Document:

Exhibit 4.1

 

 

BUCKEYE PARTNERS, L.P.

 

Issuer

 

and

 

U.S. BANK NATIONAL ASSOCIATION

 

Trustee

 

FIFTH SUPPLEMENTAL INDENTURE

 

Dated as of January 11, 2008

 

To

 

INDENTURE

 

Dated as of July 10, 2003

 

6.05% NOTES DUE 2018

 

 

 

 

 

 

 

EXHIBIT A

 

[FORM OF FACE OF NOTE]

 

[If a
Global Security, insert—THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE THEREOF.  THIS
SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR
SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A
NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.  EVERY SECURITY AUTHENTICATED AND DELIVERED
UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS
SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH
LIMITED CIRCUMSTANCES.]

 

[If a
Global Security, insert—UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION, TO THE
PARTNERSHIP OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN.]

 

BUCKEYE PARTNERS, L.P.

 

6.05% Note due 2018

 

	
  No. 

  	
   

  	
  U.S.$

  
	
  CUSIP No. 118230 AG 6

  	
   

  

 

BUCKEYE PARTNERS, L.P., a Delaware limited partnership
(herein called the “Partnership”,
which term includes any successor Person under the Indenture hereinafter
referred to), for value received, hereby promises to pay to
                                        ,
or registered assigns, the principal sum of
                                                          
United States Dollars on January 15, 2018, and to pay interest thereon
from January 11, 2008, or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, semi-annually on January 15
and July 15 in each year, commencing on July 15, 2008, at the rate of
6.05% per annum, until the
principal hereof is paid or made available for payment and at the rate of 6.05% per annum on any overdue
principal and premium and on any overdue installment of interest.  The amount of interest payable for any period
shall be computed on the basis of twelve 30-day months and a 360-day year.  The amount of interest payable for any
partial period shall be computed on the basis of a 360-day year of twelve
30-day months and the days elapsed in any partial month.  In the event that any date on which interest
is payable on this Security is not a Business Day, then a payment of the
interest payable on such date will be made on the next succeeding day which is
a Business Day (and without any interest or other payment in respect of any
such delay) with the same force and effect as if made on the date the payment
was originally payable.  A “Business Day” shall mean, when used with respect to any
Place of Payment, each Monday, Tuesday, Wednesday, Thursday and Friday which is
not a day on which banking institutions in that Place of Payment are authorized
or obligated by law, executive order or regulation to close.  The interest so payable, and punctually paid
or duly provided for, on any Interest Payment Date will, as provided in such
Indenture, be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on the “Regular Record Date” for such interest, which shall be the January 1 or July 1
(whether or not a Business Day), as the case may be, next preceding such
Interest Payment Date.  Any such interest
not so punctually paid or duly provided for shall forthwith cease to be payable
to the Holder on such Regular Record Date and may either be paid to the Person
in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the Trustee, notice of which shall be
given to Holders of Securities of this series not less than 10 days prior to
such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange or automated
quotation system on which the Securities of this series may be listed or
traded, and upon such notice as may be required by such exchange or automated
quotation system, all as more fully provided in such Indenture.

 

 

 

A-1

 

 

[If a Global Security, insert—Payment of the principal
of (and premium, if any) and any such interest on this Security will be made by
transfer of immediately available funds to a bank account in the United States
of America designated by the Holder in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of
public and private debts.]

 

[If a Definitive Security, insert—Payment of the
principal of (and premium, if any) and any such interest on this Security will
be made at the office or agency of the Partnership maintained for that purpose
in the Borough of Manhattan, the City and State of New York, in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts or subject to any laws or
regulations applicable thereto and to the right of the Partnership (as provided
in the Indenture) to rescind the designation of any such Paying Agent, at the
offices of
                                  
in the Borough of Manhattan, The City and State of New York, and at such other
offices or agencies as the Partnership may designate, by United States Dollar
check drawn on, or transfer to a United States Dollar account maintained by the
payee with, a bank in The City of New York (so long as the applicable Paying
Agent has received proper transfer instructions in writing at least 10 days
prior to the payment date); provided,
however, that payment of interest may be made at the option of the
Partnership by United States Dollar check mailed to the addresses of the
Persons entitled thereto as such addresses shall appear in the Security
Register or by transfer to a United States Dollar account maintained by the
payee with a bank in The City of New York (so long as the applicable Paying
Agent has received proper transfer instructions in writing by the Record Date
prior to the applicable Interest Payment Date).]

 

Reference is hereby made to the further provisions of
this Security set forth on the reverse hereof, which further provisions shall
for all purposes have the same effect as if set forth at this place.

 

Unless the certificate of authentication hereon has
been executed by the Trustee referred to on the reverse hereof by manual
signature, this Security shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

 

IN WITNESS WHEREOF, the Partnership has caused this
instrument to be duly executed.

 

	
  Dated:

  	
   

  	
  ,

  	
   

  	
   

  	
   

  
	
   

  	
  BUCKEYE PARTNERS, L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  BUCKEYE GP LLC

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.

 

	
  U.S. BANK NATIONAL
  ASSOCIATION,

  
	
  as Trustee

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Authorized
  Signatory

  	
   

  

 

 

 

A-2

 

 

[REVERSE OF NOTE]

 

BUCKEYE PARTNERS, L.P.

 

6.05% Note due 2018

 

This Security is one of a duly authorized issue of
securities of the Partnership (the “Securities”),
issued and to be issued in one or more series under an Indenture dated as of July 10,
2003, as amended and supplemented by the First Supplemental Indenture thereto
dated as of July 10, 2003, as further amended and supplemented by the
Second Supplemental Indenture thereto dated as of August 19, 2003, as
further amended and supplemented by the Third Supplemental Indenture thereto
dated as of October 12, 2004, as further amended and supplemented by the
Fourth Supplemental Indenture thereto dated as of June 30, 2005, and as
further  amended and supplemented by the
Fifth Supplemental Indenture thereto dated as of January 11, 2008  (such Indenture, as so amended and supplemented being
referred to herein as the “Indenture”),
between the Partnership and U.S. Bank National Association, a national banking
association organized and existing under the laws of the United States of
America (as successor-in-interest to SunTrust Bank), as Trustee (the “Trustee,” which term includes any successor trustee under
the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations
of rights, obligations, duties and immunities thereunder of the Partnership,
the Trustee and the Holders of the Securities and of the terms upon which the
Securities are, and are to be, authenticated and delivered.  This Security is one of the series designated
on the face hereof.

 

This Security is redeemable, in whole or in part, at
the Partnership’s option at any time prior to maturity at a redemption price
equal to the greater of (a) 100% of the principal amount of this Security,
and (b) as determined by the Quotation Agent (as defined below), the sum
of the present values of the remaining scheduled payments of principal and
interest (not including any portion of those payments of interest accrued as of
the date of redemption) discounted to the date of redemption on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months) at the
Adjusted Treasury Rate (as defined below) plus 35 basis points, plus, in each
case, accrued and unpaid interest to the date of redemption.

 

For purposes of determining any redemption price, the
following definitions shall apply:

 

“Adjusted Treasury Rate”
means, with respect to any date of redemption, the rate per annum equal to the
semi-annual equivalent yield to maturity of the Comparable Treasury Issue (as
defined below), assuming a price for the Comparable Treasury Issue (expressed
as a percentage of its principal amount) equal to the Comparable Treasury Price
(as defined below) for the date of redemption.

 

“Comparable Treasury Issue”
means the United States Treasury security selected by the Quotation Agent as
having a maturity comparable to the remaining term of this Security that would
be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of this Security.

 

“Comparable Treasury Price”
means, with respect to any date of redemption, (a) the average of the
Reference Treasury Dealer Quotations (as defined below) for the date of
redemption, after excluding the highest and lowest Reference Treasury Dealer
Quotations, or (b) if the Trustee obtains fewer than three Reference
Treasury Dealer Quotations, the average of all such Reference Treasury Dealer
Quotations.

 

“Quotation Agent”
means Lehman Brothers Inc. or another Reference Treasury Dealer (as defined
below) appointed by the Partnership.

 

“Reference Treasury Dealer”
means (a) Lehman Brothers Inc. and its successors; provided,
however, that if any of the foregoing shall cease to be a primary
U.S. Government securities dealer in New York City (a “Primary
Treasury Dealer”), the Partnership shall substitute another Primary
Treasury Dealer; and (b) any other Primary Treasury Dealer selected by the
Partnership.

 

“Reference Treasury Dealer
Quotations” means, with respect to each Reference Treasury Dealer
and any date of redemption, the average, as determined by the Trustee, of the
bid and asked prices for the Comparable Treasury Issue (expressed in each case
as a percentage of its principal amount) quoted in writing to the Trustee by
that Reference Treasury Dealer at 5:00 p.m., New York City time, on the
third business day preceding that date of redemption.

 

 

A-3

 

 

Unless the Partnership defaults in payment of the
redemption price, on and after the date of redemption, interest will cease to
accrue on this Security or the portions hereof called for redemption.

 

In the event of redemption of this Security in part
only, a new Security or Securities of this series and of like tenor for the
unredeemed portion hereof will be issued in the name of the Holder hereof upon
the cancellation hereof.

 

The Indenture contains provisions for defeasance at
any time of (1) the entire indebtedness of this Security or (2) certain
restrictive covenants and Events of Default with respect to this Security, in
each case upon compliance with certain conditions set forth in the Indenture.

 

If an Event of Default with respect to Securities of
this series shall occur and be continuing, the principal of the Securities of
this series may be declared due and payable in the manner and with the effect
provided in the Indenture.

 

The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and
obligations of the Partnership and the rights of the Holders of the Securities
of each series to be affected under the Indenture at any time by the
Partnership and the Trustee with the consent of not less than the Holders of a
majority in aggregate principal amount of the Outstanding Securities of all
series to be affected (voting as one class). 
The Indenture also contains provisions permitting the Holders of a
majority in aggregate principal amount of the Outstanding Securities of all
affected series (voting as one class), on behalf of the Holders of all
Securities of such series, to waive compliance by the Partnership with certain
provisions of the Indenture.  The
Indenture permits, with certain exceptions as therein provided, the Holders of
a majority in principal amount of Securities of any series then Outstanding to
waive past defaults under the Indenture with respect to such series and their
consequences.  Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder
and all holders of Securities of which this Security is a Predecessor Security,
whether or not notation of such consent or waiver is made upon this or any
other Security.

 

As provided in and subject to the provisions of the
Indenture, the Holder of this Security shall not have the right to institute
any proceeding with respect to the Indenture or for the appointment of a
receiver or trustee or for any other remedy thereunder, unless such Holder
shall have previously given the Trustee written notice of a continuing Event of
Default with respect to the Securities of this series, the Holders of not less
than a majority in principal amount of the Securities of this series at the
time Outstanding shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default as Trustee and offered the
Trustee indemnity satisfactory to the Trustee and the Trustee shall not have
received from the Holders of a majority in principal amount of Securities of
this series at the time Outstanding a direction inconsistent with such request,
and shall have failed to institute any such proceeding, for 60 days after
receipt of such notice, request and offer of indemnity.  The foregoing shall not apply to any suit
instituted by the Holder of this Security for the enforcement of any payment of
principal hereof or any premium or interest hereon on or after the respective
due dates expressed herein.

 

No reference herein to the Indenture and no provision
of this Security or of the Indenture shall alter or impair the obligation of
the Partnership, which is absolute and unconditional, to pay the principal of
and any premium and interest on this Security at the times, place(s) and
rate, and in the coin or currency, herein prescribed.

 

[If a Global Security, insert—This Global Security or
portion hereof may not be exchanged for Definitive Securities of this series
except in the limited circumstances provided in the Indenture.

 

The holders of beneficial interests in this Global
Security will not be entitled to receive physical delivery of Definitive
Securities except as described in the Indenture and will not be considered the
Holders thereof for any purpose under the Indenture.]

 

[If a Definitive Security, insert—As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of
this Security is registerable in the Security Register, upon surrender of this
Security for registration of transfer at the office or agency of the
Partnership in The City of New York, or, subject to any laws or regulations
applicable thereto and to the right of the Partnership (limited as provided in
the Indenture) to rescind the designation of any such transfer agent, at the
offices of
                                  
in the Borough of Manhattan, The City of New York, and at such other offices or
agencies as the Partnership may designate, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Partnership and
the Security Registrar 

 

 

A-4

 

 

duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to
the designated transferee or transferees.]

 

The Securities of this series are issuable only in
registered form without coupons in denominations of $1,000 and any integral
multiple thereof.  As provided in the
Indenture and subject to certain limitations therein set forth, Securities of
this series are exchangeable for a like aggregate principal amount of
Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same.

 

No service charge shall be made for any such
registration of transfer or exchange, but the Partnership may require payment
of a sum sufficient to cover any tax or other governmental charge payable in
connection therewith.

 

Prior to due presentment of this Security for
registration of transfer, the Partnership, the Trustee and any agent of the
Partnership or the Trustee may treat the Person in whose name this Security is
registered as the owner hereof for all purposes, whether or not this Security
is overdue, and neither the Partnership, the Trustee nor any such agent shall
be affected by notice to the contrary.

 

Obligations of the Partnership under the Indenture and
the Securities thereunder, including this Security, are non-recourse to Buckeye
GP LLC (the “General Partner”) and its
Affiliates (other than the Partnership), and payable only out of cash flow and
assets of the Partnership.  The Trustee,
and each Holder of a Security by its acceptance hereof, will be deemed to have
agreed in the Indenture that (1) neither the General Partner nor its
assets (nor any of its Affiliates, other than the Partnership, or their
respective assets) shall be liable for any of the obligations of the
Partnership under the Indenture or such Securities, including this Security,
and (2) no director, officer, employee, stockholder or unitholder, as
such, of the Partnership, the Trustee, the General Partner or any Affiliate of
any of the foregoing entities shall have any personal liability in respect of
the obligations of the Partnership under the Indenture or such Securities by
reason of his, her or its status.

 

This Security shall be governed by and construed in
accordance with the laws of the State of New York.

 

All terms used in this Security which are defined in
the Indenture shall have the meanings assigned to them in the Indenture.

 

 

 

 

A-5

 

 

[If a Definitive Security, insert as a separate page—

 

FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto
                                                                          
(Please Print or Typewrite Name and Address of Assignee) the within instrument
of BUCKEYE PARTNERS, L.P. and does hereby irrevocably constitute and appoint
                                                
Attorney to transfer said instrument on the books of the within-named
Partnership, with full power of substitution in the premises.

 

Please Insert Social Security or

Other Identifying Number of Assignee:

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Signature)

  
				

 

 

	
  Signature Guarantee:

  	
   

  

(Participant in a
Recognized Signature

Guaranty Medallion Program)

 

 

NOTICE:  The
signature to this assignment must correspond with the name as written upon the
face of the within instrument in every particular, without alteration or
enlargement or any change whatever.]

 

 

 

 

A-6

 

 

[If a Global Security, insert as a separate page—

 

SCHEDULE
OF INCREASES OR DECREASES

IN GLOBAL
SECURITY

 

The following
increases or decreases in this Global Security have been made:

 

 

	
  Date of Exchange

  	
   

  	
  Amount of 

  Decrease in 

  Principal 

  Amount of this 

  Global Security

  	
   

  	
  Amount of 

  Increase in 

  Principal Amount 

  of this 

  Global Security

  	
   

  	
  Principal Amount 

  of this Global 

  Security following 

  such decrease 

  (or increase)

  	
   

  	
  Signature of 

  authorized officer 

  of Trustee or 

  Depositary]

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

 

 

 

 

 

 

 

 

 

A-7

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE 1 Relation to Indenture; Definitions

  	
   

  	
  1

  
	
  SECTION 1.01. Relation to Indenture

  	
   

  	
  1

  
	
  SECTION 1.02. Definitions

  	
   

  	
  1

  
	
  SECTION 1.03. General References

  	
   

  	
  2

  
	
   

  	
   

  	
   

  
	
  ARTICLE 2 The Series of Securities

  	
   

  	
  2

  
	
  SECTION 2.01. The Form and Title of the
  Securities

  	
   

  	
  2

  
	
  SECTION 2.02. Amount

  	
   

  	
  2

  
	
  SECTION 2.03. Stated Maturity

  	
   

  	
  2

  
	
  SECTION 2.04. Interest and Interest Rates

  	
   

  	
  2

  
	
  SECTION 2.05. Place of Payment

  	
   

  	
  3

  
	
  SECTION 2.06. Optional Redemption

  	
   

  	
  3

  
	
  SECTION 2.07. Defeasance and Discharge;
  Covenant Defeasance

  	
   

  	
  3

  
	
  SECTION 2.08. Global Securities

  	
   

  	
  3

  
	
   

  	
   

  	
   

  
	
  ARTICLE 3 Events of Default

  	
   

  	
  3

  
	
  SECTION 3.01. Additional Event of Default

  	
   

  	
  3

  
	
   

  	
   

  	
   

  
	
  ARTICLE 4 Covenants

  	
   

  	
  3

  
	
  SECTION 4.01. Additional Covenant

  	
   

  	
  3

  
	
   

  	
   

  	
   

  
	
  ARTICLE 5 Miscellaneous

  	
   

  	
  4

  
	
  SECTION 5.01. Certain Trustee Matters

  	
   

  	
  4

  
	
  SECTION 5.02. Continued Effect

  	
   

  	
  4

  
	
  SECTION 5.03. Governing Law

  	
   

  	
  5

  
	
  SECTION 5.04. Counterparts

  	
   

  	
  5

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit A:   Form of Note

  	
   

  	
   

  
				

 

 

 

 

 

 

FIFTH SUPPLEMENTAL INDENTURE, dated as of January 11,
2008 (this “Fifth Supplemental Indenture”), between BUCKEYE PARTNERS, L.P., a
Delaware limited partnership (the “Partnership”),
having its principal office at Five TEK Park, 9999 Hamilton Blvd.,
Breinigsville, Pennsylvania 18031, and U.S. BANK NATIONAL ASSOCIATION, a
national banking association organized and existing under the laws of the
United States of America (as successor-in-interest to SUNTRUST BANK), as
trustee under the Indenture referred to below (in such capacity, the “Trustee”).

 

RECITALS OF THE PARTNERSHIP

 

WHEREAS, the Partnership and the Trustee have
heretofore entered into an Indenture, dated as of July 10, 2003 (the “Original Indenture”), as amended and supplemented by the
First Supplemental Indenture thereto dated as of July 10, 2003 (the “First Supplemental Indenture”),
the Second Supplemental Indenture thereto dated as of August 19, 2003 (the
“Second
Supplemental Indenture”), the Third Supplemental Indenture thereto
dated as of October 12, 2004 (the “Third Supplemental Indenture”) and the  Fourth Supplemental Indenture thereto dated
as of June 30, 2005 (the “Fourth Supplemental
Indenture”) (the Original Indenture, as supplemented from time to
time, including without limitation pursuant to the First Supplemental
Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture,
the Fourth Supplemental Indenture and this Fifth Supplemental Indenture being
referred to herein as the “Indenture”); and

 

WHEREAS, under the Original Indenture, a new series of
Securities may at any time be established by the Board of Directors of Buckeye
GP LLC, the Partnership’s general partner (the “General
Partner”), in accordance with the provisions of the Original
Indenture, and the terms of such series may be established by a supplemental
indenture executed by the General Partner on behalf of the Partnership and by
the Trustee; and

 

WHEREAS, the Partnership proposes to create under the
Indenture a new series of Securities; and

 

WHEREAS, all acts and things necessary to make the
Notes (as herein defined), when executed by the General Partner on behalf of
the Partnership and authenticated and delivered by the Trustee as provided in
the Original Indenture and this Fifth Supplemental Indenture, the valid and
binding obligations of the Partnership and to make this Fifth Supplemental
Indenture a valid and binding agreement in accordance with the Original
Indenture have been done or performed;

 

NOW, THEREFORE, in consideration of the premises,
agreements and obligations set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto hereby agree, for the equal and proportionate benefit of all
Holders of the Notes, as follows:

 

ARTICLE
1

RELATION TO INDENTURE; DEFINITIONS

 

SECTION 1.01.  Relation to Indenture.

 

With respect to the Notes, this Fifth Supplemental
Indenture constitutes an integral part of the Indenture.

 

SECTION 1.02.  Definitions.

 

For all purposes of this Fifth Supplemental Indenture,
capitalized terms used herein and not otherwise defined herein shall have the
meanings assigned thereto in the Original Indenture.

 

 

 

 

 

SECTION 1.03.  General References.

 

All references in this Fifth Supplemental Indenture to
Articles and Sections, unless otherwise specified, refer to the corresponding
Articles and Sections of this Fifth Supplemental Indenture; and the term “herein”, “hereof”, “hereunder” and any other word of similar import refers to
this Fifth Supplemental Indenture.

 

ARTICLE
2

THE SERIES OF SECURITIES

 

SECTION 2.01.  The Form and Title of the Securities.

 

There is hereby established a new series of Securities
to be issued under the Indenture and to be designated as the Partnership’s 6.05% Notes due 2018 (the “Notes”).  The Notes
shall be substantially in the form attached as Exhibit A hereto, in
each case with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by the Indenture, and may have such
letters, numbers or other marks of identification and such legends or
endorsements placed thereon as the Partnership may deem appropriate or as may
be required or appropriate to comply with any laws or with any rules made
pursuant thereto or with the rules of any securities exchange or automated
quotation system on which the Notes may be listed or traded, or to conform to
general usage, or as may, consistently with the Indenture, be determined by the
officers executing such Notes, as evidenced by their execution thereof.

 

The Notes shall be executed, authenticated and
delivered in accordance with the provisions of, and shall in all respects be
subject to, the terms, conditions and covenants of the Original Indenture as
supplemented by this Fifth Supplemental Indenture (including the form of Note
set forth as Exhibit A hereto (the terms of which are incorporated
in and made a part of this Fifth Supplemental Indenture for all intents and
purposes)).

 

SECTION 2.02.  Amount.

 

The aggregate principal amount of the Notes which may
be authenticated and delivered pursuant hereto is unlimited.  The Trustee shall initially authenticate and
deliver Notes for original issue in an initial aggregate principal amount of up
to $300,000,000 upon delivery to the Trustee of a Partnership Order for the
authentication and delivery of such Notes. 
The aggregate principal amount of the Notes to be issued hereunder may
be increased at any time hereafter and the series may be reopened for issuances
of additional Notes, upon Partnership Order without the consent of any
Holder.  The Notes issued on the date
hereof and any such additional Notes that may be issued hereafter shall be part
of the same series of Securities for all purposes under the Indenture.

 

SECTION 2.03.  Stated Maturity.

 

The Notes may be issued on any Business Day on or
after January 11, 2008, and the Stated Maturity of the Notes shall be January 15,
2018.

 

SECTION 2.04.  Interest and Interest Rates.

 

The rate or rates at which the Notes shall bear
interest, the date or dates from which such interest shall accrue, the Interest
Payment Dates on which any such interest shall be payable and the Regular
Record Date for any interest payable on any Interest Payment Date, in each
case, shall be as set forth in the form of Note set forth as Exhibit A
hereto.

 

 

 

2

 

 

SECTION 2.05.  Place of Payment.

 

As long as any Notes are outstanding, the Partnership
shall maintain an office or agency in the Borough of Manhattan, The City of New
York, where Notes may be presented for payment.

 

SECTION 2.06.  Optional Redemption.

 

At its option, the Partnership may redeem the Notes,
in whole or in part, in principal amounts of $1,000 or any integral multiple
thereof, at any time or from time to time, at the applicable redemption price
determined as set forth in the form of Note attached hereto as Exhibit A,
in accordance with the terms set forth in the Notes and in accordance with Article XI
of the Original Indenture.

 

SECTION 2.07.  Defeasance and Discharge; Covenant Defeasance.

 

Article XIII of the Original Indenture shall
apply to the Notes.

 

SECTION 2.08.  Global Securities.

 

The Notes shall initially be issuable in whole or in
part in the form of one or more Global Securities.  Such Global Securities (i)  shall be
deposited with, or on behalf of, the Depository Trust Company, New York, New
York, which shall act as Depositary with respect to the Notes, (ii) shall
bear the legends applicable to Global Securities set forth in Sections 2.02 and
2.04 of the Original Indenture, (iii) may be exchanged in whole or in part
for Securities in definitive form upon the terms and subject to the conditions
provided in Section 3.05 of the Original Indenture and in this Fifth
Supplemental Indenture and (iv) shall otherwise be subject to the
applicable provisions of the Indenture.

 

ARTICLE
3

EVENTS OF DEFAULT

 

SECTION 3.01. 
Additional
Event of Default

 

With respect to the Notes, the occurrence of any of
the following events shall, in addition to the other events or circumstances
described as Events of Default in Section 5.01 of the Original Indenture,
constitute an Event of Default: default under any mortgage, indenture or
instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness of the Partnership or any of its Subsidiaries (or
the payment of which is guaranteed by the Partnership or any of its
Subsidiaries), whether such Indebtedness or guarantee now exists or is created
after the date of issuance of any Notes, if (a) that default (x) is
caused by a failure to pay principal of or premium, if any, or interest on such
Indebtedness prior to the expiration of any grace period provided in such
Indebtedness (a “Payment Default”), or (y) results
in the acceleration of the maturity of such Indebtedness to a date prior to its
originally stated maturity, and, (b) in each case described in clauses (x) or
(y) above, the principal amount of any such Indebtedness, together with
the principal amount of any other such Indebtedness under which there has been
a Payment Default or the maturity of which has been so accelerated, aggregates
$50,000,000 or more.

 

ARTICLE
4

COVENANTS

 

SECTION 4.01. 
Additional
Covenant

 

The covenant contained in this Section 4.01 shall
apply to the Notes only and not to any other series of Securities issued under
the Indenture, and is being included solely for the benefit of the Notes and
the Holders thereof.  This covenant shall
be effective only for so long as there remain Outstanding any Notes.

 

 

 

3

 

 

SEC Reports; Financial Statements.

 

(1)           Whether or not the
Partnership is then subject to the reporting requirements of Section 13 or
15(d) of the Exchange Act, from and after the Issue Date of the Notes, the
Partnership shall electronically file with the Commission, so long as the Notes
are Outstanding, the annual, quarterly and other periodic reports that the
Partnership is required to file (or would otherwise be required to file) with
the Commission pursuant to Sections 13 and 15(d) of the Exchange Act, and
such documents shall be filed with the Commission on or prior to the respective
dates (the “Required
Filing Dates”) by which the Partnership is required to file (or
would otherwise be required to file) such documents, unless, in each case, such
filings are not then permitted by the Commission.

 

(2)           If such filings are
not then permitted by the Commission, or such filings are not generally
available on the Internet free of charge, from and after the Issue Date of the
Notes, the Partnership shall provide the Trustee with, and the Trustee, at the
Partnership’s expense, will mail to any Holder of Notes requesting in writing
to the Trustee copies of, such annual, quarterly and other periodic report
specified in Sections 13 and 15(d) of the Exchange Act within 15 days
after its Required Filing Date; provided,
however, the Trustee shall have no liability whatsoever with respect
to the mailing and delivery of such reports to the Holders.

 

(3)           The Partnership
shall provide the Trustee with a sufficient number of copies of all reports and
other documents and information that the Trustee may be required to deliver to
Holders of Notes under clause (2) of this Section 4.01, along with
written notice from the Partnership to the Trustee of the Required Filing Date
for such documents.

 

(4)           Delivery of such
reports, information and documents to the Trustee is for informational purposes
only and the Trustee’s receipt of such shall not constitute constructive notice
of any information contained therein or determinable from information contained
therein, including the Partnership’s compliance with any of its covenants
hereunder (as to which the Trustee is entitled to rely exclusively on Officers’
Certificates).

 

ARTICLE
5

MISCELLANEOUS

 

SECTION 5.01.  Certain Trustee Matters.

 

The recitals contained herein shall be taken as the
statements of the Partnership, and the Trustee assumes no responsibility for
their correctness.

 

The Trustee makes no representations as to the
validity or sufficiency of this Fifth Supplemental Indenture or the Notes or
the proper authorization or the due execution hereof or thereof by the
Partnership.

 

Except as expressly set forth herein, nothing in this
Fifth Supplemental Indenture shall alter the duties, rights or obligations of
the Trustee set forth in the Original Indenture.

 

The Trustee makes no representation or warranty as to
the validity or sufficiency of the information contained in the prospectus
supplement related to the Notes, except such information which specifically
pertains to the Trustee itself, or any information incorporated therein by reference.

 

SECTION 5.02.  Continued Effect.

 

Except as expressly supplemented and amended by this
Fifth Supplemental Indenture, the Original Indenture (as supplemented and
amended by the First Supplemental Indenture, the Second 

 

 

4

 

 

Supplemental Indenture,
the Third Supplemental Indenture and the Fourth Supplemental Indenture) shall
continue in full force and effect in accordance with the provisions thereof,
and the Original Indenture (as supplemented and amended by the First
Supplemental Indenture, the Second Supplemental Indenture, the Third
Supplemental Indenture, the Fourth Supplemental Indenture and this Fifth
Supplemental Indenture) is in all respects hereby ratified and confirmed.  This Fifth Supplemental Indenture and all its
provisions shall be deemed a part of the Original Indenture in the manner and
to the extent herein and therein provided.

 

SECTION 5.03.  Governing Law.

 

This Fifth Supplemental Indenture and the Notes shall
be governed by and construed in accordance with the laws of the State of New
York.

 

SECTION 5.04.  Counterparts.

 

This instrument may be executed in any number of
counterparts, each of which shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument.

 

[Remainder
of Page Intentionally Left Blank]

 

 

 

 

5

 

 

IN WITNESS WHEREOF, the parties hereto have caused
this Fifth Supplemental Indenture to be duly executed and delivered, all as of
the day and year first above written.

 

 

	
   

  	
  BUCKEYE PARTNERS, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  BUCKEYE GP LLC

  
	
   

  	
   

  	
  Its General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  U.S. BANK NATIONAL ASSOCIATION,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title: 

  	
  Authorized OfficerExhibit
10.1

 

RESTATED
LICENSE AGREEMENT

 

THIS
RESTATED LICENSE AGREEMENT, is made and entered into as of
the 1st day of February, 2008 (the “Effective Date”), by and between Cherokee, Inc., 6835 Valjean Avenue, Van Nuys,
California  91406 (“Licensor”), and Target Corporation, 1000 Nicollet Mall, Minneapolis,
Minnesota 55403 (“Licensee”), collectively referred to as the “Parties” and
singly as a “Party”.

 

WHEREAS, the
Parties previously entered into an agreement dated November 12, 1997 as
assigned as of January 29, 2003 (as assigned the “Prior Agreement”);

 

WHEREAS,
Licensor is the owner of the “Cherokee” trademark, various other marks
incorporating the name Cherokee and certain common law rights in and to the
name Cherokee, with various stylized designs (collectively, the “Trademark”),
copies of which are attached as Exhibit A hereto, and the goodwill
associated with the Trademark; and

 

WHEREAS,
Licensor and Licensee desire to enter into this Restated License Agreement as
of the Effective Date on the terms and subject to the conditions set forth
herein.

 

NOW,
THEREFORE, the Parties hereto agree as follows:

 

	
  1.

  	
  Grant of License.

  
	
   

  	
   

  	
   

  
	
   

  	
  a.

  	
  Upon the terms and
  conditions contained in this Restated Agreement, Licensor hereby grants to
  Licensee, and Licensee hereby accepts, the exclusive (as defined hereinbelow)
  right and license to use the Trademark, during the term provided in
  Section 2 below, solely in connection with the sale of the merchandise
  bearing the Trademark, in the categories indicated below (the “Merchandise”),
  solely by Target Retail Operations (as hereinafter defined), located in the
  United States of America (the “Retail Operations”), and to manufacture such
  Merchandise (and have such Merchandise manufactured) solely for sale by the
  Retail Operations. Such rights shall include the right to advertise the
  Trademark in connection with the Merchandise. Such license shall not include
  the right to grant sublicenses to third parties. The foregoing license is
  limited to use of the Trademark in connection with the sale of Merchandise by
  the Retail Operations and does not include the right to use the Trademark in
  connection with the manufacture, distribution or sale of any products except
  for Merchandise sold by the Retail Operations. As used herein, the Retail Operations
  shall mean Target Stores, Target Greatland, SuperTarget, and any other store
  opened by Licensee, within the United States, during the Term of this
  Restated Agreement, and/or any other merchandising activities undertaken by
  Licensee, within the United States, during the Term of this Restated
  Agreement, including but not limited to direct mail, interactive on line or
  kiosk selling. If Licensee desires to open a Retail Operation outside the
  United States, and Licensor owns the Trademark in such other country, and if
  Licensor has no license in such other country, this Restated Agreement shall
  then apply to Licensee in such other country.

  

 

 

	
   

  	
  b.

  	
  The following
  categories of Merchandise, shall be exclusive to Licensee, in the United
  States, in all classes of trade:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (i)
             Men’s,
  Women’s and Children’s Apparel (including, but not limited to intimate
  apparel, foundations and sleepwear, but excluding industrial and school
  uniforms).*

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (ii)

  	
  Men’s, Women’s and
  Children’s Footwear (excluding nurses and lab technicians shoes).*

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (iii)

  	
  Men’s, Women’s and
  Children’s Accessories, including, but not limited to, luggage, jewelry,
  handbags, small leather goods, belts, neckwear, hairgoods, hats, rainwear,
  gloves, hosiery, slippers, sunglasses/eyewear and watches.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (iv)

  	
  Bed and Bath Products
  and Accessories.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (v)

  	
  Luggage, Sportsbags and
  Backpacks.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (vi)

  	
  Home Textiles.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (vii)

  	
  Domestics and Home
  Decor.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (viii)

  	
  Home Furnishings.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (ix)

  	
  Sporting Goods.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (x)

  	
  Cosmetics, Bath and
  Body Products.

  

 

*Licensor does not have the right to license the
Trademark in connection with the excluded goods.

 

Licensee may propose
additional classes of merchandise for inclusion in this Restated
Agreement.  Should Licensor, in its sole
discretion, determine to include such additional classes of merchandise, this
Restated Agreement shall be amended to include such additional classes of
merchandise within the definition of Merchandise.  Licensor shall be responsible for all costs
and attorney’s fees incurred by Licensor in obtaining trademark registration
under the laws of the United States for such additional classes of merchandise,
if necessary and available.

 

	
  2.

  	
  Term.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  a.

  	
  Initial Restated Term.
   The initial term of this Restated
  Agreement shall commence on the Effective Date and shall end January 31,
  2012. As used hereinafter, the term fiscal year shall mean the 12 month
  period ending at midnight on the Saturday closest to January 31
  (hereinafter “Fiscal Year”).

  
	
   

  	
   

  	
   

  
	
   

  	
  b.

  	
  Extended Restated Terms.
   Provided that Licensee is current in
  its payments of the Minimum Guaranteed Royalty (as hereinafter defined) for
  the Fiscal Year ending in

  

 

2

 

	
   

  	
   

  	
  2012 (1/31/2013), this
  Restated Agreement will automatically renew for the Fiscal Year ending in
  2013 (1/31/2014), and will continue to automatically renew for successive one
  (1) Fiscal Year terms, provided that Licensee has paid a Minimum
  Guaranteed Royalty equal to or greater than $9,000,000 for the preceding
  Fiscal Year. (The Initial Restated Term and the Extended Restated Terms, if
  any, are hereinafter referred to as the “Restated Term”).

  
	
   

  	
   

  	
   

  
	
   

  	
  c.

  	
  Termination.
   Notwithstanding Section 2b above,
  (i) Licensee may terminate this Restated Agreement effective
  January 31, 2012, if it gives Licensor written notice of its intent to
  do so one (1) year prior to the date of termination.

  
	
   

  	
   

  	
   

  
	
  3.

  	
  Payments.

  
	
   

  	
   

  
	
   

  	
  a.

  	
  Royalty.
   Each Fiscal Year during the Restated
  Term, Licensee shall pay to Licensor as a royalty (the “Royalty”) an amount
  equal to the greater of (i) the minimum guaranteed royalty applicable to
  such Fiscal Year, as set forth in Section 3c below (“Minimum Guaranteed
  Royalty”), or (ii) two percent (2%) of Licensee’s Net Sales (as defined
  in Section 3b below) of Merchandise during such Fiscal Year, on sales up
  to $300,000,000, one and one-half percent (11⁄2%) of Licensee’s Net Sales of
  Merchandise during such Fiscal Year on sales greater than $300,000,000 and up
  to $700,000,000, eight-tenths of one percent (.8%) of Licensee’s Net Sales of
  Merchandise during such Fiscal Year on sales greater than $700,000,000 and up
  to $1,000,000,000, seven-tenths of one percent (.7%) of Licensee’s Net Sales
  of Merchandise during such Fiscal Year on sales greater than $1,000,000,000
  and up to $1,500,000,000, and five-tenths of one percent (.5%) of Licensee’s
  Net Sales of Merchandise during such Fiscal Year on sales greater than
  $1,500,000,000.

  
	
   

  	
   

  	
   

  
	
   

  	
  b.

  	
  Net Sales.  The term “Net Sales” as used herein
  shall mean the gross sales price to customers of all sales of Merchandise
  (whether regular, markdown, clearance or otherwise), excluding sales tax and
  finance charges and less returns of Merchandise. No other deductions shall be
  taken.

  
	
   

  	
   

  	
   

  
	
   

  	
  c.

  	
  Minimum  Guaranteed Royalties. The
  Minimum Guaranteed Royalties for each Fiscal Year shall be $9,000,000.

  
	
   

  	
   

  	
   

  
	
  4.

  	
  Manner of Payment.

  
	
   

  	
   

  	
   

  
	
   

  	
  a.

  	
  Quarterly Payment.
  Not later than the 20th day after the end of each and every fiscal quarter,
  beginning with the first fiscal quarter of 2008, Licensee shall pay and
  deliver to Licensor an amount equal to the greater of (i) twenty five
  percent (25%) of the Minimum Guaranteed Royalty applicable to the then
  current Fiscal Year, or (ii) the applicable Royalty percentage (2%, 1
  1/2%, .8%, .7% or .5% or combinations thereof as the case may be, on a
  cumulative basis, as set forth in Section 3a above) multiplied by its
  Net Sales in the immediately previous fiscal quarter (the applicable
  royalty).

  

 

3

 

	
   

  	
  b.

  	
  Prompt Delivery.     Licensee acknowledges and agrees
  that the timely delivery of the payments required by Section 4a and the
  Quarterly Reports and Sales Reports required by Section 5 hereof are
  essential to this Restated Agreement. Interest shall accrue on all past due
  payments hereunder from their respective due dates until paid at the rate of
  one percent (1%) per month, or if such rate exceeds the maximum rate allowed
  by law, at the maximum rate allowed by law, and shall be payable on demand.

  
	
   

  	
   

  	
   

  
	
  5.

  	
  Reports, Record Keeping and
  Audits

  
	
   

  	
   

  	
   

  
	
   

  	
  a.

  	
  Maintenance of
  Records.    Licensee
  shall keep books of account and records in accordance with generally accepted
  accounting principles, consistently applied, covering all sales relating to
  this Restated Agreement and the license hereby granted. Such records shall be
  maintained for at least two (2) years after the quarter to which such
  records relate.

  
	
   

  	
   

  	
   

  
	
   

  	
  b.

  	
  Quarterly
  Reports.     Every
  Royalty payment pursuant to Section 4a shall be accompanied by a written
  report (individually, the “Quarterly Report” and collectively, the “Quarterly
  Reports”) as to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (i)

  	
  The quantity,
  description and sales price of all Merchandise sold by Licensee during the
  quarter to which such Royalty relates;

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (ii)

  	
  The aggregate gross
  sales of all Merchandise and the Net Sales of Merchandise, year to date, and
  the Net Sales of Merchandise for such quarter;

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (iii)

  	
  Any other related
  information that may be reasonably requested by Licensor.

  
	
   

  	
   

  	
   

  
	
   

  	
  c.

  	
  Sales Reports.
     In addition, Licensee shall provide
  Licensor with weekly sales recap reports and seasonal sales projections as
  developed and revised (collectively, the “Sales Reports”); provided, however,
  that all such Sales Reports shall be in the form and format used by Licensee in
  the ordinary course of business.

  
	
   

  	
   

  	
   

  
	
   

  	
  d.

  	
  Audit.     Licensor and its duly authorized
  representatives shall have the right upon reasonable notice and at all
  reasonable hours during normal business days to examine and copy such books
  of account and records and all other documents and materials in the
  possession or under the control of Licensee as may be necessary to determine
  whether Royalties have been accurately calculated and paid hereunder, the
  cost of which shall be borne by Licensor. Licensor shall not conduct an audit
  more than once with respect to any Fiscal Year and in no event shall such
  audit be during Licensee’s fourth fiscal quarter. If the audit discloses that
  the Royalty payments actually due exceed the Royalty payments paid, Licensee
  shall pay the unpaid Royalty and interest on such unpaid Royalty payments
  computed from the date such Royalty payments were due, accrued at the rate of
  one percent (1%) per month, or if such rate exceeds the maximum rate allowed
  by law, at such maximum legal rate. If the audit discloses that the Royalty
  payments made by Licensee exceed the Royalty payments due, Licensor shall
  reimburse Licensee in the amount the overpaid Royalty and interest on such 

  

 

4

 

	
   

  	
   

  	
  overpayment, computed
  from the date such Royalty payments were made, accrued at the rate of one
  percent (1%) per month. In addition, if the audit discloses that the Royalty
  payments actually due exceed the Royalty payments paid by an amount greater
  than five percent (5%) of the Royalty payments paid, the cost of the audit
  performed by Licensor shall be paid by Licensee.

  
	
   

  	
   

  	
   

  
	
   

  	
  e.

  	
  Financial
  Statements.     If, at
  any time during the Initial Term, Licensee is no longer a company required to
  provide public financial information pursuant to the Securities and Exchange
  Commission reporting requirements, Licensee shall, upon reasonable request of
  Licensor, and from time to time thereafter, provide Licensor with interim and
  audited annual financial statements.

  
	
   

  	
   

  	
   

  
	
  6.

  	
  Standards
  of Quality

  
	
   

  	
   

  	
   

  
	
   

  	
  a.

  	
  Standards and
  Prestige of Merchandise.    Licensee
  acknowledges that the Trademark has established prestige and goodwill and is
  well recognized in the minds of the public, and that it is of great
  importance to each party that in the manufacture and sale of the Merchandise
  the high standards and reputation that Licensor has established be
  maintained. Accordingly, all items of Merchandise manufactured or caused to
  be manufactured by Licensee hereunder and any other expression by Licensee,
  which by its nature conveys to others the existence of a relationship between
  the Licensee and the Trademark, including, without limitation, all packaging,
  labeling, fixturing, advertising, point-of-sale materials and product
  literature (any such expression as herein referred to as “Trademark Use
  Materials”) shall meet or exceed the quality and workmanship historically
  provided under the Prior Agreement. 
  From time to time during the Term of this Restated Agreement and as Licensor
  reasonably requests, so as not to disrupt the ongoing business processes of
  Licensee, Licensee shall supply Licensor or a designee of  Licensor
  with a reasonable assortment of samples of Merchandise (including samples of
  labeling and packaging used in connection therewith).  In addition, Licensee shall supply Licensor
  or a designee of Licensor with samples of its logo designs and formats for
  use of the Trademark in connection with labels and packaging materials.  Upon receipt of such designs and formats,
  Licensor shall have five (5) business days in which to review and
  approve those materials, which approval shall not be unreasonably
  withheld.  Thereafter, all uses of the
  Trademarks by Licensee in connection with labels and packaging materials
  shall conform in all materials respects with the approved designs and formats
  and Licensee shall have no obligation to provide samples of such materials
  for review or approval by Licensor, as long as there are no material changes
  to the approved designs and formats. 
  Licensor acknowledges and agrees that all Trademark Use Materials in
  use as of the Effective Date are deemed approved.  If Licensor shall not have indicated
  approval or disapproval of any such materials in such five (5) business
  days, then the Materials shall be deemed to have been approved.  If Licensor disapproves of a submission, it
  shall advise Target in writing of the reasons for such disapproval within
  such five (5) day period.  In the
  case of disapproval, the Parties shall work together in good faith to timely
  modify any such materials so that they are reasonably acceptable to Licensor
  and Licensee.  If the Parties are
  unable to reach agreement in three (3) consecutive

  

 

5

 

	
   

  	
   

  	
  business days, Licensee
  may continue to use previously approved designs and formats.  Licensee shall sell or otherwise dispose of
  miscuts or damaged Merchandise only after Licensee has cut out the labels or
  any other item that identifies the Merchandise with the Trademark.

  
	
   

  	
   

  	
   

  
	
   

  	
  b.

  	
  Standards and
  Procedures. Upon the request of Licensor, but not more than
  once each Fiscal Year, Licensee shall provide Licensor with a written copy of
  Licensee’s quality control standards and procedures.  At Licensee’s request, Licensor and
  Licensee will meet annually before Licensor’s Quality Control Standards are
  established for such year and Licensee shall have the right to approve such
  standards and procedures before they are implemented; provided, however, that
  such Quality Control Standards shall be consistent with the quality standard
  set forth in Section 6a hereinabove.

  
	
   

  	
   

  	
   

  
	
  7.

  	
  Protection of Trademark

  
	
   

  	
   

  	
   

  
	
   

  	
  a.

  	
  Acknowledgments and
  Agreements of Licensee. 
  As a material inducement to Licensor to enter into this Restated
  Agreement, and as a material part of the consideration to Licensor hereunder,
  Licensee hereby acknowledges and agrees that:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (i)

  	
  (a) Licensor owns
  the Trademark in various countries worldwide, and all rights, registrations,
  applications and filings with respect to such Trademark, and all renewals and
  extensions of any such registrations, applications and filings, (b) Licensor
  has the right to license the Trademark, and (c) Licensee is acquiring
  hereby only the right to use the Trademark for the purpose stated in and
  pursuant to the terms and conditions of the Restated Agreement.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (ii)

  	
  (a) Great value is
  placed on the Trademark, and the goodwill associated therewith, (b) the
  Trademark and all rights therein and goodwill pertaining thereto belong
  exclusively to Licensor, and (c) all authorized use of the Trademark by
  Licensee shall inure to the benefit of Licensor.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (iii)

  	
  The conditions, terms,
  restrictions, covenants and limitations of this Restated Agreement are
  necessary, equitable, reasonable and essential to assure the consuming public
  that all goods sold under the Trademark are of the same consistently high
  quality as sold by Licensor and by others who are licensed to design,
  manufacture and/or sell any products by, under or with the Trademark, if any.

  
	
   

  	
   

  	
   

  
	
   

  	
  b.

  	
  Protection of Rights.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (i)

  	
  Restriction on Use.  Licensee shall not use or permit the
  use of the Trademark for any purpose or use other than the uses licensed
  under this Restated Agreement.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (ii)

  	
  General.  Licensee shall cooperate fully and in
  good faith with Licensor for the purpose of securing and preserving
  Licensor’s (or any grantee of

  
					

 

6

 

	
   

  	
   

  	
   

  	
  Licensor’s) rights in
  and to the Trademark. Licensee shall cause to appear on and in connection
  with the Merchandise and the Trademark Use Materials the Ò
  or ä as applicable.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (iii)

  	
  Registration.    Licensee shall, upon request, supply
  to Licensor enough specimens of advertisements, tags, labels and other use of
  the Trademark as may be required in connection with any of Licensor’s
  Trademark applications or registrations. Licensee shall execute any
  instrument Licensor shall reasonably deem necessary or desirable to record or
  cancel Licensee as a registered user of the Trademark, it being understood
  and agreed that Licensee’s right to use the Trademark in the event that the
  filing of a registered user application is required or is requested by
  Licensor shall commence only upon the filing of such registered user
  application, and shall continue only so long as this Restated Agreement
  remains in effect.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (iv)

  	
  Customer
  Complaints.    Licensee
  shall, in connection with its duty to use the Trademark so as to promote the
  continuing goodwill thereof, give immediate attention and take necessary
  action to satisfy all legitimate customer complaints brought against Licensee
  in connection with the Merchandise or the Stores. Licensee shall give
  Licensor immediate written notice of all complaints that in Licensee’s
  opinion are likely to result in litigation. Licensee shall cooperate with
  Licensor upon request to achieve as good a reputation and press for the
  Trademark as possible.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (v)

  	
  Exclusivity.
      Licensor agrees that during the term
  of this Restated Agreement it will not license the Trademark, and/or renew or
  otherwise extend existing license agreements between Licensor and any third
  party(ies), in the United States, in any merchandise category whatsoever.

  
	
   

  	
   

  	
   

  	
   

  
	
  8.

  	
  Defaults
  and Remedies.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  a.

  	
  Defaults by
  Licensee.     The
  occurrence of any one or more of the following shall constitute a default by
  Licensee under this Restated Agreement:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (i)

  	
  Licensee shall fail to
  make any payment, submit any Quarterly Report or provide any financial
  information required under this Restated Agreement when due, and such failure
  continues for more than thirty (30) days after written notice thereof, unless
  such failure cannot be cured within such thirty (30) day period and Licensee
  shall have commenced to cure the failure and proceeds diligently thereafter
  to cure such failure.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (ii)

  	
  Licensee uses the
  Trademark in any manner likely to endanger the validity of the Trademark or
  to damage or impair the reputation or value of the Trademark, and such action
  continues for more than thirty (30) days after written notice thereof, unless
  the action cannot be cured within such thirty 

  
					

 

7

 

	
   

  	
   

  	
   

  	
  (30) day period and
  Licensee shall have commenced to cure the action and proceeds diligently
  thereafter to cure such action.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (iii)

  	
  The failure of Licensee
  to perform any of its other material obligations under this Restated
  Agreement and such failure continues for more than thirty (30) days after
  written notice thereof, unless the failure cannot be cured within such thirty
  (30) day period and Licensee shall have commenced to cure the failure and
  proceeds diligently thereafter to cure such failure.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  b.

  	
  Default by
  Licensor.     If
  Licensor fails to perform any of its material obligations under this Restated
  Agreement and such failure continues for more than thirty (30) days after the
  written notice thereof, such failure shall constitute a failure by Licensor
  under this Restated Agreement, unless the failure cannot be cured within such
  thirty (30) day-period and Licensor shall have commenced to cure such failure
  and proceeds diligently thereafter to cure such failure.

  
	
   

  	
   

  	
   

  
	
   

  	
  c.

  	
  Remedies

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (i)

  	
  If Licensee has not
  cured any such breach or non-performance in accordance with Section 8a
  above, in addition to all other rights and remedies available to Licensor,
  whether pursuant to the terms of this Restated Agreement at law in equity or
  otherwise, Licensor shall have the right to terminate this Restated Agreement
  without further notice to Licensee and all unpaid Minimum Guaranteed Royalty
  payments due and owing under this Restated Agreement, shall be immediately
  due and payable.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (ii)

  	
  If Licensor has not
  cured any such breach or non-performance in accordance with Section 8b
  above, in addition to all of the other rights and remedies available to
  Licensee, whether pursuant to the terms of this Restated Agreement at law, in
  equity or otherwise, Licensee shall have the right to terminate this Restated
  Agreement without further notice to Licensor.

  
	
   

  	
   

  	
   

  
	
   

  	
  d.

  	
  Effect of
  Expiration or Termination.       Except
  as specifically provided herein to the contrary, upon expiration or
  termination of this Restated Agreement, the rights and licenses granted
  herein shall terminate and Licensee shall have no further right to use the
  Trademark in connection with the Merchandise or the Trademark Use Materials.
  Upon the request of Licensor, Licensee shall immediately execute without
  further consideration such assignments and other instruments which may be
  required to be recorded to effect the termination of the licenses and rights
  granted herein (and the assignments of Licensee’s rights to Licensor). Within
  twenty (20) days of the expiration or termination of this Restated Agreement,
  Licensee shall deliver to Licensor all unpaid Royalties together with a final
  Quarterly Report covering all sales of Merchandise from the end of the period
  covered by the preceding Quarterly Report through the date of expiration or
  termination of this Restated Agreement.

  

 

8

 

	
   

  	
  e.

  	
  Merchandise and
  Trademark Use Materials.     For
  one hundred and twenty (120) days after the expiration or termination of this
  Restated Agreement, Licensee shall have the right to use the Trademark to
  dispose of any Merchandise manufactured, or ordered and in production, and
  any piece goods in the possession of Licensee, its agents, manufacturers or
  subcontractors, on the termination date (the “Sell-Off Period”). Such
  disposition must be through the same channels used by Licensee prior to the
  termination date. Within thirty (30) days of the expiration of the Sell-Off
  Period Licensee shall, at its sole expense, (i) remove or obliterate the
  Trademark from all Merchandise and Trademark Use Materials from which the
  Trademark can be removed or obliterated, and (ii) either destroy or
  deliver to Licensor all Merchandise and Trademark Use Materials from which
  the Trademark cannot be removed or obliterated.

  
	
   

  	
   

  	
   

  
	
   

  	
  f.

  	
  Assignments.
     Except as set forth herein, neither
  this Restated Agreement nor any of the rights or duties hereunder nor the
  license granted hereby may be assigned, sub-licensed, encumbered or otherwise
  transferred in any way by either Party, without the prior written consent and
  agreement of the other Party, to WalMart, J.C. Penney, Sears Holdings,
  Federated Department Stores or Kohl’s, or any of their affiliates, successors
  or assigns (collectively, “Competitive Entities”); provided, however, that
  Licensor may assign its right to receive payment(s) hereunder. Any such
  purported assignment, sub-license, encumbrance or other transfer, whether
  voluntary or involuntary, by operation of law, or otherwise, to a Competitive
  Entity, including  ownership or control of Licensor by a
  Competitive Entity, shall be null and void and shall constitute a default
  hereunder by the Party assignor. Notwithstanding the foregoing, Licensee hereby
  consents and agrees (i) to the transfer or assignment of this Agreement
  (and related Trademarks), including any and all rights or duties of Licensor
  hereunder or thereunder, or in connection herewith, by Licensor to a
  different entity, including a “bankruptcy remote” special purpose entity
  (“SPE”), (ii) to the assignment and pledging of rights (and related
  Trademarks) of the Licensor under this Agreement to investors as collateral
  in a financing or securitization transaction, (iii) to make payments under
  this Agreement to a designated controlled account, and (iv) to furnish
  information and take such other measures (at no material cost or disruption
  to Licensee) which are reasonably requested by Licensor to facilitate the
  proposed financing or securitization. In the event of a transfer or
  assignment of this Agreement to a successor licensor hereunder, Licensor
  shall no longer mean Cherokee Inc. but its successor licensor; provided,
  however, that once a transfer or assignment is made pursuant to the clauses
  (i) and (ii) above, any subsequent assignment or transfer to
  successor licensor hereunder, including but not limited to, any sale or
  transfer of equity ownership in the SPE, may only be made with the written
  approval of Licensee, which approval shall not be unreasonably withheld.

  
	
   

  	
   

  
	
   

  	
  g.

  	
  Contracts.
      Licensee shall have the right to
  contract the manufacture of the Merchandise and the Trademark Use Materials
  bearing the Trademark to third party manufacturers, so long as (i) each
  such contractor shall agree to protection for the Trademark equal to or
  greater than that provided under the Prior Agreement, (ii) each such
  contractor shall be meet or exceed Licensee’s Standards of Vendor Engagement and
  other global compliance procedures and programs, including without
  limitation,

  

 

9

 

	 
	
   

  	
  the inspection and
  quality control procedures set forth therein, (iii) each such contractor
  shall comply with Licensee’s liquidation guidelines, including without
  limitation, no sales outside of the United States and payment of a 3% royalty
  to Licensor on the sale of Merchandise, and (iv) the Merchandise and
  Trademark Use Materials meet the quality standards set forth in this Restated
  Agreement. 

  
	 
	
   

  	
   

  
	 
	
  9.

  	
  Warranties.

  
	 
	
   

  	
   

  
	 
	
   

  	
  a.

  	
  Licensor warrants and
  represents that Licensor (i) is free to enter into this Restated
  Agreement, (ii) has the full power, right and authority to make the
  grant of rights to Licensee as provided hereunder and that the exercise by
  Licensee of such rights, as authorized hereunder, shall not violate the
  rights of any third party, and (iii) is not subject to any obligation
  which will or might hinder or prevent the full completion and performance by
  Licensor of any of the covenants and the conditions to be kept and performed
  by Licensor hereunder.

  
	 
	
   

  	
   

  	
   

  
	 
	
   

  	
  b.

  	
  Licensee hereby
  represents and warrants that Licensee (i) is free to enter into this
  Restated Agreement, (ii) is not subject to any obligation which will or
  might hinder or prevent the full completion and performance by Licensee of
  any of the covenants and conditions to be kept and performed by Licensee
  hereunder, and (iii) will ensure that all uses of the Trademark and
  Trademark Use Materials comply with the terms of this Restated Agreement.

  
	 
	
   

  	
   

  	
   

  
	 
	
  10.

  	
  Indemnification and Insurance.

  
	 
	
   

  	
   

  	
   

  
	 
	
   

  	
  a.

  	
  Indemnification
  of Licensor.     Licensee
  shall indemnify and hold Licensor and its affiliates, directors, officers,
  employees and agents harmless from and against any and all liabilities,
  losses, claims, suits, damages, costs and expenses (including, without
  limitation, reasonable attorneys’ fees and expenses) arising out of or
  otherwise relating to any claims of third parties against the Licensor
  involving the design, manufacture, packaging, distribution, promotion, sale,
  marketing, advertising or other use of the Trademark, the Merchandise or the
  Trademark Use Materials, by Licensee and/or its contractors, provided that
  (i) prompt written notice is given to Licensee, upon Licensor becoming
  aware of any such actual or threatened claims or suits, (ii) Licensee
  shall have the option to exclusively undertake and conduct the defense and/or
  settlement of any such claims or suits, (iii) Licensor acts, with the
  prior consent of Licensee, to mitigate any damages, and (iv) no settlement
  or attempt at settlement of any such claims or suits is made without the
  prior written consent of Licensee. Licensee acknowledges that this indemnity
  does not include those items for which Licensor is indemnifying Licensee in
  Section 10b or 10c below.

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  b.

  	
  Limitation on
  Indemnification of Licensor.  The foregoing notwithstanding, it is hereby acknowledged that the
  Parties desire to participate in establishing common law usage of the
  Cherokee name in the cosmetics, bath and body category, but cannot anticipate
  what issues, if any, may be raised in that regard. As such Licensor shall
  defend,indemnify and hold Licensee and its affiliates, directors, officers,
  employees, and

  	 

					

 

10

 

	
   

  	
   

  	
  agents harmless, from
  and against any and all liabilities, losses, claims, suits, damages, costs
  and expenses (including, without limitation, reasonable attorneys’ fees and
  expenses) which may be sustained or suffered by or secured against Licensee
  based upon or arising out of any actual or alleged trademark infringement,
  unfair competition or infringement of similar proprietary rights, arising
  solely out of establishing common law usage of the Cherokee name in
  connection with such goods. The indemnification period will commence upon
  signing of this Restated Agreement and will extend six (6) months after
  the date goods are first offered for sale in connection with the use of the
  Cherokee name in the cosmetics, bath and body category. In the event that
  Licensor obtains a federal trademark registration of the Cherokee name for
  the cosmetics, bath and body category, the provisions of Section 10c
  below shall apply from the date of registration.

  
	
   

  	
   

  	
   

  
	
   

  	
  c.

  	
  Indemnification
  of Licensee.     Licensor
  shall defend, indemnify and hold Licensee and its affiliates, directors,
  officers, employees and agents harmless from and against any and all
  liabilities, losses, claims, suits, damages, costs and expenses (including,
  without limitation, reasonable attorney’s fees and expenses) which may be
  sustained or suffered by or secured against Licensee based upon or arising
  out of any actual or alleged trademark infringement, unfair competition or
  infringement of similar proprietary rights, arising solely out of the use by
  Licensee and/or its contractors of the Trademark as authorized in this
  Restated Agreement, provided that (i) prompt written notice is given to
  Licensor, upon Licensee becoming aware of any such actual or threatened
  claims or suits, (ii) Licensor shall have the option to exclusively
  undertake and conduct the defense and/or settlement of any such claims or
  suits, (iii) Licensee acts, with the prior consent of Licensor, to
  mitigate any damages, and (iv) no settlement or attempt at settlement of
  any such claims or suits is made without the prior written consent of Licensor.

  
	
   

  	
   

  	
   

  
	
   

  	
  d.

  	
  Insurance.   Licensee shall obtain and maintain
  throughout the term of this Restated Agreement, at its own expense, general
  liability insurance and product liability insurance, with a responsible
  insurance carrier or carriers acceptable to Licensor, providing adequate
  protection (at least in the amount of $1,000,000 single limits for personal
  injury or property damage) and naming Licensor as an additional insured. As
  soon as possible after the execution of this Restated Agreement, Licensee shall
  deliver to Licensor a fully paid certificate or certificates of insurance,
  naming Licensor as an additional insured, and providing that such policy or
  policies are cancelable only after thirty (30) days prior written notice to
  Licensor. No changes shall be made in such policy or policies of insurance
  that affect Licensor without written notice of such changes being given to
  Licensor.

  

 

11.                              Confidentiality.

 

Licensor acknowledges and
agrees that any and all reports and financial information disclosed by Licensee
pursuant to this Restated Agreement is confidential information commercially
valuable to Licensee (hereinafter the “Licensee Information”).  Licensor acknowledges that the Licensee
Information is disclosed to Licensor on a confidential basis to be used only as

 

11

 

may be expressly
permitted by the terms and conditions of this Restated Agreement.  Licensor, its officers, directors, employees,
and agents shall protect the Licensee Information as the confidential
information and property of Licensee. 
Licensor shall not disclose any Licensee Information to any other
person, firm, organization, or employee who is not authorized, in writing, by
Licensee.  Except as expressly permitted
hereunder, the Licensee Information may not be copied, reprinted, duplicated,
or recreated in whole or in part without the express written consent of
Licensee.  Licensor shall take reasonable
action by instruction, agreement or otherwise with respect to Licensor’s
employees or other persons permitted to access the Licensee Information to
comply fully with Licensor’s obligations hereto with respect to the use,
copying, protection, and security of the Licensee Information.  Licensor agrees to return the Licensee
Information, and all copies thereof, to Licensee, upon request.  Licensee hereby consents to the disclosure of
the License Information to any of the Licensor’s attorneys, accountants and
other third parties who have a business “need to know” in connection with any
financing or securitization.

 

12.                                 General Provisions.

 

	
   

  	
  a.

  	
  Notices.   All notices and other communications
  required or permitted to be given under this Restated Agreement shall be in
  writing and shall be delivered either by personal service, facsimile or by
  prepaid over-night courier service and addressed as follows:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  If to Licensor:

  	
   

  	
  With a copy to:

  
	
   

  	
   

  	
  Cherokee Inc.

  	
   

  	
  Jeffer Mangels
  Butler & Marmaro LLP

  
	
   

  	
   

  	
  6835 Valjean Avenue

  	
   

  	
  1900 Avenue of the
  Stars; 7th Floor

  
	
   

  	
   

  	
  Van Nuys, CA 91406

  	
   

  	
  Los Angeles, CA 90067

  
	
   

  	
   

  	
  Attn: Chief
  Executive Officer

  	
   

  	
  Attn: Rod S.
  Berman, Esq.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  If to Licensee:

  	
   

  	
  With a copy to:

  
	
   

  	
   

  	
  Target Corporation

  	
   

  	
  Target Corporation

  
	
   

  	
   

  	
  1000 Nicollet Mall

  	
   

  	
  1000 Nicollet Mall

  
	
   

  	
   

  	
  Minneapolis, MN 55403

  	
   

  	
  Minneapolis, MN 55403

  
	
   

  	
   

  	
  Attn: SVP Merchandising,
  Softlines

  	
   

  	
  Attn: General Counsel

  

 

                                                If
delivered personally, such notices or other communications shall be deemed
delivered upon delivery. If sent by fax, such notice or other communications
shall be deemed delivered when received, provided that the sender has
confirmation of receipt.  If sent by
prepaid over-night courier service, such notices or other communications shall
be deemed delivered upon delivery or refusal to accept delivery as indicated on
the return receipt. Either party may change its address at any time by written
notice to the other party as set forth above.

 

b.                                      Entire
Agreement.  This Restated Agreement
sets forth the entire agreement between the Parties with respect to the subject
matter hereof, and all prior negotiations, discussions, commitments and/or
understandings relating thereto, if any, are merged

 

12

 

herein.  Effective February 1, 2008, this
Restated Agreement shall supersede any and all other agreements and amendments
between the Parties, including, without limitation, the Prior Agreement between
Licensor and Licensee, and may be modified only by a written agreement signed
by duly authorized of each of the Parties. 
No representations, oral or otherwise expressed or implied, other than
those specifically contained in this Restated Agreement have been made by any
party hereto.  No other agreements not
referred to or specifically contained herein, oral or otherwise, shall be
deemed to exist or to bind any of the Parties hereto.

 

c.                                       Successors
and Assigns.  This Restated Agreement
shall be binding upon and shall inure to the benefit of the successors and
permitted assigns of the Parties.

 

d.                                      Choice
of Law.  The validity, construction
and enforcement of this Restated Agreement shall be governed by the laws of the
State of California without regard to its choice of law principles.

 

e.                                       No
Waiver.  No waiver by either party,
whether express or implied, of any provision of this Restated Agreement or of
any breach or default of any party, shall constitute a continuing waiver of
such provision or any other provisions of this Restated Agreement, and no such
waiver by any party shall prevent such party from acting upon the same or any
subsequent breach or default of the other party of the same or any other
provision of this Restated Agreement.

 

f.                                         Disclaimer
of Agency.  Nothing in this Restated
Agreement shall create a partnership or joint venture or establish the
relationship of principal and agent or any other relationship of a similar
nature between the parties hereto, and neither Licensee nor Licensor shall have
the power to obligate or bind the other in any manner whatsoever.

 

g.                                      Counterparts.
This Restated Agreement may be executed in any number of counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

 

h.                                      Authority.  Each individual signing on behalf of a party
hereto represents and warrants that he or she is authorized to execute this
Restated Agreement on behalf of such party.

 

i.                                          Termination
on Insolvency of Licensee.  Licensor
may terminate this Restated Agreement if a petition for relief under applicable
bankruptcy law is filed by or against Licensee, and is not dismissed within
sixty (60) days of such filing, if Licensee makes any assignment for the
benefit of its creditors, or if a receiver is appointed for Licensee for all or
substantially are of its business interests.

 

                                                The
license and rights granted hereunder are personal to Licensee. No assignee for
the benefit of creditors, receiver, debtor in possession, trustee in
bankruptcy, sheriff or any other officer of court charged with taking over
custody of Licensee’s assets or business shall have any right to continue
performance to exploit or in any way use the Trademark if this Restated
Agreement is terminated, except as may be required by law.

 

13

 

j.                                          Termination
on Insolvency of Licensor.  Licensee
may terminate this Restated Agreement, if a petition for relief under
applicable bankruptcy law is filed by or against Licensor, and is not dismissed
within sixty (60) days of such filing, if Licensor makes any assignment for the
benefit of its creditors, or if a receiver is appointed for Licensor for all or
substantially all of its business interests.

 

                                                In
the event of such termination, Licensee shall have the right to continue
thereafter to import and/or sell any and all Merchandise which Licensee has
purchased, produced or committed to purchase prior to the date of termination.

 

k.                                       Non-Disclosure
of Terms.  The existence and content
of this Restated Agreement are confidential and are trade secrets, and shall
not be released in whole or in part to any third party, or disclosed to any
newspaper or other public medium, or in any other fashion whatsoever, without
the mutual, prior approval of the Parties, in their sole discretion; except
that any party shall have the right to make such disclosures as required by law
or court order, or on a “need to know” basis within their respective
organizations and related, affiliated and subsidiary companies, and to their
respective accounts and attorneys.

 

The provisions of this Section 12
shall survive the expiration or sooner termination of this Restated Agreement.

 

IN
WITNESS WHEREOF, the parties hereto have executed this
Restated Agreement effective as of the 1st day of February, 2008.

 

	
  TARGET CORPORATION

  	
  CHEROKEE, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
  By: 

  	
   /s/ Patricia M.
  Adams

  	
   

  	
  By: 

  	
   /s/ Robert
  Margolis

  	
   

  
	
   

  	
  Patricia M. Adams

  	
   

  	
  Robert Margolis

  
	
   

  	
  SVP, Merchandising,
  Softlines

  	
   

  	
  Chief Executive Officer

  
						

 

14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00135-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00135-of-00352.parquet"}]]