or permit any other Person to merge into or consolidate with it; 
 (iv) any
Subsidiary may dissolve, liquidate or wind up its affairs at any time; provided that such dissolution, liquidation or winding up, as applicable, could not reasonably be expected to have a Material Adverse Effect; 
 (v) the Transactions as contemplated by the Transaction Documents may be consummated; and 
 (vi) Retail Factoring, LLC may be dissolved. 
  

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 (e) Sales, Etc. of Assets. Sell, lease, transfer, assign, exchange,
convey or otherwise dispose of (each a “Transfer”), or permit any of its Subsidiaries to Transfer, any assets, except: 
 (i) (A) Transfers of Inventory (including unusable, excess or slow-moving Inventory) and delinquent accounts receivables in the ordinary course of its business and Transfers of accounts receivables
in connection with the private label credit card programs in the ordinary course of business, (B) the granting of any option or other right to purchase, lease or otherwise acquire Inventory and delinquent accounts receivables in the ordinary
course of its business; and (C) dispositions of cash and Cash Equivalents in the ordinary course of business; 
 (ii) (A) Transfers of assets among Loan Parties; (B) Transfers of assets among Subsidiaries that are not Loan Parties; (C) Transfers of assets from Subsidiaries that are not Loan Parties to Loan Parties; and
(D) Transfers of assets from Loan Parties to Subsidiaries that are not Loan Parties in a transaction that would be permitted under clause (i) of Section 5.02(f) if such Transfer had been a transaction involving cash;
provided that, for purposes of determining the application of each of clauses (A) through (D) above in connection with any Transfer made in connection with reorganizing or restructuring of Subsidiaries, any Transfer or series of
related Transfers between Loan Parties and/or Subsidiaries shall be deemed to be a Transfer solely between the initial and the ultimate holder of any such assets transferred without regard to any intermediate holder of such assets; 
 (iii) Transfers of unneeded, used, worn out, obsolete or damaged equipment and trade-ins and exchanges of equipment in the
ordinary course of business and the abandonment or other disposition of Intellectual Property that is, in the reasonable judgment of Loan Parties, no longer economically practicable or commercially desirable to maintain or useful in the conduct of
the business of the Loan Parties taken as a whole; 
 (iv) Transfers in connection with any transaction in which
there is an Extraordinary Receipt; 
 (v) Transfers for fair value, the proceeds of which are less than
$2,000,000 for any such single transaction and the proceeds of which when aggregated with all other such Transactions during a fiscal year are less than $10,000,000; 
 (vi) Leases and subleases, licenses and sublicenses of real or personal property in the ordinary course of business;

 (vii) Licensing of intellectual property on a non-exclusive basis or on an exclusive basis so long as such
exclusive licensing is limited to geographic areas, particular fields of use, customized products for customers or limited time periods; 
 (viii) Any liquidation or dissolution of a Subsidiary so long as its immediate parent becomes the owner of its assets; 
 (ix) Transfers of assets consisting of accounts receivable in a transaction involving Foreign Subsidiaries that would be
permitted under clause (viii) of Section 5.02(b) if such Transfer had been a transaction involving Debt; 
 (x) the Transactions as contemplated by the Transaction Documents; 
  

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 (xi) mergers, amalgamations, consolidations and dissolutions in compliance
with Section 5.02(d); 
 (xii) Investments in compliance with Section 5.02(f); 
 (xiii) discounts or forgiveness of accounts receivable in the ordinary course of business or in connection with collection or
compromise thereof; and 
 (xiv) Permitted Liens. 
 (f) Investments in Other Persons. Make or hold, or permit any of its Subsidiaries to make or hold, any Investment in
any Person, except: 
 (i) (A) Investments by the Parent and its Subsidiaries in their Subsidiaries
outstanding on the date hereof, (B) additional Investments by the Parent and its Subsidiaries in Loan Parties, (C) additional Investments by Subsidiaries of the Borrower that are not Loan Parties in other Subsidiaries that are not Loan
Parties, and (D) additional Investments by the Loan Parties in Subsidiaries that are not Loan Parties (including Subsidiaries that are Excluded Subsidiaries) in an aggregate amount invested from the date hereof not to exceed $10,000,000 at the
time such Investment is made; 
 (ii) loans and advances to employees in the ordinary course of the business of
the Borrower and its Subsidiaries as presently conducted in an aggregate principal amount not to exceed $2,000,000 at any time outstanding; 
 (iii) loans to directors, officers and employees to purchase Equity Interests of Parent; 
 (iv) Investments by the Borrower and its Subsidiaries in bank deposits in the ordinary course of business or Cash Equivalents; 
 (v) Investments existing on the date hereof and described on Schedule 5.02(f); 
 (vi) Investments in Hedge Agreements permitted under Section 5.02(b)(iv); 
 (vii) the purchase or other acquisition of all or substantially all of the Equity Interests in any Person that, upon the
consummation thereof, will be wholly owned directly by the Borrower or one or more of its wholly owned Subsidiaries (including, without limitation, as a result of a merger or consolidation) and the purchase or other acquisition by the Borrower or
one or more of its wholly-owned Subsidiaries of all or substantially all of the property and assets of any Person (collectively, a “Permitted Acquisition”); provided that, with respect to each purchase or other
acquisition made pursuant to this clause (vii): 
 (A) the Loan Parties and any such newly created or acquired
Subsidiary shall comply with the requirements of Section 5.01(j); 
 (B) the lines of business of the
Person to be (or the property and assets of which are to be) so purchased or otherwise acquired shall be permitted by Section 5.02(c); 
  

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 (C) such purchase or other acquisition shall not include or result in any
contingent liabilities that could reasonably be expected to have a Material Adverse Effect on the Borrower and its Subsidiaries, taken as a whole (as determined in good faith by the board of directors (or the persons performing similar functions) of
the Borrower, if the board of directors is otherwise approving such transaction, or, in each other case, by the Responsible Officer of the Borrower); 
 (D) the total cash consideration (including, without limitation, all indemnities, earnouts reasonably anticipated by the Borrower to have to be paid and other contingent payment obligations to, and the
aggregate amounts paid or to be paid under noncompete, consulting and other affiliated agreements with, the sellers of such Person or assets, and all assumptions of debt, liabilities and other obligations in connection therewith permitted by
Section 5.02(b)(ix) but excluding the portion paid with proceeds of any Equity Issuance to or contribution from directly or indirectly the Equity Investors) paid by or on behalf of the Borrower and its Subsidiaries for any such purchase or
other acquisition, shall not exceed, when aggregated with the total cash and noncash consideration paid by or on behalf of the Borrower and its Subsidiaries for all other purchases and other acquisitions made by the Borrower and its Subsidiaries
pursuant to this clause (vii), $100,000,000 at the time any such purchase or other acquisition is made; 
 (E)
(1) immediately before and immediately after giving effect to any such purchase or other acquisition, no Event of Default shall have occurred and be continuing and (2) immediately after giving effect to such purchase or other acquisition,
the Parent and its Subsidiaries shall be in pro forma compliance with a Leverage Ratio equal to at least 2.5:1.0, such compliance to be determined as of the last day of the most recently then ended Measurement Period; and 
 (F) the Borrower shall have delivered to the Administrative Agent, on behalf of the Lender Parties, at least five Business
Days prior to the date on which any such purchase or other acquisition is to be consummated, a certificate of a Responsible Officer, in form and substance reasonably satisfactory to the Administrative Agent, certifying that all of the requirements
set forth in this clause (vii) have been satisfied or will be satisfied in all material respects on or prior to the consummation of such purchase or other acquisition; 
 (G) immediately before and immediately after giving effect to such purchase or other acquisition, the Parent and its
Subsidiaries shall have a Fixed Charge Coverage Ratio equal to at least 1.0:1.0 and the Excess Availability plus Eligible Cash Collateral shall be not less than $20,000,000 (calculated on a pro forma basis both before and after giving effect to such
purchase or other acquisition), such compliance to be determined (x) as of the last day of the most recently ended fiscal quarter as though such purchase or other acquisition had been consummated as of the first day of the four fiscal quarter
period then ended or (y) in such other manner as may be reasonably determined by the Administrative Agent and the Borrower; 
  

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 (viii) Investments (A) received in satisfaction or partial satisfaction
of accounts from financially troubled account debtors (whether in connection with a foreclosure, bankruptcy, workout or otherwise) and (B) consisting of deposits, prepayments and other credits to suppliers made in the ordinary course of
business consistent with the past practices of the Borrower and its Subsidiaries; 
 (ix) guaranties in the
ordinary course of business of obligations owed to or of landlords, suppliers, customers, franchisees and licensees of the Borrower and its Subsidiaries or otherwise permitted hereunder; 
 (x) other Investments in an aggregate amount not to exceed at any time the sum of (A) $15,000,000 (B) net proceeds
received from Investments permitted under this Section 5.02(f) and (C) any proceeds of Excluded Issuances used to make Investments; 
 (xi) the Loan Parties may (A) acquire and hold accounts receivable owing to any of them if created or acquired in the ordinary course of business and payable or dischargeable in accordance with
customary terms, (B) invest in, acquire and hold cash and Cash Equivalents, (C) endorse negotiable instruments held for collection in the ordinary course of business or (D) make lease, utility and other similar deposits in the
ordinary course of business; 
 (xii) the Loan Parties may sell or transfer amounts and acquire assets to the
extent permitted by Section 5.02(e); 
 (xiii) any Loan Party may hold Investments to the extent such
Investments reflect an increase in the value of Investments already made; and 
 (xiv) the Loan Parties may
perform the Transactions as contemplated by the Transaction Documents. 
 For purposes of determining compliance with the
provisions of this Section 5.02(f), Investments made by the Borrower or any of its Subsidiaries (the “investor”) in any Subsidiary that are effected pursuant to one or more Investments made contemporaneously or in prompt succession by
the investor and/or any of its Subsidiaries shall be deemed one Investment by the investor. 
 (g) Restricted
Payments. Declare or pay any dividends, purchase, redeem, retire, defease or otherwise acquire for value any of its Equity Interests now or hereafter outstanding, return any capital to its stockholders, partners or members (or the equivalent
Persons thereof) as such, make any distribution of assets, Equity Interests, obligations or securities to Parent’s stockholders, partners or members (or the equivalent Persons thereof) as such, or permit any of its Subsidiaries to do any of the
foregoing, or permit any of its Subsidiaries to purchase, redeem, retire, defease or otherwise acquire for value any Equity Interests in the Borrower (any of the foregoing, a “Restricted Payment”), except that: 
 (i) the Parent may (A) declare and pay dividends and distributions payable only in Equity Interests of the Parent and
(B) purchase, redeem, retire, defease or otherwise acquire Equity Interests with the proceeds received contemporaneously from the issuance of Equity Interests with equal or inferior voting powers, designations, preferences and rights, so long
as no Event of Default shall have occurred and be continuing at the time of such purchase, redemption, retirement, defeasance or acquisition or would result therefrom; 
  

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 (ii) each of the Parent and the Borrower may, at any time when the Leverage
Ratio (calculated on a pro forma basis both before and after giving effect to such cash dividends) shall be less than 1.0:1.0, declare and pay cash dividends to Parent’s equity holders and purchase, redeem, retire or otherwise acquire
Parent’s Equity Interests for cash in an aggregate amount not to exceed an amount equal to 75% of the portion of Excess Cash Flow not required to prepay the Facility (as defined in the Term Loan Facility Credit Agreement) pursuant to
Section 2.04(b)(i) of the Term Loan Facility Credit Agreement as determined from and after, and for so long as, such Leverage Ratio is in effect and so long as no Event of Default shall have occurred and be continuing at the time of such
declaration and payment of cash dividend or would result therefrom; 
 (iii) any Subsidiary of the Borrower may
declare and pay dividends or other distributions to the Borrower or to any Loan Party of which it is a Subsidiary; 
 (iv) the Loan Parties may acquire Equity Interests of the Borrower or the Parent or any other Loan Party in connection with the exercise of stock options (or the equivalent with respect to membership interests) or stock appreciation rights
(or the equivalent with respect to membership interests) by way of cashless exercise or in connection with the satisfaction of withholding tax obligations so long as no Event of Default shall have occurred and be continuing at the time of the
acquisition of such Equity Interests or would result therefrom; 
 (v) the Loan Parties may purchase, redeem or
acquire fractional shares of Equity Interests arising out of stock dividends, splits or combinations or business combinations; 
 (vi) the Parent may convert convertible securities and make cash payments in lieu of fractional shares in connection with any such conversion; 
 (vii) in connection with any acquisition permitted by Section 5.02(f) and so long as no Event of Default shall have
occurred and be continuing at the time of such acquisition or would result therefrom, the Borrower or any Subsidiary may (A) receive or accept the return to the Borrower or any of its Subsidiaries of Equity Interests constituting a portion of
the purchase price consideration in settlement of indemnification claims or (B) make payments or distributions to dissenting stockholders pursuant to applicable law; 
 (viii) the Loan Parties may make Permitted Distributions; 
 (ix) so long as no Event of Default shall have occurred and be continuing at such time or would result therefrom, payments to
the Parent to permit the Parent, and the subsequent use of such payments by Parent, to repurchase or redeem Qualified Capital Stock of Parent held by officers, directors or employees or former officers, directors or employees (or their transferees,
estates or beneficiaries under their estates) of any Loan Party, upon their death, disability, retirement, severance or termination of employment or service, or to make payments on Indebtedness issued to buy such Qualified Capital Stock or pursuant
to and in accordance with stock option plans or other benefit plans; provided that the aggregate cash consideration paid for all such redemptions and payments shall not exceed, in any fiscal year, the sum of (x) net cash proceeds from
issuances of Equity Interests (other than Excluded Issuances or issuances of Equity Interests applied to satisfy any financial covenant under the Term Loan Facility Credit Agreement) plus (y)

  

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$3,000,000 (and up to 100% of such amount not used in any fiscal year may be carried forward to the next succeeding (but no other) fiscal year) plus (z) the amount of any net cash proceeds
received by or contributed to Borrower from the issuance and sale since the issue date of Qualified Capital Stock of Parent to officers, directors or employees of any Loan Party that have not been used to make any repurchases, redemptions or
payments under this clause (ix); 
 (x) the Parent and the Borrower, at any time and for so long as the
Fixed Charge Coverage Ratio is not less than 1.0:1.0 (calculated on a pro forma basis immediately before and immediately after giving effect to such additional Restricted Payments) and the Excess Availability plus Eligible Cash Collateral for the
subsequent twelve months (calculated on a pro forma basis immediately before and immediately after giving effect to such additional Restricted Payments) is not less than $20,000,000, make additional Restricted Payments to their respective
shareholders; and 
 (xi) the Loan Parties may perform the Transactions as contemplated by the Transaction
Documents. 
 (h) Amendments of Constitutive Documents. Other than in respect of the limited liability
company agreements set forth on Schedule 5.02(h), amend, or permit any of its Subsidiaries to amend, its certificate of incorporation or bylaws or other constitutive documents in a manner materially adverse to the Lenders. Nothing contained in this
Section 5.01(h) shall be deemed to prohibit any Subsidiary or the parent entity of such Subsidiary from reorganizing or changing the entity form of such Subsidiary upon prior notice to the Administrative Agent and provided that such
reorganization or change is not materially adverse to the Lenders (it being understood that any reorganization or change into a limited partnership or a limited liability company by any Subsidiary or the parent entity of such Subsidiary shall not be
deemed to be materially adverse to the Lenders). 
 (i) Accounting Changes. Make or permit, or permit any
of its Subsidiaries to make or permit, any change in Fiscal Year. 
 (j) Prepayments, Etc., of Debt.
(i) Voluntarily prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner, in each case in violation of any subordination terms of, any Subordinated Debt, except any repayment of Debt by the
Loan Parties so long as (x) no Event of Default has occurred or would occur in connection with such repayment and (y) the Excess Availability plus Eligible Cash Collateral for the subsequent twelve months is not less than $20,000,000
(calculated on a pro forma basis both immediately before and immediately after giving effect to such repayment) and the Fixed Charge Coverage Ratio for the subsequent twelve months is not less than 1.0:1.0 (calculated on a pro forma basis both
immediately before and immediately after giving effect to such repayment); (ii) amend, modify or change in any manner materially adverse to the Lenders any term or condition of any Subordinated Debt unless permitted by the subordination
provisions thereof, or (iii) permit any of its Subsidiaries to do any of the foregoing other than to prepay any Debt permitted to be incurred hereunder payable to the Borrower or another Subsidiary. 
 (k) Amendment, Etc., of Related Documents. Other than with respect to the Term Loan Facility Loan Document (which may
be amended or otherwise modified in accordance with the Intercreditor Agreement), amend, modify or change in any manner materially adverse to the Lenders any term or condition of any Related Document or give any consent, waiver or approval
thereunder that is materially adverse to the Lenders. 
  

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 (l) Negative Pledge. Enter into or suffer to exist, or permit any of
its Subsidiaries to enter into or suffer to exist, any agreement prohibiting or conditioning the creation or assumption of any Lien upon any of its property or assets securing the Obligations under the Loan Documents, except (i) prohibitions or
conditions under (A) any purchase money Debt permitted by Section 5.02(b)(ii) solely to the extent that the agreement or instrument governing such Debt prohibits a Lien on the property acquired with the proceeds of such Debt (together
with any accessions and additions thereto and the proceeds thereof), (B) any Surviving Debt or (C) any Capitalized Lease permitted by Section 5.02(b)(ii) solely to the extent that such Capitalized Lease prohibits a Lien on the
property subject thereto (together with any accessions and additions thereto and the proceeds thereof); (ii) specific property to be sold pursuant to an executed agreement with respect to a permitted Transfer permitted under this agreement;
(iii) restrictions by reason of customary provisions restricting Liens, assignments, subletting or other transfers contained in leases, licenses and similar agreements entered into in the ordinary course of business (provided that such
restrictions are limited to the property or assets secured by such Liens or the property or assets subject to such leases, licenses or similar agreements, as the case may be); (iv) restrictions and conditions applicable to any Subsidiary
acquired after the date hereof if such restrictions and conditions existed at the time such Subsidiary was acquired, were not created in anticipation of such acquisition and apply solely to such acquired Subsidiary; (v) restrictions disclosed
in Schedule 5.02(l); (vi) covenants in documents creating Liens permitted by Section 5.02(a) prohibiting further Liens on the properties encumbered thereby; (vii) prohibitions or limitations that exist in any agreement governing
Debt permitted by Section 5.02(b)(viii), (xii) or (xv), provided that such prohibition or limitation is not more restrictive in any material respect than those contained in the Loan Documents; or (viii) restrictions or
limitations imposed by any amendments or refinancings that are otherwise permitted by the Loan Documents of the contracts, instruments or obligations referred to in clause (ii), provided that such amendments and refinancings are no more
materially restrictive with respect to such prohibitions and limitations than those prior to such amendment or refinancing. 
 SECTION 5.03. Reporting Requirements. So long as any Advance or any other Obligation (other than Unmatured Surviving Obligations) of any Loan Party under any Loan Document shall remain unpaid, or any Lender Party shall have any
Commitment hereunder, the Borrower will furnish to the Administrative Agent: 
 (a) Default Notice. Within
three Business Days after the occurrence of each Default or any event, development or occurrence that has resulted in a Material Adverse Effect continuing on the date of such statement, a statement of a Responsible Officer of the Borrower setting
forth details of such Default, event, development or occurrence and the action that the Borrower has taken and proposes to take with respect thereto. 
 (b) Annual Financials. Within 120 days after the end of each Fiscal Year, a copy of the annual audit report for such year for the Parent and its Subsidiaries, including therein a Consolidated
balance sheet of the Parent and its Subsidiaries as of the end of such Fiscal Year and a Consolidated statement of income and a Consolidated statement of cash flows of the Parent and its Subsidiaries for such Fiscal Year, in each case accompanied by
an opinion as to such audit report of any of the “Big 4” accounting firms or other independent public accountants of recognized standing reasonably acceptable to the Administrative Agent, which opinion shall not have any “going
concern” qualification, together with a schedule in form reasonably satisfactory to the Administrative Agent of the computations used by such accountants in determining, as of the end of such Fiscal Year, pro forma calculation of the Leverage
Ratio; provided that, in the event of any change in GAAP used in the preparation of such financial statements, the Parent

  

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shall also provide a reconciliation of such financial statements to former GAAP and (iii) a certificate on behalf of the Parent signed by a Responsible Officer of the Parent stating that no
Default has occurred and is continuing or, if a Default has occurred and is continuing, a statement as to the nature thereof and the action that the Parent has taken and proposes to take with respect thereto. 
 (c) Quarterly Financials. Within 60 days after the end of each of the first three quarters of each Fiscal Year, a
Consolidated balance sheet of the Parent and its Subsidiaries as of the end of such quarter and a Consolidated statement of income and a Consolidated statement of cash flows of the Parent and its Subsidiaries for the period commencing at the end of
the previous fiscal quarter and ending with the end of such fiscal quarter and a Consolidated statement of income and a Consolidated statement of cash flows of the Parent and its Subsidiaries for the period commencing at the end of the previous
Fiscal Year and ending with the end of such quarter, setting forth in each case in comparative form the corresponding figures for the corresponding date or period of the preceding Fiscal Year, all in reasonable detail and duly certified (subject to
normal year-end audit adjustments) by a Responsible Officer of the Parent as having been prepared in accordance with GAAP (other than the absence of footnotes), together with (i) a certificate on behalf of Parent signed by a Responsible Officer
stating that no Default has occurred and is continuing or, if a Default has occurred and is continuing, a statement as to the nature thereof and the action that the Parent has taken and proposes to take with respect thereto and (ii) a schedule
in form satisfactory to the Administrative Agent of the computations used by the Parent in determining a pro forma calculation of a Leverage Ratio. 
 (d) Annual Forecasts. No later than 45 days after the end of each Fiscal Year, forecasts prepared by management of the Parent, in form reasonably satisfactory to the Administrative Agent, of
balance sheets, income statements and cash flow statements on a quarterly basis for the Fiscal Year following such Fiscal Year. 
 (e) Litigation. Promptly after the commencement thereof, notice of all actions, suits, investigations, litigation and proceedings before any Governmental Authority affecting any Loan Party or any
of its Subsidiaries of the type described in Section 4.01(g). 
 (f) Securities Reports. Promptly
after the sending or filing thereof copies of all regular, periodic and special reports, and all registration statements, that any Loan Party or any of its Subsidiaries files with the Securities and Exchange Commission or any governmental authority
that may be substituted therefor, or with any national securities exchange. 
 (g) INTENTIONALLY
OMITTED. 
 (h) INTENTIONALLY OMITTED. 
 (i) Plan Terminations. Promptly and in any event within two Business Days after receipt thereof by any Loan Party or
any ERISA Affiliate, copies of each notice from the PBGC stating its intention to terminate any Plan or to have a trustee appointed to administer any Plan. 
 (ii) Plan Annual Reports. Promptly upon request by the Administrative Agent, copies of each Schedule B (Actuarial Information) to the annual report (Form 5500 Series) with respect to each Plan.

  

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 (iii) Multiemployer Plan Notices. Promptly and in any event within
five Business Days after receipt thereof by any Loan Party or any ERISA Affiliate from the sponsor of a Multiemployer Plan, copies of each notice concerning (A) the imposition of Withdrawal Liability by any such Multiemployer Plan, (B) the
reorganization or termination, within the meaning of Title IV of ERISA, of any such Multiemployer Plan or (C) the amount of liability incurred, or that may be incurred, by such Loan Party or any ERISA Affiliate in connection with any event
described in clause (A) or (B). 
 (i) Environmental Conditions. Promptly after the assertion or
occurrence thereof, notice of any Environmental Action against or of any noncompliance by any Loan Party or any of its Subsidiaries with any Environmental Law or Environmental Permit that could (i) reasonably be expected to have a Material
Adverse Effect or (ii) cause any property described in the Mortgages to be subject to any material restrictions on ownership, occupancy, transferability or use under any Environmental Law. 
 (j) INTENTIONALLY OMITTED. 
 (k) INTENTIONALLY OMITTED. 
 (l) Other Information. Such other information respecting the business, financial condition, operations of any Loan
Party or any of its Subsidiaries as any Agent, or any Lender Party through the Administrative Agent, may from time to time reasonably request. Notwithstanding anything to the contrary in this Agreement, none of the Parent, the Borrower or any
Subsidiary will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter that (i) constitutes non-financial trade secrets or non-financial
proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by law or any binding agreement or (iii) is confidential or is
subject to attorney-client or similar privilege or constitutes attorney work product. 
 (m) Borrowing Base
Certificates, Etc. (i) (A) So long as no Event of Default has occurred and is continuing and Excess Availability plus Eligible Cash Collateral is at least $20,000,000, Borrowing Base Certificates will be completed as of the last day of
the fiscal month and delivered within fifteen (15) Business Days thereafter; (B) so long as Excess Availability plus Eligible Cash Collateral is less than $20,000,000 for a period of five (5) consecutive Business Days, Borrowing Base
Certificates will be delivered weekly, completed as of each Saturday and delivered five (5) Business Days after each Saturday; or (C) so long as an Event of Default has occurred and is continuing, an updated Borrowing Base Certificate will
be delivered within one (1) Business Days following such request. 
 (ii) The Borrowing Base
Certificates referred to in clause (i) above shall be delivered with the supporting documentation set forth on Schedule 5.03(m), to the extent required to be delivered at such time. 
 SECTION 5.04. Holding Company Status of Parent. Parent shall not engage in any business or activity other than (a) the ownership
of all outstanding Equity Interests in the Borrower, (b) maintaining its corporate existence, (c) participating in tax, accounting and other administrative activities as parent of the consolidated group of companies including the Loan
Parties, (d) the performance of obligations under the Transaction Documents to which it is a party, (e) making or receiving any Restricted Payment permitted under Section 5.02(g) and (e) activities incidental to the
businesses or activities described in the foregoing clauses (a) through (e). 
  

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 SECTION 5.05. Financial Covenant. (a) In the event that, at any time, the Excess
Availability as of such date (after giving effect to the funding of all Revolving Credit Advances and the issuance of all Letter of Credit Advances to be funded or issued as of such date) plus the Eligible Cash Collateral is less than $20,000,000,
then the Borrower shall be required to maintain, as of the last day of any Measurement Period, a Fixed Charge Coverage Ratio of at least 1.0:1.0 until Excess Availability plus Eligible Cash Collateral shall be greater than $20,000,000 for a period
of fifteen (15) consecutive Business Days. 
 (b) For purposes of determining compliance with the foregoing
clause (a), any equity investment made to the Borrower after the Effective Date and on or prior to the day that is ten (10) Business Days after the day on which financial statements are required to be delivered for a Fiscal Quarter shall, at
the request of the Borrower and in the event that the proceeds thereof have been contributed to the Borrower as common equity or other equity on terms and conditions reasonably acceptable to the Administrative Agent, be included in the calculation
of EBITDA for the purpose of determining compliance with such covenant at the end of such Fiscal Quarter and applicable subsequent periods (any such equity contribution so included in the calculation of EBITDA, a “Specified Equity
Contribution”); provided that (i) in each four consecutive Fiscal Quarter period there shall be at least one Fiscal Quarter in which no Specified Equity Contribution is made and (ii) the amount of any Specified Equity
Contribution shall be no greater than the amount required to cause the Borrower to be in compliance with the Fixed Charge Coverage Ratio and Section 5.05 of the Term Loan Facility Credit Agreement. 
 ARTICLE VI 
 EVENTS OF DEFAULT 
 SECTION 6.01. Events of Default. If any of the following events (“Events
of Default”) shall occur and be continuing: 
 (a) (i) the Borrower shall fail to pay any
principal of any Advance when the same shall become due and payable or (ii) the Borrower shall fail to pay any interest on any Advance or any fee within five Business Days after the same shall become due and payable, or any Loan Party shall
fail to make any other payment under any Loan Document within thirty days after the same shall become due and payable; or 
 (b) any representation or warranty made by any Loan Party (or any of its officers) under or in connection with any Loan Document shall prove to have been incorrect in any material respect when made; or

 (c) the Borrower shall fail to perform or observe any term, covenant or agreement contained in
Sections 2.14, 5.01(e) (as to preservation of existence only), (f), (i) or 5.02, 5.03(a) or 5.03(m) (with a three (3) Business Day grace period from the earlier of the date on which (i) any Responsible Officer of a Loan Party
becomes aware of such failure or (ii) written notice thereof shall have been given to the Borrower by any Agent or any Lender Party); or 
 (d) any Loan Party shall fail to perform or observe any other term, covenant or agreement contained in any Loan Document on its part to be performed or observed if such failure shall remain unremedied for
30 days after the earlier of the date on which (i) any Responsible Officer of a Loan Party becomes aware of such failure or (ii) written notice thereof shall have been given to the Borrower by any Agent or any Lender Party; or 

 

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 (e) any Loan Party or any of its Subsidiaries shall fail to pay any
principal of, premium or interest on or any other amount payable in respect of any Debt of such Loan Party or such Subsidiary (as the case may be) that is outstanding in a principal amount (or, in the case of any Hedge Agreement, an Agreement Value)
of at least $15,000,000 either individually or in the aggregate for all such Loan Parties and Subsidiaries (but excluding Debt outstanding hereunder), when the same becomes due and payable (whether by scheduled maturity, required prepayment,
acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Debt; or any other event shall occur or condition shall exist under any
agreement or instrument relating to any such Debt and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or to permit the acceleration of,
the maturity of such Debt or otherwise to cause, or to permit the holder thereof to cause, such Debt to mature; or any such Debt shall be declared to be due and payable or required to be prepaid or redeemed (other than by a regularly scheduled
required prepayment or redemption or mandatory prepayments), purchased or defeased, or an offer to prepay, redeem, purchase or defease such Debt shall be required to be made, in each case prior to the stated maturity thereof; provided that
this clause (e) shall not apply to secured Debt that becomes due as a result of the voluntary Transfer of the property or assets securing such Debt, if such Transfer is permitted hereunder and under the documents providing for such Debt;
provided, further, that an Event of Default under this clause (e) shall continue only so long as the applicable event or condition constituting such Event of Default is unremedied and is not waived or rescinded by the holders of
such Debt; provided, further, that an “Event of Default” under Section 5.05 of the Term Loan Facility Credit Agreement shall not be an Event of Default under this clause (e), unless such “Event of Default” shall be
unremedied and is not waived or rescinded by the Lenders under the Term Loan Facility Credit Agreement for a period of 30 days; or 
 (f) the Parent, the Borrower or any Significant Guarantor shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a
general assignment for the benefit of creditors; or any proceeding shall be instituted by or against any Loan Party or any of its Material Subsidiaries seeking to adjudicate it a bankrupt or insolvent, or, except as permitted under
Section 5.02(e)(viii), 5.02(d)(iv) or 5.02(d)(vi), seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or
reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar official for it or for any substantial part of its property and, in the case of any such proceeding
instituted against it (but not instituted by it) that is being diligently contested by it in good faith, either such proceeding shall remain undismissed or unstayed for a period of 60 days or any of the actions sought in such proceeding (including,
without limitation, the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or any substantial part of its property) shall occur; or any Loan Party or any of its Material
Subsidiaries shall take any corporate action to authorize any of the actions set forth above in this subsection (f); or 
 (g) any judgments or orders, either individually or in the aggregate, for the payment of money in excess of $12,500,000 (to the extent not reasonably expected to be adequately covered by insurance in
respect of which a solvent and unaffiliated insurance company has acknowledged coverage) shall be rendered against any Loan Party or any of its Subsidiaries and either (i) enforcement proceedings shall have been commenced by any creditor upon
such judgment or order (and such proceedings shall not have been stayed) or (ii) there shall be any period of 30 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall
not be in effect; or 
  

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 (h) any material provision of any Loan Document after delivery thereof
pursuant to Section 3.01 or 5.01(j) shall for any reason cease to be valid and binding on or enforceable against any Loan Party party to it, or any such Loan Party shall so state in writing; or 
 (i) any Collateral Document or financing statement after delivery thereof pursuant to Section 3.01 or 5.01(j) shall
for any reason (other than pursuant to the terms thereof) cease to create a valid and perfected first priority (except to the extent of Permitted Liens and other Liens created or permitted by the Loan Documents) lien on and security interest in the
ABL First Lien Collateral purported to be covered thereby, except to the extent that any such loss of perfection or priority results from the acts or omissions of the Administrative Agent or the Collateral Agent; or 
 (j) a Change of Control shall occur; or 
 (k) any ERISA Event shall have occurred with respect to a Plan and the sum (determined as of the date of occurrence of such
ERISA Event) of the Insufficiency of such Plan and the Insufficiency of any and all other Plans with respect to which an ERISA Event shall have occurred and then exist (or the liability of the Loan Parties and the ERISA Affiliates related to such
ERISA Event) exceeds $12,500,000; or 
 (l) any Loan Party or any ERISA Affiliate shall have been notified by the
sponsor of a Multiemployer Plan that it has incurred Withdrawal Liability to such Multiemployer Plan in an amount that, when aggregated with all other amounts required to be paid to Multiemployer Plans by the Loan Parties and the ERISA Affiliates as
Withdrawal Liability (determined as of the date of such notification), exceeds $12,500,000 or requires payments exceeding $2,000,000 per annum; or 
 (m) any Loan Party or any ERISA Affiliate shall have been notified by the sponsor of a Multiemployer Plan that such Multiemployer Plan is in reorganization or is being terminated, within the meaning of
Title IV of ERISA, and as a result of such reorganization or termination the aggregate annual contributions of the Loan Parties and the ERISA Affiliates to all Multiemployer Plans that are then in reorganization or being terminated have been or will
be increased over the amounts contributed to such Multiemployer Plans for the plan years of such Multiemployer Plans immediately preceding the plan year in which such reorganization or termination occurs by an amount exceeding $12,500,000;

 then, and in any such event, the Administrative Agent (i) shall at the request, or may with the consent, of the Required Lenders, by
notice to the Borrower, declare the Commitments of each Lender Party and the obligation of each Lender Party to make Advances terminated (other than Letter of Credit Advances by the Issuing Bank or a Revolving Credit Lender pursuant to
Section 2.03(c) and Swing Line Advances by a Revolving Credit Lender pursuant to Section 2.02(b)) and of the Issuing Bank to issue Letters of Credit to be terminated, whereupon the same shall forthwith terminate, and (ii) shall
at the request, or may with the consent, of the Required Lenders, by notice to the Borrower, declare the Advances, all interest thereon and all other amounts payable under this Agreement and the other Loan Documents to be forthwith due and payable,
whereupon the Advances, all such interest and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower;
provided, however, that, in the event of an actual or deemed entry of an order for relief with respect to the Borrower under the Federal Bankruptcy Code, (x) the Commitments of each Lender Party and the obligation of each Lender
Party to make Advances (other than Letter of Credit Advances by the Issuing Bank or a Revolving Credit Lender pursuant to Section 2.03(c) and Swing Line Advances by a Revolving Credit Lender pursuant to Section 2.02(b)) and of the
Issuing Bank to issue Letters of Credit shall automatically be terminated and (y) the Advances, all such interest and all such amounts shall automatically become and be due and payable, without presentment, demand, protest or any notice of any
kind, all of which are hereby expressly waived by the Borrower. 
  

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 SECTION 6.02. Actions in Respect of the Letters of Credit upon Default. If any Event
of Default shall have occurred and be continuing, the Administrative Agent may, or shall at the request of the Required Lenders, irrespective of whether it is taking any of the actions described in Section 6.01 or otherwise, make demand upon
the Borrower to, and forthwith upon such demand the Borrower will, pay to the Collateral Agent on behalf of the Lender Parties in same day funds at the Collateral Agent’s Office, for deposit in the Collateral Account, an amount equal to the
aggregate Available Amount of all Letters of Credit then outstanding; provided, however, that in the event of an actual or deemed entry of an order for relief with respect to the Borrower under the Federal Bankruptcy Code, the Borrower
shall be obligated to pay to the Collateral Agent on behalf of the Lender Parties in same day funds at the Collateral Agent’s Office, for deposit in the Collateral Account, an amount equal to the aggregate Available Amount of all Letters of
Credit then outstanding, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by the Borrower. If at any time during the occurrence and continuance of an Event of Default the Administrative Agent
or the Collateral Agent determines that any funds held in the Collateral Account are subject to any right or claim of any Person other than the Agents and the Lender Parties or that the total amount of such funds is less than the aggregate Available
Amount of all Letters of Credit, the Borrower will, forthwith upon demand by the Administrative Agent or the Collateral Agent, pay to the Collateral Agent, as additional funds to be deposited and held in the Collateral Account, an amount equal to
the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, then held in the Collateral Account that the Administrative Agent or the Collateral Agent, as the case may be, determines to be free and clear of
any such right and claim. Upon the drawing of any Letter of Credit for which funds are on deposit in the Collateral Account, such funds shall be applied to reimburse the Issuing Bank or Revolving Credit Lenders, as applicable, to the extent
permitted by applicable law. 
 ARTICLE VII 
 THE AGENTS 
 SECTION 7.01. Authorization and Action. (a) Each
Lender Party (in its capacities as a Lender, the Swing Line Bank (if applicable), the Issuing Bank (if applicable) and on behalf of itself and its Affiliates as potential Hedge Banks) hereby appoints and authorizes each Agent to take such action as
agent on its behalf and to exercise such powers and discretion under this Agreement and the other Loan Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers and discretion as are reasonably incidental
thereto. As to any matters not expressly provided for by the Loan Documents (including, without limitation, enforcement or collection of the Obligations of the Loan Parties under the Loan Documents), no Agent shall be required to exercise any
discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Required Lenders, and such instructions shall be binding upon
all Lender Parties, all Hedge Banks and all holders of Notes; provided, however, that no Agent shall be required to take any action that exposes such Agent to personal liability or that is contrary to this Agreement or applicable law.

 (b) In furtherance of the foregoing, each Lender Party (in its capacities as a Lender, the Swing Line Bank (if
applicable), the Issuing Bank (if applicable) and on behalf of itself and its Affiliates as potential Hedge Banks) hereby appoints and authorizes the Collateral Agent to act as the agent of such Lender Party for purposes of acquiring, holding and
enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Secured Obligations, together with such

  

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powers and discretion as are reasonably incidental thereto. In this connection, the Collateral Agent (and any Supplemental Collateral Agents appointed by the Collateral Agent pursuant to
Section 7.01(c) for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for exercising any rights or remedies thereunder at the direction of the Collateral Agent)
shall be entitled to the benefits of this Article VII (including, without limitation, Section 7.05) as though the Collateral Agent (and any such Supplemental Collateral Agents) were an “Agent” under the Loan Documents, as if set
forth in full herein with respect thereto. 
 (c) Any Agent may execute any of its duties under this Agreement or
any other Loan Document (including for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents or of exercising any rights and remedies thereunder at the direction of the Collateral
Agent) by or through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel and other consultants or experts concerning all matters pertaining to such duties. The Collateral Agent may also from time to time, when the
Collateral Agent deems it to be necessary or desirable, appoint one or more trustees, co-trustees, collateral co-agents, collateral subagents or attorneys-in-fact (each, a “Supplemental Collateral Agent”) with respect to all
or any part of the Collateral; provided, however, that no such Supplemental Collateral Agent shall be authorized to take any action with respect to any Collateral unless and except to the extent expressly authorized in writing by the
Collateral Agent. Should any instrument in writing from the Borrower or any other Loan Party be required by any Supplemental Collateral Agent so appointed by the Collateral Agent to more fully or certainly vest in and confirm to such Supplemental
Collateral Agent such rights, powers, privileges and duties, the Borrower shall, or shall cause such Loan Party to, execute, acknowledge and deliver any and all such instruments promptly upon the reasonable request by the Collateral Agent. If any
Supplemental Collateral Agent, or successor thereto, shall die, become incapable of acting, resign or be removed, all rights, powers, privileges and duties of such Supplemental Collateral Agent, to the extent permitted by law, shall automatically
vest in and be exercised by the Collateral Agent until the appointment of a new Supplemental Collateral Agent. No Agent shall be responsible for the negligence or misconduct of any agent, attorney-in-fact or Supplemental Collateral Agent that it
selects in accordance with the foregoing provisions of this Section 7.01(c) in the absence of such Agent’s gross negligence or willful misconduct. 
 (d) Notwithstanding anything contained in this Agreement to the contrary, the Documentation Agents are named as such for
recognition purposes only and in their capacity as such shall have no powers, duties, responsibilities or liabilities with respect to this Agreement or the other Loan Documents or the Transactions. Without limitation of the foregoing, the
Documentation Agents shall not, solely by reason of this Agreement or any other Loan Document, have any fiduciary relationship in respect of any Lender or any other Person. 
 SECTION 7.02. Agents’ Reliance, Etc. Neither any Agent nor any of their respective directors, officers, agents or employees
shall be liable for any action taken or omitted to be taken by it or them under or in connection with the Loan Documents, except for its or their own gross negligence or willful misconduct. Without limitation of the generality of the foregoing, each
Agent: (a) may consult with legal counsel (including counsel for any Loan Party), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in
accordance with the advice of such counsel, accountants or experts; (b) makes no warranty or representation to any Lender Party and shall not be responsible to any Lender Party for any statements, warranties or representations (whether written
or oral) made in or in connection with the Loan Documents; (c) shall not have any duty to ascertain or to inquire as to the performance, observance or satisfaction of any of the terms, covenants or conditions of any Loan Document on the part of
any Loan Party or the existence at any time of any Default under the Loan Documents or to inspect the property (including the books and records) of any Loan Party; (d) shall not be responsible to any Lender Party for the due execution,
legality, validity, enforceability, genuineness, sufficiency or value of, or the perfection

  

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or priority of any lien or security interest created or purported to be created under or in connection with, any Loan Document or any other instrument or document furnished pursuant thereto; and
(e) shall incur no liability under or in respect of any Loan Document by acting upon any notice, consent, certificate or other instrument or writing (which may be by telegram, telecopy or electronic communication) believed by it to be genuine
and signed or sent by the proper party or parties. 
 SECTION 7.03. WFR and Affiliates. With respect to its Commitments,
the Advances made by it and any Notes issued to it, WFR shall have the same rights and powers under the Loan Documents as any other Lender Party and may exercise the same as though it were not an Agent; and the term “Lender Party” or
“Lender Parties” shall, unless otherwise expressly indicated, include WFR in its individual capacity. WFR and its affiliates may accept deposits from, lend money to, act as trustee under indentures of, accept investment banking engagements
from and generally engage in any kind of business with, any Loan Party, any of its Subsidiaries and any Person that may do business with or own securities of any Loan Party or any such Subsidiary, all as if WFR were not an Agent and without any duty
to account therefor to the Lender Parties. WFR shall have no duty to disclose any information obtained or received by it or any of its Affiliates relating to any Loan Party or any of its Subsidiaries to the extent such information was obtained or
received in any capacity other than as such Agent. 
 SECTION 7.04. Lender Party Credit Decision. Each Lender Party
acknowledges that it has, independently and without reliance upon any Agent or any other Lender Party and based on the financial statements referred to in Section 4.01 and such other documents and information as it has deemed appropriate, made
its own credit analysis and decision to enter into this Agreement. Each Lender Party also acknowledges that it will, independently and without reliance upon any Agent or any other Lender Party and based on such documents and information as it shall
deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement. 
 SECTION 7.05. Indemnification. (a) Each Lender Party severally agrees to indemnify each Agent (to the extent not promptly reimbursed by the Borrower) from and against such Lender Party’s ratable share (determined as
provided below) of any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against such Agent in
any way relating to or arising out of the Loan Documents or any action taken or omitted by such Agent under the Loan Documents (collectively, the “Indemnified Costs”); provided, however, that no Lender Party
shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Agent’s gross negligence or willful misconduct as found in a final,
non-appealable judgment by a court of competent jurisdiction. Without limitation of the foregoing, each Lender Party agrees to reimburse each Agent promptly upon demand for its ratable share of any costs and expenses (including, without limitation,
fees and expenses of counsel) payable by the Borrower under Section 9.04, to the extent that such Agent is not promptly reimbursed for such costs and expenses by the Borrower. In the case of any investigation, litigation or proceeding giving
rise to any Indemnified Costs, this Section 7.05 applies whether any such investigation, litigation or proceeding is brought by any Lender Party or any other Person. 
 (b) Each Lender Party severally agrees to indemnify the Issuing Bank (to the extent not promptly reimbursed by the Borrower)
from and against such Lender Party’s ratable share (determined as provided below) of any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever
that may be imposed on, incurred by, or asserted against the Issuing Bank in any way relating to or arising out of the Loan Documents or any action taken or omitted by the Issuing Bank under the Loan Documents; provided, however, that
no Lender Party shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Issuing

  

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Bank’s gross negligence or willful misconduct as found in a final, non-appealable judgment by a court of competent jurisdiction. Without limitation of the foregoing, each Lender Party agrees
to reimburse the Issuing Bank promptly upon demand for its ratable share of any costs and expenses (including, without limitation, fees and expenses of counsel) payable by the Borrower under Section 9.04, to the extent that the Issuing Bank is
not promptly reimbursed for such costs and expenses by the Borrower. 
 (c) For purposes of this
Section 7.05, each Lender Party’s ratable share of any amount shall be determined, at any time, according to the sum of (i) the aggregate principal amount of the Advances outstanding at such time and owing to such Lender Party’s,
(ii) such Lender Party’s Pro Rata Share of the aggregate Available Amount of all Letters of Credit outstanding at such time and (iii) such Lender Party’s Unused Revolving Credit Commitments at such time; provided that the
aggregate principal amount of Swing Line Advances owing to the Swing Line Bank and of Letter of Credit Advances owing to the Issuing Bank shall be considered to be owed to the Revolving Credit Lenders ratably in accordance with their respective
Revolving Credit Commitments. The failure of any Lender Party to reimburse any Agent or the Issuing Bank, as the case may be, promptly upon demand for its ratable share of any amount required to be paid by the Lender Parties to such Agent or the
Issuing Bank, as the case may be, as provided herein shall not relieve any other Lender Party of its obligation hereunder to reimburse such Agent or the Issuing Bank, as the case may be, for its ratable share of such amount, but no Lender Party
shall be responsible for the failure of any other Lender Party to reimburse such Agent or the Issuing Bank, as the case may be, for such other Lender Party’s ratable share of such amount. Without prejudice to the survival of any other agreement
of any Lender Party hereunder, the agreement and obligations of each Lender Party contained in this Section 7.05 shall survive the payment in full of principal, interest and all other amounts payable hereunder and under the other Loan
Documents. 
 SECTION 7.06. Successor Agents. Any Agent may resign at any time by giving written notice thereof to the
Lender Parties and the Borrower and may be removed at any time with or without cause by the Required Lenders; provided, however, that any removal of the Administrative Agent will not be effective until it has also been replaced as
Collateral Agent, Swing Line Bank and Issuing Bank and released from all of its obligations in respect thereof. Upon any such resignation or removal, the Required Lenders shall have the right to appoint a successor Agent with the consent of the
Borrower (not to be unreasonably withheld or delayed). If no successor Agent shall have been so appointed by the Required Lenders, and shall have accepted such appointment, within 30 days after the retiring Agent’s giving of notice of
resignation or the Required Lenders’ removal of the retiring Agent, then the retiring Agent may, on behalf of the Lender Parties, with the consent of the Borrower (such consent not to be unreasonably withheld or delayed), appoint a successor
Agent, which shall be a commercial bank organized under the laws of the United States or of any State thereof and having a combined capital and surplus of at least $250,000,000; provided that, if, such retiring Administrative Agent is unable
to find a commercial banking institution which is willing to accept such appointment and which meets the qualifications set forth above, subject to this Section 7.06, the retiring Administrative Agent’s resignation shall nevertheless
thereupon become effective and the Required Lenders shall assume and perform all of the duties of the Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a successor as provided for above. Upon the acceptance of
any appointment as Agent hereunder by a successor Agent and, in the case of a successor Collateral Agent, upon the execution and filing or recording of such financing statements, or amendments thereto, and such amendments or supplements to the
Mortgages, and such other instruments or notices, as may be necessary or desirable, or as the Required Lenders may request, in order to continue the perfection of the Liens granted or purported to be granted by the Collateral Documents, such
successor Agent shall succeed to and become vested with all the rights, powers, discretion, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations under the Loan Documents. If within
45 days after written notice is given of the retiring Agent’s resignation or removal under this Section 7.06 no successor Agent shall have been appointed and shall have accepted such appointment, then on such 45th day (a) the retiring
Agent’s

  

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resignation or removal shall become effective, (b) the retiring Agent shall thereupon be discharged from its duties and obligations under the Loan Documents and (c) the Required Lenders
shall thereafter perform all duties of the retiring Agent under the Loan Documents until such time, if any, as the Required Lenders appoint a successor Agent as provided above. After any retiring Agent’s resignation or removal hereunder as
Agent shall have become effective, the provisions of this Article VII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this Agreement. 
 SECTION 7.07. Intercreditor Agreement. Each of the Lender Parties hereby acknowledges that it has received and reviewed the
Intercreditor Agreement and agrees to be bound by the terms thereof. Each Lender Party (and each Person that becomes a Lender Party hereunder pursuant to Section 9.07) hereby acknowledges that WFR is acting under the Intercreditor Agreement in
multiple capacities as Administrative Agent or Collateral Agent, as the case may be. Each Lender Party (and each Person that becomes a Lender Party hereunder pursuant to Section 9.07) hereby authorizes and directs WFR to enter into the
Intercreditor Agreement on behalf of such Lender and agrees that WFR, in its various capacities thereunder, may take such actions on its behalf as is contemplated by the terms of the Intercreditor Agreement. 
 ARTICLE VIII 
 GUARANTY 
 SECTION 8.01. Guaranty; Limitation of Liability. (a) Each Guarantor, jointly and
severally, hereby absolutely, unconditionally and irrevocably guarantees the punctual payment when due, whether at scheduled maturity or on any date of a required prepayment or by acceleration, demand or otherwise, of all Obligations of each other
Loan Party now or hereafter existing under or in respect of the Loan Documents, any Secured Hedge Agreement or any Secured Cash Management Agreement (including, without limitation, any extensions, modifications, substitutions, amendments or renewals
of any or all of the foregoing Obligations), whether direct or indirect, absolute or contingent, and whether for principal, interest, premiums, fees, indemnities, contract causes of action, costs, expenses or otherwise (such Obligations being the
“Guaranteed Obligations”), and agrees to pay any and all expenses (including, without limitation, fees and expenses of counsel) incurred by the Administrative Agent, any other Lender Party, any Hedge Bank or any Cash
Management Bank in enforcing any rights under, as applicable, this Guaranty, any other Loan Document, any Secured Hedge Agreement or any Secured Cash Management Agreement. Without limiting the generality of the foregoing, each Guarantor’s
liability shall extend to all amounts that constitute part of the Guaranteed Obligations and would be owed by any other Loan Party to any Lender Party or any Hedge Bank or any Cash Management Bank under or in respect of, as applicable, the Loan
Documents or any Secured Hedge Agreement or any Secured Cash Management Agreement but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving such other Loan
Party. 
 (b) Each Guarantor, and by its acceptance of this Guaranty, the Administrative Agent and each other
Lender Party, hereby confirms that it is the intention of all such Persons that this Guaranty and the Obligations of each Subsidiary Guarantor hereunder not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform
Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar foreign, federal or state law to the extent applicable to this Guaranty and the Obligations of each Subsidiary Guarantor hereunder. To effectuate the foregoing intention,
the Administrative Agent, the other Lender Parties and the Guarantors hereby irrevocably agree that the Obligations of each Subsidiary Guarantor under this Guaranty at any time shall be limited to the maximum amount as will result in the Obligations
of such Guarantor under this Guaranty not constituting a fraudulent transfer or conveyance. 
  

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 (c) Each Guarantor hereby unconditionally and irrevocably agrees that in the
event any payment shall be required to be made to any Lender Party under this Guaranty or any other guaranty, such Guarantor will contribute, to the maximum extent permitted by law, such amounts to each other Guarantor and each other guarantor so as
to maximize the aggregate amount paid to the Lender Parties or Hedge Banks or any Cash Management Bank under or in respect of, as applicable, the Loan Documents or any Secured Hedge Agreement or any Secured Cash Management Agreement. 
 SECTION 8.02. Guaranty Absolute. Each Guarantor guarantees that the Guaranteed Obligations will be paid strictly in accordance with
the terms of the Loan Documents or any Secured Hedge Agreement or any Secured Cash Management Agreement, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of, as
applicable, any Lender Party or any Hedge Bank with respect thereto. The Obligations of each Guarantor under or in respect of this Guaranty are independent of the Guaranteed Obligations or any other Obligations of any other Loan Party under or in
respect of the Loan Documents or any Secured Hedge Agreement or any Secured Cash Management Agreement, and a separate action or actions may be brought and prosecuted against each Guarantor to enforce this Guaranty, irrespective of whether any action
is brought against the Borrower or any other Loan Party or whether the Borrower or any other Loan Party is joined in any such action or actions. The liability of each Guarantor under this Guaranty shall be irrevocable, absolute and unconditional
irrespective of, and each Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to, any or all of the following: 
 (a) any lack of validity or enforceability of any Loan Document or any Secured Hedge Agreement or any Secured Cash Management
Agreement or any agreement or instrument relating thereto; 
 (b) any change in the time, manner or place of
payment of, or in any other term of, all or any of the Guaranteed Obligations or any other Obligations of any other Loan Party under or in respect of the Loan Documents or any Secured Hedge Agreement or any Secured Cash Management Agreement in
accordance with their respective terms, or any other amendment or waiver of or any consent to departure from any Loan Document or any Secured Hedge Agreement or any Secured Cash Management Agreement in accordance with their respective terms,
including, without limitation, any increase in the Guaranteed Obligations resulting from the extension of additional credit to any Loan Party or any of its Subsidiaries or otherwise; 
 (c) any taking, exchange, release or non-perfection of any Collateral or any other collateral, or any taking, release or
amendment or waiver of, or consent to departure from, any other guaranty in accordance with its terms, for all or any of the Guaranteed Obligations; 
 (d) any manner of application of Collateral or any other collateral, or proceeds thereof, to all or any of the Guaranteed Obligations, or any manner of sale or other disposition of any Collateral or any
other collateral for all or any of the Guaranteed Obligations or any other Obligations of any Loan Party under the Loan Documents or under any Secured Hedge Agreement or under any Secured Cash Management Agreement or any other assets of any Loan
Party or any of its Subsidiaries; 
 (e) any change, restructuring or termination of the corporate structure or
existence of any Loan Party or any of its Subsidiaries; 
 (f) any failure of any Lender Party to disclose to any
Loan Party any information relating to the business, condition (financial or otherwise), operations, performance, properties or prospects of any other Loan Party now or hereafter known to such Lender Party (each Guarantor waiving any duty on the
part of the Lender Parties to disclose such information); 
  

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 (g) the failure of any other Person to execute or deliver this Agreement,
any Guaranty Supplement or any other guaranty or agreement or the release or reduction of liability of any Guarantor or other guarantor or surety with respect to the Guaranteed Obligations; or 
 (h) any other circumstance (including, without limitation, any statute of limitations) or any existence of or reliance on any
representation by any Lender Party that might otherwise constitute a defense available to, or a discharge of, any Loan Party or any other guarantor or surety, except payment in full. 
 This Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Guaranteed Obligations is rescinded or must otherwise be returned by any Lender
Party or any other Person upon the insolvency, bankruptcy or reorganization of the Borrower or any other Loan Party or otherwise, all as though such payment had not been made. 
 SECTION 8.03. Waivers and Acknowledgments. (a) Each Guarantor hereby unconditionally and irrevocably waives promptness,
diligence, notice of acceptance, presentment, demand for performance, notice of nonperformance, default, acceleration, protest or dishonor and, except for those notices specified under this Agreement, any other notice with respect to any of the
Guaranteed Obligations and this Guaranty and any requirement that any Lender Party protect, secure, perfect or insure any Lien or any property subject thereto or exhaust any right or take any action against any Loan Party or any other Person or any
Collateral. 
 (b) Each Guarantor hereby unconditionally and irrevocably waives any right to revoke this Guaranty
and acknowledges that this Guaranty is continuing in nature and applies to all Guaranteed Obligations, whether existing now or in the future. 
 (c) Each Guarantor hereby unconditionally and irrevocably waives (i) any defense arising by reason of any claim or defense based upon an election of remedies by any Lender Party that in any manner
impairs, reduces, releases or otherwise adversely affects the subrogation, reimbursement, exoneration, contribution or indemnification rights of such Guarantor or other rights of such Guarantor to proceed against any of the other Loan Parties, any
other guarantor or any other Person or any Collateral and (ii) any defense based on any right of set-off or counterclaim against or in respect of the Obligations of such Guarantor hereunder. 
 (d) Each Guarantor acknowledges that the Collateral Agent may, without notice to or demand upon such Guarantor and without
affecting the liability of such Guarantor under this Guaranty, foreclose under any mortgage by nonjudicial sale, and each Guarantor hereby waives any defense to the recovery by the Collateral Agent and the other Secured Parties against such
Guarantor of any deficiency after such nonjudicial sale and any defense or benefits that may be afforded by applicable law. 
 (e) Each Guarantor hereby unconditionally and irrevocably waives any duty on the part of any Lender Party to disclose to such Guarantor any matter, fact or thing relating to the business, condition
(financial or otherwise), operations, performance, properties or prospects of any other Loan Party or any of its Subsidiaries now or hereafter known by such Lender Party. 
 (f) Each Guarantor acknowledges that it will receive substantial direct and indirect benefits from the financing arrangements
contemplated by the Loan Documents or any Secured Hedge Agreement and that the waivers set forth in Section 8.02 and this Section 8.03 are knowingly made in contemplation of such benefits. 
  

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 SECTION 8.04. Subrogation. Each Guarantor hereby unconditionally and irrevocably
agrees not to exercise any rights that it may now have or hereafter acquire against the Borrower, any other Loan Party or any other insider guarantor that arise from the existence, payment, performance or enforcement of such Guarantor’s
Obligations under or in respect of this Guaranty or any other Loan Document or any Secured Hedge Agreement or any Secured Cash Management Agreement, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or
indemnification and any right to participate in any claim or remedy of any Lender Party against the Borrower, any other Loan Party or any other insider guarantor or any Collateral, whether or not such claim, remedy or right arises in equity or under
contract, statute or common law, including, without limitation, the right to take or receive from the Borrower, any other Loan Party or any other insider guarantor, 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, remedy or right, unless and until all of the Guaranteed Obligations and all other amounts payable under this Guaranty shall have been paid in full in cash, all Letters of Credit and all Secured
Hedge Agreements and all Secured Cash Management Agreements shall have expired or been terminated (or the Letters of Credit shall have been cash collateralized or any other back-stop thereof shall have occurred) and the Commitments shall have
expired or been terminated. If any amount shall be paid to any Guarantor in violation of the immediately preceding sentence at any time prior to the latest of (a) the payment in full in cash of the Guaranteed Obligations and all other amounts
payable under this Guaranty, (b) the Termination Date and (c) the latest date of expiration or termination of all Letters of Credit (or cash collateralization thereof or other back-stop thereof, as applicable) and all Secured Hedge
Agreements and Secured Cash Management Agreements, such amount shall be received and held in trust for the benefit of the Lender Parties, shall be segregated from other property and funds of such Guarantor and shall forthwith be paid or delivered to
the Administrative Agent in the same form as so received (with any necessary endorsement or assignment) to be credited and applied to the Guaranteed Obligations and all other amounts payable under this Guaranty, whether matured or unmatured, in
accordance with the terms of the Loan Documents or any Secured Hedge Agreement, or to be held as Collateral for any Guaranteed Obligations or other amounts payable under this Guaranty thereafter arising. If (i) any Guarantor shall make payment
to any Lender Party of all or any part of the Guaranteed Obligations, (ii) all of the Guaranteed Obligations and all other amounts payable under this Guaranty shall have been paid in full in cash, (iii) the Termination Date shall have
occurred and (iv) all Letters of Credit and all Secured Hedge Agreements shall have expired or been terminated (or, in the case of the Letters of Credit, shall have been cash collateralized or any other back-stop thereof shall have occurred),
the Lender Parties will, at such Guarantor’s request and expense, execute and deliver to such Guarantor appropriate documents, without recourse and without representation or warranty, necessary to evidence the transfer by subrogation to such
Guarantor of an interest in the Guaranteed Obligations resulting from such payment made by such Guarantor pursuant to this Guaranty. 
 SECTION 8.05. Guaranty Supplements. Upon the execution and delivery by any Person of a guaranty supplement in substantially the form of Exhibit E hereto (each, a “Guaranty Supplement”), (a) such Person
shall be referred to as an “Additional Guarantor” and shall become and be a Guarantor hereunder, and each reference in this Guaranty to a “Guarantor” shall also mean and be a reference to such Additional Guarantor,
and each reference in any other Loan Document or any Secured Hedge Agreement to a “Subsidiary Guarantor” shall also mean and be a reference to such Additional Guarantor, and (b) each reference herein to “this Guaranty,”
“hereunder,” “hereof” or words of like import referring to this Guaranty, and each reference in any other Loan Document or any Secured Hedge Agreement or Secured Cash Management Agreement to the “Guaranty,”
“thereunder,” “thereof” or words of like import referring to this Guaranty, shall mean and be a reference to this Guaranty as supplemented by such Guaranty Supplement. 
  

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 SECTION 8.06. Subordination. Each Guarantor hereby subordinates any and all debts,
liabilities and other Obligations owed to such Guarantor by each other Loan Party (the “Subordinated Obligations”) to the Guaranteed Obligations to the extent and in the manner hereinafter set forth in this Section 8.06:

 (a) Prohibited Payments, Etc. Except during the continuance of an Event of Default, each Guarantor may
receive payments from any other Loan Party on account of the Subordinated Obligations. After the occurrence and during the continuance of any Event of Default, however, unless the Required Lenders otherwise agree, no Guarantor shall demand, accept
or take any action to collect any payment on account of the Subordinated Obligations. 
 (b) Prior Payment of
Guaranteed Obligations. In any proceeding under any Bankruptcy Law relating to any other Loan Party, each Guarantor agrees that the Lender Parties shall be entitled to receive payment in full in cash of all Guaranteed Obligations (including all
interest and expenses accruing after the commencement of a proceeding under any Bankruptcy Law, whether or not constituting an allowed claim in such proceeding (“Post-Petition Interest”)) before such Guarantor receives
payment of any Subordinated Obligations. 
 (c) Turn-Over. After the occurrence and during the continuance
of any Event of Default, each Guarantor shall, if the Administrative Agent so requests, collect, enforce and receive payments on account of the Subordinated Obligations as trustee for the Lender Parties and deliver such payments to the
Administrative Agent on account of the Guaranteed Obligations (including all Post-Petition Interest), together with any necessary endorsements or other instruments of transfer, but without reducing or affecting in any manner the liability of such
Guarantor under the other provisions of this Guaranty. 
 (d) Administrative Agent Authorization. After
the occurrence and during the continuance of any Event of Default, the Administrative Agent is authorized and empowered (but without any obligation to so do), in its discretion, (i) in the name of each Guarantor, to collect and enforce, and to
submit claims in respect of, the Subordinated Obligations and to apply any amounts received thereon to the Guaranteed Obligations (including any and all Post-Petition Interest), and (ii) to require each Guarantor (A) to collect and
enforce, and to submit claims in respect of, the Subordinated Obligations and (B) to pay any amounts received on such obligations to the Administrative Agent for application to the Guaranteed Obligations (including any and all Post-Petition
Interest). 
 SECTION 8.07. Continuing Guaranty; Assignments. This Guaranty is a continuing guaranty and shall
(a) remain in full force and effect until the latest of (i) the payment in full in cash of the Guaranteed Obligations (other than Unmatured Surviving Obligations) and all other amounts payable under this Guaranty, (ii) the Termination
Date and (iii) the latest date of expiration or termination of all Letters of Credit (or cash collateralization thereof or other back-stop thereof), (b) be binding upon each Guarantor, its successors and assigns and (c) inure to the
benefit of and be enforceable by the Lender Parties and their successors, transferees and assigns that are permitted under Section 9.07. No Guarantor shall have the right to assign its rights hereunder or any interest herein without the prior
written consent of the Lender Parties. 
  

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 ARTICLE IX 
 MISCELLANEOUS 
 SECTION 9.01. Amendments, Etc.
Except as provided in Section 2.18 with respect to any Additional Revolving Credit Commitment Amendment, no amendment or waiver of any provision of this Agreement or the Notes, nor consent to any departure by any Loan Party therefrom, shall in
any event be effective unless the same shall be in writing and signed by the Required Lenders (except as provided in Section 5.01(k)(i), which may be performed 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; provided, however, that (a) no amendment, waiver or consent shall, unless in writing and signed by all of the Lender Parties (other than any Lender Party
that is, at such time, a Defaulting Lender), do any of the following at any time: 
 (i) in the case of the
Initial Extension of Credit, waive any of the conditions specified in Section 3.01 or Section 3.02, 
 (ii) amend the definition of “Required Lenders”, “Supermajority Lenders”, or “Pro Rata Share” or any other provision hereof that would change the percentage of (x) the Commitments, (y) the aggregate
unpaid principal amount of the Advances or (z) the aggregate Available Amount of outstanding Letters of Credit that, in each case, shall be required for the Lenders or any of them to take any action hereunder, 
 (iii) except pursuant to the Intercreditor Agreement and except to the extent that it would constitute a Transfer permitted
under Section 5.02(e), release one or more Significant Guarantors (or otherwise limit such Significant Guarantors’ liability with respect to the Obligations owing to the Agents and the Lender Parties under the Guaranties) if such release
or limitation is in respect of all or substantially all of the value of the Guaranties to the Lender Parties, except as a transfer or dissolution would be permitted under Section 5.02(d), 
 (iv) except pursuant to the Intercreditor Agreement, release all or substantially all of the Collateral in any transaction or
series of related transactions, 
 (v) amend this Section 9.01, or 
 (b) no amendment, waiver or consent shall, unless in writing and signed by the Supermajority Lenders: 
 (i) change the definition of “Excess Availability” or “Borrowing Base” or any component definition of any
such terms if, as a result thereof, the amounts available to be borrowed by the Borrower would be increased, provided that the foregoing shall not limit the discretion of the Administrative Agent to change, establish or eliminate any Reserves
pursuant hereto, 
 (ii) increase the Credit Card Advance Rate or the Inventory Advance Rate if, as a result
thereof, the amount available to be borrowed by the Borrower would be increased, or 
 and (c) no amendment, waiver or consent shall,
unless in writing and signed by the Required Lenders and each Lender Party specified below for such amendment, waiver or consent: 
 (i) increase the Commitments of a Lender Party without the consent of such Lender Party, 
  

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 (ii) reduce the principal of, or stated rate of interest (other than Default
Rate) on, the Advances owed to a Lender Party or any fees or other amounts stated to be payable hereunder or under the other Loan Documents to such Lender Party (other than in accordance with the terms hereof) without the consent of such Lender
Party, 
 (iii) postpone any date scheduled for any payment of principal of, or interest on, the Advances
pursuant to Section 2.07 or any date fixed for any payment of fees hereunder in each case payable to a Lender Party without the consent of such Lender Party; 
 provided further that no amendment, waiver or consent shall, unless in writing and signed by an Agent in addition to the Lenders required above to take such action, affect the rights or duties of
such Agent under this Agreement or the other Loan Documents. 
 SECTION 9.02. Notices, Etc. (a) All
notices and other communications provided for hereunder shall be either (x) in writing (including telegraphic, telecopy or electronic communication) and mailed, telegraphed, telecopied or delivered or (y) as and to the extent set forth in
Section 9.02(b) and in the proviso to this Section 9.02(a), in an electronic medium and delivered as set forth in Section 9.02(b), if to any Loan Party, to the Borrower at its address at One Limited Parkway, Columbus, OH 43230,
Attention: Matt Moellering, Chief Financial Officer; Telecopy: (614) 415-4858, E-mail Address: mmoellering@expressfashion.com; with a copy to: Golden Gate Capital at its address at One Embarcadero Center, 33rd Floor, San Francisco, CA 94111, Attention: Joshua Olshansky,
Telecopy: (415) 627-4501, E-mail Address: jolshansky@goldengatecap.com; with a copy to: Kirkland & Ellis LLP, 555 California Street, Suite 2700, San Francisco, CA 94104, Telecopy: (415) 439-1500, Attention: John Friedrichs, E-mail
Address: jfriedrichs@kirkland.com; if to any Initial Lender Party, at its Domestic Lending Office specified opposite its name on Schedule I hereto; if to any other Lender Party, at its Domestic Lending Office specified in the Assignment and
Assumption pursuant to which it became a Lender Party; if to the Administrative Agent and to the Collateral Agent, to Wells Fargo Retail Finance, LLC, at its address at One Boston Place, 18th Floor, Boston, MA 02108, Attention: William Chan, Vice President and Senior Account Executive, Telecopy:
(866) 349 8857, E-mail Address: william.chan@wellsfargo.com, with a copy to Shearman & Sterling LLP, 599 Lexington Avenue, New York, New York, 10022, Attention: Maura O’ Sullivan, Esq., Telecopy: (646) 848 7897, E-mail
Address: mosullivan@shearman.com; or, as to any party, at such other address as shall be designated by such party in a written notice to the other parties; provided, however, that materials and information described in
Section 9.02(b) shall be delivered to the Administrative Agent in accordance with the provisions thereof or as otherwise specified to the Borrower by the Administrative Agent. All such notices and other communications shall, when mailed,
telegraphed, telecopied, or e-mailed, be effective upon receipt. Delivery by telecopier of an executed counterpart of a signature page to any amendment or waiver of any provision of this Agreement or the Notes shall be effective as delivery of an
original executed counterpart thereof. 
 (b) The Borrower hereby agrees that it will provide to the
Administrative Agent all information, documents and other materials that it is obligated to furnish to the Administrative Agent pursuant to the Loan Documents, including, without limitation, all notices, requests, financial statements, financial and
other reports, certificates and other information materials, but excluding any such communication that (i) relates to a request for a Conversion of an existing, Borrowing (including any election of an interest rate or interest period relating
thereto), (ii) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (iii) provides notice of any Default or Event of Default under this Agreement or (iv) is required to
be delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or any Borrowing (all such non-excluded communications being referred to herein collectively as “Communications”), by transmitting the
Communications in an electronic/soft medium in a format acceptable to the Administrative Agent to an

  

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electronic mail address specified by the Administrative Agent to the Borrower. In addition, the Borrower agrees to continue to provide the Communications to the Administrative Agent in the manner
specified in the Loan Documents but only to the extent requested by the Administrative Agent. The Borrower further agrees that the Administrative Agent may make the Communications available to the Lenders by posting the Communications on IntraLinks
or a substantially similar electronic transmission system (the “Platform”). 
 (c) THE
PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”. THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS
OR OMISSIONS IN THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM
VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE AGENT PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT OR ANY OF ITS AFFILIATES OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS,
ADVISORS OR REPRESENTATIVES (COLLECTIVELY, “AGENT PARTIES”) HAVE ANY LIABILITY TO THE BORROWER, ANY LENDER PARTY OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING, WITHOUT LIMITATION, DIRECT OR INDIRECT, SPECIAL, INCIDENTAL
OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF THE BORROWER’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF
ANY AGENT PARTY IS FOUND IN A FINAL NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED PRIMARILY FROM SUCH AGENT PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. 
 (d) The Administrative Agent agrees that the receipt of the Communications by the Administrative Agent at its e-mail address
set forth above shall constitute effective delivery of the Communications to the Administrative Agent for purposes of the Loan Documents. Each Lender Party agrees that notice to it (as provided in the next sentence) specifying that the
Communications have been posted to the Platform shall constitute effective delivery of the Communications to such Lender Party for purposes of the Loan Documents. Each Lender Party agrees (i) to notify the Administrative Agent in writing
(including by electronic communication) from time to time of such Lender Party’s e-mail address to which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such e-mail address.
Nothing herein shall prejudice the right of the Administrative Agent or any Lender Party to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document. 
 SECTION 9.03. No Waiver; Remedies. No failure on the part of any Lender Party or any Agent to exercise, and no delay in exercising,
any right hereunder or under any Note or any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any such right 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 law. 
 SECTION 9.04. Costs and
Expenses. (a) The Borrower agrees to pay within 30 days of demand with backup documentation (i) all reasonable, documented and out-of-pocket costs and expenses of each Agent and the Lead Arranger in connection with the preparation,
execution, delivery, administration, modification and amendment of, or any consent or waiver under, the Loan Documents

  

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(including, without limitation, (A) all due diligence, collateral review, syndication (including printing, distribution and bank meetings), transportation, computer, duplication, appraisal,
audit, insurance, consultant, search, filing and recording fees and expenses, (B) in connection with the “work-out” or restructuring of the obligations and (C) the reasonable fees and expenses of one counsel (together with one
local or foreign counsel in each relevant jurisdiction) representing both the Administrative Agent and the Lead Arranger with respect thereto, with respect to advising such Agent as to its rights and responsibilities, or the perfection, protection
or preservation of rights or interests, under the Loan Documents, with respect to negotiations with any Loan Party or with other creditors of any Loan Party or any of its Subsidiaries arising out of any Event of Default or any events or
circumstances that may give rise to an Event of Default and with respect to presenting claims in or otherwise participating in or monitoring any bankruptcy, insolvency or other similar proceeding involving creditors’ rights generally and any
proceeding ancillary thereto and (ii) all reasonable, documented and out-of-pocket costs and expenses of the Administrative Agent, the Lead Arranger and each Lender Party in connection with the enforcement of the Loan Documents, whether in any
action, suit or litigation, or any bankruptcy, insolvency or other similar proceeding affecting creditors’ rights generally (including, without limitation, the reasonable fees and expenses of one counsel for the Administrative Agent and each
Lender Party with respect thereto). 
 (b) The Borrower agrees to indemnify, defend and save and hold harmless
each Agent, the Lead Arranger, each Lender Party and each of their Affiliates and their respective officers, directors, employees, agents and advisors (each, an “Indemnified Party”) from and against, and shall pay on demand,
any and all claims, damages, losses, liabilities and expenses (including, without limitation, reasonable fees and expenses of counsel) that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in
connection with or by reason of (including, without limitation, in connection with any investigation, litigation or proceeding or preparation of a defense in connection therewith) (i) the Facilities, the actual or proposed use of the proceeds
of the Advances, the Transaction Documents or any of the transactions contemplated thereby, including, without limitation, any acquisition or proposed acquisition (including, without limitation, the Transaction) by the Sponsor or any of its
Subsidiaries or Affiliates of all or any portion of the Equity Interests in or Debt securities or substantially all of the assets of the Borrower or any of its Subsidiaries or (ii) the actual or alleged presence of Hazardous Materials on any
property of any Loan Party or any of its Subsidiaries or any Environmental Action relating in any way to any Loan Party or any of its Subsidiaries, except to the extent such claim, damage, loss, liability or expense is found in a final,
non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross negligence, bad faith or willful misconduct or that of its affiliates, directors, officers, employees, advisors or agents;
provided that the Borrower shall not be required to reimburse the legal fees and expenses of more than one outside counsel (in addition to a single special counsel and up to one local counsel in each applicable local jurisdiction) for all
Indemnified Parties (which shall be selected by the Administrative Agent) unless, in the reasonable opinion of the Administrative Agent, representation of all such Indemnified Parties would be inappropriate due to existence of an actual or potential
conflict of interest. In the case of an investigation, litigation or other proceeding to which the indemnity in this Section 9.04(b) applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is
brought by any Loan Party, its directors, shareholders or creditors, any Indemnified Party or any other Person, whether or not any Indemnified Party is otherwise a party thereto and whether or not the Transaction is consummated. The Borrower also
agrees not to assert any claim against the Administrative Agent, any Lender Party or any of their Affiliates, or any of their respective officers, directors, employees, agents and advisors, on any theory of liability, for special, indirect,
consequential or punitive damages arising out of or otherwise relating to the Facilities, the actual or proposed use of the proceeds of the Advances, the Transaction Documents or any of the transactions contemplated by the Transaction Documents.

  

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 (c) If any payment of principal of, or Conversion of, any Eurodollar Rate
Advance is made by the Borrower to or for the account of a Lender Party other than on the last day of the Interest Period for such Advance, as a result of a payment or Conversion pursuant to Section 2.06, 2.09(a)(i) or 2.10(d),
acceleration of the maturity of the Advances pursuant to Section 6.01 or for any other reason, or if the Borrower fails to make any payment or prepayment of a Eurodollar Rate Advance for which a notice of prepayment has been given or that is
otherwise required to be made, whether pursuant to Section 2.04, 2.06 or 6.01 or otherwise, the Borrower shall, upon demand by such Lender Party (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the
account of such Lender Party any amounts required to compensate such Lender Party for any additional losses, costs or expenses that it may reasonably incur as a result of such payment or Conversion or such failure to pay or prepay, as the case may
be, including, without limitation, any loss (excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by any Lender Party to fund or maintain such Advance.

 (d) If any Loan Party fails to pay when due any undisputed costs, expenses or other amounts payable by it
under any Loan Document, including, without limitation, fees and expenses of counsel and indemnities, such amount may be paid on behalf of such Loan Party by the Administrative Agent or any Lender Party, in its sole discretion. 
 (e) Without prejudice to the survival of any other agreement of any Loan Party hereunder or under any other Loan Document,
the agreements and obligations of the Borrower contained in Sections 2.10 and 2.12 and this Section 9.04 shall survive the payment in full of principal, interest and all other amounts payable hereunder and under any of the other Loan
Documents. 
 SECTION 9.05. Right of Set-off. Upon (a) the occurrence and during the continuance of any Event of
Default and (b) the making of the request or the granting of the consent specified by Section 6.01 to authorize the Administrative Agent to declare the Advances due and payable pursuant to the provisions of Section 6.01, each Agent
and each Lender Party and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and otherwise apply any and all deposits (general or special, time or demand,
provisional or final) at any time held and other indebtedness at any time owing by such Agent, such Lender Party or such Affiliate to or for the credit or the account of the Borrower against any and all of the Obligations of the Borrower now or
hereafter existing under the Loan Documents, irrespective of whether such Agent or such Lender Party shall have made any demand under this Agreement and although such Obligations may be unmatured. Each Agent and each Lender Party agrees promptly to
notify the Borrower after any such set-off and application; provided, however, that the failure to give such notice shall not affect the validity of such set-off and application. The rights of each Agent and each Lender Party and their
respective Affiliates under this Section are in addition to other rights and remedies (including, without limitation, other rights of set-off) that such Agent, such Lender Party and their respective Affiliates may have. 
 SECTION 9.06. Binding Effect. This Agreement shall become effective when it shall have been executed by the Borrower and each Agent
and the Administrative Agent shall have been notified by each Initial Lender Party that such Initial Lender Party has executed it and thereafter shall be binding upon and inure to the benefit of the Borrower, each Agent and each Lender Party and
their respective successors and assigns, except that the Borrower shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of each Lender Party. 
 SECTION 9.07. Assignments and Participations. (a) Each Lender may assign to one or more Eligible Assignees all or a portion of
its rights and obligations under this Agreement (including, without limitation, all or a portion of its Revolving Credit Commitment, the Advances owing to it and the Note or Notes held by it); provided, however, that (i) each such
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uniform, and not a varying, percentage of all rights and obligations under and in respect of the applicable Facility, (ii) except in the case of an assignment to a Person that, immediately
prior to such assignment, was a Lender, an Affiliate of any Lender or an Approved Fund of any Lender or an assignment of all of a Lender’s rights and obligations under this Agreement, the aggregate amount of the Commitments being assigned to
such Eligible Assignee pursuant to such assignment (determined as of the date of the Assignment and Assumption with respect to such assignment) shall in no event be less than $5,000,000, (iii) each such assignment shall be to an Eligible
Assignee, (iv) no such assignments shall be permitted without the consent of the Administrative Agent until the Administrative Agent shall have notified the Lender Parties that syndication of the Commitments hereunder has been completed and
(v) the parties to each such assignment shall execute and deliver to the Administrative Agent, for its acceptance and recording in the Register, an Assignment and Assumption, together with any Note or Notes (if any). 
 (b) Upon such execution, delivery, acceptance and recording, from and after the effective date specified in such Assignment
and Assumption, (i) the assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Assumption, have the rights and obligations of a Lender or
Issuing Bank, as the case may be, hereunder and (ii) the Lender or Issuing Bank assignor thereunder shall, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment and Assumption, relinquish its
rights (other than its rights under Sections 2.10, 2.12 and 9.04 to the extent any claim thereunder relates to an event arising prior to such assignment) and be released from its obligations under this Agreement (and, in the case of an
Assignment and Assumption covering all of the remaining portion of an assigning Lender’s or Issuing Bank’s rights and obligations under this Agreement, such Lender or Issuing Bank shall cease to be a party hereto). 
 (c) By executing and delivering an Assignment and Assumption, each Lender Party assignor thereunder and each assignee
thereunder confirm to and agree with each other and the other parties thereto and hereto as follows: (i) other than as provided in such Assignment and Assumption, such assigning Lender Party makes no representation or warranty and assumes no
responsibility with respect to any statements, warranties or representations made in or in connection with any Loan Document or the execution, legality, validity, enforceability, genuineness, sufficiency or value of, or the perfection or priority of
any lien or security interest created or purported to be created under or in connection with, any Loan Document or any other instrument or document furnished pursuant thereto; (ii) such assigning Lender Party makes no representation or warranty
and assumes no responsibility with respect to the financial condition of any Loan Party or the performance or observance by any Loan Party of any of its obligations under any Loan Document or any other instrument or document furnished pursuant
thereto; (iii) such assignee confirms that it has received a copy of this Agreement, together with copies of the financial statements referred to in Section 4.01 and such other documents and information as it has deemed appropriate to make
its own credit analysis and decision to enter into such Assignment and Assumption; (iv) such assignee will, independently and without reliance upon any Agent, such assigning Lender Party or any other Lender Party and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (v) such assignee confirms that it is an Eligible Assignee; (vi) such assignee appoints
and authorizes each Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Loan Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers and discretion as are
reasonably incidental thereto; and (vii) such assignee agrees that it will perform in accordance with their terms all of the obligations that by the terms of this Agreement are required to be performed by it as a Lender or Issuing Bank, as the
case may be. 
 (d) The Administrative Agent, acting for this purpose (but only for this purpose) as the agent of
the Borrower, shall maintain at its address referred to in Section 9.02 a copy of each Assignment and Assumption delivered to and accepted by it and a register for the recordation of the

  

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names and addresses of the Lender Parties and the Commitment under each Facility of, and principal amount of the Advances owing under each Facility to, each Lender Party from time to time (the
“Register”). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Agents and the Lender Parties shall treat each Person whose name is recorded in the
Register as a Lender Party hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower or any Agent or any Lender Party at any reasonable time and from time to time upon reasonable prior notice.

 (e) Upon its receipt of an Assignment and Assumption executed by an assigning Lender Party and an assignee,
together with any Note or Notes (if any) subject to such assignment, the Administrative Agent shall, if such Assignment and Assumption has been completed and is in substantially the form of Exhibit C hereto, (i) accept such Assignment and
Assumption, (ii) record the information contained therein in the Register and (iii) give prompt notice thereof to the Borrower and each other Agent. In the case of any assignment by a Lender, within five Business Days after its receipt of
such notice, the Borrower, at its own expense, shall execute and deliver to the Administrative Agent in exchange for the surrendered Note or Notes (if any) a new Note to the order of such Eligible Assignee in an amount equal to the Commitment
assumed by it under each Facility pursuant to such Assignment and Assumption and, if any assigning Lender that had a Note or Notes prior to such assignment has retained a Commitment hereunder under such Facility, a new Note to the order of such
assigning Lender in an amount equal to the Commitment retained by it hereunder. Such new Note or Notes shall be dated the effective date of such Assignment and Assumption and shall otherwise be in substantially the form of Exhibit A hereto.
Notwithstanding anything contained herein to the contrary, Notes shall not be required in respect of the Letter of Credit Facility. 
 (f) The Issuing Bank may assign to an Eligible Assignee all of its rights and obligations under the undrawn portion of its Letter of Credit Commitment at any time; provided, however, that
(i) each such assignment shall be to an Eligible Assignee and (ii) the parties to each such assignment shall execute and deliver to the Administrative Agent, for its acceptance and recording in the Register, an Assignment. 
 (g) Each Lender Party may sell participations to one or more Persons (other than any Loan Party or any of its Affiliates) in
or to all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Commitments, the Advances owing to it and the Note or Notes (if any) held by it); provided, however, that
(i) such Lender Party’s obligations under this Agreement (including, without limitation, its Commitments) shall remain unchanged, (ii) such Lender Party shall remain solely responsible to the other parties hereto for the performance
of such obligations, (iii) such Lender Party shall remain the holder of any such Note for all purposes of this Agreement, (iv) the Borrower, the Agents and the other Lender Parties shall continue to deal solely and directly with such
Lender Party in connection with such Lender Party’s rights and obligations under this Agreement and (v) no participant under any such participation shall have any right to approve any amendment or waiver of any provision of any Loan
Document, or any consent to any departure by any Loan Party therefrom, except to the extent that such amendment, waiver or consent would reduce the principal of, or interest on, the Advances or any fees or other amounts payable hereunder, in each
case to the extent subject to such participation, postpone any date fixed for any payment of principal of, or interest on, the Advances or any fees or other amounts payable hereunder, in each case to the extent subject to such participation, or
release all or substantially all of the Collateral or the value of the Guaranties. 
 (h) Any Lender Party may,
in connection with any assignment or participation or proposed assignment or participation pursuant to this Section 9.07, disclose to the assignee or participant or proposed assignee or participant any information relating to the Borrower
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Party by or on behalf of the Borrower; provided, however, that, prior to any such disclosure, the assignee or participant or proposed assignee or participant shall agree to preserve
the confidentiality of any Confidential Information received by it from such Lender Party. 
 (i) Notwithstanding
any other provision set forth in this Agreement, any Lender Party may at any time create a security interest in all or any portion of its rights under this Agreement (including, without limitation, the Advances owing to it and the Note or Notes (if
any) held by it) in favor of any Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve System. 
 (j) Notwithstanding anything to the contrary contained herein, any Lender that is a Fund may create a security interest in all or any portion of the Advances owing to it and any Note or Notes held by it
to the trustee for holders of obligations owed, or securities issued, by such Fund as security for such obligations or securities; provided that, unless and until such trustee actually becomes a Lender in compliance with the other provisions
of this Section 9.07, (i) no such pledge shall release the pledging Lender from any of its obligations under the Loan Documents and (ii) such trustee shall not be entitled to exercise any of the rights of a Lender under the Loan
Documents even though such trustee may have acquired ownership rights with respect to the pledged interest through foreclosure or otherwise. 
 (k) Notwithstanding anything to the contrary contained herein, any Lender Party (a “Granting Lender”) may grant to a special purpose funding vehicle identified as such in writing
from time to time by the Granting Lender to the Administrative Agent and the Borrower (an “SPC”) the option to provide all or any part of any Advance that such Granting Lender would otherwise be obligated to make pursuant to
this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC to fund any Advance and (ii) if an SPC elects not to exercise such option or otherwise fails to make all or any part of such Advance, the
Granting Lender shall be obligated to make such Advance pursuant to the terms hereof. The making of an Advance by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Advance were made by such
Granting Lender. Each party hereto hereby agrees that (i) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement for which a Lender Party would be liable, (ii) no SPC shall be entitled to the benefits
of Sections 2.10 or 2.12 (or any other increased costs protection provision) and (iii) the Granting Lender shall for all purposes, including, without limitation, the approval of any amendment or waiver of any provision of any Loan
Document, remain the Lender Party of record hereunder. In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the
payment in full of all outstanding commercial paper or other senior Debt of any SPC, it will not institute against, or join any other person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceeding under the laws of the United States or any State thereof. Notwithstanding anything to the contrary contained in this Agreement, any SPC may (i) with notice to, but without prior consent of, the Borrower and the Administrative Agent,
assign all or any portion of its interest in any Advance to the Granting Lender and (ii) disclose on a confidential basis any non-public information relating to its funding of Advances to any rating agency, commercial paper dealer or provider
of any surety or guarantee or credit or liquidity enhancement to such SPC. This subsection (k) may not be amended without the prior written consent of each Granting Lender, all or any part of whose Advances are being funded by the SPC at
the time of such amendment. 
 SECTION 9.08. Execution in Counterparts. This Agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery by telecopier or by
electronic file of an executed counterpart of a signature page to this Agreement shall be effective as delivery of an original executed counterpart of this Agreement. 
  

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 SECTION 9.09. No Liability of the Issuing Bank. The Borrower assumes all risks of the
acts or omissions of any beneficiary or transferee of any Letter of Credit with respect to its use of such Letter of Credit. Neither the Issuing Bank nor any of its officers or directors shall be liable or responsible for: (a) the use that may
be made of any Letter of Credit or any acts or omissions of any beneficiary or transferee in connection therewith; (b) the validity, sufficiency or genuineness of documents, or of any endorsement thereon, even if such documents should prove to
be in any or all respects invalid, insufficient, fraudulent or forged; (c) payment by the Issuing Bank against presentation of documents that do not comply with the terms of a Letter of Credit, including failure of any documents to bear any
reference or adequate reference to the Letter of Credit; or (d) any other circumstances whatsoever in making or failing to make payment under any Letter of Credit, except that the Borrower shall have a claim against the Issuing Bank, and the
Issuing Bank shall be liable to the Borrower, to the extent of any direct, but not consequential, damages suffered by the Borrower that the Borrower proves were caused by (i) the Issuing Bank’s willful misconduct or gross negligence as
determined in a final, non-appealable judgment by a court of competent jurisdiction in determining whether documents presented under any Letter of Credit comply with the terms of the Letter of Credit or (ii) the Issuing Bank’s willful
failure to make lawful payment under a Letter of Credit after the presentation to it of a draft and certificates strictly complying with the terms and conditions of the Letter of Credit. In furtherance and not in limitation of the foregoing, the
Issuing Bank may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary. 
 SECTION 9.10. Confidentiality. Neither any Agent nor any Lender Party shall disclose any Confidential Information to any Person
without the consent of the Borrower, other than (a) to such Agent’s or such Lender Party’s Affiliates and their officers, directors, employees, agents and advisors and to actual or prospective Eligible Assignees and participants, and
then only on a confidential basis, (b) as required by any law, rule or regulation or judicial process, (c) as requested or required by any state, Federal or foreign authority or examiner (including the National Association of Insurance
Commissioners or any similar organization or quasi-regulatory authority) regulating such Lender Party, (d) to any rating agency when required by it, provided that, prior to any such disclosure, such rating agency shall undertake to
preserve the confidentiality of any Confidential Information relating to the Loan Parties received by it from such Lender Party or (e) in connection with the exercise of any right or remedy under this Agreement or any other Loan Document;
provided that, in the case of disclosure under clause (b), unless specifically prohibited by law or court order, each Agent and each Lender Party shall make reasonable efforts to notify the Borrower of any such requirement for disclosure
prior to the disclosure of such Confidential Information; or (f) to any direct or indirect contractual counterparty or prospective counterparty (or such contractual counterparty’s or prospective counterparty’s professional advisor) to
any credit derivative transaction relating to Obligations of the Borrower hereunder; provided that such counterparty (or such counterparty’s professional advisor) shall undertake to preserve the confidentiality of any Confidential
Information relating to the Loan Parties received by it in connection with such credit derivative transaction. 
 SECTION 9.11.
Release of Collateral. Upon the sale, lease, transfer or other disposition of any item of Collateral of any Loan Party in accordance with the terms of the Loan Documents, the Collateral Agent will, at the Borrower’s expense, execute and
deliver to such Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents in accordance with the terms of
the Loan Documents and, in the case of any sale or dissolution of any Guarantor (to the extent permitted by the Loan Documents), a release of such Guarantor from the Guaranty. 
  

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 SECTION 9.12. Replacement of Holdout Lender. (a) (i) If any action to be
taken by the Lender Parties or any Agent hereunder requires the unanimous consent, authorization, or agreement of all Lender Parties and the consent of the Required Lenders is obtained but a Lender (“Holdout Lender”) fails to
give its consent, authorization, or agreement or (ii) if at any time any Lender becomes a Defaulting Lender or becomes insolvent or (iii) if at any time the Borrower becomes obligated to pay additional payments described in
Section 2.10 and 2.12(a) to a Lender, in each case, then the Administrative Agent or the Borrower, upon at least five (5) Business Days prior irrevocable notice to the Holdout Lender, Defaulting Lender or other Lender, as the case may be,
may permanently replace the Holdout Lender, Defaulting Lender or other Lender, as the case may be, with one or more substitute Lenders (each, a “Replacement Lender”), and the Holdout Lender, the Defaulting Lender or other
Lender, as the case may be, shall have no right to refuse to be replaced hereunder. Such notice to replace the Holdout Lender, the Defaulting Lender or other Lender, as the case may be, shall specify an effective date for such replacement, which
date shall not be later than 15 Business Days after the date such notice is given. 
 (b) Prior to the effective
date of such replacement, the Holdout Lender, the Defaulting Lender or other Lender, as the case may be, and each Replacement Lender shall execute and deliver an Assignment and Assumption, subject only to the Holdout Lender, the Defaulting Lender or
other Lender, as the case may be, being repaid its share of the outstanding Obligations under the Loan Documents (including an assumption of such Lender’s participation, if such Lender is a Revolving Credit Lender, in all Letters of Credit
outstanding hereunder in an amount equal to such Lender’s Pro Rata Share of the Available Amount of such Letter of Credit) without any premium or penalty of any kind whatsoever. If the Holdout Lender, the Defaulting Lender or other Lender, as
the case may be, shall refuse or fail to execute and deliver any such Assignment and Assumption prior to the effective date of such replacement, the Holdout Lender, the Defaulting Lender or other Lender, as the case may be, shall be deemed to have
executed and delivered such Assignment and Assumption. The replacement of any Holdout Lender, the Defaulting Lender or other Lender, as the case may be, shall be made in accordance with the terms of Section 9.07. Until such time as the
Replacement Lenders shall have acquired all of the Obligations, the Commitments, and the other rights and obligations of the Holdout Lender hereunder and under the other Loan Documents, the Holdout Lender, the Defaulting Lender or the other Lender,
as the case may be, shall remain obligated to make the Holdout Lender’s, the Defaulting Lender’s or the other Lender’s Pro Rata Share of Advances and to purchase a participation in each Letter of Credit, in an amount equal to its Pro
Rata Share of the Available Amount of such Letter of Credit. 
 SECTION 9.13. Patriot Act Notice. Each Lender Party and
each Agent (for itself and not on behalf of any Lender Party) hereby notifies the Loan Parties that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each Loan Party, which
information includes the name and address of such Loan Party and other information that will allow such Lender Party or such Agent, as applicable, to identify such Loan Party in accordance with the Patriot Act. The Borrower shall, and shall cause
each of its Subsidiaries to, provide such information and take such actions as are reasonably requested by any Agent or any Lender Party in order to assist the Agents and the Lender Parties in maintaining compliance with the Patriot Act. 

SECTION 9.14. Jurisdiction, Etc. (a) Each of the parties hereto hereby irrevocably and unconditionally submits, for itself
and its property, to the nonexclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or
relating to this Agreement or any of the other Loan Documents to which it is a party, or for recognition or enforcement of any

  

 Express – Asset-Based Loan Credit Agreement 
 101 

 
judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in any such New York
State court or, to the fullest extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that any party may otherwise have to bring any action or proceeding relating to this Agreement or any of the other Loan Documents in the courts of any
jurisdiction. 
 (b) Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent it
may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any of the other Loan Documents to which it is a party in any
New York State or Federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
 SECTION 9.15. Governing Law. This Agreement and the Notes shall be governed by, and construed in accordance with, the laws of the
State of New York. 
 SECTION 9.16. Waiver of Jury Trial. The Loan Parties, the Agents and the Lender Parties irrevocably
waives all right to trial by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to any of the Loan Documents, the Advances, the Letters of Credit or the actions of any Agent or
any Lender Party in the negotiation, administration, performance or enforcement thereof. 
  

 Express – Asset-Based Loan Credit Agreement 
 102 

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

					
	EXPRESS, LLC, as Borrower
		
	By:	 	/s/ Matt Moellering
		 	Name:	 	Matt Moellering
		 	Title:	 	Chief Financial Officer
	
	EXPRESS HOLDING, LLC, as Parent
		
	By:	 	/s/ Matt Moellering
		 	Name:	 	Matt Moellering
		 	Title:	 	Chief Financial Officer
	
	EXPRESS GC, LLC
		
	By:	 	/s/ Matt Moellering
		 	Name:	 	Matt Moellering
		 	Title:	 	Chief Financial Officer
	
	RETAIL FACTORING, LLC
		
	By:	 	/s/ Matt Moellering
		 	Name:	 	Matt Moellering
		 	Title:	 	Chief Financial Officer
	
	WELLS FARGO RETAIL FINANCE, LLC, as Administrative Agent
		
	By:	 	/s/ William Chan
		 	Name:	 	William Chan
		 	Title:	 	Vice President

  

 Express – Asset-Based Loan Credit Agreement 
 103 

					
	WELLS FARGO RETAIL FINANCE, LLC, as
Collateral Agent
		
	 By:
	 	/s/ William Chan
		 	Name:	 	William Chan
		 	Title:	 	Vice President

  

 Express – Asset-Based Loan Credit Agreement 
 104 

					
	
	Initial Lenders
	
	THE CIT GROUP/BUSINESS CREDIT, INC. as
Co-Documentation Agent and Initial Lender
		
	By:	 	/s/ Robert L. Klein
		 	Name:	 	Robert L. Klein
		 	Title:	 	Vice President
	
	ALLIED IRISH BANK, as Initial Lender
		
	By:	 	/s/ Mia Bolin
		 	Name:	 	Mia Bolin
		 	Title:	 	Assistant Vice President
	
	GENERAL ELECTRIC CAPITAL CORPORATION
as Initial Lender
		
	By:	 	/s/ Lisa M. Staub
		 	Name:	 	Lisa M. Staub
		 	Title:	 	Duly Authorized Signatory
	
	MORGAN STANLEY SENIOR FUNDING, INC. as
Initial Lender
		
	By:	 	/s/ Eugene F. Martin
		 	Name:	 	Eugene F. Martin
		 	Title:	 	Vice President

  

 Express – Asset-Based Loan Credit Agreement 
 105 

					
	UPS CAPITAL CORPORATION as Initial Lender
		
	By:	 	/s/ William H. Talbot
		 	Name:	 	William H. Talbot
		 	Title:	 	Sr. Client Manager
	
	WACHOVIA CAPITAL FINANCE
CORPORATION (CENTRAL), as Initial Lender
		
	By:	 	/s/ Anthony Vizgrod
		 	Name:	 	Anthony Vizgrod
		 	Title:	 	Director
	
	Initial Issuing Bank
	
	WELLS FARGO RETAIL FINANCE, LLC, as
Initial Issuing Bank
		
	By:	 	/s/ William Chan
		 	Name:	 	William Chan
		 	Title:	 	Vice President
	
	Initial Swing Line Bank
	
	WELLS FARGO RETAIL FINANCE, LLC, as
Initial Swing Line Bank
		
	By:	 	/s/ William Chan
		 	Name:	 	William Chan
		 	Title:	 	Vice President

  

 Express – Asset-Based Loan Credit Agreement 
 106 

 Schedule I to the 
 ABL Credit Agreement 
 COMMITMENTS AND

 APPLICABLE LENDING OFFICES 
  

								
	 LENDER
	  	COMMITMENT	  	APPLICABLE LENDING OFFICE
	  	Revolving Credit
Commitment	  	Domestic Lending Office	 	 Eurodollar Lending Office

	 Wells Fargo Retail Finance, LLC
	  	$	63,000,000	  	One Boston Place
 18th Floor
 Boston, MA 02108
 Attention: Felicia Tyler
 Telecopy: (8661 358-0023
 E-mail Addresses:
 felicia.tyler@wellsfargo.com;
 wfrfwires@wellsfargo.com
	 	 2450 Colorado Avenue
 Suite
3000 West
 Santa Monica, CA 90404
 Attention: Jon Snyder
 Telecopy: (310) 453-7422
 E-mail Addresses:
 jon.synder@wellsfargo.com;
 gfoothillparticipantliboraccounting@wellsfargo.com
  

	 Morgan Stanley Senior Funding, Inc.
	  	$	4,000,000	  	One Pierrepont Plaza, 7th Floor
 300 Cadman Plaza West
 Brooklyn, NY 11201
 Attention: Erma Dell’Aquila 
 Telecopy: (718) 754-7249
 Email
Address:
 Erma.Dell’Aquila@morganstanley.com
  
 and
  
 Attention: Martin Telford / Ly Dinh
Telecopy: (718) 233-2140
 Email
Address:
 ldnnyservicing@morganstanley.com
	 	 One Pierrepont Plaza, 7th Floor
 300
Cadman Plaza West
 Brooklyn, NY 11201
 Attention: Erma Dell’Aquila
 Telecopy: (718) 754-7249
 Email Address:
 Erma.Dell’Aquila@morganstanley.com
  
 and
  
 Attention: Martin Telford / Ly Dinh 
 Telecopy: (718) 233-2140 
 Email Address:
 ldnnyservicing@morganstanley.com

  

 1 of 3 

 Schedule I to the 
 ABL Credit Agreement 
  

								
	 LENDER
	  	COMMITMENT	  	 APPLICABLE LENDING
OFFICE

	  	Revolving Credit
Commitment	  	 Domestic Lending Office
	  	 Eurodollar Lending Office

	 The CIT Group/Business Credit, Inc.
	  	$	40,000,000	  	 505 Fifth Avenue
 New York, NY
10017
 Attention: Kevin Vaughan
 Address: 134 Wooding Drive                 Danville, VA 24541
 Telecopy: (800) 394-9508
 Email Address:
 kevin.vaughan@cit.com
  
	  	 505 Fifth Avenue
 New York, NY
10017
 Attention: Kevin Vaushan
 Address: 134 Wooding Drive
                 Danville, VA 24541
 Telecopy:
(800) 394-9508
 Email Address:
 kevin.vaughan@cit.com
  

	 Wachovia Capital Finance Corporation (Central)
	  	$	40,000,000	  	 150 South Wacker Drive
 Suite
2200
 Chicago, IL 60606
 Attention: Mark Dunne
 Telecopy: (312) 332-6768
 Email Address: mark.dunne@wachovia.com
  
 with a copy to:
  
 Attention: Anthony Vizgirda / Steve Linderman
 Telecopy: (312) 332-0420
 Email Address:
 tony.vizgirda@wachovia.com

  
	  	 150 South Wacker Drive
 Suite
2200
 Chicago, IL 60606
 Attention: Mark Dunne
 Telecopy: (312)332-6768
 Email Address: mark.dunne@wachovia.com
  
 with a copy to:
  
 Attention: Anthony Vizgirda / Steve Linderman
 Telecopy: (312) 332-0420
 Email Address:
 tony.vizgirda@wachovia.com

  

	 General Electric Capital Corporation
	  	$	25,000,000	  	 201 Merritt 7
 P.O. Box 5201

 Norwalk, CT 06856
 Attention:
Pankaj Gyanani
 Telecopy: (203)229-5733
 Email Address:
 Pankaj.Gyanani@gecis.ge.com
	  	N/A

  

 2 of 3 

 Schedule I to the 
 ABL Credit Agreement 
  

								
	 LENDER
	  	COMMITMENT	  	 APPLICABLE LENDING
OFFICE

	  	Revolving Credit
Commitment	  	 Domestic Lending Office
	  	 Eurodollar Lending Office

	 UPS Capital Corporation
	  	$	16,000,000	  	 35 Glenlake Parkway, NE
 Atlanta, GA 30328
 Attention: Stephanie Richardson
 Telecopy: (404) 828-8571
 Email Address:
 sdrichardson@ups.com
  
	  	N/A
	 Allied Irish Banks, p.l.c.
	  	$	12,000,000	  	 Bankcentre,
 Ballsbridge
 Dublin 4
 Ireland

 Attention: Bernie Glynn / Peter Garvey
 Telecopy: 353 1 641 6668
 Email Address: aib.capmkts.ny@aib.ie
	  	 Bankcentre,
 Ballsbridge
 Dublin 4
 Ireland

 Attention: Bernie Glynn / Peter Garvey
 Telecopy: 353 1 641 6668
 Email Address: aib.capmkts.ny@aib.ie

  

 3 of 3 

 Schedule II to the 
 ABL Credit Agreement 
 Subsidiary Guarantors

  

			
	 Name
	  	 Jurisdiction of Organization

	Express GC, LLC	  	Ohio
	Retail Factoring, LLC	  	Nevada

 Schedule III to the 
 ABL Credit Agreement 
 EBITDA 
 [Attached] 

 Express 
  
 QofE Adjustment Allocation 

  

																					
	 	  	Full Year
FY06	 	 	Test	  	FY2006	 	 	FY2007	 
	  	 	FY06	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	 	Q1	 
								
	 Reported EBITDA (Internal)
	  			 		  	30.4	  	 	(9.0	) 	 	8.3	  	 	62.1	  	 	27.8	  
	 Reported LTM EBITDA (Internal)
	  			 		  			 			 			 	91.8	  	 	89.2	  
								
	QofE Adjustments:	  			 		  			 			 			 			 		
	 53rd week impact
	  	(7.4	) 	 	0.0	  			 			 			 	(7.4	) 	 	0.0	  
	 Duplicate inventory reserve
	  	(8.1	) 	 	0.0	  	(8.1	) 	 			 			 			 	0.0	  
	 Store supplies write-off
	  	7.3	  	 	0.0	  	(0.6	) 	 	(0.6	) 	 	8.5	  	 			 	(0.4	) 
	 Hurricane relief
	  	(4.0	) 	 	0.0	  	0.0	  	 			 	(2.0	) 	 	(2.0	) 	 	0.0	  
	 Legal settlement
	  	2.6	  	 	0.0	  	0.4	  	 	0.7	  	 	0.7	  	 	0.7	  	 	0.0	  
	 Shrink under accrual
	  	(1.8	) 	 	0.0	  	0.0	  	 			 	(0.5	) 	 	(1.3	) 	 	1.8	  
	 Push down adjustments
	  	1.5	  	 	0.0	  	2.3	  	 	1.8	  	 	1.0	  	 	(3.6	) 	 	4.4	  
	 Returns reserve release
	  	(0.8	) 	 	0.0	  	(0.3	) 	 	(0.2	) 	 	(0.2	) 	 	(0.2	) 	 	(0.1	) 
	 GAAP rent expense vs. cash
	  	(0.6	) 	 	0.0	  	(0.3	) 	 	(0.1	) 	 	(0.1	) 	 	(0.1	) 	 	0.2	  
	 Incentive compensation accrual
	  	(0.3	) 	 	0.0	  	0.0	  	 	(0.1	) 	 	(0.1	) 	 	(0.1	) 	 	0.3	  
	 Restricted stock compensation
	  	0.3	  	 	0.0	  	0.1	  	 	0.1	  	 	0.1	  	 	0.1	  	 	0.4	  
	 Asset losses
	  	0.2	  	 	0.0	  	0.1	  	 	0.0	  	 	0.0	  	 	0.0	  	 	0.0	  
		  	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total QofE
	  	(11.1	) 	 	0.0	  	(6.4	) 	 	1.7	  	 	7.5	  	 	(13.9	) 	 	6.6	  
								
	 QofE Proforma Adjustments:
	  			 		  			 			 			 			 		
	 Mgmt: Future additional allocations
	  	(7.1	) 	 	0.0	  	(1.8	) 	 	(1.8	) 	 	(1.8	) 	 	(1.8	) 	 	(1.8	) 
	 Mgmt: Stand-alone impact
	  	(5.5	) 	 	0.0	  	(1.4	) 	 	(1.4	) 	 	(1.4	) 	 	(1.4	) 	 	(1.4	) 
	 IT director
	  	(0.3	) 	 	0.0	  	(0.1	) 	 	(0.1	) 	 	(0.1	) 	 	(0.1	) 	 	(0.1	) 
	 Corporate jet replacement cost
	  	(0.3	) 	 	0.0	  	(0.1	) 	 	(0.1	) 	 	(0.1	) 	 	(0.1	) 	 	(0.1	) 
		  	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total QofE Proforma Adjustments
	  	(13.2	) 	 	0.0	  	(3.3	) 	 	(3.3	) 	 	(3.3	) 	 	(3.3	) 	 	(3.3	) 
								
	 Other Proforma Adjustments:
	  			 		  			 			 			 			 		
	 Normalized impact of store openings/closings
	  	1.1	  	 	0.0	  	0.3	  	 	0.3	  	 	0.3	  	 	0.3	  	 		
	 Actual employee benefits claims costs vs. allocated
	  	3.7	  	 	0.0	  	0.9	  	 	0.9	  	 	0.9	  	 	0.9	  	 	0.9	  
	 1/6th allocation of 53rd week impact
	  	1.2	  	 	0.0	  			 			 			 	1.2	  	 		
	 Other audit adjustment ($1.4M in 2006)
	  	(1.4	) 	 	0.0	  	(0.4	) 	 	(0.4	) 	 	(0.4	) 	 	(0.4	) 	 		
		  	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 		
	 Total Other Proforma Adjustments
	  	4.6	  	 	0.0	  	0.9	  	 	0.9	  	 	0.9	  	 	2.1	  	 	0.9	  
								
	 Total Adjustments
	  			 		  	(8.9	) 	 	(0.8	) 	 	5.1	  	 	(15.1	) 	 	4.2	  
								
	 Qofe Adjusted EBITDA
	  			 		  	21.5	  	 	(9.7	) 	 	13.3	  	 	47.0	  	 	32.0	  
	 Qofe Adjusted LTM EBITDA
	  			 		  			 			 			 	72.1	  	 	82.6	  

 Schedule 4.01(b) to 
 ABL Credit Agreement 
 Loan Parties

  

							
	 Name
	  	Jurisdiction of
Formation	  	 Principal Place of Business
	  	U.S. Taxpayer
Identification Number
	Express, LLC	  	Delaware	  	One Limited Parkway, Columbus, OH 43230	  	54-2170160
				
	Express Holding, LLC	  	Delaware	  	One Limited Parkway, Columbus, OH 43230	  	35-2298454
				
	Express GC, LLC	  	Ohio	  	One Limited Parkway, Columbus, OH 43230	  	31-1816092
				
	Retail Factoring, LLC	  	Nevada	  	6700 Via Austi Parkway, Suite C, Las Vegas, NV 89119	  	88-0306301

 Schedule 4.01(c) to 
 ABL Credit Agreement 
 Subsidiaries and Other
Equity Investments 
  

									
	 Subsidiary
	  	Jurisdiction of
Formation	  	Membership Interest	 	Certificate
No(s)	  	 Percentage of Membership Interests

	 Express, LLC
	  	Delaware	  	100%	 	1	  	100% of membership interests owned by Express Holding, LLC
					
	 Retail Factoring, LLC
	  	Ohio	  	100%	 	2	  	100% of membership interests owned by Express Holding, LLC
					
	 Express GC, LLC
	  	Nevada	  	100%	 	1	  	100% of membership interests owned by Express, LLC

 Schedule 4.01(e) to 
 ABL Credit Agreement 
 Governmental Authorizations
and Third Party Notifications 
 NONE 

 Schedule 4.01(g) to 
 ABL Credit Agreement 
 Litigation

 NONE 

 Schedule 4.01(q) to 
 ABL Credit Agreement 
 Employee Benefits Plans

  

	•	 	 Limited Brands, Inc. Executive Medical Plan 

  

	•	 	 Limited Brands, Inc. Executive Disability Plan 

  

	•	 	 Limited Brands, Inc. Executive Life Insurance 

  

	•	 	 Limited Brands, Inc. Health Benefits Plan 

  

	 	•	 	 Limited Brands, Inc. Medical Program 

  

	 	•	 	 Limited Brands, Inc. Dental Program 

  

	 	•	 	 Limited Brands, Inc. Employee Assistance Program 

  

	 	•	 	 Limited Brands, Inc. Flexible Spending Account Program 

  

	 	•	 	 Limited Brands, Inc. Long-Term Disability Program with Insurance Policy provided through Reliance Standard – policy #LTD 115509

  

	 	•	 	 Limited Brands, Inc. Short-Term Disability Program 

  

	 	•	 	 Limited Brands, Inc. Vision Insurance and Discount Program (offered through VSP) 

  

	 	•	 	 Limited Brands, Inc. Life Insurance Policy provided through MetLife – policy #1510100-G 

  

	•	 	 Limited Brands, Inc. Paid Time Off Program (California) 

  

	•	 	 Limited Brands, Inc. Paid Time Off Program (non-California) 

  

	•	 	 Limited Brands, Inc. Holiday Policy 

  

	•	 	 Limited Brands, Inc. Leave of Absence Policy 

  

	•	 	 Campus Door Education Program (school loans) 

  

	•	 	 Tuition Reimbursement 

  

	•	 	 Limited Brands, Inc. Adoption Assistance Program 

  

	•	 	 Limited Brands, Inc. Commuter Program 

  

	•	 	 Severance Plan 

  

	•	 	 Express Savings and Retirement Plan 

  

	•	 	 Express Supplemental Retirement Plan 

 Schedule 4.01(s) to 
 ABL Credit Agreement 
 Tax 
 NONE 

 Schedule 4.01(t) to 
 ABL Credit Agreement 
 Existing Debt

 NONE 

 Schedule 4.01(u) to 
 ABL Credit Agreement 
 Surviving Debt 

 1) Guaranteed Obligations of Borrower. None of the Debt listed is a Debt of Subsidiaries to Parent or another Subsidiary of Parent.

  

														
	Bonds
	 Bond No.
	  	 Principal Obligor
	  	 Obligee
	  	 Description
	  	Bond Amount	  	Effective	  	Expiration
	6380110	  	Express, LLC	  	PROGRESS ENERGY	  	Utility Bond	  	$	2,300.00	  	11/15/06	  	11/15/07
	6478229	  	Express, LLC	  	COM ED	  	Utility Payment, Electricity	  	$	4,490.00	  	4/5/07	  	4/5/08
	6379953	  	The Limited Stores	  	CON EDISON	  	Utility Bond	  	$	6,870.00	  	10/7/05	  	10/7/08
	6473181	  	Express, LLC	  	TAMPA ELECTRIC COMPANY	  	Utility Payment Bond	  	$	6,950.00	  	2/20/07	  	2/20708
	6379957	  	Express, LLC	  	CON EDISON	  	Utility Bond	  	$	23,360.00	  	10/7/05	  	10/7/08
	5746511	  	Structure, Inc.	  	CITY OF GAINESVILLE	  	Utility Payment Bond	  	$	1,500.00	  	12/10/06	  	12/10/07
	5746510	  	Structure, Inc.	  	CITY OF LOS ANGELES	  	Utility Payment Bond	  	$	2,000.00	  	10/15/06	  	10/15/07
	5702853	  	Structure, Inc.	  	FLORIDA POWER CORPORATION	  	Utility Payment Bond	  	$	2,300.00	  	10/20/06	  	10/20/07
	5702765	  	Structure, Inc.	  	UNION ELECTRIC COMPANY	  	Utility Payment Bond	  	$	3,954.00	  	11/04/06	  	11/04/07
	5702843	  	Structure, Inc.	  	TAMPA ELECTRIC COMPANY	  	Utility Payment Bond	  	$	7,115.00	  	9/16/06	  	9/16/07
	5857337	  	Structure, Inc.	  	STATE OF MISSOURI	  	Worker’s Compensation Bond	  	$	200,000.00	  	2/1/07	  	2/1/08
	5746530	  	Structure, Inc.	  	STATE OF NEVADA	  	Retailer and/or User Bond	  	$	270,900.00	  	12/29/06	  	12/29/07
	5660364	  	Limited Express	  	O.G.&E. ELECTRIC SERVICE	  	Utility Payment Bond	  	$	1,040.00	  	11/27/06	  	11/27/07
	5554863	  	Limited Express	  	OHIO POWER COMPANY	  	Utility Payment Bond	  	$	1,200.00	  	10/06/06	  	10/06/07
	5554820	  	Limited Express	  	NORTHEAST UTILITIES	  	Utility Payment Bond	  	$	1,685.00	  	12/13/06	  	12/13/07
	5614898	  	Limited Express	  	ALABAMA POWER COMPANY	  	Utility Payment Bond	  	$	1,800.00	  	11/02/06	  	11/02/07
	5877486	  	Express, Inc.	  	FLORIDA POWER CORP.	  	Utility Payment Bond	  	$	1,800.00	  	8/23/06	  	8/23/07
	5496932	  	Limited Express	  	FLORIDA POWER COMPANY	  	Utility Payment Bond	  	$	2,000.00	  	4/20/07	  	4/20/08
	5702854	  	Limited Express	  	CLAY ELECTRIC COOPERATIVE	  	Utility Payment Bond	  	$	2,000.00	  	10/20/06	  	10/20/07
	5877520	  	Express, Inc.	  	JOHNSON CITY POWER BOARD	  	Utility Payment Bond	  	$	2,000.00	  	10/02/06	  	10/02/07
	5660347	  	Limited Express	  	FLORIDA POWER COMPANY	  	Utility Payment Bond	  	$	2,200.00	  	8/28/06	  	8/28/07
	5496978	  	Limited Express	  	LOUISIANA POWER & LIGHT COMPANY	  	Utility Payment Bond	  	$	2,400.00	  	10/21/06	  	10/21/07
	5614928	  	Limited Express	  	LONG ISLAND LIGHTING CO.	  	Utility Payment Bond	  	$	2,630.00	  	4/5/07	  	4/5/08
	5554823	  	Limited Express	  	EASTERN EDISON UTILITIES	  	Utility Payment Bond	  	$	3,000.00	  	1/13/07	  	1/13/08

														
	Bonds
	 Bond No.
	  	 Principal Obligor
	  	 Obligee
	  	 Description
	  	Bond Amount	  	Effective	  	Expiration
	582437I	  	Express Inc.	  	SNOHOMISH COUNTY P.U.D. NO.l	  	Utility Payment Bond	  	$	3,075.00	  	2/21/07	  	2/21/08
	5554819	  	Limited Express	  	FLORIDA POWER CORPORATION	  	Utility Payment Bond	  	$	3,500.00	  	12/13/06	  	12/13/07
	5614904	  	Limited Express	  	ORLANDO UTILITIES COMMISSION	  	Utility Payment Bond	  	$	4,200.00	  	12/21/06	  	12/21/07
	5496944	  	Limited Express	  	FLORIDA POWER CORP.	  	Utility Payment Bond	  	$	4,600.00	  	6/2/06	  	6/2/07
	5746575	  	Express, Inc.	  	LOS ANGELES DEPARTMENT OF WATER & POWER	  	Utility Payment Bond	  	$	4,800.00	  	4/14/07	  	4/14/08
	5792231	  	Express, Inc.	  	TAMPA ELECTRIC COMPANY	  	Utility Payment Bond	  	$	4,860.00	  	10/04/06	  	10/04/07
	5702789	  	Express Inc.	  	FLORIDA POWER CORP.	  	Utility Payment Bond	  	$	5,050.00	  	4/1/07	  	4/1/08
	5660385	  	Limited Express	  	COMMONWEALTH EDISON COMPANY	  	Utility Payment Bond	  	$	5,395.00	  		  	
	5792212	  	Express, Inc.	  	THE KNOXVILLE UTILITIES	  	Utility Payment Bond	  	$	5,650.00	  	7/29/06	  	7/29/07
	5702764	  	Limited Express	  	UNION ELECTRIC COMPANY	  	Utility Payment Bond	  	$	6,000.00	  	11/04/06	  	11/04/07
	5687453	  	Express, Inc.	  	TAMPA ELECTRIC COMPANY	  	Utility Payment Bond	  	$	6,700.00	  	3/19/07	  	3/19/08
	5792142	  	Limited Express	  	NORTH LITTLE ROCK UTILITIES	  	Utility Payment Bond	  	$	8,000.00	  	4/11/07	  	4/11/08
	5824368	  	Express, Inc.	  	TAMPA ELECTRIC COMPANY	  	Utility Payment Bond	  	$	8,000.00	  	2/9/07	  	2/9/08
	5614901	  	Limited Express	  	CON EDISON	  	Utility Payment Bond	  	$	9,175.00	  	11/15/06	  	11/15/07
	5833609	  	Express, Inc.	  	THE UTILITY BOARD OF THE CITY OF KEY WEST	  	Utility Payment Bond	  	$	9,630.00	  	10/11/06	  	10/11/07
	5753802	  	Express, Inc.	  	CITY OF TALLAHASSEE, FLORIDA	  	Utility Payment Bond	  	$	10,000.00	  	8/13/06	  	8/13/07
	5877460	  	Limited Express	  	STATE OF MISSOURI	  	Worker’s Compensation Bond	  	$	200,000.00	  	2/1/07	  	2/1/08
	5554815	  	Express, LLC	  	STATE OF NEVADA	  	Courts Costs Bond	  	$	235,588.00	  	11/18/06	  	11/18/07

 2) Letters of Credit as Surviving Debt

  

										
	 Letters of Credit (Express, LLC)

	 Issuer
	  	 Beneficiary
	  	 Issue Date
	  	 Expiry Date
	  	Amount
	 Bank of America
	  	Li and Fung (Trading) Ltd. Twn	  	4/3/07	  	6/21/07	  	$	22,552.69
	 Bank of America
	  	Li and Fung (Trading) Ltd. Twn	  	4/3/07	  	7/05/07	  	$	22,163.39
	 Bank of America
	  	Li and Fung (Trading) Ltd. Twn	  	5/10/07	  	7/12/07	  	$	244,035.81
	 Bank of America
	  	Li and Fung (Trading) Ltd. Twn	  	5/10/07	  	7/05/07	  	$	60,277.14
	 Bank of America
	  	Li and Fung (Trading) Ltd. Twn	  	5/10/07	  	7/05/07	  	$	133,634.03
	 Bank of America
	  	Li and Fung (Trading) Ltd. Twn	  	5/30/07	  	7/19/07	  	$	104,148.15
	 Bank of America
	  	Li and Fung (Trading) Ltd. Twn	  	5/30/07	  	8/2/07	  	$	46,579.15
	 Bank of America
	  	Li and Fung (Trading) Ltd. Twn	  	6/14/07	  	8/2/07	  	$	11,737.79

  

										
	 Letters of Credit (Express, LLC)

	 Issuer
	  	 Beneficiary
	  	Issue Date	  	Expiry Date	  	Amount
	 Bank of America
	  	Li and Fung (Trading) Ltd. Twn	  	6/14/07	  	8/16/07	  	$	109,115.28
	 Bank of America
	  	State of Tennessee, Department of Revenue	  	8/31/05	  	7/27/08	  	$	138,208.04

 3) Debt under the Loan Documents

 4) Debt under the Term Loan Facility Loan Documents 

 Schedule 4.01(v) to 
 ABL Credit Agreement 
 Liens 

 

						
	 Grantor
	  	 Lienholder
	  	Principal Amount of Secured
Obligations
	 Each Loan Party
	  	Morgan Stanley & Co. Incorporated, as Collateral Agent for the Lenders under the Agreement	  	$	125,000,000
	 Each Loan Party
	  	Wells Fargo Retail Finance, LLC, as Collateral Agent for the Lenders under the ABL Facility	  	$	200,000,000
	 Express, LLC
	  	Bank of America pursuant to the issuance of Letters of Credit for the benefit of Li and Fung (Trading) Ltd. Twn	  	 
 
 	Please see the amount of
the outstanding letters
of credit listed below

  
  

										
	 Letters of Credit (Express, LLC)

	 Issuer
	  	 Beneficiary
	  	Issue Date	  	Expiry Date	  	Amount
	 Bank of America
	  	Li and Fung (Trading) Ltd. Twn	  	4/3/07	  	6/21/07	  	$	22,552.69
	 Bank of America
	  	Li and Fung (Trading) Ltd. Twn	  	4/3/07	  	7/05/07	  	$	22,163.39
	 Bank of America
	  	Li and Fung (Trading) Ltd. Twn	  	5/10/07	  	7/12/07	  	$	244,035.81
	 Bank of America
	  	Li and Fung (Trading) Ltd. Twn	  	5/10/07	  	7/05/07	  	$	60,277.14
	 Bank of America
	  	Li and Fung (Trading) Ltd. Twn	  	5/10/07	  	7/05/07	  	$	133,634.03
	 Bank of America
	  	Li and Fung (Trading) Ltd. Twn	  	5/30/07	  	7/19/07	  	$	104,148.15
	 Bank of America
	  	Li and Fung (Trading) Ltd. Twn	  	5/30/07	  	8/2/07	  	$	46,579.15
	 Bank of America
	  	Li and Fung (Trading) Ltd. Twn	  	6/14/07	  	8/8/07	  	$	11,737.79
	 Bank of America
	  	Li and Fung (Trading) Ltd. Twn	  	6/14/07	  	8/16/07	  	$	109,115.28

 Schedule 4.01(z) to 
 ABL Credit Agreement 
 Intellectual Property

 [See attached] 

 Domain Names 
 Top-Level Domain Names: 
  

			
	 Domain Name
	  	Expiration Date
	 bikinijeans.com*
	  	05/23/2007
	 bikinijeans.net*
	  	04/01/2008
	 bikinijeans.org*
	  	04/01/2008
	 compagnieinternatioanl.com*
	  	09/14/2007
	 exp-cie.com
	  	09/14/2007
	 express-fashion.com
	  	12/27/2007
	 express-fashions.com
	  	06/04/2007
	 express-style.com
	  	10/28/2007
	 express.info
	  	08/01/2008
	 expressbrand.com
	  	12/06/2007
	 expressclothes.com
	  	12/06/2007
	 expressco.com
	  	03/02/2008
	 expresscoinc.com
	  	07/06/2007
	 expressdesignstudio.biz
	  	03/19/2008
	 expressdesignstudio.com
	  	03/20/2008
	 expressdesignstudio.info
	  	03/20/2008
	 expressdesignstudio.net
	  	03/20/2008
	 expressdesignstudio.org
	  	03/20/2008
	 expressfashion.biz
	  	11/18/2007
	 expressfashion.com
	  	12/06/2007
	 expressfashion.info
	  	01/14/2008
	 expressfashion. mobi
	  	10/10/2008
	 expressfashion.net
	  	04/16/2008
	 expressfashion.org
	  	03/12/2008

  

 18 

			
	 Domain Name
	  	Expiration Date
	 expressfashioncard.com
	  	03/13/2008
	 expressfashionformen.com
	  	04/03/2008
	 expressfashionmen.com
	  	04/03/2008
	 expressfashions.com
	  	01/30/2008
	 expressformen.com
	  	03/21/2008
	 expressgirl.com
	  	12/06/2007
	 expressinside.com
	  	04/16/2008
	 expressjeans.com
	  	08/29/2007
	 expresskickass.com
	  	04/16/2008
	 expressltd.com **
	  	01/24/2008
	 expressmen.biz
	  	11/18/2007
	 expressmen.com
	  	03/28/2008
	 expressmen.info
	  	11/01/2007
	 expressmens.biz
	  	11/18/2007
	 expressmens.com
	  	03/04/2008
	 expressmens.info
	  	11/01/2007
	 expresspourhomme.com
	  	04/03/2008
	 expressstyle.com
	  	10/28/2007
	 expressthedesignstudio.biz
	  	03/19/2008
	 expressthedesignstudio.com
	  	03/20/2008
	 expressthedesignstudio.info
	  	03/20/2008
	 expressthedesignstudio.net
	  	03/20/2008
	 expressthedesignstudio.org
	  	03/20/2008
	 expresstyle.com
	  	12/06/2007
	 expressworldbrand.com
	  	04/19/2008
	 inside-express.com
	  	04/16/2008
	 limitedexpress.com **
	  	09/14/2007
	 theexpressdesignstudio.biz
	  	03/19/2008
	 theexpressdesignstudio.com
	  	03/20/2008
	 theexpressdesignstudio.info
	  	03/20/2008
	 theexpressdesignstudio.net
	  	03/20/2008
	 theexpressdesignstudio.org
	  	03/20/2008
	 thelimitedexpress.com **
	  	04/03/2008
	 wwwexpressfashion.com
	  	05/23/2007
	 xpressformen.com
	  	05/18/2007
	 xpressmen.com
	  	05/18/2007

  

	*	These domain names are inactive and have no websites. 

	**	These domain names that include “Limited” or “Ltd” do not have separate websites and/or are inactive.

  

 19 

 Domain Names With Country Extensions: 
  

					
	Domain Name	  	Expiration Date	  	Country
	 espressmen.com.cn
	  	01/04/2008	  	China
	 express.co.za
	  	01/24/2008	  	South Africa
	 express.com.ec
	  	10/10/2008	  	Ecuador
	 express.com.es
	  	12/16/2007	  	Spain
	 express.com.vn
	  	08/26/2007	  	Vietnam
	 express.dm
	  	Not Available	  	Dominica
	 expresscoinc.com.hk
	  	06/22/2007	  	Hong Kong
	 expresscoinc.hk
	  	06/22/2007	  	Hong Kong
	 expresscoinc.co.uk
	  	07/13/2008	  	United Kingdom
	 expressdesignstudio.us
	  	04/23/2008	  	United States
	 expressfashion.cn
	  	03/17/2008	  	China
	 expressfashion.co.uk
	  	07/13/2008	  	United Kingdom
	 expressfashion.com.ar
	  	08/08/2008	  	Argentina
	 expressfashion.com.cn
	  	01/04/2008	  	China
	 expressfashion.com.ec
	  	12/05/2008	  	Ecuador
	 expressfashion.com.es
	  	12/16/2007	  	Spain
	 expressfashion.com.hk
	  	06/22/2008	  	Hong Kong
	 expressfashion.com.vn
	  	08/26/2007	  	Vietnam
	 expressfashion.dm
	  	Not Available	  	Dominica
	 expressfashion.ec
	  	12/05/2008	  	Ecuador
	 expressfashion.es
	  	09/21/2007	  	Spain
	 expressfashion.hk
	  	06/22/2008	  	Hong Kong
	 expressfashion.mn
	  	03/02/2008	  	Mongolia
	 expressfashion.pk
	  	06/20/2008	  	Pakistan
	 expressfashion.tv
	  	09/26/2008	  	Tuvalu
	 expressfashion.us
	  	04/18/2008	  	United States
	 expressfashions.co.uk
	  	07/13/2008	  	United Kingdom
	 expressfashions.com.ec
	  	12/05/2008	  	Ecuador
	 expressfashions.com.hk
	  	06/22/2008	  	Hong Kong
	 expressfashions.com.vn
	  	08/26/2007	  	Vietnam
	 expressfashions.ee
	  	12/05/2008	  	Ecuador
	 expressfashions.hk
	  	06/22/2008	  	Hong Kong
	 expresskickass.us
	  	09/24/2007	  	United States
	 expressmen.cn
	  	03/17/2008	  	China
	 expressmen.com.cn
	  	01/28/2008	  	China
	 expressmen.com.ec
	  	12/05/2008	  	Ecuador
	 expressmen.com.vn
	  	08/26/2007	  	Vietnam
	 expressmen.ec
	  	12/05/2008	  	Ecuador
	 expressmen.mn
	  	03/02/2008	  	Mongolia
	 expressmen.pk
	  	06/20/2008	  	Pakistan
	 expressmen.us
	  	04/18/2008	  	United States
	 expressmens.com.ec
	  	12/05/2008	  	Ecuador
	 expressmens.com.vn
	  	08/26/2007	  	Vietnam

  

 20 

					
	Domain Name	  	Expiration Date	  	Country
	 expressmens.ec
	  	12/05/2008	  	Ecuador
	 expressmens.mn
	  	03/02/2008	  	Mongolia
	 expressmens.us
	  	05/15/2008	  	United States

  

 21 

 Copyright Registrations: 
  

							
	 Copyright Title
	  	Reg. No.	  	Reg. Date,	  	Owner
	Perfume bottle By Express, Inc.	  	VA642076	  	08/05/94	  	Express, Inc.
	Perfume bottle.	  	VA481967	  	12/30/91	  	Express, Inc.
	Trellis floral cardigan.	  	VA481966	  	12/20/91	  	Express, Inc.
	Express: the spring collection.	  	TX5213424	  	05/05/00	  	Express, LLC
	Daisy bloom.	  	VA1096441	  	09/10/01	  	Express, LLC
	Floral cut-out	  	VA1096440	  	09/10/01	  	Express, LLC

  

 22 

											
	grouped by owner	  		  	Report Date:	  	5/11/2007	  	Page:	  	1

  

																	
	 Owner
	  	 Express, LLC
	  		  		  	One Limited Parkway Columbus, Ohio 43218	  		  		  		  	
	ID	  	Country:	  	Mark	  	Classes	  	App. #	  	App. Dt	  	Reg. #	  	Reg. Dt	  	Action Dt
									
	 14313
	  	 California
	  	 AGENT
	  	 25
	  		  		  	 106,776
	  	 10/18/2000
	  	 10/18/2010

									
	 14293
	  	 United States
	  	 AGENT
	  	 25
	  	 78/806,847
	  	 2/3/2006
	  		  		  	
									
	 14290
	  	 United States
	  	 AGENT AND DESIGN
	  	 25
	  	 78/283,616
	  	 8/5/2003
	  	 2,865,258
	  	 7/20/2004
	  	 07/20/2010

									
	 14370
	  	 United States
	  	 ANGEL DESIGN
	  	 25, 35
	  	 78/836,943
	  	 3/14/2006
	  		  		  	
									
	 14655
	  	 United States
	  	 CHECKMARK DESIGN
	  	 25
	  	 78/965,299
	  	 8/31/2006
	  		  		  	
									
	 14838
	  	 United States
	  	 COMET STITCHING DESIGN
	  	 25
	  	 77/108,979
	  	 2/16/2007
	  		  		  	
									
	 8461
	  	 United States
	  	 CURVOLOGY
	  	 25
	  	 76/076,006
	  	 6/23/2000
	  	 2,554,000
	  	 3/26/2002
	  	 03/26/2008

									
	 11819
	  	 United States
	  	 DENIM LAB
	  	 25, 35
	  	 78/331,272
	  	 11/21/2003
	  		  		  	
									
	 14312
	  	 United States
	  	 DL (STYLIZED)
	  	 25
	  	 78/808,721
	  	 2/7/2006
	  		  		  	
									
	 14364
	  	 United States
	  	 EVERYBODY EXPERIMENTS
	  	 25, 35
	  	 78/836,253
	  	 3/14/2006
	  		  		  	
									
	 13352
	  	 South Carolina
	  	 EXPRESS
	  		  		  		  		  	 6/15/2005
	  	 06/15/2010

									
	 12335
	  	 United States
	  	 FASHION DELIVERY
	  	 35
	  	 78/433,626
	  	 6/11/2004
	  	 3,012,363
	  	 11/1/2005
	  	 11/01/2011

									
	 14040
	  	 United States
	  	 GET THE SKINNY
	  	 35
	  	 78/746,756
	  	 11/3/2005
	  		  		  	
									
	 13292
	  	 United States
	  	 GRIFFIN DESIGN
	  	 25
	  	 78/636,766
	  	 5/25/2005
	  	 3,090,209
	  	 5/9/2006
	  	 05/09/2012

									
	 12105
	  	 United States
	  	 LUXURY STRETCH
	  	 25, 35
	  	 78/378,358
	  	 3/4/2004
	  	 3,230,528
	  	 4/17/2007
	  	 04/17/2013

									
	 8979
	  	 United States
	  	 NORDICTEC
	  	 25, 35
	  	 76/176,123
	  	 12/4/2000
	  	 2,504,228
	  	 11/6/2001
	  	 11/06/2007

									
	 10345
	  	 United States
	  	 ONLY CURVES
	  	 25
	  	 78/083,620
	  	 9/12/2001
	  	 2,722,665
	  	 6/3/2003
	  	 06/03/2009

									
	 14840
	  	 United States
	  	 PEAK STITCHING DESIGN
	  	 25
	  	 77/108,983
	  	 2/16/2007
	  		  		  	
									
	 7307
	  	 United States
	  	 POCKET STITCHING DESIGN
	  	 25
	  	 75/211,864
	  	 12/12/1996
	  	 2,267,834
	  	 8/3/1999
	  	 08/03/2009

									
	 8614
	  	 United States
	  	 PRECISION FIT
	  	 25
	  	 76/109,694
	  	 8/15/2000
	  	 2,489,687
	  	 9/11/2001
	  	 09/11/2007

									
	 10904
	  	 United States
	  	 SEXY FITS
	  	 25
	  	 78/139,317
	  	 6/27/2002
	  	 2,882,940
	  	 9/7/2004
	  	 09/07/2010

									
	 14028
	  	 United States
	  	 SEXY JUST GOT SEXIER
	  	 35
	  	 78/745,805
	  	 11/2/2005
	  		  		  	
									
	 9459
	  	 United States
	  	 STUDIOSTRETCH
	  	 25
	  	 76/233,323
	  	 3/30/2001
	  	 2,817,874
	  	 2/24/2004
	  	 02/24/2010

									
	 14309
	  	 California
	  	 TARGET DESIGN
	  	 25
	  		  		  	 107,552
	  	 8/21/2001
	  	 08/21/2011

									
	 14378
	  	 United States
	  	 THE EDITOR PICK
	  	 35
	  	 78/842,993
	  	 3/22/2006
	  		  		  	
									
	 9923
	  	 United States
	  	 THE GIFT OF FASHION
	  	 35
	  	 78/064,648
	  	 5/21/2001
	  	 2,650,750
	  	 11/12/2002
	  	 11/12/2008

									
	 11072
	  	 United States
	  	 THE WORLD’S SEXIEST JEANS
	  	 35
	  	 78/191,693
	  	 12/5/2002
	  	 2,793,338
	  	 12/9/2003
	  	 12/09/2009

									
	 11933
	  	 France
	  	 UNDER X
	  	 25
	  	 04/3265853
	  	 1/2/2004
	  	 04/3265853
	  	 6/4/2004
	  	 01/02/2014

									
	 12036
	  	 Mexico
	  	 UNDERX
	  	 35
	  	 638,336
	  	 1/21/2004
	  	 821,845
	  	 2/24/2004
	  	 01/21/2014

									
	 12035
	  	 Mexico
	  	 UNDERX
	  	 25
	  	 638,335
	  	 1/21/2004
	  	 821,844
	  	 2/24/2004
	  	 01/21/2014

									
	 12032
	  	 United Kingdom
	  	 UNDER X
	  	 25, 35
	  	 2,352,787
	  	 1/6/2004
	  	 2,352,787
	  	 7/16/2004
	  	 01/06/2014

											
	grouped by owner	  		  	Report Date:	  	5/11/2007	  	Page:	  	2

  

																	
	14476	  	 United States
	  	 WICKED WEST
	  	25	  	78/897,338	 	5/31/2006	  		 		  	
									
	14492	  	 United States
	  	 WW DESIGN
	  	25	  	78/908,095	 	6/14/2006	  		 		  	
									
	14656	  	 United States
	  	 WW DESIGN02
	  	25	  	78/965,268	 	8/31/2006	  		 		  	
									
	14497	  	 United States
	  	 WW POCKET STITCHING DESIGN
	  	25	  	78/912,485	 	6/20/2006	  		 		  	
									
	14654	  	 United States
	  	 X DESIGN
	  	25	  	78/965,289	 	8/31/2006	  		 		  	
									
	11823	  	 United States
	  	 X2
	  	25, 35	  	78/331,254	 	11/21/2003	  		 		  	
									
	11840	  	 United States
	  	 X2 AND DESIGN
	  	25, 35	  	78/342,123	 	12/17/2003	  	3,230,499	 	4/17/2007	  	04/17/2013
									
	11917	  	 United States
	  	 X2 DENIM LABORATORY AND DESIGN
	  	25, 35	  	78/348,122	 	1/6/2004	  		 		  	
									
	14839	  	 United States
	  	 Z STITCHING DESIGN
	  	25	  	77/108,987	 	2/16/2007	  		 		  	
									
	Owner	  	Expressco, Inc.	  		  		  	1105 North Market Street
 Wilmington, Delaware 19801
	 		  		 		  	
	ID	  	Country:	  	Mark	  	Classes	  	App. #	 	App. Dt	  	Reg. #	 	Reg. Dt	  	Action Dt
									
	10546	  	 Canada
	  	 ACCESSORY EXPRESS
	  	42	  	771,435	 	12/20/1994	  	TMA558,232	 	2/20/2002	  	02/20/2017
									
	10681	  	 United States
	  	 CLUB EXPRESS
	  	25, 35	  	78/108,562	 	2/13/2002	  	2,990,193	 	8/30/2005	  	08/30/2011
									
	12348	  	 United States
	  	 CLUB EXPRESS
	  	3	  	78/441,217	 	6/25/2004	  		 		  	
									
	1631	  	 Australia
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	25	  	495,433	 	9/14/1988	  	A495,433	 	3/2/1992	  	09/14/2009
									
	1633	  	 Australia
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	14	  	495,435	 	9/14/1988	  	A495,435	 	3/18/1992	  	09/14/2009
									
	1632	  	 Australia
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	3	  	495,434	 	9/14/1988	  	A495,434	 	3/2/1992	  	09/14/2009
									
	1630	  	 Australia
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	42	  	495,432	 	9/14/1988	  	A495,432	 	3/2/1992	  	09/14/2009
									
	1634	  	 Bangladesh
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	25	  	25,488	 	6/14/1987	  	25,488	 	7/28/1990	  	06/14/2009
									
	1635	  	 Bangladesh
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	3	  	25,487	 	6/14/1987	  	25,487	 	4/30/1990	  	06/14/2009
									
	1636	  	 Bangladesh
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	14	  	25,489	 	6/14/1987	  	25,489	 	10/31/1990	  	06/14/2009
									
	1637	  	 Benelux
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	3, 14, 25, 40, 42	  		 	9/14/1988	  	453,525	 	5/18/1989	  	09/14/2008

											
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	4063	  	 Brazil
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	3, 20	  	817,919,317	  	7/22/1994	  	817,919,317	  	6/24/1997	  	06/24/2007
									
	4733	  	 Chile
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	25	  	282,889	  	8/12/1994	  	622,434	  	2/14/2002	  	02/14/2012
									
	903	  	 Chile
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	25	  	334,416	  	2/13/1996	  	483,627	  	4/3/1997	  	04/03/2007
									
	1199	  	 Chile
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	42	  	334,417	  	2/13/1996	  	506,383	  	3/10/1998	  	03/10/2008
									
	1641	  	 China (People’s Republic
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	25	  	8,836,409	  	10/14/1988	  	362,345	  	9/30/1989	  	09/29/2009
									
	1640	  	 China (People’s Republic
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	25	  	8,836,410	  	10/14/1988	  	362,079	  	9/20/1989	  	09/19/2009
									
	1639	  	 China (People’s Republic
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	56	  	8,836,411	  	10/14/1988	  	361,149	  	9/10/1989	  	09/09/2009
									
	4147	  	 El Salvador
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	42	  	1527/94	  	4/29/1994	  	229 Book 68
P459-460	  	2/16/1998	  	02/16/2008
									
	4144	  	 El Salvador
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	14	  	1530/94	  	4/29/1994	  	235 Book 40
P477-8	  	6/3/2005	  	06/03/2015
									
	1648	  	 France
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	3, 14, 25, 42	  	955,885	  	9/21/1988	  	1,489,849	  	9/21/1988	  	09/30/2008
									
	1653	  	 Greece
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	3, 14, 25	  	91,220	  	11/8/1988	  	91,220	  	11/19/1991	  	11/08/2008
									
	1654	  	 Guatemala
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	42	  		  	6/16/1987	  	58,351	  	7/26/1989	  	07/25/2009
									
	1655	  	 Guatemala
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	14	  		  	6/16/1987	  	58,352	  	7/26/1989	  	07/25/2009
									
	1656	  	 Guatemala
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	3	  		  	6/16/1987	  	58,353	  	7/26/1989	  	07/25/2009
									
	6778	  	 Honduras
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	35	  	10380/98	  	8/20/1998	  	5,698	  	12/22/1999	  	12/22/2009

											
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	6777	  	 Honduras
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	25	  	10378/98	  	8/20/1998	  	76,352	  	12/22/1999	  	12/22/2009
									
	3719	  	 Israel
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	14	  	70,425	  	9/19/1988	  	70,425	  	12/8/1993	  	09/18/2009
									
	1661	  	 Israel
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	3	  	70,424	  	9/19/1988	  	70,424	  	12/8/1993	  	09/19/2009
									
	1662	  	 Israel
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	25	  	70,426	  	9/19/1988	  	70,426	  	12/6/1992	  	09/19/2009
									
	1663	  	 Israel
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	42	  	70,427	  	9/19/1988	  	70,427	  	12/6/1992	  	09/19/2009
									
	1667	  	 Italy
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	3, 14, 25, 42	  	MI98C007443	  	9/15/1988	  	845,580	  	1/18/1991	  	09/15/2008
									
	6828	  	 Mexico
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	42	  	328,143	  	4/1/1998	  	579,085	  	6/25/1998	  	04/01/2008
									
	6827	  	 Mexico
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	25	  	333,807	  	5/26/1998	  	582,906	  	7/30/1998	  	05/26/2008
									
	6826	  	 Mexico
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	14	  	343,483	  	8/13/1998	  	587,138	  	8/31/1998	  	08/13/2008
									
	1675	  	 South Korea
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	14	  	88-21702	  	9/29/1988	  	183,315	  	11/17/1989	  	11/17/2009
									
	1676	  	 South Korea
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	35	  	88-1986	  	9/29/1988	  	10,744	  	12/30/1989	  	12/29/2009
									
	1674	  	 South Korea
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	25	  	88-21704	  	9/29/1988	  	194,588	  	6/23/1990	  	06/22/2010
									
	1678	  	 Sri Lanka
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	3	  	56,136	  	9/23/1988	  	56,136	  	2/22/1993	  	09/23/2008
									
	1679	  	 Sri Lanka
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	42	  	56,137	  	9/23/1988	  	56,137	  	8/24/1992	  	09/23/2008
									
	1680	  	 Sri Lanka
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	14	  	56,133	  	9/23/1988	  	56,133	  	2/1/1993	  	09/23/2008

											
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	1681	  	 Sri Lanka
	  	 COMPAGNIE INTERNATIONALE EXPRESS
	  	25	  	56,134	  	9/23/1988	  	56,134	  	3/30/1992	  	09/23/2008
									
	2525	  	 Argentina
	  	 COMPAGNIE INTERNATIONALE EXPRESS EXP & DESIGN
	  	25	  	1,869,216	  	1/28/1993	  	1,676,612	  	7/27/1998	  	07/27/2008
									
	2528	  	 Germany
	  	 COMPAGNIE INTERNATIONALE EXPRESS EXP & DESIGN
	  	3, 14, 25	  	E 28019/14 Wz	  	10/14/1988	  	1,186,221	  	11/6/1992	  	10/31/2008
									
	12296	  	 United States
	  	 EDITOR PANT
	  	25, 35	  	78/415,615	  	5/10/2004	  		  		  	
									
	4	  	 Australia
	  	 EXP AND DESIGN
	  	42	  	495,792	  	9/20/1988	  	B495,792	  	3/2/1992	  	09/20/2009
									
	5	  	 Australia
	  	 EXP AND DESIGN
	  	3	  	495,789	  	9/20/1988	  	A495,789	  	10/24/1990	  	09/20/2009
									
	6	  	 Australia
	  	 EXP AND DESIGN
	  	25	  	495,791	  	9/20/1988	  	A495,791	  	11/27/1990	  	09/20/2009
									
	7	  	 Australia
	  	 EXP AND DESIGN
	  	14	  	495,790	  	9/20/1988	  	A495,790	  	4/8/1991	  	09/20/2009
									
	16	  	 Benelux
	  	 EXP AND DESIGN
	  	3, 14, 25, 42	  	719,615	  	9/20/1988	  	453,528	  	5/18/1989	  	09/20/2008
									
	6717	  	 Brazil
	  	 EXP AND DESIGN
	  	25	  	821,401,890	  	2/5/1999	  		  		  	
									
	11	  	 Brazil
	  	 EXP AND DESIGN
	  	35	  	813,675,898	  	7/21/1987	  	813,675,898	  	7/2/1991	  	07/02/2011
									
	12	  	 Brazil
	  	 EXP AND DESIGN
	  	9	  	813,920,396	  	11/6/1987	  	813,920,396	  	5/2/1989	  	05/02/2009
									
	13	  	 Brazil
	  	 EXP AND DESIGN
	  	14	  	813,675,871	  	7/21/1987	  	813,675,871	  	1/17/1989	  	01/17/2009
									
	14	  	 Brazil
	  	 EXP AND DESIGN
	  	3	  	813,675,863	  	7/21/1987	  	813,675,863	  	1/17/1989	  	01/17/2009
									
	6852	  	 China (People’s Republic
	  	 EXP AND DESIGN
	  	25	  	98001347	  		  	383,755	  	7/30/1998	  	07/29/2008
									
	24	  	 China (People’s Republic
	  	 EXP AND DESIGN
	  	25	  		  	6/16/1987	  	319,137	  	7/20/1988	  	07/19/2008
									
	22	  	 China (People’s Republic
	  	 EXP AND DESIGN
	  	3	  		  	6/16/1987	  	310,739	  	3/20/1988	  	03/19/2008
									
	19	  	 China (People’s Republic
	  	 EXP AND DESIGN
	  	14	  		  	6/16/1987	  	309,473	  	2/28/1988	  	02/27/2008
									
	25	  	 China (People’s Republic
	  	 EXP AND DESIGN
	  	18	  		  	6/16/1987	  	320,073	  	7/30/1988	  	07/29/2008
									
	20	  	 China (People’s Republic
	  	 EXP AND DESIGN
	  	3	  		  	6/16/1987	  	309,479	  	2/28/1988	  	02/27/2008
									
	21	  	 China (People’s Republic
	  	 EXP AND DESIGN
	  	14	  		  	6/16/1987	  	310,049	  	3/10/1988	  	03/09/2008
									
	23	  	 China (People’s Republic
	  	 EXP AND DESIGN
	  	25	  		  	6/16/1987	  	313,036	  	4/30/1988	  	04/29/2008
									
	26	  	 Denmark
	  	 EXP AND DESIGN
	  	3, 14, 25, 42	  	06515-1988	  	9/21/1988	  	VR 05.914 1990	  	9/7/1990	  	09/07/2010
									
	30	  	 Finland
	  	 EXP AND DESIGN
	  	3, 14, 25, 42	  	4168/88	  	9/23/1988	  	110,534	  	2/5/1991	  	02/05/2011
									
	31	  	 France
	  	 EXP AND DESIGN
	  	3, 14, 25, 42	  	955,886	  	9/21/1988	  	1,489,850	  	9/21/1988	  	09/20/2008
									
	35	  	 Greece
	  	 EXP AND DESIGN
	  	3, 14, 25	  	91,221	  	11/8/1988	  	91,221	  	11/19/1991	  	11/08/2008
									
	36	  	 Guatemala
	  	 EXP AND DESIGN
	  	14	  		  	6/16/1987	  	55,162	  	5/13/1988	  	05/12/2008
									
	38	  	 Guatemala
	  	 EXP AND DESIGN
	  	25	  		  	6/16/1987	  	55,234	  	6/2/1988	  	06/01/2008
									
	39	  	 Guatemala
	  	 EXP AND DESIGN
	  	42	  		  	6/16/1987	  	55,235	  	6/2/1988	  	06/01/2008
									
	43	  	 Honduras
	  	 EXP AND DESIGN
	  	14	  		  	12/2/1987	  	49,555	  	6/23/1988	  	06/23/2008
									
	42	  	 Honduras
	  	 EXP AND DESIGN
	  	25	  		  	12/2/1987	  	49,554	  	6/23/1988	  	06/23/2008
									
	41	  	 Honduras
	  	 EXP AND DESIGN
	  	42	  		  	12/2/1987	  	647	  	6/23/1988	  	06/23/2008
									
	51	  	 Israel
	  	 EXP AND DESIGN
	  	42	  	70,467	  	9/28/1988	  	70,467	  	9/23/1993	  	09/28/2009
									
	48	  	 Israel
	  	 EXP AND DESIGN
	  	3	  	70,464	  	9/28/1988	  	70,464	  	1/6/1994	  	09/28/2009
									
	49	  	 Israel
	  	 EXP AND DESIGN
	  	14	  	70,465	  	9/28/1988	  	70,465	  	9/23/1993	  	09/28/2009

											
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	50	  	 Israel
	  	 EXP AND DESIGN
	  	25	  	70,466	  	9/28/1988	  	70,466	  	9/23/1993	  	09/28/2009
									
	55	  	 Italy
	  	 EXP AND DESIGN
	  	3, 14, 25, 42	  	MI98C007444	  	9/21/1988	  	845,581	  	4/11/1991	  	09/21/2008
	58	  	 Jamaica
	  	 EXP AND DESIGN
	  	25	  	25/1032	  	5/27/1987	  	28,063	  	5/16/1997	  	05/27/2008
									
	72	  	 Macao
	  	 EXP AND DESIGN
	  	14	  	25-M	  	5/11/1987	  	25	  	4/2/1991	  	04/02/2008
									
	71	  	 Macao
	  	 EXP AND DESIGN
	  	25	  	26-M	  	5/11/1987	  	26	  	4/2/1991	  	04/02/2008
									
	74	  	 Mauritius
	  	 EXP AND DESIGN
	  	3, 14, 25	  		  	5/30/1988	  	23	  	1/20/1989	  	05/30/2009
									
	6718	  	 Mexico
	  	 EXP AND DESIGN
	  	25	  	355,212	  	11/24/1998	  	617,578	  	8/11/1999	  	11/24/2008
									
	6727	  	 Mexico
	  	 EXP AND DESIGN
	  	3	  	332,589	  	5/14/1998	  	629,139	  	10/21/1999	  	05/14/2008
									
	7436	  	 Mexico
	  	 EXP AND DESIGN
	  	42	  	391,564	  	9/21/1999	  	678,109	  	11/27/2000	  	09/21/2009
									
	6748	  	 Mexico
	  	 EXP AND DESIGN
	  	14	  	344,809	  	8/24/1998	  	601,586	  	2/25/1999	  	08/24/2008
									
	79	  	 Norway
	  	 EXP AND DESIGN
	  	3, 14, 25, 42	  	88/4268	  	9/22/1988	  	151,838	  	4/23/1992	  	04/23/2012
									
	64	  	 South Korea
	  	 EXP AND DESIGN
	  	35	  	88-1985	  	9/29/1988	  	10,743	  	12/30/1989	  	12/29/2009
									
	63	  	 South Korea
	  	 EXP AND DESIGN
	  	14	  	88-21701	  	9/29/1988	  	183,314	  	11/17/1989	  	11/17/2009
									
	62	  	 South Korea
	  	 EXP AND DESIGN
	  	9, 14, 24, 25, 26	  	88-21703	  	9/29/1988	  	187,412	  	1/20/1990	  	01/19/2010
									
	65	  	 South Korea
	  	 EXP AND DESIGN
	  	3, 8, 21	  	88-21699	  	9/29/1988	  	182,084	  	10/26/1989	  	10/26/2009
									
	66	  	 Sri Lanka
	  	 EXP AND DESIGN
	  	3	  	56,312	  	10/14/1988	  	56,312	  	5/25/1992	  	10/14/2008
									
	69	  	 Sri Lanka
	  	 EXP AND DESIGN
	  	14	  	56,313	  	10/14/1988	  	56,313	  	7/28/1992	  	10/14/2008
									
	68	  	 Sri Lanka
	  	 EXP AND DESIGN
	  	25	  	56,315	  	10/14/1988	  	56,315	  	1/21/1992	  	10/14/2008
									
	67	  	 Sri Lanka
	  	 EXP AND DESIGN
	  	42	  	56,316	  	10/14/1988	  	56,316	  	3/16/1993	  	10/14/2008
									
	6716	  	 Taiwan
	  	 EXP AND DESIGN
	  	25	  	87003599	  	1/23/1998	  	838,566	  	2/1/1999	  	01/31/2009
									
	6715	  	 Taiwan
	  	 EXP AND DESIGN
	  	14	  	87003598	  	1/23/1998	  	843,642	  	3/16/1999	  	03/15/2009
									
	6645	  	 Taiwan
	  	 EXP AND DESIGN
	  	3	  	87003597	  	1/23/1998	  	856,744	  	7/1/1999	  	06/30/2009
									
	86	  	 Thailand
	  	 EXP AND DESIGN
	  	25	  	168,374	  	8/20/1987	  	63,102	  	4/10/1989	  	08/19/2007
									
	89	  	 Thailand
	  	 EXP AND DESIGN
	  	10	  	340,875	  	8/20/1987	  	63,103	  	3/31/1989	  	08/19/2007
									
	88	  	 Thailand
	  	 EXP AND DESIGN
	  	3	  		  	8/20/1987	  	63,205	  	2/22/1989	  	08/19/2007
									
	91	  	 Turkey
	  	 EXP AND DESIGN
	  	14, 25	  	26,969	  	5/4/1990	  	121,351	  	5/4/1990	  	05/04/2010
									
	98	  	 United States
	  	 EXP AND DESIGN
	  	25	  	73/744,204	  	8/3/1988	  	1,539,267	  	5/16/1989	  	05/16/2009
									
	6013	  	 Andorra
	  	 EXPRESS
	  	3, 14,18, 25, 35, 39	  	6,954	  	7/4/1997	  	6,886	  	7/4/1997	  	07/04/2007
									
	14716	  	 Andorra
	  	 EXPRESS
	  	3, 14, 18, 21, 25, 35	  		  		  	22,753	  	3/17/2006	  	03/17/2011
									
	11537	  	 Antigua And Barbuda
	  	 EXPRESS
	  	38	  		  	10/5/2001	  	5,944	  	2/20/2003	  	02/20/2008
									
	4641	  	 Aruba
	  	 EXPRESS
	  	25,42	  	94,062,316	  	6/23/1994	  	16,810	  	7/11/1994	  	06/22/2014
									
	14180	  	 Aruba
	  	 EXPRESS
	  	25,35	  	IM-20050927.15	  	9/27/2005	  	25,192	  	11/7/2005	  	09/27/2008
									
	14096	  	 Austria
	  	 EXPRESS
	  	3,14,18,25	  	7075/2005	  	10/21/2005	  	236,471	  	1/18/2007	  	01/18/2012
									
	1759	  	 Austria
	  	 EXPRESS
	  	3,14,18,25	  	AM 4456/91	  	9/17/1991	  	139,410	  	12/19/1991	  	12/31/2011
									
	4553	  	 Bahamas
	  	 EXPRESS
	  	38	  	16,598	  	7/18/1994	  	16,598	  	7/14/1997	  	07/18/2008
									
	7221	  	 Bahamas
	  	 EXPRESS
	  	39	  	21,644	  	5/28/1999	  		  		  	05/28/2013
									
	14409	  	 Bahamas
	  	 EXPRESS
	  	38	  	28,103	  	9/9/2005	  		  		  	09/09/2019
									
	8952	  	 Bahrain
	  	 EXPRESS
	  	25	  	TM28,691	  	11/5/2000	  	TM28,691	  	2/28/2002	  	11/05/2010
									
	10027	  	 Bahrain
	  	 EXPRESS
	  	35	  	SM4467	  	6/2/2001	  	SM4467	  	4/29/2002	  	06/02/2011
									
	6986	  	 Bangladesh
	  	 EXPRESS
	  	16	  	59,514	  	4/15/1999	  		  		  	

											
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	10115	  	 Bangladesh
	  	 EXPRESS
	  	18	  	70,797	  	6/6/2001	  		  		  	06/06/2008
									
	13983	  	 Bangladesh
	  	 EXPRESS
	  	3	  	93,897	  	9/1/2005	  		  		  	09/01/2012
									
	13985	  	 Bangladesh
	  	 EXPRESS
	  	25	  	93,900	  	9/1/2005	  		  		  	09/01/2012
									
	13984	  	 Bangladesh
	  	 EXPRESS
	  	14	  	93,899	  	9/1/2005	  		  		  	09/01/2012
									
	1764	  	 Bangladesh
	  	 EXPRESS
	  	25	  	27,395	  	9/3/1988	  	27,395	  	8/30/1990	  	09/03/2010
									
	1765	  	 Bangladesh
	  	 EXPRESS
	  	3	  	27,393	  	9/3/1988	  	27,393	  	10/20/1990	  	09/03/2010
									
	1766	  	 Bangladesh
	  	 EXPRESS
	  	14	  	27,394	  	9/3/1988	  	27,394	  	10/31/1990	  	09/03/2010
									
	10116	  	 Barbados
	  	 EXPRESS
	  	25	  		  	8/9/2002	  	81/15551	  	8/16/2002	  	08/09/2012
									
	10117	  	 Barbados
	  	 EXPRESS
	  	42	  		  	8/9/2002	  	81/15552	  	8/16/2002	  	08/09/2012
									
	10001	  	 Bermuda
	  	 EXPRESS
	  	25	  	33,246	  	6/5/2001	  	33,246	  	2/26/2002	  	06/05/2008
									
	4308	  	 Bolivia
	  	 EXPRESS
	  	25	  	1,724	  	6/8/1994	  	66,724-A	  	2/26/1996	  	02/26/2016
									
	4309	  	 Bolivia
	  	 EXPRESS
	  	42	  	1,724	  	6/8/1994	  	66,725-A	  	2/26/1996	  	02/26/2016
									
	10533	  	 Bolivia
	  	 EXPRESS
	  	14	  		  	11/5/2001	  	95,122	  	7/30/2004	  	07/30/2014
									
	10534	  	 Bolivia
	  	 EXPRESS
	  	18	  		  	11/5/2001	  	95,671	  	8/24/2004	  	08/24/2014
									
	10532	  	 Bolivia
	  	 EXPRESS
	  	3	  		  	11/6/2001	  	95,526	  	8/18/2004	  	08/18/2014
									
	13929	  	 Bolivia
	  	 EXPRESS
	  	25	  	SM-3561-05	  	9/28/2005	  	103,540-C	  	5/23/2006	  	05/23/2009
									
	13930	  	 Bolivia
	  	 EXPRESS
	  	35	  	SM-3562-05	  	9/28/2005	  	103,539-C	  	5/23/2006	  	05/23/2009
									
	9994	  	 Brazil
	  	 EXPRESS
	  	18	  	823,962,741	  	5/31/2001	  		  		  	
									
	1772	  	 Brazil
	  	 EXPRESS
	  	14	  	814,417,990	  	8/30/1988	  	814,417,990	  	3/27/1990	  	03/27/2010
									
	1768	  	 Brazil
	  	 EXPRESS
	  	3	  	814,417,981	  	8/30/1988	  		  		  	
									
	6726	  	 Bulgaria
	  	 EXPRESS
	  	35	  	45,356	  	4/14/1999	  	40,289	  	7/24/2001	  	04/14/2009
									
	9966	  	 Bulgaria
	  	 EXPRESS
	  	3, 14, 18	  	55,052	  	5/29/2001	  	43,946	  	2/11/2003	  	05/29/2011
									
	12313	  	 Bulgaria
	  	 EXPRESS
	  	35	  	71,556	  	5/25/2004	  	54,400	  	3/30/2006	  	03/30/2011
									
	13681	  	 Bulgaria
	  	 EXPRESS
	  	25	  	81,153	  	8/30/2005	  		  		  	08/30/2015
									
	1767	  	 Bulgaria
	  	 EXPRESS
	  	25	  	12,545	  	10/31/1990	  	19,660	  	12/18/1992	  	10/31/2010
									
	5660	  	 Canada
	  	 EXPRESS
	  		  	449,646	  	2/5/1980	  	253,358	  	11/28/1980	  	11/28/2010
									
	10547	  	 Canada
	  	 EXPRESS
	  	18, 25	  	708,146	  	6/29/1992	  	TMA554,425	  	11/26/2001	  	11/26/2016
									
	10545	  	 Canada
	  	 EXPRESS
	  	36	  	781,558	  	4/28/1995	  	554,386	  	11/26/2001	  	11/26/2016
									
	9913	  	 Canada
	  	 EXPRESS
	  	3, 14, 35	  	1,103,098	  	5/16/2001	  	602,313	  	2/16/2004	  	02/16/2019
									
	10548	  	 Canada
	  	 EXPRESS
	  	14	  	1,054,323	  	4/6/2000	  	577,925	  	3/21/2003	  	03/21/2018
									
	1774	  	 Canada
	  	 EXPRESS
	  	18, 25	  	689,696	  	10/1/1991	  	556,379	  	1/14/2002	  	
									
	5331	  	 Chile
	  	 EXPRESS
	  	3	  	334,418	  	2/13/1996	  	479,319	  	2/10/1997	  	02/10/2007
									
	5333	  	 Chile
	  	 EXPRESS
	  	42	  	334,420	  	2/13/1996	  	620,514	  	1/30/2002	  	01/30/2012
									
	7803	  	 Chile
	  	 EXPRESS
	  	35	  	446,935	  		  	545,673	  	8/3/1999	  	08/03/2009
									
	1776	  	 Chile
	  	 EXPRESS
	  	3, 14	  	446,938	  		  	545,672	  	8/3/1999	  	08/03/2009
									
	3654	  	 China (People’s Republic
	  	 EXPRESS
	  	42	  	93/068,878	  	8/14/1993	  	875,962	  	9/28/1996	  	09/27/2016
									
	10216	  	 China (People’s Republic
	  	 EXPRESS
	  	3	  	2001120726	  	7/9/2001	  	1,903,598	  	2/7/2007	  	02/07/2010
									
	13986	  	 China (People’s Republic
	  	 EXPRESS
	  	14	  	4908919	  	9/22/2005	  		  		  	
									
	13988	  	 China (People’s Republic
	  	 EXPRESS
	  	42	  	4908917	  	9/22/2005	  		  		  	
									
	13987	  	 China (People’s Republic
	  	 EXPRESS
	  	25	  	4908918	  	9/22/2005	  		  		  	

											
	grouped by owner	  		  	Report Date:	  	5/11/2007	  	Page:	  	8

  

																	
	1780	  	 China (People’s Republic
	  	 EXPRESS
	  	25	  	8,840,484	  	10/31/1988	  	361,468	  	9/20/1989	  	09/19/2009
									
	1778	  	 China (People’s Republic
	  	 EXPRESS
	  	14	  	8,840,483	  	10/31/1988	  	362,693	  	9/30/1989	  	09/29/2009
									
	1779	  	 China (People’s Republic
	  	 EXPRESS
	  	14	  	8,840,482	  	10/31/1988	  	360,894	  	9/10/1989	  	09/09/2009
									
	4359	  	 Colombia
	  	 EXPRESS
	  	42	  	024,443	  	6/7/1994	  	272,432	  	5/22/2002	  	05/22/2012
									
	4358	  	 Colombia
	  	 EXPRESS
	  	25	  	024,442	  	6/7/1994	  	259,337	  	9/18/2002	  	09/18/2012
									
	10390	  	 Colombia
	  	 EXPRESS
	  	14	  	1068905	  	8/23/2001	  	251,110	  	4/2/2002	  	04/02/2012
									
	13972	  	 Colombia
	  	 EXPRESS
	  	35	  	5093123	  	9/14/2005	  		  		  	
									
	13973	  	 Colombia
	  	 EXPRESS
	  	25	  	5093113	  	9/14/2005	  	313,972	  	4/26/2006	  	04/26/2009
									
	13968	  	 Colombia
	  	 EXPRESS
	  	14	  	5093122	  	9/14/2005	  	313,971	  	4/26/2006	  	04/26/2009
									
	6979	  	 Costa Rica
	  	 EXPRESS
	  	42	  	122,792	  	4/30/1999	  	116,735	  	10/8/1999	  	10/08/2009
									
	10085	  	 Costa Rica
	  	 EXPRESS
	  	18	  	3973-2001	  	5/25/2001	  	6346-7978	  	12/17/2001	  	12/17/2011
									
	10084	  	 Costa Rica
	  	 EXPRESS
	  	14	  	3974-2001	  	5/25/2001	  	6862-7978	  	1/18/2002	  	01/18/2012
									
	10083	  	 Costa Rica
	  	 EXPRESS
	  	3	  	3975-2001	  	5/25/2001	  	6347-7978	  	12/17/2001	  	12/17/2011
									
	853	  	 Costa Rica
	  	 EXPRESS
	  	25	  	122,404	  	8/22/1994	  	123,908	  	2/28/2001	  	02/28/2011
									
	10113	  	 Croatia
	  	 EXPRESS
	  	25	  	Z20010927A	  	6/8/2001	  	Z20010927	  	10/23/2002	  	06/08/2011
									
	4698	  	 Czech Republic
	  	 EXPRESS
	  	39	  	94/91006	  	7/1/1994	  	216,894	  	4/23/1999	  	07/01/2014
									
	10447	  	 Czech Republic
	  	 EXPRESS
	  	25	  	60,396	  	2/11/1991	  	233,508	  	5/23/2001	  	02/11/2011
									
	13679	  	 Czech Republic
	  	 EXPRESS
	  	39	  	0-429484	  	9/2/2005	  		  		  	09/02/2010
									
	10213	  	 Denmark
	  	 EXPRESS
	  	3, 14, 18, 25	  	VA 2001 02138	  	6/8/2001	  	VR 2001 03726	  	9/6/2001	  	09/06/2011
									
	1782	  	 Denmark
	  	 EXPRESS
	  	25	  	VA 06.643/1991	  	9/17/1991	  	VR 1992 05807	  	7/3/1992	  	07/03/2012
									
	4422	  	 Ecuador
	  	 EXPRESS
	  	42	  	48,356	  	6/17/1994	  	1286/97	  	10/8/1997	  	10/08/2007
									
	4421	  	 Ecuador
	  	 EXPRESS
	  	25	  	48,355	  	6/17/1994	  	805/96	  	9/27/1996	  	09/27/2006
									
	13942	  	 Ecuador
	  	 EXPRESS
	  	25	  	162,037	  	9/15/2005	  		  		  	
									
	13943	  	 Ecuador
	  	 EXPRESS
	  	35	  	162,038	  	9/15/2005	  		  		  	
									
	9037	  	 Egypt
	  	 EXPRESS
	  	25	  	138,873	  	12/9/2000	  	138,873	  	5/28/2006	  	12/08/2010
									
	4125	  	 EI Salvador
	  	 EXPRESS
	  	18	  	1541/94	  	5/2/1994	  	84 Book 43	  	12/23/1996	  	12/23/2006
									
	4124	  	 EI Salvador
	  	 EXPRESS
	  	14	  	1542/94	  	5/2/1994	  	166 Book 157
P339-40	  	8/15/2002	  	08/15/2012
									
	4123	  	 EI Salvador
	  	 EXPRESS
	  	3	  	1543/94	  	5/2/1994	  	156 Book 125
P313-4	  	1/10/2001	  	01/10/2011
									
	4126	  	 EI Salvador
	  	 EXPRESS
	  	25	  	1588/94	  	5/3/1994	  	62 Book 46	  	1/16/1997	  	01/16/2007
									
	4127	  	 EI Salvador
	  	 EXPRESS
	  	35	  	1589/94	  	5/3/1994	  	24 Book 41 P
49-50	  	12/5/1996	  	12/05/2016
									
	9985	  	 Estonia
	  	 EXPRESS
	  	25	  	M200100936	  	5/29/2001	  	36,097	  	4/15/2002	  	04/15/2012
									
	6687	  	 Finland
	  	 EXPRESS
	  	16	  	T199901184	  	4/13/1999	  	236,147	  	6/15/2006	  	06/15/2011
									
	13706	  	 Finland
	  	 EXPRESS
	  	25	  	T200502219	  	8/31/2005	  	235,549	  	2/28/2006	  	02/28/2011
									
	1784	  	 Finland
	  	 EXPRESS
	  	25	  	4457/91	  	9/19/1991	  	137,300	  	4/20/1995	  	04/20/2015
									
	11378	  	 France
	  	 EXPRESS
	  	25	  	1,229,271	  	11/10/1982	  	1,229,271	  	11/10/1982	  	11/10/2012
									
	1785	  	 France
	  	 EXPRESS
	  	25	  	308,469	  	9/17/1991	  	1,694,082	  	9/17/1991	  	09/16/2011
									
	6745	  	 Gaza District
	  	 EXPRESS
	  	35	  	4,906	  	7/24/1997	  	4,906	  	6/3/1998	  	07/24/2018

											
	grouped by owner	  		  	Report Date:	  	5/11/2007	  	Page:	  	9

  

																	
	6746	  	 Gaza District
	  	 EXPRESS
	  	25	  	4,905	  	7/24/1997	  	4,905	  	6/3/1998	  	07/23/2018
									
	11095	  	 Gaza District
	  	 EXPRESS
	  	3	  	8,666	  	12/21/2002	  	8,666	  	8/2/2004	  	12/20/2009
									
	14327	  	 Gaza District
	  	 EXPRESS
	  	35	  	10,277	  	10/1/2005	  		  		  	10/01/2012
									
	14326	  	 Gaza District
	  	 EXPRESS
	  	25	  	10,276	  	10/1/2005	  		  		  	10/01/2012
									
	10066	  	 Germany
	  	 EXPRESS
	  	3, 14, 18, 25, 35	  	301 28 570.5/03	  	5/7/2001	  	301 28 570	  	3/12/2003	  	03/12/2008
									
	6753	  	 Greece
	  	 EXPRESS
	  	35	  	140,381	  	4/28/1999	  	140,381	  	12/17/2004	  	12/17/2009
									
	14067	  	 Greece
	  	 EXPRESS
	  	25	  	151,057	  	11/4/2005	  		  		  	11/04/2015
									
	1787	  	 Greece
	  	 EXPRESS
	  	25	  	106,699	  	11/19/1991	  	106,699	  	1/17/1995	  	11/19/2011
									
	10582	  	 Guatemala
	  	 EXPRESS
	  	3	  	8610-01	  	11/28/2001	  	131,315	  	8/6/2004	  	08/06/2009
									
	14842	  	 Guatemala
	  	 EXPRESS
	  		  	2706-03	  	4/24/2003	  		  		  	
									
	3390	  	 Haiti
	  	 EXPRESS
	  	3	  		  	8/29/1988	  	334/120	  	3/20/1989	  	03/20/2009
									
	8838	  	 Haiti
	  	 EXPRESS
	  	35	  	335-U	  	4/19/1999	  	176/122	  	1/14/2000	  	07/14/2014
									
	10161	  	 Haiti
	  	 EXPRESS
	  	18	  		  	6/8/2001	  	01/133	  	2/18/2002	  	05/18/2007
									
	8838	  	 Haiti
	  	 EXPRESS
	  	35	  	335-U	  	4/19/1999	  	176/122	  	1/14/2000	  	07/14/2014
									
	1797	  	 Haiti
	  	 EXPRESS
	  	14	  		  	8/29/1988	  	335/120	  	3/20/1989	  	03/20/2009
									
	1799	  	 Haiti
	  	 EXPRESS
	  	42	  		  	8/29/1988	  	337/120	  	3/20/1989	  	03/20/2009
									
	1798	  	 Haiti
	  	 EXPRESS
	  	25	  		  	8/29/1988	  	336/120	  	3/20/1989	  	03/20/2009
									
	6780	  	 Honduras
	  	 EXPRESS
	  	41	  	5901/99	  	5/3/1999	  	5,950	  	6/29/2000	  	06/29/2010
									
	10541	  	 Honduras
	  	 EXPRESS
	  	18	  	4516/2001	  	10/23/2001	  	84,972	  	8/7/2002	  	08/07/2012
									
	10540	  	 Honduras
	  	 EXPRESS
	  	25	  	4514/2001	  	10/23/2001	  		  		  	
									
	1794	  	 Honduras
	  	 EXPRESS
	  	3	  	1677/92	  	3/6/1992	  	56,168	  	10/2/1992	  	10/02/2012
									
	1795	  	 Honduras
	  	 EXPRESS
	  	14	  	1679/92	  	3/6/1992	  	56,164	  	10/2/1992	  	10/02/2012
									
	1796	  	 Honduras
	  	 EXPRESS
	  	42	  	1678/92	  	3/6/1992	  	1,327	  	10/27/1992	  	10/27/2012
									
	9970	  	 Hong Kong
	  	 EXPRESS
	  	14	  	6990/2001	  	5/3/2001	  	5708/2002	  	5/14/2002	  	05/03/2008
									
	14215	  	 Hong Kong
	  	 EXPRESS
	  	25	  	300529533	  	11/14/2005	  	300529533	  	12/18/2006	  	11/13/2015
									
	13827	  	 Hong Kong
	  	 EXPRESS
	  	14	  	300485280	  	8/27/2005	  	300485280	  	1/11/2006	  	08/27/2015
									
	1792	  	 Hong Kong
	  	 EXPRESS
	  	25	  	410/88	  	1/26/1988	  	1864 of 1994	  	3/29/1994	  	01/26/2009
									
	10170	  	 Hungary
	  	 EXPRESS
	  	3, 14, 18	  	M0103146	  	6/6/2001	  	176,559	  	12/17/2004	  	12/17/2009
									
	13720	  	 Hungary
	  	 EXPRESS
	  	25	  	M0502859	  	9/1/2005	  	187,135	  	11/8/2006	  	11/08/2011
									
	1800	  	 Hungary
	  	 EXPRESS
	  	25	  	4389/90	  	11/5/1990	  	131,979	  	7/23/1992	  	11/05/2010
									
	6615	  	 India
	  	 EXPRESS
	  	16	  	851,697	  	4/16/1999	  		  		  	
									
	11755	  	 India
	  	 EXPRESS
	  	35	  	1,236,530	  	9/15/2003	  		  		  	
									
	14339	  	 India
	  	 EXPRESS
	  	3, 14	  	1,419,902	  	2/8/2006	  		  		  	02/08/2016
									
	1807	  	 India
	  	 EXPRESS
	  	25	  	496,781	  	8/29/1988	  	496,781B	  	6/17/1996	  	08/29/2009
									
	1806	  	 India
	  	 EXPRESS
	  	14	  	496,782	  	8/29/1988	  	496,782B	  	6/28/1996	  	08/29/2009
									
	1805	  	 India
	  	 EXPRESS
	  	3	  	496,780	  	8/29/1988	  	496,780	  	11/13/1994	  	08/29/2009
									
	3891	  	 Indonesia
	  	 EXPRESS
	  	35	  		  	6/10/1993	  	IDM000055954	  	6/21/1994	  	06/10/2013
									
	10223	  	 Indonesia
	  	 EXPRESS
	  	14	  	D00-01-12845	  	6/18/2001	  	524,758	  	12/16/2002	  	06/18/2011
									
	10226	  	 Indonesia
	  	 EXPRESS
	  	3	  	D00-2001-
 01284712922
	  	6/18/2001	  		  		  	06/18/2011

											
	grouped by owner	  		  	Report Date:	  	5/11/2007	  	Page:	  	10

  

																	
									
	10224	  	 Indonesia
	  	 EXPRESS
	  	18	  	D00-01-12846	  	6/18/2001	  	524,759	  	12/16/2002	  	06/18/2011
									
	14223	  	 Indonesia
	  	 EXPRESS
	  	35	  	J00-2005-021067	  	10/3/2005	  		  		  	10/03/2015
									
	14220	  	 Indonesia
	  	 EXPRESS
	  	14	  	D00-2005-
 021062
	  	10/3/2005	  		  		  	10/03/2015
									
	14221	  	 Indonesia
	  	 EXPRESS
	  	18	  	D00-2005-
 021061
	  	10/3/2005	  		  		  	10/03/2015
									
	14222	  	 Indonesia
	  	 EXPRESS
	  	25	  	D00-2005-
 021060
	  	10/3/2005	  		  		  	10/03/2015
									
	1801	  	 Indonesia
	  	 EXPRESS
	  	25	  		  	6/20/1991	  	471,539	  	11/9/1994	  	06/20/2011
									
	6758	  	 Ireland
	  	 EXPRESS
	  	42	  	95/3602	  	7/1/1996	  	201,677	  	9/11/1998	  	07/01/2016
									
	9839	  	 Ireland
	  	 EXPRESS
	  	3, 14, 18	  	2001/01397	  	5/3/2001	  	223,192	  	11/14/2002	  	05/03/2011
									
	13613	  	 Ireland
	  	 EXPRESS
	  	25, 35	  	2005/01788	  	8/29/2005	  	233,249	  	7/19/2006	  	07/19/2011
									
	1802	  	 Ireland
	  	 EXPRESS
	  	25	  	4662/91	  	9/12/1991	  	146,184	  	1/20/1994	  	09/12/2008
									
	10277	  	 Israel
	  	 EXPRESS
	  	14	  	149,740	  	6/6/2001	  	149,740	  	4/9/2002	  	06/06/2008
									
	10278	  	 Israel
	  	 EXPRESS
	  	18	  	149,741	  	6/6/2001	  	149,741	  	4/9/2002	  	06/06/2008
									
	14101	  	 Israel
	  	 EXPRESS
	  	35	  	183,707	  	9/15/2005	  		  		  	09/15/2015
									
	14098	  	 Israel
	  	 EXPRESS
	  	14	  	183,704	  	9/15/2005	  	183,704	  	1/4/2007	  	09/15/2015
									
	14099	  	 Israel
	  	 EXPRESS
	  	18	  	183,705	  	9/15/2005	  	183,705	  	1/4/2007	  	09/15/2015
									
	14100	  	 Israel
	  	 EXPRESS
	  	25	  	183,706	  	9/15/2005	  	183,706	  	1/4/2007	  	09/15/2015
									
	1803	  	 Israel
	  	 EXPRESS
	  	25	  	63,655	  	6/3/1986	  	63,655	  	8/16/1990	  	
									
	1804	  	 Israel
	  	 EXPRESS
	  	42	  	63,656	  	6/3/1986	  	63,656	  	11/20/1990	  	06/03/2021
									
	5281	  	 Italy
	  	 EXPRESS
	  	35, 42	  	RM 95 C005903	  	12/19/1995	  	721,352	  	7/29/1997	  	12/19/2005
									
	7578	  	 Italy
	  	 EXPRESS
	  	25	  	MI99C010688	  	10/22/1999	  	889,210	  	4/18/2003	  	04/18/2008
									
	6693	  	 Italy
	  	 EXPRESS
	  	42	  	MI99C003751	  	4/15/1999	  	875,579	  	9/20/2002	  	04/15/2009
									
	7578	  	 Italy
	  	 EXPRESS
	  	25	  	MI99C010688	  	10/22/1999	  	889,210	  	4/18/2003	  	04/18/2008
									
	10025	  	 Italy
	  	 EXPRESS
	  	3, 14, 18	  	MI2001C 006397	  	6/8/2001	  		  		  	06/08/2011
									
	1808	  	 Italy
	  	 EXPRESS
	  	25	  	MI91C006873	  	9/23/1991	  	980,819	  	6/20/1994	  	09/23/2011
									
	10108	  	 Jamaica
	  	 EXPRESS
	  	18	  	18/415	  	6/14/2001	  	B39,580	  	2/18/2003	  	06/14/2008
									
	13672	  	 Jamaica
	  	 EXPRESS
	  	3, 14, 25	  	47,272	  	8/31/2005	  	47,272	  	7/26/2006	  	07/26/2009
									
	1809	  	 Jamaica
	  	 EXPRESS
	  	3	  	3/2457	  	9/28/1988	  	B24,853	  	9/14/1994	  	09/28/2009
									
	1810	  	 Jamaica
	  	 EXPRESS
	  	25	  	25/1129	  	9/28/1988	  	24,005	  	9/14/1993	  	09/28/2009
									
	1811	  	 Jamaica
	  	 EXPRESS
	  	14	  	14/212	  	9/28/1988	  	23,715	  	2/1/1993	  	09/28/2009
									
	10015	  	 Japan
	  	 EXPRESS
	  	35	  	2001-046193	  	5/23/2001	  	4,598,938	  	8/23/2002	  	08/23/2012
									
	13707	  	 Japan
	  	 EXPRESS
	  	35	  	2005-083744	  	9/7/2005	  	4,970,125	  	7/14/2006	  	07/14/2009
									
	13693	  	 Japan
	  	 EXPRESS
	  	14	  	2005-083741	  	9/7/2005	  	4,966,010	  	6/30/2006	  	06/30/2009
									
	13695	  	 Japan
	  	 EXPRESS
	  	18	  	2005-083742	  	9/7/2005	  	4,966,011	  	6/30/2006	  	06/30/2009
									
	13696	  	 Japan
	  	 EXPRESS
	  	25	  	2005-083743	  	9/7/2005	  		  		  	
									
	13707	  	 Japan
	  	 EXPRESS
	  	35	  	2005-083744	  	9/7/2005	  	4,970,125	  	7/14/2006	  	07/14/2009
									
	4522	  	 Jordan
	  	 EXPRESS
	  	25	  		  	10/2/1994	  	43,404	  	8/21/1997	  	10/02/2011

											
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	6874	  	 Jordan
	  	 EXPRESS
	  	16	  	53,452	  	5/10/1999	  	53,452	  	6/18/2000	  	05/10/2016
									
	13964	  	 Jordan
	  	 EXPRESS
	  	25	  	82,380	  	9/29/2005	  	82,380	  	8/23/2006	  	09/29/2008
									
	4650	  	 Kuwait
	  	 EXPRESS
	  	25	  	29,445	  	9/26/1994	  	27,142	  	12/16/1997	  	09/25/2014
									
	10653	  	 Kuwait
	  	 EXPRESS
	  	42	  	53,089	  	1/26/2002	  	46,216	  	2/7/2005	  	01/25/2012
									
	13977	  	 Kuwait
	  	 EXPRESS
	  	25	  	72,963	  	10/15/2005	  	72,963	  	9/4/2006	  	10/14/2015
									
	10228	  	 Lebanon
	  	 EXPRESS
	  	25, 35	  		  	6/6/2001	  	87,498	  	6/6/2001	  	06/06/2016
									
	12308	  	 Lesotho
	  	 EXPRESS
	  	3, 14, 25, 35	  	LS/M/03/00255	  	9/3/2003	  	LS/M/03/00255	  	9/3/2003	  	09/03/2013
									
	6882	  	 Macao
	  	 EXPRESS
	  	35	  	4,512	  	4/22/1999	  	N/004512	  	5/30/2000	  	04/22/2013
									
	10256	  	 Macao
	  	 EXPRESS
	  	18	  	N/008308	  	7/10/2001	  	N/008308	  	11/14/2001	  	11/14/2008
									
	1819	  	 Macao
	  	 EXPRESS
	  	14	  	8,951-M	  	9/2/1988	  	9.169	  	8/28/1990	  	08/28/2007
									
	1820	  	 Macao
	  	 EXPRESS
	  	3	  	8.950	  	9/2/1988	  	9.168	  	8/28/1990	  	08/28/2007
									
	1821	  	 Macao
	  	 EXPRESS
	  	42	  	8.953-M	  	9/2/1988	  	9.171	  	10/12/1990	  	10/12/2007
									
	4015	  	 Malaysia
	  	 EXPRESS
	  	25	  	94-07751	  	8/27/1994	  		  		  	
									
	7042	  	 Malaysia
	  	 EXPRESS
	  	35	  	97/18570	  	12/1/1997	  		  		  	12/01/2007
									
	10131	  	 Malaysia
	  	 EXPRESS
	  	14	  	2001-07575	  	6/19/2001	  	2001-07575	  	2/17/2004	  	06/19/2011
									
	10132	  	 Malaysia
	  	 EXPRESS
	  	18	  	2001/07576	  	6/19/2001	  	2001/07576	  	12/19/2005	  	12/19/2008
									
	125	  	 Malaysia
	  	 EXPRESS
	  	3	  	97/09742	  	7/18/1997	  		  		  	07/18/2007
									
	10214	  	 Mauritius
	  	 EXPRESS
	  	18	  	MU/M/04/02424	  	7/3/2001	  	01319/2006	  	5/2/2006	  	07/03/2011
									
	1822	  	 Mauritius
	  	 EXPRESS
	  	3, 14, 25	  		  	9/5/1988	  	143	  	1/20/1989	  	09/05/2009
									
	6125	  	 Mexico
	  	 EXPRESS
	  	24	  	361,216	  	1/22/1999	  	616,584	  	6/28/1999	  	01/22/2009
									
	5938	  	 Mexico
	  	 EXPRESS
	  	40	  	309,024	  	9/26/1997	  	563,242	  	10/31/1997	  	
									
	6850	  	 Mexico
	  	 EXPRESS
	  	42	  	372,318	  	4/22/1999	  	733,684	  	2/11/2002	  	04/22/2009
									
	12238	  	 Mexico
	  	 EXPRESS
	  	14	  	646,372	  	3/11/2004	  		  		  	03/11/2014
									
	13872	  	 Mexico
	  	 EXPRESS
	  	25	  	740,027	  	9/19/2005	  	924,092	  	3/13/2006	  	03/13/2009
									
	13274	  	 Mexico
	  	 EXPRESS
	  	35	  	715,531	  	5/3/2005	  	913,300	  	12/12/2005	  	12/12/2008
									
	14711	  	 Mexico
	  	 EXPRESS
	  	18	  	806,720	  	9/14/2006	  		  		  	09/14/2016
									
	13871	  	 Mexico
	  	 EXPRESS
	  	3	  	740,026	  	9/19/2005	  	947,416	  	8/9/2006	  	08/09/2009
									
	13872	  	 Mexico
	  	 EXPRESS
	  	25	  	740,027	  	9/19/2005	  	924,092	  	3/13/2006	  	03/13/2009
									
	4566	  	 Monaco
	  	 EXPRESS
	  	35	  	15,601	  	7/13/1994	  	94-15550	  	9/15/1994	  	07/13/2014
									
	1817	  	 Monaco
	  	 EXPRESS
	  	25	  	023015	  	10/4/1991	  	R-01.22724	  	1/2/1992	  	10/04/2011
									
	11640	  	 Mongolia
	  	 EXPRESS
	  	3, 14, 25, 35	  	4,729	  	9/1/2003	  	4,457	  	9/1/2003	  	09/01/2008
									
	4513	  	 Morocco
	  	 EXPRESS
	  	25, 42	  		  	7/25/1994	  	54,397	  	7/25/1994	  	07/25/2014
									
	13837	  	 Morocco
	  	 EXPRESS
	  	25, 42	  	99,730	  	9/20/2005	  	99,730	  	9/22/2005	  	09/20/2015
									
	11017	  	 Nepal
	  	 EXPRESS
	  	35	  		  		  	18009/059	  	7/25/2002	  	07/25/2009
									
	1826	  	 Nepal
	  	 EXPRESS
	  	25	  		  		  	6919/045	  	3/23/1989	  	03/23/2010
									
	10145	  	 Netherlands Antilles
	  	 EXPRESS
	  	25,35	  	D-2095	  	6/26/2001	  	02162	  	11/13/2001	  	06/26/2011
									
	4615	  	 New Zealand
	  	 EXPRESS
	  	25	  	238,137	  	6/21/1994	  	238,137	  	5/14/1998	  	06/21/2015
									
	4616	  	 New Zealand
	  	 EXPRESS
	  	42	  	238,138	  	6/21/1994	  	238,138	  	11/6/1998	  	06/21/2015
									
	13721	  	 New Zealand
	  	 EXPRESS
	  	25, 35	  	734,897	  	8/30/2005	  	734,897	  	3/9/2006	  	08/30/2008
									
	4675	  	 Nicaragua
	  	 EXPRESS
	  	35	  		  	10/7/1994	  	33,140	  	1/13/1997	  	01/12/2017

											
	grouped by owner	  		  	Report Date:	  	5/11/2007	  	Page:	  	12

  

																	
	4674	  	 Nicaragua
	  	 EXPRESS
	  	25	  		  	10/7/1994	  	35,814	  	11/18/1997	  	11/17/2017
									
	10409	  	 Nicaragua
	  	 EXPRESS
	  	18	  	2001/03539	  	9/26/2001	  	54,553	  	6/20/2002	  	06/19/2012
									
	10407	  	 Nicaragua
	  	 EXPRESS
	  	3	  	2001/03537	  	9/26/2001	  	54,555	  	6/20/2002	  	06/19/2012
									
	10408	  	 Nicaragua
	  	 EXPRESS
	  	14	  	2001/03538	  	9/26/2001	  	54,554	  	6/20/2002	  	06/19/2012
									
	10111	  	 Norway
	  	 EXPRESS
	  	3, 14, 18, 35	  	200106758	  	5/30/2001	  	215,460	  	8/15/2002	  	08/15/2012
									
	14045	  	 Norway
	  	 EXPRESS
	  	25	  	200509688	  	9/21/2005	  	234,566	  	8/28/2006	  	08/28/2011
									
	1825	  	 Norway
	  	 EXPRESS
	  	25	  	019914671	  	9/17/1991	  	196,656	  	3/25/1999	  	03/25/2009
									
	9010	  	 Oman
	  	 EXPRESS
	  	25	  	23,936	  	11/7/2000	  	23,936	  	10/30/2006	  	10/30/2011
									
	9904	  	 Oman
	  	 EXPRESS
	  	42	  	25,489	  	5/13/2001	  	25,489	  	11/30/2004	  	11/30/2009
									
	9903	  	 Oman
	  	 EXPRESS
	  	35	  	25,490	  	5/13/2001	  	25,490	  	11/29/2004	  	11/29/2009
									
	9904	  	 Oman
	  	 EXPRESS
	  	42	  	25,489	  	5/13/2001	  	25,489	  	11/30/2004	  	11/30/2009
									
	9977	  	 Pakistan
	  	 EXPRESS
	  	18	  	171,426	  	5/30/2001	  		  		  	05/30/2008
									
	9976	  	 Pakistan
	  	 EXPRESS
	  	14	  	171,425	  	5/30/2001	  		  		  	05/30/2008
									
	9978	  	 Pakistan
	  	 EXPRESS
	  	25	  	171,428	  	5/30/2001	  		  		  	05/30/2008
									
	12460	  	 Pakistan
	  	 EXPRESS
	  	42	  	196,016	  	5/20/2004	  		  		  	05/20/2014
									
	4024	  	 Panama
	  	 EXPRESS
	  	25	  	74,387	  	2/13/1995	  	74,387	  	7/29/1996	  	07/29/2006
									
	6747	  	 Panama
	  	 EXPRESS
	  	42	  	91,852	  	1/8/1998	  	91,852	  	7/12/1999	  	01/08/2008
									
	10333	  	 Panama
	  	 EXPRESS
	  	18	  	115,527	  	6/28/2001	  	115,527	  	2/18/2003	  	02/18/2008
									
	10332	  	 Panama
	  	 EXPRESS
	  	14	  	115,533	  	6/28/2001	  	115,533	  	2/18/2003	  	02/18/2008
									
	10333	  	 Panama
	  	 EXPRESS
	  	18	  	115,527	  	6/28/2001	  	115,527	  	2/18/2003	  	02/18/2008
									
	10503	  	 Paraguay
	  	 EXPRESS
	  	18	  	26347-2001	  	10/22/2001	  	284,710	  	11/30/2005	  	11/30/2015
									
	14112	  	 Paraguay
	  	 EXPRESS
	  	14	  	32851-2005	  	10/27/2005	  	291,771	  	8/21/2006	  	08/21/2016
									
	14114	  	 Paraguay
	  	 EXPRESS
	  	35	  	32853-2005	  	10/27/2005	  		  		  	
									
	14113	  	 Paraguay
	  	 EXPRESS
	  	25	  	32852-2005	  	10/27/2005	  	291,772	  	8/21/2006	  	08/21/2016
									
	1834	  	 Paraguay
	  	 EXPRESS
	  	14	  	1,373	  	2/3/1993	  	254,690	  	10/8/1993	  	10/08/2013
									
	1835	  	 Paraguay
	  	 EXPRESS
	  	25	  	1,374	  	2/3/1993	  	254,691	  	10/8/1993	  	10/08/2013
									
	1836	  	 Paraguay
	  	 EXPRESS
	  	35	  	1,371	  	2/3/1993	  	260,089	  	4/14/1994	  	04/14/2014
									
	1827	  	 Peru
	  	 EXPRESS
	  	14	  		  	8/19/1988	  	79,326	  	4/4/1989	  	04/04/2014
									
	10658	  	 Philippines
	  	 EXPRESS
	  	38	  	4-1999-003054	  	5/3/1999	  	4-1999-003054	  	7/1/2004	  	07/01/2010
									
	14059	  	 Philippines
	  	 EXPRESS
	  	3, 14, 18	  	4-2001-003842	  	6/4/2001	  	4-2001-003842	  	7/1/2004	  	07/01/2010
									
	14886	  	 Philippines
	  	 EXPRESS
	  	3	  	4-2005-000005	  	1/3/2005	  		  		  	01/03/2008
									
	3639	  	 Poland
	  	 EXPRESS
	  	39	  	Z-136502	  	7/29/1994	  	100,231	  	7/10/1998	  	07/29/2014
									
	9279	  	 Poland
	  	 EXPRESS
	  	25	  	Z-228310	  	12/4/2000	  	154,219	  	6/14/2004	  	06/14/2009
									
	10073	  	 Poland
	  	 EXPRESS
	  	3, 14, 18	  	Z-236184	  	5/29/2001	  		  		  	05/29/2011
									
	9279	  	 Poland
	  	 EXPRESS
	  	25	  	Z-228310	  	12/4/2000	  	154,219	  	6/14/2004	  	06/14/2009
									
	13834	  	 Poland
	  	 EXPRESS
	  	35	  	Z-299632	  	9/2/2005	  		  		  	09/02/2015
									
	6712	  	 Portugal
	  	 EXPRESS
	  	35	  	336,661	  	4/22/1999	  	336,661	  	12/3/2002	  	12/03/2012
									
	10162	  	 Portugal
	  	 EXPRESS
	  	18	  	356,411	  	6/1/2001	  	356,411	  	10/15/2002	  	10/15/2012
									
	13734	  	 Portugal
	  	 EXPRESS
	  	3, 14, 25, 35	  	393,547	  	9/2/2005	  		  		  	
									
	1831	  	 Portugal
	  	 EXPRESS
	  	42	  	249,829	  	9/2/1988	  	249,829	  	3/22/1996	  	03/22/2016

											
	grouped by owner	  		  	Report Date:	  	5/11/2007	  	Page:	  	13

  

																	
	 1830
	  	 Portugal
	  	 EXPRESS
	  	 25
	  	 249,828
	  	 9/2/1988
	  	 249,828
	  	 11/17/1997
	  	 11/17/2012

									
	 1832
	  	 Portugal
	  	 EXPRESS
	  	 14
	  	 249,827
	  	 9/2/1988
	  	 249,827
	  	 8/2/1991
	  	 08/02/2016

									
	 1830
	  	 Portugal
	  	 EXPRESS
	  	 25
	  	 249,828
	  	 9/2/1988
	  	 249,828
	  	 11/17/1997
	  	 11/17/2012

									
	 1832
	  	 Portugal
	  	 EXPRESS
	  	 14
	  	 249,827
	  	 9/2/1988
	  	 249,827
	  	 8/2/1991
	  	 08/02/2016

									
	 1831
	  	 Portugal
	  	 EXPRESS
	  	 42
	  	 249,829
	  	 9/2/1988
	  	 249,829
	  	 3/22/1996
	  	 03/22/2016

									
	 13746
	  	 Puerto Rico
	  	 EXPRESS
	  	 25
	  	 66,345
	  	 9/16/2005
	  	 66,345
	  	 3/21/2007
	  	 09/16/2010

									
	 14831
	  	 Puerto Rico
	  	 EXPRESS
	  	 35
	  		  	 1/31/2007
	  		  		  	 01/31/2017

									
	 10669
	  	 Qatar
	  	 EXPRESS
	  	 42
	  	 26,821
	  	 1/26/2002
	  	 26,821
	  	 12/17/2006
	  	 12/17/2011

									
	 10038
	  	 Qatar
	  	 EXPRESS
	  	 35
	  	 25,450
	  	 5/20/2001
	  	 25,450
	  	 2/20/2006
	  	 02/20/2011

									
	 10669
	  	 Qatar
	  	 EXPRESS
	  	 42
	  	 26,821
	  	 1/26/2002
	  	 26,821
	  	 12/17/2006
	  	 12/17/2011

									
	 10038
	  	 Qatar
	  	 EXPRESS
	  	 35
	  	 25,450
	  	 5/20/2001
	  	 25,450
	  	 2/20/2006
	  	 02/20/2011

									
	 9004
	  	 Qatar
	  	 EXPRESS
	  	 25
	  	 24,139
	  	 11/7/2000
	  	 24,139
	  	 2/20/2006
	  	 02/20/2011

									
	 4703
	  	 Romania
	  	 EXPRESS
	  	 42
	  	 32,458
	  	 8/31/1994
	  	 24,180
	  	 7/22/1998
	  	 08/31/2014

									
	 10032
	  	 Romania
	  	 EXPRESS
	  	 3, 18
	  	 M2001 02519
	  	 5/29/2001
	  	 48,342
	  	 3/7/2002
	  	 05/29/2011

									
	 1837
	  	 Romania
	  	 EXPRESS
	  	 25
	  	 23,651
	  	 2/6/1991
	  	 18,190
	  	 8/1/1995
	  	 02/06/2011

									
	 10003
	  	 Russian Federation
	  	 EXPRESS
	  	 3, 14, 18
	  	 2001716660
	  	 6/5/2001
	  	 264,153
	  	 2/26/2004
	  	 06/05/2011

									
	 13781
	  	 Russian Federation
	  	 EXPRESS
	  	 25
	  	 2005722009
	  	 8/31/2005
	  	 324,138
	  	 4/10/2007
	  	 04/10/2010

									
	 1841
	  	 Russian Federation
	  	 EXPRESS
	  	 25
	  	 130,059
	  	 12/24/1990
	  	 118,434
	  	 7/15/1994
	  	 12/24/2010

									
	 10474
	  	 Serbia and Montenegro
	  	 EXPRESS
	  	 25
	  	 Z-1506/2001
	  	 10/11/2001
	  	 47,247
	  	 6/25/2004
	  	 06/25/2009

									
	 10076
	  	 Serbia and Montenegro
	  	 EXPRESS
	  	 14, 18
	  	 Z-925/2001
	  	 6/18/2001
	  	 48,626
	  	 5/12/2005
	  	 05/12/2010

									
	 10474
	  	 Serbia and Montenegro
	  	 EXPRESS
	  	 25
	  	 Z-1506/2001
	  	 10/11/2001
	  	 47,247
	  	 6/25/2004
	  	 06/25/2009

									
	 10076
	  	 Serbia and Montenegro
	  	 EXPRESS
	  	 14, 18
	  	 Z-925/2001
	  	 6/18/2001
	  	 48,626
	  	 5/12/2005
	  	 05/12/2010

									
	 6584
	  	 Singapore
	  	 EXPRESS
	  	 35
	  	 T99/00462H
	  	 1/15/1999
	  	 T99/00462H
	  	 1/15/1999
	  	 01/15/2009

									
	 9990
	  	 Singapore
	  	 EXPRESS
	  	 14
	  	 T01/07571H
	  	 5/28/2001
	  	 T01/07571H
	  	 5/19/2003
	  	 05/19/2008

									
	 9991
	  	 Singapore
	  	 EXPRESS
	  	 18
	  	 T01/07572F
	  	 5/28/2001
	  	 T01/07572F
	  	 6/30/2003
	  	 06/30/2008

									
	 9989
	  	 Singapore
	  	 EXPRESS
	  	 3
	  	 T01/07570Z
	  	 5/28/2001
	  	 T01/07570Z
	  	 11/23/2002
	  	 05/28/2011

									
	 13684
	  	 Singapore
	  	 EXPRESS
	  	 25
	  	 T05/15868E
	  	 8/31/2005
	  	 T05/15868E
	  	 2/6/2006
	  	 02/06/2011

									
	 13685
	  	 Singapore
	  	 EXPRESS
	  	 35
	  	 T05/15869C
	  	 8/31/2005
	  		  		  	 08/31/2015

									
	 1840
	  	 Singapore
	  	 EXPRESS
	  	 25
	  	 1320/85
	  	 3/25/1985
	  	 T85/01320
	  	 3/25/1985
	  	 03/25/2012

									
	 10191
	  	 Slovak Republic
	  	 EXPRESS
	  	 25, 35
	  	 POZ 1738-2001
	  	 6/5/2001
	  	 212,030
	  	 11/10/2005
	  	 06/05/2011

									
	 1781
	  	 Slovak Republic
	  	 EXPRESS
	  	 25
	  	 60,396
	  	 2/11/1991
	  	 182,746
	  	 11/12/1998
	  	 02/11/2011

									
	 10080
	  	 Slovenia
	  	 EXPRESS
	  	 25, 35
	  	 Z-200170908
	  	 6/1/2001
	  	 200170908
	  	 4/7/2003
	  	 04/07/2008

									
	 6790
	  	 South Korea
	  	 EXPRESS
	  	 35
	  	 99-4667
	  	 4/12/1999
	  	 60,787
	  	 4/25/2000
	  	 04/25/2010

									
	 10035
	  	 South Korea
	  	 EXPRESS
	  	 14, 18
	  	 2001-22775
	  	 5/25/2001
	  	 538,579
	  	 1/3/2003
	  	 01/03/2013

									
	 14410
	  	 South Korea
	  	 EXPRESS
	  	 25, 35
	  	 2005-3721
	  	 9/9/2005
	  	 17,902
	  	 10/31/2006
	  	 10/31/2009

									
	 1814
	  	 South Korea
	  	 EXPRESS
	  	 27
	  		  		  	 105,380
	  	 9/27/1984
	  	 09/27/2014

									
	 1815
	  	 South Korea
	  	 EXPRESS
	  	 14, 24, 25, 26
	  		  		  	 108,252
	  	 12/21/1984
	  	 12/21/2014

									
	 1813
	  	 South Korea
	  	 EXPRESS
	  	 112
	  	 93-2092
	  	 4/20/1993
	  	 32,537
	  	 7/29/1996
	  	 07/29/2006

									
	 10435
	  	 Spain
	  	 EXPRESS
	  	 25
	  	 2,427,999
	  	 10/2/2001
	  	 2,427,999
	  	 7/5/2002
	  	 10/02/2011

									
	 10030
	  	 Spain
	  	 EXPRESS
	  	 18
	  	 2,406,751
	  	 6/8/2001
	  	 2,406,751
	  	 1/23/2003
	  	 06/08/2011

											
	grouped by owner	  		  	Report Date:	  	5/11/2007	  	Page:	  	14

  

																	
	6710	  	 Sri Lanka
	  	 EXPRESS
	  	42	  	92,532	  	4/22/1999	  	92,532	  	6/30/2004	  	06/30/2009
									
	10156	  	 Sri Lanka
	  	 EXPRESS
	  	14	  	103,648	  	6/7/2001	  		  		  	06/07/2011
									
	10157	  	 Sri Lanka
	  	 EXPRESS
	  	18	  	103,646	  	6/7/2001	  	103,646	  	8/16/2006	  	08/16/2011
									
	10127	  	 Sri Lanka
	  	 EXPRESS
	  	3	  	103,647	  	6/7/2001	  		  		  	06/07/2011
									
	10157	  	 Sri Lanka
	  	 EXPRESS
	  	18	  	103,646	  	6/7/2001	  	103,646	  	8/16/2006	  	08/16/2011
									
	14187	  	 Sri Lanka
	  	 EXPRESS
	  	25	  	128,941	  	11/23/2005	  		  		  	11/23/2015
									
	4466	  	 Sweden
	  	 EXPRESS
	  	35	  	94-7822	  	8/3/1994	  	324,439	  	8/22/1997	  	08/22/2007
									
	13940	  	 Sweden
	  	 EXPRESS
	  	25, 35	  	2005/06981	  	9/21/2005	  	384,684	  	11/10/2006	  	11/10/2016
									
	1838	  	 Sweden
	  	 EXPRESS
	  	25	  	91-7934	  	9/18/1991	  	324,434	  	8/22/1997	  	08/22/2007
									
	10065	  	 Switzerland
	  	 EXPRESS
	  	3, 14, 18	  	05419/2001	  	5/31/2001	  	499,543	  	5/23/2002	  	05/31/2011
									
	1775	  	 Switzerland
	  	 EXPRESS
	  	25	  	6368/1991.2	  	9/17/1991	  	392,776	  	7/21/1992	  	09/17/2011
									
	10164	  	 Taiwan
	  	 EXPRESS
	  	14	  	90023974	  	6/13/2001	  	998,987	  	5/16/2002	  	03/15/2010
									
	10165	  	 Taiwan
	  	 EXPRESS
	  	18	  	90023975	  	6/13/2001	  	1,017,387	  	10/1/2002	  	06/30/2014
									
	10163	  	 Taiwan
	  	 EXPRESS
	  	3	  	90023973	  	6/13/2001	  	1,032,602	  	2/16/2003	  	06/15/2010
									
	13677	  	 Taiwan
	  	 EXPRESS
	  	14, 18, 25	  	94041654	  	8/30/2005	  	1,210,738	  	5/16/2006	  	05/16/2009
									
	1843	  	 Taiwan
	  	 EXPRESS
	  	43	  		  		  	243,862	  	5/1/1984	  	04/30/2014
									
	1844	  	 Taiwan
	  	 EXPRESS
	  	48	  		  		  	246,344	  	6/1/1984	  	05/31/2014
									
	1845	  	 Taiwan
	  	 EXPRESS
	  	50	  		  		  	248,689	  	7/1/1984	  	06/30/2014
									
	1848	  	 Taiwan
	  	 EXPRESS
	  	47	  		  		  	264,020	  	11/16/1984	  	11/15/2014
									
	1846	  	 Taiwan
	  	 EXPRESS
	  	71	  		  		  	250,596	  	7/16/1984	  	07/15/2014
									
	1847	  	 Taiwan
	  	 EXPRESS
	  	46	  		  		  	258,928	  	10/1/1984	  	09/30/2014
									
	5129	  	 Tangier Zone
	  	 EXPRESS
	  	25, 42	  		  	8/18/1994	  	9,951	  	10/20/1994	  	08/18/2014
									
	10727	  	 Tangier Zone
	  	 EXPRESS
	  	25, 35	  	20,397	  	9/28/2001	  	20,397	  	10/1/2001	  	09/28/2021
									
	10289	  	 Thailand
	  	 EXPRESS
	  	18	  	459,454	  	7/13/2001	  	TM162,885	  	7/4/2002	  	07/13/2011
									
	10300	  	 Thailand
	  	 EXPRESS
	  	3	  	459,452	  	7/13/2001	  	195,118	  	4/12/2004	  	07/12/2011
									
	13847	  	 Thailand
	  	 EXPRESS
	  	18	  	602,121	  	9/2/2005	  	245,894	  	8/8/2006	  	09/01/2015
									
	7119	  	 Turkey
	  	 EXPRESS
	  	35	  	99/004527	  	4/22/1999	  	211,243	  	4/22/1999	  	04/22/2009
									
	13982	  	 Turkey
	  	 EXPRESS
	  	25, 35	  	2005/44277	  	10/13/2005	  	2005/44277	  	10/13/2005	  	10/13/2010
									
	1842	  	 Turkey
	  	 EXPRESS
	  	25	  		  	2/6/1989	  	110,751	  	2/6/1989	  	02/06/2009
									
	4495	  	 Ukraine
	  	 EXPRESS
	  	25, 42	  	94083026/T	  	8/23/1994	  	12,105	  	6/7/1999	  	08/23/2014
									
	10057	  	 Ukraine
	  	 EXPRESS
	  	3, 14,18	  	2001053322	  	5/31/2001	  	34,659	  	9/15/2003	  	05/31/2011
									
	13747	  	 Ukraine
	  	 EXPRESS
	  	25, 35	  	200509983	  	9/1/2005	  		  		  	09/01/2015
									
	3958	  	 United Arab Emirates
	  	 EXPRESS
	  	25	  	8,830	  	12/19/1994	  	7,475	  	12/23/1996	  	12/19/2014
									
	9931	  	 United Arab Emirates
	  	 EXPRESS
	  	14	  	42,523	  	5/14/2001	  	35,483	  	12/29/2002	  	05/14/2011
									
	9932	  	 United Arab Emirates
	  	 EXPRESS
	  	18	  	42,524	  	5/14/2001	  	35,482	  	12/29/2002	  	05/14/2011
									
	13682	  	 United Arab Emirates
	  	 EXPRESS
	  	25	  	72,869	  	9/4/2005	  	60,475	  	5/16/2006	  	05/16/2011
									
	6093	  	 United States
	  	 EXPRESS
	  	9, 14, 18, 25, 26	  	75/449,593	  	3/13/1998	  	2,484,122	  	9/4/2001	  	09/04/2007
									
	6094	  	 United States
	  	 EXPRESS
	  	25	  	75/449,351	  	3/12/1998	  	2,290,570	  	11/2/1999	  	11/02/2009
									
	6268	  	 United States
	  	 EXPRESS
	  	35	  	75/658,291	  	3/11/1999	  	2,607,818	  	8/13/2002	  	08/13/2008
									
	6093	  	 United States
	  	 EXPRESS
	  	9, 14, 18, 25, 26	  	75/449,593	  	3/13/1998	  	2,484,122	  	9/4/2001	  	09/04/2007

											
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	6268	  	 United States
	  	 EXPRESS
	  	35	  	75/658,291	  	3/11/1999	  	2,607,818	  	8/13/2002	  	08/13/2008
									
	14479	  	 United States
	  	 EXPRESS
	  	26, 35	  	78/897,740	  	6/1/2006	  		  		  	
									
	14478	  	 United States
	  	 EXPRESS
	  	14	  	78/897,749	  	6/1/2006	  	3,222,813	  	3/27/2007	  	03/27/2013
									
	1849	  	 United States
	  	 EXPRESS
	  	25	  	73/138,519	  	8/22/1977	  	1,120,073	  	6/12/1979	  	06/12/2009
									
	5234	  	 Uruguay
	  	 EXPRESS
	  	25	  	229,969	  	5/11/1989	  	354,503	  	5/6/1994	  	05/06/2014
									
	10037	  	 Uruguay
	  	 EXPRESS
	  	14, 18	  	331,744	  	5/31/2001	  	331,744	  	8/9/2002	  	08/09/2012
									
	4345	  	 Venezuela
	  	 EXPRESS
	  	25	  	7,917-94	  	6/16/1994	  		  		  	
									
	4346	  	 Venezuela
	  	 EXPRESS
	  	42	  	7,925-94	  	6/16/1994	  		  		  	
									
	10155	  	 Venezuela
	  	 EXPRESS
	  	3	  	2001-010325	  	6/14/2001	  	P-240,919	  	11/11/2002	  	11/11/2012
									
	14189	  	 Venezuela
	  	 EXPRESS
	  	3	  	2005-027267	  	12/7/2005	  		  		  	
									
	6993	  	 Vietnam
	  	 EXPRESS
	  	35	  	41,379	  	4/12/1999	  	36,559	  	3/15/2001	  	04/12/2009
									
	13694	  	 Vietnam
	  	 EXPRESS
	  	3, 14, 18, 25	  	4-2005-11227	  	8/31/2005	  		  		  	08/31/2015
									
	1850	  	 Vietnam
	  	 EXPRESS
	  	3, 14, 18, 25	  	12,935	  	4/24/1993	  	17,111	  	6/23/1995	  	04/24/2013
									
	14049	  	 Virgin Islands (US)
	  	 EXPRESS
	  	25	  		  		  	7,265	  	10/7/2005	  	11/02/2009
									
	633	  	 Virgin Islands (US)
	  	 EXPRESS
	  	25	  		  	7/21/1994	  	6,781	  	8/8/1994	  	06/12/2009
									
	6740	  	 West Bank
	  	 EXPRESS
	  	35	  	5,497	  	8/30/1997	  	5,497	  	9/11/2001	  	08/30/2018
									
	6739	  	 West Bank
	  	 EXPRESS
	  	25	  	5,496	  	8/30/1997	  	5,496	  	9/11/2001	  	08/30/2018
									
	10624	  	 Lebanon
	  	 EXPRESS (IN LATIN CHARACTERS)
	  	42	  		  	12/6/2001	  	89,189	  	12/6/2001	  	12/06/2016
									
	13864	  	 West Bank
	  	 EXPRESS (STYLIZED)
	  	35	  	11,721	  	9/10/2005	  		  		  	09/10/2012
									
	13863	  	 West Bank
	  	 EXPRESS (STYLIZED)
	  	25	  	11,722	  	9/10/2005	  		  		  	09/10/2012
									
	10387	  	 Brazil
	  	 EXPRESS AND DESIGN
	  	14	  	823,813,436	  	8/29/2001	  		  		  	
									
	10655	  	 Brazil
	  	 EXPRESS AND DESIGN
	  	25	  	824,350,090	  	2/1/2002	  		  		  	
									
	13455	  	 Germany
	  	 EXPRESS AND DESIGN
	  	18, 23, 24, 25	  	302 08329.4	  	2/19/2002	  	302 08 329	  	4/9/2002	  	02/29/2012
									
	4860	  	 Hong Kong
	  	 EXPRESS AND DESIGN
	  	25	  		  		  	1551 of 1980	  	1/23/1980	  	01/23/2015
									
	5379	  	 Mexico
	  	 EXPRESS AND DESIGN
	  	25	  	259,294	  	4/9/1996	  	539,835	  	1/27/1997	  	04/09/2016
									
	13948	  	 Peru
	  	 EXPRESS AND DESIGN
	  	14	  	257,396	  	10/12/2005	  	112,370	  	2/15/2006	  	02/15/2016
									
	4464	  	 Japan
	  	 EXPRESS AND EXP AND DESIGN
	  	39	  	103099/97	  	4/3/1997	  	4,209,000	  	11/6/1998	  	11/06/2008
									
	2893	  	 Japan
	  	 EXPRESS AND EXP AND DESIGN
	  	35	  	103098/97	  	4/3/1997	  	4,349,726	  	1/7/2000	  	01/07/2010
									
	1786	  	 United Kingdom
	  	 EXPRESS AND EXP AND DESIGN
	  	25	  	1,477,510	  	9/18/1991	  	1,477,510	  	4/24/1998	  	09/18/2008
									
	5176	  	 Hong Kong
	  	 EXPRESS BY EXPRESSCO
	  	35	  	7889/1997	  	6/11/1997	  	199901868	  	2/12/1999	  	06/11/2014
									
	677	  	 Uruguay
	  	 EXPRESS BY EXPRESSCO
	  	25, 42	  	272,472	  	9/12/1994	  	272,472	  	4/3/2000	  	04/03/2010
									
	11935	  	 Canada
	  	 EXPRESS DESIGN STUDIO
	  	25, 35	  	1,202,795	  	1/6/2004	  		  		  	
									
	11937	  	 France
	  	 EXPRESS DESIGN STUDIO
	  	25, 35	  	04/3265852	  	1/2/2004	  	04/3265852	  	1/2/2004	  	01/02/2014
									
	12013	  	 Italy
	  	 EXPRESS DESIGN STUDIO
	  	25, 35	  	MI 2004 C
000250	  	1/16/2004	  		  		  	01/16/2014

											
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	12121	  	 Mexico
	  	 EXPRESS DESIGN STUDIO
	  	35	  	642,508	  	2/18/2004	  	825,212	  	3/16/2004	  	02/18/2014
									
	12033	  	 United Kingdom
	  	 EXPRESS DESIGN STUDIO
	  	25, 35	  	2,352,791	  	1/6/2004	  	2,352,791	  	8/4/2006	  	01/06/2014
									
	11486	  	 United States
	  	 EXPRESS DESIGN STUDIO
	  	25, 35	  	78/260,874	  	6/11/2003	  	2,961,016	  	6/7/2005	  	06/07/2011
									
	13398	  	 United States
	  	 EXPRESS DESIGN STUDIO NEW YORK
	  	25, 35	  	78/657,490	  	6/24/2005	  		  		  	
									
	11995	  	 United States
	  	 EXPRESS EDITOR
 PANT
	  	25, 35	  	78/353,706	  	1/19/2004	  		  		  	
									
	11989	  	 Hong Kong
	  	 EXPRESS MEN
	  	35	  	300113606	  	11/19/2003	  	300113606	  	8/3/2004	  	11/19/2013
									
	11397	  	 United States
	  	 EXPRESS MEN
	  	35	  	76/975,362	  	3/8/2001	  	2,754,311	  	8/19/2003	  	08/19/2009
									
	13305	  	 United States
	  	 EXPRESS MEN
	  	25	  	78/643,372	  	6/3/2005	  		  		  	
									
	11996	  	 United States
	  	 EXPRESS PRODUCER PANT
	  	25, 35	  	78/353,714	  	1/19/2004	  		  		  	
									
	12006	  	 United States
	  	 EXPRESS THE ORIGINAL MINI TEE
	  	25	  	78/355,117	  	1/21/2004	  	2,933,009	  	3/15/2005	  	03/15/2011
									
	10632	  	 United States
	  	 EXPRESS TRADEMARK COLLECTION
	  	25	  	78/103,585	  	1/18/2002	  	2,821,741	  	3/9/2004	  	03/09/2010
									
	10853	  	 United States
	  	 EXPRESS TRADEMARK PANTS
	  	25	  	78/133,011	  	6/4/2002	  	2,833,128	  	4/13/2004	  	04/13/2010
									
	7226	  	 China (People’s Republic
	  	 EXPRESS WORLD
	  	16	  	9900085684	  	7/23/1999	  	1,456,782	  	10/14/2000	  	10/13/2010
									
	6465	  	 China (People’s Republic
	  	 EXPRESS WORLD
	  	25	  	9900024203	  	3/15/1999	  	1,432,258	  	8/14/2000	  	08/13/2010
									
	6464	  	 China (People’s Republic
	  	 EXPRESS WORLD
	  	18	  	9900024202	  	3/15/1999	  	1,410,720	  	6/21/2000	  	06/20/2010
									
	6463	  	 China (People’s Republic
	  	 EXPRESS WORLD
	  	3	  	9900024201	  	3/15/1999	  	1,422,155	  	7/21/2000	  	07/20/2010
									
	7430	  	 Argentina
	  	 EXPRESS WORLD BRAND
	  	35	  	2,240,848	  	9/14/1999	  	1,838,573	  	7/27/2001	  	07/27/2011
									
	6981	  	 Argentina
	  	 EXPRESS WORLD BRAND
	  	3	  	2,225,261	  	6/22/1999	  	1.810,077	  	11/10/2000	  	11/10/2010
									
	6983	  	 Argentina
	  	 EXPRESS WORLD BRAND
	  	25	  	2,225,263	  	6/22/1999	  	1,803,857	  	9/4/2000	  	09/04/2010
									
	6982	  	 Argentina
	  	 EXPRESS WORLD BRAND
	  	14	  	2,225,262	  	6/22/1999	  	1,810,078	  	11/10/2000	  	11/10/2010
									
	6449	  	 Aruba
	  	 EXPRESS WORLD BRAND
	  	3, 14	  	IM-990322.26	  	3/22/1999	  	19,800	  	4/6/1999	  	03/21/2009
									
	6442	  	 Australia
	  	 EXPRESS WORLD BRAND
	  	3, 14, 25, 35	  	787,627	  	3/5/1999	  	787,627	  	12/24/1999	  	03/05/2009
									
	7090	  	 Austria
	  	 EXPRESS WORLD BRAND
	  	3, 25, 39, 42	  	AM 3949/99	  	7/1/1999	  	184,404	  	9/29/1999	  	09/30/2009
									
	6305	  	 Benelux
	  	 EXPRESS WORLD BRAND
	  	3, 14, 25, 35	  	934,615	  	3/17/1999	  	654,758	  	3/1/2000	  	03/17/2009
									
	6600	  	 Brazil
	  	 EXPRESS WORLD BRAND
	  	25	  	821,465,279	  	3/10/1999	  	821,465,279	  	10/1/2002	  	10/01/2012
									
	6601	  	 Brazil
	  	 EXPRESS WORLD BRAND
	  	40	  	821,465,287	  	3/10/1999	  		  		  	

											
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	7335	  	 Chile
	  	 EXPRESS WORLD BRAND
	  	 42
	  	460,101	  	9/2/1999	  	583,782	  	11/30/2000	  	11/30/2010
									
	7321	  	 Colombia
	  	 EXPRESS WORLD BRAND
	  	 25
	  	99047643	  	7/28/1999	  	226,017	  	4/13/2000	  	04/13/2010
									
	7320	  	 Colombia
	  	 EXPRESS WORLD BRAND
	  	 3
	  	99047647	  	7/28/1999	  	226,960	  	5/19/2000	  	05/19/2010
									
	7322	  	 Colombia
	  	 EXPRESS WORLD BRAND
	  	 35
	  	99047645	  	7/28/1999	  	226,016	  	4/13/2000	  	04/13/2010
									
	6914	  	 Costa Rica
	  	 EXPRESS WORLD BRAND
	  	 35
	  	122,194	  	3/23/1999	  	117,763	  	12/8/1999	  	12/08/2009
									
	6430	  	 Denmark
	  	 EXPRESS WORLD BRAND
	  	 3, 14, 25, 35
	  	VA 1999 01241	  	3/16/1999	  	VR 1999 01728	  	5/25/1999	  	05/25/2009
									
	7457	  	 Dominican Republic
	  	 EXPRESS WORLD BRAND
	  	 50
	  		  	9/17/1999	  	108,516	  	11/30/1999	  	11/30/2009
									
	7454	  	 Dominican Republic
	  	 EXPRESS WORLD BRAND
	  	 14
	  		  	9/17/1999	  	108,401	  	11/30/1999	  	11/30/2009
									
	7458	  	 Dominican Republic
	  	 EXPRESS WORLD BRAND
	  	 63
	  		  	9/17/1999	  	108,625	  	11/30/1999	  	11/30/2009
									
	7455	  	 Dominican Republic
	  	 EXPRESS WORLD BRAND
	  	 44
	  		  	9/17/1999	  	108,468	  	11/30/1999	  	11/30/2009
									
	7456	  	 Dominican Republic
	  	 EXPRESS WORLD BRAND
	  	 45
	  		  	9/17/1999	  	108,471	  	11/30/1999	  	11/30/2009
									
	7009	  	 Egypt
	  	 EXPRESS WORLD BRAND
	  	 3
	  	124,949	  	7/1/1999	  		  		  	07/01/2009
									
	7011	  	 Egypt
	  	 EXPRESS WORLD BRAND
	  	 42
	  	124,951	  	7/1/1999	  	124,951	  	1/11/2003	  	06/30/2009
									
	7010	  	 Egypt
	  	 EXPRESS WORLD BRAND
	  	 25
	  	124,950	  	7/1/1999	  	124,950	  	12/24/2002	  	06/30/2009
									
	6128	  	 European Union
	  	 EXPRESS WORLD BRAND
	  	 3, 25, 42
	  	1,077,163	  	2/11/1999	  	1,077,163	  	6/27/2002	  	02/11/2009
									
	6482	  	 Finland
	  	 EXPRESS WORLD BRAND
	  	 3, 14, 35
	  	T199901055	  	3/30/1999	  	220,954	  	6/15/2001	  	06/15/2011
									
	6062	  	 France
	  	 EXPRESS WORLD BRAND
	  	 3, 14, 16, 25
	  	99/773,399	  	2/5/1999	  	99/773,399	  	7/16/1999	  	02/04/2009
									
	6632	  	 Germany
	  	 EXPRESS WORLD BRAND
	  	 25
	  	399 15 445.0/25	  	3/12/1999	  	399 15 445	  	4/23/1999	  	03/31/2009
									
	7411	  	 Germany
	  	 EXPRESS WORLD BRAND
	  	 16
	  	399 57 355.0/16	  	9/16/1999	  	399 57 355	  	11/14/2000	  	09/30/2009
									
	6434	  	 Greece
	  	 EXPRESS WORLD BRAND
	  	 3, 14
	  	139,899	  	3/9/1999	  	139,899	  	8/17/2000	  	03/09/2009
									
	6475	  	 Honduras
	  	 EXPRESS WORLD BRAND
	  	 25
	  	3374/99	  	3/8/1999	  	77,346	  	6/14/2000	  	06/14/2010
									
	8104	  	 Hungary
	  	 EXPRESS WORLD BRAND
	  	 35, 39
	  	M0001607	  	3/21/2000	  	169,981	  	4/18/2002	  	03/21/2010

											
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	6694	 	Italy	 	EXPRESS WORLD BRAND	 	 3, 14
	 	MI99C003448	 	4/8/1999	 	867,526	 	5/17/2002	 	04/08/2009
									
	6589	 	Japan	 	EXPRESS WORLD BRAND	 	 18
	 	23484/99	 	3/16/1999	 	4,348,134	 	12/24/1999	 	12/24/2009
									
	6590	 	Japan	 	EXPRESS WORLD BRAND	 	 14
	 	23483/99	 	3/16/1999	 	4,348,133	 	12/24/1999	 	12/24/2009
									
	6592	 	Japan	 	EXPRESS WORLD BRAND	 	 3
	 	23482/99	 	3/16/1999	 	4,387,095	 	5/26/2000	 	05/26/2010
									
	6591	 	Japan	 	EXPRESS WORLD BRAND	 	 25
	 	23485/99	 	3/16/1999	 	4,495,983	 	8/3/2001	 	08/03/2011
									
	7199	 	Jordan	 	EXPRESS WORLD BRAND	 	 3
	 	55,288	 	7/20/1999	 	55,288	 	2/6/2001	 	07/20/2016
									
	8379	 	Jordan	 	EXPRESS WORLD BRAND	 	 42
	 	60,682	 	2/27/2000	 	60,682	 	8/11/2002	 	02/27/2010
									
	6460	 	Mexico	 	EXPRESS WORLD BRAND	 	 25
	 	366,697	 	3/9/1999	 	609,156	 	4/20/1999	 	03/09/2009
									
	6461	 	Mexico	 	EXPRESS WORLD BRAND	 	 42
	 	366,698	 	3/9/1999	 	609,157	 	4/20/1999	 	03/09/2009
									
	6473	 	Norway	 	EXPRESS WORLD BRAND	 	 3, 14
	 	199902367	 	3/9/1999	 	199,270	 	9/9/1999	 	09/09/2009
									
	6466	 	Saudi Arabia	 	EXPRESS WORLD BRAND	 	 35
	 	48,258	 	3/6/1999	 	616/92	 	3/3/2002	 	11/16/2008
									
	7092	 	Serbia and Montenegro	 	EXPRESS WORLD BRAND	 	 3, 25, 35, 42
	 	Z-407/99	 	7/16/1999	 	45,129	 	10/18/2002	 	07/16/2009
									
	6855	 	Singapore	 	EXPRESS WORLD BRAND	 	 25
	 	1769/99	 	2/25/1999	 	1769/99	 	2/25/1999	 	02/25/2009
									
	6854	 	Singapore	 	EXPRESS WORLD BRAND	 	 3
	 	T99/01768A	 	2/25/1999	 	T99/01768A	 	7/29/2002	 	02/25/2009
									
	6856	 	Singapore	 	EXPRESS WORLD BRAND	 	 35
	 	T99/01770C	 	2/25/1999	 	T99/01770C	 	9/4/2002	 	02/25/2009
									
	6457	 	South Africa	 	EXPRESS WORLD BRAND	 	 3
	 	99/03576	 	3/5/1999	 	99/03576	 	9/8/2005	 	09/08/2010
									
	6791	 	South Korea	 	EXPRESS WORLD BRAND	 	 14
	 	99-7011	 	3/8/1999	 	496,394	 	6/27/2001	 	06/27/2011
									
	6692	 	Spain	 	EXPRESS WORLD BRAND	 	 35
	 	2,224,648	 	3/30/1999	 	2,224,648	 	11/5/1999	 	03/30/2009
									
	6686	 	Spain	 	EXPRESS WORLD BRAND	 	 14
	 	2,224,647	 	3/30/1999	 	2,224,647	 	9/20/1999	 	03/30/2009
									
	6683	 	Spain	 	EXPRESS WORLD BRAND	 	 3
	 	2,224,646	 	3/30/1999	 	2,224,646	 	9/20/1999	 	03/30/2009
									
	6239	 	Sri Lanka	 	EXPRESS WORLD BRAND	 	 42
	 	91,974	 	3/10/1999	 	91,974	 	8/28/2006	 	08/28/2011
									
	6238	 	Sri Lanka	 	EXPRESS WORLD BRAND	 	 14
	 	91,973	 	3/10/1999	 	91,973	 	7/25/2002	 	03/10/2009

											
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	6237	 	Sri Lanka	 	EXPRESS WORLD BRAND	 	 3
	 	91,975	 	3/10/1999	 	91,975	 	1/31/2006	 	01/31/2011
									
	6239	 	Sri Lanka	 	EXPRESS WORLD BRAND	 	 42
	 	91,974	 	3/10/1999	 	91,974	 	8/28/2006	 	08/28/2011
									
	6474	 	Sweden	 	EXPRESS WORLD BRAND	 	 3, 14
	 	99-01852	 	3/8/1999	 	341,226	 	10/13/2000	 	10/13/2010
									
	6794	 	Switzerland	 	EXPRESS WORLD BRAND	 	 3, 14
	 	01962/1999	 	3/4/1999	 	463,907	 	8/12/1999	 	03/04/2009
									
	6641	 	Taiwan	 	EXPRESS WORLD BRAND	 	 14
	 	88012745	 	3/24/1999	 	885,663	 	3/16/2000	 	03/15/2010
									
	6642	 	Taiwan	 	EXPRESS WORLD BRAND	 	 3
	 	88012744	 	3/24/1999	 	893,820	 	6/16/2000	 	06/15/2010
									
	6640	 	Taiwan	 	EXPRESS WORLD BRAND	 	 25
	 	88012746	 	3/24/1999	 	901,739	 	8/16/2000	 	08/15/2010
									
	6866	 	Thailand	 	EXPRESS WORLD BRAND	 	 25
	 	386,081	 	4/28/1999	 	156,992	 	4/23/2002	 	04/27/2009
									
	6866	 	Thailand	 	EXPRESS WORLD BRAND	 	 14
	 	386,080	 	4/28/1999	 	120,888	 	10/3/2000	 	04/27/2009
									
	6907	 	Thailand	 	EXPRESS WORLD BRAND	 	 42
	 	387,153	 	5/17/1999	 	10,588	 	8/31/2000	 	05/16/2009
									
	7303	 	Ukraine	 	EXPRESS WORLD BRAND	 	 3, 25
	 	99082896	 	8/16/1999	 	24,623	 	4/15/2002	 	08/16/2009
									
	6680	 	United Arab Emirates	 	EXPRESS WORLD BRAND	 	 42
	 	30,889	 	4/18/1999	 	24,706	 	5/22/2000	 	04/18/2009
									
	8073	 	United Kingdom	 	EXPRESS WORLD BRAND	 	 35
	 	2,191,016B	 	3/5/1999	 	2,191,016B	 	3/30/2001	 	03/05/2009
									
	6435	 	United Kingdom	 	EXPRESS WORLD BRAND	 	 3, 14, 42
	 	2,191,016A	 	3/5/1999	 	2,191,016A	 	9/15/2000	 	03/05/2009
									
	6696	 	Uruguay	 	EXPRESS WORLD BRAND	 	 35
	 	311,668	 	3/31/1999	 	311,668	 	11/2/1999	 	11/02/2009
									
	7556	 	Venezuela	 	EXPRESS WORLD BRAND	 	 25
	 	18.506-99	 	10/26/1999	 		 		 	
									
	7557	 	Venezuela	 	EXPRESS WORLD BRAND	 	 35
	 	18-507-99	 	10/26/1999	 		 		 	
									
	7555	 	Venezuela	 	EXPRESS WORLD BRAND	 	 3
	 	18.505-99	 	10/26/1999	 		 		 	
									
	6992	 	Vietnam	 	EXPRESS WORLD BRAND	 	 35
	 	41,232	 	3/27/1999	 	34,405	 	7/17/2000	 	03/27/2009
									
	6768	 	Zimbabwe	 	EXPRESS WORLD BRAND	 	 3
	 	351/99	 	3/17/1999	 	351/99	 	9/10/2001	 	03/17/2009
									
	6769	 	Zimbabwe	 	EXPRESS WORLD BRAND	 	 14
	 	352/99	 	3/17/1999	 	352/99	 	10/23/2000	 	03/17/2009
									
	6729	 	Hungary	 	EXPRESSCO	 	 35, 39
	 	M9900526	 	2/4/1999	 	163,217	 	1/10/2001	 	02/04/2009
									
	7449	 	Czech Republic	 	 EXPRESSCO EXPRESS
 WORLD BRAND

	 	 3, 25, 39
	 	145,012	 	7/19/1999	 	233,569	 	5/23/2001	 	07/19/2009

											
	grouped by owner	  		  	Report Date:	  	5/11/2007	  	Page:	  	20

  

																	
									
	7451	 	Slovak Republic	 	 EXPRESSCO EXPRESS
 WORLD BRAND

	 	 3, 25, 35, 39
	 	POZ
1807-99	 	7/20/1999	 	197,479	 	12/14/2001	 	07/20/2009
									
	10221	 	Argentina	 	EXPRESSFASHION	 	 25
	 	2,341,804	 	6/12/2001	 	1,915,917	 	2/28/2003	 	02/28/2008
									
	10218	 	Argentina	 	EXPRESSFASHION	 	 3
	 	2,341,801	 	6/12/2001	 	1,898,290	 	11/21/2002	 	11/21/2012
									
	10219	 	Argentina	 	EXPRESSFASHION	 	 14
	 	2,341,802	 	6/12/2001	 	1,898,291	 	11/21/2002	 	11/21/2012
									
	10220	 	Argentina	 	EXPRESSFASHION	 	 18
	 	2,341,803	 	6/12/2001	 	1,898,292	 	11/21/2002	 	11/21/2012
									
	10222	 	Argentina	 	EXPRESSFASHION	 	 35
	 	2,341,805	 	6/12/2001	 		 		 	
									
	9882	 	Australia	 	EXPRESSFASHION	 	 25, 35
	 	874,691	 	5/4/2001	 	A874,691	 	3/6/2002	 	05/04/2011
									
	14251	 	Australia	 	EXPRESSFASHION	 	 25, 35
	 	1,092,360	 	12/29/2005	 	1,092,360	 	11/3/2006	 	12/29/2008
									
	10009	 	Benelux	 	EXPRESSFASHION	 	 25, 35
	 	0990532	 	5/23/2001	 	701,517	 	5/1/2002	 	05/23/2011
									
	14224	 	Benelux	 	EXPRESSFASHION	 	 25
	 	1,098,562	 	12/23/2005	 		 		 	12/23/2015
									
	10705	 	Bermuda	 	EXPRESSFASHION	 	 35
	 	33,504	 	8/31/2001	 	33,504	 	4/26/2002	 	08/31/2008
									
	9993	 	Brazil	 	EXPRESSFASHION	 	 25
	 	823,962,750	 	5/31/2001	 		 		 	
									
	10160	 	Brazil	 	EXPRESSFASHION	 	 35
	 	823,962,768	 	5/31/2001	 		 		 	
									
	14825	 	Canada	 	EXPRESSFASHION	 	 18, 25
	 	1,332,501	 	1/24/2007	 		 		 	01/24/2010
									
	11558	 	Cayman Islands	 	EXPRESSFASHION	 	 3, 14, 18, 25, 35
	 		 	4/4/2001	 	2,266,383	 	2/11/2003	 	04/04/2011
									
	13290	 	China (People’s Republic	 	EXPRESSFASHION	 	 18
	 	4654428	 	5/13/2005	 		 		 	
									
	11318	 	Croatia	 	EXPRESSFASHION	 	 35
	 	Z20030020A	 	1/13/2003	 	Z20030020	 	9/23/2003	 	09/23/2008
									
	11452	 	Czech Republic	 	EXPRESSFASHION	 	 3, 14, 18
	 	OZ 190,616	 	4/11/2003	 	260,006	 	12/23/2003	 	04/11/2008
									
	10159	 	Denmark	 	EXPRESSFASHION	 	 35
	 	VA2001
02139	 	6/8/2001	 	VR 2001
03870	 	9/19/2001	 	09/19/2011
									
	14239	 	Denmark	 	EXPRESSFASHION	 	 35
	 	VA 2005
05831	 	12/22/2005	 	VR 2006
01359	 	4/18/2006	 	06/26/2011
									
	10602	 	Dominican Republic	 	EXPRESSFASHION	 	 25
	 	2004-44446	 	11/13/2001	 	141,302	 	1/30/2002	 	01/30/2012
									
	10600	 	Dominican Republic	 	EXPRESSFASHION	 	 14
	 	2004-44445	 	11/13/2001	 	141,301	 	1/30/2002	 	01/30/2012
									
	10598	 	Dominican Republic	 	EXPRESSFASHION	 	 3
	 	2004-45622	 	11/13/2001	 	141,189	 	1/30/2002	 	01/30/2012
									
	10601	 	Dominican Republic	 	EXPRESSFASHION	 	 18
	 	2003-7304	 	11/13/2001	 	134,363	 	2/28/2002	 	02/28/2012
									
	14669	 	Dominican Republic	 	EXPRESSFASHION	 	 3, 14, 18, 25
	 	2006-28229	 	4/25/2006	 	156,390	 	9/29/2006	 	09/29/2009
									
	9887	 	Egypt	 	EXPRESSFASHION	 	 25
	 	142,534	 	5/9/2001	 	142,534	 	8/21/2006	 	05/08/2011
									
	9888	 	Egypt	 	EXPRESSFASHION	 	 35
	 	142,533	 	5/9/2001	 	142,533	 	8/21/2006	 	05/08/2011
									
	9918	 	Egypt	 	EXPRESSFASHION	 	 35
	 	142,701	 	5/16/2001	 	142,701	 	1/23/2007	 	05/15/2011
									
	9888	 	Egypt	 	EXPRESSFASHION	 	 35
	 	142,533	 	5/9/2001	 	142,533	 	8/21/2006	 	05/08/2011
									
	9918	 	Egypt	 	EXPRESSFASHION	 	 35
	 	142,701	 	5/16/2001	 	142,701	 	1/23/2007	 	05/15/2011
									
	9983	 	Estonia	 	EXPRESSFASHION	 	 35
	 	M200100937	 	5/29/2001	 	36,253	 	5/21/2002	 	05/21/2012
									
	9832	 	France	 	EXPRESSFASHION	 	 3, 14, 16, 18, 25
	 	01 3096091	 	4/19/2001	 	01 3 096
091	 	10/5/2001	 	04/30/2011
									
	10951	 	France	 	EXPRESSFASHION	 	 3, 14, 16, 18
	 	02/3176203	 	7/24/2002	 	02/3176203	 	12/27/2002	 	07/23/2012
									
	11540	 	Grenada	 	EXPRESSFASHION	 	 3, 14, 18, 25, 35
	 		 	4/4/2001	 	10/2003	 	3/21/2003	 	04/04/2011
									
	10850	 	Hong Kong	 	EXPRESSFASHION	 	 18
	 	200206531	 	5/8/2002	 	B10089 of
2003	 	8/13/2003	 	05/08/2009
									
	10849	 	Hong Kong	 	EXPRESSFASHION	 	 3
	 	200206530	 	5/8/2002	 	B10088 of
2003	 	8/13/2003	 	05/08/2009
									
	14228	 	Hong Kong	 	EXPRESSFASHION	 	 3, 18
	 	300549531	 	12/15/2005	 	300549531	 	6/7/2006	 	12/14/2015
									
	9251	 	Ireland	 	EXPRESSFASHION	 	 35
	 	2001/00237	 	1/24/2001	 	220,853	 	5/13/2002	 	01/24/2011
									
	10279	 	Israel	 	EXPRESSFASHION	 	 35
	 	149,742	 	6/6/2001	 	149,742	 	6/4/2002	 	06/06/2008

  

											
	grouped by owner	  		  	Report Date:	  	5/11/2007	  	Page:	  	21

  

																	
									
	10747	 	Israel	 	EXPRESSFASHION	 	 3
	 	 154,711
	 	1/24/2002	 	154,711	 	2/3/2003	 	01/24/2009
									
	14746	 	Israel	 	EXPRESSFASHION	 	 3
	 	 186,263
	 	12/28/2005	 		 		 	12/28/2015
									
	14354	 	Israel	 	EXPRESSFASHION	 	 35
	 	 186,264
	 	12/28/2005	 		 		 	12/28/2015
									
	9800	 	Italy	 	EXPRESS FASHION	 	 3, 14, 18, 25, 35
	 	 MI 2001 C 004454
	 	4/23/2001	 		 		 	04/23/2011
									
	11203	 	Jamaica	 	EXPRESSFASHION	 	 35
	 	 43,463
	 	1/24/2003	 	43,463	 	6/8/2004	 	01/24/2013
									
	11037	 	Japan	 	EXPRESSFASHION	 	 3
	 	 2002-085395
	 	10/8/2002	 	4,682,363	 	6/13/2003	 	06/13/2013
									
	14269	 	Japan	 	EXPRESSFASHION	 	 3
	 	 2005-120956
	 	12/26/2005	 	4,976,596	 	8/4/2006	 	08/04/2009
									
	14270	 	Japan	 	EXPRESSFASHION	 	 25
	 	 2005-120957
	 	12/26/2005	 	4,991,782	 	9/29/2006	 	09/29/2009
									
	8397	 	Jordan	 	EXPRESSFASHION	 	 42
	 	 64,638
	 	2/27/2000	 	64,638	 	3/30/2003	 	02/27/2010
									
	14351	 	Jordan	 	EXPRESSFASHION	 	 35
	 	 84,435
	 	2/20/2006	 	84,435	 	11/28/2006	 	02/20/2009
									
	10255	 	Macao	 	EXPRESSFASHION	 	 25
	 	 N/008307
	 	7/10/2001	 	N/008307	 	11/14/2001	 	11/14/2008
									
	10103	 	Mexico	 	EXPRESSFASHION	 	 42
	 	 484,228
	 	5/8/2001	 	709,157	 	7/30/2001	 	05/08/2011
									
	10101	 	Mexico	 	EXPRESSFASHION	 	 25
	 	 484,226
	 	5/8/2001	 	709,155	 	7/30/2001	 	05/08/2011
									
	14365	 	Mexico	 	EXPRESSFASHION	 	 3
	 	 762,806
	 	1/27/2006	 	939,514	 	6/23/2006	 	06/23/2009
									
	14366	 	Mexico	 	EXPRESSFASHION	 	 14
	 	 762,807
	 	1/27/2006	 	939,515	 	6/23/2006	 	06/23/2009
									
	14365	 	Mexico	 	EXPRESSFASHION	 	 3
	 	 762,806
	 	1/27/2006	 	939,514	 	6/23/2006	 	06/23/2009
									
	14367	 	Mexico	 	EXPRESSFASHION	 	 18
	 	 762,808
	 	1/27/2006	 	939,516	 	6/23/2006	 	06/23/2009
									
	14368	 	Mexico	 	EXPRESSFASHION	 	 25
	 	 762,809
	 	1/27/2006	 	944,237	 	7/25/2006	 	07/25/2009
									
	14369	 	Mexico	 	EXPRESSFASHION	 	 35
	 	 762,810
	 	1/27/2006	 	939,346	 	6/22/2006	 	06/22/2009
									
	10039	 	New Zealand	 	EXPRESSFASHION	 	 35
	 	 638,552
	 	5/25/2001	 	638,552	 	11/29/2001	 	05/25/2008
									
	14238	 	New Zealand	 	EXPRESSFASHION	 	 35
	 	 740,509
	 	12/15/2005	 	740,509	 	6/15/2006	 	12/15/2008
									
	11264	 	Panama	 	EXPRESSFASHION	 	 3
	 	 123,362
	 	10/2/2002	 	123,362	 	9/18/2003	 	09/18/2008
									
	10504	 	Paraguay	 	EXPRESSFASHION	 	 3
	 	 26348-2001
	 	10/22/2001	 	249,425	 	9/5/2002	 	09/05/2012
									
	10470	 	Peru	 	EXPRESSFASHION	 	 25
	 	 137,012
	 	10/25/2001	 	78,019	 	1/23/2002	 	01/23/2012
									
	10468	 	Peru	 	EXPRESSFASHION	 	 3
	 	 137,010
	 	10/25/2001	 	77,944	 	1/23/2002	 	01/23/2012
									
	12302	 	Peru	 	EXPRESSFASHION	 	 35
	 	 197,581
	 	12/4/2003	 	35,600	 	6/15/2004	 	06/15/2014
									
	14714	 	Philippines	 	EXPRESSFASHION	 	 25
	 	 4-2005-009558
	 	9/27/2005	 		 		 	09/27/2008
									
	11124	 	Romania	 	EXPRESSFASHION	 	 14
	 	 M 2002 06060
	 	11/11/2002	 	52,640	 	11/11/2002	 	11/11/2012
									
	9213	 	Russian Federation	 	EXPRESSFASHION	 	 3, 14, 18, 42
	 	 2001701614
	 	1/22/2001	 	241,032	 	3/21/2003	 	01/22/2011
									
	14231	 	Russian Federation	 	EXPRESSFASHION	 	 3, 14, 18, 35
	 	 2005734067
	 	12/28/2005	 		 		 	12/28/2015
									
	9908	 	Saudi Arabia	 	EXPRESSFASHION	 	 25
	 	 71,065
	 	5/12/2001	 	616/91	 	3/3/2002	 	01/22/2011
									
	9905	 	Saudi Arabia	 	EXPRESSFASHION	 	 3
	 	 71,062
	 	5/12/2001	 	616/90	 	3/3/2002	 	01/22/2011
									
	9909	 	Saudi Arabia	 	EXPRESSFASHION	 	 35
	 	 71,066
	 	5/12/2001	 	676/2	 	5/14/2003	 	01/22/2011
									
	9906	 	Saudi Arabia	 	EXPRESSFASHION	 	 14
	 	 71,063
	 	5/12/2001	 	663/56	 	12/17/2002	 	01/22/2011
									
	9907	 	Saudi Arabia	 	EXPRESSFASHION	 	 18
	 	 71,064
	 	5/12/2001	 	631/30	 	7/7/2002	 	01/22/2011
									
	9909	 	Saudi Arabia	 	EXPRESSFASHION	 	 35
	 	 71,066
	 	5/12/2001	 	676/2	 	5/14/2003	 	01/22/2011
									
	11183	 	Singapore	 	EXPRESSFASHION	 	 35
	 	 T03/00282C
	 	1/15/2003	 	T03/00282C	 	7/21/2003	 	07/21/2008
									
	10026	 	Spain	 	EXPRESSFASHION	 	 35
	 	 2,406,752
	 	6/8/2001	 	2,406,752	 	1/23/2003	 	06/08/2011
									
	11412	 	Spain	 	EXPRESSFASHION	 	 25
	 	 2,537,304
	 	4/22/2003	 	2,537,304	 	9/13/2004	 	11/16/2009

											
	grouped by owner	  		  	Report Date:	  	5/11/2007	  	Page:	  	22

  

																	
									
	11398	 	Spain	 	EXPRESSFASHION	 	 14
	 	2,534,243	 	4/2/2003	 	2,534,243	 	9/17/2003	 	04/02/2013
									
	11412	 	Spain	 	EXPRESSFASHION	 	 25
	 	2,537,304	 	4/22/2003	 	2,537,304	 	9/13/2004	 	11/16/2009
									
	10998	 	Spain	 	EXPRESSFASHION	 	 3
	 	2,501,451	 	8/13/2002	 	2,501,451	 	5/8/2003	 	08/13/2012
									
	11009	 	Sweden	 	EXPRESSFASHION	 	 3, 14, 18
	 	02-05449	 	8/28/2002	 	360,661	 	4/17/2003	 	04/17/2008
									
	13102	 	Switzerland	 	EXPRESSFASHION	 	 35
	 	53417/2005	 	4/25/2005	 	534,207	 	6/7/2005	 	04/25/2015
									
	9205	 	Taiwan	 	EXPRESSFASHION	 	 35
	 	90000283	 	1/3/2001	 	171,936	 	11/l/2002	 	10/15/2012
									
	10166	 	Taiwan	 	EXPRESSFASHION	 	 35
	 	90023976	 	6/13/2001	 	171,060	 	10/16/2002	 	10/15/2012
									
	10994	 	Taiwan	 	EXPRESSFASHION	 	 3
	 	91031743	 	8/2/2002	 	1,060,166	 	10/16/2003	 	10/15/2013
									
	14252	 	Taiwan	 	EXPRESSFASHION	 	 3, 35
	 	94062610	 	12/27/2005	 	1,224,842	 	8/16/2006	 	08/16/2009
									
	10298	 	Thailand	 	EXPRESSFASHION	 	 25
	 	459,455	 	7/13/2001	 	TM173,413	 	12/26/2002	 	07/12/2011
									
	14310	 	Thailand	 	EXPRESSFASHION	 	 25
	 	613,551	 	12/26/2005	 		 		 	12/26/2008
									
	10098	 	Trinidad And Tobago	 	EXPRESSFASHION	 	 25, 35
	 	31,925	 	5/28/2001	 		 		 	05/28/2011
									
	9933	 	United Arab Emirates	 	EXPRESSFASHION	 	 42
	 	42,525	 	5/14/2001	 	35,012	 	12/9/2002	 	05/14/2011
									
	10200	 	United Arab Emirates	 	EXPRESSFASHION	 	 35
	 	43,492	 	7/22/2001	 	34,652	 	11/16/2002	 	07/22/2011
									
	9930	 	United Arab Emirates	 	EXPRESSFASHION	 	 3
	 	42,522	 	5/14/2001	 	35,013	 	12/9/2002	 	05/14/2011
									
	9561	 	United Kingdom	 	EXPRESSFASHION	 	 3, 14, 18, 25, 35
	 	2,266,383	 	4/4/2001	 	2,266,383	 	8/2/2002	 	04/04/2011
									
	11538	 	United States	 	EXPRESSFASHION	 	 25, 35
	 	76/975,639	 	1/4/2001	 	2,841,370	 	5/11/2004	 	05/11/2010
									
	14188	 	United States	 	EXPRESSFASHION	 	 14, 18
	 	78/776,780	 	12/20/2005	 		 		 	
									
	11020	 	Uruguay	 	EXPRESSFASHION	 	 3
	 	343,471	 	9/12/2002	 	343,471	 	6/16/2003	 	06/16/2013
									
	11038	 	Uruguay	 	EXPRESSFASHION	 	 35
	 	343,831	 	10/3/2002	 	343,831	 	7/21/2003	 	07/21/2013
									
	14350	 	Peru	 	EXPRESSFASHION AND DESIGN	 	 25
	 	270,115	 	2/23/2006	 	115,513	 	5/22/2006	 	05/22/2016
									
	14349	 	Peru	 	EXPRESSFASHION AND DESIGN	 	 3
	 	270,114	 	2/23/2006	 	115,512	 	5/22/2006	 	05/22/2016
									
	11022	 	United States	 	INSIDE EXPRESS	 	 41
	 	76/456,644	 	10/1/2002	 	2,777,610	 	10/28/2003	 	10/28/2009
									
	6713	 	Taiwan	 	LIMITED EXPRESS EXP AND DESIGN	 	 14
	 	87007221	 	2/20/1998	 	843,755	 	3/16/1999	 	03/15/2009
									
	10622	 	United States	 	PRECISION FIT EXPRESS AND DESIGN	 	 25
	 	76/352,611	 	12/26/2001	 	2,738,598	 	7/15/2003	 	07/15/2009

 
  

					
	Owner	  	Limco investments, Inc.	  	 1105 North Market Street
 Wilmington, Delaware 19801

																	
									
	ID	  	 Country:
	  	 Mark
	  	Classes	  	App. #	 	App. Dt	  	Reg. #	 	Reg. Dt	  	Action Dt
	8	  	Bangladesh	  	EXP AND DESIGN	  	25	  	25,491	 	6/14/1987	  	25,491	 	5/20/1990	  	06/14/2009
	9	  	Bangladesh	  	EXP AND DESIGN	  	3	  	25,492	 	6/14/1987	  	25,492	 	5/14/1990	  	06/14/2009
	10	  	Bangladesh	  	EXP AND DESIGN	  	14	  	25,490	 	6/14/1987	  	25,490	 	5/24/1990	  	06/14/2009
	4685	  	Sri Lanka	  	EXPRESS	  	25	  	56,135	 	9/23/1988	  	56,135	 	1/5/2000	  	09/23/2008

  

											
	grouped by owner	  		  	Report Date:	  	5/11/2007	  	Page:	  	23

  

									
			
	Owner	  	Limco, Inc.	  	 1105 North Market Street
 Wilmington, Delaware 19801

  

																	
	 ID
	 	 Country:
	 	 Mark
	 	Classes	 	App. #	 	App. Dt	 	Reg. #	 	Reg. Dt	 	Action Dt
									
	 4020
	 	South Africa	 	 COMPAGNIE
 INTERNATIONALE
 EXPRESS
	 	35	 	 88/6582
	 	8/2/1988	 	88/6582	 	3/2/1994	 	08/02/2008
									
	 1707
	 	South Africa	 	 COMPAGNIE
 INTERNATIONALE
 EXPRESS
	 	14	 	88/6580	 	8/2/1988	 	88/6580	 	7/15/1991	 	08/02/2008
									
	 1706
	 	South Africa	 	 COMPAGNIE
 INTERNATIONALE
 EXPRESS
	 	3	 	88/6579	 	8/2/1988	 	88/6579	 	7/15/1991	 	08/02/2008
									
	 1705
	 	South Africa	 	 COMPAGNIE
 INTERNATIONALE
 EXPRESS
	 	25	 	88/6581	 	8/2/1988	 	88/6581	 	4/3/1995	 	08/02/2008
									
	 3668
	 	Hong Kong	 	EXP AND DESIGN	 	25	 	941 of 1993	 	2/2/1993	 	B13621/99	 	11/8/1999	 	02/02/2014
									
	 101
	 	South Africa	 	EXP AND DESIGN	 	35	 	88/6578	 	8/2/1988	 	88/6578	 	9/8/1993	 	08/02/2008
									
	 102
	 	South Africa	 	EXP AND DESIGN	 	25	 	88/6577	 	8/2/1988	 	88/6577	 	11/7/1990	 	08/02/2008
									
	 103
	 	South Africa	 	EXP AND DESIGN	 	14	 	88/6576	 	8/2/1988	 	88/6576	 	11/7/1990	 	08/02/2008
									
	 105
	 	Zimbabwe	 	EXP AND DESIGN	 	3	 	592/88	 	9/19/1988	 	592/88	 	4/1/1996	 	09/19/2008
									
	 106
	 	Zimbabwe	 	EXP AND DESIGN	 	14	 	593/88	 	9/19/1988	 	593/88	 	4/1/1996	 	09/19/2008
									
	 108
	 	Zimbabwe	 	EXP AND DESIGN	 	42	 	595/88	 	9/19/1988	 	595/88	 	4/1/1996	 	09/19/2008
									
	 107
	 	Zimbabwe	 	EXP AND DESIGN	 	25	 	594/88	 	9/19/1988	 	594/88	 	4/1/1996	 	09/19/2008
									
	 8805
	 	South Africa	 	EXPRESS	 	25	 	2000/15404	 	7/31/2000	 		 		 	07/31/2010
									
	 1852
	 	South Africa	 	EXPRESS	 	35	 	89/5545	 	6/21/1989	 	B89/5545	 	10/7/1999	 	06/21/2009
									
	 6458
	 	South Africa	 	EXPRESS WORLD BRAND	 	14	 	99/03577	 	3/5/1999	 	99/03577	 	4/4/2002	 	03/05/2009
									
	 6459
	 	South Africa	 	EXPRESS WORLD BRAND	 	25	 	99/03578	 	3/5/1999	 	99/03578	 	4/4/2002	 	03/05/2009
									
	 1240
	 	Brazil	 	LIMITED EXPRESS	 	14.30	 	813,751,667	 	9/25/1987	 	813,751,667	 	8/8/1989	 	08/08/2009
									
	 1239
	 	Brazil	 	LIMITED EXPRESS	 	40.15	 	813,757,339	 	9/25/1987	 	813,757,339	 	10/17/1989	 	10/17/2009
									
	 1238
	 	Brazil	 	LIMITED EXPRESS	 	25.10	 	813,751,675	 	9/25/1987	 	813,751,675	 	3/28/1995	 	03/28/2005
									
	 6714
	 	Mexico	 	LIMITED EXPRESS	 	25	 	333,805	 	5/26/1998	 	582,904	 	7/30/1998	 	05/26/2008
									
	 1249
	 	Thailand	 	LIMITED EXPRESS	 	25	 	380,076	 	2/28/1989	 	92,098	 	11/16/1989	 	02/27/2009
									
	 1244
	 	United Kingdom	 	LIMITED EXPRESS	 	42	 	1,278,378	 	10/1/1986	 	B1,278,378	 	9/7/1990	 	10/01/2007
									
	 2716
	 	Benelux	 	LIMITED EXPRESS AND DESIGN	 	25	 		 	11/18/1980	 	370,529	 	7/31/1981	 	11/18/2010
									
	 2722
	 	France	 	LIMITED EXPRESS AND DESIGN	 	25, 42	 	580,711	 	11/26/1980	 	1,629,566	 	12/2/1980	 	
									
	 2725
	 	Israel	 	LIMITED EXPRESS AND DESIGN	 	25	 	63,653	 	6/3/1986	 	63,653	 	10/16/1990	 	06/02/2007

											
	grouped by owner	  		  	Report Date:	  	5/11/2007	  	Page:	  	24

  

																	
	2724	  	Israel	  	LIMITED EXPRESS AND DESIGN	  	42	  	63,654	  	6/3/1986	  	63,654	  	10/16/1990	  	06/02/2007
									
	2734	  	South Africa	  	LIMITED EXPRESS AND DESIGN	  	14	  	87/10562	  	12/29/1987	  	87/10562	  	10/12/2000	  	12/29/2007
									
	2735	  	South Africa	  	LIMITED EXPRESS AND DESIGN	  	25	  	87/10563	  	12/29/1987	  	87/10563	  	10/12/2000	  	12/29/2007
									
	2736	  	South Africa	  	LIMITED EXPRESS AND DESIGN	  	42	  	87/10564	  	12/29/1987	  	87/10564	  	10/12/2000	  	12/29/2007

  

									
			
	Owner	  	Limited Express, Inc.,	  	 One Limited Parkway,
 P. O. Box 181000,
 Columbus, Ohio 43218

  

																	
	 ID
	 	 Country:
	 	 Mark
	 	Classes.	 	App. #	 	Add. Dt	 	Reg. #	 	Reg. Dt	 	Action Dt
	2526	 	Switzerland	 	COMPAGNIE INTERNATIONALE EXPRESS EXP & DESIGN	 	3, 14, 25	 		 	3/2/1989	 	368,580	 	7/14/1989
	 	03/02/2009

	18	 	Switzerland	 	EXP AND DESIGN	 	3, 14, 25	 		 	9/29/1988	 	367,038	 	3/17/1989	 	09/29/2008

 RECENTLY FILED TRADEMARK APPLICATIONS 
 4/24/07 
 Owner: Expressco, Inc.

  

													
	 Country
	  	 Mark
	  	Classes	  	App. #	  	App. Dt	  	Reg. #	  	Reg. Dt
	 United States
	  	EXPRESS SHIRT SHOP	  	35	  	77/048,489	  	11/21/06	  		  	
	  
 Owner: Express, LLC
	  		  		  		  		  		  	
							
	 Country
	  	 Mark
	  	Classes	  	App. #	  	App. Dt.	  	Reg. #	  	Reg. Dt
	 United States
	  	1MX	  	25, 35	  	78/961,773	  	8/28/06	  		  	
	 United States
	  	X2 JEANS. FITS IN ALL THE RIGHT PLACES	  	35	  	78/905,969	  	6/12/06	  		  	
	 United States
	  	ROYAL SCANDAL	  	25	  	77/152,139	  	4/9/07	  		  	
	 United States
	  	REIGN OF HEARTS	  	25	  	77/152,123	  	4/9/07	  		  	
	 United States
	  	ROYAL BITCH	  	25	  	77/152,105	  	4/9/07	  		  	
	 United States
	  	GOLD MINED	  	25, 35	  	77/152,041	  	4/9/07	  		  	
	 United States
	  	THIS IS ART. WEAR IT.	  	25, 35	  	77/099,400	  	2/8/07	  		  	
	 United States
	  	KING OF PRIDES	  	25, 35	  	78/940927	  	7/31/06	  		  	

 U.S. TRADEMARK REGISTRATIONS AND APPLICATIONS 
 ABANDONED AND/OR NOT BEING MAINTAINED 
  

																			
	 Trademark
	 	 Database
	 	Serial/
Application
Number	 	Application
Date	 	Registration
Number	 	Date
Registered	 	 Goods/Services
	 	 Owner
	 	 STATUS
	 	 Comments

	BIKINI JEANS	 	U.S. Federal	 	75147518	 	08/09/96	 	2186472	 	09/01/98	 	INT. CL. 25 CLOTHING, NAMELY, MEN’S, WOMEN’S, AND CHILDREN’S JEANS, PANTS, JACKETS, SHIRTS, AND VESTS	 	EXPRESS, LLC	 	REGISTERED	 	Sections 8 & 15 not filed. Belated period lapsed. Abandoned. Registration to be cancelled in due course.
										
	BIKINI JEANS	 	U.S. Federal	 	75325651	 	07/17/97	 	2258560	 	07/06/99	 	INT. CL. 25 CLOTHING, NAMELY, MEN’S, WOMEN’S, AND CHILDREN’S JEANS AND PANTS	 	EXPRESS, LLC	 	REGISTERED	 	Sections 8 & 15 not filed. Belated period lapsed. Abandoned. Registration to be cancelled in due course.
										
	EXPRESS	 	U.S. State PUERTO RICO	 		 		 	51164	 	06/30/02	 	ADVERTISING AND BUSINESS	 	EXPRESSCO, INC.	 	REGISTERED	 	Deemed abandoned on 5/3/07 as we advised on 5/3/07. Refiled on 1/31/07. Awaiting application number.
										
	 LONDON
 SWEATER
	 	U.S. Federal	 	73561886	 	10/07/85	 	1430722	 	02/24/87	 	INT. CL. 25 SWEATERS	 	EXPRESS, LLC	 	 REGISTERED
 SUPPLEMENTAL
 REGISTER
	 	Instructed not to maintain. Not renewed by renewal date of 2/24/07. Registration to be cancelled in due course.
										
	EXPRESS	 	 U.S. State
 PUERTO

RICO
	 		 		 	31675	 	09/23/94	 	MEN’S, WOMEN’S AND CHILDREN’S CLOTHING	 	EXPRESSCO, INC.	 	REGISTERED	 	Deemed abandoned 5/3/07 as we advised on 5/3/07. Refiled as Registration No. 66,345.

  

 1 

 FOREIGN TRADEMARK REGISTRATIONS AND APPLICATIONS 
 ABANDONED AND/OR NOT BEING MAINTAINED 
  

																			
	 Trademark
	 	Database	 	Serial/
Application
Number	 	Application
Date	 	REG
Number	 	Date
Registered	 	 Good/Services
	 	 Owner Group
Information
	 	 STATUS
	 	 Comments

	 EXPRESSFASHION
	 	Canada	 	109848600	 	04/04/01	 		 		 	1 Personal care products, namely, aftershave, antiperspirant, artificial nails, astringent for the face, astringent for the skin, bath oil, bath beads, blush, body glitter, bubble
bath, cleanser for the face, cologne, cotton swabs, cream for body, cream for cuticles, cream for eyes, cream for face, cream for hands, deodorant, exfoliators for skin, eye makeup pencils, eye shadow, face mist, foundation, fragrant body splash,
hair conditioner, hair dyes, hair glitter, hair rinses, hair shampoo, hair spray, hair styling gel, hair styling mousse, hand lotion for body, lotion for hands, lotion for face, lip balm, lip gloss, lip makeup pencils, lipstick, makeup for the body,
makeup for the face, makeup remover, mascara, nail corrector pens, nail polish, nail polish remover, nail stencils, non-medicated blemish stick, oil blotting sheets for the skin, perfume, powder for the body, powder for the face, pumices, shaving
cream, shower gel, soap for body, soap for face, soap for hands, sun block for the skin, suntan lotion for the body, suntan lotion for the face, sunless tanning lotion for the body, sunless tanning lotion for the face, pre-suntanning lotion for the
body, pre-suntanning lotion for the face, post-suntanning lotion for the body, post-suntanning lotion for the face and talcum powder; jewelry and watches; backpacks, duffel bags, fanny packs, gym bags, handbags, purses, tote bags, travel bags and
wallets; clothing, namely, bathrobes, beach cover-ups, beachwear, belts, blazers, blouses, body shapers,	 	EXPRESSCO, INC.	 	ALLOWED	 	Abandoned. Refiled as 1,332,501.

  

 1 

																			
	 Trademark
	 	Database	 	Serial/
Application
Number	 	Application
Date	 	REG
Number	 	Date
Registered	 	 Good/Services
	 	 Owner Group
Information
	 	 STATUS
	 	 Comments

		 		 		 		 		 		 	SKIRTS, SUITS, HATS, TAPE HEADS, HOSIERY, JACKETS, JEANS, JOGGING CLOTHING, KNEE PADS, TIGHTS, UNDERWEAR, DRESSING GOWNS, MITTENS, PAJAMAS, PANTS, SANDALS, SASHES, STOCKINGS,
TRACKSUITS, MESH, TROUSERS AND SHORTS FOR GYMNASTICS, BATHING SUITS, TIES, EVENING DRESS, 35 SERVICES SALE RETAIL GOODS CLOTHING AND RELATED ACCESSORIES; SERVICE MAIL ORDER SELLING, CATALOGS AND TELEMATIC CLOTHING AND RELATED
ACCESSORIES.	 		 		 	
										
	 EXPRESS EXP

 

	 	Mexico	 	299592	 	06/26/97	 	556751	 	08/28/97	 	WARDROBE, FOOTWEAR AND HEADGEAR FOR WEAR.	 	EXPRESSCO, INC.	 	Registered	 	Instructed not to maintain. Renewal due 6/26/07.
										
	 COMPAGNIE
 INTERNATIONALE
 EXPRESS
	 	Philippines	 	419961083
74	 	02/19/96	 	41996108
374	 	01/15/02	 	42	 	EXPRESSCO, INC.	 	Registered	 	Not disclosed in company schedule. Instructed not to maintain. Affidavit of use due 1/15/08.
										
	EXPRESS	 	Poland	 	94912	 	12/05/90	 	71779	 	03/23/93	 	CLOTHING Z, ALSO SHOE WEAR, SPATS, PUMPS, SPLINTER-PROOF HEADGEARS	 	EXPRESSCO, INC.	 	Registered	 	Refiled as Reg. No. 154,219. Renewal due on 12/5/00 not filed. Abandoned.
										
	 EXP

 

	 	Portugal	 	241012
MNA	 	05/06/87	 	241012
MNA	 	05/18/90	 	ARTICLE OF CLOTHING.	 	EXPRESSCO, INC.	 	Registered	 	Instructed not to maintain.
										
	 EXP

 

	 	Portugal	 	241013
MNA	 	May 6,
1987	 	241013
MNA	 	05/18/90	 	SERVICES RENDERED IN COMMERCIALS.	 	EXPRESSCO, INC.	 	Registered	 	Instructed not to maintain. Renewal due 5/18/10.
										
	 EXP

 

	 	Portugal	 	241010
MNA	 	05/06/87	 	241010
MNA	 	05/18/90	 	PERFUMES AND COSMETICS.	 	EXPRESSCO, INC.	 	Registered	 	Instructed not to maintain. Renewal due 5/18/10.
										
	 EXP

 

	 	Portugal	 	241011
MNA	 	05/06/87	 	241011
MNA	 	05/18/90	 	WATCHES, ALARM CLOCKS AND JEWELRY.	 	EXPRESSCO. INC.	 	Registered	 	Instructed not to maintain. Renewal due 5/18/10.

  

 3 

																			
	 Trademark
	 	 Database
	 	Serial/
Application
Number	 	Application
Date	 	REG
Number	 	Date
Registered	 	 Good/Services
	 	 Owner Group
Information
	 	 STATUS
	 	 Comments

	EXPRESS	 	Puerto Rico	 		 	9/1/1992	 	31675	 	9/23/1994	 	25	 	EXPRESSCO, INC.	 	Registered	 	 Not confirmed.
  
 Abandoned as of 5/3/07 as we advised on 5/3/07. Refiled as Registration No. 66,345.

										
	 EXP

 

	 	Spain	 	1301495M1	 	02/10/89	 	1301495M
1	 	03/05/91	 	CLOTHING, FOOTWEAR, HEADGEAR.	 	EXPRESSCO, INC.	 	Registered	 	Instructed not to maintain. Taxes not paid on 3/5/06.
										
	 EXP

 

	 	Spain	 	1301493M5	 	02/10/89	 	1301493M
5	 	09/20/90	 	BLEACHING PREPARATIONS AND OTHER SUBSTANCES FOR LAUNDRY; CLEANING PREPARATIONS, POLISHING, DEGREAS1NG AND SCRAPING; SOAPS; PERFUMERY, ESSENTIAL OILS, COSMETICS, TOILET PRODUCTS,
HAIR LOTIONS; DENTIFRICES.	 	EXPRESSCO, INC.	 	Registered	 	Instructed not to maintain. Taxes not paid 9/20/05.
										
	 COMPAGNIE INTERNATIONALE EXPRESS EXP

 

	 	Switzerland	 	1995 12408	 	06/04/97	 	443750	 		 	25 ARTICLES OF CLOTHING. 35 CONSIGNMENT ADVERTISING. 39 CONSIGNMENT TRADE, NAMELY SUPPLY OF CORRESPONDENCE WAY INCLUSIVE ELECTRONIC POST OR TELEPHONIC ORDER GOODS.	 	EXPRESSCO, INC.	 	Registered	 	Instructed not to maintain. Renewal due 6/4/07.
										
		 		 		 		 		 		 		 		 		 	
										
	COMPAGNIE INTERNATIONALE EXPRESS EXP & DESIGN	 	Switzerland	 		 	03/02/89	 	368580	 	07/14/89	 	3,14,25	 	LIMITED EXPRESS, INC.	 		 	 Not confirmed.
  
 Appears on our list. Instructed not to maintain. Renewal due 6/4/07.

										
		 		 		 		 		 		 		 		 		 	
										
	 XPRESS XPRESS

 

  

 

	 	United Kingdom	 	2129433	 	04/11/97	 	2129433	 		 	CLASS 25 . ARTICLES OF CLOTHING, FOOTWEAR AND HEADGEAR.	 	EXPRESSCO, INC.	 	Registered	 	Instructed not to maintain. Renewal was due 4/11/07. Not renewed.
										
		 		 		 		 		 		 		 		 		 	

 Existing U.S. Registrations Requiring Action 
  

															
	 Owner
	  	 Mark
	  	Classes	  	App. #	  	App. Dt.	  	Reg. #	  	Reg. Dt.	  	 Action Date

	Express, LLC	  	X Pocket Stitching Design	  	25	  	75/919,545	  	2/15/00	  	2,464,747	  	6/26/01	  	Affidavit of Use 6/26/07
	Express, LLC	  	COLOR HINTS	  	25	  	75/512,934	  	7/2/98	  	2,400,639	  	10/31/00	  	Affidavit of Use 10/31/06
	Expressco, Inc.	  	EXPRESS WORLD BRAND	  	3, 16	  	75/980,008	  	7/9/97	  	2,434,323	  	3/6/01	  	Affidavit of Use 3/6/07
	Expressco, Inc.	  	EXPRESS WORLD BRAND	  	25, 35	  	75/978,540	  	7/9/97	  	2,434,320	  	3/6/01	  	Affidavit of Use 3/6/07
	Expressco, Inc.	  	EXPRESSORIES	  	26	  	75/975,859	  	4/6/95	  	2,058,441	  	4/29/97	  	Renewal 4/29/07

 Section 3.20(b) 
 Intellectual Property – Transferred Marks and Domain 
 Names Registered in Foreign Countries 
 (i) Marks: 
  

	 	•	 	 Limco, Inc., Limco Investments, Inc. or Limited Express, Inc. is currently the registered owner of certain Express Marks, as indicated on the list
attached to Section 3.20(a)(i) of this Disclosure Schedule. These Marks (excluding those which include “Limited”) will be assigned to Express in connection with the Closing. Limited Brands has begun the process of assigning to Express
all Express Marks owned by Limco, Inc., Limco Investments, Inc. and Limited Express, Inc. However, this process may not be completed prior to the Closing with respect to certain foreign Marks. Limited Brands will provide to Buyer a status report
regarding these assignments prior to the Closing and will continue to keep Buyer informed until all of these assignments are completed. 

  

	 	•	 	 The fourteen (14) Marks on the list attached to Section 3.20(a)(i) of this Disclosure Schedule which include “Limited” were
abandoned years ago when the business dropped Limited from its name. Limco, Inc. is the registered owner of thirteen (13) of these Marks, and Expressco is the registered owner of the other Mark. These Marks are not being renewed, will not be
assigned to or recorded under Express and will be canceled. Limited Brands has begun the process of canceling these Marks. However, this process may not be completed prior to the Closing with respect to certain foreign Marks. Limited Brands will
provide to Buyer a status report regarding these cancellations prior to the Closing and will continue to keep Buyer informed until all of these cancellations are completed. 

  

	 	•	 	 Attached hereto is a list of five (5) Marks for which Express or Expressco is the registered owner, but for which Express does not intend to continue
to maintain. While these Marks are currently valid and existing, they each are either in a grace period for required filings or require action in the near future. 

  

	 	•	 	 Express and the Subsidiaries do not currently have any operations outside of the United States, which could affect the validity and/or enforceability
of the Marks registered in certain foreign countries. 

  

	 	•	 	 As a result of the merger of Expressco into Express, all of the U.S. and foreign Marks owned by Expressco will need to be assigned to and recorded in
the various jurisdictions under Express. Limited Brands has begun the process of assigning these Marks to Express. However, this process may not be completed prior to the Closing with respect to certain foreign Marks. Limited Brands will provide to
Buyer a status report regarding these assignments prior to the Closing and will continue to keep Buyer informed until all of these assignments are completed. 

  

 23 

	 	•	 	 Attached to Schedule 3.20(a)(i) are lists of U.S. and Foreign Marks which have been abandoned and/or are not being maintained. While the maintenance or
renewal deadlines for some of these Marks have not yet occurred or are within a grace period or within the time period to review or resurrect, Express does not (and cannot) represent or warrant that these Marks are valid and/or enforceable. In
addition, any assignment that Express were to execute with respect to these Marks may not be valid because Express cannot assign trademarks that it no longer owns. 

 Domain Names: 
  

	 	•	 	 All of the Domain Names listed on Section 3.20(a)(i) of this Disclosure Schedule are managed through Limited Brand’s domain name management
account with Verisign. These Domain Names (excluding those which include “Limited” or “Ltd”) will be transferred to the Company or a Subsidiary in connection with the Closing. 

  

	 	•	 	 Three Domain Names listed on Section 3.20(a)(i) of this Disclosure Schedule which include “Limited” or “Ltd” do not have
separate websites and/or are inactive. These Domain Names will not be transferred to the Company or a Subsidiary in connection with the Closing. Following the Closing, Limited Brands shall permit the registrations for all such Domain Names to lapse.

 (ii)/(iii) Trademark Claims: 
  

	 	•	 	 Limited Brands, Inc. received a letter, dated April 16,2007, from Steptoe & Johnson LLP alleging that Express is selling a denim pant
that makes unauthorized use of trademarks owned by Tsubi Pty Limited. A copy of this letter has been made available to the Buyer. 

  

	 	•	 	 Attached hereto is a list of (a) oppositions filed by third parties with respect to trademark registrations of Express or Expressco and
(b) oppositions filed by Express or Expressco with respect to trademark registrations of third parties. 

 (iii)
Foreign Trademark Registrations: 
  

	 	•	 	 Section 3.20(a)(i) of this Disclosure Schedule (and the attachments thereto) identifies those Marks and Domain Names which are registered in
foreign countries. 

  

 24 

 Claims Against Third Parties 
  

					
	 Country
	 	 Mark
	 	 Party

	Brazil	 	EXPRESS	 	Deib Otoch & Cia
			
		 	LOJAS EXPRESS	 	Deib Otoch & Cia
			
		 	LOJAS BY EXPRESS	 	Deib Otoch & Cia
			
		 	EXPRESS WAY JEANS	 	Silvia Magalhaes Confeccoes
			
		 	EXPRESS LINGERIE	 	G.C.I. Comercio Internacional Ltda
			
		 	PLANA EXPRESS	 	Plana Express Comercio e Industria Ltda
			
		 	EXPRESS	 	Maison Lanart Ind. e Com. de Modas Ltda.
			
		 	EXPRESSA	 	Cintia Modas S/A
			
		 	EXPRESS BY HS	 	Atessa Industria e Comercio de Roupas Ltda.
			
		 	EXPRESS	 	Tavares & Tavares Ltda.
			
		 	EXPRESS SHOP	 	Suely Azevedo Trolezi Confeccoes ME
			
		 	EXPRESSA	 	L.B.R.J. Rio Sul Artigos de Vestuario Ltda.
			
	Chile	 	EXPRESS BLEUS VINTAGE JEANS	 	Industrias Flomar S.A.C.
			
		 	EXPRESSHOP	 	Monica Irene Michaely Weinstein
			
		 	EXPRESSMEN	 	Soc. Distribuidora Comercializadora
			
	Colombia	 	UE UNICO EXPRESS	 	C.I. Unico Interior S.A.
			
		 	EXPRESS BLEUS	 	Jean Export Corporation
			
	EU	 	EXPRESSO	 	Expresso Fashion B.V.

  

 25 

					
	 Country
	 	 Mark
	 	 Party

	Ecuador	 	EXPRESS BLEUS Y ETIQUETA	 	Jean Export Corporation
			
		 	EXESS	 	Zuniga, Sanchez and Alda
			
	Gaza	 	EXPRESS	 	 Jerusalem
 Pharmaceutical/Chemical Indus.

			
	Hong Kong	 	EXPRESS	 	Mild King
			
	Hungary	 	EXPRESS	 	New World Development
			
	India	 	ENPRESS	 	Network Knittings Ltd.
			
		 	EXPRESS	 	Express Retail Services Private Limited
			
		 	XPRESS	 	Two Brothers Pvt. Ltd.
			
		 	EXPRESS	 	Dr. Prakash Chadra Ahuja
			
	India	 	ENPRESS	 	Network Knittings Ltd.
			
		 	EXPRESS	 	Express Retail Services Private Limited
			
	Japan	 	EXPRESS	 	Tore KK
			
	Morocco	 	EXPRESS	 	Ittissalat Al Maghrib
			
	Norway	 	EXPRESSO	 	Expresso Fashion B.V.
			
	Paraguay	 	EXPRESS	 	Pastor Roche Galeano
			
	Peru	 	EXPRESS	 	Jean Export Corporation
			
	Philippines	 	LIMITED EXPRESS	 	Henry Yu
			
	South Korea	 	EXPRESS	 	Busan Korean Customs
			
	Spain	 	EXPRESS	 	Alberto Partedes Campanillas
			
	Uruguay	 	JEANS EXPRESS	 	Caterina De Salvatore Manette
			
	United States	 	EXPRESS	 	Burlington Coat Factory

  

 26 

					
	 Country
	 	 Mark
	 	 Party

		 	BABY’S EXPRESS	 	Fung-Millman
			
		 	XPRESS SHOES	 	Andres Soto
			
	Venezuela	 	EXPRESS	 	Giusuepp Cambatte D’Alejandro
			
		 	EXPRESS JEANS	 	Creaciones Bossini Express CA

  

 27 

 Claims Against Express 
  

					
	 Country
	  	 Mark
	  	 Party

	Brazil	  	EXPRESS	  	Memphis S.A. Industrial
			
	Colombia	  	EXPRESS	  	Aexpress S.A.
			
	Germany	  	EXPRESS	  	Patrick Bellaiche
			
	Greece	  	EXPRESS	  	Patrick Bellaiche
			
	Guatemala	  	EXPRESS	  	F y J
			
	India	  	EXPRESS	  	Indian Express
			
	Paraguay	  	EXPRESS	  	Prosegur S.A. Transportadora De
Caudales
			
	South Africa	  	EXPRESS	  	City Express Stores
			
	United States	  	KING OF PRIDES	  	Pride Mobility Products Corporation

  

 28 

 Patent 
 Title of Invention: BIKINI JEANS; Application Number: 29/127,478 filed 08-07-2000; Patent No D443,973; Issue Date of Patent: 06-26-2001; Owner Express, LLC; expiration 06-26-201 

 Schedule 5.02(f) to 
 ABL Credit Agreement 
 Investments

  

									
	 Subsidiary
	  	Jurisdiction of
Formation	  	Number of
Membership
Certificates	  	Class	  	 Ownership Percentage

	Express, LLC	  	Delaware	  	1	  	N/A	  	Express Holding, LLC -100%
					
	Express GC, LLC	  	Ohio	  	1	  	N/A	  	Express, LLC - 100%
					
	Retail Factoring, LLC	  	Nevada	  	1	  	N/A	  	Express Holding, LLC - 100%

 1. Factoring
Agreement dated October 1, 1993 between Retail Factoring, LLC and Express, LLC 

 Schedule 5.02(h) to 
 ABL Credit Agreement 
  

 Limited Liability Company Agreements 
 Second Amended and Restated Operating Agreement and Declaration, dated to be effective as of July 6, 2007 by Express Holding, LLC, a Delaware limited
liability company. 
 Third Amended and Restated Limited Liability Company Agreement dated to be effective as of July 6, 2007 by Express
Holding, LLC, a Delaware limited liability company. 
 Amended and Restated Operating Agreement and Declaration, dated to be effective as of
July 6, 2007 by Express, LLC, a Delaware limited liability company. 
 Amended and Restated Limited Liability Company Agreement of Express
Holding, LLC dated as of July 6, 2007 among Limited Brands Store Operations, Inc., a Delaware corporation, EXP Investments, Inc., a Delaware corporation, Express Investment Corp., a Delaware corporation, solely for purposes of
Section 5.01(a)(ii) and Section 5.01(b) thereof, each of Golden Gate Capital Investment Fund II, L.P., Golden Gate Capital Investment Fund 11-A. L.P., and Golden Gate Capital Investment Annex Fund II, L.P., and each other member listed on
the signature pages thereto from time to time. 

 Schedule 5.02(l) to 
 ABL Credit Agreement 
  

 Negative Pledge 
 NONE 

 SCHEDULE 5.03(m) 
 COLLATERAL REPORTING 
 1. Borrowing Base Certificate
Supporting Documents. Unless otherwise noted in this clause (1), at any such time as the Borrower shall deliver a Borrowing Base Certificate to the Administrative Agent pursuant to Section 5.03(a), the Borrower shall provide to the
Administrative Agent each of the following documents in support thereof: 
 (a) the stock ledger report (by
location and department) of the Loan Parties; 
 (b) a summary report of the in-transit Inventory of the Loan
Parties no more than once per month at the end of such month; 
 (c) a report of the gift card balances from the
general ledger; and 
 (d) a back up report of the Eligible Credit Card Receivables. 
 2. Additional Documentation. In addition to clause (1) above, the Administrative Agent may, in its Permitted Discretion, no more than once per
fiscal quarter require the Borrower to deliver to the Administrative Agent any of the following documents: 
 (a) detailed aging, by total, of the Eligible Credit Card Receivables of the Loan Parties; 
 (b)
reconciliation of the stock ledger to the general ledger; and 
 (c) Inventory returns by the Borrower to
vendors. 

 EXHIBIT A 
 FORM OF 
 REVOLVING CREDIT NOTE 
  

			
	 $                    
	 	Dated:                     ,
200    

 FOR VALUE RECEIVED, the undersigned, Express, LLC, a Delaware limited
liability company (the “Borrower”), HEREBY PROMISES TO PAY to the order of              or its registered assigns (the “Lender”) for the
account of its Applicable Lending Office (as defined in the Credit Agreement referred to below) the aggregate principal amount of the Revolving Credit Advances (as defined below) owing to the Lender by the Borrower pursuant to that certain
Asset-Based Loan Credit Agreement dated as of July 6, 2007 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; terms defined therein, unless otherwise defined
herein, being used herein as therein defined) among the Borrower, Express Holding, LLC, a Delaware limited liability company, the Subsidiary Guarantors party thereto, the Lenders party thereto, Wells Fargo Retail Finance, LLC (“Wells
Fargo”), as Collateral Agent, and Wells Fargo, as Administrative Agent for the Lender Parties. 
 The Borrower promises to pay interest on the unpaid principal amount of each Revolving Credit Advance from the date of such Revolving Credit Advance until such principal amount is paid in full, at such interest rates, and payable at such
times, as are specified in the Credit Agreement. 
 Both principal and interest are payable in lawful money of the United
States of America to Wells Fargo, as Administrative Agent for the ratable account of the Lender, at One Boston Place, 18th Floor, Boston, MA 02108, in same day funds. Each Revolving Credit Advance owing to the Lender by the Borrower, and all
payments made on account of principal thereof, shall be recorded by the Lender and, prior to any transfer hereof, endorsed on the grid attached hereto, which is part of this Promissory Note; provided, however, that the failure of the
Lender to make any such recordation or endorsement shall not affect the Obligations of the Borrower under this Promissory Note. 
 This Promissory Note is one of the Notes referred to in, and is entitled to the benefits of, the Credit Agreement. The Credit Agreement, among other things, (i) provides for the making of advances from time to time (each such advance,
a “Revolving Credit Advance”) by the Lender to the Borrower in an aggregate amount not to exceed at any time outstanding the U.S. dollar amount first above mentioned, the indebtedness of the Borrower resulting from each such
Revolving Credit Advance being evidenced by this Promissory Note, and (ii) contains provisions for acceleration of the maturity hereof upon the happening of certain stated events and also for prepayments on account of principal hereof prior to
the maturity hereof upon the terms and conditions therein specified. The obligations of the Borrower under this Promissory Note and the other Loan Documents, and the obligations of the other Loan Parties under the Loan Documents, are secured by the
Collateral as provided in the Loan Documents. 
 This Promissory Note shall be governed by, and construed in accordance with,
the laws of the State of New York. 
 [Signature Page Follows] 
 Express – Exhibit A to ABL Credit Agreement 

			
	 EXPRESS, LLC

		
	 By:
	 	  

		 	 Name:

		 	 Title:

 Express – Exhibit A to ABL Credit Agreement 

 REVOLVING CREDIT ADVANCES 
 AND PAYMENTS OF PRINCIPAL 
  

									
	 Date
	  	 Amount of Revolving
Credit Advances
	  	 Amount of
Principal Paid
or
Prepaid
	  	 Unpaid
Principal
Balance
	  	 Notation
Made By

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 Express – Exhibit A to ABL Credit Agreement 

 EXHIBIT B 
 FORM OF 
 NOTICE OF BORROWING 
 Wells Fargo Retail Finance, LLC, 
 as
Administrative Agent 
 under the Credit Agreement 
 referred to below 
 [                                       
         ] 
                     , 200     
 Attention:              
 Phone:              
 Telecopy:              
 Email:              
 Ladies and Gentlemen: 
 The
undersigned, Express, LLC, a Delaware limited liability company, refers to the Asset-Based Loan Credit Agreement dated as of July 6, 2007 (as amended, amended and restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”; terms defined therein, unless otherwise defined herein, being used herein as therein defined), among the undersigned, Express Holding, LLC, a Delaware limited liability company, the Subsidiary Guarantors
party thereto, the Lenders party thereto, Wells Fargo Retail Finance, LLC (“Wells Fargo”), as Collateral Agent, and Wells Fargo, as Administrative Agent for the Lender Parties, and hereby gives you notice, irrevocably,
pursuant to Section 2.02(a) of the Credit Agreement that the undersigned hereby requests a Borrowing under the Credit Agreement, and in that connection sets forth below the information relating to such Borrowing (the “Proposed
Borrowing”) as required by Section 2.02(a) of the Credit Agreement: 
 (i) The Business Day of the Proposed
Borrowing is                     , 200     (the “Proposed Borrowing Date”). 
 (ii) The Facility under which the Proposed Borrowing is to be made is the [Revolving Credit Facility] [Swing Line Facility] [Letter of
Credit Facility]. 
 (ii) The Type of Advance comprising the Proposed Borrowing is a [Base Rate Advance] [Eurodollar Rate
Advance]. 
 (iii) The aggregate amount of the Proposed Borrowing is
$            . 
 (iv) 1[The initial Interest Period for each Eurodollar Rate Advance made as
part of the Proposed Borrowing is              month[s] [weeks].] 
  

	1	 Applicable only for Eurodollar Rate Advances. 

 Express – Exhibit B to ABL Credit Agreement 

 The undersigned hereby certifies that the following statements are true on the date hereof,
and will be true on the date of the Proposed Borrowing: 
 (a) [the Specified Representations
are correct in all material respects on and as of the Proposed Borrowing Date immediately before and immediately after giving effect to such Proposed Borrowing and to the application of the proceeds therefrom, as though made on and as of such date,
other than any such Specified Representations that, by their terms, refer to a specific date other than the Effective Date, in which case as of such specific date.]2 
 [the representations and warranties contained in each Loan Document are correct in all material respects on and as of the Proposed Borrowing Date, immediately before and immediately after giving effect to
such Proposed Borrowing and to the application of the proceeds therefrom, as though made on and as of such date, other than any such representation or warranties that, by their terms, refer to a specific date other than the Proposed Borrowing Date,
in which case as of such specific date.]3 
 [(b) no Default has occurred and is continuing, or would result from such Proposed Borrowing or from the
application of the proceeds therefrom.]4 
 Delivery of an executed counterpart of this Notice of Borrowing by telecopier shall be effective as delivery of an original
executed counterpart of this Notice of Borrowing. 
  

			
	 Very truly yours,

	
	 EXPRESS, LLC

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  

	2	 Applicable only with respect to the Borrowing on the Effective Date. 

	3	 Applicable for Borrowings after the Effective Date. 

	4	 Applicable for Borrowings after the Effective Date. 

 Express – Exhibit B to ABL Credit Agreement 

 EXHIBIT C 
 FORM OF 
 ASSIGNMENT AND ASSUMPTION 
 Reference is made to that certain Asset-Based Loan Credit Agreement dated as of July 6, 2007 (as amended, amended and restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”; the terms defined therein, unless otherwise defined herein, being used herein as therein defined) among Express, LLC, a Delaware limited liability
company (the “Borrower”), Express Holding, LLC, a Delaware limited liability company, the Subsidiary Guarantors party thereto, the Lenders party thereto, Wells Fargo Retail Finance, LLC (“Wells
Fargo”), as Collateral Agent, and Wells Fargo, as Administrative Agent for the Lender Parties. 
 Each
“Assignor” referred to on Schedule 1 hereto (each, an “Assignor”) and each “Assignee” referred to on Schedule 1 hereto (each, an “Assignee”) agrees severally with respect to all
information relating to it and its assignment hereunder and on Schedule 1 hereto as follows: 
 (1) Such Assignor hereby sells
and assigns, without recourse except as to the representations and warranties made by it herein, to such Assignee, and such Assignee hereby purchases and assumes from such Assignor, an interest in and to such Assignor’s rights and obligations
under the Credit Agreement as of the date hereof equal to the percentage interest specified on Schedule 1 hereto of all outstanding rights and obligations under the Credit Agreement Facility specified on Schedule 1 hereto. After giving effect to
such sale and assignment, such Assignee’s Commitments and the amount of the Advances owing to such Assignee will be as set forth on Schedule 1 hereto. 
 (2) Such Assignor (i) represents and warrants that its name set forth on Schedule 1 hereto is its legal name, that it is the legal and beneficial owner of the interest or interests being assigned by
it hereunder and that such interest or interests are free and clear of any adverse claim; (ii) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in
connection with any Loan Document or the execution, legality, validity, enforceability, genuineness, sufficiency or value of, or the perfection or priority of any lien or security interest created or purported to be created under or in connection
with, any Loan Document or any other instrument or document furnished pursuant thereto; (iii) makes no representation or warranty and assumes no responsibility with respect to the financial condition of any Loan Party or the performance or
observance by any Loan Party of any of its obligations under any Loan Document or any other instrument or document furnished pursuant thereto; and (iv) attaches the Note or Notes (if any) held by such Assignor and requests that the
Administrative Agent exchange such Note or Notes for a new Note or Notes payable to the order of such Assignee in an amount equal to the Commitments assumed by such Assignee pursuant hereto or new Notes payable to the order of such Assignee in an
amount equal to the Commitments assumed by such Assignee pursuant hereto and such Assignor in an amount equal to the Commitments retained by such Assignor under the Credit Agreement, respectively, as specified on Schedule 1 hereto. 
 (3) Such Assignee (i) confirms that it has received a copy of the Credit Agreement and such other documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption; (ii) agrees that it will, independently and without reliance upon any Agent, any Assignor or any other Lender and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; (iii) represents and warrants that its name set forth on Schedule 1 hereto
is its legal name; (iv) confirms that it is an Eligible Assignee; (v) appoints and

  

 Express – Exhibit C to ABL Credit Agreement 

 
authorizes each Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Loan Documents as are delegated to such Agent by the terms thereof, together
with such powers and discretion as are reasonably incidental thereto; (vi) agrees that it will perform in accordance with their terms all of the obligations that by the terms of the Credit Agreement are required to be performed by it as a
Lender; and (vii) attaches any U.S. Internal Revenue Service forms required under Section 2.12 of the Credit Agreement. 
 (4) Following the execution of this Assignment and Assumption, it will be delivered to the Administrative Agent for acceptance and recording by the Administrative Agent. The effective date for this Assignment and Assumption (the
“Effective Date”) shall be the date of acceptance hereof by the Administrative Agent, unless otherwise specified on Schedule 1 hereto. 
 (5) Upon such acceptance and recording by the Administrative Agent, as of the Effective Date, (i) such Assignee shall be a party to the Credit Agreement and, to the extent provided in this Assignment
and Assumption, have the rights and obligations of a Lender thereunder and (ii) such Assignor shall, to the extent provided in this Assignment and Assumption, relinquish its rights and be released from its obligations under the Credit Agreement
(other than its rights and obligations under the Loan Documents that are specified under the terms of such Loan Documents to survive the payment in full of the Obligations of the Loan Parties under the Loan Documents to the extent any claim
thereunder relates to an event arising prior to the Effective Date of this Assignment and Assumption) and, if this Assignment and Assumption covers all of the remaining portion of the rights and obligations of such Assignor under the Credit
Agreement, such Assignor shall cease to be a party thereto. 
 (6) Upon such acceptance and recording by the Administrative
Agent, from and after the Effective Date, the Administrative Agent shall make all payments under the Credit Agreement and the other Loan Documents in respect of the interest assigned hereby (including, without limitation, all payments of principal,
interest and commitment fees with respect thereto) to such Assignee. Such Assignor and such Assignee shall make all appropriate adjustments in payments under the Credit Agreement and the other Loan Documents for periods prior to the Effective Date
directly between themselves. 
 (7) This Assignment and Assumption shall be governed by, and construed in accordance with, the
laws of the State of New York. 
 (8) This Assignment and Assumption may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of Schedule 1 to
this Assignment and Assumption by telecopier shall be effective as delivery of an original executed counterpart of this Assignment and Assumption. 
 IN WITNESS WHEREOF, each Assignor and each Assignee have caused Schedule 1 to this Assignment and Assumption to be executed by their officers thereunto duly authorized as of the date specified thereon.

 Express – Exhibit C to ABL Credit Agreement 

 SCHEDULE 1 
 TO 
 ASSIGNMENT AND ASSUMPTION 
  

				
	ASSIGNEES:	  		
	Facility	  		
	 Percentage interest assumed
	  	 	%
	 Commitment assumed
	  	$	            
	 Outstanding principal amount of Advance assumed
	  	$	            
	 Principal amount of Note payable to Assignee
	  	$	            

 Express – Exhibit C to ABL Credit Agreement 

 Effective Date (if other than date of acceptance by Administrative Agent): 
 5
__________, 200     
  

							
	Assignors	 		 	
		
		 	                , as Assignor
		 	[Type or print legal name of Assignor]
			
		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	
		
		 	Dated:                     ,
200    

  

	5	 This date should be no earlier than five Business Days after the delivery of this Assignment and Assumption to the Administrative Agent.

 Express – Exhibit C to ABL Credit Agreement 

							
	Assignees	 		 	
		
		 	                , as Assignee
		 	[Type or print legal name of Assignee]
			
		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	
		
		 	Dated:                     ,
200    
		 	Domestic Lending Office:
		 	Eurodollar Lending Office:

 Express – Exhibit C to ABL Credit Agreement 

 Accepted [and Approved] this          day of
                    , 200     
  

			
	6WELLS FARGO RETAIL FINANCE, LLC,
		 	as Administrative Agent
		
	By:	 	  

		 	Name:
		 	Title:
	
	[Approved this          day of
                , 200    
	
	7[EXPRESS, LLC]
		
	By:	 	  

		 	Name:
		 	Title: ]

  

	6	 Required if the Assignee is an Eligible Assignee solely by reason of clause (d) of the definition of “Eligible Assignee.”

	7	 Required if the Assignee is an Eligible Assignee solely by reason of clause (d) of the definition of “Eligible Assignee.”

 Express – Exhibit C to ABL Credit Agreement 

 EXHIBIT D 
 EXECUTION COPY 
 ABL SECURITY AGREEMENT 
 Dated as of July 6, 2007 
 From 
 EXPRESS HOLDING, LLC, 
 EXPRESS, LLC, 
 - and - 
 the other Grantors referred to herein 
 as Grantors 
 to 
 WELLS FARGO RETAIL FINANCE, LLC, 
 as Collateral Agent 
  

 Express, LLC – ABL Security Agreement 

 T A B L E O F C O N
T E N T S 
  

			
	 Section
	  	Page
		
	 Section 1. Grant of Security
	  	2
		
	 Section 2. Security for Obligations
	  	6
		
	 Section 3. Grantors Remain Liable
	  	6
		
	 Section 4. Delivery and Control of Security Collateral
	  	6
		
	 Section 5. Maintaining the Account Collateral
	  	8
		
	 Section 6. Investing of Amounts in the Collateral Account
	  	9
		
	 Section 7. Release of Amounts
	  	10
		
	 Section 8. Representations and Warranties
	  	10
		
	 Section 9. Further Assurances
	  	13
		
	 Section 10. As to Equipment and Inventory
	  	14
		
	 Section 11. Insurance
	  	15
		
	 Section 12. Post-Closing Changes; Collections on Receivables and Related Contracts
	  	15
		
	 Section 13. As to Intellectual Property Collateral
	  	16
		
	 Section 14. Voting Rights; Dividends; Etc
	  	18
		
	 Section 15. As to Letter-of-Credit Rights
	  	19
		
	 Section 16. Commercial Tort Claims
	  	20
		
	 Section 17. Transfer and Other Liens; Additional Shares
	  	20
		
	 Section 18. Collateral Agent Appointed Attorney-in-Fact
	  	20
		
	 Section 19. Collateral Agent May Perform
	  	20
		
	 Section 20. The Collateral Agent’s Duties
	  	21
		
	 Section 21. Remedies
	  	21
		
	 Section 22. Indemnity and Expenses
	  	23
		
	 Section 23. Amendments; Waivers; Additional Grantors; Etc.
	  	24
		
	 Section 24. Notices, Etc
	  	24
		
	 Section 25. Continuing Security Interest; Assignments Under the Credit Agreement
	  	24
		
	 Section 26. Release; Termination
	  	25

  

 Express, LLC – ABL Security Agreement 
 i 

			
	 Section 27. Execution in Counterparts
	  	25
		
	 Section 28. Governing Law
	  	25

  

					
	Schedules	  		  	
			
	Schedule I	  	-    	  	Investment Property
	Schedule II	  	-    	  	Pledged Deposit Accounts/Securities Accounts
	Schedule III	  	-    	  	Intellectual Property
	Schedule IV	  	-    	  	Commercial Tort Claims
	Schedule V	  	-    	  	Chief Executive Office, Type of Organization, Jurisdiction of Organization and Organizational Identification Number
	Schedule VI	  	-    	  	Changes in Name, Location, Etc.
	Schedule VII	  	-    	  	Locations of Equipment and Inventory
	Schedule VIII	  	-    	  	Letters of Credit
			
	Exhibits	  		  	
			
	Exhibit A	  	-    	  	Form of ABL Security Agreement Supplement
	Exhibit B	  	-    	  	Form of Intellectual Property ABL Security Agreement
	Exhibit C	  	-    	  	Form of Intellectual Property ABL Security Agreement Supplement

  

 Express, LLC – ABL Security Agreement 
 ii 

 ABL SECURITY AGREEMENT 
 ABL SECURITY AGREEMENT, dated as of July 6, 2007 (this “Agreement”), made by EXPRESS HOLDING, LLC, a Delaware
limited liability company (the “Parent”), EXPRESS, LLC, a Delaware limited liability company (the “Borrower”), the other Persons listed on the signature pages hereof and the Additional Grantors (as
defined in Section 23) (the Parent, the Borrower, the Persons so listed and the Additional Grantors being, collectively, the “Grantors”), to WELLS FARGO RETAIL FINANCE, LLC, as collateral agent (in such capacity,
together with any successor collateral agent appointed pursuant to Article VII of the Credit Agreement (as hereinafter defined), the “Collateral Agent”) for the Secured Parties (as defined in the Credit Agreement).

 PRELIMINARY STATEMENTS. 
 1. The Parent, the Borrower and the Subsidiary Guarantors (as defined in the Credit Agreement referred to below) have entered into a Asset-Based Loan Credit Agreement, dated as of July
    , 2007 (said agreement, as it may hereafter be amended, amended and restated, supplemented or otherwise modified from time to time, being the “Credit Agreement”) with the Lenders and the Agents (each
as defined therein). 
 2. Each Grantor is the owner of the shares of issued and outstanding stock or other Equity Interests the
“Initial Pledged Equity”) set forth opposite such Grantor’s name on and as otherwise described in Part I of Schedule I hereto and issued by the Persons named therein. 
 3. Each Grantor is the creditor with respect to the indebtedness in an amount in excess of $250,000 (the “Initial Pledged
Debt”) owed to such Grantor set forth opposite such Grantor’s name on and as otherwise described in Part II of Schedule I hereto and issued by the obligors named therein 
 4. Each Grantor is the owner of the deposit accounts (together with any deposit accounts as to which such Grantor has complied with the
requirements of Section 5(a), the “Pledged Deposit Accounts”) set forth opposite such Grantor’s name on Schedule II hereto; provided that the term “Pledged Deposit Accounts” shall not include the
Excluded Deposit Accounts (as defined below). 
 5. Each Grantor is the owner of the securities accounts (the
“Securities Accounts”) set forth opposite such Grantor’s name on Schedule II hereto. 
 6. Upon the
request of the Collateral Agent, the Borrower will establish a deposit account (the “Collateral Account”) with the Collateral Agent, for its own benefit and the benefit of the other Secured Parties, under the sole and
exclusive dominion and control of the Collateral Agent, in the name of the Collateral Agent or as the Collateral Agent shall otherwise direct, which account will be subject to the terms and conditions of this Agreement. 
 7. Each Grantor is the beneficiary under certain letters of credit with a face amount in excess of $250,000 as described opposite such
Grantor’s name on Schedule VIII hereto. 
 8. It is a condition precedent to the making of Advances by the Lender Parties
under the Credit Agreement and the entry into the Secured Hedge Agreements by the Hedge Banks from time to time that the Grantors shall have granted the security interest and made the pledge and assignment contemplated by this Agreement. 

 

 Express, LLC – ABL Security Agreement 

 9. Each Grantor will derive substantial direct and indirect benefit from the transactions
contemplated by the Loan Documents. 
 10. Terms defined in the Credit Agreement and not otherwise defined in this Agreement are
used in this Agreement as defined in the Credit Agreement. Further, unless otherwise defined in this Agreement or in the Credit Agreement, terms defined in Article 8 or 9 of the UCC (as defined below) are used in this Agreement as such terms are
defined in such Article 8 or 9. “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York; provided that, if perfection or the effect of perfection or non-perfection or the
priority of the security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, “UCC” means the Uniform Commercial Code as in effect from time to
time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority. 
 NOW, THEREFORE, in consideration of the premises and in order to induce the Lender Parties to make Advances under the Credit Agreement and to induce the Hedge Banks to enter into Secured Hedge Agreements
from time to time, each Grantor hereby agrees with the Collateral Agent for the ratable benefit of the Secured Parties as follows: 
 Section 1. Grant of Security. Each Grantor hereby grants to the Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in such Grantor’s right, title and interest in and to the following
personal property, in each case, as to each type of property described below, whether now owned or hereafter acquired by such Grantor, wherever located, and whether now or hereafter existing or arising (collectively, the
“Collateral”): 
 (a) all equipment in all of its forms (but excluding motor vehicles),
including, without limitation, all machinery, tools, furniture and fixtures, and all parts thereof and all accessions thereto, including, without limitation, computer programs and supporting information that constitute equipment within the meaning
of the UCC (any and all such property being the “Equipment”); 
 (b) all inventory in all
of its forms, including, without limitation, (i) all raw materials, work in process, finished goods and materials used or consumed in the manufacture, production, preparation or shipping thereof; (ii) goods in which such Grantor has an
interest in mass or a joint or other interest or right of any kind (including, without limitation, goods in which such Grantor has an interest or right as consignee) and (iii) goods that are returned to or repossessed or stopped in transit by
such Grantor), and all accessions thereto and products thereof and documents therefor, including, without limitation, computer programs and supporting information that constitute inventory within the meaning of the UCC (any and all such property
being the “Inventory”); 
 (c) all accounts (including, without limitation, health care
insurance receivables), chattel paper (including, without limitation, tangible chattel paper and electronic chattel paper), instruments (including, without limitation, promissory notes), deposit accounts, letter-of-credit rights, general intangibles
(including, without limitation, payment intangibles) and other obligations of any kind, whether or not arising out of or in connection with the sale or lease of goods or the rendering of services and whether or not earned by performance, and all
rights now or hereafter existing in and to all supporting obligations and in and to all security agreements, mortgages, Liens, leases, letters of credit and other contracts securing or otherwise relating to the

  

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foregoing property (any and all of such accounts, chattel paper, instruments, deposit accounts, letter-of-credit rights, general intangibles and other obligations, to the extent not referred to
in clauses (d), (e) or (f) below, being the “Receivables,” and any and all such supporting obligations, security agreements, mortgages, Liens, leases, letters of credit and other contracts being the
“Related Contracts”); 
 (d) the following (collectively, the “Security
Collateral”): 
 (i) the Initial Pledged Equity and the certificates, if any, representing the
Initial Pledged Equity, and all dividends, distributions, returns of capital, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Initial Pledged
Equity and all warrants, rights or options issued thereon or with respect thereto; 
 (ii) the Initial Pledged
Debt and the instruments, if any, evidencing the Initial Pledged Debt, and all interest, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Initial
Pledged Debt; 
 (iii) all additional shares of stock and other Equity Interests from time to time acquired by
such Grantor, in any manner (such shares and other Equity Interests, together with the Initial Pledged Equity, being the “Pledged Equity”), and the certificates, if any, representing such additional shares or other Equity
Interests, and all dividends, distributions, return of capital, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all such shares or other Equity Interests
and all warrants, rights or options issued thereon or with respect thereto; provided that Pledged Equity shall not include (x) Equity Interests of any Subsidiary held by a CFC or (y) more than 65% of the issued and outstanding
Equity Interests in a CFC held by a Loan Party; 
 (iv) all additional indebtedness from time to time owed to
such Grantor (such indebtedness, together with the Initial Pledged Debt, being the “Pledged Debt”) and the instruments, if any, evidencing such indebtedness, and all interest, cash, instruments and other property from time to
time received, receivable or otherwise distributed in respect of or in exchange for any or all of such indebtedness; 
 (v) the Securities Accounts, all security entitlements with respect to all financial assets from time to time credited to the Securities Accounts, and all financial assets, and all dividends, distributions, return of capital, interest,
cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such security entitlements or financial assets and all warrants, rights or options issued thereon or
with respect thereto; and 
 (vi) all other investment property (including, without limitation, all
(A) securities (whether certificated or uncertificated), (B) security entitlements, (C) securities accounts, (D) commodity contracts and (E) commodity accounts) in which such Grantor has now, or acquires from time to time
hereafter, any right, title or interest in any manner, and the certificates or instruments, if any, representing or evidencing such investment property, and all dividends, distributions, return of capital, interest, cash, instruments and other
property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such investment property and all warrants, rights or options issued thereon or with respect thereto; 
  

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 (e) the following (collectively, the “Account
Collateral”): 
 (i) the Pledged Deposit Accounts, the Collateral Account and all funds and
financial assets from time to time credited thereto (including, without limitation, all Cash Equivalents), and all certificates and instruments, if any, from time to time representing or evidencing the Pledged Deposit Accounts or the Collateral
Account; 
 (ii) all promissory notes, certificates of deposit, checks and other instruments from time to time
delivered to or otherwise possessed by the Collateral Agent for or on behalf of such Grantor in substitution for or in addition to any or all of the then existing Account Collateral; and 
 (iii) all interest, dividends, distributions, cash, instruments and other property from time to time received, receivable or
otherwise distributed in respect of or in exchange for any or all of the then existing Account Collateral; 
 (f)
the following (collectively, the “Intellectual Property Collateral”): 
 (i) all patents,
patent applications, utility models and statutory invention registrations, all inventions claimed or disclosed therein and all improvements thereto (the “Patents”); 
 (ii) all trademarks, service marks, domain names, trade dress, logos, designs, slogans, trade names, business names,
corporate names and other source identifiers, whether registered or unregistered (provided that no security interest shall be granted in United States intent to use trademark applications until the earlier of (x) the filing of a
statement of use therefore or (y) the issuance of a registration thereon, together, in each case, with the goodwill symbolized thereby (the “Trademarks”); 
 (iii) all copyrights, including, without limitation, copyrights in Computer Software (as hereinafter defined), internet web
sites and the content thereof, whether registered or unregistered (the “Copyrights”); 
 (iv) all computer software, programs and databases (including, without limitation, source code, object code and all related applications and data files), firmware and documentation and material relating thereto, together with any and all
maintenance rights, service rights, programming rights, hosting rights, test rights, improvement rights, renewal rights and indemnification rights and any substitutions, replacements, improvements, error corrections, updates and new versions of any
of the foregoing (the “Computer Software”); 
 (v) all confidential and proprietary
information, including, without limitation, know how, trade secrets, manufacturing and production processes and techniques, inventions, research and development information, databases and data, including, without limitation, technical data,
financial, marketing and business data, pricing and cost information, business and marketing plans and customer and supplier lists and information (collectively, the “Trade Secrets”), and all other intellectual, industrial
and intangible property of any type, including, without limitation, industrial designs and mark works; 
  

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 (vi) all registrations and applications for registration for any of the
foregoing, including, without limitation, those registrations and applications for registration set forth in Schedule III hereto, together with all reissues, divisions, continuations, continuations-in-part, extensions, renewals and reexaminations
thereof; 
 (vii) all tangible embodiments of the foregoing, all rights in the foregoing provided by
international treaties or conventions, all rights corresponding thereto throughout the world and all other rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto; 
 (viii) all agreements, permits, consents, orders and franchises relating to the license, development, use or disclosure of
any of the foregoing to which such Grantor, now or hereafter, is a party or a beneficiary, including without limitation, the agreements set forth in Schedule III hereto (the “IP Agreements”); and 
 (ix) any and all claims for damages and injunctive relief for past, present and future infringements, dilution,
misappropriation, violation, misuse or breach with respect to any of the foregoing, with the right, but not the obligation, to use for and collect, or otherwise recover, such damages; 
 (g) the commercial tort claims described in Schedule IV hereto with respect to the collateral described in clauses
(i) through (iv) above (together with any commercial tort claims as to which the Grantors have complied with the requirements of Section 16, the “Commercial Tort Claims Collateral”); 
 (h) all books, records, account ledgers, data processing records (including, without limitation, customer lists, credit
files, printouts and other computer output materials and records) of such Grantor pertaining to any of the collateral described in clauses (i) through (v) above; and 
 (i) all proceeds of, collateral for, income, royalties and other payments now or hereafter due and payable with respect to,
and supporting obligations relating to, any and all of Collateral (including, without limitation, proceeds, collateral and supporting obligations that constitute property of the types described in clauses (a) through (i) of this
Section 1) and, to the extent not otherwise included, all (A) payments under insurance (whether or not the Collateral Agent is the loss payee thereof), or any indemnity, warranty or guaranty, payable by reason of loss or damage to or
otherwise with respect to any of the foregoing Collateral, and (B) cash; 
 provided that, notwithstanding anything
to the contrary in this Agreement, this Agreement shall not constitute an assignment or pledge to or grant of a security interest in any of the following Collateral (each, an “Excluded Asset”): (i) any Collateral to the
extent (but only so long as) the granting of a security interest therein is prohibited by applicable law or regulation, (ii) leased real property, (iii) personal property and shares of stock and other Equity Interests of joint ventures,
(iv) assets of any Excluded Subsidiary, (v) licenses, instruments and agreements to the extent that the pledge of such licenses, instruments and agreements hereunder would violate the respective terms thereof or give a right of termination
thereunder, (vi) motor vehicles, (vii) any Collateral if the cost of obtaining security interests in any such item of Collateral is excessive (as reasonably determined by the Administrative Agent) in relation to the benefit to the Lenders,
(viii) other assets to the extent that the Administrative Agent agrees to exclude such assets from the Collateral and (ix) other assets to the extent that the pledge would violate the terms of any existing indebtedness secured by such
assets. 
  

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 Section 2. Security for Obligations. 
 (a) This Agreement secures, in the case of each Grantor, the payment of all Obligations of such Grantor now or hereafter
existing under the Loan Documents, the Secured Hedge Agreements and the Secured Cash Management Agreements, whether direct or indirect, absolute or contingent, and whether for principal, reimbursement obligations, interest, fees, premiums,
penalties, indemnifications, contract causes of action, costs, expenses or otherwise (all such Obligations being the “Secured Obligations”). Without limiting the generality of the foregoing, this Agreement secures, as to each
Grantor, the payment of all amounts that constitute part of the Secured Obligations and would be owed by such Grantor to any Secured Party under the Loan Documents but for the fact that they are unenforceable or not allowable due to the existence of
a bankruptcy, reorganization or similar proceeding involving a Loan Party. 
 (b) Notwithstanding anything herein
to the contrary, the Liens and security interest granted to the Collateral Agent hereunder for the benefit of the Secured Parties pursuant to this Agreement, and the exercise of any right or remedy by the Collateral Agent for the benefit of the
Secured Parties hereunder are subject to the provisions of that certain Intercreditor Agreement dated as of July     , 2007 (the “Intercreditor Agreement”) among Morgan Stanley & Co. Incorporated,
as Term Loan Collateral Agent (as defined in the Intercreditor Agreement), Morgan Stanley Senior Funding, Inc. (“MSSF”), as Term Loan Administrative Agent (as defined in the Intercreditor Agreement), Wells Fargo Retail, LLC,
as ABL Collateral Agent and as ABL Administrative Agent (as defined in the Intercreditor Agreement), the Borrower and such other parties as may be added thereto from time to time in accordance with the terms thereof and as the Intercreditor
Agreement may be amended or otherwise modified from time to time in accordance with the terms thereof. As between (i) the [lender parties] under that certain Term Loan Credit Agreement, dated as of July     , 2007, among the
[Borrower], the [Parent], the [Subsidiary Guarantors] party thereto, the lenders party thereto, and MSSF, as administrative agent, and (ii) the [lender parties] under the [Credit Agreement], in the event of any conflict between the terms of the
Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall govern and control. 
 Section 3. Grantors Remain Liable. Anything herein to the contrary notwithstanding, (a) each Grantor shall remain liable under the contracts and agreements included in such Grantor’s Collateral to the extent set forth
therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by the Collateral Agent of any of the rights hereunder shall not release any Grantor from any of its
duties or obligations under the contracts and agreements included in the Collateral and (c) no Secured Party shall have any obligation or liability under the contracts and agreements included in the Collateral by reason of this Agreement or any
other Loan Document, nor shall any Secured Party be obligated to perform any of the obligations or duties of any Grantor thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. 
 Section 4. Delivery and Control of Security Collateral. Subject to the Intercreditor Agreement: 
 (a) All certificates or instruments representing or evidencing Security Collateral (if certificated) shall be delivered
to and held by or on behalf of the Collateral Agent pursuant hereto and shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance reasonably
satisfactory to the Collateral Agent; provided that no Grantor shall be required to deliver an instrument representing Pledged Debt if the amount of such Pledged Debt is less than $250,000. After the occurrence and during the continuance of
an Event of Default, the Collateral Agent shall have the right to exchange certificates or instruments representing or evidencing Security Collateral for certificates or instruments of smaller or larger denominations. 
  

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 (b) With respect to any Security Collateral that constitutes an
uncertificated security that is at any time subject to Article 8 of the UCC and is not held in a Securities Account, the relevant Grantor will cause, to the extent permitted by applicable law, each issuer thereof that is a Subsidiary of such Grantor
to execute and deliver to the Collateral Agent an acknowledgment of the pledge of such Security Collateral in a form and substance that is reasonably satisfactory to the Borrower and the Collateral Agent (such agreement being an
“Uncertificated Security Control Agreement”). 
 (c) With respect to (i) the
Securities Accounts and (ii) any Security Collateral that constitutes a security entitlement as to which the financial institution acting as Collateral Agent hereunder is not the securities intermediary, the relevant Grantor will cause the
securities intermediary with respect to each such account or security entitlement either (A) to identify in its records the Collateral Agent as the entitlement holder thereof or (B) to agree with such Grantor and the Collateral Agent that
such securities intermediary will comply with entitlement orders originated by the Collateral Agent without further consent of such Grantor, such agreement to be in form and substance reasonably satisfactory to the Borrower and Collateral Agent (a
“Securities Account Control Agreement”); provided, however, any Securities Account with an aggregate value of less than $500,000; provided further that the aggregate value of all Securities Accounts not subject
to the requirements of this Section 4(c) shall not exceed $1,500,000 at any one time outstanding; provided further that the Collateral Agent will (i) not give any such orders except after the occurrence and during the continuance of
an Event of Default and (ii) upon cure (but not a partial cure) or waiver of any previously continuing Event of Default, the Collateral Agent shall take such action, at the expense of such Grantor, as shall be reasonably necessary to reconvey
to such Grantor the right to give entitlement orders and instructions or directions to any issuer of uncertificated securities or securities intermediary. 
 (d) Upon the request of the Collateral Agent following the occurrence and during the continuance of an Event of Default, each Grantor will notify each issuer of Securities Collateral (other than any other
Loan Party) in which a security interest has been granted by it hereunder that such Securities Collateral is subject to the security interest granted hereunder. 
 (e) Notwithstanding anything contained in this Section 4, so long as the Term Loan Collateral Agent (as defined in the
Intercreditor Agreement) is acting as bailee and as agent for perfection on behalf of the Collateral Agent pursuant to the terms of the Intercreditor Agreement, any obligation of any Grantor in this Agreement that requires delivery of Collateral to,
or the possession of Collateral with, the Collateral Agent shall be deemed complied with and satisfied in the event that such delivery of Collateral has been made to, or such possession of Collateral is with, the Term Loan Collateral Agent (as
defined in the Intercreditor Agreement). 
  

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 Section 5. Maintaining the Account Collateral. So long as any Advance or any
other Obligation (other than Unmatured Surviving Obligations) of any Loan Party under any Loan Document shall remain unpaid, any Secured Hedge Agreement shall be in effect or any Lender Party shall have any Commitment, subject to the terms and
provisions of the Intercreditor Agreement: 
 (a) Each Grantor will maintain deposit accounts only with the financial
institution acting as Collateral Agent hereunder or with a bank (a “Pledged Account Bank”) that has agreed with such Grantor and the Collateral Agent to comply with instructions originated by the Collateral Agent directing
the disposition of funds in such deposit account without the further consent of such Grantor, such agreement to be in form and substance reasonably satisfactory to the Borrower and Collateral Agent (each, a “Deposit Account Control
Agreement”); provided, however, that this Section 5(a) shall not apply to deposit accounts (collectively, “Excluded Deposit Accounts”) (i) used solely as local store level accounts (to the
extent that the aggregate amount on deposit with such local store level accounts does not exceed $5,000,000 (other than temporary increases due to high sales volume for any consecutive five (5) day period beginning on a Friday of any week and
ending on the Tuesday of the following week), zero balance accounts, a tax or payroll account, disbursement account, escrow account, trust account, petty cash account (to the extent that the aggregate amount on deposit with such petty cash accounts
does not exceed $100,000), pension, employee benefits or other trust purposes, flexible spending benefit account, or for the benefit of any other party other than any Grantor or Subsidiary, in each case maintained in the ordinary course of business,
(ii) other deposit accounts to the extent that the aggregate amount on deposit with each deposit account does not exceed $500,000 at any time or (iii) where the Collateral Agent is the bank. Each Grantor agrees that at no time shall the
aggregate amount on deposit in all deposit accounts referred to in the foregoing clause (ii) for which there is not in effect a Deposit Account Control Agreement exceed $1,500,000. So long as either an Event of Default or a Cash Control Trigger
(as defined below) has not occurred and is continuing, the Collateral Agent agrees that (i) it shall not issue any instructions to any Pledged Account Bank or withhold any withdrawal rights from such Grantor with respect to funds from time to
time credited to any deposit account and (ii) upon (x) cure (but not a partial cure) or waiver of any previously continuing Event of Default or (y) the termination of a Cash Control Trigger (as defined below), the Collateral Agent
shall thereafter take such action, at the expense of such Grantor, as shall be reasonably necessary to reconvey to such Grantor the right to give instructions directing the disposition of funds credited to any such deposit account. Notwithstanding
anything contained herein to the contrary, each Grantor shall transfer, or direct the transfer of, funds from its local store level accounts and credit card processors to a cash concentration account that shall be a Pledged Deposit Account within
three (3) Business Days of such funds being deposited. 
 (b) After the occurrence and during the continuance of
(x) an Event of Default or (y) a Cash Control Trigger (as defined below), each Grantor will promptly instruct each Person obligated at any time to make any payment to such Grantor for any reason with respect to ABL First Lien Collateral
(an “Obligor”) to make such payment to a Pledged Deposit Account or the Collateral Account, except that such Grantor shall not be under such obligation with respect to Persons (i) making payments to a Pledged Deposit
Account or Collateral Account as of the date hereof, (ii) making payments to such Grantor less than $100,000 a year in the aggregate, or (iii) making payments to accounts not purported to be subject to the security interest of the Secured
Parities in accordance with the Credit Agreement, if any. 
 (c) Notwithstanding anything contained in this Agreement to the
contrary, upon the occurrence and during the continuance of (x) an Event of Default or (y) a Cash Control Trigger (as defined below) and upon written notice thereof from Collateral Agent to the Pledged Account Bank (the “Notice
of Exclusive Control”), (i) all cash and Cash Equivalents in the Pledged Deposit Account shall, on each Business Day, be transferred to the Collateral Account through daily sweeps and (ii) all cash and Cash Equivalents in the
Collateral Account shall be applied (except as provided in clause 12(b) below) by the Collateral Agent to prepay the Revolving Credit Facility in the manner set forth in Section 2.06(b)(iii) of the Credit Agreement. 
  

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 (d) If, at any time after the occurrence and during the continuance of (w) and Event of
Default or (x) a Cash Control Trigger (as defined below), any cash or Cash Equivalents owned by any Grantor (other than amounts on deposit in Excluded Deposit Accounts) with respect to ABL First Lien Collateral are deposited to any account, or
held or invested in any manner, other than in a Pledged Deposit Account or the Collateral Account, the Collateral Agent may require the applicable Grantor to close such account and have all funds therein transferred to a Pledged Deposit Account, and
all future deposits made to a Pledged Deposit Account. In addition to the foregoing, during the continuance of an Event of Default, upon the request of the Collateral Agent, each Grantor shall provide the Collateral Agent with an accounting of the
contents in each Pledged Deposit Account, which shall identify, to the reasonable satisfaction of the Collateral Agent, the proceeds from the First Lien Term Collateral (as defined in the Intercreditor Agreement) which were deposited in the Pledged
Deposit Account and swept into the Collateral Account. Upon the receipt of the (y) contents of the Pledged Deposit Accounts, and (z) such accounting, the Collateral Agent agrees to remit to the collateral agent under the Term Loan Facility
the proceeds from the First Lien Term Collateral (as defined in the Intercreditor Agreement) received by the Collateral Agent. 
 (e) In the event that the Collateral Agent shall have delivered a Notice of Exclusive Control to a Pledged Account Bank at which a Pledged Deposit Account is held, and thereafter Excess Availability plus Eligible Cash Collateral exceeds
$20,000,000 for thirty (30) consecutive days, the Collateral Agent, subject to no Event of Default existing at such time, shall deliver a written notice to such Pledged Account Bank rescinding the Notice of Exclusive Control previously
delivered. 
 (f) Upon any termination by a Grantor of any Pledged Deposit Account, such Grantor will immediately
(i) transfer all funds and property held in such terminated Pledged Deposit Account to another Pledged Deposit Account or other account if a Deposit Account Control Agreement is entered into in respect of such other account or the Collateral
Account and (ii) notify all Obligors that were making payments to such Pledged Deposit Account to make all future payments to another Pledged Deposit Account or other account if a Deposit Account Control Agreement is entered into in respect of
such other account or the Collateral Account, in each case so that the Collateral Agent shall have a continuously perfected security interest in such Account Collateral, funds and property. 
 (g) For purposes of this Agreement, “Cash Control Trigger” shall mean the failure of the Borrower to maintain Excess
Availability plus Eligible Cash Collateral in an amount equal to at least $20,000,000 for five (5) consecutive Business Days; provided that a Cash Control Trigger shall no longer be deemed to be continuing if Excess Availability plus
Eligible Cash Collateral exceeds $20,000,000 for thirty (30) consecutive days. 
 Section 6. Investing of Amounts
in the Collateral Account. The Collateral Agent will, subject to Sections 5, 7 and 20, from time to time (a) invest, or direct the applicable Pledged Account Bank to invest, amounts received with respect to the Collateral Account in
such Cash Equivalents credited to the Collateral Account as the Borrower may select so long as no Event of Default or Cash Collateral Trigger has occurred and is continuing and the Collateral Agent may approve, and (b) invest interest paid on
the Cash Equivalents referred to in clause (a) above, and reinvest other proceeds of any such Cash Equivalents that may mature or be sold, in each case in such Cash Equivalents credited in the same manner. Interest and proceeds that are not
invested or reinvested in Cash Equivalents as provided above shall be deposited and held in the Collateral Account subject to Sections 5, 7 and 20. In addition, subject to Sections 5, 7 and 20, the Collateral Agent shall have the right

  

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at any time to exchange, or direct the applicable Pledged Account Bank to exchange, such Cash Equivalents for similar Cash Equivalents of smaller or larger determinations, or for other Cash
Equivalents, credited to the Collateral Account. 
 Section 7. Release of Amounts. So long as no Event of Default or
Cash Control Trigger shall have occurred and be continuing , the Grantors shall have the sole and exclusive right to direct the applicable Pledged Account Bank to pay and release, to the applicable Grantor or at its order or, at the request of such
Grantor, to the Administrative Agent to be applied to the Obligations of the Grantors under the Loan Documents, such amount, if any, as is then on deposit in the Collateral Account and the Pledged Deposit Accounts. 
 Section 8. Representations and Warranties. Each Grantor represents and warrants as follows: 
 (a) Such Grantor’s exact legal name, chief executive office, type of organization, jurisdiction of organization and
organizational identification number is as set forth in Schedule V hereto. Such Grantor has no trade names as of the date hereof other than as listed on Schedule III hereto. Within the five years preceding the date hereof, such Grantor has not
changed its name, chief executive office, type of organization, jurisdiction of organization or organizational identification number from those set forth in Schedule V hereto except as set forth in Schedule VI hereto. 
 (b) Such Grantor is the legal and beneficial owner of the Collateral granted or purported to be granted by it free and clear
of any Lien, claim, option or right of others, except for (x) Permitted Liens and (y) the security interest created under this Agreement or as permitted under the Credit Agreement. To the best of such Grantor’s knowledge, no valid or
effective financing statement or other instrument similar in effect covering all or any part of such Collateral or listing such Grantor or any trade name of such Grantor as debtor is on file in any recording office, except such as may have been
filed in favor of the Collateral Agent relating to the Loan Documents or as otherwise permitted under the Credit Agreement. 
 (c) All of the Equipment and Inventory of such Grantor are located at the places specified therefor in Schedule VII hereto or at another location as to which such Grantor has complied with the
requirements of Section 10(a), other than Equipment and Inventory (i) out for repair, (ii) being shipped, or in-transit, from a supplier or to a customer or between suppliers, (iii) in the possession of suppliers, subcontractors
and licensees, (iv) marked out-of-stock Inventory in the possession of third parties or (v) Inventory located at third-party fabric mills. 
 (d) None of the Receivables in an amount in excess of $500,000 is evidenced by a promissory note or other instrument that has not been delivered to the Collateral Agent. 
 (e) If such Grantor is an issuer of Security Collateral, such Grantor confirms that it has received notice of the security
interest granted hereunder. 
 (f) The Pledged Equity which has been pledged by such Grantor hereunder has been
duly authorized and validly issued and is fully paid and non assessable. The Pledged Debt pledged by such Grantor hereunder which has been issued by a Loan Party has been duly authorized, authenticated or issued and delivered, is the legal, valid
and binding obligation of the issuers thereof, except as may be limited by laws of general application relating to bankruptcy,

  

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insolvency and the relief of debtors and rules of law governing specific performance, injunctive relief or other equitable remedies, and if evidenced by one or more promissory notes in an amount
in excess of $250,000, such promissory notes have been delivered to the Collateral Agent. 
 (g) The Initial
Pledged Equity pledged by such Grantor constitutes the percentage of the issued and outstanding Equity Interests of the issuers thereof indicated on Schedule I hereto. The Initial Pledged Debt constitutes all of the outstanding indebtedness
owed to such Grantor by the issuers thereof and is outstanding in the principal amount indicated on Schedule I hereto. 
 (h) Such Grantor has no investment property, other than the investment property listed on Schedule I hereto and additional investment property as to which such Grantor has complied with the requirements
of Section 4. 
 (i) Such Grantor has no deposit accounts, other than the Pledged Deposit Accounts listed on
Schedule II hereto, Excluded Deposit Accounts and additional Pledged Deposit Accounts as to which such Grantor has complied with the applicable requirements of Section 5. 
 (j) Such Grantor is not a beneficiary or assignee under any letter of credit with a face amount in excess of $250,000, other
than the letters of credit described in Schedule VIII hereto and additional letters of credit as to which such Grantor has complied with the requirements of Section 14. 
 (k) This Agreement creates in favor of the Collateral Agent for the benefit of the Secured Parties a valid security interest
in the Collateral granted by such Grantor (to the extent such matter is governed by the laws of the United States, or a jurisdiction located therein), securing the payment of the Secured Obligations and when (i) financing statements and other
filings, including, without limitation, filings with the United States Patent and Trademark Office or the United States Copyright Office, in appropriate form are filed in the applicable filing offices and (ii) upon the taking of possession or
control by the Collateral Agent of the Collateral with respect to which a security interest may be perfected only by possession or control, the Liens created by this Agreement shall constitute fully perfected Liens on, and security interests in, all
right, title and interest of the grantors in the Collateral (other than such Collateral in which a security interest cannot be perfected by such action under the UCC as in effect at the relevant time in the relevant jurisdiction), in each case
subject to no Liens other than Permitted Liens and other Liens created or permitted by the Loan Documents. 
 (l)
No Governmental Authorization, and no notice to or filing with, any Governmental Authority or other third party is required for (i) the grant by such Grantor of the security interest granted hereunder or for the execution, delivery or
performance of this Agreement by such Grantor, (ii) the perfection or maintenance of the security interest created hereunder (including the first priority nature and second priority nature thereof), to the extent such perfection is required
hereunder and can be accomplished under applicable laws of the United States or any jurisdiction located therein (except for the filing of financing and continuation statements under the UCC, which financing statements have been or will be filed
after the date hereof and, at such time, will be in full force and effect, the recordation of the Intellectual Property Security Agreements referred to in Section 13(f) with the U.S. Patent and Trademark Office and the U.S. Copyright Office,
which agreements, once recorded, will be in full force and effect, and the actions described in Section 4 with respect to the Security Collateral, which actions have been taken (or will be taken subject to the Intercreditor Agreement) and are
in full force and effect), or (iii) the exercise by the Collateral Agent or any Lender Party of its voting

  

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or other rights provided for in this Agreement or the remedies in respect of the Collateral pursuant to this Agreement, except (A) as may be required in connection with the disposition of
any portion of the Security Collateral by laws affecting the offering and sale of securities generally, (B) the authorizations, approvals, actions, notices and filings contemplated by the Collateral Documents and those listed on Schedule
4.01(e) of the Credit Agreement, (C) those authorizations, approvals, actions, notices and filings, the failure of which to obtain, take, give or make could not be reasonably expected to have a Material Adverse Effect, (D) notices and
filings which customarily are required in connection with the exercise of remedies in respect of the Collateral and (E) landlord consents and waivers. 
 (m) Except where failure to so comply would not be reasonably likely to have a Material Adverse Effect, the Inventory that has been produced or distributed by such Grantor has been produced in compliance
with all requirements of applicable law, including, without limitation, the Fair Labor Standards Act and similar laws affecting such Grantor. 
 (n) As to itself and its Intellectual Property Collateral, except where failure to so comply would not be reasonably likely to have a Material Adverse Effect: 
 (i) The operation of such Grantor’s business as currently conducted or as contemplated to be conducted and the use of
the Intellectual Property Collateral in connection therewith do not conflict with, infringe, misappropriate, dilute, misuse or otherwise violate the intellectual property rights of any third party. 
 (ii) Such Grantor is the exclusive owner of all right, title and interest in and to the Intellectual Property Collateral, or
has a valid right to use, all Intellectual Property Collateral. 
 (iii) The Intellectual Property Collateral set
forth on Schedule III hereto includes all of the registered US patents, patent applications, domain names, US trademark registrations and applications, US copyright registrations and applications and IP Agreements as of the date hereof. 

(iv) To such Grantor’s knowledge, the Intellectual Property Collateral is subsisting and has not been adjudged
invalid or unenforceable in whole or part is valid and enforceable. Such Grantor is not aware of any uses of any item of Intellectual Property Collateral that could be expected to lead to such item becoming invalid or unenforceable. 
 (v) Such Grantor has made or performed all filings, recordings and other acts and has paid all required fees and taxes to
maintain and protect its interest in the Intellectual Property Collateral in full force and effect in the United States, and to protect and maintain its interest therein including, without limitation, recordations of any of its interests in the
Patents and Trademarks with the U.S. Patent and Trademark Office and recordation of any of its interests in the Copyrights with the U.S. Copyright Office except where Grantor has determined in its commercially reasonable business judgment that such
actions would not be commercially reasonable in the circumstances. Such Grantor has used proper statutory notice in connection with its use of each patent, trademark and copyright in the Intellectual Property Collateral. 
 (vi) To each Grantor’s knowledge, no claim, action, suit, investigation, litigation or proceeding has been asserted or
is pending or threatened in writing against such Grantor (A) based upon or challenging or seeking to deny or restrict the Grantor’s rights in or use of any of the Intellectual Property Collateral, (B) alleging that the Grantor’s
rights in or use of the Intellectual Property Collateral or that any services provided by, processes used by, or products manufactured or sold by, such Grantor infringe, misappropriate, dilute, misuse or otherwise

  

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violate any patent, trademark, copyright or any other proprietary right of any third party, or (C) alleging that any Intellectual Property Collateral is being licensed or sublicensed in
violation or contravention of the terms of any license or other agreement. To each Grantor’s knowledge, no Person is engaging in any activity that infringes, misappropriates, dilutes, misuses or otherwise violates or conflicts with any
Intellectual Property Collateral or the Grantor’s rights in or use thereof. Except as set forth on Schedule III hereto and for non-exclusive licenses granted in the ordinary course of business, such Grantor has not granted any license, release,
covenant not to sue, non-assertion assurance, or other right to any Person with respect to any part of the Intellectual Property Collateral. The consummation of the transactions contemplated by the Transaction Documents will not result in the
termination or impairment of any of the Intellectual Property Collateral. 
 (vii) To each Grantor’s
knowledge, (A) none of the Trade Secrets of such Grantor has been used, divulged, disclosed or appropriated to the detriment of such Grantor for the benefit of any other Person other than such Grantor; (B) no employee, independent
contractor or agent of such Grantor has misappropriated any trade secrets of any other Person in the course of the performance of his or her duties as an employee, independent contractor or agent of such Grantor; and (C) no employee,
independent contractor or agent of such Grantor is in default or breach of any term of any employment agreement, non-disclosure agreement, assignment of inventions agreement or similar agreement or contract relating in any way to the protection,
ownership, development, use or transfer of such Grantor’s Intellectual Property. 
 (viii) Except as set
forth on Schedule III hereto, No Grantor or Intellectual Property Collateral is subject to any outstanding consent, settlement, decree, order, injunction, judgment or ruling restricting the use of any Intellectual Property Collateral or that would
impair the validity or enforceability of such Intellectual Property Collateral. 
 (o) Such Grantor has no
commercial tort claims other than those listed in Schedule IV hereto and additional commercial tort claims in an amount not in excess of $250,000 or as to which such Grantor has complied with the requirements of Section 15. 
 Section 9. Further Assurances. 
 (a) Each Grantor agrees that from time to time, at the expense of such Grantor and subject to the Intercreditor Agreement, such Grantor will promptly execute and deliver, or otherwise authenticate, all
further instruments and documents, and take all further action that may be necessary, or that the Collateral Agent may reasonably request, in order to perfect and maintain perfection of any pledge or security interest granted or purported to be
granted by such Grantor hereunder or to enable the Collateral Agent to exercise and enforce its rights and remedies hereunder with respect to any Collateral of such Grantor. Without limiting the generality of the foregoing, each Grantor will
promptly with respect to Collateral of such Grantor: (i) upon the occurrence and during the continuance of an Event of Default, and upon the reasonable request of the Collateral Agent, mark conspicuously each document included in Inventory,
each chattel paper included in Receivables, each Related Contract and, at the reasonable request of the Collateral Agent, each of its records pertaining to such Collateral with a legend, in form and substance reasonably satisfactory to the
Collateral Agent, indicating that such document, chattel paper, Related Contract or Collateral is subject to the security interest granted hereby; (ii) if any such Collateral shall be evidenced by a promissory note or other instrument or
chattel paper, deliver and pledge to the Collateral Agent hereunder such note or instrument or

  

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chattel paper having a value in excess of $250,000 duly endorsed and accompanied by duly executed instruments of transfer or assignment, all in form and substance reasonably satisfactory to the
Collateral Agent; (iii) execute or authenticate and file, or authorize the Collateral Agent to file, such financing or continuation statements, or amendments thereto and such other instruments or notices, as may be necessary, or as the
Collateral Agent may reasonably request, in order to perfect and preserve the security interest granted or purported to be granted by such Grantor hereunder; and (iv) upon the occurrence and during the continuance of an Event of Default,
(A) take all action reasonably necessary to ensure that the Collateral Agent has control of Collateral consisting of deposit accounts, electronic chattel paper, investment property and letter of credit rights as provided in Sections 9-104,
9-105, 9-106 and 9-107 of the UCC to the extent required hereunder and (B) promptly upon request of the Collateral Agent, cause the Collateral Agent to be the beneficiary under all letters of credit that constitute Collateral with a face amount
in excess of $250,000, with the exclusive right to make all draws under such letters of credit, and with all rights of a transferee under Section 5-114(e) of the UCC; and (v) promptly deliver to the Collateral Agent evidence that all other
actions that the Collateral Agent may deem reasonably necessary in order to perfect and protect the security interest granted or purported to be granted by such Grantor under this Agreement have been taken; provided that notwithstanding
anything to the contrary set forth herein (A) Grantors shall not be required to take any action to perfect the security interest granted under this Agreement in any Collateral (1) under any certificate of title statute or (2) in cash
(other than the requirements hereunder in respect of accounts in which cash is maintained), and (B) so long as no Event of Default has occurred and is continuing, no consents to assignments of any contracts or agreements shall be required to be
obtained from any third party under this Agreement. 
 (b) Each Grantor hereby authorizes the Collateral Agent to
file one or more financing or continuation statements, and amendments thereto, including, without limitation, one or more financing statements indicating that such financing statements cover all assets or all personal property (or words of similar
effect) of such Grantor, in each case without the signature of such Grantor, and regardless of whether any particular asset described in such financing statements falls within the scope of the UCC or the granting clause of this Agreement. A
photocopy or other reproduction of this Agreement shall be sufficient as a financing statement where permitted by law. Each Grantor ratifies its authorization for the Collateral Agent to have filed such financing statements, continuation statements
or amendments filed prior to the date hereof. 
 (c) Each Grantor will furnish to the Collateral Agent from time
to time statements and schedules further identifying and describing the Collateral of such Grantor and such other reports in connection with such Collateral as the Collateral Agent may reasonably request, all in reasonable detail. 
 Section 10. As to Equipment and Inventory. 
 (a) Each Grantor will keep its Equipment and Inventory (other than Inventory sold in the ordinary course of business) at the places therefor specified in Section 7(c) or, upon 5 days’ prior
written notice to the Collateral Agent, at such other places designated by such Grantor in such notice; provided that this Section 10(a) shall not apply to Equipment and Inventory (i) Transferred in accordance with the terms of the
Credit Agreement, (ii) being shipped, or in transit, from a supplier or to a customer or between suppliers, (iii) absent for repair and replacement in the ordinary course of business, (iv) in the possession of suppliers,
subcontractors and licensees, (v) marked out-of-stock Inventory in the possession of third parties or (vi) Inventory located at third-party fabric mills. 
  

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 (b) Each Grantor will cause its Equipment to be maintained and preserved, and cause each of
its Subsidiaries to maintain and preserve, in good working order and condition, ordinary wear and tear excepted, except to the extent the failure to do so could reasonably be expected not to have a Material Adverse Effect. 
 (c) In producing its Inventory, each Grantor will comply with all requirements of applicable law, including, without limitation, the Fair
Labor Standards Act and similar laws affecting such Grantor, except where failure to so comply would not be reasonably likely to have a Material Adverse Effect. 
 Section 11. Insurance. 
 (a) Each Grantor will, at its
own expense, maintain insurance with respect to its Equipment and Inventory in such amounts, against such risks, in such form and with such insurers, as deemed to be reasonably prudent in the good faith judgment of the Responsible Officers of such
Grantor and as is customarily carried by comparable companies engaged in similar businesses and owning similar properties in localities where such Grantor operates. Each policy of each Grantor for liability insurance shall provide for all losses to
be paid on behalf of the Collateral Agent and such Grantor as their interests may appear. Each such policy shall in addition (i) name such Grantor and the Collateral Agent as additional insured parties or loss payees thereunder, as the case may
be, (without any representation or warranty by or obligation upon the Collateral Agent) as their interests may appear, (ii) contain the agreement by the insurer that any loss thereunder shall be payable to the Collateral Agent notwithstanding
any action, inaction or breach of representation or warranty by such Grantor, (iii) provided that there shall be no recourse against the Collateral Agent for payment of premiums or other amounts with respect thereto and (iv) provide
that at least 10 days’ prior written notice of cancellation or of lapse shall be given to the Collateral Agent by the insurer. If an Event of Default has occurred and is continuing, each Grantor will, at the request of the Collateral Agent,
duly execute and deliver instruments of assignment of such insurance policies to comply with the requirements of Section 10 and cause the insurers to acknowledge notice of such assignment. 
 (b) Reimbursement under any liability insurance maintained by any Grantor pursuant to this Section 11 may be paid directly to the
Person who shall have incurred liability covered by such insurance. 
 (c) So long as no Event of Default shall have occurred
and be continuing, all insurance payments received by the Collateral Agent in connection with any loss, damage or destruction of any Inventory or Equipment will be released by the Collateral Agent to the applicable Grantor. Upon the occurrence and
during the continuance of any Event of Default, all insurance payments in respect of such Equipment or Inventory shall be paid to the Collateral Agent and shall, in the Collateral Agent’s sole discretion, (i) be released to the applicable
Grantor or (ii) be held as additional Collateral hereunder or applied as specified in Section 21(b). 
 Section 12. Post-Closing Changes; Collections on Receivables and Related Contracts. 
 (a)
No Grantor will change its name, type of organization, jurisdiction of organization, organizational identification number or chief executive office from those set forth in

  

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Section 8(a) of this Agreement without first giving at least 10 days’ prior written notice to the Collateral Agent and each Grantor will take all action reasonably required by the
Collateral Agent in connection therewith for the purpose of perfecting or protecting the security interest granted by this Agreement. 
 (b) Each Grantor, at the Collateral Agent’s direction upon the occurrence and during the continuance of an Event of Default, will take such action as such Grantor or the Collateral Agent may deem reasonably necessary or advisable to
enforce collection of the Receivables and Related Contracts of such Grantor; provided, however, that the Collateral Agent shall have the right at any time, upon the occurrence and during the continuance of an Event of Default and upon
written notice to such Grantor of its intention to do so, to notify each Obligor under any Receivables and Related Contracts of the assignment of such Receivables and Related Contracts to the Collateral Agent and to direct such Obligors to make
payment of all amounts due or to become due to such Grantor thereunder directly to the Collateral Agent and, upon such notification and at the expense of such Grantor, to enforce collection of any such Receivables and Related Contracts, to adjust,
settle or compromise the amount or payment thereof, in the same manner and to the same extent as such Grantor might have done, and to otherwise exercise all rights with respect to such Receivables and Related Contracts, including, without
limitation, those set forth set forth in Section 9-607 of the UCC. After receipt by any Grantor of the notice from the Collateral Agent referred to in the proviso to the preceding sentence upon the occurrence and during the continuance of an
Event of Default, subject to the Intercreditor Agreement (i) all amounts and proceeds (including, without limitation, instruments) received by such Grantor in respect of the Receivables and Related Contracts of such Grantor shall be deemed to
be received in trust for the benefit of the Collateral Agent hereunder, shall be segregated from other funds of such Grantor and shall be forthwith paid over to the Collateral Agent in the same form as so received (with any necessary indorsement) to
be deposited in a Pledged Deposit Account to be designated by Collateral Agent and either (A) released to such Grantor on the terms set forth in Section 7 if such Event of Default has been cured or waived or (B) if any Event of
Default shall have occurred and be continuing, applied as provided in Section 21(b) and (ii) such Grantor will not adjust, settle or compromise the amount or payment of any Receivable or amount due on any Related Contract, release wholly
or partly any Obligor thereof or allow any credit or discount thereon. No Grantor will permit or consent to the subordination of its right to payment under any of the Receivables and Related Contracts to any other indebtedness or obligations of the
Obligor thereof. 
 Section 13. As to Intellectual Property Collateral. 
 (a) With respect to each item of Intellectual Property Collateral and until termination or release of the security interest in the
Intellectual Property Collateral, each Grantor agrees to take, at its expense, all necessary steps in accordance with the exercise of such Grantor’s commercially reasonable business discretion in such Grantor’s ordinary course of business,
including, without limitation, in the U.S. Patent and Trademark Office, the U.S. Copyright Office and any other applicable governmental authority, to (i) maintain the validity and enforceability of such Intellectual Property Collateral and
maintain such Intellectual Property Collateral in full force and effect, and (ii) pursue the registration and maintenance of each patent, trademark, or copyright registration or application, now or hereafter included in such Intellectual
Property Collateral of such Grantor, including, without limitation, the payment of required fees and taxes, the filing of responses to office actions issued by the U.S. Patent and Trademark Office, the U.S. Copyright Office or other governmental
authorities, the filing of applications for renewal or extension, the filing of affidavits under Sections 8 and 15 of the U.S. Trademark Act, the filing of divisional, continuation, continuation-in-part, reissue and renewal applications or
extensions, the payment of maintenance fees and the participation in interference, reexamination, opposition, cancellation, infringement and misappropriation proceedings, as applicable. No Grantor shall, without the written

  

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consent of the Collateral Agent, abandon any Intellectual Property Collateral that is material to the use and operations of the Collateral or to the business, results of operations, or financial
condition of such Grantor (each such Intellectual Property Collateral a “Material Intellectual Property Collateral”), discontinue use of any Trademark included in the Intellectual Property Collateral or abandon any right to
file an application for patent, trademark, or copyright unless such Grantor shall have previously determined, in its reasonable business judgment, that such use or the pursuit or maintenance of such Material Intellectual Property Collateral is no
longer desirable in the conduct of such Grantor’s business and that the loss thereof, either individually or in the aggregate, would not be reasonably likely to have a Material Adverse Effect. 
 (b) Each Grantor agrees promptly to notify the Collateral Agent if such Grantor becomes aware (i) that any item of the Material
Intellectual Property Collateral has become abandoned, placed in the public domain, invalid or unenforceable (other than as a result of the expiration of the statutory term for such Material Intellectual Property Collateral, or of any adverse
determination or development regarding such Grantor’s ownership of any of the Material Intellectual Property Collateral or its right to register the same or to keep and maintain and enforce the same to the extent the happening of such an event
would reasonably be expected to materially and adversely affect the value or utility of the Intellectual Property Collateral, or (ii) of any adverse determination (including, without limitation, the institution of any proceeding in the U.S.
Patent and Trademark Office or any court) regarding any item of the Material Intellectual Property Collateral. 
 (c) In the
event that any Grantor becomes aware that any item of Intellectual Property Collateral is being infringed or misappropriated by a third party, such Grantor shall promptly notify the Collateral Agent and shall take commercially reasonable actions
(unless failure to take such actions would not reasonably be expected to have a Material Adverse Effect), at its expense, to protect or enforce such Intellectual Property Collateral, including, without limitation, as Grantor deems necessary or
desirable in its reasonable business discretion, suing for infringement or misappropriation and for an injunction against such infringement or misappropriation. 
 (d) Each Grantor shall take commercially reasonable actions to use proper statutory notice in connection with its use of each item of Material Intellectual Property Collateral owned by such Grantor as
reasonably necessary to maintain such Grantor’s rights therein. No Grantor shall do or permit any act or knowingly omit to do any act whereby any of its Material Intellectual Property Collateral may lapse or become invalid or unenforceable or
placed in the public domain. 
 (e) Each Grantor shall take commercially reasonable actions which it or the Collateral Agent
deems reasonable and appropriate under the circumstances to preserve and protect each item of its Material Intellectual Property Collateral, including, without limitation, maintaining the quality of any and all products or services used or provided
in connection with any of the Trademarks, consistent in all material respects with the quality of the products or services as of the date hereof, and taking all steps reasonably necessary to ensure that all licensed users of any of the Trademarks
use such consistent standards of quality. 
 (f) With respect to the Intellectual Property Collateral, each Grantor agrees to
execute or otherwise authenticate an agreement, in substantially the form set forth in Exhibit B hereto or otherwise in form and substance reasonably satisfactory to the Borrower and Collateral Agent (an “Intellectual Property ABL
Security Agreement”), for recording the security interest granted hereunder to the Collateral Agent in such Intellectual Property Collateral with the U.S. Patent and Trademark Office, the U.S. Copyright Office and any other governmental
authorities necessary to perfect the security interest hereunder in such Intellectual Property Collateral. 
  

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 (g) Each Grantor agrees that, before the Obligations (other than Unmatured Surviving
Obligations) have been paid in full, should it obtain an ownership interest in or license to any item of the type set forth in Section 1(f) that is not on the date hereof a part of the Intellectual Property Collateral, but otherwise would be
part of the Intellectual Property Collateral if such Grantor had an ownership interest in or license to such item on the date hereof (“After-Acquired Intellectual Property”) (i) the provisions of this Agreement shall
automatically apply thereto, and (ii) any such After-Acquired Intellectual Property and, in the case of Trademarks, the goodwill symbolized thereby, shall automatically become part of the Intellectual Property Collateral subject to the terms
and conditions of this Agreement with respect thereto (provided that no security interest shall be granted in United States intent-to-use trademark applications to the extent that, and solely during the period in which, the grant of a
security interest therein would impair the validity or enforceability, or result in the cancellation, of such intent-to-use trademark applications under applicable federal law). Each Grantor shall give written notice to the Collateral Agent
identifying any patents, patent applications, trademark registrations, trademark application, copyright registrations, and copyright applications that are part of the After-Acquired Intellectual Property, and, such Grantor shall execute and deliver
to the Collateral Agent with such written notice, or otherwise authenticate, an agreement substantially in the form of Exhibit C hereto or otherwise in form and substance reasonably satisfactory to and requested by the Collateral Agent (an
“IP ABL Security Agreement Supplement”) covering such After-Acquired Intellectual Property for recording the security interest granted hereunder to the Collateral Agent in such After-Acquired Intellectual Property, which IP
Security Agreement Supplement shall be recorded with the U.S. Patent and Trademark Office, the U.S. Copyright Office and any other governmental authorities necessary to perfect the security interest hereunder in such After-Acquired Intellectual
Property, to the extent perfection may be achieved by making such recordings. Notwithstanding any of the foregoing, each Grantor shall have no obligation to file any such instruments or statements for such After-Acquired Intellectual Property
outside of the United States under this Section 13(g). 
 Section 14. Voting Rights; Dividends; Etc.

 (a) So long as no Event of Default shall have occurred and be continuing: 
 (i) Each Grantor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Security
Collateral of such Grantor or any part thereof for any purpose. 
 (ii) Each Grantor shall be entitled to receive
and retain any and all dividends, cash, options, warrants, rights, instruments, distributions, returns of capital or principal, income, interest, profits and other property, interests (debt or equity) or proceeds, including as a result of a split,
revision, reclassification or other like change of the Security Collateral, from time to time received, receivable or otherwise distributed to such Grantor in respect of or in exchange for any or all of the Security Collateral (any of the foregoing,
a “Distribution” and collectively the “Distributions”) paid in respect of the Security Collateral of such Grantor to the extent that the payment thereof is not otherwise prohibited by the terms of the
Loan Documents; provided, however, that any and all Distributions paid or payable other than in cash (other than in connection with a partial or total liquidation or dissolution or in connection with a reduction of capital, capital
surplus or paid-in-surplus) in respect of, and instruments and other property received, receivable or otherwise distributed in respect of, or in exchange for, any Security Collateral, shall be, and, subject to the limitations in the definition of
“Collateral” shall be promptly delivered to the Collateral Agent to hold as, Security

  

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Collateral and shall, if received by such Grantor, be received in trust for the benefit of the Collateral Agent, be segregated from the other property or funds of such Grantor and be promptly
delivered to the Collateral Agent as Security Collateral in the same form as so received (with any necessary indorsement). 
 (iii) The Collateral Agent shall be deemed without further action or formality to have granted to each Grantor all necessary consents relating to voting rights and shall, if necessary, upon written
request of any Grantor, from time to time execute and deliver (or cause to be executed and delivered) to such Grantor all such instruments as such Grantor may reasonably request for the purpose of enabling such Grantor to exercise the voting and
other rights that it is entitled to exercise pursuant to paragraph (i) above and to receive the Distributions that it is authorized to receive and retain pursuant to paragraph (ii) above. 
 (b) Upon the occurrence and during the continuance of an Event of Default: 
 (i) All rights of each Grantor (x) to exercise or refrain from exercising the voting and other consensual rights that it
would otherwise be entitled to exercise pursuant to Section 14(a)(i) shall, upon written notice to such Grantor by the Collateral Agent, cease and (y) to receive Distributions that it would otherwise be authorized to receive and retain
pursuant to Section 14(a)(ii) shall automatically cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall thereupon have the sole right to exercise or refrain from exercising such voting and other
consensual rights and to receive and hold as Security Collateral such dividends, interest and other distributions. 
 (ii) All Distributions that are received by any Grantor contrary to the provisions of paragraph (i) of this Section 14(b) shall be received in trust for the benefit of the Collateral Agent, shall be segregated from other funds of
such Grantor and shall be promptly paid over to the Collateral Agent as Security Collateral in the same form as so received (with any necessary indorsement). 
 (iii) Promptly following the cure (but not a partial cure) or waiver of such Event of Default, the Collateral Agent shall
return to each Grantor all cash and funds that Collateral Agent has received pursuant to subsection (ii) of this clause (b) and that such Grantor is entitled to retain pursuant to Section 13(a)(ii) if such cash or funds have not been
applied to repayment of the Secured Obligations. 
 Section 15. As to Letter-of-Credit Rights. 
 (a) Each Grantor, by granting a security interest in its Receivables consisting of letter-of-credit rights to the Collateral
Agent, intends to (and hereby does) assign to the Collateral Agent its rights (including its contingent rights) to the proceeds of all Related Contracts consisting of letters of credit of which it is or hereafter becomes a beneficiary or assignee.
Upon the occurrence and during the continuance of an Event of Default, each Grantor will promptly use commercially reasonable efforts to cause the issuer of each letter of credit having a face amount in excess of $250,000 and each nominated person
(if any) with respect thereto to consent to such Grantor’s assignment of the proceeds thereof pursuant to a consent in form and substance reasonably satisfactory to the Collateral Agent and deliver written evidence of such consent to the
Collateral Agent. 
  

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 (b) Upon the occurrence and during the continuance of an Event of Default, each Grantor
will, promptly upon written request by the Collateral Agent, (i) notify (and such Grantor hereby authorizes the Collateral Agent to notify) the issuer and each nominated person with respect to each of the Related Contracts consisting of letters
of credit having a face amount in excess of $250,000 that the proceeds thereof have been assigned to the Collateral Agent hereunder and any payments due or to become due in respect thereof are to be made directly to the Collateral Agent or its
designee and (ii) arrange for the Collateral Agent to become the transferee beneficiary of such letters of credit. 
 Section 16. Commercial Tort Claims. Each Grantor will promptly give notice to the Collateral Agent of any commercial tort claim that may arise after the date hereof with an anticipated recovery of at least $250,000 and will
immediately execute or otherwise authenticate a supplement to this Agreement, and otherwise take all action reasonably necessary to subject such commercial tort claim to the security interest created under this Agreement. 
 Section 17. Transfer and Other Liens; Additional Shares. Each Grantor agrees that it will (a) cause each issuer which is a
Loan Party of the Pledged Equity pledged by such Grantor not to issue any Equity Interests or other securities in addition to or in substitution for the Pledged Equity issued by such issuer, except to such Grantor or except as permitted by the
Credit Agreement, and (b) pledge hereunder, immediately upon its acquisition (directly or indirectly) thereof, any and all additional Equity Interests or other securities. 
 Section 18. Collateral Agent Appointed Attorney-in-Fact. Each Grantor hereby irrevocably appoints the Collateral Agent such
Grantor’s attorney-in-fact (such appointment to cease upon the payment in full in cash of all the Secured Obligations (other than Unmatured Surviving Obligations), with full authority in the place and stead of such Grantor and in the name of
such Grantor or otherwise, from time to time, upon the occurrence and during the continuance of an Event of Default, in the Collateral Agent’s reasonable discretion, to take any action and to execute any instrument that the Collateral Agent may
deem necessary to accomplish the purposes of this Agreement, including, without limitation: 
 (a) to obtain and adjust
insurance required to be paid to the Collateral Agent pursuant to Section 11, 
 (b) to ask for, demand, collect, sue for,
recover, compromise, receive and give acquittance and receipts for moneys due and to become due under or in respect of any of the Collateral, 
 (c) to receive, indorse and collect any drafts or other instruments, documents and chattel paper, in connection with clause (a) or (b) above, and 
 (d) to file any claims or take any action or institute any proceedings that the Collateral Agent may deem necessary for the collection of
any of the Collateral or otherwise to enforce compliance with the terms and conditions of the rights of the Collateral Agent with respect to any of the Collateral. 
 Section 19. Collateral Agent May Perform. Upon the occurrence and during the continuance of an Event of Default, if any Grantor fails to perform any agreement contained herein, the Collateral
Agent may, but without any obligation to do so and without notice, itself perform, or cause performance of, such agreement, and the expenses of the Collateral Agent incurred in connection therewith shall be payable by such Grantor under
Section 21. 
  

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 Section 20. The Collateral Agent’s Duties. 
 (a) The powers conferred on the Collateral Agent hereunder are solely to protect the Secured Parties’ interest in the
Collateral and shall not impose any duty upon it to exercise any such powers. Except for the exercise of reasonable care in the safe custody of any Collateral in its possession or in the possession of an Affiliate of the Collateral Agent or any
designee (including without limitation, a Subagent) of the Collateral Agent acting on its behalf and the accounting for moneys actually received by it or its Affiliates hereunder, the Collateral Agent shall have no duty as to any Collateral, as to
ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Collateral, whether or not any Secured Party has or is deemed to have knowledge of such matters, or as to the taking of
any necessary steps to preserve rights against any parties or any other rights pertaining to any Collateral. The Collateral Agent and any of its Affiliates or any designee (including without limitation, a Subagent) on its behalf shall be deemed to
have exercised reasonable care in the custody and preservation of any Collateral in its possession or in the possession of an Affiliate or any designee (including without limitation, a Subagent) on its behalf if such Collateral is accorded treatment
substantially equal to that which it accords its own property. 
 (b) Anything contained herein to the contrary notwithstanding,
the Collateral Agent may from time to time, when the Collateral Agent deems it to be necessary, appoint one or more subagents (each, a “Subagent”) for the Collateral Agent hereunder with respect to all or any part of the
Collateral. In the event that the Collateral Agent so appoints any Subagent with respect to any Collateral, (i) the assignment and pledge of such Collateral and the security interest granted in such Collateral by each Grantor hereunder shall be
deemed for purposes of this Security Agreement to have been made to such Subagent, in addition to the Collateral Agent, for the ratable benefit of the Secured Parties, as security for the Secured Obligations of such Grantor, (ii) such Subagent
shall automatically be vested, in addition to the Collateral Agent, with all rights, powers, privileges, interests and remedies of the Collateral Agent hereunder and pursuant to the terms hereof, with respect to such Collateral, and (iii) the
term “Collateral Agent,” when used herein in relation to any rights, powers, privileges, interests and remedies of the Collateral Agent with respect to such Collateral, shall include such Subagent; provided, however, that no
such Subagent shall be authorized to take any action with respect to any such Collateral unless and except to the extent expressly authorized in writing by the Collateral Agent. 
 Section 21. Remedies. If any Event of Default shall have occurred and be continuing: 
 (a) The Collateral Agent may exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or
otherwise available to it, all the rights and remedies of a secured party upon default under the UCC (whether or not the UCC applies to the affected Collateral) and also may: (i) require each Grantor to, and each Grantor hereby agrees that it
will at its expense and upon request of the Collateral Agent forthwith, assemble all or part of the Collateral as directed by the Collateral Agent and make it available to the Collateral Agent at a place and time to be designated by the Collateral
Agent that is reasonably convenient to both parties; (ii) without notice except as specified

  

 Express, LLC – ABL Security Agreement 
 21 

 
below, sell the Collateral or any part thereof in one or more parcels at public or private sale, at any of the Collateral Agent’s offices or elsewhere, for cash, on credit or for future
delivery, and upon such other terms as the Collateral Agent may deem commercially reasonable; (iii) to the extent permitted under such Grantor’s lease, occupy any premises where the Collateral or any part thereof is assembled or located
for a reasonable period in order to effectuate its rights and remedies hereunder or under law, without obligation to such Grantor in respect of such occupation; and (iv) exercise any and all rights and remedies of any of the Grantors under or
in connection with the Collateral, or otherwise in respect of the Collateral, including, without limitation, (A) any and all rights of such Grantor to demand or otherwise require payment of any amount under, or performance of any provision of,
the Receivables, the Related Contracts and the other Collateral, (B) withdraw, or cause or direct the withdrawal, of all funds with respect to the Account Collateral and (C) exercise all other rights and remedies with respect to the
Receivables, the Related Contracts and the other Collateral, including, without limitation, those set forth in Section 9-607 of the UCC. Each Grantor agrees that, to the extent notice of sale shall be required by law, at least ten days’
notice to such Grantor of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The Collateral Agent shall not be obligated to make any sale of Collateral regardless of
notice of sale having been given. The Collateral Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which
it was so adjourned. 
 (b) Any cash held by or on behalf of the Collateral Agent and all cash proceeds received by or on behalf
of the Collateral Agent in respect of any sale of, collection from, or other realization upon all or any part of the Collateral may, in the discretion of the Collateral Agent, be held by the Collateral Agent as collateral for, and/or then or at any
time thereafter applied (after payment of any amounts payable to the Collateral Agent pursuant to Section 21) in whole or in part by the Collateral Agent for the ratable benefit of the Secured Parties against, all or any part of the Secured
Obligations, in the order of priority specified in Section 2.11 of the Credit Agreement, subject to the Intercreditor Agreement. Any surplus of such cash or cash proceeds held by or on the behalf of the Collateral Agent and remaining after
payment in full of all the Secured Obligations (other than Unmatured Surviving Obligations) shall be paid over to the applicable Grantor or to whomsoever may be lawfully entitled to receive such surplus. 
 (c) All payments received by any Grantor under or in connection with the Collateral shall be received in trust for the benefit of the
Collateral Agent, shall be segregated from other funds of such Grantor and shall be forthwith paid over to the Collateral Agent in the same form as so received (with any necessary indorsement). 
 (d) The Collateral Agent may, without notice to any Grantor except as required by law and at any time or from time to time, charge, set-off
and otherwise apply all or any part of the Secured Obligations against any funds held with respect to the Account Collateral or in any other deposit account. 
 (e) The Collateral Agent may send to each bank, securities intermediary or issuer party to any Deposit Account Control Agreement, Securities Account Control Agreement or Uncertificated Security Control
Agreement a “Notice of Exclusive Control” as may be defined in and under such Agreement. 
 (f) In the event of any
sale or other disposition of any of the Intellectual Property Collateral of any Grantor, the goodwill symbolized by any Trademarks subject to such sale or other disposition shall be included therein, and such Grantor shall supply to the Collateral
Agent or its designee such Grantor’s know-how and expertise, and documents and things relating to any Intellectual Property Collateral subject to such sale or other disposition, and such Grantor’s customer lists and other records and
documents relating to such Intellectual Property Collateral and to the manufacture, distribution, advertising and sale of products and services of such Grantor. 
  

 Express, LLC – ABL Security Agreement 
 22 

 (g) The Collateral Agent is authorized, in connection with any sale of the Security
Collateral pursuant to this Section 21, to deliver or otherwise disclose to any prospective purchaser of the Security Collateral any information in its possession relating to such Security Collateral. 
 Section 22. Indemnity and Expenses. 
 (a) Each Grantor severally agrees (to the extent not promptly reimbursed by the Borrower) to indemnify, defend and save and hold harmless each Secured Party and each of their Affiliates and their
respective officers, directors, employees, agents and advisors (each, an “Indemnified Party”) from and against, and shall pay on demand, any and all claims, damages, losses, liabilities and expenses (including, without
limitation, reasonable fees and expenses of counsel) that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or by reason of (including, without limitation, in connection with
any investigation, litigation or proceedings or preparation of a defense in connection therewith) this Agreement, except to the extent such claim, damage, loss, liability or expense is found in a final, non-appealable judgment by a court of
competent jurisdiction to have resulted from such Indemnified Party’s gross negligence or willful misconduct of its affiliates, directors, officers, employees, advisors or agents; provided that each Grantor shall not be required to
reimburse legal fees and expenses of more than one outside counsel (in addition to a single special counsel and up to one local counsel in each applicable local jurisdiction for all Indemnified Parties (which shall be selected by the Collateral
Agent), unless, in the reasonable opinion of the Collateral Agent, representation of all Indemnified Parties would be inappropriate due to the existence of actual or potential conflict of interest. In the case of an investigation, litigation or
other proceeding to which the indemnity in this Section 22(a) applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by any Grantor, its directors, shareholders or creditors or any
Indemnified Party or any other Person, whether or not any Indemnified Party is otherwise a party thereto and whether or not the Transaction is consummated. The Grantors also agree not to assert any claim against the Collateral Agent, any Secured
Party or any of their Affiliates, or any of their respective officers, directors, employees, agents and advisors, on any theory of liability, for special, indirect, consequential or punitive damages arising out of or otherwise relating to the this
Agreement. 
 (b) Each Grantor agrees to pay (to the extent not promptly reimbursed by the Borrower) within 30 days of demand
(i) all reasonable, documented out-of-pocket costs and expenses of the Collateral Agent in connection with the preparation, execution, delivery, administration, modification and amendment of, or any consent or waiver under, this Agreement
(including, without limitation, (A) all due diligence, collateral review, syndication (including printing, distribution and bank meetings), transportation, duplication, appraisal, audit, insurance, consultant, search, filing and recording fees
and expenses, (B) the “work-out” or restructuring of the obligations and (C) the reasonable fees and expenses of one counsel (together with one local or foreign counsel in each relevant jurisdiction) representing the Collateral
Agent with respect thereto, with respect to advising the Collateral Agent as to its rights and responsibilities, or the perfection, protection or preservation of rights or interests, under this Agreement, with respect to negotiations with any
Grantor or any of its Subsidiaries with other creditors of any Grantor or any of its Subsidiaries arising out of any Event of Default or any events or circumstances that may give rise to an Event of Default and with respect to presenting claims in
or otherwise participating in or monitoring any bankruptcy, insolvency or other similar proceeding involving creditors’ rights generally and any proceeding ancillary thereto) and (ii) all reasonable, documented and out-of-pocket costs and
expenses of the Collateral Agent in connection with the enforcement of the Agreement, whether in any

  

 Express, LLC – ABL Security Agreement 
 23 

 
action, suit or litigation, or any bankruptcy, insolvency or other similar proceeding affecting creditors’ rights generally (including, without limitation, the reasonable fees and expenses
of one counsel for the Collateral Agent with respect thereto). 
 Section 23. Amendments; Waivers; Additional Grantors;
Etc. 
 (a) No amendment or waiver of any provision of this Agreement, and no consent to any departure by any
Grantor herefrom, shall in any event be effective unless the same shall be in writing and signed by the Collateral Agent, and then such waiver or consent (which consent shall not be unreasonably withheld, delayed or conditioned) shall be effective
only in the specific instance and for the specific purpose for which given. No failure on the part of the Collateral Agent or any other Secured 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 such right preclude any other or further exercise thereof or the exercise of any other right. 
 (b) Upon the execution and delivery by any Person of a security agreement supplement in substantially the form of Exhibit A hereto (each a “ABL Security Agreement
Supplement”), such Person shall be referred to as an “Additional Grantor” and shall be and become a Grantor hereunder, and each reference in this Agreement and the other Loan Documents to “Grantor” shall also mean
and be a reference to such Additional Grantor, each reference in this Agreement and the other Loan Documents to the “Collateral” shall also mean and be a reference to the Collateral granted by such Additional Grantor and each reference in
this Agreement to a Schedule shall also mean and be a reference to the schedules attached to such Security Agreement Supplement. 
 Section 24. Notices, Etc. All notices and other communications provided for hereunder shall be in writing (including telecopier) and mailed, telecopied or otherwise delivered, in accordance with the Credit Agreement, or, as to
any party, at such other address as shall be designated by such party in a written notice to the other parties. 
 Section 25. Continuing Security Interest; Assignments Under the Credit Agreement. This Agreement shall create a continuing security interest in the Collateral and shall (a) remain in full force and effect until the latest
of (i) the payment in full in cash of the Secured Obligations (other than Unmatured Surviving Obligations) and (ii) the Termination Date, (b) be binding upon each Grantor, its successors and assigns and (c) inure, together with
the rights and remedies of the Collateral Agent hereunder, to the benefit of the Secured Parties and their respective successors, transferees and permitted assigns. Without limiting the generality of the foregoing clause (c), any Lender Party
may assign or otherwise transfer all or any portion of its rights and obligations under the Credit Agreement (including, without limitation, all or any portion of its Commitments, the Advances owing to it and the Note or Notes, if any, held by it)
to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to such Lender Party herein or otherwise, in each case as provided in Section 9.07 of the Credit Agreement. 
  

 Express, LLC – ABL Security Agreement 
 24 

 Section 26. Release; Termination. 
 (a) Upon any sale, lease, transfer or other disposition of any item of Collateral of any Grantor in accordance with the terms of the Loan
Documents, the Collateral Agent will, at such Grantor’s expense, execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence the release of such item of Collateral from the assignment and security
interest granted hereby; provided, however, that, except as permitted under Section 5.02(e) of the Credit Agreement, (i) at the time of such request and such release no Event of Default shall have occurred and be continuing,
(ii) such Grantor shall have delivered to the Collateral Agent, at least three (3) Business Days prior to the date of the proposed release, a written request for release in reasonable detail describing the item of Collateral, together with
a form of release for execution by the Collateral Agent and a certificate of such Grantor to the effect that the transaction is in compliance with the Loan Documents, and (iii) with respect to sales of Equipment and Inventory in the ordinary
course of business and other sales and dispositions that are permitted by the Credit Agreement, the Liens granted herein shall be deemed to be released with no further action on the part of any Person. 
 (b) Upon the latest of (i) the payment in full in cash of the Secured Obligations (other than Unmatured Surviving Obligations) and
(ii) the Termination Date, the pledge and security interest granted hereby shall terminate and all rights to the Collateral shall revert to the applicable Grantor. Upon any such termination, the Collateral Agent will, at the applicable
Grantor’s expense, execute, assign, transfer and deliver to such Grantor such documents and instruments (including, but not limited to UCC-3 termination financing statements or releases) as such Grantor shall reasonably request to evidence such
termination. 
 Section 27. Execution in Counterparts. This Agreement may be executed in any number of counterparts,
each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by telecopier shall be effective
as delivery of an original executed counterpart of this Agreement. 
 Section 28. Governing Law. This Agreement
shall be governed by, and construed in accordance with, the laws of the State of New York. 
 [Remainder of page intentionally
left blank] 
  

 Express, LLC – ABL Security Agreement 
 25 

 IN WITNESS WHEREOF, each Grantor has caused this Agreement to be duly executed and delivered
by its officer thereunto duly authorized as of the date first above written. 
  

			
	EXPRESS, LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	EXPRESS HOLDING, LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	EXPRESS GC, LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	RETAIL FACTORING, LLC
		
	By:	 	  

		 	Name:
		 	Title:

  

 Express, LLC – ABL Security Agreement 

 Schedule I to the 
 ABL Security Agreement 
 INVESTMENT PROPERTY 

 Part I 
 Initial Pledged Shares 
  

													
	 Grantor
	  	 Issuer
	  	 Class of
 Equity
 Interest
	  	 Par Value
	  	 Certificate
 No(s)
	  	 Number of
 Shares
	  	 Percentage
 of
 Outstanding
Shares

		  		  		  		  		  		  	
		  		  		  		  		  		  	

 Part II 
 Initial Pledged Debt 
  

											
	 Grantor
	  	 Debt
 Issuer
	  	 Description of
 Debt
	  	 Debt
 Certificate
 No(s)
	  	 Final
 Maturity
	  	 Outstanding
 Principal
 Amount

		  		  		  		  		  	
		  		  		  		  		  	

 Part III 
 Other Investment Property 
  

											
	 Grantor
	  	 Issuer
	  	 Name of
 Investment
	  	 Certificate
 No(s)
	  	 Amount
	  	 Other
 Identification

		  		  		  		  		  	
		  		  		  		  		  	

  

 Express, LLC – ABL Security Agreement 

 Schedule II to the 
 ABL Security Agreement 
 PLEDGED DEPOSIT ACCOUNTS

  

							
	 Grantor
	  	 Type of Account
	  	 Name and
 Address
 of Bank
	  	 Account Number

		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	

 SECURITIES ACCOUNTS 
  

							
	 Grantor
	  	 Type of Account
	  	 Name and
 Address
 of Bank
	  	 Account Number

		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	

  

 Express, LLC – ABL Security Agreement 

 Schedule III to the 
 ABL Security Agreement 
 INTELLECTUAL PROPERTY 

 I. Patents 
  

													
	 Grantor
	  	 Patent
 Titles
	  	 Country
	  	 Patent No.
	  	 Application
 No.
	  	 Filing Date
	  	 Issue Date

 II. Domain Names and Trademarks 
  

															
	 Grantor
	  	 Domain
 Name/Mark
	  	 Country
	  	 Mark
	  	 Reg.
 No.
	  	 Application
 No.
	  	 Filing
 Date
	  	 Issue
 Date

 III. Trade Names 
  

			
	 Grantor
	  	 Names

 IV. Copyrights 
  

															
	 Grantor
	  	 Title of
 Work
	  	 Country
	  	 Title
	  	 Reg.
 No.
	  	 Application
 No.
	  	 Filing
 Date
	  	 Issue
 Date

 V.
IP Agreements 
  

			
	 Grantor
	  	 IP
 Agreements

  

 Express, LLC – ABL Security Agreement 

 Schedule IV to the 
 ABL Security Agreement 
 COMMERCIAL TORT CLAIMS 

 [Describe nature of claim(s)-see Comment 5 to UCC Section 9-108] 
  

 Express, LLC – ABL Security Agreement 

 Schedule V to the 
 ABL Security Agreement 
 CHIEF EXECUTIVE OFFICE, TYPE
OF ORGANIZATION, JURISDICTION OF 
 ORGANIZATION AND ORGANIZATIONAL IDENTIFICATION NUMBER 
  

									
	 Grantor
	  	Chief
Executive
Office	  	Type of
Organization	  	Jurisdiction of
Organization	  	Organizational
I.D. No.

  

 Express, LLC – ABL Security Agreement 

 Schedule VI to the 
 ABL Security Agreement 
 CHANGES IN NAME, LOCATION,
ETC. 
  

 Express, LLC – ABL Security Agreement 

 Schedule VII to the 
 ABL Security Agreement 
 LOCATION OF EQUIPMENT AND
INVENTORY 
 [Name of Grantor] 
 Locations of Equipment: 
 Locations of Inventory: 
 [Name of Grantor] 
 Locations of Equipment: 
 Locations of Inventory: 
  

 Express, LLC – ABL Security Agreement 

 Schedule VIII to the 
 ABL Security Agreement 
 LETTERS OF CREDIT

  

													
	 Beneficiary
 (Grantor)
	  	Issuer	  	Nominated
Person
(if any)	  	Account
Party	  	Number	  	Maximum
Available
Amount	  	Date
		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	

  

 Express, LLC – ABL Security Agreement 

 Exhibit A to the 
 ABL Security Agreement 
 FORM OF ABL SECURITY
AGREEMENT SUPPLEMENT 
 [Date of ABL Security Agreement Supplement] 
  

	
	 Wells Fargo Retail Finance, LLC,
 as the Collateral Agent for the
 Secured Parties referred to in the
 Credit Agreement referred to below
 _____

 Attn: 
 Phone: 
 Telecopy: 
 Email: 
 EXPRESS HOLDING, LLC 
 EXPRESS, LLC 
 Ladies and Gentlemen: 
 Reference is made to (i) the ABL Credit Agreement dated as of July 6, 2007 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among Express Holding, LLC, a Delaware limited liability company, Express, LLC, a Delaware limited liability company, the Subsidiary Guarantors party thereto, the Lenders party thereto, Wells Fargo Retail Finance, LLC
(“Wells Fargo”), as collateral agent (together with any successor collateral agent appointed pursuant to Article VII of the Credit Agreement, the “Collateral Agent”), and Wells Fargo, as administrative
agent for the Lender Parties, and (ii) the ABL Security Agreement dated July 6, 2007 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “ABL Security Agreement”) made by the
Grantors from time to time party thereto in favor of the Collateral Agent for the Secured Parties. Terms defined in the Credit Agreement or the Security Agreement and not otherwise defined herein are used herein as defined in the Credit Agreement or
the Security Agreement. 
 SECTION 1. Grant of Security. Subject to the Intercreditor Agreement, the undersigned hereby
grants to the Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in, all of its right, title and interest in and to all of the Collateral of the undersigned, whether now owned or hereafter acquired by the
undersigned, wherever located and whether now or hereafter existing or arising, including, without limitation, the property and assets of the undersigned set forth on the attached supplemental schedules to the Schedules to the Security Agreement.

  

 Express, LLC – ABL Security Agreement 
 2 

 SECTION 2. Security for Obligations. 
 (a) The grant of a security interest in the Collateral by the undersigned under this ABL Security Agreement Supplement and
the ABL Security Agreement secures the payment of all Obligations of the undersigned now or hereafter existing under or in respect of the Loan Documents, whether direct or indirect, absolute or contingent, and whether for principal, reimbursement
obligations, interest, premiums, penalties, fees, indemnifications, contract causes of action, costs, expenses or otherwise. Without limiting the generality of the foregoing, this ABL Security Agreement Supplement and the ABL Security Agreement
secure the payment of all amounts that constitute part of the Secured Obligations and that would be owed by the undersigned to any Secured Party under the Loan Documents but for the fact that such Secured Obligations are unenforceable or not
allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving a Loan Party. 
 (b) Notwithstanding anything herein to the contrary, the Liens and security interest granted to the Collateral Agent hereunder for the benefit of the Secured Parties pursuant to this ABL Security Agreement Supplement, and the exercise of
any right or remedy by the Collateral Agent for the benefit of the Secured Parties hereunder are subject to the provisions of that certain Intercreditor Agreement dated as of July 6, 2007 (the “Intercreditor Agreement”)
among Morgan Stanley & Co. Incorporated, as Term Loan Collateral Agent (as defined in the Intercreditor Agreement), Morgan Stanley Senior Funding, Inc. (“MSSF”), as Term Loan Administrative Agent (as defined in the
Intercreditor Agreement), Wells Fargo Retail, LLC, as ABL Collateral Agent and as ABL Administrative Agent (as defined in the Intercreditor Agreement), the Borrower and such other parties as may be added thereto from time to time in accordance with
the terms thereof and as the Intercreditor Agreement may be amended or otherwise modified from time to time in accordance with the terms thereof. As between (i) the lender parties under that certain Term Loan Credit Agreement, dated as of July
    , 2007, among the Borrower, the Parent, the Subsidiary Guarantors party thereto, the lenders party thereto, and MSSF, as administrative agent, and (ii) the Lender Parties under the Credit Agreement, in the event of any
conflict between the terms of the Intercreditor Agreement and this ABL Security Agreement Supplement, the terms of the Intercreditor Agreement shall govern and control. 
 SECTION 3. Supplements to ABL Security Agreement Schedules. The undersigned has attached hereto supplemental Schedules I through VIII to Schedules I through VIII, respectively, to the ABL
Security Agreement, and the undersigned hereby certifies, as of the date first above written, that such supplemental schedules have been prepared by the undersigned in substantially the form of the equivalent Schedules to the ABL Security Agreement
and are complete and correct in all material respects. 
 SECTION 4. Representations and Warranties. The undersigned
hereby makes each representation and warranty set forth in Section 8 of the ABL Security Agreement (as supplemented by the attached supplemental schedules) to the same extent as each other Grantor (except to the extent such representations and
warranties expressly relate to an earlier date). 
 SECTION 5. Obligations Under the Security Agreement. The undersigned
hereby agrees, as of the date first above written, to be bound as a Grantor by all of the terms and provisions of the ABL Security Agreement to the same extent as each of the other Grantors. The undersigned further agrees, as of the date first above
written, that each reference in the ABL Security Agreement to an “Additional Grantor” or a “Grantor” shall also mean and be a reference to the undersigned. 
 SECTION 6. Termination. This ABL Security Agreement Supplement shall terminate concurrently with the termination of the ABL Security
Agreement in accordance with the terms thereof. 
  

 Express, LLC – ABL Security Agreement 

 SECTION 7. Governing Law. This ABL Security Agreement Supplement shall be governed
by, and construed in accordance with, the laws of the State of New York. 
  

							
	Very truly yours,
	
	[NAME OF ADDITIONAL GRANTOR]
		
	By	 	  

		 	Name:	 	
		 	Title:	 	

  

					
			
		 	Address for notices:	 	
		 	  
	 	
		 	  
	 	
		 	  
	 	

  

 Express, LLC – ABL Security Agreement 

 Exhibit B to the 
 ABL Security Agreement 
 FORM OF INTELLECTUAL
PROPERTY 
 ABL SECURITY AGREEMENT 
 This INTELLECTUAL PROPERTY ABL SECURITY AGREEMENT (as amended, amended and restated, supplemented or otherwise modified from time to time, the “ABL IP Security Agreement”) dated
July 6, 2007, is made by the Persons listed on the signature pages hereof (collectively, the “Grantors”) in favor of WELLS FARGO RETAIL FINANCE, LLC, as collateral agent (the “Collateral Agent”)
for the Secured Parties (as defined in the Credit Agreement referred to below). 
 WHEREAS, Express Holding, LLC, a Delaware
limited liability company, Express, LLC, a Delaware limited liability company, and the Subsidiary Guarantors (as defined in the Credit Agreement referred to below) have entered into a ABL Credit Agreement, dated as of July 6, 2007 (as amended,
amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), with Wells Fargo Retail Finance, LLC as Administrative Agent and as Collateral Agent, and the Lenders party thereto. Terms
defined in the Credit Agreement and not otherwise defined herein are used herein as defined in the Credit Agreement. 
 WHEREAS,
as a condition precedent to the making of Advances by the Lender Parties under the Credit Agreement and the entry into Secured Hedge Agreements by the Hedge Banks from time to time, each Grantor has executed and delivered that certain ABL Security
Agreement, dated July 6, 2007, made by the Grantors to the Collateral Agent (as amended, amended and restated, supplemented or otherwise modified from time to time, the “ABL Security Agreement”). 
 WHEREAS, under the terms of the ABL Security Agreement, the Grantors have granted to the Collateral Agent, for the ratable benefit of the
Secured Parties, a security interest in, among other property, certain intellectual property of the Grantors, and have agreed as a condition thereof to execute this ABL IP Security Agreement for recording with the U.S. Patent and Trademark Office,
the United States Copyright Office and other governmental authorities. 
 NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, each Grantor agrees as follows: 
 SECTION 1. Grant of
Security. Each Grantor hereby grants to the Collateral Agent for the ratable benefit of the Secured Parties a security interest in all of such Grantor’s right, title and interest in and to the following (the
“Collateral”): 
 (a) the patents and patent applications set forth in Schedule A hereto
(the “Patents”); 
 (b) the trademark and service mark registrations and applications set
forth in Schedule B hereto (provided that no security interest shall be granted in United States intent-to-use trademark applications until the earlier of (x) the filing of a statement of use therefore or (y) the issuance of a
registration thereon, the goodwill symbolized thereby (the “Trademarks”); 
  

 Express, LLC – ABL Security Agreement 

 (c) all copyrights, whether registered or unregistered, now owned or
hereafter acquired by such Grantor, including, without limitation, the copyright registrations and applications and exclusive copyright licenses set forth in Schedule C hereto (the “Copyrights”); 
 (d) all reissues, divisions, continuations, continuations-in-part, extensions, renewals and reexaminations of any of the
foregoing, all rights in the foregoing provided by international treaties or conventions, all rights corresponding thereto throughout the world and all other rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto;

 (e) any and all claims for damages and injunctive relief for past, present and future infringement, dilution,
misappropriation, violation, misuse or breach with respect to any of the foregoing, with the right, but not the obligation, to sue for and collect, or otherwise recover proceeds arising from such damages; and 
 (f) any and all proceeds of, collateral for, income, royalties and other payments now or hereafter due and payable with
respect to, and supporting obligations relating to, any and all of the Collateral or arising from any of the foregoing. 
 SECTION 2. Security for Obligations. 
 (a) The grant of a security interest in, the Collateral
by each Grantor under this ABL IP Security Agreement secures the payment of all Obligations of such Grantor now or hereafter existing under or in respect of the Loan Documents, whether direct or indirect, absolute or contingent, and whether for
principal, reimbursement obligations, interest, premiums, penalties, fees, indemnifications, contract causes of action, costs, expenses or otherwise. Without limiting the generality of the foregoing, this ABL IP Security Agreement secures, as to
each Grantor, the payment of all amounts that constitute part of the Secured Obligations and that would be owed by such Grantor to any Secured Party under the Loan Documents but for the fact that such Secured Obligations are unenforceable or not
allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving a Loan Party. 
 (b) Notwithstanding anything herein to the contrary, the Liens and security interest granted to the Collateral Agent hereunder for the benefit of the Secured Parties pursuant to this ABL IP Security Agreement, and the exercise of any right
or remedy by the Collateral Agent for the benefit of the Secured Parties hereunder are subject to the provisions of that certain Intercreditor Agreement dated as of July 6, 2007 (the “Intercreditor Agreement”) among
Morgan Stanley & Co. Incorporated, as Term Loan Collateral Agent (as defined in the Intercreditor Agreement), Morgan Stanley Senior Funding, Inc. (“MSSF”), as Term Loan Administrative Agent (as defined in the
Intercreditor Agreement), Wells Fargo Retail, LLC, as ABL Collateral Agent and as ABL Administrative Agent (as defined in the Intercreditor Agreement), the Borrower and such other parties as may be added thereto from time to time in accordance with
the terms thereof and as the Intercreditor Agreement may be amended or otherwise modified from time to time in accordance with the terms thereof. As between (i) the lender parties under that certain Term Loan Credit Agreement, dated as of July
    , 2007, among the Borrower, the Parent, the Subsidiary Guarantors party thereto, the lender parties party thereto, and MSSF, as administrative agent, and (ii) the Lender Parties under the Credit Agreement, in the event
of any conflict between the terms of the Intercreditor Agreement and this ABL IP Security Agreement, the terms of the Intercreditor Agreement shall govern and control. 
  

 Express, LLC – ABL Security Agreement 
 2 

 SECTION 2. Recordation. Each Grantor authorizes and requests that the Register of
Copyrights, the Commissioner for Patents and the Commissioner for Trademarks and any other applicable government officer record this ABL IP Security Agreement. 
 SECTION 3. Execution in Counterparts. This ABL IP Security Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same agreement. 
 SECTION 4. Grants, Rights and Remedies. This ABL IP
Security Agreement has been entered into in conjunction with the provisions of the ABL Security Agreement. Each Grantor does hereby acknowledge and confirm that the grant of the security interest hereunder to, and the rights and remedies of, the
Collateral Agent with respect to the Collateral are more fully set forth in the ABL Security Agreement, the terms and provisions of which are incorporated herein by reference as if fully set forth herein. To the extent there is any conflict with the
terms of this ABL IP Security Agreement and the ABL Security Agreement, the terms of the ABL Security Agreement shall control. 
 SECTION 5. Termination. This ABL IP Security Agreement shall terminate concurrently with the termination of the ABL Security Agreement in accordance with the terms thereof. 
 SECTION 6. Governing Law. This ABL IP Security Agreement shall be governed by, and construed in accordance with, the laws of the
State of New York. 
 [signature page follows] 
  

 Express, LLC – ABL Security Agreement 
 3 

 IN WITNESS WHEREOF, each Grantor has caused this ABL IP Security Agreement to be duly
executed and delivered by its officer thereunto duly authorized as of the date first above written. 
  

					
	[                                ]
		
	By	 	  

		 	Name:	 	
		 	Title:	 	
	
	Address for Notices:
	  

	  

	  

	
	 [                                    
]

		
	By	 	  

		 	Name:	 	
		 	Title:	 	
	
	Address for Notices:
	  

	  

	  

	
	[                                    ]

		
	By	 	  

		 	Name:	 	
		 	Title:	 	
	
	Address for Notices:
	  

	  

	  

  

 Express, LLC – ABL Security Agreement 

 Exhibit C to the 
 ABL Security Agreement 
 FORM OF INTELLECTUAL
PROPERTY 
 ABL SECURITY AGREEMENT SUPPLEMENT 
 This INTELLECTUAL PROPERTY ABL SECURITY AGREEMENT SUPPLEMENT (this “ABL IP Security Agreement Supplement”) dated
            ,     , is made by the Person listed on the signature page hereof (the “Grantor”) in favor of WELLS FARGO RETAIL FINANCE, LLC, as
collateral agent (the “Collateral Agent”) for the Secured Parties (as defined in the Credit Agreement referred to below). 
 WHEREAS, Express Holding, LLC, a Delaware limited liability company, Express, LLC, a Delaware limited liability company, and the Subsidiary Guarantors (as defined in the Credit Agreement referred to
below) have entered into a ABL Credit Agreement, dated as of July 6, 2007 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), with WELLS FARGO RETAIL FINANCE,
LLC as Administrative Agent and as Collateral Agent, and the Lenders party thereto. Terms defined in the Credit Agreement and not otherwise defined herein are used herein as defined in the Credit Agreement. 
 WHEREAS, pursuant to the Credit Agreement, the Grantor and certain other Persons have executed and delivered that certain ABL Security
Agreement, dated July 6, 2007, made by the Grantor and such other Persons to the Collateral Agent (as amended, amended and restated, supplemented or otherwise modified from time to time, the “ABL Security Agreement”) and
that certain Intellectual Property ABL Security Agreement, dated July 6, 2007 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “ABL IP Security Agreement”). 
 WHEREAS, under the terms of the ABL Security Agreement, the Grantor has granted to the Collateral Agent, for the ratable benefit of the
Secured Parties, a security interest in the Additional Collateral (as defined in Section 1 below) of the Grantor and has agreed as a condition thereof to execute this ABL IP Security Agreement Supplement for recording with the U.S. Patent and
Trademark Office, the United States Copyright Office and other governmental authorities. 
 NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Grantor agrees as follows: 
 SECTION
1. Grant of Security. Each Grantor hereby grants to the Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in all of such Grantor’s right, title and interest in and to the following (the
“Additional Collateral”): 
 (a) the patents and patent applications set forth in Schedule A hereto (the
“Patents”); 
 (b) the trademark and service mark registrations and applications set forth in
Schedule B hereto (provided that no security interest shall be granted in United States intent-to-use trademark applications until the earlier of (x) the filing of a statement of use therefore or (y) the issuance of a
registration thereon, together with the goodwill symbolized thereby (the “Trademarks”); 
  

 Express, LLC – ABL Security Agreement 

 (c) the copyright registrations and applications and exclusive copyright licenses set forth
in Schedule C hereto (the “Copyrights”); 
 (d) all reissues, divisions, continuations,
continuations-in-part, extensions, renewals and reexaminations of any of the foregoing, all rights in the foregoing provided by international treaties or conventions, all rights corresponding thereto throughout the world and all other rights of any
kind whatsoever of such Grantor accruing thereunder or pertaining thereto; 
 (e) all any and all claims for damages and
injunctive relief for past, present and future infringement, dilution, misappropriation, violation, misuse or breach with respect to any of the foregoing, with the right, but not the obligation, to sue for and collect, or otherwise recover, such
damages; and 
 (f) any and all proceeds of, collateral for, income, royalties and other payments now or hereafter due and
payable with respect to, and supporting obligations relating to, any and all of the foregoing or arising from any of the foregoing. 
 SECTION 2. Security for Obligations. 
 (a) The grant of a security interest in the Additional Collateral by the
Grantor under this ABL IP Security Agreement Supplement secures the payment of all Obligations of the Grantor now or hereafter existing under or in respect of the Loan Documents, whether direct or indirect, absolute or contingent, and whether for
principal, reimbursement obligations, interest, premiums, penalties, fees, indemnifications, contract causes of action, costs, expenses or otherwise. 
 (b) Notwithstanding anything herein to the contrary, the Liens and security interest granted to the Collateral Agent hereunder for the benefit of the Secured Parties pursuant to this ABL IP Agreement
Supplement, and the exercise of any right or remedy by the Collateral Agent for the benefit of the Secured Parties hereunder are subject to the provisions of that certain Intercreditor Agreement dated as of July 6, 2007 (the
“Intercreditor Agreement”) among Morgan Stanley & Co. Incorporated, as Term Loan Collateral Agent (as defined in the Intercreditor Agreement), Morgan Stanley Senior Funding, Inc. (“MSSF”), as
Term Loan Administrative Agent (as defined in the Intercreditor Agreement), Wells Fargo Retail, LLC, as ABL Collateral Agent and as ABL Administrative Agent (as defined in the Intercreditor Agreement), the Borrower and such other parties as may be
added thereto from time to time in accordance with the terms thereof and as the Intercreditor Agreement may be amended or otherwise modified from time to time in accordance with the terms thereof. As between (i) the lender parties under that
certain Term Loan Credit Agreement, dated as of July 6, 2007, among the Borrower, the Parent, the Subsidiary Guarantors party thereto, the lender parties party thereto, and MSSF, as administrative agent, and (ii) the Lender Parties under
the Credit Agreement, in the event of any conflict between the terms of the Intercreditor Agreement and this ABL IP Security Agreement Supplement, the terms of the Intercreditor Agreement shall govern and control. 
 SECTION 3. Recordation. The Grantor authorizes and requests that the Register of Copyrights, the Commissioner for Patents and the
Commissioner for Trademarks and any other applicable government officer to record this ABL IP Security Agreement Supplement. 
 SECTION 4. Grants, Rights and Remedies. This ABL IP Security Agreement Supplement has been entered into in conjunction with the provisions of the ABL Security Agreement. The Grantor does hereby acknowledge and confirm that the grant
of the security interest hereunder to, and the rights and remedies of, the Collateral Agent with respect to the Additional Collateral are more fully set forth in the ABL Security Agreement, the terms and provisions of which are incorporated herein
by

  

 Express, LLC – ABL Security Agreement 
 2 

 
reference as if fully set forth herein. To the extent there is any conflict with the terms of this ABL IP Security Agreement Supplement and the ABL Security Agreement, the terms of the ABL
Security Agreement shall control. 
 SECTION 5. Termination. This ABL IP Security Agreement shall terminate concurrently
with the termination of the ABL Security Agreement in accordance with the terms thereof. 
 SECTION 6. Governing Law.
This ABL IP Security Agreement Supplement shall be governed by, and construed in accordance with, the laws of the State of New York. 
 [signature page follows] 
  

 Express, LLC – ABL Security Agreement 

 IN WITNESS WHEREOF, the Grantor has caused this ABL IP Security Agreement Supplement to be
duly executed and delivered by its officer thereunto duly authorized as of the date first above written. 
  

					
	[NAME OF GRANTOR]
		
	By	 	  

		 	Name:	 	
		 	Title:	 	
	
	Address for Notices:
	  

	  

	  

  

 Express, LLC – ABL Security Agreement 
 2 

 EXHIBIT E 
 FORM OF 
 GUARANTY SUPPLEMENT 
             , 200     
  

	
	 Wells Fargo Retail Finance, LLC,
as Administrative Agent

 [                                        
        ]

 Attention:
             
 Phone:
             
 Telecopy:
             
 Email:
             
 Asset-Based Loan Credit Agreement dated as of
July 6, 2007 (the “Credit Agreement”) among 
 Express, LLC, a Delaware limited liability company
(the “Borrower”), Express Holding, LLC, a 
 Delaware limited liability company, the Subsidiary Guarantors
party thereto, the Lenders party thereto, 
 Wells Fargo Retail Finance, LLC, as Collateral Agent 
 and Wells Fargo Retail Finance, LLC, as Administrative Agent 
 Ladies and Gentlemen: 
 Reference is made to the above-captioned Credit Agreement
and to the Guaranty referred to therein. The capitalized terms defined in the Credit Agreement and not otherwise defined herein are used herein as therein defined. 
 Section 1. Guaranty; Limitation of Liability. 
 (a) The undersigned
hereby absolutely, unconditionally and irrevocably guarantees the punctual payment when due, whether at scheduled maturity or on any date of a required prepayment or by acceleration, demand or otherwise, of all Obligations of each other Loan Party
now or hereafter existing under or in respect of the Loan Documents (including, without limitation, any extensions, modifications, substitutions, amendments or renewals of any or all of the foregoing Obligations), whether direct or indirect,
absolute or contingent, and whether for principal, interest, premium, fees, indemnities, contract causes of action, costs, expenses or otherwise (such Obligations being the “Guaranteed Obligations”), and agrees to pay any and
all expenses (including, without limitation, fees and expenses of counsel) incurred by the Administrative Agent or any other Lender Party in enforcing any rights under this Guaranty Supplement or any other Loan Document. Without limiting the
generality of the foregoing, the undersigned’s liability shall extend to all amounts that constitute part of the Guaranteed Obligations and would be owed by any other Loan Party to any Lender Party under or in respect of the Loan Documents but
for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving such other Loan Party. 
 (b) The undersigned, and by its acceptance of this Guaranty Supplement, the Administrative Agent and each other Lender Party, hereby confirms that it is the intention of all such Persons that this
Guaranty Supplement, the Credit Agreement and the Obligations of the undersigned hereunder and thereunder not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy

  

 Express – Exhibit E to ABL Credit Agreement 

 
Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar foreign, federal or state law to the extent applicable to this Guaranty Supplement, the Credit
Agreement and the Obligations of the undersigned hereunder and thereunder. To effectuate the foregoing intention, the Administrative Agent, the other Lender Parties and the undersigned hereby irrevocably agree that the Obligations of the undersigned
under this Guaranty Supplement and the Credit Agreement at any time shall be limited to the maximum amount as will result in the Obligations of the undersigned under this Guaranty Supplement and the Credit Agreement not constituting a fraudulent
transfer or conveyance. 
 (c) The undersigned hereby unconditionally and irrevocably agrees that in the event any payment shall
be required to be made to any Lender Party under this Guaranty Supplement, the Credit Agreement or any other guaranty, the undersigned will contribute, to the maximum extent permitted by applicable law, such amounts to each other Guarantor and each
other guarantor so as to maximize the aggregate amount paid to the Lender Parties under or in respect of the Loan Documents. 
 Section 2. Obligations Under the Guaranty. 
 The undersigned hereby agrees, as of the date first above
written, to be bound as a Guarantor by all of the terms and conditions of the Guaranty, as set forth in the Credit Agreement, to the same extent as each of the other Guarantors thereunder. The undersigned further agrees, as of the date first above
written, that each reference in the Credit Agreement to an “Additional Guarantor” or a “Guarantor” shall also mean and be a reference to the undersigned, and each reference in any other Loan Document
to a “Guarantor”, “Subsidiary Guarantor” or a “Loan Party”, as applicable, shall also mean and be a reference to the undersigned. 
 Section 3. Execution in Counterparts. 
 This Guaranty Supplement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same
agreement. 
 Section 4. Governing Law; Jurisdiction; Waiver of Jury Trial, Etc. 
 (a) This Guaranty Supplement shall be governed by, and construed in accordance with, the laws of the State of New York. 
 (b) The undersigned hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any
New York State court or any federal court of the United States of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Guaranty Supplement or any of the
other Loan Documents to which it is or is to be a party, or for recognition or enforcement of any judgment, and the undersigned hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard
and determined in any such New York State court or, to the extent permitted by law, in such federal court. The undersigned agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law. Nothing in this Guaranty Supplement or any other Loan Document shall affect any right that any party may otherwise have to bring any action or proceeding relating to this Guaranty
Supplement or any of the other Loan Documents to which it is or is to be a party in the courts of any other jurisdiction. 
 (c)
The undersigned irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue

  

 Express – Exhibit E to ABL Credit Agreement 

 
of any suit, action or proceeding arising out of or relating to this Guaranty Supplement or any of the other Loan Documents to which it is or is to be a party in any New York State or
federal court. The undersigned hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such suit, action or proceeding in any such court. 
 (d) THE UNDERSIGNED HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON
CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO ANY OF THE LOAN DOCUMENTS, THE ADVANCES OR THE ACTIONS OF ANY SECURED PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF. 
  

			
	 Very truly yours,

	
	 [NAME OF ADDITIONAL GUARANTOR]

		
	 By:
	 	  

		 	Name:
		 	Title:

  

 Express – Exhibit E to ABL Credit Agreement 

 EXHIBIT F 

 

 

  

					
		 	Citigroup Center	  	
		 	153 East 53rd Street	  	
		 	New York, New York 10022-4611	  	
		 		  	Facsimile:
		 	(212) 446-4800	  	(212) 446-4900
			
		 	www.kirkland.com	  	

 July 6, 2007 
 Wells Fargo Retail Finance, LLC, as Collateral Agent and Administrative Agent 
 and each of the
Lenders party to the 
 Credit Agreement referred to below 
 Ladies and Gentlemen: 
 We are issuing this opinion letter in our capacity as
special legal counsel to Express, LLC, a Delaware limited liability company (“Borrower”), Express Holding, LLC, a Delaware limited liability company (“Holding”), Express GC, LLC, an Ohio limited liability company
(“Express GC”) and Retail Factoring, LLC, a Nevada limited liability company (“Express Factoring”) and in response to the requirement in Section 3.01 of the Asset-Based Loan Credit Agreement, dated as of
even date herewith (the “Credit Agreement”), among Borrower, Holding, Express GC, Express Factoring, the Lenders, Wells Fargo Retail Finance, LLC, as collateral agent for the Secured Parties and as administrative for the Lender
Parties (in such capacities, “Collateral Agent” or “Administrative Agent”, as the case may be), The CIT Group/Business Credit, Inc., as documentation agent (in such capacity, the “Documentation Agent”) and
Morgan Stanley Senior Funding, Inc., as syndication agent (in such capacity, “Syndication Agent” and together with the Administrative Agent, the Documentation Agent and Collateral Agent, collectively the “Agents,”
and each, an “Agent” and, together with the Lenders, the Issuing Bank and the Swing Line Bank being herein referred to as “you”). Borrower, Holding, Express GC and Express Factoring are collectively referred to
herein as the “Credit Parties” and each a “Credit Party”. Capitalized terms used and not otherwise defined herein have the meanings ascribed to such terms in the Credit Agreement. 
 The term “Credit Documents” whenever it is used in this letter means the Credit Agreement and each of the other documents
and instruments identified on the Schedule of Other Credit Documents attached hereto as Schedule E, each in the form executed and delivered on this date. 
 References herein to the “Financing Statements” mean the Form UCC-1 financing statements authorized on this date naming each Credit Party, as debtor, and Collateral Agent, as secured
party, in each case, as attached hereto as Exhibit 1 and to be filed in the filing offices set forth on the Schedule of Filing Offices attached hereto as Schedule F. The term “Organization Documents” whenever it
is used in this letter means the certificate of formation or articles of organization, as applicable, and the operating agreement or limited liability company agreement of the relevant entity, in each case, as amended through the date hereof. Each
of the terms

  

	
	Chicago            Hong
Kong            London            Los
Angeles            Munich            San
Francisco            Washington, D.C.

 Wells Fargo Retail Finance, LLC, as 
 Administrative Agent 
 July 6, 2007 
 Page 2 
  

 
“Delaware UCC”, “New York UCC”, “Ohio UCC”, and “Nevada UCC” whenever used herein means the Uniform Commercial Code as
presently in effect in the State of Delaware, the State of New York, the State of Ohio and the State of Nevada, respectively. In rendering this opinion we have examined the Credit Documents and the Financing Statements as necessary or appropriate to
enable us to render the opinions expressed below. 
 Subject to the assumptions, qualifications, exclusions and other
limitations that are identified in this letter and in the schedules attached to this letter, we advise you, and, with respect to each legal issue addressed in this letter, it is our opinion, that: 
  

	1.	(i) each of Borrower and Holding is a limited liability company validly existing and in good standing under the Delaware Limited Liability Company Act, as in effect on
the date hereof (the “DLLCA”); (ii) Express GC is a limited liability company validly existing and in good standing under the Ohio Limited Liability Company Act, as in effect on the date hereof (the “OLLCA”)
and (iii) Express Factoring is a limited liability company validly existing and in good standing under Chapter 86 of the Nevada General Corporation Law (“NGCL”). 

  

	2.	Each of the Credit Parties has the limited liability company power to enter into, execute and deliver each of the Credit Documents to which it is a party and to perform
its respective obligations under each Credit Document to which it is a party. 

  

	3.	The members or sole member, as applicable, of each Credit Party has duly authorized such Credit Party’s execution, delivery and the performance of the Credit
Documents to which it is a party and such Credit Party’s obligations thereunder, including, without limitation, the grant of liens thereunder, and in the case of the Financing Statements on which it is named as debtor, the authorization to file
such Financing Statements. 

  

	4.	Each Credit Party has duly executed and delivered the Credit Documents to which it is a party. 

  

	5.	Each of the Credit Documents executed by each Credit Party is a legal, valid and binding obligation of each such Credit Party that is a party thereto, and is
enforceable against such Credit Party in accordance with its terms. 

  

	6.	The execution and delivery by each Credit Party of the Credit Documents to which it is a party, and the consummation by it of the lending transactions contemplated by
each Credit Document to which it is a party to occur on the date hereof in accordance with the terms thereof and the performance of its obligations under each such Credit Document, will not (a) violate any existing provisions of the
Organization Documents of such Credit Party or (b) based on existing facts of which we are aware, constitute a violation by such Credit Party of any applicable provision of existing Laws of the State of New York or United States federal
statutory law or governmental regulation covered by this letter). The term “Laws” means laws not excluded from the coverage of this opinion. 

 Wells Fargo Retail Finance, LLC, as 
 Administrative Agent 
 July 6, 2007 
 Page 3 
  

	7.	With respect to each Credit Party, the applicable Collateral Documents (as defined on Schedule E attached hereto) create a valid security interest in favor of
the Collateral Agent for the benefit of the Secured Parties in such Credit Party’s collateral therein described with respect to which such Credit Party has rights or has the power to transfer rights (the “Collateral”) and which
constitutes property in which a security interest can be granted under Article 9 of the New York UCC (the “Code Collateral”). 

  

	8.	(a) Under the New York UCC, the perfection of the Collateral Agent’s security interest in the Code Collateral (i) will, as a general matter and except as
otherwise provided in Sections 9-301 through 9-307 of the New York UCC, be governed by the local law of the jurisdiction in which the applicable grantor is located (which in the case of (A) a registered organization (as defined in the New York
UCC) such as a corporation or a limited liability company that is organized under the laws of a State (as defined in the New York UCC) is the State under whose laws such registered organization is organized or (B) an organization that is not a
registered organization, at its place of business if it has only one place of business or at its chief executive office if it has more than one place of business), (ii) will, in the case of a possessory security interest, generally be governed
by the local law of the jurisdiction in which the collateral is located, (iii) that constitutes certificated securities will be governed by the local law of the jurisdiction in which the security certificates are located (other than perfection
by filing, which is governed by the local law of the jurisdiction in which the applicable grantor is located) as specified in Section 9-305(a)(1) of the New York UCC, (iv) that constitutes uncertificated securities will be governed by the
local law of the issuer’s jurisdiction as specified in Section 8-110(d) of the New York UCC pursuant to Section 9-305(a)(2) of the New York UCC (other than perfection by filing, which is governed by the local law of the jurisdiction
in which the applicable grantor is located), (v) that constitutes a security entitlement or a securities account will be governed by the local law of the securities intermediary’s jurisdiction as specified in Section 8-110(e) of the
New York UCC pursuant to Section 9-305(a)(3) of the New York UCC (other than perfection by filing, which is governed by the local law of the jurisdiction in which the applicable grantor is located), (vi) that constitutes goods covered by a
certificate of title will be governed by the local law of the jurisdiction under whose certificate of title the goods are covered as specified in Section 9-303 of the New York UCC, (vii) that constitutes deposit accounts will be governed
by the local law of the depositary bank’s jurisdiction as specified in Section 9-304 of the New York UCC, (viii) that constitutes letter-of-credit rights will generally be governed by the local law of the issuer’s or nominated
person’s jurisdiction as specified in Section 9-306 of the New York UCC, and (ix) that constitutes other categories will be governed by the laws of the jurisdiction or jurisdictions specified in Sections 9-301 through 9-307 of the New
York UCC. 

 Wells Fargo Retail Finance, LLC, as 
 Administrative Agent 
 July 6, 2007 
 Page 4 
  

 (b) Under the principles described in the preceding subparagraph (a)(i) and, with
respect to perfection by filing, in the preceding subparagraphs (a)(iii), (a)(iv), and (a)(v) of this paragraph 8, the perfection of the Collateral Agent’s security interest in the Code Collateral, except any
property subject to a statute, regulation or treaty of the United States whose requirements for a security interest’s obtaining priority over the rights of a lien creditor with respect to the property preempt Section 9-310(a) of the New
York UCC (the “Filing Code Collateral”) is governed by the laws of the jurisdiction of organization of the relevant Credit Parties, to wit, (i) with respect to Borrower and Holding, the State of Delaware; (ii) with respect
to Express GC, the State of Ohio; and (iii) with respect to Express Factoring, the State of Nevada. When the Financing Statements naming the applicable Credit Party as debtor are duly filed in the filing offices set forth with respect to each
Credit Party on the Schedule of Filing Offices, the Collateral Agent’s security interest under the Collateral Documents in the Filing Code Collateral of such Credit Party will be perfected to the extent such security interests can be
perfected by the filing of Uniform Commercial Code financing statements in such filing office. 
  

	9.	Upon the due filing and recordation of the Intellectual Property ABL Security Agreement listed on Schedule E hereto in, as applicable, the United States Patent
and Trademark Office and the United States Copyright Office and the payment of all filing and recordation fees associated therewith, and the filing of the Financing Statements in the filing offices set forth on the Schedule of Filing Offices,
the security interest created under the Intellectual Property ABL Security Agreement in the United States registered copyrights, United States registered Patents and United States registered trademarks (but excluding any “intent to use
applications”) owned by Credit Parties as set forth in the respective schedules of the Intellectual Property ABL Security Agreement as so registered, will be perfected to the extent a security interest in such Collateral can be perfected by
such filing and recordation. 

  

	10.	None of the Credit Parties is required to register as an “investment company” under the Investment Company Act of 1940, as amended. 

 

	11.	Assuming application of the proceeds of the Advances as contemplated by the Credit Agreement, the borrowing under the Credit Agreement will not, in and of itself,
result in a violation of Regulation U or X of the Board of Governors of the Federal Reserve System. 

  

	12.	 No Credit Party is presently required to obtain any consent, approval, authorization or order of, or make any filings or registrations with any United
States federal or New York court or governmental body, authority or agency in order to obtain the right to (a) execute and deliver the Credit Documents to which it is a party, and (b) to perform its obligations thereunder, except for:
(i) such consents, authorizations, approvals, orders, registrations, or filings as have been obtained or made prior to the date hereof, (ii) filings necessary to

 Wells Fargo Retail Finance, LLC, as 
 Administrative Agent 
 July 6, 2007 
 Page 5 
  

	 	 
perfect liens and security interests granted under the Credit Documents and (iii) actions or filings required in connection with ordinary course conduct of its business and ownership or
operation of its assets. 

  

	13.	To the best of our knowledge (based solely upon inquiries of officers of the Credit Parties and the certificate executed and delivered to us by officers of the Credit
Parties), (i) there are no actions, suits or proceedings pending or threatened against any Credit Party with respect to any of the Credit Documents and (ii) there does not exist any judgment, order or injunction prohibiting the
consummation of the transactions contemplated by the Credit Documents. 

 In preparing this letter, we have relied
without any independent verification upon the assumptions recited in Schedule B to this letter and upon: (i) information contained in certificates obtained from governmental authorities; (ii) factual information represented to be
true in the Credit Agreement and the other Credit Documents; (iii) factual information provided to us in a support certificate executed by one or more of the Credit Parties; and (iv) factual information we have obtained from such other
sources as we have deemed reasonable. We have assumed without investigation that there has been no relevant change or development between the dates as of which the information cited in the preceding sentence was given and the date of this letter and
that the information upon which we have relied is accurate and does not omit disclosures necessary to prevent such information from being misleading. 
 While we have not conducted any independent investigation to determine facts upon which our opinions are based or to obtain factual information about which this letter advises you, we confirm that we do
not have any actual knowledge that has caused us to conclude that our reliance and assumptions cited in the preceding paragraph are unwarranted or that any information supplied to us in connection with the preparation of this letter is wrong. The
terms “actual knowledge”, “knowledge”, “aware” or similar terms wherever they are used in this letter with respect to our firm mean conscious awareness at the time this letter is delivered on the
date it bears by the following Kirkland & Ellis LLP lawyers who have had significant involvement with negotiation or preparation of the Credit Agreement (herein called “our Designated Transaction Lawyers”): John Friedrichs,
Sonali S. Jindal and Fred Lim. 
 Except as set forth in the following sentences of this paragraph, our opinion on every legal
issue addressed in this letter (collectively, “our opinions”) is based exclusively on such internal law of the State of New York or such federal law of the United States, which, in each case, is in our experience normally applicable
to general business entities not engaged in regulated business activities and to transactions of the type contemplated between the Credit Parties, on the one hand, and you, on the other hand, in the Credit Documents, but without our having made any
special investigation as to any other laws. We express no opinion or advice as to any law (a) to which the Credit Parties may be subject as a result of your legal or regulatory status, your sale or transfer of any Loans or other obligations or
interests therein or your (as

 Wells Fargo Retail Finance, LLC, as 
 Administrative Agent 
 July 6, 2007 
 Page 6 
  

 
opposed to any other lender’s) involvement in the transactions contemplated by the Credit Documents, (b) identified on Schedule C, or (c) which might be violated by any
misrepresentation or omission or a fraudulent act. Our opinions in paragraph 8(b) are based on the Delaware UCC, the Ohio UCC or the Nevada UCC and our opinions in paragraphs 2, 3 and 4 are based on the DLLCA with respect to Borrower
and Holding, the OLLCA with respect to Express GC, and the NGCL with respect to Express Factoring. We advise you that we are not Delaware, Ohio or Nevada attorneys, and do not practice the law of such states. The opinions in paragraph 8(b),
to the extent based on the Delaware UCC, the Ohio UCC and the Nevada UCC are based solely upon the review by one of our Designated Transaction Lawyers of the provisions of the Uniform Commercial Code in effect in the State of Delaware, the State of
Ohio and the State of Nevada as set forth in the Commerce Clearing House, Inc. Secured Transactions Guide, as supplemented through May 2, 2007, without regard to any regulations promulgated thereunder or any judicial or administrative
interpretations thereof. For purposes of each opinion in paragraph 1, as to existence and good standing, we have relied exclusively upon certificates issued by a governmental authority in each relevant jurisdiction and such opinion is not
intended to provide any conclusion or assurance beyond that conveyed by such certificates. With respect to our opinions in paragraphs 2, 3 and 4 which are based on the DLLCA, OLLCA and NGCL with your permission, we have rendered such opinions
based exclusively on our review of the statutory provisions of such statutes as published by Aspen Law & Business, as supplemented through May 15, 2007, without regard to any regulations promulgated thereunder or any judicial or
administrative interpretations thereof. 
 We advise you that issues addressed by this letter may be governed in whole or in
part by other laws, but we express no opinion as to whether any relevant difference exists between the laws upon which our opinions are based and any other laws which may actually govern. Our opinions are subject to all qualifications in Schedule
A and do not cover or otherwise address any law or legal issue that is identified in the attached Schedule C or any provision in the Credit Agreement or any of the other Credit Documents of any type identified in Schedule D.
Provisions in the Credit Documents that are not excluded by Schedule D or any other part of this letter or its attachments are called the “Relevant Agreement Terms.” 
 Except to the extent set forth in the preceding paragraph, each of our opinions on each legal issue addressed in this letter represents our
opinion as to how the issue addressed in such opinion would be resolved were it to be considered by the highest court of the jurisdiction upon whose law our opinion on that issue is based. The manner in which any particular issue would be treated in
any actual court case would depend in part on facts and circumstances particular to the case, and this letter is not intended to guarantee the outcome of any legal dispute that may arise in the future. It is possible that some Relevant Agreement
Terms may not prove enforceable for reasons other than those cited in this letter should an actual enforcement action be brought, but (subject to all the exceptions, qualifications, exclusions and other limitations contained in this letter) such
unenforceability would not in our opinion prevent you from realizing the principal benefits purported to be provided by the Relevant Agreement Terms of a remedial nature contained in the Credit Documents. 

 Wells Fargo Retail Finance, LLC, as 
 Administrative Agent 
 July 6, 2007 
 Page 7 
  

 This letter speaks as of the time of its delivery on the date it bears. We do not assume
any obligation to provide you with any subsequent opinion or advice by reason of any fact about which our Designated Transaction Lawyers did not have actual knowledge at such time, by reason of any change subsequent to such time in any law covered
by any of our opinions, or for any other reason. The attached schedules are an integral part of this letter, and any term defined in this letter or any schedule has that defined meaning wherever it is used in this letter or in any schedule to this
letter. 
 You may rely upon this letter only for the purposes served by the provisions in the Credit Agreement cited in the
initial paragraph of this letter in response to which it has been delivered. Without our written consent: (i) no person other than you may rely on this letter for any purpose; (ii) this letter may not be cited or quoted in any financial
statement, prospectus, private placement memorandum or other similar document; (iii) this letter may not be cited or quoted in any other document or communication that might encourage reliance upon this letter by any person or for any purpose
excluded by the restrictions in this paragraph; and (iv) copies of this letter or any portion hereof may not be furnished to anyone for purposes of encouraging or in a manner that might encourage such reliance; provided, however,
that financial institutions that subsequently become Lenders under the Credit Agreement in accordance with the assignment provisions thereof may rely on this letter as of the date hereof as if this letter were addressed to them. 
  

	
	Sincerely,
	
	

	KIRKLAND & ELLIS LLP

 Schedule A 
 General Qualifications 
 The opinions in the letter to
which this Schedule is attached (“our letter”) are subject to the qualifications as set forth in this Schedule A. 
  

	1.	Bankruptcy and Insolvency Exception. Each of our opinions of our letter as to the validity, binding effect or enforceability of any of the Credit Documents is
subject to the effect of bankruptcy, insolvency, reorganization, receivership, moratorium and other similar laws relating to creditors’ rights. This exception includes: 

  

	 	(a)	the Federal Bankruptcy Code and thus comprehends, among others, matters of turn-over, automatic stay, avoiding powers, fraudulent transfer, preference, discharge,
conversion of a non-recourse obligation into a recourse claim, limitations on ipso facto and anti-assignment clauses and the coverage of pre-petition security agreements applicable to property acquired after a petition is filed;

  

	 	(b)	all other Federal and state bankruptcy, insolvency, reorganization, receivership, moratorium, arrangement and assignment for the benefit of creditors laws that affect
the rights of creditors generally or that have reference to or affect only creditors of specific types of debtors; 

  

	 	(c)	state fraudulent transfer and conveyance laws; and 

  

	 	(d)	judicially developed doctrines in this area, such as substantive consolidation of entities and equitable subordination. 

  

	2.	Equitable Principles Limitation. Each of our opinions as to the validity, binding effect or enforceability of any of the Credit Documents or to the availability
of injunctive relief and other equitable remedies is subject to the effect of general principles of equity, whether applied by a court of law or equity. This limitation includes principles: 

  

	 	(a)	governing the availability of specific performance, injunctive relief or other equitable remedies, which generally place the award of such remedies, subject to certain
guidelines, in the discretion of the court to which application for such relief is made; 

  

	 	(b)	affording equitable defenses (e.g., waiver, laches, and estoppel) against a party seeking enforcement; 

  

	 	(c)	requiring good faith and fair dealing in the performance and enforcement of a contract by the party seeking its enforcement; 

  

	 	(d)	requiring reasonableness in the performance and enforcement of an agreement by the party seeking enforcement of the contract; 

  

 A-1 

	 	(e)	requiring consideration of the materiality of (i) a breach and (ii) the consequences of the breach to the party seeking enforcement; 

 

	 	(f)	requiring consideration of the impracticability or impossibility of performance at the time of attempted enforcement; and 

  

	 	(g)	affording defenses based upon the unconscionability of the enforcing party’s conduct after the parties have entered into the contract. 

  

	3.	Other Common Qualifications. Each of our opinions as to the validity, binding effect or enforceability of any of the Credit Documents or to the availability of
injunctive relief and other equitable remedies of our letter is subject to the effect of rules of law that: 

  

	 	(a)	limit or affect the enforcement of provisions of a contract that purport to waive, or to require waiver of, the obligations of good faith, fair dealing, diligence and
reasonableness; 

  

	 	(b)	provide that forum selection (and not choice of law) clauses in contracts are not necessarily binding on the court(s) in the forum selected (except to the extent
provided in Section 5-1402 of the New York General Obligations Law); 

  

	 	(c)	limit the availability of a remedy under certain circumstances where another remedy has been elected; 

  

	 	(d)	provide a time limitation after which a remedy may not be enforced; 

  

	 	(e)	limit the right of a creditor to use force or cause a breach of the peace in enforcing rights; 

  

	 	(f)	relate to the sale or disposition of collateral or the requirements of a commercially reasonable sale; 

  

	 	(g)	limit the enforceability of provisions releasing, exculpating or exempting a party from, or requiring indemnification of a party for, liability for its own action or
inaction, to the extent the action or inaction involves gross negligence, recklessness, willful misconduct, unlawful conduct, violation of public policy or litigation against another party determined adversely to such party or for liabilities
arising under the securities laws; 

  

	 	(h)	may, where less than all of a contract may be unenforceable, limit the enforceability of the balance of the contract to circumstances in which the unenforceable portion
is not an essential part of the agreed exchange; 

  

	 	(i)	govern and afford judicial discretion regarding the determination of damages and entitlement to attorneys’ fees and other costs; 

  

	 	(j)	 may permit a party that has materially failed to render or offer performance required by the contract to cure that failure unless (i) permitting a
cure would

  

 A-2 

	 	 
unreasonably hinder the aggrieved party from making substitute arrangements for performance or (ii) it was important in the circumstances to the aggrieved party that performance occur by the
date stated in the contract; 

  

	 	(k)	may render guarantees or similar instruments or agreements unenforceable under circumstances where the beneficiary’s actions, failures to act or waivers,
amendments or replacement of the Credit Documents without the consent of each affected guarantor (i) so radically change the essential nature of the terms and conditions of the guaranteed obligations and the related transactions that, in
effect, a new relationship has arisen between the beneficiary and the Credit Parties that is substantially and materially different from that presently contemplated by the Credit Documents, (ii) release a primary obligor or (iii) impair a
guarantor’s recourse against the primary obligor; and 

  

	 	(l)	render unenforceable requirements in the Credit Documents that provisions therein may only be waived or amended in writing, to the extent that an oral agreement or an
implied agreement by trade practice or course of conduct has been created modifying any such provision. 

  

	4.	Referenced Provision Qualification. Each opinion regarding the validity, binding effect, or enforceability of a provision (the “First
Provision”) in any of the Credit Documents requiring any party which is a party thereto to perform its obligations under, or to cause any other person to perform its obligations under, any other provision (the “Second
Provision”) of any Credit Document, or stating that any action will be taken as provided in or in accordance with any such Second Provision, are subject to the same qualifications as the corresponding opinion in this letter relating to the
validity, binding effect, and enforceability of such Second Provision. 

  

	5.	Collateral Qualifications. The opinions and advice contained in our letter are subject to the following advice (terms used herein that are defined in the New
York UCC or any other applicable UCC having the meanings for purposes hereof are used herein in accordance with the meanings given to them therein): 

  

	 	(a)	rights of debtors and obligors and duties of secured parties referred to in Sections 1-102(3) and 9-602 of the New York UCC (and the corresponding sections of any other
applicable Uniform Commercial Code) may not be waived, released, varied, or disclaimed by agreement, and our opinions regarding any such waivers, releases, variations, and disclaimers are limited accordingly; 

  

	 	(b)	 our opinions regarding the creation and perfection of security interests are subject to the effect of (i) the limitations on the existence and
perfection of security interests in proceeds resulting from the operation of Section 9-315 of any applicable Uniform Commercial Code; (ii) the limitations in favor of buyers, licensees and lessees imposed by Sections 9-320, 9-321, and
9-323 of any applicable Uniform Commercial Code; (iii) the limitations with respect to documents, instruments and securities imposed by Section 9-331 and 8-303 of any applicable Uniform Commercial Code; (iv) other rights of persons in
possession

  

 A-3 

	 	 
of money, instruments and proceeds constituting certificated or uncertificated securities; and (v) Section 547 of the Bankruptcy Code with respect to preferential transfers and
Section 552 of the Bankruptcy Code with respect to any Collateral acquired by any Credit Party subsequent to the commencement of a case against or by such Credit Party under the Bankruptcy Code; 

  

	 	(c)	Article 9 of each applicable Uniform Commercial Code requires the filing of continuation statements within specified periods in order to maintain the effectiveness of
the filings referred to in our letter; 

  

	 	(d)	additional filings or actions may be necessary if any Credit Party changes its name, identity or corporate or organization structure or the jurisdiction in which it is
organized; 

  

	 	(e)	we express no opinion regarding the perfection of any lien or security interest in any property (whether real, personal or mixed, and whether such perfection be
accomplished or purport to be accomplished by filing, by possession, by control or otherwise) except as specifically set forth in our letter or regarding the continued perfection of any possessory security interest in any Collateral (or other
security interest the perfection of which depends upon the location of such Collateral) upon or following the removal of such Collateral to another jurisdiction; we express no opinion regarding the perfection of any security interest in deposit
accounts, money or letter-of-credit rights or regarding the perfection of any possessory security interest in the Collateral in possession of a person other than the secured party; we express no opinion with respect to the perfection by filing of
any security interest with respect to the Collateral as to which the filing of a Financing Statement has not been authorized by the debtor either in an authenticated record or pursuant to Section 9-509(b) or (c) of the New York UCC; we
express no opinion regarding the priority of any lien or security interest; 

  

	 	(f)	the assignment of or creation of a security interest in any contract, lease, license, permit or other general intangible or account, chattel paper or promissory note
may require the approval of the issuer thereof or the other parties thereto, except to the extent that restrictions on the creation, attachment, perfection or enforcement of a security interest therein are unenforceable under Sections 9-406 and
9-408 of the New York UCC; 

  

	 	(g)	we express no opinion with respect to any self-help remedies with respect to the Collateral to the extent they vary from those available under the New York UCC or other
applicable Uniform Commercial Code or with respect to any remedies otherwise inconsistent with the New York UCC (to the extent that the New York UCC is applicable thereto) or other applicable law (including, without limitation, any other applicable
Uniform Commercial Code); 

  

	 	(h)	 we express no opinion with respect to (1) the creation, perfection or enforceability of agricultural liens or (2) the creation, perfection or
enforceability of security

  

 A-4 

	 	 
interests in: (i) property in which it is illegal or violative of governmental rules or regulations to grant a security interest (such as, for example, governmental permits and licenses);
(ii) subject to Section 9-406 and 9-408 of the applicable UCC, general intangibles that terminate or become terminable if a security interest is granted therein; (iii) subject to Section 9-406 and 9-408 of the applicable UCC,
property subject to negative pledge clauses of which you have actual or constructive knowledge (other than negative pledge clauses contained in the Credit Documents); (iv) vehicles, ships, vessels, barges, boats, railroad cars, locomotives and
other rolling stock, aircraft, aircraft engines, propellers and related parts, and other property for which a state or federal statute or treaty (including without limitation any applicable Uniform Commercial Code) provides for registration or
certification of title or specifies a place of filing different from that specified in Section 9-501 of any applicable Uniform Commercial Code; (v) commercial tort claims; (vi) crops, farm products, equipment used in farming
operations and accounts or general intangibles arising from or relating to the sale of farm products by a farmer; (vii) timber to be cut; (viii) fixtures; (ix) “as-extracted collateral” (including, without limitation, oil,
gas or other minerals, and accounts arising out of the sale at the wellhead or minehead of oil, gas or other minerals); (x) consumer goods; (xi) property identified to a contract with, or in the possession of, the United States of America
or any state, county, city, municipality, or other governmental body or agency; (xii) goods for which a negotiable document of title has been issued; and (xiii) (except to the extent of our opinion set forth in opinion paragraph 9
hereof) copyrights, patents, trademarks, other literary property rights, service marks, know-how, processes, trade secrets, undocumented computer software, unrecorded and unwritten data and information, and rights and licenses thereunder;

  

	 	(i)	we note that your remedies under the Collateral Documents with regard to the sale or after the sale of any securities subject to any security interest are subject to
compliance with state and federal securities law; 

  

	 	(j)	we express no opinion with respect to the enforceability of any security interest in any accounts, chattel paper, documents, instruments or general intangibles with
respect to which the account debtor or obligor is the United States of America, any state, county, city, municipality or other governmental body, or any department, agency or instrumentality thereof; 

  

	 	(k)	we express no opinion with respect to the enforceability of any provision of any Credit Document that purports to authorize you to purchase at a private sale the
Collateral, which is not subject to widely distributed standard price quotations or sold on a recognized market; 

  

	 	(l)	we express no opinion regarding any Credit Party’s rights in or title to its properties, including, without limitation, any of the Collateral;

  

	 	(m)	 we express no opinion regarding the characterization of a transaction as one involving the creation of a lien on real property, the characterization of
a contract

  

 A-5 

	 	 
as one in a form sufficient to create a lien or a security interest in real property, the creation, perfection, priority or enforcement of a lien on real property or matters involving ownership
or title to any real property; 

  

	 	(n)	we note that the perfection of any security interest may be terminated as to the Collateral otherwise disposed of by any Credit Party if such disposition is authorized
in the Credit Documents or otherwise by the Administrative Agent, the Collateral Agent or by the Lenders; 

  

	 	(o)	we express no opinion regarding the enforceability of any pre-default waiver of notification of disposition of the Collateral, mandatory disposition of the Collateral
or redemption rights; 

  

	 	(p)	we express no opinion regarding the enforceability of any provisions asserting that the Collateral is owned by or is property of a secured party prior to such secured
party’s foreclosure of such Collateral in accordance with the applicable Uniform Commercial Code or, in the case of cash Collateral, the application of such cash Collateral in payment of the secured obligations; 

  

	 	(q)	we note that our opinions as to the validity, binding effect or enforceability of any Credit Document do not constitute opinions as to the creation, perfection, effect
of perfection or priority of any lien or security interest purported to be granted thereunder; opinions as to the creation, perfection, effect of perfection or priority of any lien or security interest are given to the extent provided, only in
opinion paragraphs 7, 8, and 9 and are subject to the assumptions, qualifications and limitations applicable to such opinions set forth in this letter and the accompanying attachments; 

  

	 	(r)	we express no opinion as to the enforceability of cumulative remedies to the extent such cumulative remedies purport to or would have the effect of compensating the
party entitled to the benefits thereof in amounts in excess of the actual loss suffered by such party or would violate applicable laws concerning real estate or mixed collateral foreclosures or elections of remedies. 

  

	6.	Lender’s Regulatory Qualification. Other than with respect to our opinions regarding Regulations U and X contained in opinion paragraph 11, we express no
opinion with respect to, and all our opinions are subject to, the effect of the compliance or noncompliance of each of you with any state or federal laws or regulations applicable to you because of your legal or regulatory status or the nature of
your business or requiring you to qualify to conduct business in any jurisdiction. 

  

	7.	Usury Qualification. We express no opinion with regard to usury or other laws limiting or regulating the maximum amount of interest that may be charged,
collected, received or contracted for other than the internal laws of the State of New York and the federal laws of the United States, and, without limiting the foregoing, we expressly disclaim any opinion as to the usury or other such laws of any
other jurisdiction (including laws of other states made applicable through principles of federal preemption or otherwise) that may be applicable to the transactions contemplated by the Credit Documents. 

  

 A-6 

 Schedule B 
 Assumptions 
 For purposes of our letter, we have
relied, without investigation, upon each of the following assumptions: 
  

	1.	You are existing and in good standing in your jurisdiction of organization; 

  

	2.	You have the corporate power or, if you are not a corporation, other requisite power (including, without limitation, under the laws of your jurisdiction of
organization) to execute, deliver and to perform your obligations under each of the Credit Documents to which you are a party, and each of the Credit Documents to which you are a party has been duly authorized by all necessary corporate or other
action on your part and, to the extent you are a party, has been duly executed and duly delivered by you; 

  

	3.	The Credit Documents to which you are a party constitute valid and binding obligations of yours and are enforceable against you in accordance with their terms (subject
to qualifications, exclusions, and other limitations similar to those applicable to our letter); 

  

	4.	You have satisfied those legal requirements that are applicable to you to the extent necessary to make the Credit Documents to which you are a party enforceable against
you; 

  

	5.	You have complied with all legal requirements pertaining to your status as such status relates to your rights to enforce the Credit Documents against the Credit
Parties; 

  

	6.	Each document submitted to us for review is accurate and complete, each such document that is an original is authentic, each such document that is a copy conforms to an
authentic original, and all signatures on each such document are genuine (other than those of or on behalf of the Credit Parties); 

  

	7.	There has not been any mutual mistake of fact or misunderstanding, fraud, duress or undue influence; 

  

	8.	The conduct of the parties to the Credit Documents has complied with any requirement of good faith, fair dealing, and conscionability; 

  

	9.	You have acted in good faith and without notice of any defense against the enforcement of any rights created by, or adverse claim to any property or security interest
transferred or created as part of, the transactions effected under the Credit Documents (the “Transactions”); 

  

	10.	There are no agreements or understandings among the parties, written or oral (other than the Credit Documents), and there is no usage of trade or course or prior
dealing among the parties that would, in either case, define, supplement or qualify the terms of the Credit Agreement or any of the other Credit Documents; 

  

 B-1 

	11.	The constitutionality or validity of a relevant statute, rule, regulation or agency action is not in issue; 

  

	12.	Other than with respect to our opinion in paragraph 6, that all parties to the Transactions will act in accordance with, and will refrain from taking any actions
that are forbidden by, the terms and conditions of the Credit Documents. 

  

	13.	None of the Credit Parties will in the future take any discretionary action (including a decision not to act) permitted under the Credit Documents that would result in
a violation of law or constitute a breach or default under any court orders to which such entity may be subject; 

  

	14.	The Credit Parties will in the future obtain all permits and governmental approvals required, and will in the future take all actions required, relevant to the
consummation of the Transactions or performance of the Credit Documents; 

  

	15.	Each natural person who is executing any Credit Document on behalf of any Credit Party has sufficient legal capacity to enter into such Credit Document, and we have no
actual knowledge of any such incapacity; 

  

	16.	Each certificate obtained from a governmental authority relied on by us is accurate, complete and authentic and all relevant official public records to which each such
certificate relates are accurate and complete; 

  

	17.	No Lender is subject to Regulation T of the Board of Governors of the Federal Reserve System; and no proceeds of the Loans will be used for any purpose which would
violate or be inconsistent with the terms of the Credit Agreement; 

  

	18.	All information required to be disclosed in connection with any consent or approval by the Credit Parties’ respective board of directors, board of managers or
manager, members as applicable, or their stockholders (or equivalent governing or ownership group) and all other information required to be disclosed in connection with any issue relevant to our opinions or any matter relevant to any legal issue
covered by our opinions has been fully and fairly disclosed to all persons to whom it is required to be disclosed and no such disclosure contained any relevant error or omission; 

  

	19.	Each person who has taken any action relevant to any of our opinions in the capacity of director, management committee member, or officer was duly elected to that
director, management committee member, or officer position and held that position when such action was taken (except that this assumption is limited to those of the preceding items with respect to the adoption of which we did not have involvement
and we note that we were involved in the drafting of the resolutions approving the execution, delivery and performance of the Credit Documents); 

  

	20.	 Each of the Credit Parties’ Organization Documents, all amendments to each such Organization Document, all resolutions adopted establishing
classes or series of stock or limited liability company interests under such Organization Documents have been

  

 B-2 

	 	 
adopted in accordance with all applicable legal requirements (except that this assumption is limited to those of the preceding items with respect to the adoption of which we did not have
involvement); 

  

	21.	The transactions contemplated by the Credit Documents are directly or indirectly related to the business interests of each Credit Party thereto and the transactions
were fair and reasonable to each such entity at the time each such transaction was authorized by such Credit Party, and the transactions were necessary or convenient to the conduct, promotion, or attainment of the business of the Credit Parties;

  

	22.	Intentionally Omitted; 

  

	23.	Collateral Assumptions. The opinions and advice contained in our letter are subject to the following assumptions: 

  

	 	(a)	each of the Credit Parties that grants or purports to grant any lien or security interest in any property or the Collateral (i) has the requisite title and rights
to any property involved in the Transactions, including, without limiting the generality of the foregoing, each item of the Collateral existing on the date hereof and (ii) will have the requisite title and rights to each item of the Collateral
arising after the date hereof; 

  

	 	(b)	value (as defined in Section 1-201(44) of the New York UCC) has been given by you to the Credit Parties for the security interests and other rights in and
assignments of the Collateral described in or contemplated by the Credit Documents; 

  

	 	(c)	the descriptions of the Collateral in the Credit Documents and the Financing Statements reasonably describe the property intended to be described as the Collateral; and

  

	 	(d)	all information regarding the secured party on the Financing Statements is accurate and complete in all respects. 

  

 B-3 

 Schedule C 
 Excluded Law and Legal Issues 
 None of the opinions
or advice contained in our letter covers or otherwise addresses any of the following laws, regulations or other governmental requirements or legal issues: 
  

	1.	Except with respect to the Investment Company Act of 1940, as amended, to the extent of our opinion in opinion paragraph 10, federal securities laws and
regulations (including all other laws and regulations administered by the United States Securities and Exchange Commission), state “Blue Sky” laws and regulations, and laws and regulations relating to commodity (and other) futures and
indices and other similar instruments; 

  

	2.	Pension and employee benefit laws and regulations (e.g., ERISA); 

  

	3.	Federal and state antitrust and unfair competition laws and regulations; 

  

	4.	Other than as set forth in opinion paragraphs 8, 9, and 12, Federal and state laws and regulations concerning filing and notice requirements (such
as the Hart-Scott-Rodino Antitrust Improvements Act of 1986, as amended, and the Exon-Florio Act, as amended) other than requirements applicable to charter-related documents such as a certificate of merger; 

  

	5.	Compliance with fiduciary duty requirements; 

  

	6.	The statutes and ordinances, the administrative decisions and the rules and regulations of counties, towns, municipalities and special political subdivisions and
judicial decisions to the extent that they deal with any of the foregoing; 

  

	7.	Fraudulent transfer and fraudulent conveyance laws; 

  

	8.	Federal and state environmental, land use and subdivision, tax, racketeering, health and safety and labor laws and regulations; 

  

	9.	Other than to the extent of our opinions in opinion paragraph 9, federal patent, trademark and copyright, state trademark, and other federal and state
intellectual property laws and regulations; 

  

	10.	Federal and state laws, regulations and policies concerning (i) national and local emergency, (ii) possible judicial deference to acts of sovereign states and
(iii) criminal and civil forfeiture laws; 

  

	11.	Other federal and state statutes of general application to the extent they provide for criminal prosecution (e.g., mail fraud and wire fraud statutes);

  

	12.	Any laws, regulations, directives and executive orders that prohibit or limit the enforceability of obligations based on attributes of the party seeking enforcement
(e.g., the Trading with the Enemy Act and the International Emergency Economic Powers Act); 

  

 C-1 

	13.	the Anti-Terrorism Order, including Executive Order No. 13224 on Terrorism Financing, effective September 24, 2001 and the United and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (together, the “Anti-Terrorism Order”) as amended, all rules and regulations promulgated thereunder and all federal, state and local laws,
statutes, ordinances, orders, governmental rules, regulations, licensing requirements and policies relating to the Anti-Terrorism Order, the foreign assets control regulations of the United States Treasury Department, and to the extent the following
relate to any such anti-terrorism law or regulation (including without limitation the Executive order of September 23, 2001 Blocking Property and Prohibiting Transactions and Persons Who Commit and Threaten to Commit or Support Terrorism) or
the Anti-Terrorism Order: the ownership and operation of, or otherwise regulation of, companies which conduct, operate or otherwise pursue the business or businesses now and in the future conducted, operated or otherwise pursued by any of the Credit
Parties including, without limitation, the importation, transportation, manufacturing, dealing, purchase, use or storage of explosive materials; 

  

	14.	The Federal Power Act, as amended, and the regulations implementing the Federal Power Act, all rules and regulations promulgated under any of the foregoing statutes,
the rules, regulations and policies of the Federal Energy Regulatory Commission and any other federal or any state or local regulatory authority, and all other federal state and local laws, orders, regulations, licensing requirements and policies
regulating, public utilities, electric utilities or energy facilities or services (and including without limitation any requirement under any such federal, state or local law or regulation that any Credit Party obtain any consent, approval,
authorization or order in order to enter into the Credit Documents and perform the transactions contemplated thereby or the effect of any failure to obtain any such consent, approval, authorization or order); 

  

	15.	The Fair Packaging and Labeling Act, as amended, the Food, Drug and Cosmetic Act, as amended, the Food Security Act of 1985, as amended, the Perishable Agricultural
Commodities Act, as amended, the Food, Agriculture, Conservation and Trade Act of 1990, as amended, the Nutritional Labeling and Education Act, as amended, all rules, policies and regulations promulgated under any of the foregoing statutes, and all
other federal, state and local laws, orders, regulations, licensing requirements and policies relating to the ownership, operation, processing, production, distribution, purchase or provisions of, or otherwise regulating, food or farm products or
animals. 

  

	16.	Federal, state and local liquor licensing laws and regulations; 

  

	17.	Title to any property; 

  

	18.	Except as specifically set forth in opinion paragraph 11, Federal Reserve Board margin regulations; and 

  

	19.	The effect of any law, regulation or order which becomes effective after the date hereof. 

 We have not undertaken any research for purposes of determining whether any of the Credit Parties or any of the Transactions that may occur
in connection with the Credit Agreement

  

 C-2 

 
or any of the other Credit Documents is subject to any law or other governmental requirement other than to those laws and requirements that in our experience would generally be recognized as
applicable to the general business corporations which are engaged in transactions of the type contemplated by the Credit Documents and which are not engaged in regulated business activities in the absence of research by lawyers in the State of New
York, and none of our opinions covers any such law or other requirement unless (i) one of our Designated Transaction Lawyers had actual knowledge of its applicability at the time our letter is or was delivered on the date it bears and
(ii) it is not excluded from coverage by other provisions in our letter or in any Schedule to our letter. 
  

 C-3 

 Schedule D 
 Excluded Provisions 
 None of the opinions in the
letter to which this Schedule is attached covers or otherwise addresses any of the following types of provisions which may be contained in the Credit Documents: 
  

	1.	Indemnification for gross negligence, bad faith, willful misconduct or wrongdoing or any indemnification for liabilities arising under securities laws;

  

	2.	Provisions mandating contribution towards judgments or settlements among various parties; 

  

	3.	Waivers of (i) legal or equitable defenses, (ii) rights to damages, (iii) rights to counter claim or set off, (iv) statutes of limitations,
(v) rights to notice, (vi) the benefits of statutory, regulatory, or constitutional rights, unless and to the extent the statute, regulation, or constitution explicitly allows waiver, (vii) broadly or vaguely stated rights, and
(viii) other benefits to the extent they cannot be waived under applicable law; 

  

	4.	Provisions providing for forfeitures or the recovery of amounts deemed to constitute penalties, or for liquidated damages, acceleration of future amounts due (other
than principal) without appropriate discount to present value, late charges, prepayment charges, interest upon interest, and increased interest rates upon default; 

  

	5.	Time-is-of-the-essence clauses; 

  

	6.	Provisions that provide a time limitation after which a remedy may not be enforced; 

  

	7.	Confession of judgment clauses; 

  

	8.	Agreements to submit to the jurisdiction of any particular court or other governmental authority (either as to personal jurisdiction or subject matter jurisdiction);
provisions restricting access to courts; waiver of the right to jury trial; waiver of service of process requirements which would otherwise be applicable; and provisions otherwise purporting to affect the jurisdiction and venue of courts;

  

	9.	Provisions that attempt to change or waive rules of evidence or fix the method or quantum of proof to be applied in litigation or similar proceedings;

  

	10.	Provisions appointing one party as an attorney-in-fact for an adverse party or providing that the decision of any particular person will be conclusive or binding on
others; 

  

	11.	Provisions purporting to limit rights of third parties who have not consented thereto or purporting to grant rights to third parties; 

  

	12.	Provisions that purport to award attorneys’ fees solely to one party; 

  

	13.	Arbitration agreements; 

  

 D-1 

	14.	Provisions purporting to create a trust or constructive trust without compliance with applicable trust law; 

  

	15.	Provisions relating to the application of insurance proceeds and condemnation awards; 

  

	16.	Provisions that provide for the appointment of a receiver or the taking of possession by the Administrative Agent or Collateral Agent; 

  

	17.	Provisions or agreements regarding proxies, shareholders agreements, shareholder voting rights, voting trusts, and the like; 

  

	18.	Confidentiality agreements; 

  

	19.	Provisions, if any, which are contrary to the public policy of jurisdictions covered by our opinions; 

  

	20.	Choice-of-law provisions, other than the selection of New York law under the choice of law rules of the State of New York; 

  

	21.	Provisions in any of the Credit Documents requiring any Credit Party to perform its obligations under, or cause any other person to perform its obligations under, or
stating that any action will be taken as provided in or in accordance with, any agreement or other document that is not a Credit Document; 

  

	22.	Provisions of the Credit Documents insofar as they authorize you or your affiliates to setoff without notice; and 

  

	23.	Provisions that impose the payment of interest on interest may be unenforceable, void or voidable under applicable law. 

  

 D-2 

 Schedule E 
 Schedule of Other Credit Documents 
  

	1.	ABL Security Agreement 

  

	2.	Intellectual Property ABL Security Agreement (together with the ABL Security Agreement, the “Collateral Documents”) 

  

	3.	Intercreditor Agreement 

  

	4.	Notes 

  

 E-1 

 Schedule F 
 Schedule of Filing Offices 
  

			
	 Debtor
	 	 Filing Office

	Express Holding, LLC	 	Delaware Secretary of State
	Express, LLC	 	Delaware Secretary of State
	Retail Factoring, LLC	 	Nevada Secretary of State
	Express GC, LLC	 	Ohio Secretary of State

  

 G-1 

 EXHIBIT G 
 FORM OF 
 SOLVENCY CERTIFICATE 
 This Solvency Certificate (this “Certificate”) is delivered in connection with that certain Asset-Based Loan Credit
Agreement dated as of July 6, 2007 (as amended, supplemented, restated, replaced or otherwise modified from time to time, the “Credit Agreement”), among Express, LLC, a Delaware limited liability company (the
“Borrower”), Express Holding, LLC, a Delaware limited liability company (the “Parent”), the Subsidiary Guarantors party thereto, the Lenders party thereto, Wells Fargo Retail Finance, LLC
(“Wells Fargo”), as Collateral Agent and Wells Fargo, as Administrative Agent for the Lender Parties. Capitalized terms used herein without definition have the same meanings as used in the Credit Agreement. 
 I am the duly qualified and acting Chief Financial Officer of the Parent and in such capacity (and not in my personal capacity), I certify
that: 
 Immediately before and immediately after giving effect to the Transaction, (a) the fair value of the property of
the Borrower and each Guarantor, taken as a whole, is greater than the total amount of liabilities, including, without limitation, contingent liabilities, of the Borrower and each Guarantor, taken as a whole, (b) the present fair salable value
of the assets of the Borrower and each Guarantor, taken as a whole, is not less than the amount that will be required to pay the probable liability of the Borrower and each Guarantor, taken as a whole, on its debts as they become absolute and
matured, (c) the Borrower and each Guarantor do not intend to, and do not believe that each will, taken as a whole, incur debts or liabilities beyond the Borrower and each Guarantor’s ability, taken as a whole, to pay such debts and
liabilities as they mature and (d) neither the Borrower nor any Guarantor is engaged in business or a transaction, and is not about to engage in business or a transaction, for which the Borrower and each Guarantor’s property, taken as a
whole, would constitute an unreasonably small capital. 
 In reaching the conclusions set forth in this Certificate, the amount
of contingent liabilities at any time have been computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

 Delivery of an executed counterpart of a signature page to this Certificate by telecopier shall be effective as delivery of a
manually executed counterpart of this Certificate. 
 I represent the foregoing information is provided to the best of my
knowledge and execute this Certificate this      day of              200    . 
  

			
	EXPRESS HOLDING, LLC
		
	By:	 	  

		 	Name:
		 	Title:

  

 Express – Exhibit G to ABL Credit Agreement 

 EXHIBIT M 
 EXECUTION COPY 
 1INTERCREDITOR AGREEMENT 
 This INTERCREDITOR AGREEMENT, dated as of July 6, 2007 (as the same may be amended, amended and restated, supplemented or otherwise
modified from time to time by the parties hereto, this “Agreement”), is entered into among Morgan Stanley & Co. Incorporated (“MS&Co.”), as Term Loan Collateral Agent (as defined below),
Morgan Stanley Senior Funding, Inc. (“MSSF”), as Term Loan Administrative Agent (as defined below), Wells Fargo Retail Finance, LLC (“Wells Fargo”), as ABL Collateral Agent (as defined below) and as
ABL Administrative Agent (as defined below), and Express, LLC, a Delaware limited liability company (the “Borrower”), for itself and on behalf of each Guarantor (as defined in the Credit Agreement referred to below).

 PRELIMINARY STATEMENTS: 
 WHEREAS, the Borrower, Express Holdings, LLC, a Delaware limited liability company (the “Parent”), the Subsidiary Guarantors (as defined below), the lenders party
thereto, MSSF, as administrative agent for the Term Loan Lender Parties (as defined below) (in such capacity, the “Term Loan Administrative Agent”), and MS&Co., as collateral agent for the Term Loan Secured Parties (as
defined below) (the “Term Loan Collateral Agent”), are entering into a Term Loan Credit Agreement, dated as of the date hereof (as such agreement may be amended, amended and restated, refinanced, replaced, supplemented or
otherwise modified, from time to time by the parties thereto (whether the same or different lenders and agents), the “Term Loan Credit Agreement”); and 
 WHEREAS, the Borrower, the Parent, the Subsidiary Guarantors, the lenders party thereto, Wells Fargo, as administrative agent
for the ABL Lender Parties (as defined below) (in such capacity, the “ABL Administrative Agent”), and Wells Fargo, as collateral agent for the ABL Secured Parties (as hereinafter defined) (in such capacity, the
“ABL Collateral Agent”), are entering into an Asset-Based Loan Credit Agreement, dated as of the date hereof (as such agreement may be amended, amended and restated, refinanced, replaced, supplemented or otherwise modified
from time to time by the parties thereto (whether the same or different lenders and agents), the “ABL Credit Agreement” and, together with the Term Loan Credit Agreement, the “Credit Agreements” and
each a “Credit Agreement”); and 
 WHEREAS, it is a condition to the effectiveness of
each Credit Agreement that this Agreement be executed and delivered by the parties hereto to set forth the terms of the respective rights of the Term Loan Secured Parties, on the one hand, and the ABL Secured Parties, on the other hand, and the
application of any proceeds and certain other matters; and 
 NOW, THEREFORE, in consideration of
the foregoing, the mutual covenants and obligations herein set forth and for other good and valuable consideration, the adequacy and receipt of which are hereby acknowledged, and in reliance upon the representations, warranties and covenants herein
contained, the parties hereto, intending to be legally bound, hereby agree as follows: 
 Section 1.
Definitions 
 Unless otherwise defined herein, terms defined in either Credit Agreement and used herein shall have the
meanings specified in such Credit Agreement. In addition, as used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and the plural form of the terms indicated):

 “ABL Administrative Agent” has the meaning set forth in the Preliminary Statements. 
  

 Express – Intercreditor Agreement 

 “ABL Collateral” means all assets and properties subject to Liens
created by the ABL Collateral Documents to secure the ABL Obligations. 
 “ABL Collateral Agent” means
the ABL Collateral Agent referred to herein and any successor agent thereto pursuant to the ABL Credit Agreement, or if there is no acting ABL Collateral Agent under the ABL Credit Agreement and the other ABL Loan Documents, the Required ABL
Lenders. 
 “ABL Collateral Documents” means “Collateral Documents” as defined in the ABL
Credit Agreement. 
 “ABL Credit Agreement” has the meaning set forth in the Preliminary Statements.

 “ABL Event of Default” means an “Event of Default” under and as defined in the ABL Credit
Agreement. 
 “ABL First Lien Collateral” means any and all of the following assets and properties now
owned or at any time acquired by any Loan Party (other than Excluded Assets (as defined in the ABL Security Agreement)): (a) all Accounts arising from the sale or other disposition of goods or services; (b) all Inventory; (c) to the
extent evidencing, governing, securing or otherwise related to the items referred to in clauses (a) and (b), all (i) General Intangibles, (ii) Chattel Paper; (iii) Instruments, (iv) Documents, (v) Letter-of-Credit
Rights, and (vi) Supporting Obligations; (d) all collection accounts, deposit accounts, commodity accounts, security accounts and any cash, Cash Equivalents or other assets in any such accounts (excluding any net cash proceeds from the
sale or other disposition of any Term Loan First Lien Collateral); (e) all books, property and records (including, without limitation, ledgers, customer lists, credit files, printouts, computer software, data processing and other records)
related to the foregoing; and (f) all products and proceeds of any and all of the foregoing in whatever form received, including proceeds of insurance and claims against third parties. All capitalized terms used in this definition and not
defined elsewhere in this Agreement have the meanings assigned to them in the UCC (except “Loan Party” and “Cash Equivalents”). 
 “ABL Lenders” means the “Lenders” under and as defined in the ABL Credit Agreement. 
 “ABL Liens” means the Liens on the ABL Collateral created under the ABL Collateral Documents to secure the ABL Obligations. 
 “ABL Loan Documents” means the “Loan Documents” under and as defined in the ABL Credit Agreement.

 “ABL Obligations” means “Obligations” (under and as defined in the ABL Credit Agreement) of
the Loan Parties under the ABL Loan Documents (whether or not any such claim is discharged, stayed or otherwise affected by any proceeding referred to in Section 6.01(f) of the ABL Credit Agreement). 
 “ABL Secured Parties” means, at any relevant time, the holders of the ABL Obligations outstanding at such time.

 “ABL Security Agreement” means the “ABL Security Agreement” under and as defined in the ABL
Credit Agreement. 
  

 Express – Intercreditor Agreement 
 - 2 - 

 “Adequate Protection” means “adequate protection” under
Section 361, 362, 363 or 364 of the Bankruptcy Code. 
 “Agents” means (a) with respect to the
Term Loan Lenders and Term Loan Secured Parties, collectively, the Term Loan Administrative Agent and Term Loan Collateral Agent, and (b) with respect to the ABL Lenders and ABL Secured Parties, collectively, the ABL Administrative Agent and
ABL Collateral Agent. 
 “Agreement” means this Intercreditor Agreement. 
 “Bankruptcy Code” means 11 U.S.C. § 101 et seq. 
 “Borrower” has the meaning set forth in the recitals hereto, and shall include any successor in interest thereto.

 “Collateral” means the ABL First Lien Collateral and the Term Loan First Lien Collateral, as the case
may be. 
 “Credit Agreement” has the meaning set forth in the recitals hereto. 
 “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship,
bankruptcy, general assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect and
affecting the rights of creditors generally. 
 “DIP Financing” has the meaning set forth in
Section 6.1 hereof. 
 “Enforcement Action” means the exercise of any rights and remedies
with respect to any Collateral or the commencement or prosecution of enforcement of any of the rights and remedies under, as applicable, the ABL Collateral Documents or the Term Loan Collateral Documents, or applicable law, including without
limitation the exercise of any rights of set-off or recoupment, and the exercise of any rights or remedies of a secured creditor under the UCC of any applicable jurisdiction or under Debtor Relief Laws. 
 “Exigent Circumstance” means an event or circumstance that constitutes a Senior Obligations Event of Default or that
occurs during the continuance of a Senior Obligations Event of Default that materially and imminently threatens the ability of the Senior Administrative Agent or the Senior Collateral Agent to realize upon all or a material part of the Collateral,
such as, without limitation, fraudulent removal, concealment, or abscondment thereof, destruction (other than to the extent covered by insurance) or material waste thereof, or failure of any Loan Party or Subsidiary after reasonable demand to
maintain or reinstate adequate casualty insurance coverage as required by the terms of the Credit Agreements. 
 “Insolvency or Liquidation Proceeding” means (a) any voluntary or involuntary case or proceeding under any Debtor Relief Laws with respect to the Borrower or any other Loan Party, (b) any other voluntary or
involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership or other similar case or proceeding with respect to the Borrower or any other Loan Party or with respect to a substantial part of their respective assets,
(c) any liquidation, dissolution, reorganization or winding up of the Borrower or any other Loan Party, whether voluntary or involuntary and whether or not involving insolvency or bankruptcy (other than as permitted pursuant to the Credit
Agreements) or (d) any general assignment for the benefit of creditors or any other marshaling of assets and liabilities of the Borrower or any other Loan Party. 
  

 Express – Intercreditor Agreement 
 - 3 - 

 “Junior Administrative Agent” means (a) in respect of the Term
Loan First Lien Collateral, the ABL Administrative Agent, and (b) in respect of the ABL First Lien Collateral, the Term Loan Administrative Agent. 
 “Junior Collateral Agent” means (a) in respect of the Term Loan First Lien Collateral, the ABL Collateral Agent, and (b) in respect of the ABL First Lien Collateral, the
Term Loan Collateral Agent. 
 “Junior Credit Agreement” means (a) in respect of the Term Loan
First Lien Collateral, the ABL Credit Agreement, and (b) in respect of the ABL First Lien Collateral, the Term Loan Credit Agreement. 
 “Junior Documents” means (a) in respect of the Term Loan First Lien Collateral, the ABL Loan Documents, and (b) in respect of the ABL First Lien Collateral, the Term Loan
Documents. 
 “Junior Lenders” means (a) in respect of the ABL First Lien Collateral, the Term Loan
Lenders and (b) in respect of the Term Loan First Lien Collateral, the ABL Lenders. 
 “Junior
Liens” means (a) in respect of the ABL First Lien Collateral, the Term Loan Liens on such Collateral, and (b) in respect of the Term Loan First Lien Collateral, the ABL Liens on such Collateral. 
 “Junior Obligations” means (a) in respect of the Term Loan Obligations, to the extent such Term Loan
Obligations are secured by the Term Loan First Lien Collateral, the ABL Obligations, and (b) in respect of the ABL Obligations, to the extent such ABL Obligations are secured by the ABL First Lien Collateral, the Term Loan Obligations.

 “Junior Obligations Collateral” means, in respect of any Junior Obligation, the Collateral securing
such Junior Obligation which is not first-priority Collateral hereunder as to such Junior Obligations. 
 “Junior
Obligations Collateral Documents” means (a) in respect of the ABL First Lien Collateral, the Term Loan Collateral Documents, and (b) in respect of the Term Loan First Lien Collateral, the ABL Collateral Documents. 

“Junior Obligations Event of Default” means (a) in respect of the Term Loan First Lien Collateral and any
Term Loan Obligations in relation thereto, any ABL Event of Default, and (b) in respect of the ABL First Lien Collateral and any ABL Obligations in relation thereto, any Term Loan Event of Default. 
 “Junior Obligations Required Lenders” means (a) in respect of the ABL First Lien Collateral, the Required Term
Loan Lenders, and (b) in respect of the Term Loan First Lien Collateral, the Required ABL Lenders. 
 “Junior
Obligations Secured Parties” means (a) in respect of the Term Loan First Lien Collateral, the ABL Secured Parties, and (b) in respect of the ABL First Lien Collateral, the Term Loan Secured Parties. 
  

 Express – Intercreditor Agreement 
 - 4 - 

 “Loan Documents” means, collectively, the Term Loan Documents and
the ABL Loan Documents. 
 “Maximum Obligations Amount” means (a) in respect of the Term Loan
Credit Agreement, the sum of (i) the aggregate principal amount of Term Loan Obligations up to, but not in excess of, $220,000,000 plus (ii) any interest, fees, attorneys fees, costs, expenses, and indemnities payable on account of
such principal amount under the Term Loan Credit Agreement in respect thereof, plus (iii) all amounts owing under Secured Hedge Agreements (as defined in the Term Loan Credit Agreement), minus the aggregate amount of all payments
and prepayments of principal of Advances (as defined in the Term Loan Credit Agreement) made from and after the date hereof; and (b) in respect of the ABL Credit Agreement, the sum of (i) the aggregate principal amount (including the
undrawn amount of all letters of credit and all other credit accommodations) of ABL Obligations up to, but not in excess of, $300,000,000 plus (ii) any interest, fees, attorneys fees, costs, expenses, and indemnities payable on account
of such principal amount under the ABL Credit Agreement in respect thereof, plus (iii) all amounts owing under Secured Hedge Agreements (as defined in the ABL Credit Agreement), minus the aggregate amount of all permanent
reductions of the Revolving Credit Commitments from and after the date hereof; provided that in no event shall this definition limit amounts owing under Secured Hedge Agreements. 
 “MS&Co” has the meaning set forth in the recitals hereto. 
 “New Senior Agent” has the meaning specified in Section 5.8 hereof. 
 “Obligations” means, collectively, the Term Loan Obligations and the ABL Obligations. 
 “paid in full” and “payment in full” means, with respect to any and all Obligations,
(a) payment in full thereof in cash (or otherwise to the written satisfaction of the applicable Secured Parties with respect to such Obligations), (b) in the case of any outstanding Letter of Credit (as defined in the ABL Credit
Agreement), receipt of cash collateral (or a backstop letter of credit in respect thereof on terms acceptable to the Issuing Bank (as defined in the ABL Credit Agreement) and the ABL Administrative Agent) in an amount equal to 102.5% of the
Available Amount (as defined in the ABL Credit Agreement) under such Letter of Credit (as defined in the ABL Credit Agreement), and (c) termination of the Revolving Credit Commitments (as defined in the ABL Credit Agreement) and all other
Obligations of the applicable Secured Parties under the ABL Loan Documents. 
 “Parent” has the meaning
set forth in the recitals hereto. 
 “Refinance” means, in respect of any indebtedness, to refinance,
extend, renew, defease, amend, modify, supplement, restructure, replace, refund or repay, or to issue other indebtedness, in exchange or replacement for, such indebtedness in whole or in part; provided that the Refinancing indebtedness is secured by
Liens in respect of the same assets and properties that secured the Refinanced indebtedness prior to such Refinancing. “Refinanced” and “Refinancing” shall have correlative meanings. hereof. 
 “Recovery” has the meaning specified in Section 6.4 hereof. 
 “Required ABL Lenders” means the “Required Lenders” under and as defined in the ABL Credit Agreement.

 “Required Term Loan Lenders” means the “Required Lenders” under and as defined in the Term
Loan Credit Agreement. 
  

 Express – Intercreditor Agreement 
 - 5 - 

 “Secured Parties” means, collectively, the Term Loan Secured Parties
and the ABL Secured Parties. 
 “Security Agreements” means, collectively, the Term Loan Security
Agreement and the ABL Security Agreement. 
 “Senior Administrative Agent” means (a) in respect of
the Term Loan First Lien Collateral, the Term Loan Administrative Agent, and (b) in respect of the ABL First Lien Collateral, the ABL Administrative Agent. 
 “Senior Collateral Agent” means (a) in respect of the ABL First Lien Collateral, the ABL Collateral Agent, and (b) in respect of the Term Loan First Lien Collateral, the
Term Loan Collateral Agent. 
 “Senior Credit Agreement” means (a) in respect of the ABL First Lien
Collateral, the ABL Credit Agreement, and (b) in respect of the Term Loan First Lien Collateral, the Term Loan Credit Agreement. 
 “Senior Documents” means (a) in respect of the Term Loan First Lien Collateral, the Term Loan Documents and (b) in respect of the ABL First Lien Collateral, the ABL Loan Documents. 
 “Senior Liens” means (a) in respect of the ABL First Lien Collateral, the ABL Liens on such Collateral, and
(b) in respect of the Term Loan First Lien Collateral, the Term Loan Liens on such Collateral. 
 “Senior
Obligations” means (a) to the extent such ABL Obligations are secured by the ABL First Lien Collateral, the ABL Obligations, and (b) to the extent such Term Loan Obligations are secured by the Term Loan First Lien Collateral,
the Term Loan Obligations. 
 “Senior Obligations Collateral” means (a) with respect to the Term
Loan Obligations, the Term Loan First Lien Collateral, and (b) with respect to the ABL Obligations, the ABL First Lien Collateral. 
 “Senior Obligations Collateral Documents” means (a) in respect of the ABL First Lien Collateral, the ABL Collateral Documents, and (b) with respect to the Term Loan First
Lien Collateral, the Term Loan Collateral Documents. 
 “Senior Obligations Event of Default” means
(a) in respect of the ABL First Lien Collateral and the ABL Obligations in relation thereto, an ABL Event of Default and (b) in respect of the Term Loan First Lien Collateral and the Term Loan Obligations in relation thereto, a Term Loan
Event of Default. 
 “Senior Obligations Required Lenders” means (a) with respect to the ABL First
Lien Collateral, the Required ABL Lenders, and (b) with respect to the Term Loan First Lien Collateral, the Required Term Loan Lenders. 
 “Senior Obligations Secured Parties” means (a) with respect to the Term Loan First Lien Collateral, the Term Loan Secured Parties, and (b) with respect to the ABL First
Lien Collateral, the ABL Secured Parties. 
  

 Express – Intercreditor Agreement 
 - 6 - 

 “Senior Security Agreement” means (a) in respect of the ABL
First Lien Collateral, the ABL Security Agreement, and (b) in respect of the Term Loan First Lien Collateral, the Term Loan Security Agreement. 
 “Subsidiary Guarantors” means the “Subsidiary Guarantors” as defined in the Credit Agreements. 
 “Term Loan Administrative Agent” has the meaning specified in the Preliminary Statements. 
 “Term Loan Collateral” means all of the assets and properties subject to Liens created by the Term Loan Collateral
Documents to secure Term Loan Obligations. 
 “Term Loan Collateral Agent” means the Term Loan
Collateral Agent referred to herein and any successor agent thereto pursuant to the Term Loan Credit Agreement, or if there is no acting Term Loan Collateral Agent under the Term Loan Credit Agreement and the other Term Loan Documents, the Required
Term Loan Lenders. 
 “Term Loan Collateral Documents” means the “Collateral Documents” as
defined in the Term Loan Credit Agreement. 
 “Term Loan Credit Agreement” has the meaning
specified in Preliminary Statements. 
 “Term Loan Credit Agreement” has the meaning specified in
Preliminary Statements. 
 “Term Loan Event of Default” means an “Event of Default” as defined
in the Term Loan Credit Agreement. 
 “Term Loan First Lien Collateral” means any and all of the
following assets and properties now owned or at any time hereafter acquired by any Loan Party (other than Excluded Assets (as defined in the Term Loan Security Agreement)): (a) owned real property, Fixtures and Equipment; (b) all
Intellectual Property; (c) all Equity Interests in the Borrower and its Subsidiaries; (d) all General Intangibles, Chattel Paper, Instruments and Documents (other than General Intangibles, Chattel Paper, Instruments and Documents that are
ABL First Lien Collateral); (e) all Payment Intangibles that relate to real property, Fixtures or Equipment; (f) all intercompany indebtedness of the Parent and its Subsidiaries; (g) all permits and licenses related to any of the
foregoing (including any permits or licenses related to ownership or operation of real property, Fixtures or Equipment of any Loan Party); (h) all proceeds of insurance that relate to the foregoing; (i) all books and records related to the
foregoing and not constituting ABL First Lien Collateral; (j) all other Collateral not constituting ABL First Lien Collateral; and (k) all products and proceeds of the foregoing. All capitalized terms used in this definition and not
defined elsewhere in this Agreement have the meanings assigned to them in the UCC (except “Loan Party”). 
 “Term Loan Lender Parties” means the “Lender Parties” under and as defined in the Term Loan Credit Agreement. 
 “Term Loan Lenders” means the “Lenders” under and as defined in the Term Loan Credit Agreement. 
 “Term Loan Liens” means the Liens on the Term Loan Collateral created under the Term Loan Collateral Documents to
secure the Term Loan Obligations. 
  

 Express – Intercreditor Agreement 
 - 7 - 

 “Term Loan Documents” means the “Loan Documents” under and
as defined in the Term Loan Credit Agreement. 
 “Term Loan Obligations” means the
“Obligations” (under and as defined in the Term Loan Credit Agreement) of the Loan Parties under the Term Loan Documents, whether or not such claim is discharged, stayed or otherwise affected by any proceeding referred to in
Section 6.01(f) of the Term Loan Credit Agreement. 
 “Term Loan Secured Parties” means, at
any relevant time, the holders of the Term Loan Obligations outstanding at such time. 
 “Term Loan Security
Agreement” means the “Term Loan Security Agreement” under and as defined in the Term Loan Credit Agreement. 
 “Uniform Commercial Code” or “UCC” means the Uniform Commercial Code of the State of New York, as amended. 
 “Wells Fargo” has the meaning specified in the recitals hereto. 
 Section 2. Lien Priorities 
 2.1 Relative Priorities 
 Notwithstanding the date, manner or order of grant, attachment or perfection of any Lien granted to the ABL Collateral Agent or the ABL
Secured Parties on the Collateral or of any Lien granted to the Term Loan Collateral Agent or the Term Loan Secured Parties on the Collateral and notwithstanding any provision of the UCC, or any applicable laws or decision or the ABL Loan Documents
or the Term Loan Documents or any other circumstance whatsoever (including, without limitation, any non-perfection of any Lien securing or purporting to secure the ABL Obligations or the Term Loan Obligations), each Junior Obligations Secured Party
(by its acceptance of the benefits of the Junior Documents) agrees that: (a) any Senior Lien on the Collateral securing the Senior Obligations now or hereafter held by or for the benefit of the Senior Obligations Secured Parties, regardless of
how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall be senior in all respects and prior to any Junior Lien on such Collateral securing the Junior Obligations; and (b) any Junior Lien on the Collateral
securing the Junior Obligations now or hereafter held by or for the benefit of the Junior Obligations Secured Parties, regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall be junior and subordinate
in all respects to all Senior Liens on such Collateral securing the Senior Obligations. 
 2.2 Prohibition on Contesting
Liens 
 Each Junior Obligations Secured Party (by its acceptance of the benefits of the Junior Documents) agrees that it
shall not, and hereby waives any right to, contest, or support any other Person in contesting, in any proceeding (including, without limitation, any Insolvency or Liquidation Proceeding), the priority, validity or enforceability of any Lien held by
the Senior Obligations Secured Parties in the Collateral. Each Senior Obligations Secured Party (by its acceptance of the benefits of the Senior Documents) agrees that it shall not, and hereby waives any right to, contest, or support any other
Person in contesting, in any proceeding (including, without limitation, any Insolvency or Liquidation Proceeding), the priority, validity or enforceability of any Lien held by the Junior Obligations Secured Parties in the Collateral; provided
that this Section 2.2 shall not be construed to prevent or impair the rights of the Senior Obligations Secured Parties to enforce this Agreement, including without limitation, the priority of Liens in Section 2.1 and the
exercise of remedies in Section 3.1 
  

 Express – Intercreditor Agreement 
 - 8 - 

 2.3 No New Liens 
 Until the payment in full of the Senior Obligations has occurred, the parties hereto agree that no Loan Party shall, or shall permit any of
its Subsidiaries (other than Excluded Subsidiaries) to, (i) grant or permit any additional Liens on any asset or property to secure any Junior Obligation unless it has granted a Lien on such asset or property to secure the Senior Obligations,
or (ii) grant or permit any additional Liens on any asset or property to secure any Senior Obligations unless it has granted a Lien on such asset or property to secure the Junior Obligations and any such Lien referred to in this
Section 2.3 shall be subject to the provisions of Section 2.1 and Section 3.1. To the extent that the foregoing provisions are not complied with for any reason, without limiting any other rights and remedies
available to the Senior Obligations Secured Parties, each Junior Obligations Secured Party (by its acceptance of the benefits of the applicable Loan Documents) agrees that any amounts received by or distributed to any Junior Obligations Secured
Party pursuant to or as a result of Liens granted in contravention of this Section 2.3 shall be subject to Section 3.2. 
 Section 3. Enforcement; Application of Proceeds of Collateral and Other Payments 
  

	 	3.1	Exercise of Remedies 

 (a)
So long as the Senior Obligations have not been paid in full, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against the Borrower, the Parent or any of its Subsidiaries (other than Excluded Subsidiaries),
(i) the Junior Collateral Agent and the Junior Obligations Secured Parties (by their acceptance of the benefits of the Junior Documents) will not (1) exercise or seek to exercise any rights or remedies with respect to any Senior
Obligations Collateral securing the Junior Obligations, (2) institute any action or proceeding with respect to such Senior Obligations Collateral securing the Junior Obligations (including, without limitation, any action of foreclosure, contest
or protest) or (3) object to any foreclosure proceeding or action brought by the Senior Collateral Agent or any Senior Obligations Secured Party or the exercise of any right under any Senior Obligations Collateral Document or similar agreement
or arrangement to which the Senior Collateral Agent or any Senior Obligations Secured Party is a party, or any other exercise by any such party of any rights and remedies, in each case relating to the Senior Obligations Collateral under the Senior
Documents or otherwise; or, except as provided herein, object to any release of any or all of the Senior Obligations Collateral for any purpose, or object to the forbearance by the Senior Collateral Agent or Senior Obligations Secured Parties from
bringing or pursuing any foreclosure proceeding or action or any other exercise of any rights or remedies relating to the Senior Obligations Collateral; provided, however, that nothing herein shall be construed to impair the right of
the Junior Obligations Secured Parties to exercise their rights and remedies as unsecured creditors pursuant to Section 5.4 of this Agreement; and (ii) subject to the rights of the Junior Collateral Agent and the Junior Obligations
Secured Parties under the proviso to clause (i) above, the Senior Collateral Agent and the Senior Obligations Secured Parties shall have the exclusive right to enforce rights, exercise remedies and make determinations regarding release,
disposition, or restrictions with respect to the Senior Obligation Collateral without any consultation with or the consent of the Junior Collateral Agent or any other Junior Obligations Secured Party, and the Junior Collateral Agent shall take any
action reasonably requested by the Senior Collateral Agent in order to effectuate any such enforcement, exercise, release or disposition; provided, however, that (x) in any Insolvency or Liquidation Proceeding commenced by or
against any Loan Party, the Junior Collateral Agent may file a claim or statement of interest with respect to the Junior Obligations Collateral, (y) the Junior Collateral Agent and the Junior Obligations Secured Parties may take any action not

  

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adverse to the Senior Obligations Secured Parties in order to preserve or protect their rights in the Senior Obligations Collateral and the Junior Collateral Agent may act in coordination with,
and not in a manner adverse to, the Senior Collateral Agent and the Senior Obligations Secured Parties in exercising any remedies initiated by the Senior Collateral Agent or Senior Obligations Secured Parties with respect to the Senior Obligations
Collateral, and (z) at any time that a Junior Obligations Event of Default has occurred and as long as such Junior Obligations Event of Default is continuing, the Required ABL Lenders or the Required Term Loan Lenders, as applicable, may
instruct the applicable Junior Administrative Agent to declare Junior Obligations under the applicable Junior Credit Agreement to be forthwith due and payable in accordance with Section 6.01 of the applicable Junior Credit Agreement,
whereupon the Junior Obligations shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind. In exercising rights and remedies with respect to the Senior Obligations Collateral, the Senior
Collateral Agent and each Senior Obligations Secured Party (by its acceptance of the benefits of the Senior Documents) may enforce the provisions of the Senior Documents and exercise remedies thereunder, all in such order and in such manner as they
may determine in the exercise of their sole discretion, subject to acting in a commercially reasonable manner in accordance with the UCC and the terms of this Agreement and the other Senior Documents. Such exercise and enforcement shall include,
without limitation, the rights of an agent appointed by them to sell or otherwise dispose of such Senior Obligations Collateral upon foreclosure, to incur expenses in connection with such sale or disposition, and to exercise all the rights and
remedies of a secured lender under the Uniform Commercial Code of any applicable jurisdiction and of a secured creditor under Debtor Relief Laws. 
 (b) The Junior Collateral Agent and each Junior Obligations Secured Party (by its acceptance of the benefits of the Junior Documents) agrees that it shall not, with respect to the Junior Obligations, take
or receive from or on behalf of any Loan Party or any Subsidiary of a Loan Party, directly or indirectly, in cash or other property or by setoff, counterclaim or in any other manner (whether pursuant to any enforcement, collection, execution, levy,
foreclosure action or other proceeding or otherwise) any Senior Obligations Collateral or any proceeds of Senior Obligations Collateral, unless and until all Senior Obligations have been paid in full in accordance with Section 3.2
hereof. Without limiting the generality of the foregoing, unless and until the Senior Obligations have been paid in full, except as expressly provided herein, the sole right of the Junior Collateral Agent and the Junior Obligations Secured Parties
with respect to the Senior Obligations Collateral is to hold a Lien on the Senior Obligations Collateral pursuant to the Junior Documents for the period and to the extent granted therein and to receive a share of the proceeds thereof, if any, after
payment in full of the Senior Obligations; provided, however, that nothing in this paragraph shall be construed to impair the right of the Junior Obligations Secured Parties to receive payments of principal, interest, fees and other
amounts in respect of the Junior Obligations as provided for in the applicable Credit Agreement and the Notes referred to in such applicable Credit Agreement, and to enforce the making of such payments by bringing suit at law (but not,
except as provided in Section 3.1(a)(i) above, to exercise any rights in respect of the Liens of the Junior Collateral Agent on the Senior Obligations Collateral) with respect to any unpaid amounts of such payments. Each of the Junior
Collateral Agent and the Junior Obligations Secured Parties (by its acceptance of the benefits of the Junior Documents): (i) further agrees that the Junior Collateral Agent and the other Junior Obligations Secured Parties will not take any
action that would be reasonably likely to (w) hinder, delay, limit, impede or prohibit any exercise of remedies by the Senior Collateral Agent to the extent related to satisfying the Senior Obligations, including any collection, sale, lease,
exchange, transfer or other disposition of the Senior Obligations Collateral, whether by foreclosure or otherwise, (x) limit, invalidate, avoid or set aside any Senior Lien or Collateral Document securing or purporting to secure the Senior
Obligations, (y) subordinate the priority of the Senior Liens to the Junior Liens or (z) grant the Junior Liens securing the Junior Obligations equal ranking to the Senior Liens securing the Senior Obligations and (ii) hereby waives
any and all rights it may have (other than as specified herein) as a junior lien creditor or otherwise (whether arising under the UCC or under any other applicable law) to object to the manner in which the Senior Collateral Agent or the Senior
Obligations

  

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Secured Parties seek to enforce or collect the Senior Obligations or enforce the Senior Liens now or hereafter granted in any Senior Obligations Collateral to secure the Senior Obligations,
regardless of whether any action or failure to act by or on behalf of the Senior Collateral Agent or the Senior Obligations Secured Parties is adverse to the interest of the Junior Obligations Secured Parties. 
 3.2 Application of Proceeds of Collateral and Other Payments 
 (a) So long as the payment in full of the ABL Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding has been
commenced by or against any Loan Party, all ABL First Lien Collateral or proceeds thereof received in connection with the sale or other disposition of, or collection on, such ABL First Lien Collateral upon the exercise of remedies by the ABL
Administrative Agent or ABL Secured Parties or otherwise, shall be applied by the ABL Administrative Agent to the ABL Obligations in such order as specified in the ABL Credit Agreement. 
 (b) Upon the payment in full of all ABL Obligations, the ABL Administrative Agent shall deliver to the Term Loan Administrative Agent any
ABL First Lien Collateral and proceeds of ABL First Lien Collateral held by it in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct to be applied by the Term Loan Administrative
Agent in such order as specified in the Term Loan Credit Agreement. Thereafter, so long as the payment in full of the Term Loan Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against
any Grantor, all ABL First Lien Collateral or proceeds thereof received in connection with the sale or other disposition of, or collection on, such ABL First Lien Collateral upon the exercise of remedies by the Term Loan Administrative Agent or
otherwise, shall be applied by the Term Loan Administrative Agent to the Term Loan Obligations in such order as specified in the Term Loan Credit Agreement. 
 (c) So long as the payment in full of the Term Loan Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Loan Party, all Term Loan
First Lien Collateral or proceeds thereof received in connection with the sale or other disposition of, or collection on, such Term Loan First Lien Collateral upon the exercise of remedies by the Term Loan Administrative Agent or Term Loan Secured
Parties or otherwise, shall be applied by the Term Loan Administrative Agent to the Term Loan Obligations in such order as specified in the Term Loan Credit Agreement. 
 (d) Upon the payment in full of Term Loan Obligations, the Term Loan Administrative Agent shall deliver to the ABL Administrative Agent any Term Loan First Lien Collateral and proceeds of Term Loan First
Lien Collateral held by it in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct to be applied by the ABL Administrative Agent in such order as specified in the ABL Credit
Agreement. Thereafter, so long as the payment in full of the ABL Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, all Term Loan First Lien Collateral or proceeds
thereof received in connection with the sale or other disposition of, or collection on, such Term Loan First Lien Collateral upon the exercise of remedies by the ABL Administrative Agent or otherwise, shall be applied by the ABL Administrative Agent
to the ABL Obligations in such order as specified in the ABL Credit Agreement. 
 3.3 Rights of ABL Collateral Agent

 Notwithstanding anything contained in this Agreement to the contrary, subject to the priorities and preferences set forth
herein, and at all times prior to the payment in full of all ABL Obligations, in connection with the exercise by the ABL Collateral Agent of its rights and remedies

  

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hereunder and under the ABL Loan Documents with respect to the ABL First Lien Collateral, in accordance with Section 5.01(f) of the ABL Credit Agreement, the ABL Collateral Agent shall have
the right to enter one or more premises of the Loan Parties, whether leased or owned, at any time during reasonable business hours, without force or process of law and without obligation to pay rent or compensation to any Loan Party to assemble,
appraise, display, operate, sever, remove, maintain, manufacture, prepare for sale or lease, repair, lease, transfer and/or sell the ABL First Lien Collateral or any part thereof and may use any Term Loan First Lien Collateral constituting equipment
located thereon as well as intellectual property of (or licensed by) any Loan Party necessary in respect of any Collateral in respect of the foregoing activities, and may use and have access to all books and records of the Loan Parties located
thereon and may have access to and use of any other property to which such access and use are granted under the ABL Loan Documents; provided that such access and use shall be for purposes of enforcing the rights of the ABL Collateral Agent and the
ABL Secured Parties with respect to the ABL First Lien Collateral in accordance with the priorities, rights and preferences set forth herein. In furtherance of the foregoing, the Term Loan Collateral Agent hereby agrees that, if the ABL Collateral
Agent shall require rights available under any permit, license, lease, contract or other contractual right or interest (including in respect of intellectual property) controlled by the Term Loan Collateral Agent in order to realize on, or exercise
any rights or remedies in respect of, any ABL First Lien Collateral, the Term Loan Collateral Agent shall take all such actions as shall be available to it, consistent with applicable law and as reasonably requested by the ABL Collateral Agent, to
make such rights available to the ABL Collateral Agent, including, if necessary, by granting to the ABL Collateral Agent non-exclusive, royalty-free, rent-free licenses (subject to the terms of the underlying license) and leases, as the ABL
Collateral Agent reasonably determines to be necessary in connection with the exercise of its rights and remedies in respect of the ABL First Lien Collateral. In order to facilitate the purpose of this Section 3.3, any mortgage of, assignment
of, security interest in or other Lien on the Term Loan First Lien Collateral shall be subject to the ABL Collateral Agent’s rights of access and use described above. 
 Section 4. Payments 
  

	 	4.1	Payments Over 

 Unless and
until all Senior Obligations shall have been paid in full, any Senior Obligations Collateral or proceeds thereof or any payment received by the Junior Collateral Agent or any Junior Obligations Secured Party (by its acceptance of the benefits of the
Junior Documents, so agreeing) from proceeds of the Senior Obligations Collateral in contravention of this Agreement shall be segregated and held in trust and forthwith paid over to the Senior Collateral Agent in the same form as received, with any
necessary endorsements or as a court of competent jurisdiction may otherwise direct. The Senior Collateral Agent is hereby authorized to make any and all such endorsements as agent for the Junior Collateral Agent or any such Junior Obligations
Secured Party. This authorization is coupled with an interest and is irrevocable, and is in addition to the rights of the Senior Collateral Agent under Section 5.5; provided, however, that nothing in this
Section 4.1 shall be construed to impair the right of the Junior Obligations Secured Parties to receive payments of principal, interest, fees and other amounts in respect of the Junior Obligations as provided for in the applicable Junior
Credit Agreement and the Notes referred to in the applicable Junior Credit Agreement, and to enforce the making of such payments by bringing suit at law (but not, except as provided in Section 3.1(a)(i) above, to exercise any rights in
respect of the Liens of the Junior Collateral Agent on the Senior Obligations Collateral) with respect to any unpaid amounts of such payments. 
  

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 Section 5. Other Agreements 
  

	 	5.1	Releases 

 (a) Other than
in connection with the payment in full of the Senior Obligations (unless such payment in full is made with proceeds from an Enforcement Action or other dispositions of Collateral), upon any release, sale or disposition of Senior Obligations
Collateral permitted pursuant to the terms of the Senior Obligations Collateral Documents and any agreements governing the Senior Obligations that results in the release of the Senior Lien on any Senior Obligations Collateral (including without
limitation any sale or other disposition pursuant to any Enforcement Action), the Junior Lien on such Senior Obligations Collateral (but not on any proceeds of such Senior Obligations Collateral which is not required to be paid to the Senior
Obligations Secured Parties) shall be automatically and unconditionally released with no further consent or action of any Person. 
 (b) Each of the Junior Administrative Agent and Junior Collateral Agent, on behalf of itself and the other Junior Obligations Secured Parties, at the sole cost and expense of the Loan Parties, shall promptly execute and deliver such release
documents and instruments and shall take such further actions as the applicable Senior Administrative Agent and Senior Collateral Agent shall request to evidence any release of the Junior Lien described in paragraph (a) above. Each of the
Junior Administrative Agent and Junior Collateral Agent and each other Junior Obligations Secured Party hereby appoints the applicable Senior Administrative Agent and Senior Collateral Agent and any officer or duly authorized person of such Senior
Administrative Agent and Senior Collateral Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power of attorney in the place and stead of the Junior Obligations Secured Parties and in the name of
the Junior Obligations Secured Parties or in the applicable Senior Administrative Agent and Senior Collateral Agent’s own name, from time to time, in such Senior Administrative Agent and Senior Collateral Agent’s sole discretion, for the
purposes of carrying out the terms of this paragraph, to take any and all appropriate action and to execute and deliver any and all documents and instruments as may be necessary or desirable to accomplish the purposes of this paragraph, including,
without limitation, any financing statements, endorsements, assignments, releases or other documents or instruments of transfer (which appointment, being coupled with an interest, is irrevocable). 
 5.2 Insurance 
 Unless and until the Senior Obligations are paid in full, the Senior Obligations Secured Parties shall have the sole and exclusive right, subject to the rights of the Borrower and the other Loan Parties
under the Loan Documents (including reinvestment rights under the definition of “Net Cash Proceeds” in the Term Loan Credit Agreement), to adjust settlement for any insurance policy covering the Senior Obligations Collateral in the event
of any loss thereunder and to approve any award granted in any condemnation or similar proceeding affecting the Senior Obligations Collateral. Subject to the right of the Borrower and the other Loan Parties under the Loan Documents, unless and until
the Senior Obligations have been paid in full, all proceeds of any such policy and any such award shall be paid to the applicable Senior Collateral Agent for application to the Senior Obligations. Unless and until the Senior Obligations are paid in
full, if the applicable Junior Collateral Agent or any applicable Junior Obligations Secured Party shall, at any time, receive any proceeds of any such insurance policy or any such award in contravention of this Agreement, it shall pay such proceeds
over to the Senior Collateral Agent in accordance with the terms of Section 4 hereof (each of the Junior Obligations Secured Parties so agreeing by its acceptance of the benefits of the Junior Documents). In the event the Senior
Administrative Agent, Senior Collateral Agent or Senior Obligations Secured Parties, pursuant to the terms of the Senior Documents, allow, or the terms of the Senior Documents, without regard to the consent of the Senior Administrative Agent, Senior
Collateral Agent or Senior Obligations Secured Parties, allow, any portion of such insurance proceeds or condemnation or similar award to be used by the Borrower or any Subsidiary to repair or replace the Senior Obligations Collateral affected or
for any other purpose, each of the Junior Collateral Agent and Junior Obligations Secured Parties (by their acceptance of the benefits of the Junior Documents) hereby consents thereto. Except as contemplated in the previous sentence or as

  

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otherwise provided under the Loan Documents, any payment paid to the Senior Administrative Agent or Senior Collateral Agent under this Section 5.2 shall be applied to the Senior
Obligations in accordance with the Senior Documents. 
 5.3 INTENTIONALLY OMITTED. 
 5.4 Rights As Unsecured Creditors 
 Except as otherwise set forth in Section 3.1 of this Agreement, the Junior Collateral Agent and the Junior Obligations Secured Parties may exercise rights and remedies as unsecured creditors
against the Borrower or any Guarantor that has guaranteed the Junior Obligations in accordance with the terms of the Junior Documents and applicable law. Except as otherwise set forth in Section 3.1 of this Agreement, nothing in this
Agreement shall prohibit the receipt by the Junior Collateral Agent or any Junior Obligations Secured Party of the required payments or optional or required prepayments of interest and principal and other amounts due in respect of the Junior
Obligations so long as such receipt is not the direct or indirect result of the exercise by the Junior Collateral Agent or any Junior Obligations Secured Parties of rights or remedies as a secured creditor or enforcement in contravention of this
Agreement or any other Junior Document of any Lien held by any of them. 
 5.5 Senior Collateral Agent as Bailee;
Representative; Relationship 
 (a) The Senior Collateral Agent agrees that if it has in its possession or control any Senior
Obligations Collateral (or such is in the possession or control of its agents or bailees), it will serve as bailee or as agent, as the case may be, for the Junior Collateral Agent, and any permitted assignee thereof, solely for the purpose of
perfecting the security interest granted in such Collateral to the Junior Collateral Agent pursuant to the Junior Obligations Collateral Documents, subject to the terms and conditions of this Section 5.5. For the avoidance of doubt,
solely for purposes of perfecting the Liens in favor of the Term Loan Collateral Agent, the ABL Collateral Agent agrees that it shall be the agent of the Term Loan Collateral Agent with respect to any deposit accounts, securities accounts or other
documents or instruments included in the Collateral that are controlled or held by the ABL Collateral Agent. 
 (b) Subject to
applicable law, except as otherwise expressly provided for herein, until the Senior Obligations are paid in full, the Senior Collateral Agent shall be entitled to deal with the Senior Obligations Collateral in accordance with the terms of the Senior
Documents as if the Liens of the Junior Obligations Secured Parties under the applicable Junior Documents did not exist. The rights of the Junior Collateral Agent and the Junior Obligations Secured Parties with respect to the Senior Obligations
Collateral shall at all times be subject to the terms of this Agreement. 
 (c) Subject to applicable law, the Senior Collateral
Agent shall have no obligation whatsoever to the Junior Collateral Agent or any Junior Obligations Secured Party to assure that the Senior Obligations Collateral is genuine or owned by any Loan Party or to preserve the rights or benefits of any
Person. 
 (d) Neither the Senior Collateral Agent nor any Senior Obligations Secured Party shall have by reason of the Senior
Documents, Junior Documents, this Agreement or any other document a fiduciary relationship in respect of the Junior Collateral Agent or any Junior Obligations Secured Party (each of the Junior Obligations Secured Parties so agreeing by its
acceptance of the benefits of the Junior Documents). Neither the Junior Collateral Agent nor any Junior Obligations Secured Party shall have by reason of the Junior Documents, this Agreement or any other document a fiduciary relationship in respect
of the Senior Collateral Agent or any Senior Obligations Secured Party (each of the Senior Obligations Secured Parties so agreeing by its acceptance of the benefits of the Senior Documents). 
  

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 (e) Each Senior Obligations Secured Party (by its acceptance of the benefits of the Senior
Documents) hereby authorizes the Senior Collateral Agent, upon the payment in full of the Senior Obligations, to deliver to the Junior Collateral Agent the Senior Obligations Collateral held or received by it, together with any necessary endorsement
and any other proceeds of Senior Obligations Collateral held by it. 
 (f) The Senior Collateral Agent and the Junior Collateral
Agent shall each be entitled to rely upon any certificate, notice, consent or other instrument in writing (including any facsimile transmission) believed by such Senior Collateral Agent to be genuine and correct and to have been signed or sent or
made by or on behalf of a proper Person. 
 (g) In furtherance and not in limitation of the provisions of this
Section 5.5, in any Insolvency or Liquidation Proceeding commenced by or against a Loan Party, the Senior Collateral Agent may file proofs of claim or statements of interest on behalf of the Junior Obligations Secured Parties with
respect to the Junior Obligations. 
 (h) The Borrower and each other Loan Party agrees that each Junior Obligations Collateral
Document shall include the following language (or language to similar effect approved by the Senior Collateral Agent): 
 “Notwithstanding anything herein to the contrary, the lien and security interest granted to the [Junior Collateral Agent] pursuant to this Agreement and the exercise of any right or remedy by the [Junior Collateral Agent] hereunder
with respect to the [ABL First Lien Collateral] [Term Loan First Lien Collateral] are subject to the provisions of the Intercreditor Agreement, dated as of July 6, 2007 (as amended, amended and restated, supplemented or otherwise modified from
time to time, the “Intercreditor Agreement”), among Morgan Stanley Senior Funding, Inc., as Term Loan Administrative Agent, Morgan Stanley & Co. Incorporated, as Term Loan Collateral Agent, [Wells Fargo
Retail], as ABL Administrative Agent and as ABL Collateral Agent, Express, LLC and certain other persons party or that may become party thereto from time to time. As among the ABL Secured Parties and the Term Loan Secured Parties, in the event of
any conflict between the terms of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall govern and control.” 
 5.6 Option to Purchase 
 (a) Upon the occurrence and during the continuance
of an ABL Event of Default set forth in Section 6.01(a) or Section 6.01(f) of the ABL Credit Agreement and upon receipt by the Term Loan Administrative Agent of notice from the ABL Administrative Agent of (i) the acceleration of the
ABL Obligations or (ii) the enforcement of the rights and remedies of the ABL Collateral Agent or the other ABL Secured Parties with respect to the ABL Collateral, the Term Loan Lenders shall have the option to purchase pursuant to an
Assignment and Acceptance all, but not less than all, of the ABL Obligations outstanding at the time of such purchase or, in the case of the Secured Hedge Agreements, an amount equal to the Agreement Value (as defined in the ABL Credit Agreement)
and all other rights and claims of the ABL Secured Parties (each of the ABL Secured Parties so agreeing by its acceptance of the benefits of the ABL Loan Documents), and, upon any such purchase, such Term Loan Lenders shall assume and the applicable
ABL Lenders shall be relieved of their obligations under the ABL Loan Documents (including, without limitation, any obligation to advance any further monies or participate in Letters of Credit), for a purchase price equal to the aggregate
outstanding principal amount of the ABL Obligations owing to the ABL Lenders or, in the case of the Secured Hedge Agreements, an amount equal to the Agreement Value (as defined in the ABL Credit Agreement), together with accrued interest thereon to
the date of payment of such principal amount and all other amounts payable to such ABL Lenders under the ABL Loan Documents. 
  

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 (b) Upon the occurrence and during the continuance of a Term Loan Event of Default set forth
in Section 6.01(a) or Section 6.01(f) of the Term Loan Credit Agreement and upon receipt by the ABL Administrative Agent of notice from the Term Loan Administrative Agent of (i) the acceleration of the Term Loan Obligations or
(ii) the enforcement of the rights and remedies of the Term Loan Collateral Agent or the other Term Loan Secured Parties with respect to the Term Loan Collateral, the ABL Lenders shall have the option to purchase pursuant to an Assignment and
Acceptance all, but not less than all, of the Term Loan Obligations outstanding at the time of such purchase or, in the case of the Secured Hedge Agreements, an amount equal to the Agreement Value (as defined in the Term Loan Credit Agreement) and
all other rights and claims of the Term Loan Secured Parties (each of the Term Loan Secured Parties so agreeing by its acceptance of the benefits of the Term Loan Documents), and, upon any such purchase, the ABL Lenders shall assume and the
applicable Term Loan Lenders shall be relieved of their obligations under the Term Loan Documents for a purchase price equal to the aggregate outstanding principal amount of the Term Loan Obligations owing to the Term Loan Lenders or, in the case of
the Secured Hedge Agreements, an amount equal to the Agreement Value (as defined in the Term Loan Credit Agreement), together with accrued interest thereon to the date of payment of such principal amount and all other amounts payable to such Term
Loan Lenders under the Term Loan Documents. 
 (c) The ABL Administrative Agent or Term Loan Administrative Agent, as
applicable, shall be provided with at least five (5) Business Days’ prior written notice of any acceleration or enforcement, of the ABL Obligations or Term Loan Obligations, as applicable, and shall during such period have the option to
provide five (5) Business Days’ prior written irrevocable notice of the exercise of its purchase option in connection therewith; provided, however, in the event of any Exigent Circumstance that results in any such
acceleration or enforcement, the applicable Agent shall not be required to give such five (5) Business Days’ notice and shall instead give such notice as soon as practicable, and the applicable Lenders shall have five (5) Business
Days after the receipt of such notice to provide written irrevocable notice of the exercise of their purchase option. 
 5.7
Amendments to Senior Documents and Junior Documents 
 (a) The Term Loan Documents and the Term Loan Credit Agreement may
be amended, supplemented, waived, departed from or otherwise modified in accordance with their terms, and the Term Loan Credit Agreement may be Refinanced with the same or different lenders or representatives in a Refinancing, in each case without
the consent of the ABL Administrative Agent, the ABL Lenders, the ABL Collateral Agent or the ABL Secured Parties; provided, however, that the holders of any such Refinancing must bind themselves in writing to the terms of this
Agreement and any such amendment, supplement, modification or Refinancing shall not be made without the consent of the ABL Administrative Agent if the effect is to 
 (i) increase the principal amount of the Term Loan Obligations to an amount in excess of the applicable Maximum Obligations
Amount, 
 (ii) increase any applicable interest rate margins by more than 2% per annum, except in connection
with the imposition of a default rate of interest in accordance with the terms of the Term Loan Documents, the application of pricing grid or the incurrence of incremental loans (as in effect on the date hereof or as permitted to be amended hereby),

 (iii) INTENTIONALLY OMITTED, 
  

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 (iv) directly prohibit or restrict the payment of principal of, interest on,
or other amounts payable with respect to the ABL Obligations in a manner that is more restrictive than the prohibitions and restrictions currently contained in the Term Loan Credit Agreement, or 
 (v) subordinate in right of payment any of the Term Loan Obligations, or subordinate the Senior Liens on the Term Loan First
Lien Collateral securing the Term Loan Obligations (other than in a manner consistent with the terms of the Term Loan Credit Agreement as in effect on the date hereof or as permitted to be amended hereby). 
 (b) The ABL Loan Documents and the ABL Credit Agreement may be amended, supplemented, waived, departed from or otherwise modified in
accordance with their terms and the ABL Credit Agreement may be Refinanced with the same or different lenders or representatives in a Refinancing, in each case without the consent of the Term Loan Administrative Agent, the Term Loan Lenders, the
Term Loan Collateral Agent or the Term Loan Secured Parties; provided, however, that the holders of any such Refinancing debt must bind themselves in writing to the terms of this Agreement and any such amendment, supplement,
modification or Refinancing shall not be made without the consent of the Term Loan Administrative Agent if the effect is to: 
 (i) increase the maximum principal amount of the ABL Obligations to an amount in excess of the applicable Maximum Obligations Amount, 
 (ii) increase any applicable interest rate margins by more than 2% per annum, except in connection with the imposition of a
default rate of interest in accordance with the terms of the ABL Loan Documents, the application of pricing grid or the incurrence of incremental loans (as in effect on the date hereof or as permitted to be amended hereby), 
 (iii) INTENTIONALLY OMITTED, 
 (iv) directly prohibit or restrict the payment of principal of, interest on, or other amounts payable with respect to the
Term Loan Obligations in a manner that is more restrictive than the prohibitions and restrictions currently contained in the ABL Credit Agreement, or 
 (v) subordinate in right of payment any of the ABL Obligations, or subordinate the Senior Liens on the ABL First Lien Collateral securing the ABL Obligations (other than in a manner consistent with the
terms of the ABL Credit Agreement as in effect on the date hereof or as permitted to be amended hereby). 
 (c) Notwithstanding
anything contained in this Agreement to the contrary, in the event any Senior Collateral Agent or the Senior Obligations Secured Parties and the relevant Loan Party enter into any amendment, waiver or consent in respect of any of the Senior
Obligations Collateral Documents for the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, any Senior Document or changing in any manner the rights of the Senior Collateral Agent, such Senior
Obligations Secured Parties, the Borrower or any other Loan Party thereunder, then such amendment, waiver or consent shall apply automatically to any comparable provision of the comparable Junior Obligations Collateral Document without the consent
of the Junior Collateral Agent or the Junior Obligations Secured Parties and without any action by the Junior Collateral Agent, the Borrower or any other Grantor, provided, however, that 
 (i) no such amendment, waiver or consent shall have the effect of 
  

 Express – Intercreditor Agreement 
 - 17 - 

 (A) removing assets subject to Junior Liens under the Junior Obligations
Collateral Documents, except to the extent that a release of such Junior Liens are permitted or required by Section 5.1 of this Agreement or, for the avoidance of doubt, in connection with an exercise of remedies under
Section 3.1 of this Agreement the proceeds of which are used to pay Senior Obligations, in each case provided that there is a corresponding release of such Liens securing the Senior Obligations or 
 (B) imposing duties on the Junior Collateral Agent without its consent and 
 (ii) notice of such amendment, waiver or consent shall have been given to the Junior Collateral Agent by the Senior
Collateral Agent or the Senior Administrative Agent within ten (10) Business Days after the effective date of such amendment, waiver or consent. 
 5.8 Actions in Connection with Certain Refinancings 
 If, at any time
concurrently with or after the Senior Obligations are deemed for purposes of this Agreement “paid in full”, any Loan Party enters into a Refinancing of any Senior Obligations, then the obligations under such Refinancing shall automatically
and immediately be treated as Senior Obligations for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Senior Obligations Collateral set forth herein, and the Senior Collateral Agent under the
documents and other instruments evidencing such Refinancing (the “New Senior Agent”) shall be deemed to be the Senior Collateral Agent, and such agreements and other instruments shall be “Senior Documents” for all
purposes of this Agreement and the New Senior Agent shall bind itself in a joinder agreement to this Agreement or other writing, reasonably acceptable to the Junior Administrative Agent. 
 Section 6. Insolvency or Liquidation Proceedings 
 6.1 Financing Issues; Adequate Protection 
 If any Loan Party shall be subject to any Insolvency or Liquidation Proceeding, the Junior Collateral Agent and each Junior Obligations Secured Party (by its acceptance of the benefits of the Junior
Documents) agrees that (a) if the Senior Collateral Agent shall desire to permit the use of cash collateral or to permit the Loan Parties (or any of them) to obtain financing under section 363 or section 364 of the Bankruptcy Code
(“DIP Financing”), the Junior Collateral Agent will not raise any objection to and will not contest (or support any Person in objecting to or contesting) such use of cash collateral or DIP Financing, and (b) the Junior
Collateral Agent will not raise any objection to and will not contest (or support any Person in objecting to or contesting) (x) any request by the Senior Collateral Agent or the Senior Obligations Secured Parties for Adequate Protection or
(y) any objection by the Senior Collateral Agent or the other Senior Obligations Secured Parties to any motion, relief, action or proceeding based on the Senior Obligations Secured Parties claiming a lack of Adequate Protection. Notwithstanding
the foregoing, such agreement of the Junior Collateral Agent and each Junior Obligations Secured Party is conditioned upon: (i) any such use of cash collateral or DIP Financing not modifying the terms of this Agreement without the approval of
the Junior Obligations Required Lenders required to consent thereto pursuant to Section 8.3, (ii) the Junior Collateral Agent, on behalf of itself and on behalf of the Junior Obligations Secured Parties, being able to seek the
benefit of a replacement Lien on the Collateral (including proceeds thereof arising after the commencement of any Insolvency or Liquidation Proceeding) or a Lien on additional collateral, and (iii) the Junior Collateral Agent, on behalf of
itself and on behalf of the Junior Obligations Secured Parties, being able to seek post-petition interest without any objection thereto or contest thereof (or the support of any other Person objecting to or contesting the same) being made by the
Senior Collateral Agent; provided, however, that (x) unless and until all Senior Obligations shall have been paid in full, any request by such Junior Collateral Agent or any Junior

  

 Express – Intercreditor Agreement 
 - 18 - 

 
Obligations Secured Party for Adequate Protection in the form of a replacement Lien on Senior Obligations Collateral or a Lien on additional collateral shall be conditioned on the receipt by the
Senior Collateral Agent, on behalf of the Senior Obligations Secured Parties, of a Lien on such Senior Obligations Collateral or additional collateral and (y) any Lien on such Senior Obligations Collateral or additional collateral securing the
Junior Obligations shall be subordinated in priority to the Liens on such collateral securing the Senior Obligations and any other Liens granted to the Senior Collateral Agent or the Senior Obligations Secured Parties as Adequate Protection on the
same basis as the Liens on the Collateral in favor of the Junior Collateral Agent are subordinated in priority in favor of the Senior Collateral Agent pursuant to the terms and conditions of this Agreement. To the extent the Liens securing the
Senior Obligations are subordinated in priority or pari passu with such DIP Financing, the Junior Collateral Agent will subordinate the priority of its Liens on the Senior Obligations Collateral to such DIP Financing and all Senior
Obligations relating thereto on the same basis as the Liens securing the Junior Obligations are subordinated to the other Senior Obligations under this Agreement. 
 6.2 Relief from the Automatic Stay 
 The Junior Collateral Agent and each
Junior Obligations Secured Party (by its acceptance of the benefits of the Junior Documents) agrees that it will not seek relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect of the Senior
Obligations Collateral, without the prior written consent of the Senior Collateral Agent and the Senior Obligations Required Lenders. 
 6.3 No Waiver 
 Except as provided in Sections 3.1 and 6.1, nothing contained herein shall
prohibit or in any way limit the Senior Collateral Agent or any Senior Obligations Secured Party from objecting in any Insolvency or Liquidation Proceeding or otherwise to any action taken by the Junior Collateral Agent or any Junior Obligations
Secured Party, including, without limitation, the seeking by the Junior Collateral Agent or any Junior Obligations Secured Party of Adequate Protection or the asserting by any Junior Obligations Secured Party of any of its rights and remedies under
the Junior Documents or otherwise. 
 6.4 Preference Issues 
 If any Secured Party is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of the
Borrower or the estate of any other Loan Party any amount (a “Recovery”), then the Obligations of such Secured Party shall be reinstated to the extent of such Recovery and such Secured Party shall be entitled to receive
payment in full of all such recovered amounts. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge,
impair or otherwise affect the obligations of the parties hereto. 
 Section 7. Waivers; etc. 
 7.1 No Waiver of Provisions 
 (a) No right of any party to enforce any provision of this Agreement shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Borrower or any of the other
Loan Parties or by any act or failure to act by any Person, or by any noncompliance by any Person with the terms, provisions and covenants of this Agreement or any of the Loan Documents, regardless of any knowledge thereof which the Senior
Administrative Agent, Senior Collateral Agent, the Senior Obligations Secured Parties, the Junior Administrative Agent, Junior Collateral Agent, the Junior Obligations Secured Parties or any of them, may have or be otherwise charged with.

  

 Express – Intercreditor Agreement 
 - 19 - 

 (b) Each of the Junior Collateral Agent and each Junior Obligations Secured Party (by its
acceptance of the benefits of the Junior Documents) agrees that the Senior Obligations Secured Parties and the Senior Collateral Agent shall have no liability to the Junior Collateral Agent or any Junior Obligations Secured Parties, and the Junior
Collateral Agent and each Junior Obligations Secured Party hereby (by its acceptance of the benefits of the Junior Documents) waives any claim against any Senior Obligations Secured Party or the Senior Collateral Agent arising out of any and all
actions which any of the Senior Obligations Secured Parties or the Senior Collateral Agent may take or permit or omit to take with respect to (i) the Senior Documents, (ii) the collection of the Senior Obligations or (iii) the
foreclosure upon, or sale, liquidation or other disposition of, the Senior Obligations Collateral (except only, in the case of Senior Obligations Collateral, to the extent such foreclosure, sale, liquidation or other disposition is not made in a
commercially reasonable manner in accordance with the UCC or contrary to this Agreement or the other Senior Documents). The Junior Collateral Agent and each Junior Obligations Secured Party (by its acceptance of the benefits of the Junior Documents)
agrees that the Senior Collateral Agent and the Senior Obligations Secured Parties have no duty to them in respect of the maintenance or preservation of the Collateral. 
 (c) Unless and until the Senior Obligations are paid in full, the Junior Collateral Agent and each Junior Obligations Secured Party (by its acceptance of the benefits of the Junior Documents) agrees not
to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of, any marshaling, appraisal, valuation or other similar right that may otherwise be
available under applicable law or any other similar rights a secured creditor may have under applicable law. 
 7.2
Obligations Unconditional 
 All rights, interests, agreements and obligations of the Senior Collateral Agent and the
Senior Obligations Secured Parties and the Junior Collateral Agent and the Junior Obligations Secured Parties, respectively, hereunder shall remain in full force and effect irrespective of: 
 (a) any lack of validity or enforceability of any Loan Documents; 
 (b) any change in the time, manner or place of payment of, or in any other terms of, all or any of the Senior Obligations or
Junior Obligations, or any amendment or waiver or other modification, including, without limitation, any increase in the amount thereof, whether by course of conduct or otherwise, of the terms of either Credit Agreement or of the terms of any of the
other Loan Documents made in accordance with their terms; 
 (c) any exchange, release or nonperfection of any
security interest in any Collateral or any other collateral, or any release, amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the Senior Obligations or Junior Obligations or any
guarantee thereof; 
 (d) the commencement of any Insolvency or Liquidation Proceeding; or 
 (e) any other circumstances which otherwise might constitute a defense available to, or a discharge of, the Borrower or any
other Loan Party in respect of the Senior Obligations, or of any Junior Obligations Secured Party in respect of this Agreement; 
  

 Express – Intercreditor Agreement 
 - 20 - 

 provided, however, that nothing in this Section 7.2 shall be construed to modify
or amend the provisions of Section 5.7 of this Agreement. 
 Section 8. Miscellaneous 

 

	 	8.1	Conflicts 

 Except as
expressly provided herein, in the event of any conflict between the provisions of this Agreement and the provisions of any other Loan Document, the provisions of this Agreement shall govern as among the ABL Secured Parties and the Term Loan Secured
Parties. It is further expressly understood that the Lien priorities and other terms referred to herein shall not in any way modify or relieve the Borrower or any other Loan Party of or from any liability or obligation that the Borrower or any other
Loan Party may have to the Senior Obligations Secured Parties and the Junior Obligations Secured Parties under the applicable Credit Agreement or any of the other applicable Loan Documents. 
 8.2 Continuing Nature of this Agreement 
 This Agreement (other than the provisions in Section 3.2) shall continue to be effective until all Obligations have been paid in full. This is a continuing agreement of lien subordination and
the Senior Obligations Secured Parties may continue, at any time and without notice to the Junior Collateral Agent or any Junior Obligations Secured Party, to extend credit and other financial accommodations and lend monies to or for the benefit of
the Borrower, the Parent or any Subsidiary on the faith hereof. Except as expressly provided herein, the Junior Collateral Agent and each Junior Obligations Secured Party (by its acceptance of the benefits of the Junior Documents) hereby waives any
right it may have under applicable law to revoke this Agreement or any of the provisions of this Agreement. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding.

 8.3 Amendments; Waivers 
 No amendment, modification or waiver of any of the provisions of this Agreement shall be deemed to be made unless the same is made by the Borrower, the ABL Administrative Agent and the Term Loan
Administrative Agent. 
 8.4 Notices 
 Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given shall be made in accordance with Section 9.02 of the Credit Agreements
or in accordance with Section 24 of the ABL Security Agreements and Section 23 of the Term Loan Security Agreement in the case of any Loan Party other than the Borrower. 
 8.5 Further Assurances 
 The Junior Collateral Agent and each Junior Obligations Secured Party (by its acceptance of the benefits of the Junior Documents) agrees that each of them shall, at the Borrower’s expense, take such
further action and shall execute and deliver to the Senior Collateral Agent and the Senior Obligations Secured Parties such additional documents and instruments (in recordable form, if requested) as the Senior Collateral Agent or the other Senior
Obligations Secured Parties may reasonably request to effectuate the terms of and the Lien subordination contemplated by this Agreement. 
  

 Express – Intercreditor Agreement 
 - 21 - 

 8.6 Governing Law 
 This Agreement shall be governed by, and construed in accordance with, the law of the State of New York. 
 8.7 Specific Performance 
 Each of the Agents and the Secured Parties may demand specific performance of this Agreement. Each of the Senior Collateral Agent and each Senior Obligations Secured Party (by its acceptance of the
benefits of the Senior Documents), the Junior Collateral Agent and each Junior Obligations Secured Party (by its acceptance of the benefits of the Junior Documents), as the case may be, hereby irrevocably waives any defense based on the adequacy of
a remedy at law and any other defense which might be asserted to bar the remedy of specific performance in any action which may be brought by the other Person. 
 8.8 Section Titles; Time Periods 
 The section titles contained in this
Agreement are and shall be without substantive meaning or content of any kind whatsoever and are not a part of this Agreement, except when used to reference such sections. In the computation of time periods, unless otherwise specified, the word
“from” means “from and including” and each of the words “to” and “until” means “to but excluding” and the word “through” means “to and
including”. The term “including” when used in this Agreement means “including without limitation”, except when used in the computation of time periods. 
 8.9 Counterparts 
 This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by telecopier of an executed counterpart of a signature
page to this Agreement shall be effective as delivery of an original executed counterpart of this Agreement. The Agents may also require that any such documents and signatures delivered by telecopier be confirmed by a manually-signed original
thereof; provided that the failure to request or deliver the same shall not limit the effectiveness of any document or signature delivered by telecopier. 
 8.10 Effectiveness 
 This Agreement shall become effective when executed and
delivered by the parties hereto. This Agreement shall be effective both before and after the commencement of any Insolvency or Liquidation Proceeding. All references to the Borrower or any other Loan Party shall include the Borrower or such other
Loan Party as debtor and debtor-in-possession and any receiver or trustee for the Borrower or such other Loan Party (as the case may be) in any Insolvency or Liquidation Proceeding. 
 [SIGNATURE PAGES FOLLOW] 
  

 Express – Intercreditor Agreement 
 - 22 - 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above. 
  

			
	MORGAN STANLEY & CO. INCORPORATED, as Senior Collateral Agent and Junior Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:
	
	MORGAN STANLEY SENIOR FUNDING, INC., as Senior Administrative Agent and Junior Administrative Agent 
		
	By:	 	  

		 	Name:
		 	Title:
	
	WELLS FARGO RETAIL FINANCE, LLC, as Senior Collateral Agent and Senior Administrative Agent 
		
	By:	 	  

		 	Name:
		 	Title:
	
	WELLS FARGO RETAIL FINANCE, LLC, as Junior Collateral Agent and Junior Administrative Agent 
		
	By:	 	  

		 	Name:
		 	Title:
	
	EXPRESS, LLC, as Borrower 
		
	By:	 	  

		 	Name:
		 	Title:

  

 Express – Intercreditor Agreement 

 EXHIBIT I 
 FORM OF 
 BORROWING BASE CERTIFICATE 
  

	To:	Wells Fargo Retail Finance, LLC, as Administrative Agent 

 One Boston Place, 18th Floor 
 Boston, MA 02108 
  

			
	Attention:	 	  

	Facsimile:	 	  

	Email:	 	  

 BORROWING BASE CERTIFICATE 
 Date:
                                        

  

					
	(1)	  	Borrowing Base (as set forth on Schedule 1)	  	                      

			
	(2)	  	Aggregate principal amount of all Revolving Credit Advances, Swing Line Advances and Letter of Credit Advances outstanding as of the date hereof	  	                      

			
	(3)	  	Excess Availability:	  	
		  	(1) minus (2)	  	                      

 This report is submitted pursuant to the Asset-Based Loan Credit Agreement, dated as of July 6, 2007, among Express LLC, a Delaware limited liability company (the “Borrower”),
Express Holding, LLC (the “Parent”), the Subsidiary Guarantors party thereto, the Lenders party thereto, the Issuing Bank, the Swing Line Bank, Wells Fargo Finance Retail, LLC, as Administrative Agent and Collateral Agent,
and Morgan Stanley Senior Funding, Inc., as syndication agent (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). The Loan Parties have granted to the Collateral
Agent a valid perfected first priority security interest (subject to Permitted Liens) in all of the Eligible Credit Card Receivables and Eligible Inventory referred to in this certificate pursuant to the Collateral Documents. Unless otherwise
indicated, capitalized terms used herein have the meanings ascribed to them in the Credit Agreement. 
 The undersigned hereby
certifies, with respect to each Eligible Credit Card Receivable listed on Schedule 1 hereto, that (i) no representation or warranty contained in any of the Loan Documents has been breached in any material respect with respect to such
Receivable, and (ii) such Receivable is not ineligible for inclusion in the calculation of the Borrowing Base pursuant to any of clauses (a) through (g) of the definition of “Eligible Credit Card Receivables” in the Credit
Agreement. 
 Express – Exhibit K to ABL Credit Agreement 

 The undersigned hereby further certifies that the amounts and calculations herein and in
Schedule 1 hereto accurately reflect the Accounts, Eligible Credit Card Receivables, Inventory, Eligible Inventory, Borrowing Base and all outstanding amounts. 
  

					
		  	EXPRESS, LLC
			
	Date:                     	  	By:	 	  

		  		 	Name:
		  		 	Title:

 Express – Exhibit K to ABL
Credit Agreement 

 SCHEDULE 1 
 Borrowing Base1 
  

					
	 I.
	 	(a) Aggregate amount of Accounts2 due to a Loan Party from major credit card and debt card processors	 	                          

		
	 Less: aggregate amount of ineligible Accounts (without duplication of Reserves)
	 	
			
		 	(b) Accounts due from major credit card and debit card processors that have been outstanding for more than five (5) Business Days from the date of sale, or for such longer
period(s) as may be approved by the Administrative Agent in its Permitted Discretion;	 	  

			
		 	(c) Accounts due from major credit card and debit card processors with respect to which a Loan Party does not have good, valid and marketable title thereto, free and clear of any
Lien (other than Liens granted to the Collateral Agent for its own benefit and the benefit of the other Secured Parties pursuant to the Collateral Documents, Liens in favor of the agent under the Term Facility, and Permitted Liens);	 	  

			
		 	(d) Accounts due from major credit card and debit card processors that are not subject to a first priority (except as provided in clauses (c) and (e)) security interest in
favor of the Collateral Agent for its own benefit and the benefit of the other Secured Parties);	 	  

			
		 	(e) Accounts due from major credit card and debit card processors which are disputed, or with respect to which a claim, counterclaim, offset or chargeback (other than chargebacks in
the ordinary course by the credit card processors) has been asserted, by the related credit card processor (but only to the extent of such dispute, counterclaim, offset or chargeback);	 	  

			
		 	(f) Except as otherwise approved by the Administrative Agent, Accounts due from major credit card and debit card processors as to which the credit card processor or debit card
processor has the right under certain circumstances to require a Loan Party to repurchase the Accounts from such credit card or debit card processor;	 	  

			
		 	(f) Except as otherwise approved by the Administrative Agent (such approval not to be unreasonably withheld), Accounts arising from any private label credit card program of the Loan
Parties; and	 	  

  

	1	 For purposes of determining the value of Eligible Credit Card Receivables and Eligible Inventory, please see the definition of “Eligible Credit
Card Receivables” in the Credit Agreement. 

	2	 See the definition of “Eligible Credit Card Receivables” in the Credit Agreement. 

  

 i 
 Express – Exhibit K to ABL Credit Agreement 

					
		 	(h) Accounts due from major credit card and debit card processors (other than Visa, Mastercard, Diners Club, American Express and DiscoverCard) which the Administrative Agent
determines in its Permitted Discretion to be unlikely to be collected	 	                      

			
		 	(i) Aggregate amount of ineligible Receivables (sum of I(b) through I(h))	 	
			
		 	(j) Eligible Credit Card Receivables (I(a) less I(i))	 	  

			
	II.	 	(a) Aggregate amount of Inventory3 of the Loan Parties	 	  

		
	Less: ineligible Inventory (without duplication of Reserves)	 	
			
		 	(b) Inventory with respect to which a Loan Party does not have good, valid and marketable title thereto, free and clear of any Lien (other than Liens granted to the Collateral Agent
for its own benefit and the benefit of the other Secured Parties pursuant to the Collateral Documents, Liens in favor of the agent under the Term Facility, and Permitted Liens), or is leased by or is on consignment to a Loan Party, or that is not
solely owned by a Loan Party);	 	  

			
		 	(c) Inventory that (i) is not located in the United States of America or (ii) is stored at a leased or rented location (other than a retail store location) where the
aggregate value of Inventory exceeds $250,000, unless the Administrative Agent has given its prior consent thereto or unless either (x) a Collateral Access Agreement in respect of such location has been delivered to the Administrative Agent or
(y) Reserves reasonably satisfactory to the Administrative Agent have been established with respect thereto, (iii) is stored with a bailee or warehouseman where the aggregate value of Inventory exceeds $250,000, unless either (x) an
acknowledged bailee waiver letter which is in form and substance reasonably satisfactory to the Administrative Agent and the Collateral Agent has been received by the Administrative Agent or (y) Reserves reasonably satisfactory to the
Administrative Agent have been established with respect thereto;	 	  

			
		 	(d) Inventory that represents goods which (i) are damaged, defective, or otherwise unmerchantable, (ii) are to be returned	 	  

  

	3	 See definition of “Eligible Inventory” in the Credit Agreement. 

  

 ii 
 Express – Exhibit K to ABL Credit Agreement 

							
		 	to the vendor and which is no longer reflected in the Loan Parties’ stock ledger, (iii) are special-order items, work in process, raw materials, or that
constitute spare parts, shipping materials or supplies used or consumed in the Borrower’s business, or (iv) are bill and hold goods;	 	
			
		 	(e) Except as otherwise agreed by the Administrative Agent, Inventory that represents goods that do not conform in all material respects to the representations and
warranties contained in the Credit Agreement or any of the Collateral Documents;	 	  

			
		 	(f) Inventory that is not subject to a perfected first priority security interest in favor of the Collateral Agent for its own benefit and the benefit of the other
Secured Parties (subject only to Permitted Liens having priority by operation of applicable law);	 	  

			
		 	(g) Inventory which consists of samples, labels, bags (other than handbags), packaging materials, and other similar non-merchandise categories;	 	  

			
		 	(h) Inventory which has been sold but not yet delivered or Inventory to the extent that any Loan Party has accepted a deposit therefor and which is no longer reflected
in the Loan Parties’ stock ledger; and	 	  

			
		 	(i) Inventory acquired pursuant to Section 5.02(f) of the Credit Agreement, unless the Administrative Agent shall have received or conducted (A) appraisals,
from appraisers reasonably satisfactory to the Administrative Agent, of such Inventory to be acquired in such Acquisition and (B) such other due diligence as the Administrative Agent may reasonably require, all of the results of the foregoing
to be reasonably satisfactory to the Administrative Agent. As long as the Administrative Agent has received reasonable prior notice of such acquisitions under Section 5.02(f) of the Credit Agreement and the Loan Parties reasonably
cooperate (and cause the Person being acquired to reasonably cooperate) with the Administrative Agent, the Administrative Agent shall use reasonable best efforts to complete such due diligence and a related appraisal on or prior to the closing date
of such acquisition under Section 5.02(f) of the Credit Agreement.	 	  

				
		 	(j)	 	Aggregate amount of ineligible Inventory (sum of II(b) through II(i))	 	  

				
		 	(k)	 	Eligible Inventory (II(a) less II(j))	 	  

  

 iii 
 Express – Exhibit K to ABL Credit Agreement 

							
	III.	 	Aggregate amount of all Reserves	 	  

			
	IV.	 	Borrowing Base	 	
				
		 	(a)	 	Advance value of Eligible Credit Card Receivables (product of I(j) multiplied by 0.90)	 	  

				
		 	(b)	 	Advance value of Eligible Inventory (product of net orderly liquidation value of II(k) multiplied by [0.90]4 [0.85]5)	 	  

				
		 	(c)	 	Borrowing Base:	 	
			
		 	(IV(a) plus IV(b)) minus III	 	  

  

	4	 Applicable from the Effective Date to the first anniversary thereof. 

	5	 Applicable after the first anniversary of the Effective Date. 

  

 iv 
 Express – Exhibit K to ABL Credit Agreement

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